Financial Performance - For the six months ended September 30, 2025, the group recorded revenue from electric vehicle sales of approximately HKD 5,300,000, compared to HKD 2,200,000 for the same period in 2024, representing an increase of 140.9%[6] - Gross profit for the same period was approximately HKD 1,400,000, with a gross margin of 26.0%, down from 29.7% in the previous year[6] - The group reported a loss of approximately HKD 16,700,000 for the six months ended September 30, 2025, significantly reduced from a loss of HKD 41,700,000 in the same period of 2024[6] - Basic and diluted loss per share for the six months ended September 30, 2025, was HKD 0.071, compared to HKD 0.222 for the same period in 2024[7] - Total comprehensive income for the period was HKD 343,000, a significant recovery from a loss of HKD 12,060,000 in the prior year[78] - The company incurred a loss before tax of HKD 16,736,000, a reduction from a loss of HKD 41,753,000 in the previous year, showing a 60% improvement[76] - The company reported a total comprehensive loss before tax of HKD (16,736,000) for the six months ended September 30, 2025, compared to HKD (41,753,000) for the same period in 2024, indicating a significant reduction in losses[96] Business Expansion and Contracts - The group has expanded its business to integrated electric commercial solutions, providing a comprehensive ecosystem that includes vehicle supply and operational services in China[11] - A contract was secured to supply a customized 12-meter electric bus valued at approximately HKD 5,300,000 to a well-known non-profit organization in Hong Kong[12] - The group successfully obtained a contract to supply the first electric mobile command vehicle to the Hong Kong Fire Services Department, valued at approximately HKD 9,000,000[13] - The group is actively seeking strategic partnerships with major industry players and plans to submit optimized proposals for a tender to supply up to 300 electric buses[14] - The group is preparing to participate in upcoming tenders for hundreds of electric buses following recent government funding to a major transport operator in Hong Kong[14] Financial Position and Assets - As of September 30, 2025, the group's net asset value is approximately HKD 887,800,000, an increase from HKD 847,900,000 as of March 31, 2025[47] - The group's capital debt ratio is 1.65% as of September 30, 2025, down from 2.14% as of March 31, 2025[47] - Total assets amounted to HKD 1,007,046,000, an increase from HKD 976,987,000 as of March 31, 2025, representing a growth of approximately 3.1%[79] - Non-current assets totaled HKD 942,958,000, up from HKD 927,099,000, indicating a rise of about 1.6%[79] - Current assets increased significantly to HKD 64,088,000 from HKD 49,888,000, reflecting a growth of approximately 28.5%[79] - Total liabilities decreased to HKD 119,260,000 from HKD 129,060,000, a reduction of about 7.6%[80] - The company's equity attributable to owners increased to HKD 913,169,000 from HKD 872,618,000, reflecting a growth of about 4.6%[80] Legal and Regulatory Matters - The group has been ordered by the Nanning Intermediate People's Court to pay approximately RMB 21,700,000 in unpaid capital and RMB 1,500,000 to Zhou Bo, with the court's decision upheld by the Guangxi High People's Court[39][40] - The group is currently involved in a lawsuit regarding a construction contract, with a claim of approximately RMB 2,500,000 against Guangxi Weiri[35] - The group has a mineral resource estimate for the Guangxi calcium sulfate mine as of September 30, 2025, totaling 1,207,000 tons with an average sodium sulfate grade of 17.25%[42] - The group has set aside approximately RMB 1,559,000 as a provision related to the judicial preservation of mining rights[36] - The company has a legal hold on mining rights due to ongoing litigation, which can be lifted upon payment of RMB 900,000 plus interest[118] Share Capital and Equity - The company plans to issue up to 26,000,000 new shares to raise approximately HKD 20,300,000, representing about 8.05% of the enlarged share capital post-placement[56] - The holders of the 2024 convertible bonds exercised their conversion rights, resulting in the issuance of 10,000,000 shares, representing approximately 3.37% of the company's issued share capital[57] - The total number of issued shares is 296,979,109, with a capital of 14,848 thousand HKD[129] - The company raised approximately 7,800,000 HKD from the placement of 27,000,000 shares at a price of 0.30 HKD per share, intended for general working capital[130] - The company issued 60,000,000 subscription shares at a price of 0.45 HKD per share, generating a total consideration of 27,000,000 HKD, with 3,000,000 HKD recorded as share capital[130] Operational Developments - The company has completed a share placement in May 