（於百慕達註冊成立之有限公司） （股份代號：00674） 中期報告 2025 Interim Report 2025 中國唐商控股有限公司 CHINA TANGSHANG HOLDINGS LIMITED The board (the "Board") of directors (the "Directors") of China Tangshang Holdings Limited (the "Company") is pleased to announce the unaudited interim condensed consolidated results of the Company and its subsidiaries (collectively referred to as the "Group") for the six months ended 30 September 2025. The consolidated statement of comprehensive income, the consolidated statement of changes in equity and ...

Financial Performance - The company reported a revenue of HKD 3,260.5 million for the six months ended September 30, 2025, representing a year-on-year increase of 25.7%[5] - Gross profit reached HKD 767.2 million, with a gross margin of 23.5%, down from 28.7% in the previous year, indicating a decrease of 5.2 percentage points[5] - Operating profit was HKD 249.8 million, reflecting a 15.4% increase compared to the previous year, with an operating margin of 7.7%[5] - Net profit for the period was HKD 167.7 million, resulting in a net margin of 5.1%, down from 6.4% year-on-year, a decrease of 1.3 percentage points[5] - Revenue for the six months ended September 30, 2025, increased to HKD 3,260,464 thousand, up 25.7% from HKD 2,594,448 thousand in the same period last year[49] - Gross profit for the same period was HKD 767,223 thousand, representing a gross margin of 23.5%[49] - Operating profit rose to HKD 249,840 thousand, compared to HKD 216,520 thousand, reflecting a growth of 15.4%[49] - Net profit for the period was HKD 167,696 thousand, slightly up from HKD 165,923 thousand, with earnings per share remaining at HKD 10.4[49] Asset and Liability Management - The company’s total assets increased by 5.8% to HKD 12,608.5 million, while net assets rose by 1.6% to HKD 4,183.1 million[5] - Total assets increased to HKD 12,608,479 thousand, up from HKD 11,914,252 thousand, indicating a growth of 5.8%[46] - Total liabilities rose to HKD 8,425,389 thousand, compared to HKD 7,797,698 thousand, marking an increase of 8.0%[46] - The company’s cash and cash equivalents decreased by 9.8% to HKD 1,406.8 million, and current assets net value fell by 8.6% to HKD 2,782.2 million[5] - The company’s cash and cash equivalents decreased to HKD 1,406,817,000 from HKD 1,746,722,000 in the previous year, reflecting a reduction of approximately 19.4%[53] - The company’s total assets as of September 30, 2025, were HKD 4,183,090,000, compared to HKD 4,049,114,000 in the previous year, indicating growth in asset base[52] Business Segments Performance - The die-casting machine business generated revenue of HKD 2,263.2 million, accounting for 69.4% of total revenue, with a year-on-year growth of 39.5%[11] - The injection molding machine business saw a revenue increase of 4.4% year-on-year, while the CNC machining center business revenue was HKD 77.1 million, down 14.7%[11] - Revenue from automotive customers increased by 31% year-on-year, while revenue from smart 3C customers soared by 61%, underscoring the company's competitive strength in the die-casting machine sector[14] - The injection molding business saw a revenue increase of 4.4% year-on-year, with significant growth in Southeast Asia, particularly a 150% increase in sales in the Vietnamese market[15] - Revenue from die-casting machines was HKD 2,263,178,000 for the six months ended September 30, 2025, a significant increase of 39.5% compared to HKD 1,622,828,000 in the same period of 2024[115] - Injection molding machine revenue rose to HKD 920,164,000, up from HKD 881,269,000, marking a growth of 4.4%[115] Technological Advancements - The company is focusing on the integration of AI technology in manufacturing, which is driving demand for automation and intelligent solutions in the industry[10] - The company is advancing its non-crystalline alloy die-casting technology, which has made progress in the 3C field, providing equipment solutions for products like