Financial Performance - The Group's revenue for the first half of FY2025/26 decreased by 5.4% to HK$4,036.2 million compared to HK$4,264.8 million in the same period last year[11]. - Adjusted EBITDA declined by 29.4% to HK$242.9 million, down from HK$343.8 million in the previous year[12]. - Profit attributable to shareholders decreased by 67.6% to HK$46.7 million, compared to HK$144.0 million in the prior year[12]. - The Group's profit attributable to shareholders, excluding fair value loss of investment properties, decreased by 59.4%[12]. - Basic earnings per share decreased by 67.3% to HK8.2 cents for the six months ended 30 September 2025 (2024: HK25.0 cents)[37]. - Total comprehensive income for the period was HK$54,139, down 59.5% from HK$133,917 in 2024[190]. - Gross profit for the same period was HK$329,368, down 24.7% from HK$437,425 in 2024[189]. - Operating profit decreased to HK$88,373, representing a decline of 53.5% from HK$189,916 in the previous year[189]. Market Conditions - The Group faced significant challenges due to structural transformation in the market, with weak inbound tourist consumption impacting sales during peak periods[11]. - The overall market conditions were marked by weak consumer sentiment and fierce price competition in the restaurant sector[13]. - The gross profit margin decreased to 8.2% for the six months ended September 30, 2025, down from 10.3% in 2024, primarily due to weak consumer sentiment and fierce price competition[25]. Business Operations - The Casual Dining division and Institutional Catering units performed better due to their simple operational models and stable demand[14]. - The Group continued stable network expansion in the Greater Bay Area despite a challenging economic environment in Mainland China[14]. - Management is focusing on improving efficiency by exploring new business formats and consolidating underperforming outlets[11]. - The Group is focusing on revamping existing business operations to enhance efficiency and drive growth while controlling overheads to improve margins[17]. - The Group's strategy includes exploring new business formats, consolidating underperforming outlets, and simplifying operations[20]. - The Group plans to consolidate lower-performing stores and identify high-traffic locations for new openings to drive future growth[120][124]. Dividends and Shareholder Returns - An interim dividend of HK10 cents per share was declared, down from HK15 cents in the previous year, with a payout ratio of 124.1%[11]. - Proposed dividends decreased from HK$145,001,000 to HK$58,000,000, indicating a significant reduction in shareholder returns[186]. - Interim dividend declared at HK10 cents per share, down from HK15 cents, with a payout ratio of 124.1%[38]. Digital Transformation and Technology - The Group's digital transformation initiatives improved overall store productivity and customer experience, enabling frontline staff to dedicate more time to customer service[85]. - The Group is implementing AI technology in its stores to optimize ventilation and air-conditioning systems, projecting energy savings of over 20%[113][114]. - Ordering kiosks have been rolled out to nearly all shops, with increasing customer usage, and enhancements to the mobile app ordering interface have been made[57]. Customer Engagement and Loyalty - The Club 100 loyalty programme reached 2 million registered members following a targeted campaign in August[52]. - The customer loyalty programme's registered membership base in the Chinese Mainland has expanded beyond 7.4 million users[85]. - The Group's product strategy focuses on three main pillars: Signature Product Strategy, Value Strategy, and Health Strategy, enhancing customer engagement and driving sales[84]. Financial Position and Assets - The Group's total assets as of September 30, 2025, amounted to HK$5,790,042,000, a decrease from HK$5,980,230,000 as of March 31, 2025[186]. - Total liabilities decreased from HK$3,235,494,000 to HK$3,143,428,000, with long-term borrowings reduced from HK$225,000,000 to HK$125,000,000[187]. - The Group's total equity as of September 30, 2025, was HK$2,646,614,000, down from HK$2,744,736,000[186]. - The Group's cash position as of September 30, 2025, was approximately HK$965 million, with available banking facilities of HK$746 million[90]. Employee and Corporate Governance - The Group's workforce consisted of 18,732 employees as of September 30, 2025, down from 18,970[98]. - The company complied with all code provisions of the Corporate Governance Code during the six months ended September 30, 2025[165]. - All directors confirmed compliance with the Model Code regarding securities transactions during the reporting period[166]. Share Options and Awards - The number of shares available for grant under the 2022 Share Option Scheme was 36,131,403 shares as of April 1, 2025, and increased to 37,125,403 shares by September 30, 2025[134]. - A total of 22,439,000 options were outstanding as of September 30, 2025, with 646,000 options exercised during the period and 1,640,000 options lapsed[136]. - The options granted under the 2022 Share Option Scheme are subject to personal performance targets based on the Company's Performance Management System before vesting[136]. - The company adopted a new Share Award Scheme on August 27, 2023, which will be effective for ten years[142].