2025, raising approximately HKD 7,860,000, and a rights issue raising approximately HKD 26,800,000, providing significant financial support for liquidity and future development[47] - The company operates a fleet of nearly 50 electric trucks, expecting to generate annual revenue of approximately RMB 50 million to 60 million from current projects[21] - The company is developing an integrated green logistics ecosystem that includes vehicle procurement, operational management, charging services, and carbon emission management, in partnership with leading domestic vehicle manufacturers and charging service providers[19] - The company has established three legally binding long-term operating agreements for electric vehicles in coal transportation with key state-owned enterprises in Gansu Province, reflecting strong confidence in the project's feasibility[21] Employee and Management Information - The group employed 49 full-time management and technical staff as of September 30, 2025, an increase from 41 as of March 31, 2025[54] - The company’s total remuneration for key management personnel was HKD 2,903,000 for the six months ended September 30, 2025, compared to HKD 3,015,000 for the same period in the previous year[140] - Employee costs, including directors' remuneration, totaled HKD 7,156,000 for the six months ended September 30, 2025, compared to HKD 7,458,000 for the same period in 2024[109] Market and Economic Conditions - The company plans to maintain a cautious outlook while actively exploring new business opportunities to maximize shareholder value amid ongoing global economic challenges[51] - The company has not entered into any metal ore sales contracts in the six months ending September 30, 2025, due to a weak trading environment and low profit margins[45] - The company did not engage in any purchases, redemptions, or sales of its listed securities during the six months ended September 30, 2025[69] Accounting and Financial Reporting - The company’s management has made significant judgments and estimates in applying accounting policies, consistent with those used in the annual financial statements for the year ended March 31, 2025[92] - The company did not apply any new or revised Hong Kong Financial Reporting Standards that would have a significant impact on its financial performance or position during the reporting period[91] - The company has adopted the corporate governance code as per the listing rules and has complied with its principles and provisions[72] - The audit committee, consisting of three independent non-executive directors, has reviewed the interim financial statements for the six months ended September 30, 2025[75]

Financial Performance - Total revenue for the period reached HKD 416.3 million, an increase of 7.5% from HKD 387.3 million in the same period last year[6]. - The net profit attributable to the company's owners was HKD 39.7 million, up from HKD 37.0 million year-on-year, representing a growth of 7.2%[6]. - Retail business revenue increased by 7.4% to HKD 415.7 million, despite a challenging economic environment in Hong Kong and mainland China[7]. - Same-store sales for gold, jewelry, and watch businesses grew by 11.2% during the period[9]. - Gross profit margin improved from 31.9% to 34.2%, driven by better performance in the jewelry segment and rising gold prices[10]. - Revenue for the six months ended September 30, 2025, was HKD 416,269,000, an increase of 7.5% compared to HKD 387,301,000 for the same period in 2024[34]. - Gross profit for the same period was HKD 142,161,000, representing a gross margin of 34.1%, up from HKD 123,546,000 and a margin of 31.9% in 2024[34]. - Operating profit increased to HKD 42,795,000, a rise of 15.4% from HKD 36,926,000 in the previous year[34]. - Profit before tax was HKD 39,720,000, up 14.1% from HKD 34,644,000 in 2024[34]. - Net profit for the period was HKD 39,720,000, compared to HKD 37,044,000 in the same period last year, reflecting a growth of 7.2%[34]. Assets and Liabilities - As of September 30, 2025, the group's current assets and current liabilities were approximately HKD 976.0 million and HKD 232.1 million, respectively[13]. - The total borrowings amounted to HKD 124.9 million, resulting in a healthy debt-to-equity ratio of 15.0%[13]. - Total assets as of September 30, 2025, amounted to HKD 1,082,182,000, an increase from HKD 1,006,656,000 as of March 31, 2025[35]. - Current assets increased to HKD 975,951,000 from HKD 899,721,000, indicating a growth of 8.5%[35]. - Inventory levels rose to HKD 498,370,000, up from HKD 420,218,000, reflecting an 18.6% increase[35]. - The company's equity attributable to owners increased to HKD 833,261,000 from HKD 818,232,000, a growth of 1.8%[35]. Shareholder Information - As of September 30, 2025, the company had a total of 909,308,465 ordinary shares issued, with