(Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） Stock Code 股份代號 : 1890 ANNUAL REPORT 2025 年度報告 2025 ANNUAL REPORT 年度報告 | 2 | 公司概覽 | | --- | --- | | 3 目 | 公司資料 | | 5 | 年度業績摘要 | | 6 | 財務狀況及現金流量主要項目 | | 7 錄 | 主席的話 | | 9 | 管理層討論與分析 | | 23 | 董事及高級管理層 | | 30 | 董事會報告 | | 65 | 企業管治報告 | | 84 | 獨立核數師報告 | | 92 | 綜合損益表 | | 93 | 綜合全面收益表 | | 94 | 綜合財務狀況表 | | 96 | 綜合權益變動表 | | 98 | 綜合現金流量表 | | 101 | 財務報表附註 | | 199 釋義 | | 公司概覽 本公司與其附屬公司為中國領先的民辦職業教育服務營辦商，專注於專業型及職業教育。 我們致力於向學生提供優質專業型及職業教育及幫助彼等應付日益 ...

Financial Performance - Edvantage Group Holdings Limited reported a revenue increase of 15% year-over-year, reaching HKD 1.2 billion for the fiscal year 2025[2]. - The company achieved a net profit margin of 20%, translating to a net profit of HKD 240 million, up from HKD 200 million in the previous year[2]. - Revenue reached approximately RMB 2,489 million, an increase of about 7.7% year-over-year[20]. - Revenue for the fiscal year ending August 31, 2025, was RMB 2,489,038, representing a 7.7% increase from RMB 2,311,986 in 2024[26]. - Operating costs increased by 24.3% to RMB (1,476,751) compared to RMB (1,187,842) in the previous year[26]. - Gross profit decreased by 10.0% to RMB 1,012,287 from RMB 1,124,144 in 2024[26]. - Pre-tax profit fell by 25.9% to RMB 599,241 from RMB 808,994 in 2024[26]. - Net profit attributable to the company's owners decreased by 28.1% to RMB 513,872 from RMB 714,746 in the previous year[26]. - Basic earnings per share dropped by 30.3% to RMB 43.79 from RMB 62.86 in 2024[26]. - Other income reached approximately RMB 166.5 million, marking a 28.0% increase year-over-year, mainly due to growth in educational consulting and management services[77]. - Interest income decreased to approximately RMB 19.6 million, down 23.9% year-over-year, as a result of persistently low deposit interest rates[78]. - The company reported a net loss of approximately RMB 71.5 million in other gains and losses, primarily due to goodwill impairment losses of RMB 41.7 million[79]. - Profit before tax for the fiscal year was approximately RMB 599.2 million, a decrease of 25.9% compared to the previous year[82]. - The company’s adjusted net profit attributable to owners was approximately RMB 592.1 million, down 20.7% year-over-year[84]. - For the fiscal year ending August 31, 2025, the adjusted net profit attributable to the company's owners was approximately RMB 592.1 million, a decrease of 20.7% from RMB 746.7 million in 2024[85]. Student Enrollment and Educational Expansion - User enrollment numbers grew by 10%, totaling 30,000 students across all institutions operated by the company[2]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in student enrollment in the region by 2026[2]. - A new vocational training program is set to launch in Q3 2026, expected to attract an additional 5,000 students[2]. - The number of enrolled students increased to approximately 99,800, reflecting a growth of about 4.4%[20]. - The number of students enrolled in higher vocational education at Huashang College decreased from approximately 31,990 in 2024 to 31,210 in 2025, while Huashang Vocational College increased from 21,810 to 25,470[71]. - The number of students enrolled in the City Technician College decreased from approximately 11,170 in 2024 to 9,960 in 2025, while Huashang Technical School decreased from 7,100 to 6,050[71]. Dividends and Shareholder Value - Proposed final dividend is HKD 0.074 per share, with an interim dividend of HKD 0.066 per share, resulting in a payout ratio of 30%[20]. - The company plans to pay a final cash dividend of HKD 0.074 per share, pending shareholder approval[26]. - The company proposed a final cash dividend of HKD 0.074 per share for the year ending August 31, 2025, totaling an annual dividend of HKD 0.14 per share, with a payout ratio of 30%[34]. - The company reported a final dividend of HKD 0.074 per share for the fiscal year ending August 31, 2025[184]. - As of August 31, 2025, the company has distributable reserves amounting to approximately RMB 529.5 million in share premium and RMB 20.4 million in retained earnings[194]. - The company plans to propose an annual dividend of about 30% of the distributable profits for each fiscal year[190]. Strategic Goals and Investments - Edvantage is investing HKD 100 million in new technology development aimed at enhancing online learning platforms[2]. - The