mobile phone frames and liquid metal hinges[18] - The TPI magnesium alloy semi-solid die-casting technology is being applied to humanoid robots, enhancing production efficiency and meeting the demand for lightweight and high-strength components[17] - Sales of magnesium alloy equipment are expected to surge over 400% by 2025 compared to the previous year, highlighting the company's technological advantages in this field[12] Shareholder Information - As of September 30, 2025, Girgio holds 849,078,004 shares, representing approximately 62.23% of the company's equity[22] - Ms. Zhang and Mr. Liu both have beneficial ownership of 849,078,004 shares, each accounting for 62.23%[22] - HSBC International Trustee Limited, as the trustee of the Liu family trust, holds 62.16% of the company's equity through its ownership in Full Profit Asset Limited[22] - The family trust was established by Mr. Liu on February 22, 2002, and amended on December 3, 2021, for the benefit of Ms. Zhang and their children[24] - The trust structure indicates a significant concentration of ownership within the Liu family, impacting governance and strategic decisions[24] Corporate Governance - The company has complied with all corporate governance codes as per the listing rules during the review period[36] - The audit committee, consisting of three independent non-executive directors, oversees the financial reporting process and internal control mechanisms[37] - The company has disclosed all relevant interests according to the Securities and Futures Ordinance, ensuring compliance with regulatory requirements[22] Stock Options and Employee Incentives - A total of 27,540,000 stock options were granted to 390 employees under the stock option plan as of September 24, 2021[25] - The stock options are valid for a period of ten years from the date of approval by shareholders[25] - The company has a structured stock option plan to incentivize employees and align their interests with shareholders[25] - The total number of options exercised during the interim period is zero, indicating no options were exercised[26] - The company aims to attract and retain key personnel through its stock option plan, which is effective for 10 years from September 8, 2016[97] Financial Risks and Management - The group faces multiple financial risks, including market risk (exchange rate and interest rate risks), credit risk, and liquidity risk[64] - The group has not made any changes to its risk management policies since the year-end[65] - The group continues to assess the impact of adopting HKFRS 18, which primarily affects the presentation of the income statement and cash flow statement[61] Dividends and Share Buybacks - The company announced an interim dividend of HKD 0.03 per share for the six months ending September 30, 2025, consistent with the previous year's dividend[33] - The company declared dividends totaling HKD 68,000,000 during the period, slightly lower than HKD 68,220,000 declared in the same period last year[52] - The company repurchased 12,000,000 shares at a total cost of approximately HKD 56,874,000, with prices ranging from HKD 3.94 to HKD 5.05 per share[96] Future Outlook - The company plans to continue investing in new technologies and market expansion to drive future growth[54] - The company has adopted a share incentive plan to reward employees and attract talent, effective from October 28, 2015, with a validity of ten years[30]

Non-executive director Mr. Leung Wai Ming Independent non-executive directors Mr. Poon Chun Wai Mr. Fu Chung Mr. Ma Siu Kit Ms. Yu Mei Hung CONTENTS 目錄 | Corporate Information | 公司資料 | 2 | | --- | --- | --- | | Financial Highlights | 財務摘要 | 4 | | Condensed Interim Consolidated Statement of Comprehensive Income | 簡明中期合併綜合收益表 | 5 | | Condensed Interim Consolidated Statement of Financial Position | 簡明中期合併財務狀況表 | 7 | | Condensed Interim Consolidated Statement of Changes in Equity | 簡明中期合併權益變動表 | 9 | | Condensed ...

