Financial Performance - Total revenue for the six months ended September 30, 2025, was HKD 5,183,257, a decrease of 12.9% compared to HKD 5,952,633 in 2024[9] - Gross profit for the same period was HKD 1,827,001, down 20.1% from HKD 2,286,230 in 2024[9] - Profit for the period was HKD 955,561, reflecting a decline of 22.8% from HKD 1,238,001 in 2024[9] - Operating profit for the six months was HKD 1,608,686, compared to HKD 2,019,134 in 2024, reflecting a decline of approximately 20.4%[33] - Profit attributable to the company's owners for the period was HKD 571,251, down from HKD 755,649 in 2024, a decrease of about 24.4%[35] - Basic and diluted earnings per share for the period were both HKD 35.12, compared to HKD 46.29 in 2024, a decline of approximately 24.0%[35] - Total comprehensive income for the period was HKD 1,283,533, down from HKD 1,574,104 in 2024, representing a decrease of about 18.5%[37] - The company reported a net decrease in cash and cash equivalents of HKD 757,998 for the period, with a closing balance of HKD 4,042,256[42] - The net cash flow from operating activities for the six months ended September 30, 2025, was HKD 390,607, down from HKD 715,128 in the previous year[42] Assets and Liabilities - The company’s net assets increased by 10.8% to HKD 24,226,275 from HKD 21,872,686 in the previous year[9] - The total assets rose by 2.9% to HKD 67,826,821 compared to HKD 65,891,643 as of March 31, 2025[9] - As of September 30, 2025, total liabilities amounted to HKD 43,938,423, a decrease from HKD 44,482,219 as of March 31, 2025[39] - Non-current assets as of September 30, 2025, totaled HKD 49,912,466, an increase from HKD 48,271,896 as of March 31, 2025[38] - Current assets amounted to HKD 17,914,355, slightly up from HKD 17,619,747 as of March 31, 2025[38] - The total outstanding borrowings decreased to HKD 24,456,400,000 as of September 30, 2025, from HKD 25,185,200,000 as of March 31, 2025, primarily due to debt repayments[113] Dividends and Shareholder Returns - The company maintained an interim dividend of HKD 0.13 per share, unchanged from the previous year[9] - The proposed interim dividend was HKD 212,202 thousand, reflecting the company's commitment to returning value to shareholders[44] - The board declared an interim dividend of HKD 0.13 per ordinary share for the six months ended September 30, 2025, consistent with the previous year[96] Segment Performance - Revenue from urban water supply operations was HKD 1,801,219, an increase from HKD 1,724,342, reflecting a growth of about 4.5%[55] - The environmental business, including wastewater treatment, showed a revenue increase of 8.7% to HKD 832,400 compared to HKD 765,600 in 2024[24] - Revenue from the Urban Water Supply segment was HKD 3,270,800,000, down 13.1% from HKD 3,765,200,000 in the previous year, with profit decreasing by 17.4% to HKD 941,300,000[99] - Revenue from the Direct Drinking Water Supply segment was HKD 263,200,000, a decrease of 28.3% from HKD 367,100,000, with profit declining by 55.2% to HKD 74,600,000[100] - The environmental segment reported revenue of HKD 832,400,000, an increase of 8.7% compared to HKD 765,600,000 in the previous year, with profit rising by 29.7% to HKD 366,600,000 from HKD 282,700,000[101] Financial Management and Strategy - The company continues to assess the impact of new accounting standards on its financial position and performance, with no significant effects reported so far[47] - The company is focused on enhancing its digital capabilities and financial strategies to manage foreign exchange risks effectively[117] - The company plans to leverage government-issued long-term bonds and special bonds to promote a light asset development strategy, aiming to enhance operational flexibility and cash flow generation[111] - The company aims to deepen smart water management by integrating AI, IoT, and big data technologies to improve operational efficiency and service resilience[110] Shareholder Information - The total number of issued and fully paid ordinary shares as of September 30, 2025, was 1,632,322,000, with a par value of HKD 0.01 per share[84] - The company has a total of 447,311,901 shares held by Mr. Duan Chuanliang, representing approximately 27.40% of the issued share capital[125] - Asset Full Resources Limited, wholly owned by Mr. Duan, holds 218,044,301 shares, accounting for 13.36% of the issued share capital[125] - ORIX Corporation holds 445,136,277 shares, which is about 27.27% of the issued share capital[125] Governance and Compliance - The company has complied with all applicable provisions of the Corporate Governance Code, except for certain deviations regarding the roles of the Chairman and CEO[127] - The audit committee, composed of four independent non-executive directors, has reviewed the accounting principles and practices adopted by the group[133] - The interim financial statements for the six months ending September 30, 2025, have been reviewed by Ernst & Young according to the relevant Hong Kong standards[134]