company has outlined a strategic goal to acquire two additional educational institutions within the next 18 months to diversify its offerings[2]. - The company is focusing on expanding its presence in the Greater Bay Area and Chengdu Economic Circle, capitalizing on the growing demand for high-quality vocational education[31]. - The company plans to enhance its educational offerings by integrating AI into curriculum design and expanding overseas educational centers along the Belt and Road Initiative[73]. - The group has established a comprehensive AI education ecosystem, integrating AI technology into the entire teaching process, including curriculum, teaching platforms, and faculty development[69]. - The group has invested in modern teaching platforms such as AI training centers and laboratories for new engineering and medical disciplines, enhancing the quality of education and talent cultivation[68]. - The group has implemented a strategic transformation of its professional structure, integrating ESG sustainability and digital marketing into business programs[68]. Governance and Compliance - The board consists of three executive directors, one non-executive director, and three independent non-executive directors as of the date of the annual report[112]. - The company has adopted a board diversity policy to ensure a diverse composition of board members, considering factors such as gender, age, cultural and educational background, and professional qualifications[117]. - The company has maintained compliance with the Corporate Governance Code and has not received any administrative penalties regarding the student-to-teacher ratio in its schools in China[105]. - The board has established three committees: the Audit Committee, the Remuneration Committee, and the Nomination Committee to oversee specific areas of the company's affairs[109]. - The company has arranged appropriate liability insurance to indemnify its directors and senior management against liabilities arising from corporate activities[111]. - The company has fully complied with the Corporate Governance Code as of the fiscal year ending August 31, 2025, and continues to review and improve its governance practices[108]. - All independent non-executive directors have confirmed their independence according to the Listing Rules, with no personal relationships among directors that could affect their independence[123]. - The board's structure is deemed reasonable, with members possessing experience and capabilities relevant to maintaining high operational standards[120]. - The company has established a whistleblowing mechanism to encourage reporting of any misconduct or fraud related to the company[160]. - The company has a zero-tolerance policy towards bribery and corruption, with clear guidelines for ethical behavior[162]. Operational Efficiency and Cost Management - The company reported a 30% increase in operational efficiency due to recent technological upgrades[2]. - Operating costs for the same period amounted to approximately RMB 1,476.8 million, a rise of 24.3% compared to the previous year, primarily due to strategic investments in talent development and campus expansion[75]. - Gross profit for the fiscal year was approximately RMB 1,012.3 million, reflecting a decrease of 10.0% year-over-year, attributed to increased investments in educational quality and infrastructure[76]. - The company has a responsibility to prepare consolidated financial statements for the year ending August 31, 2025, reflecting the group's performance and cash flow accurately[155]. - The board believes that the internal control and risk management systems are effective and sufficient, with no significant issues affecting shareholders[158]. - The company maintains a conservative strategy to mitigate financial risks, including monitoring interest rate and currency risks[159]. Future Outlook - The management has provided guidance for a revenue growth of 12% for the next fiscal year, projecting total revenue of HKD 1.34 billion[2]. - The company emphasizes the importance of stability and sustainability in its educational mission, aiming to create long-term value for shareholders[34]. - The group aims to deepen the integration of industry and education, exploring international education while enhancing educational quality[64]. - The group focuses on cultivating high-quality applied talents with international vision and innovative thinking to meet the demands of the new era[64]. - The company has not made any changes to its articles of association for the fiscal year ending August 31, 2025[174].