Project Developments - For the North Point project, foundation works are completed, and it is expected to be completed in the second half of 2027, covering an aggregate gross floor area of approximately 30,000 square feet[17]. - The Nexus Grand project has achieved pre-sales of approximately 95% of its 90 residential units, with hand-over to buyers expected in Q1 2026[9]. - The Grands project, completed in August 2023, has sold all 76 residential units, with around 22% handed over to buyers during the review period[10]. - The Grand Marine project, completed in March 2022, has sold all typical units, with only a few special units remaining; one special unit was sold during the review period[11]. - The Mainland China project in Guangxi Province is expected to be completed in the second half of 2026, with a gross floor area of approximately 1,435,000 square feet[19]. - The Group's total gross floor area for the Nexus Grand project is approximately 36,000 square feet, with superstructure and internal fitting-out works completed[9]. - Construction works for iTech Tower 3.1 are scheduled for phased delivery starting in Q4 2025, while iTech Tower 3.2 is expected to be completed in phases starting from mid-2026[25]. Financial Performance - The Group's consolidated revenue for FH 2025/26 was $253.5 million, a decrease of 62.9% compared to FH 2024/25, which was $683.7 million[35]. - The consolidated gross profit fell by 71.3% to $87.9 million in FH 2025/26, down from $305.9 million in FH 2024/25[35]. - Operating expenses decreased by 70.5% to $65.1 million in FH 2025/26, compared to $221.0 million in FH 2024/25, primarily due to reduced property agency commissions[36]. - The Group recorded a net loss of $26.1 million for FH 2025/26, compared to a net profit of $52.6 million for FH 2024/25, mainly due to a significant decrease in residential property deliveries and the expiry of a data center lease[40]. - Revenue for the six months ended September 30, 2025, was HK$253,504,000, a decrease of 63.0% compared to HK$683,747,000 for the same period in 2024[68]. - Gross profit for the period was HK$87,884,000, down 71.3% from HK$305,908,000 year-over-year[68]. - Loss for the period was HK$26,052,000, compared to a profit of HK$52,600,000 in the previous year, representing a significant decline[69]. - The company reported a loss before taxation of $43,675,000, compared to a profit of $50,743,000 in the prior year[115]. Data Centre Operations - The Group's data centre leasing revenue decreased by 17.1% year-on-year to $115.2 million, primarily due to the expiry of a data centre lease during the review period[20]. - The Group's data centre premises leasing business faced challenges, impacting overall revenue performance[20]. - Rental income from data center properties decreased by 17.1% to $115.2 million due to the expiration of a lease during the review period[24]. Liquidity and Financial Position - As of 30 September 2025, the Group held contracts with an aggregate value of approximately $2.05 billion[27]. - The Group's outstanding bank and other borrowings amounted to approximately $5,526 million as of 30 September 2025, up from approximately $5,229 million on 31 March 2025[41]. - The current ratio as of September 30, 2025, was 0.30 times, slightly down from 0.32 times as of March 31, 2025[46]. - The Group had cash and bank balances of approximately $154.2 million as of September 30, 2025, compared to $180.2 million as of March 31, 2025[47]. - Net current liabilities increased to HK$4,095,689,000 from HK$3,771,071,000, indicating a worsening liquidity position[71]. - The Group incurred a net loss of $26,052,000 for the period ended 30 September 2025[82]. - The outstanding bank loans amounted to $5,382,890,000, with $4,724,268,000 drawn down under banking facilities[82]. - The Group was not in compliance with certain financial covenants, which could result in the entire bank borrowings becoming immediately due[82]. Shareholder Information - As of September 30, 2025, Mr. Chan Hung Ming holds 921,642,940 shares, representing approximately 64.89% of the Company's total shareholding[167]. - Mr. Lau Chi Wah holds 106,293,660 shares, representing approximately 7.48% of the Company's total shareholding[167]. - The total number of shares held by substantial shareholders indicates a strong concentration of ownership within a few entities[174]. - The Group did not declare any interim dividend for the first half of 2025/26[163]. Share Option Schemes - The Old Share Option Scheme, adopted on July 23, 2013, expired on July 23, 2023, and no further options can be granted under this scheme[178]. - The New Share Option Scheme, approved on August 4, 2023, allows for a maximum of 142,012,234 shares to be issued upon exercise of all options, representing 10% of the issued shares of the Company (excluding treasury shares) at its adoption date[190]. - No share options have been granted under the New Share Option Scheme since its adoption until the date of this report[191]. - The total number of shares available for issue under all share schemes is 157,292,234, which is approximately 11.08% of the issued shares of the Company[199].