(incorporated in the Cayman Islands with limited liability) 2025/26 INTERIM REPORT 中期報告 Stock Code : 1489 CONTENTS 目錄 02 Corporate Information 公司資料 04 Interim Results Highlights 中期業績概要 05 Management Discussion and Analysis 管理層討論與分析 13 Corporate Governance and Other Information 公司管治及其他資料 18 Unaudited Condensed Consolidated Interim Statement of Comprehensive Income 未經審核簡明綜合中期全面收入表 19 Unaudited Condensed Consolidated Interim Statement of Financial Position 未經審核簡明綜合中期財務狀況表 21 Unaudited Condensed Consolidated In ...

目 錄 | 公司資料 | 2 | | --- | --- | | 管理層有關業績之論述 | 4 | | 其他資料 | 24 | | 簡明綜合收益表 | 30 | | 簡明綜合全面收益表 | 32 | | 簡明綜合資產負債表 | 33 | | 簡明綜合現金流量表 | 35 | | 簡明綜合權益變動表 | 36 | | 簡明綜合中期財務資料附註 | 37 | – 1 – 公司資料 | 榮譽主席 | 莊紹綏 | | --- | --- | | 董事 | 莊家彬，銅紫荊星章，太平紳士 | | | （主席及董事總經理） | | | （副主席） 洪定豪 | | | 莊家豐 （副董事總經理） | | | 李美心 | | | 羅莊家蕙 | | | 莊家淦 | | | 陳俊文 | | | 石禮謙，金紫荊星章，太平紳士* | | | 方承光* | | | 謝偉銓，銀紫荊星章，太平紳士* | | | 范駿華，太平紳士* | | | * 獨立非執行董事 | | 審核委員會/ | 石禮謙，金紫荊星章，太平紳士# | | 薪酬委員會 | 方承光 | | | 范駿華，太平紳士 | | 提名委員會 | 石禮謙，金紫荊星章，太平紳士# | | ...

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 920,736,000, a decrease of 8.6% compared to HKD 1,007,579,000 for the same period in 2024[7] - Gross profit increased to HKD 41,866,000, up 5.8% from HKD 39,576,000 year-on-year[7] - Operating loss narrowed to HKD 11,181,000 from HKD 17,097,000 in the previous year, indicating improved operational efficiency[7] - Net loss for the period was HKD 10,136,000, a reduction from HKD 17,850,000 in the prior year[10] - Basic and diluted loss per share improved to HKD 1.23 from HKD 2.17 year-on-year[7] - The total comprehensive income for the six months ended September 30, 2025, was a loss of HKD 6,062,000, while it was a loss of HKD 16,033,000 for the same period in 2024[15] - The group reported a pre-tax loss of HKD 10,456,000 for the six months ended September 30, 2025, compared to a loss of HKD 16,340,000 for the same period in 2024[31] - The basic loss per share for the six months ended September 30, 2025, was HKD 10,228,000, compared to HKD 17,991,000 for the same period in 2024[36] - The company reported a loss attributable to equity shareholders of approximately HKD 10.2 million, narrowing from a loss of HKD 18 million in the previous period[60] Assets and Liabilities - Total assets as of September 30, 2025, were HKD 783,221,000, slightly down from HKD 790,149,000 as of March 31, 2025[12] - Total segment loss for the six months ended September 30, 2025, was HKD 16,059,000, an improvement from a loss of HKD 18,458,000 in the same period of 2024[30] - The group's total assets as of September 30, 2025, were HKD 812,879,000, with total liabilities of HKD 47,253,000[28] - The company’s total equity as of September 30, 2025, was HKD 765,950,000, a decrease from HKD 796,706,000 as of April 1, 2025[15] - Accounts payable decreased to HKD 1,963,000 as of September 30, 2025, down 18.9% from HKD 2,418,000 as of March 31, 2025[43] - Bank borrowings decreased significantly to HKD 2,887,000 as of September 30, 2025, compared to HKD 7,709,000 as of March 31, 2025[44] - The company’s investment activities resulted in a net cash outflow of HKD 497,000 for the six months ended September 30, 2025, compared to HKD 2,729,000 in the same period of 2024[17] - The company’s financing activities resulted in a net cash outflow of HKD 6,197,000 for the six months ended September 30, 2025, compared to a net cash inflow of HKD 12,366,000 in the same period of 2024[17] Cash Flow and Liquidity - Cash and cash equivalents increased to HKD 239,398,000 from HKD 219,662,000, reflecting better liquidity management[12] - Operating cash flow for the six months ended September 30, 2025, was HKD 25,321,000, a significant improvement from the cash used of HKD 60,152,000 in the same period of 2024[17] - The company