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 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 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 BioDlink International Company Limited 東曜藥業股份有限公司 茲提述東曜藥業股份有限公司（「本公司」）於2025年4月28日刊發截至2024年12月 31日止年度的年報（「2024年年報」）。除 非 另 有 定 義，本 公 告 中 使 用 的 詞 彙 與2024 年 年 報 中 定 義 的 詞 彙 具 有 相 同 意 義。本 公 告 為2024年 年 報 提 供 補 充 資 料，並 應 與2024年 年 報 一 併 閱 讀。 除2024年 年 報 所 提 供 的 資 料 外，本 公 司 謹 此 根 據 上 市 規 則 第17.09條向本公司股 東 及 潛 在 投 資 者 提 供 以 下 有 關 首 次 公 開 發 售 前 購 股 權 計 劃、2020年受限制股份 獎勵計劃及2024年 受 限 制 股 份 獎 勵 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，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公佈全部或任何部分內容而產生或因依賴該等內容而引 致之任何損失承擔任何責任。 WLS Holdings Limited 滙隆控股有限公司* （於開曼群島註冊成立並於百慕達存續之有限公司） （股份代號：8021） 截至二零二五年十月三十一日止六個月之中期業績公佈 滙隆控股有限公司（「本公司」）董事（「董事」）會公佈本公司及其附屬公司截至二零二五年十月三十一 日止六個月之未經審核簡明綜合財務業績。本公佈載有本公司二零二五╱二六年中期報告全文，符合 聯交所GEM證券上市規則（「GEM上市規則」）中有關中期業績初步公佈附載資料之相關要求。本公司 二零二五╱二六年中期報告的印刷本將適時寄發予本公司股東並按GEM 上市規則規定之方式於聯交 所網站www.hkexnews.hk及本公司網站www.wls.com.hk登載以供查閱。 代表董事會 滙隆控股有限公司 執行董事 李振興 香港，二零二五年十二月三十一日 * 僅供識別 – 1 – 於本公佈日期，董事會包括李振興先生（執行董事）、盧家麒先生（ ...

Financial Performance - For the fiscal year ending September 30, 2025, the group's revenue was approximately HKD 12.2 million, representing a 22.0% increase from HKD 10.0 million in 2024[9][13]. - The loss attributable to equity shareholders for the same period was approximately HKD 6.5 million, a reduction of 27.0% compared to HKD 8.9 million in 2024[9][13]. - The group's revenue for the year ending September 30, 2025, was approximately HKD 12.2 million, an increase of about HKD 2.2 million or 22.0% compared to HKD 10.0 million in the same period last year[19]. - The corporate services division generated revenue of approximately HKD 2.0 million, accounting for about 16.4% of the group's total revenue for the year ending September 30, 2025[16]. - Other income for the year included approximately HKD 0.3 million in bank interest income and HKD 0.6 million in recovered bad debts[20]. - The group reported a net loss of approximately HKD 6.5 million for the year ending September 30, 2025, a decrease from a net loss of approximately HKD 8.9 million in the previous year[24]. Business Segments - The institutional financing advisory services segment saw a slight revenue increase of about 4.1% to approximately HKD 10.2 million for the fiscal year ending September 30, 2025[14]. - The asset management advisory services segment did not record any revenue during the fiscal year, with the group actively seeking new clients[15]. - The company is expanding its financial advisory services through a joint venture with China Housing Group International Investment Co., Ltd., focusing on fund and real estate asset projects, particularly in Belt and Road countries[15]. Market Environment - The overall business environment remains severe, with significant challenges due to international political situations and U.S.-China trade tensions affecting investor confidence[11]. - The board believes that market sentiment in Hong Kong remains weak, impacting major clients, primarily small and medium-sized enterprises listed in Hong Kong[11]. Corporate Governance - The company is committed to ensuring the accuracy and completeness of the information presented in its annual report, with the board taking full responsibility for its contents[2]. - The board consists of five executive directors and three independent non-executive directors, maintaining a balance of independent oversight[42]. - The company emphasizes the importance of good corporate governance practices and compliance with increasingly complex regulatory requirements[40]. - The board regularly reviews corporate governance policies and practices to ensure compliance with legal and regulatory requirements[59]. - The company has adopted a code for securities trading by its directors, ensuring compliance with GEM listing rules[65]. Risk Management - The company acknowledges several significant risks, including reliance on key authorized personnel and potential adverse economic conditions affecting financial service transactions[37]. - The company has established a risk management