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 11,972,000, a decrease of 2.4% compared to HKD 12,261,000 in the same period of 2024[4] - Other income and gains decreased significantly to HKD 716,000 from HKD 2,116,000, representing a decline of 66.2%[4] - The company reported a loss before tax of HKD 23,858,000, which is a 133.3% increase from the loss of HKD 10,198,000 in the prior year[4] - Basic and diluted loss per share was HKD 61.6, compared to HKD 27.3 in the same period last year, reflecting a significant increase in losses[4] - The company recorded a total comprehensive loss of HKD 15,290,000 for the period, compared to a loss of HKD 508,000 in the previous year[4] - The group recorded a loss of approximately HKD 24,620,000, an increase of about HKD 13,717,000 (or 125.8%) compared to the same period last year, primarily due to increased fair value losses on investment properties[58] Asset and Liability Management - Total assets decreased to HKD 776,940,000 from HKD 814,939,000, a decline of 4.7%[6] - The total assets of the group as of September 30, 2025, amounted to HKD 997,296,000, compared to HKD 1,014,580,000 as of March 31, 2025[19] - The company's equity decreased to HKD 987,667,000 from HKD 1,007,757,000, a reduction of 2.0%[6] - The total liabilities of the group as of September 30, 2025, were HKD 9,629,000, an increase from HKD 6,823,000 as of March 31, 2025[19] Investment Properties - Fair value loss on investment properties was HKD 46,800,000, compared to a loss of HKD 35,706,000 in the previous year, indicating a worsening of 31.5%[4] - The fair value of investment properties decreased to HKD 701,000,000 as of September 30, 2025, down from HKD 747,800,000 as of March 31, 2025, representing a decline of about 6.2%[27] - The group recorded a fair value loss of approximately HKD 46,800,000 for the period, compared to a loss of HKD 108,906,000 for the previous period, indicating an improvement in property valuation[28] Revenue Breakdown - For the six months ended September 30, 2025, the total revenue from securities investment was HKD 4,451,000, a decrease of 4.5% compared to HKD 4,664,000 in the same period of 2024[17] - The total revenue from property leasing was HKD 7,509,000, down 1.0% from HKD 7,585,000 in the previous year[17] - The total rental income for the six months ended September 30, 2025, was HKD 7,521,000, a slight decrease from HKD 7,597,000 in 2024[21] - Dividend income from securities decreased by approximately HKD 213,000 (or 4.6%) to about HKD 4,451,000 compared to the same period last year[64] Cash Flow and Operating Activities - Cash and cash equivalents increased slightly to HKD 133,621,000 from HKD 132,365,000, showing a marginal growth of 0.9%[6] - Net cash generated from operating activities was HKD 2,851,000, down from HKD 8,188,000, a decrease of 65.2%[8] - As of September 30, 2025, the group held cash reserves of approximately HKD 133,621,000, a slight increase from HKD 132,365,000 as of March 31, 2025[71] Management and Governance - The audit committee consists of three independent non-executive directors and one non-executive director, overseeing the financial reporting process[55] - The company has not engaged in any buybacks or redemptions of its issued share capital during the reporting period[52] - No directors or their associates were granted rights to subscribe for shares in the company[50] Market Conditions and Future Outlook - The management anticipates continued challenges in the Hong Kong business environment, particularly due to weak consumer confidence affecting retail and dining sectors[77] - The real estate market remains under pressure, with financial institutions maintaining a cautious lending approach towards property developers[77] - The group continues to closely monitor market conditions and will make appropriate adjustments as deemed necessary[64] - The group has paused the redevelopment project at Fuk Chuen Street, continuously assessing its cost-effectiveness and market changes[59] Dividends - The group plans to propose an interim dividend of HKD 0.02 per share, consistent with the previous year, amounting to HKD 800,000 for the six months ended September 30, 2025[38] - The company declared an interim dividend of HKD 0.02 per share, totaling HKD 800,000, consistent with the previous year[45] - The company will suspend shareholder registration from December 19, 2025, to December 23, 2025, to facilitate the distribution of the interim dividend[46]

Reliance Global Holdings Limited 信保環球控股有限公司* 中期報告 2025 * 僅 供 識 別 * Reliance Global Holdings Limited 信保環球控股有限公司* Interim Report 2025 中 期 球 控 股 有 限 報 告 Reliance Global Holdings Limited 信 保 環 公 司* Interim Report 2025 目錄 | 公司資料 | 3 | | --- | --- | | 管理層討論及分析 | 4 | | 簡明綜合損益及其他全面收益表 | 16 | | 簡明綜合財務狀況表 | 18 | | 簡明綜合權益變動表 | 20 | | 簡明綜合現金流量表 | 21 | | 簡明綜合中期財務報表附註 | 22 | | 其他資料 | 45 | 1 信保環球控股有限公司 中期報告 2025 簡稱 馮劍順先生 韓勵女士 （於 二 零 二 五 年 四 月 二 十 九 日 獲 委 任） 林煒橋先生 （於 二 零 二 五 年 五 月 二 日 獲 委 任） 柴志強先生 （於 二 零 二 五 年 四 月 二 十 九 日 ...