reported a net cash increase of HKD 18,502,000 for the six months ended September 30, 2025, compared to a decrease of HKD 51,040,000 in the same period of 2024[17] - The company reported cash and cash equivalents of HKD 239,398,000 as of September 30, 2025, an increase of 9% from HKD 219,662,000 as of March 31, 2025[42] - The total amount of short-term bank deposits was HKD 40,779,000 as of September 30, 2025, an increase of 34.5% from HKD 30,334,000 as of March 31, 2025[42] Inventory and Cost Management - Inventory decreased to HKD 188,285,000 from HKD 228,328,000, indicating improved inventory turnover[12] - The cost of inventory recognized as an expense for the six months ended September 30, 2025, was HKD 880,450,000, down from HKD 968,287,000 in the same period of 2024[40] - Financing costs decreased to HKD 300,000 from HKD 500,000 in the previous period, indicating improved financial management[62] Operational Efficiency - The company aims to enhance its operational efficiency and resource utilization through the recovery of remaining land[66] - The company is focusing on responsible supply chain management and sustainable manufacturing practices to navigate market challenges and enhance operational stability[63] - The company is focusing on green transformation and circular economy initiatives to meet the growing market demand for sustainable metal solutions[69] Market and Segment Performance - Revenue from the Hong Kong segment was HKD 402,601,000 with a segment loss of HKD 10,187,000, while the China segment generated HKD 518,135,000 with a segment loss of HKD 5,872,000[28] - Sales volume decreased by 8.8% to approximately 39,300 tons, compared to 43,100 tons in the previous period[60] - Zinc prices steadily increased during the period, trading between approximately USD 2,520 and USD 3,019 per ton, with a closing price of approximately USD 3,016 per ton on September 30, 2025[61] Corporate Governance and Shareholder Information - The board of directors does not recommend the distribution of an interim dividend[73] - Major shareholders hold 600,000,000 shares, representing approximately 72.40% of the issued share capital[83] - The company did not purchase, sell, or redeem any of its shares during the interim period[86] - The company has complied with the corporate governance code as per the Stock Exchange Listing Rules[87]

Financial Performance - Total revenue for the period was HKD 335.6 million, a decrease of 17.7% compared to HKD 407.9 million in 2024[6] - Gaming revenue decreased to HKD 177.9 million, down from HKD 253.0 million in 2024[6] - The company reported a gross profit of HKD 105,777,000, down 33.8% from HKD 159,839,000 in the previous year[21] - The net loss for the period was HKD 73,120,000, significantly improved from a loss of HKD 225,686,000 in the same period last year[21] - The company reported a pre-tax loss of HKD 77,192,000 for the six months ended September 30, 2025, compared to a loss of HKD 221,596,000 in the same period of 2024[35][37] - Total gaming revenue for the six months was HKD 177,890,000, a decrease of 29.6% from HKD 253,049,000 in the previous year[35][37] - The company recorded a significant decrease in the fair value of investment properties, with a loss of HKD 68,800,000 compared to a loss of HKD 263,892,000 in the previous year[21] - The company recorded a deferred tax expense of HKD 4,945,000 for the current period, compared to a deferred tax benefit of HKD 1,801,000 in the previous period[41] Revenue Breakdown - Hotel and rental apartment revenue slightly increased to HKD 157.7 million, representing 47.0% of total revenue, compared to 38.0% in 2024[14] - Hotel room revenue increased to HKD 84,864,000, up 15.2% from HKD 73,629,000 in the previous year[29] - Total hotel revenue for the six months was HKD 