major shareholder Yang Zhicheng Holdings Limited holding 586,195,857 shares, representing 64.47% of the issued share capital[22]. - The company’s directors held the following shares: Mr. Tang Rishen with 7,528,500 shares (0.83%), Mr. He Houxi with 6,657,000 shares (0.73%), and Dr. Feng Yubin with 5,856,517 shares (0.64%) as of September 30, 2025[19][20]. - No shares were purchased, sold, or redeemed by the company or its subsidiaries during the reporting period[23]. Dividends and Policies - The company has not established a dividend policy or predetermined dividend rate, with future dividends to be considered based on various factors including market conditions and financial status[25]. - The group declared an interim dividend of HKD 0.4 per ordinary share, totaling HKD 3,637,000, consistent with the previous year's interim dividend[56]. - The company paid dividends amounting to HKD 4,000, compared to HKD 1,000 in the previous year[38]. - The company declared dividends payable of HKD 24,075,000 as of September 30, 2025, compared to HKD 437,000 as of March 31, 2025, showing a substantial rise in dividend obligations[21]. Cash Flow and Expenditures - Cash generated from operating activities showed a net outflow of HKD 3,566,000, a significant decrease from a net inflow of HKD 38,333,000 in the previous year[38]. - Cash and cash equivalents increased by HKD 63,804,000, compared to a decrease of HKD 38,476,000 in the same period last year, resulting in a total of HKD 340,534,000 at the end of the period[38]. - The company’s cash flow from financing activities showed a net outflow of HKD 880,000, a significant improvement from a net outflow of HKD 22,719,000 in the previous year[38]. - Capital expenditure for the period was approximately HKD 0.1 million, primarily for equipment costs[16]. - The group incurred capital expenditures of approximately HKD 121,000 during the six months ended September 30, 2025, compared to HKD 4,637,000 for the same period in 2024, primarily related to the acquisition of leased property renovations, furniture, and equipment[60]. Auditor and Compliance - The company’s auditor, Hong Kong Lixin Dehao Accounting Firm, reviewed the interim financial statements without any reservations, confirming compliance with Hong Kong Accounting Standards[31]. - The company has adopted a standard code for securities trading by directors, ensuring compliance throughout the reporting period[24]. Financial Instruments and Valuation - The fair value of listed debt instruments as of September 30, 2025, was HKD 32,218,000 (unaudited), up from HKD 31,772,000 as of March 31, 2025[89]. - The fair value of non-listed debt instruments increased to HKD 19,692,000 (unaudited) from HKD 15,534,000 as of March 31, 2025[89]. - The fair value of non-listed equity securities decreased to HKD 1,284,000 (unaudited) from HKD 2,380,000 as of March 31, 2025, reflecting a change of HKD (1,096,000) in other comprehensive income[92]. - The group’s financial liabilities related to gold borrowing were valued at HKD 124,914,000 (unaudited) as of September 30, 2025, compared to HKD 80,322,000 as of March 31, 2025[90]. Management and Governance - The total compensation for executive directors and other key management personnel was HKD 9,105,000 (unaudited), an increase of 9% from HKD 8,350,000 in the previous year[88]. - The report is signed by the chairman, Mr. Tang Yat-shan, on November 14, 2025[96].

Financial Performance - Total revenue for the six months ended September 30, 2025, was HK$12,346,000, a decrease of 31.2% compared to HK$17,934,000 for the same period in 2024[9]. - Commission income from securities dealing and brokerage services was HK$1,061,000, down 61.7% from HK$2,766,000 in 2024[9]. - Supply chain financing revenue increased to HK$8,695,000, up 35.6% from HK$6,412,000 in the previous year[9]. - Loss before tax for the period was HK$4,720,000, an improvement from a loss of HK$9,786,000 in the same period last year[11]. - Total comprehensive loss for the period was HK$5,470,000, compared to HK$10,486,000 in 2024, indicating a reduction of 47.8%[11]. - Basic loss per share improved to HK(11.30) cents from HK(25.46) cents in the previous year[11]. - The company reported a loss of HK$5,377,000 for the six months ended September 30, 2025, compared to a loss of HK$10,334,000 for the same period in 2024, indicating a 47.9% improvement[19]. - For the six months ended 30 September 2025, the total expenses amounted to HK$4,806,000, a decrease of 29% compared to HK$6,754,000 for the same period in 2024[46]. - The loss attributable to owners of the Company for the period was HK$5,378,000, a reduction from HK$10,334,000 in the same period last year[56]. Assets and Liabilities - Non-current assets decreased to HK$12,184,000 from HK$14,356,000 as of March 31, 2025[14]. - Current assets