system to balance client interests with the safety and stability of the group, covering various risk areas such as credit, market, and operational risks[70]. - The audit committee reviews the risk management and internal control reports annually, communicating with external auditors to identify any major control deficiencies[74]. Employee and Training - As of September 30, 2025, the company employed 20 staff members, an increase from 17 in 2024[36]. - Employee benefit expenses for the year were approximately HKD 12.0 million, an increase of about HKD 1.0 million compared to HKD 11.0 million in the previous year[21]. - The company has a comprehensive training program for employees, supporting their participation in various job-related training courses[36]. - Training hours increased to a total of 9.0 hours for employees in the reporting period, compared to 11.0 hours in 2024[180]. Environmental, Social, and Governance (ESG) - The company has implemented various energy-saving measures to reduce energy consumption and enhance efficiency, contributing to its environmental responsibility[157]. - The total greenhouse gas emissions for the reporting period are 14.5 tons of CO2 equivalent, a decrease of approximately 7.6% from 15.7 tons in the previous year, primarily due to reduced local business travel[157]. - The company has identified significant environmental, social, and governance issues, including employee welfare and development, which are considered high importance[151]. - The group has implemented a green procurement policy to minimize waste and reduce carbon emissions[184]. Shareholder Communication - The board has implemented a shareholder communication policy to maintain ongoing dialogue with shareholders and investment groups, ensuring timely access to publicly available information[76]. - The company will hold its annual general meeting within the statutory period following the fiscal year-end[139]. Compliance and Legal - The group has complied with all relevant laws and regulations that have a significant impact on its business and operations during the year[113]. - The company adheres to labor laws prohibiting child and forced labor, ensuring compliance with relevant regulations[183]. - The group has not reported any violations of personal data privacy regulations during the reporting period[187].

Financial Performance - The Group's revenue for the financial period amounted to approximately HK$3.2 million, representing an increase of approximately 5.8% compared to HK$3.0 million in the previous financial period[11]. - The Group recorded a loss attributable to the owners of the Company of approximately HK$116.1 million, compared to a profit of HK$101.7 million in the previous financial period[11]. - Revenue from the trading of beauty and health products was approximately HK$3.2 million, reflecting a 5.8% increase from the previous financial period[12]. - For the six months ended September 30, 2025, the company reported revenue of HK$3,206,000, an increase from HK$3,029,000 in the same period of 2024, representing a growth of approximately 5.85%[85]. - The gross profit for the period was HK$447,000, compared to HK$307,000 in the previous year, indicating a significant increase of 45.6%[85]. - The company incurred a loss before tax of HK$119,304,000, a decline from a profit of HK$100,966,000 in the same period last year[85]. - The total comprehensive income for the period was a loss of HK$119,246,000, compared to a profit of HK$100,994,000 in the previous year[85]. - For the six months ended September 30, 2025, the consolidated loss for the period was HK$119,304,000, compared to a profit of HK$100,966,000 for the same period in 2024[128]. Research and Development - The Group launched its health supplement product "Pancreon PRO" in September 2025, aimed at insulin health and blood sugar management[12]. - The in-process research and development project for an oral insulin product has a net carrying value of HK$1,076 million recorded as an intangible asset[14]. - Approximately 405 patients have been enrolled in the clinical trial testing for the oral insulin product, which commenced in July 2020[20]. - The oral insulin product is expected to be launched in the market by the third quarter of 2028, with significant demand anticipated due to the growing diabetic population in China[21]. - The product