132,485,000, a slight increase from HKD 129,085,000 year-over-year[35][37] - Rental income from leases totaled HKD 25,224,000, slightly down from HKD 25,775,000 year-over-year[30][37] Visitor Statistics - The number of visitors to Hong Kong increased by 13.5% to 24.2 million, benefiting the group's operations[15] - The number of visitors to Macau rose by 16.2% to 19.8 million, indicating a positive trend for the tourism sector[15] Financial Position - The group maintains a strong financial position with total cash and bank deposits of HKD 565.0 million as of September 30, 2025[16] - Cash and cash equivalents decreased to HKD 479,732,000 from HKD 525,943,000 at the beginning of the period[25] - The group's total borrowings remained stable at HKD 39.5 million, with a capital debt ratio of zero[16] - Total liabilities decreased to HKD 111,901,000 from HKD 123,251,000, indicating a reduction of about 9.2%[49] Employee and Operational Changes - The company had 439 employees as of September 30, 2025, a reduction from 670 employees in 2024, with total employee costs amounting to HKD 153,100,000[19] - The group incurred professional service fees of HKD 198,000 to a related company, down 62.9% from HKD 534,000 in the previous year[56] - The group’s executive compensation for the six months ended September 30, 2025, was HKD 326,000, a decrease of 27.7% from HKD 451,000 in the same period of 2024[57] Corporate Governance - The company has complied with all corporate governance codes as per the listing rules during the reporting period[65] - The interim financial statements in the report were reviewed by the company's audit committee, consisting of three independent non-executive directors[68] - The company has confirmed that all directors adhered to the securities trading code during the reporting period[66] Shareholder Information - As of September 30, 2025, Mr. Yang holds 4,121,416,834 shares in Emperor International, representing approximately 74.71% of the voting shares[61] - As of September 30, 2025, Yang Shou Cheng Industrial Holdings has a stake of 636,075,041 shares, accounting for approximately 53.52% of the voting shares[62] - Ms. Fan holds 15,750,000 shares in Emperor International, representing approximately 0.29% of the voting shares[61] Future Plans and Commitments - The group is actively planning to enhance entertainment and leisure facilities at its hotels following the termination of gaming operations at the Emperor Entertainment Hotel[12] - The group has a capital commitment of HKD 6,467,000 for properties, machinery, and equipment as of September 30, 2025, significantly reduced from HKD 21,669,000 as of March 31, 2025[54] - The group will cease providing gaming-related marketing and public relations services to 澳娛 starting October 31, 2025, following the termination of their service agreement[58] Accounting and Reporting - The financial statements were prepared in accordance with Hong Kong Financial Reporting Standards and are consistent with the accounting policies used in the previous fiscal year[27] - The company did not apply any new or revised accounting standards that have not yet come into effect during the current accounting period[28] - No stock options have been granted under the stock option plan since its adoption[64]

B & S International Holdings Ltd. 1705 2 0 2 5 / 2 中 6 期 報 告 2 0 2 5 / 2 6 I N T E R I M R E P O R T 目錄 | 公司資料 | 2 | | --- | --- | | 財務摘要 | 4 | | 管理層討論及分析 | 5 | | 中期簡明綜合全面收益表 | 13 | | 中期簡明綜合財務狀況表 | 14 | | 中期簡明綜合權益變動表 | 16 | | 中期簡明綜合現金流量表 | 17 | | 中期簡明綜合財務資料附註 | 18 | | 其他資料 | 42 | 公司資料 註冊成立地點 陳錦泉先生 鄧國禧先生 (FCPA, FRM) 審核委員會 開曼群島 董事會 執行董事 陳錦泉先生 （行政總裁兼主席） 陳紹璋先生 周永江先生 田巧玲女士 獨立非執行董事 彭觀貴先生 施鴻仁先生 鍾國武先生 公司秘書 鄧國禧先生 (FCPA, FRM) 授權代表 鍾國武先生 （主席） 彭觀貴先生 施鴻仁先生 薪酬委員會 彭觀貴先生 （主席） 施鴻仁先生 鍾國武先生 提名委員會 施鴻仁先生 （主席） 彭觀貴先生 鍾國武先生 註冊辦事處 ...