Financial Statements Compliance - The interim condensed consolidated financial statements as of September 30, 2025, were reviewed, showing compliance with HKAS 34[8]. - The report indicates that no significant issues were identified that would suggest the financial statements are not prepared in accordance with HKAS 34[11]. - The review was conducted in accordance with Hong Kong Standard on Review Engagements 2410, focusing on inquiries and analytical procedures[10]. - The Group's condensed consolidated financial statements for the six months ended September 30, 2025, were prepared in accordance with HKAS 34 "Interim Financial Reporting" and applicable disclosure requirements[25][28]. Financial Performance - For the six months ended September 30, 2025, the net interest income was HK$72,454,000, a decrease of 1.8% from HK$73,802,000 in the same period of 2024[17]. - The operating profit for the period increased to HK$32,943,000, up 10.4% from HK$29,634,000 in the previous year[17]. - Profit attributable to owners of the Company for the period was HK$27,299,000, representing a 12.0% increase compared to HK$24,359,000 in the same period of 2024[17]. - Basic and diluted earnings per share rose to 6.58 HK cents, an increase of 12.1% from 5.87 HK cents in the previous year[17]. - The total comprehensive income attributable to owners of the Company for the period was HK$27,299,000[54]. - Profit attributable to shareholders increased by 11.9% to HK$27.3 million, compared to HK$24.4 million in the previous period[125][127]. Assets and Equity - Total assets as of September 30, 2025, amounted to HK$1,085,196,000, an increase of 6.3% from HK$1,020,942,000 as of March 31, 2025[18]. - Total equity attributable to owners of the Company increased to HK$873,905,000, up from HK$852,001,000 as of March 31, 2025[18]. - The net book value of land and buildings as of September 30, 2025, was approximately HK$113,298,000, a decrease from HK$115,016,000 as of March 31, 2025[81]. - As of September 30, 2025, net assets amounted to HK$873.9 million, an increase from HK$852.0 million as of March 31, 2025[150]. Cash Flow and Liquidity - Cash and cash equivalents decreased to HK$14,671,000 from HK$33,486,000 at the beginning of the period[20]. - The net cash used in operating activities was HK$19,940,000, compared to a net cash generated of HK$62,111,000 in the same period of 2024[20]. - The Group's unutilised banking facilities as of 30 September 2025 were HK$120,139,000, down from HK$209,809,000 as of 31 March 2025[106]. Loans and Receivables - As of September 30, 2025, total gross loans and interest receivables amounted to HK$901,195,000, an increase of 12.06% from HK$804,502,000 as of March 31, 2025[83]. - The secured property mortgage loans increased to HK$694,985,000 from HK$606,052,000, reflecting a growth of 14.6%[83]. - Unsecured property owner loans rose to HK$206,210,000, up from HK$198,450,000, marking a growth of 3.9%[83]. - The aging analysis of loans shows that overdue loans over 90 days increased to HK$143,177,000 from HK$134,582,000, representing a rise of 5.3%[91]. Impairment and Provisions - The provision for impairment increased to HK$30,960,000 as of September 30, 2025, compared to HK$23,016,000 as of March 31, 2025, indicating a rise of 34.4%[83]. - Impairment losses recognized during the six months ended September 30, 2025, were HK$8,630,000, a decrease from HK$9,017,000 for the same period in 2024[86]. Dividends - Dividends declared for the period were HK$6,640,000, an increase from HK$5,395,000 in the previous year[17]. - An interim dividend of HK$6,640,000 was proposed for the six months ended September 30, 2025, compared to HK$5,395,000 for the same period in 2024, indicating an increase of approximately 23.1%[78]. Risk Management - The Group's overall risk management program focuses on minimizing potential adverse effects on financial performance due to market unpredictability[32][35]. - The Group's financial risk management includes exposure to market risk, credit risk, and liquidity risk[32][35]. - The Group maintained stringent credit policies and robust risk management measures to preserve loan portfolio quality amid economic challenges[123]. Corporate Governance - The Company has complied with the Corporate Governance Code during the review period[197]. - All Directors confirmed compliance with the Model Code for securities transactions during the review period[199]. Auditor Changes - PricewaterhouseCoopers resigned as the auditor of the Company on October 24, 2025, and Deloitte Touche Tohmatsu was appointed as the new auditor[200].