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 30,040,000, a decrease of 15.0% compared to HKD 35,644,000 for the same period in 2024[7]. - Gross profit for the same period was HKD 9,250,000, down 24.0% from HKD 12,188,000 in 2024[7]. - Operating loss for the six months was HKD 22,214,000, an improvement from a loss of HKD 29,904,000 in the previous year, indicating a 25.0% reduction in operating losses[8]. - The total comprehensive loss for the period was HKD 23,720,000, compared to a loss of HKD 10,309,000 in 2024, reflecting a significant increase in losses[8]. - The company reported a basic and diluted loss per share of HKD 0.57, an improvement from HKD 0.74 in the previous year[8]. - The company experienced a total comprehensive loss of HKD 23,623,000 for the period, compared to a loss of HKD 30,677,000 in the prior period[11]. - The company reported a total loss of HKD 23,623,000 for the six months ended September 30, 2025, compared to a loss of HKD 30,677,000 in 2024, indicating a decrease of approximately 23.0%[28]. - The company reported a loss attributable to shareholders of HKD 23,623,000 for the six months ended September 30, 2025, compared to a loss of HKD 30,677,000 for the same period in 2024, representing a 23.4% improvement[38]. Assets and Liabilities - Non-current assets increased to HKD 103,942,000 as of September 30, 2025, compared to HKD 91,051,000 as of March 31, 2025, representing a growth of 14.2%[9]. - Current assets decreased to HKD 557,692,000 from HKD 586,355,000, a decline of 4.9%[9]. - Total liabilities increased to HKD 45,713,000 from HKD 37,765,000, marking a rise of 21.0%[10]. - The company's equity decreased to HKD 615,921,000 from HKD 639,641,000, a reduction of 3.7%[10]. - The total assets as of September 30, 2025, amounted to HKD 661,634,000, while total liabilities were HKD 45,713,000, resulting in a net asset position[29]. - Total accounts receivable as of September 30, 2025, amounted to HKD 222,622,000, down from HKD 242,184,000 as of March 31, 2025, reflecting a decrease of 8.1%[47]. - The company’s total equity attributable to owners decreased to HKD 615,921,000 from HKD 723,785,000 as of September 30, 2024[11]. Cash Flow and Financing - The net cash used in operating activities for the six months ended September 30, 2025, was HKD 14,229,000, an improvement from HKD 23,276,000 in the previous year[13]. - The cash and cash equivalents at the end of the period were HKD 55,155,000, down from HKD 98,159,000 at the end of September 2024[13]. - The company’s financing activities used HKD 2,665,000 in cash, an improvement from HKD 5,555,000 in the prior year[13]. - Total borrowings increased to approximately HKD 14,800,000 as of September 30, 2025, compared to HKD 2,000,000 as of March 31, 2025[87]. - The debt ratio was 2.41% as of September 30, 2025, up from 0.32% as of March 31, 2025, primarily due to new lease contracts[88]. - The current ratio was 15.89 as of September 30, 2025, slightly down from 16.91 as of March 31, 2025[87]. Revenue Sources - The company’s interest income from lending, factoring, and finance leasing was HKD 8,830,000, down from HKD 10,318,000 in the previous year[22]. - The company’s trading segment in China and Hong Kong generated revenue from goods sales of HKD 20,959,000, a decline from HKD 24,513,000 in the same period last year[22]. - The company’s financial services business generated revenue of approximately HKD 1,000,000 during the period, with a loss of about HKD 14,300,000[82]. - The company is actively exploring the development of its financial services business to increase revenue sources in the capital markets[83]. - The trading business generated revenue of about HKD 21,000,000 with a loss of approximately HKD 5,600,000, compared to HKD 23,700,000 in revenue and a loss of HKD 11,700,000 in the same period last year[72]. Impairment and Provisions - The company confirmed an impairment loss of HKD 21,000,000 on intangible assets as of September 30, 2025, consistent with the previous period[45]. - The impairment provision for accounts receivable increased to HKD 72,957 as of September 30, 2025, from HKD 63,097 as of March 31, 2025[53]. - The company made an impairment provision of approximately HKD 2,200,000 for loans and interest during the period, reflecting a cautious approach to credit risk[76]. - The impairment provision for loans and interest increased to HKD 29,383 as of September 30, 2025, from HKD 27,221 as of March 31, 2025[61]. Corporate Governance and Shareholder Information - The audit committee consists of four independent non-executive directors, ensuring compliance with accounting principles and internal controls[119]. - The company has fully complied with the corporate governance code as of September 30, 2025[115]. - The company does not recommend the distribution of an interim dividend for the six months ending September 30, 2025[90]. - As of September 30, 2025, the total number of shares issued by the company is 4,120,600,000[91]. - Major shareholder Zheng Juhua holds 834,767,140 shares, representing 20.26% of the voting rights[104]. - Director Zheng Juhua holds 834,767,140 shares, representing 20.26% of the company[101]. - Director Liu Haijie holds 194,872,000 shares, representing 4.73% of the company[101]. - The stock option plan allows for a maximum of 412,060,000 shares to be issued, which is 10% of the total shares issued as of September 28, 2023[109]. Employee and Training Information - The group employed 52 employees as of September 30, 2025, and continues to provide suitable and regular training[99].