目錄 2 公司資料 3 營運摘要 4 財務摘要 5 管理層討論及分析 25 簡明綜合財務報表審閱報告 26 簡明綜合損益及其他全面收益表 27 簡明綜合財務狀況表 29 簡明綜合權益變動表 30 簡明綜合現金流量表 31 簡明綜合財務報表附註 39 其他資料 友和集團控股有限公司 2025/26年中期報告 2025/26年中期報告 友和集團控股有限公司 2 公司資料 執行董事 胡發枝先生 （主席兼行政總裁） 徐嘉穎女士 （營運總監） 非執行董事 文立先生 獨立非執行董事 錢中山博士 何潤達先生 梁碩玲博士 審核委員會 何潤達先生 （主席） 梁碩玲博士 文立先生 公司秘書 陳秀玲女士 授權代表 胡發枝先生 陳秀玲女士 總部及香港主要營業地點 提名委員會 胡發枝先生 （主席） 錢中山博士 梁碩玲博士 薪酬委員會 梁碩玲博士 （主席） 徐嘉穎女士 何潤達先生 策略及投資委員會 文立先生 （主席） 胡發枝先生 徐嘉穎女士 股份過戶登記總處 香港 九龍觀塘 鴻圖道52號 百本中心9A 註冊辦事處 Maples Corporate Services Limited PO Box 309 Ugland House Gran ...

中期報告 The Board of Directors ("the Board") of Yuan Heng Gas Holdings Limited (the "Company") is pleased to announce the unaudited consolidated interim results of the Company and its subsidiaries (the "Group") for the six months ended 30 September 2025 (the "Period"), together with the comparative figures, as follows: 元亨燃氣控股有限公司（「本公司」）董事會（「董事會」）欣然公佈本公司 及其附屬公司（「本集團」）截至二零二五年九月三十日止六個月（「本期間」） 之未經審核綜合中期業績，連同比較數字如下： Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income 簡明綜合損益及其他全面收入報表 | ...

Financial Performance - Revenue from customer contracts for the six months ended September 30, 2025, was HK$62,018,000, a decrease of 18.4% compared to HK$76,034,000 in the same period of 2024[9] - Gross profit for the same period increased to HK$13,647,000, up 217.5% from HK$4,293,000 year-on-year[9] - The net loss before tax for the six months was HK$30,827,000, an improvement from a loss of HK$47,040,000 in the previous year, representing a 34.6% reduction[9] - The total comprehensive loss for the period was HK$29,210,000, compared to HK$33,436,000 in the same period last year, indicating a 12.8% improvement[10] - Basic and diluted loss per share from continuing and discontinued operations was HK$8.86, compared to HK$13.58 in the previous year, reflecting a 34.5% improvement[10] - The company reported a net loss of HKD 30,827,000 for the six months ended September 30, 2025, compared to a net loss of HKD 47,040,000 for the same period in 2024, representing a 34.5% improvement in losses year-over-year[15] - The company’s total comprehensive expenses for the six months ended September 30, 2025, amounted to HKD 29,210,000, compared to HKD 33,436,000 for the same period in 2024[13] - The segment performance showed a total loss of HKD 13,737,000 for the six months ended September 30, 2025, compared to a loss of HKD 48,278,000 for the same period in 2024, indicating an improvement of approximately 71.5%[34] - The pre-tax loss from continuing operations for the six months ended September 30, 2025, was HKD 30,827,000, compared to a loss of HKD 47,040,000 in the previous year, reflecting a reduction of about 34.5%[35] - The company reported a loss attributable to shareholders of HKD 26,818,000, a decrease from a loss of HKD 41,130,000 in the previous year, with a basic loss per share of HKD 0.0886 compared to HKD 0.1358 last year[84] Assets and Liabilities - Non-current assets as of September 30, 2025, totaled HK$438,960,000, a slight increase from HK$434,036,000 as of March 31, 2025[12] - Current assets decreased to HK$199,405,000 from HK$220,679,000, indicating a decline of 9.6%[12] - Current liabilities increased to HK$582,474,000 from HK$572,155,000, reflecting a rise of 1.8%[12] - The net asset value decreased to HK$51,761,000 from HK$80,971,000, a decline of 36.0%[12] - As of September 30, 2025, the company had total current liabilities of HKD 383,069,000, which includes HKD 112,770,000 in bank loans and HKD 263,818,000 in lease liabilities due to legal claims[18] - The company’s total equity attributable to owners decreased to HKD 146,329,000 as of September 30, 2025, down from HKD 173,208,000 as of April 1, 2025[13] - The company’s cash flow from operating activities showed a net cash outflow of HKD 30,827,000 for the six months ended September 30, 2025[15] - Total assets as of September 30, 2025, were HKD 638,365,000, a decrease of 2.5% from HKD 654,715,000 on March 31, 2025[96] - Current assets and current liabilities were HKD 199,405,000 and HKD 582,474,000 respectively, resulting in a current ratio of approximately 0.34[98] - The debt-to-equity ratio increased to 63.5% from 44.9%, reflecting a rise in bank borrowings to HKD 120,770,000 from HKD 111,354,000[99] Revenue Breakdown - Total revenue from continuing operations for the six months ended September 30, 2025, was HKD 62,018,000, a decrease of 18.4% compared to HKD 76,034,000 for the same period in 2024[27] - Trade revenue significantly dropped to HKD 