increased to HK$240,597,000 from HK$232,326,000 as of March 31, 2025[14]. - Total current liabilities increased to HK$75,618,000 as of September 30, 2025, up from HK$64,053,000 as of March 31, 2025, representing a 17.8% increase[16]. - Net current assets decreased slightly to HK$164,979,000 from HK$168,273,000, a decline of 1.7%[16]. - Total equity attributable to owners decreased to HK$139,716,000 as of September 30, 2025, down from HK$145,093,000, a decline of 3.7%[19]. - Cash and bank balances increased to HK$34,865,000 in house accounts from HK$27,060,000[14]. - The company reported a significant reduction in impairment of assets, down to HK$5,278,000 from HK$8,423,000 in the previous year[11]. - Accounts receivable from supply chain financing increased to HK$151,694,000 from HK$147,533,000, while total accounts receivable decreased to HK$164,513,000 from HK$175,357,000[64]. - Provision for loss allowance decreased significantly to HK$1,421,000 from HK$19,922,000, indicating improved credit quality[64]. Cash Flow - Net cash generated from operating activities was HK$13,838,000 for the six months ended September 30, 2025, compared to a cash outflow of HK$11,395,000 in the previous year[22]. - Cash and cash equivalents at the end of the period increased to HK$34,865,000 from HK$20,455,000, reflecting a significant growth of 70.7%[22]. - Total cash outflow for leases was HK$1,214,000, down from HK$2,539,000 in the previous year, indicating cost management efforts[62]. Revenue Sources - The Group did not recognize any revenue from placing and underwriting services in the current period, compared to HK$5,814,000 in the previous year[38]. - Advisory fee income was HK$0, down from HK$160,000 in the same period last year[38]. - The Group's net investment income was HK$0, compared to a loss of HK$398,000 in the previous year[38]. - Interest income from loan financing, margin financing, and money lending services decreased by approximately 38.4% from HK$1,691,000 to HK$1,042,000 due to a reduction in margin loans[104]. - The Group did not record any fee income from asset management services for the reporting period, down from approximately HK$493,000 in the corresponding period[107]. Operational Developments - The Group launched a new trading system and smartphone applications on February 26, 2024, aimed at enhancing user experience and reducing operational costs[96]. - The Group initiated a brand re-building program to attract new clients and re-engage existing ones[96]. - The Group is committed to expanding its VIP client base to boost revenue[97]. - The Group provides a range of services including securities dealing, brokerage, placing, underwriting, and asset management[92]. - The Group's securities dealing and brokerage services are licensed under Type 1, Type 4, and Type 9 regulated activities[93]. Shareholder Information - Ms. Hsieh Ching Chun holds 23,992,800 shares, representing 50.41% of the company's shareholding[179]. - Mega Wise Group Limited holds 6,000,000 shares, representing 12.60% of the company's shareholding[185]. - The issued share capital of CWIL is beneficially owned as to 30% by Mr. Fok and 70% by Ms. Hsieh[181]. - As of September 30, 2025, the total number of shares available for issue under the share option scheme is 4,000,000, representing approximately 8.40% of the issued shares of the Company[191]. Compliance and Governance - The unaudited financial statements are prepared in accordance with HKFRS Accounting Standards, ensuring compliance with regulatory requirements[27]. - The Group's policy for impairment allowance is based on the evaluation of collectability and management's judgment regarding creditworthiness and collateral[73]. - All Directors confirmed compliance with the Required Standard of Dealings throughout the reporting period[196].

目 錄 安域亞洲有限公司 二零二五至二零二六年中期報告 | 2 | 公司資料 | | --- | --- | | 4 | 簡明綜合全面收益表 | | 5 | 簡明綜合財務狀況表 | | 6 | 簡明綜合權益變動表 | | 7 | 簡明綜合現金流量表 | | 8 | 簡明綜合財務報表附註 | | 16 | 管理層討論與分析 | | 19 | 企業管治及其他資料 | 安域亞洲有限公司 二零二五至二零二六年中期報告 公司資料 安域亞洲有限公司 （於百慕達註冊成立之有限公司） 董事 執行董事 賴義鈞先生（又名Robert LAI） （主席兼行政總裁） 羅驍先生 非執行董事 嚴丹驊女士 獨立非執行董事 楊建邦先生 劉驥先生 權睿學先生 審核委員會 權睿學先生 （主席） 楊建邦先生 劉驥先生 提名委員會 楊建邦先生 （主席） 嚴丹驊女士 （於二零二五年十一月二十八日獲委任） 劉驥先生 權睿學先生 公司秘書 李錫勛先生 （於二零二五年四月二十五日獲委任） 馮美玲女士 （於二零二五年四月二十五日辭任） 授權代表 賴義鈞先生（又名Robert LAI） 李錫勛先生 （於二零二五年四月二十五日獲委任） 馮美玲女士 （於二零二五年 ...

(Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立之有限公司) STOCK CODE 股份代號:223 中期報告 INTERIM REPORT 2025/2026 Contents 目錄 1 Corporate Information 公司資料 3 Management Discussion and Analysis 管理層討論及分析 9 Report on Review of Condensed Consolidated Financial Statements 簡明綜合財務報表審閱報告 10 Unaudited Condensed Consolidated Interim Financial Statements and Notes 未經審核簡明綜合中期財務報表及附註 45 Additional Information 其他資料 CORPORATE INFORMATION 公司資料 BOARD OF DIRECTORS Executive Directors: Zhao Zhenzhong (Vice Chairma ...