Financial Performance - Revenue for the interim period was HK$434.9 million, down 15.8% from HK$516.4 million in 2024[6]. - Gross profit decreased to HK$88.1 million, a decline of 27.3% from HK$121.2 million in 2024[6]. - Loss attributable to equity holders was HK$3.2 million, compared to a profit of HK$16.5 million in 2024[6]. - Operating profit decreased to HK$21,963,000, a decline of 49.3% from HK$43,462,000 in the previous year[101]. - Profit for the period was HK$16,806,000, a significant drop of 57.7% compared to HK$39,680,000 in 2024[101]. - Basic and diluted earnings per share for the period were both HK$-0.75, compared to HK$3.88 in the previous year[101]. - Total comprehensive income for the period was HK$21,223,000, a decrease of 55.3% from HK$47,460,000 in 2024[103]. - Cash generated from operations for the six months ended September 30, 2025, was a net outflow of HK$65,805,000, compared to a net inflow of HK$62,493,000 in 2024[108]. - The company reported a profit for the period of HK$16,806,000 for the six months ended September 30, 2025, down from HK$39,680,000 in the previous year, indicating a decline of 57.7%[106]. Revenue Breakdown - Revenue from the headsets and headphones segment was HK$247.7 million, accounting for 57.0% of total revenue, down from HK$274.2 million in 2024[7]. - Accessories and components segment revenue reached HK$187.1 million, representing 43.0% of total revenue, down from HK$242.2 million in 2024[10]. - External revenue from headsets and headphones segment was HK$247,738,000, down from HK$274,195,000 in 2024, a decrease of approximately 9.7%[145]. - External revenue from accessories and components segment was HK$187,144,000, down from HK$242,190,000 in 2024, a decrease of approximately 22.8%[145]. - Revenue from two major customers accounted for over 10% of total revenue, totaling approximately HK$145,308,000 and HK$102,499,000 respectively[148]. - Revenue from external customers in Hong Kong was approximately HK$413,515,000, a decrease from HK$461,458,000 in 2024, representing a decline of about 10.4%[150]. Assets and Liabilities - As of September 30, 2025, the Group's net current assets were approximately HK$435.1 million, a slight decrease from HK$437.4 million as of March 31, 2025[22]. - Total current assets increased to HK$741,692,000, up 5.4% from HK$703,806,000 as of March 31, 2025[98]. - Total non-current assets decreased slightly to HK$159,958,000 from HK$160,892,000[98]. - Total assets as of September 30, 2025, were approximately HK$901,650,000, an increase from HK$864,698,000 as of March 31, 2025[147]. - Total trade receivables amounted to HK$293,471,000, an increase from HK$187,508,000 as of March 31, 2025, representing a growth of 56.4%[158]. - Total trade payables increased to HK$157,919,000 as of September 30, 2025, compared to HK$105,153,000 as of March 31, 2025, marking a growth of 50.3%[161]. Cash Flow and Dividends - Cash and cash equivalents decreased by approximately 38.0% to HK$146.8 million from HK$236.8 million as of March 31, 2025[23]. - The company paid dividends totaling HK$21,292,000 to equity holders during the six months ended September 30, 2025, down from HK$25,550,000 in the same period of 2024[110]. - The company declared an interim dividend of HK1.0 cent per ordinary share, totaling HK$4,258,000, compared to HK2.0 cents per share totaling HK$8,517,000 in 2024[183]. Strategic Initiatives - Fujikon is pursuing new alliances, including a co-development project with a renowned European brand in the music industry, set