is expected to be the first oral insulin drug available in the market and will be protected for a period of 5 years under current regulations in China[21]. - The Group plans to inject additional resources into the clinical trial of the in-process R&D to facilitate its development[13]. - The Group has entered into a Preliminary Partnership Agreement with Johns Hopkins University School of Medicine to collaborate on research related to diabetes and cardiovascular disease[27]. - The Group's core mission is to provide reliable health supplement solutions for the diabetic population, with several insulin-related health products planned for launch in Hong Kong[25]. Financial Position - As of September 30, 2025, the Group's bank and cash balances were approximately HK$18.1 million, up from HK$3.7 million as of March 31, 2025[38]. - Total borrowings as of September 30, 2025, were approximately HK$1,143.0 million, an increase from HK$1,049.2 million as of March 31, 2025[39]. - As of September 30, 2025, the Group's current assets to current liabilities ratio was 0.02, up from 0.01 as of March 31, 2025[42]. - The Group's gearing ratio increased to 1.07 as of September 30, 2025, compared to 0.98 as of March 31, 2025, with total liabilities of approximately HK$1,191.1 million and total assets of approximately HK$1,110.7 million[42]. - The Group's cash and cash equivalents at the end of the period amounted to approximately HK$18,071,000, with a net increase of HK$14,404,000 during the six months[98]. - The Group's bank balances and cash are significantly lower than the liabilities due, indicating potential liquidity issues[105]. - The Group's major asset, the development of an oral insulin product, is currently in Phase III clinical trials, with future cash flow dependent on successful trial outcomes and regulatory approvals[105]. Staff and Administrative Expenses - The total staff costs, including Directors' remuneration, for the Financial Period amounted to approximately HK$3.6 million, an increase from approximately HK$2.9 million in the previous Financial Period[53]. - As of September 30, 2025, the Group had 29 full-time employees, an increase from 20 as of March 31, 2025[52]. - Administrative expenses rose to HK$12,386,000 from HK$6,683,000, reflecting an increase of 85.5% year-over-year[85]. - Total short-term employment benefits for key management personnel were HK$1,874,000 for the six months ended September 30, 2025, an increase from HK$1,754,000 in the prior year[185]. Financing and Capital Structure - The Company completed the placing of 23,555,000 shares at a price of HK$0.175 per share, generating gross proceeds of approximately HK$4,122,000, with net proceeds of approximately HK$4,000,000 fully utilized for general working capital[44]. - The company issued convertible bonds worth HK$48,212,000 during the period, contributing to changes in equity[94]. - The Company is in the final stages of negotiating the extension and restructuring of Convertible Bonds due on 28 July 2025, which is expected to alleviate short-term debt pressure[110]. - The company recognized new Convertible Bonds I after substantial modification, with a liability component of approximately HK$31,709,000 and an equity component of HK$281,320,000[156]. - The maturity date of Convertible Bonds III has been extended to July 28, 2025, as per the third amendment agreed with Extrawell[169]. Risk Management and Future Outlook - The Group maintained a prudent strategy in foreign exchange risk management, balancing foreign currency assets against liabilities without using financial instruments for hedging during the Financial Period[51]. - The Company has not established a dividend policy, considering it more appropriate to determine dividend payments based on financial performance and market conditions[61]. - Significant uncertainties exist regarding the successful implementation of the Company's plans, particularly the completion of the Clinical Trial and product launch[113]. - The financial statements have been prepared on a going concern basis, assuming the Group can meet its financial obligations in the next 12 months[106]. - The Company received financial support from a substantial shareholder, confirming that repayment of approximately HK$8,190,000 will not be demanded for at least 12 months from the date of the financial statements[108].