Financial Performance - The company reported revenue of HKD 19,036,000 for the six months ended September 30, 2025, representing a significant increase of 161.5% compared to HKD 7,296,000 for the same period in 2024[10]. - Gross profit for the same period was HKD 5,745,000, up 162.5% from HKD 2,185,000 year-over-year[10]. - Operating loss decreased to HKD 3,412,000 from HKD 5,498,000, indicating an improvement in operational efficiency[10]. - The company reported a net loss of HKD 3,433,000 for the period, a reduction from HKD 5,503,000 in the previous year[10]. - Basic and diluted loss per share improved to HKD 1.59 from HKD 2.56 year-over-year[10]. - The company incurred total comprehensive expenses of HKD 5,511,000 during the first half of 2025, compared to HKD 3,434,000 in the second half of 2024, representing an increase of 60.5%[13]. - The group recorded a pre-tax loss of approximately HKD 3.4 million for the six months ending September 30, 2025, a reduction of HKD 2.1 million or 37.6% from a pre-tax loss of approximately HKD 5.5 million for the same period in 2024, primarily due to successful expansion in the Chinese market[76]. Assets and Liabilities - Total assets as of September 30, 2025, were HKD 49,982,000, compared to HKD 39,845,000 as of March 31, 2025[11][12]. - The company’s total liabilities increased to HKD 24,635,000 from HKD 11,064,000, indicating a rise in financial obligations[12]. - The company has a total equity of HKD 25,347,000 as of September 30, 2025, down from HKD 28,781,000 as of March 31, 2025[12]. - Trade receivables increased to HKD 7,247,000 as of September 30, 2025, up from HKD 4,841,000 as of March 31, 2025[52]. - Total liabilities increased to HKD 14,553,000 as of September 30, 2025, compared to HKD 6,403,000 as of March 31, 2025[56]. - Non-current assets increased to HKD 20,617,000 as of September 30, 2025, from HKD 20,257,000 as of March 31, 2025[45]. - Current assets decreased to HKD 6,000 as of September 30, 2025, from HKD 18,000 as of March 31, 2025[45]. Revenue Sources - Revenue from interior design and execution services was HKD 18,930,000, up from HKD 7,296,000, indicating a growth of 159.5% year-over-year[27]. - Revenue from mainland China surged to HKD 12,901,000, compared to HKD 496,000 in the previous year, reflecting a growth of 2,596.8%[29]. - Revenue from the Hong Kong business was approximately HKD 6.1 million, a slight decrease of about HKD 0.7 million or 9.8% compared to HKD 6.8 million for the same period in 2024[68]. - Revenue from the China market surged from approximately HKD 0.5 million in the previous year to HKD 12.9 million for the six months ended September 30, 2025, accounting for approximately 67.8% of total revenue[68]. Cash Flow and Liquidity - Cash and cash equivalents increased to HKD 6,369,000 from HKD 3,161,000, reflecting improved liquidity[11]. - The net cash generated from operating activities for the six months ended September 30, 2025, was HKD 3,203,000, an increase of 57.5% compared to HKD 2,031,000 for the same period in 2024[15]. - The total cash and cash equivalents at the end of the period increased to HKD 6,369,000 from HKD 6,315,000, reflecting a net increase of HKD 3,208,000[15]. - The group’s cash and cash equivalents were approximately HKD 6.4 million as of September 30, 2025, compared to approximately HKD 3.2 million on March 31, 2025[81]. - The current ratio was approximately 1.3 times as of September 30, 2025, down from approximately 1.8 times on March 31, 2025[83]. Corporate Governance - The company emphasizes high standards of corporate governance as essential for sustainable growth, based on GEM Listing Rules Appendix C1[108]. - The roles of the Chairman and CEO are currently held by the same individual, which the board believes enhances leadership and strategic planning efficiency[109]. - An independent non-executive director was unable to attend the annual general meeting on September 19, 2025, but the company has complied with all other corporate governance rules[110]. - The audit committee has been established to oversee the relationship with auditors and review financial information, consisting of two independent non-executive directors[114]. - The interim financial results for the six months ending September 30, 2025, have not been audited but have been reviewed by the audit committee[115]. Future Plans and Strategy - The company plans to continue focusing on market expansion and new product development to drive future growth[9]. - The group aims to maintain sustainable growth and strengthen its overall competitiveness in the Hong Kong interior design industry[65]. - The group plans to continue leveraging its competitive advantages to capture opportunities and implement strategies such as maintaining and consolidating its market position in Hong Kong[66]. - The group is actively expanding its market coverage in mainland China, targeting emerging sectors such as higher education institutions and student accommodation[64]. - The group has successfully diversified its customer base and project portfolio to mitigate the impact of the slowdown in the Hong Kong property development industry[68]. - The group’s management believes that the ongoing urbanization process in mainland China, along with investments in education and hospitality, will drive continued growth in interior design services[65].