Financial Performance - For the fiscal year ending September 30, 2025, the total revenue was HKD 78,222,000, a decrease of 8.3% from HKD 85,475,000 in the previous year[4]. - The net loss from continuing operations for the year was HKD 48,723,000, compared to a loss of HKD 73,104,000 in the prior year, representing a 33.3% improvement[4]. - The total comprehensive loss for the year was HKD 46,104,000, down from HKD 77,156,000, indicating a 40.3% reduction in losses[5]. - The company reported a basic and diluted loss per share from continuing operations of HKD 50.04, compared to HKD 186.84 in the previous year, showing an improvement of 73.3%[5]. - The group incurred a pre-tax loss of HKD 47,806,000, with allocated corporate income of HKD 2,492,000 and unallocated corporate expenses of HKD 43,601,000[20]. - The group incurred a pre-tax loss of HKD 8,633,000 in 2025, compared to a loss of HKD 19,824,000 in 2024, indicating an improvement in financial performance[28]. - The company reported a pre-tax loss of HKD 77,898 thousand, compared to a loss of HKD 9,455 thousand in the previous year, indicating a significant increase in losses[21]. - The group recorded a loss from continuing operations of approximately HKD 48,700,000, an improvement from a loss of approximately HKD 73,100,000 in the previous year[86]. Revenue Breakdown - The group reported total segment revenue of HKD 100,426,000 for the year ended September 30, 2025, with licensed business contributing HKD 12,587,000 and non-licensed business contributing HKD 84,592,000[20]. - Revenue from licensed business was HKD 78,222 thousand, down from HKD 85,475 thousand, indicating a decrease of about 8.8% year-over-year[24]. - Revenue from non-licensed business was HKD 65,635 thousand, an increase from HKD 61,380 thousand, reflecting a growth of approximately 7.4%[26]. - Revenue from major client A increased to HKD 15,823 thousand from HKD 14,740 thousand, showing a growth of approximately 7.3%[25]. - Revenue from non-licensed businesses increased by approximately HKD 4,200,000 or 6.8% to about HKD 65,600,000, driven mainly by increases in business consulting and human resources services[80]. Asset and Liability Management - The company's cash and cash equivalents increased to HKD 63,530,000 from HKD 36,766,000, marking a growth of 72.6%[6]. - Non-current assets decreased to HKD 44,600,000 from HKD 75,815,000, a decline of 41.2%[6]. - The net asset value decreased to HKD 118,189,000 from HKD 132,180,000, a reduction of 10.6%[7]. - The group has clarified that liabilities must be classified based on rights existing at the end of the reporting period, regardless of future compliance with covenants[11]. - The total liabilities classified as current liabilities included bank borrowings with repayment terms due within one year amounting to HKD 1,087,000 in 2025[50]. - The non-current liabilities increased significantly to HKD 1,296,000 in 2025 from HKD 150,000 in 2024, reflecting a growth of 764%[46]. - The group's bank borrowings decreased to HKD 10,480,000 in 2025 from HKD 16,322,000 in 2024, representing a reduction of 35.3%[47]. Goodwill and Impairment - The impairment loss on goodwill decreased to HKD 26,241,000 from HKD 37,943,000, reflecting a reduction of 30.9%[4]. - The company recognized an impairment loss of HKD 37,943,000 for goodwill related to ongoing operations during the year[42]. - The group recognized goodwill impairment losses of approximately HKD 26,200,000, attributed mainly to the Greater Bay Area business cash-generating unit, due to unforeseen factors in the business environment[81]. Employee and Operational