Financial Performance - Revenue for the six months ended September 30, 2025, was SGD 44,211,022, a decrease of 9.8% compared to SGD 48,578,720 for the same period in 2024[10] - Gross profit increased to SGD 7,921,257, representing a gross margin of 17.9%, compared to SGD 6,446,672 and a margin of 13.3% in the previous year[10] - The company reported a net loss of SGD 1,580,457 for the period, an improvement from a loss of SGD 3,043,504 in the prior year[11] - Total comprehensive loss for the period was SGD 996,538, compared to SGD 2,385,269 in the same period last year, indicating a significant reduction in losses[11] - The company reported a loss attributable to shareholders of SGD 1,270,226 for the six months ended September 30, 2025, compared to a loss of SGD 2,874,000 for the same period in 2024, representing a 55.8% improvement in losses year-over-year[36] Cash Flow and Assets - For the six months ended September 30, 2025, the company reported a net cash generated from operating activities of SGD 2,913,662, compared to a cash used of SGD (1,348,678) in the same period of 2024[16] - The company’s cash and cash equivalents stood at SGD 10,574,952, a slight decrease from SGD 11,861,692 as of March 31, 2025[12] - The company reported a decrease in cash and cash equivalents of SGD (1,213,521) for the six months ended September 30, 2025, compared to a decrease of SGD (3,408,794) in the same period of 2024[17] - The company incurred a loss of SGD (1,270,226) during the six months ended September 30, 2025, reflecting ongoing operational challenges[16] - The company’s total assets as of September 30, 2025, were not explicitly stated but can be inferred from the equity and cash flow data presented[14] Revenue Breakdown - Revenue from Integrated Building Services was SGD 31,341,086, up 9.5% from SGD 28,632,220 in 2024[24] - Revenue from Building Construction decreased significantly to SGD 9,749,145 from SGD 19,454,827, a decline of 50.1%[24] - Revenue from Information Technology Development and Application increased to SGD 588,027 from SGD 57,911, a growth of 908.5%[24] - Revenue from other sources in Information Technology Development and Application reached SGD 2,532,764, compared to SGD 433,762 in 2024, marking a significant increase[24] - Revenue from external customers in Singapore was SGD 41,090,231, down 14.6% from SGD 48,087,047 in 2024[27] Expenses and Costs - The total employee costs, including salaries and benefits, increased to SGD 7,762,162 for the six months ended September 30, 2025, up from SGD 6,927,770 in the previous year, reflecting an increase of 12.0%[36] - The cost of inventory recognized as cost of sales and services was SGD 4,199,469 for the six months ended September 30, 2025, compared to SGD 3,449,584 in the previous year, indicating a 21.7% increase[36] - Administrative expenses rose from approximately SGD 7.7 million to about SGD 8.4 million, an increase of about SGD 0.7 million or approximately 9.1%[75] - Financing costs increased from approximately SGD 20,000 to about SGD 47,000, mainly due to higher interest on other borrowings[76] Investments and Future Outlook - The company has continued to invest in new technologies and product development, although specific figures were not disclosed in the report[10] - Future outlook remains cautious, with management indicating a focus on cost control and operational efficiency to navigate market challenges[10] - The company plans to expand into broader internet technology-related businesses, including e-commerce and artificial intelligence, beyond just blockchain technology[69] - The company anticipates total construction demand in Singapore for 2025 to be between 47 billion SGD and 53 billion SGD, driven by several large development projects[67] Shareholder Information - Morgan Hill holds 365,175,000 shares, representing 30.56% of the company's issued share capital[95] - Great Scenery, Emperor Grand International Limited, and Mr. Zhu Guangping also hold 365,175,000 shares each, accounting for 30.56%[95] - Mr. Leung Sik-Kwong directly owns 66,665,000 shares, which is 5.58% of the total[95] - The total number of options available under the share option scheme is 103,054,000 shares, representing approximately 8.62% of the company's issued shares[101] Corporate Governance - The company has complied with the corporate governance code, except for the separation of roles between the chairman and the CEO[108] - Mr. Li Kanlin resigned as an independent non-executive director effective August 15, 2025, and Ms. Liu Zhi was appointed to the position on the same date[104] - The company did not purchase, sell, or redeem any of its securities during the review period[110]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不 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 對 因 本 公 佈 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 PROSPEROUS INDUSTRIAL (HOLDINGS) LIMITED 其利工業集團有限公司 承董事會命 其利工業集團有限公司 主 席 楊樹堅 截至二零一八年至二零二一年十二月三十一日止年度的年報 的補充公佈 茲 提 述 其 利 工 業 集 團 有 限 公 司（「本公司」）截 至 二 零 一 八 年 至 二 零 二 一 年 十 二 月 三 十 一 日 止 年 度 的 年 報（「年 報」）。除 另 有 說 明 外，本 公 佈 所 用 詞 彙 與 年 報 所 界 定 者 具 有 相 同 涵 義。 本 公 司 謹 此 提 供 有 關 本 公 司 行 政 總 裁 楊 樹 雄 先 生 薪 酬 的 補 充 資 料 如 下： | | | | | | | | 截至十二月三十一日止年度 | | | | --- | --- | --- | --- | --- ...