Enrollment and Student Growth - As of August 31, 2025, the number of students enrolled increased to 55,667, representing a growth of 3.0% from 54,017 in 2024[17] - Total student enrollment across three schools reached over 55,000 as of August 31, 2025, representing a 3.0% increase compared to the same period in 2024[52] - Huali College enrollment increased to 25,291 from 25,162, while Huali Vocational College saw a rise to 25,023 from 21,441[53] - Huali Technician College enrollment decreased to 5,353 from 7,414, contributing to a total enrollment of 55,667 compared to 54,017 in 2024[53] Financial Performance - Revenue for the year reached RMB 1,445,442,000, marking a 14.0% increase from RMB 1,268,533,000 in 2024[17] - Profit for the year was RMB 458,293,000, reflecting a slight increase of 1.6% from RMB 451,090,000 in 2024[17] - Adjusted net profit for the year was RMB 459,323,000, which is a 3.5% increase from RMB 443,799,000 in 2024[17] - Earnings per share increased to RMB 0.382, up by 1.6% from RMB 0.376 in the previous year[17] - The Group recorded a profit before taxation of approximately RMB495.9 million for the year ended August 31, 2025, representing an increase of approximately 1.7% year-on-year from approximately RMB487.6 million for the year ended August 31, 2024[97] Profitability Metrics - Gross profit rose to RMB 722,619,000, an increase of 8.5% compared to RMB 666,319,000 in the previous year[17] - The gross profit margin decreased to 50.0% from 52.5% in 2024, indicating a decline of 2.5 percentage points[17] - The operating profit margin fell to 39.1%, down from 45.2% in the previous year, a decrease of 6.1 percentage points[17] - The net profit margin decreased to 31.7% from 35.6% in 2024, a decline of 3.9 percentage points[17] Educational Initiatives and Developments - New majors such as artificial intelligence and rehabilitation and health care have been established to meet the growing demand for vocational education talents in advanced manufacturing and modern service industries[24] - The approval of new majors, including artificial intelligence technology application and dental medicine technology, has positively impacted the Group's educational offerings[41] - The Group won over 1,200 awards at the provincial level during various competitions, highlighting its commitment to enhancing students' innovative and practical abilities[42] - The Group aims to cultivate high-level applied and specialized talents to support the economic development of the Greater Bay Area[61] Infrastructure and Investment - Increased investment in teaching and campus infrastructure is planned to improve educational services and strengthen the Group's brand effect[32] - The company expanded its campus facilities, including student dormitories, sports centers, and laboratories, to enhance the educational environment[48] - The Group's property, plant, and equipment amounted to approximately RMB5,259.7 million, representing an increase of approximately 7.1% year-on-year from approximately RMB4,909.9 million as at August 31, 2024[108] - Capital expenditures for the year ended August 31, 2025, were approximately RMB389.5 million, a decrease of approximately 25.6% from approximately RMB523.4 million for the year ended August 31, 2024[110] Governance and Management - Mr. Zhang Yude was appointed as COO on November 19, 2021, and will become CEO on August 10, 2025, responsible for the Group's overall operations[141] - The Group's management team includes professionals with extensive experience in education and finance, enhancing its operational capabilities[141][150] - The company emphasizes compliance and corporate governance, with independent directors overseeing these critical areas[149][153] - The management team has diverse backgrounds in education, finance, and governance, enhancing the Group's strategic capabilities[170] Regulatory Environment - The regulatory framework for private education has been updated, allowing schools to choose between non-profit and for-profit status[65] - The Amendment to the Law for Promoting Private Education came into effect on September 1, 2017, establishing a new classification system for private schools[65] - There are uncertainties regarding the interpretation and application of the Amendment, particularly concerning the preferential tax treatment for for-profit and non-profit private schools[76] Future Outlook and Strategic Plans - National policies supporting vocational education are expected to positively impact the company's future growth and development strategies[22] - The Group aims to optimize its professional layout to align closely with industry needs and