Costs - Employee costs for continuing operations rose to HKD 69,396,000 in 2025, up from HKD 59,942,000 in 2024, reflecting increased employee welfare expenses[31]. - The group employed a total of 105 employees as of September 30, 2025, down from 144 in 2024, with employee benefits costs approximately HKD 70.6 million compared to HKD 62.4 million in 2024[104]. - The group's administrative and other operating expenses slightly decreased by about HKD 1,300,000 to approximately HKD 95,600,000[83]. Strategic Initiatives and Future Plans - The company plans to continue focusing on investment holding and providing various financial services, including corporate finance advisory and asset management[8]. - The company plans to expand its market presence in Hong Kong, China, and Canada, focusing on enhancing service offerings and client engagement strategies[24]. - The group plans to invest in the gaming and entertainment industry and explore acquisition opportunities in the Greater Bay Area to enhance shareholder returns[99]. - The company entered a strategic partnership with Esperanza Fintech, gaining exclusive rights to market digital gold-backed instruments and securities tokens in Hong Kong[62]. - The partnership with Esperanza aims to expand the company's presence in the growing digital asset market, leveraging its expertise in financial services[63]. Shareholder Actions - The company issued 128,452,080 shares through a rights issue at a price of HKD 0.25 per share, raising approximately HKD 32,113,000[53]. - The total amount raised from the share subscription was approximately HKD 11,376,000, with a net estimated amount of about HKD 11,276,000, resulting in a net price per new share of approximately HKD 1.19[67]. - The company successfully placed 18,000,000 shares at a price of HKD 1.65 per share, raising a total of approximately HKD 29,700,000[73]. - The board believes that the share sale and subscription will enhance the company's shareholder and capital base, promoting future growth and development[67]. Compliance and Governance - The audit committee, consisting of three independent non-executive directors, reviewed the financial reporting process and confirmed compliance with applicable accounting principles and regulations[113]. - The financial statements for the year have been agreed upon by the auditor, but no formal verification was conducted according to the relevant auditing standards[114]. - The annual performance announcement is available on the Hong Kong Stock Exchange website and the company's website[115].

香港交易及結算所有限公司、香港聯合交易所有限公司及新加坡證券交易所有限 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依賴該等內容而引致之任何 損失承擔任何責任。 星謙發展控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此公佈本公司 及其附屬公司（統稱「本集團」）截至二零二五年九月三十日止年度之經審核綜合 年度業績，連同截至二零二四年九月三十日止年度之比較數字。本公司審核委員 會（「審核委員會」）已審閱本集團截至二零二五年九月三十日止年度之年度業績。 1 綜合損益及其他全面收益表 INFINITY DEVELOPMENT HOLDINGS COMPANY LIMITED 星 謙 發 展 控 股 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （香港股份代號：640） （ 公司註冊編號：234794 ） （新加坡股份代號：ZBA） 截至二零二五年九月三十日止年度之年度業績公告 截至二零二五年九月三十日止年度 | | | | | 增加╱ | | --- | --- | --- | --- | --- ...

2025/26 INTERIM REPORT 中期報告 Contents 目錄 | GLOSSARY | 詞 彙 | 2 | | --- | --- | --- | | CORPORATE INFORMATION | 公司資料 | 5 | | MANAGEMENT DISCUSSION AND ANALYSIS | 管理層討論與分析 | 7 | | CONDENSED CONSOLIDATED STATEMENT OF | 簡明綜合全面收益表 | 16 | | COMPREHENSIVE INCOME | | | | CONDENSED CONSOLIDATED STATEMENT OF | 簡明綜合財務狀況表 | 18 | | FINANCIAL POSITION | | | | CONDENSED CONSOLIDATED STATEMENT OF | 簡明綜合權益變動表 | 20 | | CHANGES IN EQUITY | | | | CONDENSED CONSOLIDATED STATEMENT OF | 簡明綜合現金流量表 | 22 | | CASH FLOWS | | | | NOTES T ...