Financial Performance - For the six months ended September 30, 2025, the group recorded unaudited revenue of approximately HKD 19,300,000, an increase of about HKD 7,700,000 or 66.4% compared to HKD 11,600,000 for the same period in 2024[9] - The loss attributable to owners of the company for the six months ended September 30, 2025, was approximately HKD 1,000,000, a significant improvement from a loss of HKD 6,400,000 for the same period in 2024[9] - Basic and diluted loss per share for the six months ended September 30, 2025, was HKD 0.04, compared to HKD 0.24 for the same period in 2024[9] - The group reported a gross profit of HKD 5,882,000 for the six months ended September 30, 2025, compared to HKD 8,128,000 in the same period of 2024[10] - Operating profit for the six months ended September 30, 2025, was HKD 184,000, a recovery from an operating loss of HKD 5,089,000 in the same period of 2024[10] - The group recorded a pre-tax loss of HKD 5,280,000 for the six months ended September 30, 2025, compared to a loss of HKD 6,398,000 for the same period in 2024, indicating an improvement in performance[37][40] - The group recorded a loss of approximately HKD 1,200,000 for the six months ending September 30, 2025, a reduction from a loss of approximately HKD 5,300,000 for the same period in 2024[80] Dividends and Shareholder Returns - The board of directors decided not to recommend the payment of an interim dividend for the six months ended September 30, 2025, consistent with the previous year[9] - The group did not declare any dividends for the six months ended September 30, 2025, consistent with the previous year[42] Assets and Liabilities - Total assets less current liabilities as of September 30, 2025, were HKD (15,028,000), compared to HKD (13,850,000) as of March 31, 2025[13] - The group’s total liabilities increased to HKD 53,454,000 as of September 30, 2025, compared to HKD 30,341,000 as of March 31, 2025[13] - The company’s equity attributable to owners decreased to HKD (13,950,000) as of September 30, 2025, from HKD (12,998,000) as of March 31, 2025[16] - The group’s current liabilities exceeded total assets by approximately HKD 15,028,000 as of September 30, 2025[23] - The group reported accounts receivable of HKD 28,684,000, an increase from HKD 15,288,000 as of March 31, 2025, indicating improved sales or credit terms[48] Cash Flow and Financial Management - Cash and cash equivalents increased significantly to HKD 8,985,000 as of September 30, 2025, from HKD 300,000 as of March 31, 2025[13] - Cash and cash equivalents increased by HKD 8,701,000 during the reporting period, compared to a decrease of HKD 8,455,000 in the same period last year[20] - The company’s operating cash flow for the six months ended September 30, 2025, was HKD 135,000, down from HKD 596,000 in the previous year[20] - The group’s bank borrowings amounted to approximately HKD 4,293,000 as of September 30, 2025[23] - The total borrowings of the group as of September 30, 2025, were approximately HKD 4,500,000, down from HKD 5,000,000 as of March 31, 2025, with approximately HKD 4,300,000 in outstanding bank financing commitments[87] Operational Highlights - The group recorded segment revenue of HKD 19,293,000 from the distribution of food and beverages, with a segment profit of HKD 1,974,000[29] - The company has expanded its business scope to include online food sales and distribution, enhancing its market presence in the food and beverage sector[61] - The company is optimistic about the sales and distribution of food and beverage products in China, driven