adapt to industrial reforms[31] - The Group is committed to sustainable long-term development strategies to maximize shareholder returns[33] - The Group will continue to emphasize connotation construction and brand effect to achieve its educational goals[62] Financial Stability and Liabilities - The Group's debt ratio as of August 31, 2025, was 25.7%, down from 29.8% as of August 31, 2024, indicating improved financial stability[116] - The Group's liability ratio as of August 31, 2025, was 47.6%, a decrease from 58.5% as of August 31, 2024, reflecting a stronger equity position[116] - The Group has no significant contingent liabilities as of August 31, 2025[121] Shareholder Returns and Dividends - The Board has adopted a dividend policy to distribute no less than 30% of the distributable net profit attributable to shareholders[191] - No final dividend will be declared for the year ended August 31, 2025, consistent with the previous year[195] Upcoming Events - The forthcoming Annual General Meeting (AGM) is scheduled for January 23, 2026[196] - The register of members will be closed from January 20 to January 23, 2026, for AGM eligibility[200]

於百慕達註冊成立之有限公司 股份代號 : 276 中期報告 2025 Incorporated in Bermuda with limited liability Mongolia Energy Corporation Limited lnterim Report 2025 2025 INTERIM REPORT 有關前瞻性陳述之 提示聲明 本報告載有若干關於蒙古能源有限公司（「蒙古能源」或「本公司」）及其附屬公司（「本集團」）營運及業務之前瞻性陳述及意見 。 該等前瞻性陳述及意見與本公司之（其中包括）目標 、目的 、策略 、意向 、計劃 、信念 、預期及估計有關 ，一般使用前瞻性 字詞，例如相信、預期、預料、估計、計劃、預測、目標、可能、將會或可能於未來發生或預期於未來發生之其他行動結 果 。 閣下不應過份依賴該等僅適用於本報告發表日期之前瞻性陳述及意見。該等前瞻性陳述及意見乃基於本集團自有的資 料，以及本集團相信為可靠之其他來源資料。 我們之實際業績可能有別於該等前瞻性陳述及意見所明示或暗示者，以致影響本公司之股份市價。 閣下亦應閱讀我們就各 項交易發出之通函、公告及報告所載的風險因素，該等風險因素乃被視 ...

（ 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ） （股份代號：8331） 2025 中期報告 年 報 2023/24 香港聯合交易所有限公司（「聯交所」）GEM 的特色 GEM 的定位，乃為中小型公司提供一個上市的市場，此等公司相比起於聯交所 上市的其他公司帶有較高投資風險。有意投資的人士應了解投資於該等公司的 潛在風險，並應經過審慎周詳的考慮後方作出投資決定。 由於GEM 上市公司普遍為中小型公司，在GEM 買賣的證券可能會較於聯交所 主板買賣之證券承受較大的市場波動風險，同時無法保證在GEM 買賣的證券 會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告之內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不就因本報告全部或任何部份內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 本報告的資料乃遵照聯交所的GEM 證券上市規則（「GEM 上市規則」）而刊載， 旨在提供有關倍搏集團有限公司（「本公司」，連同其附屬公司統稱「本集團」） 的資料。本公司的董事（「董事」，各為一名「董事」）願就本報告的資料共同及 個別承擔全部責任。各董事在作出一切合理查詢後，確認就其 ...

Revenue Performance - The group's revenue for the six months ending September 30, 2025, decreased compared to the same period in 2024, primarily due to a reduction in the number of new construction projects[7]. - The company's total revenue decreased from approximately HKD 26,001,000 for the six months ended September 30, 2024, to approximately HKD 17,313,000 for the six months ended September 30, 2025, a reduction of about HKD 8,688,000[28]. - For the six months ended September 30, 2025, the company reported revenue of HKD 17,313,000, a decrease of 33.4% compared to HKD 26,001,000 for the same period in 2024[60]. - The company's major customer, Customer A, contributed HKD 17,313,000 in revenue for the six months ended September 30, 2025, down from HKD 23,529,000 in the same period last year, indicating a decline of 26.5%[75]. Financial Position - As of September 30, 2025, the company's total assets amounted to HKD 98,839,000, an increase from HKD 80,202,000 as of March 31, 2025, representing a growth of approximately 23.3%[61]. - The company's total liabilities decreased to HKD 50,303,000 as of September 30, 2025, from HKD 53,147,000 as of March 31, 2025, a reduction of approximately 5.2%[61]. - The current ratio increased to approximately 2.0 times as of September 30, 2025, from approximately 1.5 times as of March 31, 2025[35]. - The total interest-bearing debt remained stable at approximately HKD 12,000,000 as of both March 31, 2025, and September 30, 2025[35]. - The capital debt ratio was approximately 24.7% as of September 30, 2025, down from 44.1% as of March 31, 2025[36]. Profitability - The company reported a profit of approximately HKD 21,439,000 for the six months ended September 30, 2025, compared to a loss of approximately HKD 4,698,000 for the six months ended September 30, 2024[34]. - The company recorded a pre-tax profit of HKD 21,439,000, compared to a pre-tax loss of HKD 4,698,000 in the prior year[60]. - Basic earnings per share for the period were HKD 7.1, compared to a loss per share of HKD 1.56 in the same period last year[60]. - Gross profit decreased from approximately HKD 2,842,000 for the six months ended September 30, 2024, to approximately HKD 646,000 for the six months ended September 30, 2025[29]. - Operating profit for the period was HKD 21,799,000, a significant improvement from an operating loss of HKD 4,338,000 in the