Financial Performance - Total revenue for the six months ended September 30, 2025, was HK$320,296,000, representing an increase of 8.9% compared to HK$294,175,000 for the same period in 2024[16]. - Profit attributable to shareholders increased by 7.9% to HK$45,739,000 compared to HK$42,393,000 in the prior year[16]. - Revenue for the Group increased by 8.9% to HKD 320.3 million for the reporting period[24]. - Net profit for the Group rose by 7.9% to HKD 45.7 million[24]. - Profit before tax rose to HK$53,813,000, an increase of 7.4% from HK$49,992,000 in the previous year[183]. - Profit for the period increased by HK$3.3 million (7.9%) to HK$45.7 million, with a net profit margin of 14.3%[60]. - Total comprehensive income for the period was HK$45,935,000, up from HK$43,506,000 in the previous year, reflecting a growth of 5.6%[191]. Revenue Breakdown - Media Content Distribution Business revenue decreased by 6.7% to HK$165,197,000, while Brand Licensing Business revenue increased by 32.3% to HK$155,099,000[16]. - Media Content Distribution Business generated revenue of HKD 165.2 million, reflecting a growth of 6.7%[24]. - Revenue from the Brand Licensing Business surged by 32.3% to HK$155.1 million, driven by a HK$35.2 million (55.2%) increase in sub-licensing revenue[46]. Profitability Metrics - Gross profit margin for the period was 47.6%, down from 50.2% in the previous year[16]. - Gross profit rose by HK$4.7 million (3.1%) to HK$152.4 million, but the gross profit margin contracted from 50.2% to 47.6%[48]. - Basic and diluted earnings per share increased to HK$2.4 cents, compared to HK$2.2 cents in the same period last year[183]. Dividends and Shareholder Returns - The interim dividend per share was declared at HK$1.20 cent, up from HK$1.09 cent in the previous year[16]. - Total comprehensive income attributable to shareholders was HK$45,935,000, compared to HK$43,506,000 in 2024[184]. Assets and Liabilities - The company reported total equity of HK$615,000,000 as of March 31, 2025, compared to HK$655,000,000 as of September 30, 2025[19]. - Cash and cash equivalents as of September 30, 2025, amounted to HK$360,374,000, an increase from HK$326,393,000 as of March 31, 2025[186]. - Trade receivables rose by 8.8% during the reporting period, indicating expanded business activity and sales growth[70]. - The company did not have any interest-bearing bank and other borrowings, making the debt to equity ratio not applicable[16]. Operational Highlights - The number of active media content titles increased by 5.2% to 791 as of September 30, 2025, from 752 as of March 31, 2025[18]. - The number of active brand licensing titles rose by 4.5% to 444 as of September 30, 2025, compared to 425 as of March 31, 2025[18]. - Total subscriptions for Ani-One® YouTube channels in Asia exceeded 9.3 million, with cumulative views surpassing 2.1 billion[27]. Strategic Initiatives - The Group plans to expand its regional presence and monetization efforts to strengthen revenue streams[44]. - Ani-One® will establish more localized channels in different regions to enhance audience engagement[44]. - The Group aims to explore strategic investment opportunities in anime and movie production to add value for shareholders[44]. - The Linku® business will be expanded to other territories to capture new market opportunities[44]. Corporate Governance - The company has complied with the Corporate Governance Code provisions, except for code provision C.2.1[144]. - The company has adopted the Model Code for Securities Transactions by Directors and confirmed compliance by all directors for the six months ended September 30, 2025[157]. - The company has established written guidelines for employee securities transactions that are at least as stringent as the Model Code[158]. Share Award Scheme - The share incentive plan was adopted by the Board on February 6, 2020, and was amended on September 25, 2024, to be funded solely by existing shares[100]. - No award shares were granted under the plan during the reporting period[100]. - A total of 62,561,000 Shares have been awarded under the Share Award Scheme, representing approximately 3.1% of the total number of issued Shares as of the adoption date[139]. - The remaining life of the Share Award Scheme is approximately 4 years[139]. Audit and Compliance - The company's Audit Committee has reviewed the unaudited consolidated interim results for the six months ended September 30, 2025[166]. - Ernst & Young has conducted a review of the unaudited interim financial information for the same period in accordance with relevant standards[167]. - The company has complied with all relevant laws and regulations that significantly impact its business and operations[164].