by a 5.3% GDP growth in the first half of 2025[60] - The company has established a wine supply department and is developing brewing formulas to become a recognized wine supplier in China[61] - The company is focused on enhancing its sales and distribution capabilities in the food and beverage sector through strategic acquisitions and partnerships[63] Cost Management - The cost of goods sold for the six months ended September 30, 2025, was HKD 13,411,000, up from HKD 3,465,000 in 2024, reflecting increased operational activity[37] - The group incurred total employee benefits expenses of HKD 1,777,000 for the six months ended September 30, 2025, a decrease from HKD 10,195,000 in 2024, suggesting a reduction in workforce or salary adjustments[37] - Employee costs decreased by approximately 82.4% to about HKD 1,800,000 for the six months ending September 30, 2025, from HKD 10,200,000 for the same period in 2024, with the number of employees reduced from 44 to 17[71] - Administrative expenses decreased by approximately 35.2% to about HKD 3,500,000 for the six months ending September 30, 2025, from HKD 5,400,000 for the same period in 2024[77] Strategic Acquisitions - The company completed the acquisition of a 55% stake in Nanjing Zerui Longxiang Supply Chain Management Co., Ltd., which provides platform services for product sales and distribution, aligning with the company's strategic plan for vertical integration[63] - The company has signed a share transfer agreement to acquire a 52% stake in Guizhou Yijinzhe Liquor Industry Co., Ltd., further expanding its portfolio in the liquor business[58] - The group has entered into an agreement to acquire 52% of Menghai Longpu Tea Industry Co., Ltd. for a nominal price of RMB 1, aiming to enhance its business operations in tea and related products[64] Governance and Compliance - The company has adopted high standards of corporate governance to maintain transparency and protect shareholder interests, complying with all applicable codes[106] - The stock option plan adopted on July 21, 2016, allows for the exercise of 60,000,000 shares at an exercise price of HKD 0.163, with 140,000,000 options available for grant as of the report date[117] - The Audit Committee, established on July 21, 2016, consists of three independent non-executive directors and is responsible for reviewing financial statements and internal control effectiveness[120] - The interim financial statements for the six months ending September 30, 2025, have been reviewed by the Audit Committee but not yet audited by external auditors[120] Risks and Challenges - The company faces risks related to labor costs in China, which may increase due to wage fluctuations[107] - The company reported significant reliance on reliable supply of ingredients and alcoholic beverages, with potential price volatility impacting costs[107] - The group’s operations are solely dependent on the sales and distribution of food and beverages in China, which may be subject to seasonal and other cyclical fluctuations[104]

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 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，概不就因本公告全部 或任何部分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。 SOUTH CHINA FINANCIAL HOLDINGS LIMITED 南 華 金 融 控 股 有 限 公 司 – 1 – 王維新先生（「王先生」）自二零一六年五月三日起獲委任為行政總裁，其後自二零 一 七 年 三 月 二 十 八 日 起 獲 委 任 為 執 行 董 事 。 據 董 事 經 作 出 一 切 合 理 查 詢 後 所 深 知、盡悉及確信，王先生於二零一六財政年度擔任行政總裁之酬金如下： （於香港註冊成立之有限公司） （股份代號：00619） 有關截至二零一四年、二零一五年及二零一六年 十二月三十一日止財政年度年報之 補充公告 茲提述South China Financial Holdings Limited南華金融控股有限公司（「本公司」） 分別截至二零一四年十二月三十一日（「二零一四財政年度」）、二零一五年十二月 三 ...