to commence production in the next half-year[12]. - The Group is implementing a "China Plus One" strategy to mitigate tariff-related effects by relocating production to Indonesia[17]. - The Group is focusing on product segments with longer life cycles, such as automotive and medical-related products, which typically have a lifespan of 8 to 10 years[20]. - The Group plans to enhance its manufacturing capabilities in Indonesia to solidify its position as a reliable business partner[21]. Governance and Compliance - The Company has complied with the Corporate Governance Code, except for a deviation regarding the roles of chairman and chief executive officer being held by the same individual[68]. - The Audit Committee has reviewed the Group's unaudited condensed consolidated interim financial information for the six-month period ended September 30, 2025[76]. - The Remuneration Committee consists of four members, including three independent non-executive directors and one executive director[74]. - The Nomination Committee is responsible for reviewing the structure and composition of the Board at least annually[82]. Employment and Costs - The Group employed approximately 1,900 employees as of September 30, 2025, down from 2,200 in 2024, with staff costs totaling approximately HK$129.1 million[32]. - Staff costs for the period were HK$129,066,000, a decrease of 6.3% from HK$138,491,000 in 2024[174]. - Current income tax for the period was HK$9,211,000, down from HK$11,092,000 in 2024, indicating a reduction of 17%[181]. Financial Risks - The Group's financial risk management policies have remained unchanged since March 31, 2025, and the activities expose it to various financial risks including market risk, credit risk, and liquidity risk[132][133]. - The Group's financial risk factors include foreign exchange risk, cash flow and fair value interest rate risk, and price risk[129]. Other Information - The Group entered into a settlement agreement on December 7, 2024, regarding a quality issue with a specific model of headphones, which has led to continued orders from the customer[196]. - The Group is actively negotiating with the supplier regarding the quality issue to avoid arbitration proceedings, with any agreed reimbursements to be recognized when virtually certain[199].

Financial Performance - For the six months ended September 30, 2025, the company reported a total comprehensive income of HKD 159,719,000, compared to HKD 168,414,000 for the same period in 2024, representing a decrease of approximately 5.2%[5] - The company recorded a pre-tax loss of HKD 7,990,000 for the six months ended September 30, 2025, slightly improved from a loss of HKD 8,539,000 in the prior year, indicating a reduction of about 6.4%[5] - The company reported a loss attributable to shareholders of approximately HKD 7,378,000 for the six months ended September 30, 2025, translating to a basic loss per share of HKD 0.004, compared to a loss of HKD 7,400,000 or HKD 0.004 per share for the same period in 2024[34] - The basic loss per share for the six months ended September 30, 2025, was HKD 7,378,000, compared to HKD 7,400,000 for the same period in 2024[27] - The company did not declare an interim dividend for the six months ended September 30, 2025, consistent with the previous year[26] Assets and Liabilities - Total assets as of September 30, 2025, amounted to HKD 2,812,783,000, an increase from HKD 2,651,342,000 as of March 31, 2025, reflecting a growth of approximately 6.1%[7] - The company's non-current assets increased to HKD 2,759,036,000 as of September 30, 2025, up from HKD 2,582,135,000 at the end of the previous fiscal year, marking a rise of about 6.8%[7] - The company’s equity attributable to owners increased to HKD 2,242,653,000 as of September 30, 2025, compared to HKD 2,117,214,000 at the end of March 2025, showing an increase of about 5.9%[9] - As of September 30, 2025, the company's total assets were approximately HKD 2,818,425,000, with a capital debt ratio of zero, indicating no outstanding bank borrowings[36] Cash Flow - The