Financial Performance - For the six months ended September 30, 2025, the company reported a total revenue of HKD 5,202, a decrease of 31.8% compared to HKD 7,629 in the same period of 2024[6] - The company incurred an operating loss of HKD 46,298, compared to an operating loss of HKD 10,074 in the previous year, reflecting a significant increase in losses[6] - The net loss attributable to the owners of the company for the period was HKD 50,134, compared to a loss of HKD 10,597 in the same period last year, representing a 373.5% increase in losses[6] - The company reported a basic and diluted loss per share of HKD 0.57 for the current period, compared to HKD 0.25 in the previous year, reflecting a worsening financial performance[7] - The company recognized a fair value loss of HKD 45,388 on financial assets measured at fair value through profit or loss, which was a new entry in the current period[6] Assets and Liabilities - The company's total assets as of September 30, 2025, amounted to HKD 207,231, an increase from HKD 167,878 as of March 31, 2025[8] - The company's total liabilities increased significantly to HKD 116,741 from HKD 37,603, indicating a rise in financial obligations[8] - The company’s net asset value per share increased to HKD 1.753 as of September 30, 2025, up from HKD 0.253 on March 31, 2025[49] - The total outstanding bonds payable as of September 30, 2025, amounted to approximately HKD 17,122,000, with an interest rate of 5%[44] Cash Flow - The company’s cash and cash equivalents decreased to HKD 1,662 from HKD 2,222, indicating a decline in liquidity[8] - The net cash used in operating activities was HKD 22,270,000, compared to a net cash used of HKD 17,953,000 in the same period of 2023[10] - The net cash used in investing activities for the six months ended September 30, 2024, was HKD 50,038,000, with no cash inflow reported[10] - The net cash from financing activities for the six months ended September 30, 2024, was HKD (31,267,000), a decrease from HKD 67,889,000 in the previous year[10] - Total cash and cash equivalents as of September 30, 2024, amounted to HKD 7,169,000, up from HKD 2,222,000 as of the same date in 2023[10] Shareholder Information - Major shareholders include individuals holding over 5% of the company's shares, with the largest being He Jun at 20,530,000 shares, representing approximately 9.89%[69] - The company has issued a maximum of 155,659,455 rights shares at a subscription price of HKD 1.00 per share, aiming to raise approximately HKD 155.7 million before expenses[48] - The new share scheme adopted on September 30, 2024, will remain effective for ten years, allowing the company to issue a total of 4,323,948 shares, representing 2.1% of the total issued shares (excluding treasury shares) as of April 1, 2025, and September 30, 2025[73] Governance and Compliance - The company has complied with the corporate governance code, with exceptions regarding the insurance for directors and the separation of roles between the chairman and CEO[77] - The audit committee, composed entirely of independent non-executive directors, is responsible for reviewing the group's financial information and overseeing the financial reporting system and internal controls[79] - The interim results for the period have been reviewed by the audit committee before being recommended for approval to the board[81] Operational Highlights - The company aims to integrate IT resources and build a high-quality professional IT service team in Guangdong Province[43] - The company aims to implement effective and compliant internal controls and to pragmatically deploy investment strategies to enhance financial conditions and provide substantial returns to shareholders[66] Other Financial Metrics - Other income decreased by approximately 31.8% from HKD 7,629,000 for the six months ended September 30, 2024, to HKD 5,202,000 for the six months ended September 30, 2025, primarily due to a decrease in foreign exchange gains of about HKD 2,915,000[52] - Fair value losses on financial assets measured at fair value through profit or loss were approximately HKD 309,000 for the six months ended September 30, 2025, a significant decrease of 98.47% compared to losses of approximately HKD 20,220,000 for the same period in 2024[53] - The net realized loss on financial assets measured at fair value through profit or loss increased by 100% to HKD 45,388,000 for the current period compared to the six months ended September 30, 2024[54] - Administrative expenses decreased by approximately 29.69% from HKD 8,253,000 for the six months ended September 30, 2024, to HKD 5,803,000 for the six months ended September 30, 2025, mainly due to reductions in employee benefits and rental expenses[56] - Financial costs increased by approximately 633.46% from HKD 523,000 for the six months ended September 30, 2024, to HKD 3,836,000 for the six months ended September 30, 2025, primarily due to increased interest expenses on other borrowings[57]