previous year[60]. Investment Strategy - The group aims to diversify its revenue sources and enhance its market position through active exploration of new business opportunities[8]. - The group is committed to maintaining a diversified investment portfolio and closely monitoring market trends to adjust its investment strategies accordingly[11]. - The investment strategy includes maintaining an appropriate investment scale and optimizing the investment portfolio to achieve diversification[13]. - The company prohibits short-term investments in low-yield unsecured bonds and speculative investment transactions[15]. - The investment management team is responsible for continuous monitoring of investments and preparing semi-annual performance reports[19]. Risk Management - The company identified significant risks, including reliance on a small number of clients, with the top five clients contributing approximately 100% of total revenue for the six months ended September 30, 2025[46]. - The company emphasizes a comprehensive internal control and risk management process, including regular performance reviews and strict approval processes[19]. - The investment decision-making process involves multiple governance layers, with investments below 5% of market capitalization approved by the investment management team[20]. Employee and Administrative Expenses - The total employee costs for the six months ended September 30, 2025, were approximately HKD 1,468,000, down from HKD 2,656,000 for the same period in 2024[44]. - Employee benefits expenses, including directors' remuneration, decreased to HKD 1,468,000 for the six months ended September 30, 2025, down from HKD 2,656,000 in 2024, representing a reduction of approximately 44.5%[81]. - Administrative expenses decreased from approximately HKD 3,836,000 for the six months ended September 30, 2024, to approximately HKD 2,530,000 for the six months ended September 30, 2025[31]. Dividends and Shareholder Returns - The board recommended not to declare an interim dividend for the six months ended September 30, 2025, and September 30, 2024[45]. - The company did not recommend the payment of an interim dividend for the six months ended September 30, 2025, and for the same period in 2024[81]. - The company aims to enhance shareholder value by effectively allocating idle funds and surplus capital to generate financial returns[24]. Other Financial Metrics - The company's net cash and cash equivalents increased to HKD 2,417,000 from HKD 2,113,000, reflecting a rise of 14.4%[64]. - The fair value changes of financial assets recognized in profit or loss resulted in a gain of HKD 23,671,000 for the six months ended September 30, 2025, compared to a loss of HKD 3,325,000 in the prior year[76]. - The company's equity attributable to owners increased to HKD 48,657,000 as of September 30, 2025, from HKD 27,218,000 as of March 31, 2025, marking an increase of 78.8%[62]. - The company's depreciation expense for the six months ended September 30, 2025, was HKD 40,000, slightly down from HKD 42,000 in the previous year[79]. - Trade receivables amounted to HKD 37,218,000 as of September 30, 2025, a decrease from HKD 41,207,000 as of March 31, 2025, reflecting a decline of approximately 9.6%[85]. - Trade payables were reported at HKD 8,298,000 as of September 30, 2025, down from HKD 11,716,000 as of March 31, 2025, indicating a decrease of about 29.5%[86]. - Contract assets stood at HKD 12,712,000 as of September 30, 2025, compared to HKD 13,558,000 as of March 31, 2025, showing a decline of approximately 6.2%[84]. - The company expects to recover HKD 9,081,000 of contract assets within one year, an increase from HKD 7,987,000 as of March 31, 2025[84]. - The weighted average number of ordinary shares used for calculating basic earnings per share remained constant at 301,860,000 shares for both periods[82]. - The company did not acquire or dispose of any property, plant, and equipment during the six months ended September 30, 2025[83]. - The company has not issued any potential dilutive ordinary shares due to the exercise price of options being higher than the average market price of shares during the year[82]. Corporate Governance - The company has complied with all applicable corporate governance codes as per GEM Listing Rules during the reporting period[52]. - No significant events requiring disclosure occurred after September 30, 2025, up to the report date[58]. - The company has granted a total of 19,842,480 share options under its share option scheme as of September 30, 2025[55]. - The exercise price for the share options granted ranges from HKD 0.16 to HKD 0.315 per share[56].