company reported total other income of HKD 675,000 for the six months ended September 30, 2025, down from HKD 1,157,000 in the previous year[22] - The company incurred employee costs of HKD 5,958,000 for the six months ended September 30, 2025, an increase from HKD 5,474,000 in the same period of 2024[25] - For the six months ended September 30, 2025, the company reported a net cash outflow from operating activities of HKD 20,347,000, a slight improvement from HKD 21,485,000 in the same period of 2024[13] - The total cash and cash equivalents at the end of the period decreased to HKD 41,986,000 from HKD 84,179,000 year-over-year[13] - The company’s cash and bank balances decreased to HKD 41,986,000 from HKD 65,853,000, representing a decline of approximately 36.2%[7] Project Development - The company did not engage in any mining or production activities during the review period, focusing instead on community support initiatives related to the Jeanette project[41] - Jeanette project has a total capital cost estimate of $1.252 billion and a cash operating cost of $546 per ounce of gold[47] - The project is expected to produce 6.4 million ounces of gold over a 22-year mine life, with a sustainable total cost of $591 per ounce[47] - Evander project has a total capital cost estimate of $1.126 billion and a cash operating cost of $723 per ounce of gold[51] - The Evander project is projected to produce 4.1 million ounces of gold over a 20-year mine life, with a total cost of $1,010 per ounce[51] Financing and Investment - The company is focusing on securing equity and debt financing for the Jeanette project from independent third parties, including potential investors from China[53] - A new EPC contract was established for the Jeanette project to facilitate its development, with MCC committed to providing necessary resources[53] - The company plans to initiate financing arrangements with a potential investor in Beijing by November 2025[46] - The financing phase for the Jeanette project is expected to be finalized between Q3 2025 and Q2 2026, with the construction phase projected from Q3 2026 to the end of 2028, and production starting from 2029 to 2050[55] - The timeline for both the Jeanette and Evander projects has been delayed by one year to allow for further discussions and finalization of mining plans and financing arrangements[56] Corporate Governance - The company has adhered to the corporate governance code as per the listing rules for the six months ending September 30, 2025[67] - All directors confirmed compliance with the standard code regarding securities trading for the six months ending September 30, 2025[68] - The audit committee, consisting of three independent non-executive directors, discussed accounting principles and financial reporting matters with management for the six months ending September 30, 2025[70] - The company did not purchase, sell, or redeem any of its shares or other listed securities during the reporting period[71] Employee and Shareholder Information - As of September 30, 2025, the total number of employees in the group is 23, with compensation policies based on performance and market conditions[61] - Major shareholders include Goldborn Holdings Limited with 11.03% and Mandra Materials Limited with 6.49% of the issued shares as of September 30, 2025[64] - The company’s 2020 share option plan has not granted or exercised any options as of September 30, 2025, with the authorized limit adjusted from 1,815,147,198 shares to 181,514,719 shares following a share consolidation[62]

CONTENTS 目錄 | Corporate Information | 公司資料 | 02 | | --- | --- | --- | | Management Discussion and Analysis | 管理層討論及分析 | 05 | | Financial Review | 財務回顧 | 11 | | Other Information | 其他資料 | 14 | | Condensed Consolidated Statement of Profit or Loss and | 簡明綜合損益及其他全面收益表 | 29 | | Other Comprehensive Income | | | | Condensed Consolidated Statement of Financial Position 簡明綜合財務狀況表 | | 30 | | Condensed Consolidated Statement of Changes in Equity 簡明綜合權益變動表 | | 32 | | Condensed Consolidated Statement of Cash Flows | 簡明 ...