Financial Performance - The group reported a consolidated revenue of HKD 51 million for the six months ended September 30, 2025, compared to HKD 73 million for the same period in 2024, reflecting a decrease of approximately 30.14%[8]. - The group recorded a gross loss of HKD 27 million for the six months ended September 30, 2025, compared to a gross profit of HKD 9 million for the same period in 2024[8]. - The loss attributable to the company's owners for the six months ended September 30, 2025, was HKD 46 million, a decrease from HKD 89 million for the same period in 2024[8]. - Basic loss per share for the six months ended September 30, 2025, was HKD 0.122, down from HKD 0.236 for the same period in 2024[9]. - The group reported an operating loss of HKD 44,698,000 for the six months ending September 30, 2025, compared to an operating loss of HKD 5,263,000 for the same period in 2024[38]. - The company reported a loss of HKD 25,142,000 for the six months ended September 30, 2025, compared to a loss of HKD 91,084,000 for the same period in 2024, representing a 72.4% improvement in losses[41]. - Total comprehensive income for the period was HKD (20,579,000), significantly better than HKD (89,599,000) in the previous year, indicating a 77% reduction in comprehensive losses[41]. Asset Management - As of September 30, 2025, the total asset value of the group was HKD 709 million, down from HKD 813 million as of March 31, 2025[7]. - The group has accelerated asset realization and streamlined non-core assets to enhance cash flow resilience amid a challenging market environment[6]. - The company completed the acquisition of Cosmo Kingdom Holdings Limited for approximately HKD 57.57 million, approved by independent shareholders[11]. - The group received HKD 120 million from the sale of its 50% stake in Quarella Holdings Limited's subsidiary, which was sold for HKD 240 million[12]. - The company holds a 100% interest in the completed Hongjiwei project, which has five units and several parking spaces for sale[19]. - The company completed the sale of its property investment business for approximately HKD 159,451,000 on April 30, 2025[70]. Cash Flow and Liquidity - As of September 30, 2025, the group's bank deposits and cash amounted to HKD 97 million, representing 13.6% of total assets, up from 7.8% on March 31, 2025[16]. - The company's cash and cash equivalents increased to HKD 96,739,000 as of September 30, 2025, up from HKD 63,598,000 as of March 31, 2025, reflecting a 52% increase in liquidity[43]. - The net cash generated from investing activities was HKD 215,700,000, a significant increase from HKD 12,700,000 in the previous year[49]. - The net cash used in operating activities was HKD (90,638,000), compared to HKD 45,138,000 for the same period in 2024[49]. - The net cash used in financing activities was HKD (92,072,000), compared to HKD (63,198,000) in the prior year[49]. Debt and Liabilities - The total debt as of September 30, 2025, was 21.4% of total assets, down from 26.8% as of March 31, 2025[29]. - The net asset liability ratio was 10.2% as of September 30, 2025, significantly reduced from 26.7% as of March 31, 2025, with net debt amounting to HKD 55 million[29]. - Current liabilities decreased to HKD 81,401,000 from HKD 113,363,000, a reduction of 28.1%, indicating improved financial stability[44]. - The total liabilities increased to HKD 173,257,000 from HKD 256,611,000 during the same period[65]. - The company’s total liabilities related to bank financing were HKD 119,699,000 as of March 31, 2025, indicating a decrease in utilization of bank financing[105]. Market Outlook and Strategy - The group maintains a cautiously optimistic outlook on the real estate market, anticipating support from potential further interest rate cuts and improved financial market sentiment[26]. - The group is focused on developing and managing a portfolio of value-added projects with a long-term strategy to realize investments within three to five years[6]. - The company maintains a cautious investment approach in the U.S., focusing on long-term potential projects while evaluating monetization opportunities[22]. - The group plans to continue prioritizing high-return projects while maintaining financial flexibility and ensuring timely delivery of ongoing projects[27]. Corporate Governance - The audit committee consists of three independent non-executive directors, ensuring proper oversight of the group's interim performance[122]. - The company has adhered to the corporate governance code principles throughout the reporting period, despite some deviations[116]. - The chairman and CEO roles are held by the same individual, which deviates from the corporate governance code, but the board believes this arrangement serves the company's best interests[117]. - The company is committed to maintaining corporate governance and enhancing shareholder interests through transparent procedures[117]. Segment Performance - The company operates in three segments: property development, asset investment and fund management, and distribution of construction and interior decoration materials[58]. - The operating loss for the distribution construction segment was HKD 29,894,000, compared to a profit of HKD 3,907,000 in the previous year[59][61]. - The property development segment's assets increased to HKD 467,942,000 from HKD 338,394,000[64]. Shareholder Information - The ownership of shares by major shareholders includes 97,104,000 shares held by Tiger Crown Limited, representing approximately 25.86% of the issued share capital[111]. - The company did not recommend an interim dividend for the six months ended September 30, 2025, consistent with the previous period[92].

香港聯合交易所有限公司（「聯交所」）GEM 的特色 GEM 的定位，乃為相比其他在聯交所上市的公司帶有較高投資風險的中小型公司提供一個上市的市場。 有意投資的人士應留意投資於該等公司的潛在風險，並應經過審慎及周詳的考慮後方作出投資決定。 由於 GEM 上市公司一般為中小型公司，在 GEM 買賣的證券可能較在聯交所主板買賣的證券承受更大的 市場波動風險，同時亦無法保證在 GEM 買賣的證券能擁有高市場流通量。 董事會 執行董事 香港交易及結算所有限公司及聯交所對本中期報告（「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，概不對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。 孫久勝先生 （主席） 張葉生先生 （行政總裁） 李德文先生 楊成偉先生 本報告的內容乃遵照聯交所 GEM 證券上市規則（「 GEM 上市規則」）而編製，旨在提供有關百能國際能源 控股有限公司（「本公司」）的資料；本公司董事（「董事」）願就本報告共同及個別地承擔全部責任。董事 在作出一切合理查詢後，確認就其深知及確信，本報告的資料在所有重要方面均屬準確及完整，並無誤導 或欺詐成份， ...

Financial Performance - The company's revenue reached HKD 447,000,000, an increase of 38.4% compared to HKD 322,900,000 in the same period last year[10] - The company achieved a core profit of HKD 15,300,000, reversing a loss of HKD 1,200,000 from the previous year[10] - The company recorded a net revaluation loss of investment properties amounting to HKD 245,300,000, significantly higher than HKD 68,100,000 from the previous year[20] - The net loss attributable to shareholders was HKD 230,000,000, compared to HKD 69,300,000 in the previous year, with a basic loss per share of HKD 0.417[20] - The group reported a total revenue of HKD 447.032 million for the six months ended September 30, 2025, compared to HKD 322.921 million in 2024, reflecting a significant increase[45] - The group incurred a loss before tax of HKD 274.145 million for the six months ended September 30, 2025, compared to a loss of HKD 30.005 million in 2024[45] - The total comprehensive loss for the period was HKD 104.054 million, compared to a comprehensive income of HKD 454.865 million in 2024[46] - The company reported a significant increase in revenue from mainland China, rising to HKD 340,729,000 from HKD 226,192,000, marking a growth of 50.6%[68] Property Development - The residential project "港匯臺" contributed an operating profit of HKD 56,600,000, with total contracted sales amounting to HKD 640,000,000 as of November 25, 2025[19] - Property development revenue surged 258.7% to HKD 188,700,000 for the six months ending September 30, 2025, compared to HKD 52,600,000 in 2024, with operating profit increasing 197.2% to HKD 94,800,000 from HKD 31,900,000[21] - As of November 25, 2025, 68 residential units of the "港匯臺" project have been sold, generating contracted sales of approximately HKD 640,000,000[23] - Revenue from external customers for property development, investment, and management totaled HKD 447,032,000 for the six months ended September 30, 2025, compared to HKD 322,921,000 in 2024, representing a year-over-year increase of approximately 38.5%[61][63] Investment Properties - Rental income from investment properties decreased by 3.3% to HKD 238,000,000 for the six months ending September 30, 2025, down from HKD 246,000,000 in 2024, with an operating loss of HKD 232,200,000 compared to an operating profit of HKD 78,800,000 in 2024[24] - The fair value of the investment property portfolio as of September 30, 2025, was HKD 15,205,000,000, down from HKD 15,391,000,000 on March 31, 2025, reflecting a fair value decrease of HKD 245,300,000 after tax adjustments[30] - The company’s investment properties recorded a loss of HKD 370,010 thousand, compared to a loss of HKD 65,674 thousand in the previous year[52] - The company’s investment properties amounted to HKD 15,870,296,000 as of September 30, 2025[64] Financial Position - As of September 30, 2025, the company's equity attributable to shareholders was HKD 7,006,000,000, with a net asset value per share of HKD 12.71[20] - The total equity attributable to shareholders was approximately HKD 7.006 billion as of September 30, 2025, a decrease from HKD 7.118 billion on March 31, 2025, primarily due to net losses during the period[38] - The total assets of the company as of September 30, 2025, were HKD 19,850,455,000, with liabilities totaling HKD 9,153,754,000[64] - The total liabilities to equity ratio as of September 30, 2025, was approximately 0.85, indicating a stable leverage position[49] Debt and Cash Flow - As of September 30, 2025, the total interest-bearing debt was approximately HKD 7.512 billion, with about 15% classified as current liabilities, including HKD 238 million related to refinancing projects due within the next twelve months[36] - The group's cash and cash equivalents totaled approximately HKD 903 million as of September 30, 2025, down from HKD 1.106 billion on March 31, 2025[36] - Cash flow from operating activities was HKD 51,856 thousand for the six months ended September 30, 2025, a significant decrease from HKD 299,308 thousand in the previous year[52] - The company’s cash and bank balances were HKD 849,983,000, down from HKD 1,152,066,000 in the previous year[55] Employee and Management - The group employed approximately 300 employees as of September 30, 2025, down from 330 employees on March 31, 2025[41] - The group reported a significant increase in short-term employee benefits, totaling HKD 16,015,000 for the six months ended September 30, 2025, compared to HKD 9,986,000 for the same period in 2024, a 60% rise[92] - The company’s management compensation is currently reviewed by the executive directors rather than a remuneration committee, which the board believes is more appropriate[100] Corporate Governance - The company has adopted the standard code of conduct for securities trading by directors as per the listing rules, confirming compliance for the six months ending September 30, 2025[99] - The company has established an audit committee that meets at least twice a year to review and monitor the financial reporting process and internal controls[101] - The company’s board believes that the continuity of the chairman and CEO is crucial for consistent leadership and smooth operations, thus they will not rotate out as per governance code[100]