11,133,000 from HKD 46,549,000, representing a decline of 76.1% year-over-year[28] - Revenue from port and port-related services was HKD 23,258,000, slightly down from HKD 24,724,000, a decrease of 5.9%[27] - Equity and insurance brokerage income surged to HKD 27,627,000 from HKD 4,761,000, marking an increase of 480.5%[27] - The geographical breakdown of revenue shows HKD 34,391,000 from China (excluding Hong Kong), down from HKD 71,273,000, a decrease of 51.7%[28] - The revenue recognition for the six months ended September 30, 2025, included HKD 38,760,000 recognized at a point in time and HKD 23,258,000 recognized over time[28] Legal and Compliance Issues - The company is involved in significant litigation related to a sale and leaseback arrangement, with a claim for damages totaling approximately HKD 57,623,000[73] - The company is involved in a legal dispute regarding three oil tank sale and leaseback contracts, with claims for damages totaling RMB 58,465,000, RMB 58,850,000, and RMB 58,850,000, respectively, plus late payment penalties[74] - A civil lawsuit has been filed against the company for a loan dispute, with a principal amount claimed of RMB 110,658,000 and late payment penalties amounting to RMB 31,373,000 as of September 30, 2024[75] - The company believes it is unlikely to bear legal responsibility for the loan principal and related penalties due to the nature of the agreements[76] - The company is appealing a court ruling related to the oil tank lease dispute, which requires payment of remaining lease amounts totaling RMB 52,800,000 for each of the three leases[74] - The company has submitted a mediation proposal as requested by the court in the oil tank lease dispute[74] - The company’s board believes it is unlikely to incur legal liabilities related to the construction costs and arbitration fees claimed by the construction company[78] Corporate Governance - The company has complied with the corporate governance code, except for the separation of roles between the Chairman and the CEO[129][132] - Mr. Cheng has held both the Chairman and CEO positions since September 30, 2017, which the board believes enhances efficiency in business planning and implementation[132] - The company continues to comply with the applicable corporate governance code provisions[136] - The audit committee has reviewed the company's unaudited interim results for the six months ended September 30, 2025[141] - The company has adopted the standard code for securities transactions by directors and confirmed compliance during the reporting period[139] Future Plans and Strategies - The company plans to enhance its existing business segments by expanding product ranges and seeking new business opportunities amid a volatile global economic environment[109] - The oil and petrochemical division is facing profit volatility due to external factors such as overcapacity and geopolitical tensions, with management closely monitoring global economic conditions[110] - The company aims to maximize the utilization of oil storage tanks by seeking funding opportunities for new berth construction[109] - The investment banking business in Mauritius has seen increased revenue contributions, with plans for further expansion in this area[110] - The group plans to sell underperforming assets and businesses as necessary, following the recent sale of its insurance brokerage subsidiary, Baode Insurance Brokerage Co., Ltd.[111] - A strategic partnership with the National Pipeline Group is expected to officially launch later this year or early next year, with the group's terminal becoming the only seaport entry point for the National Pipeline in Guangxi Province[111] - The partnership is anticipated to significantly increase the business volume of the group's terminal and storage facilities by greatly reducing transportation costs for customers and partners[111] Shareholder Information - The company does not recommend the payment of an interim dividend for the current period[127] - The company has outstanding debts totaling approximately RMB 100 million to Lianwei (Shanghai) Financial Leasing Co., Ltd., RMB 33 million to China Communications Construction Company, and RMB 100 million to Guilin Bank[125] - The company has an existing share option plan effective for ten years, allowing for the issuance of up to 20,182,828 shares, representing 6.67% of the company's issued share capital[118] - The share option plan aims to incentivize qualified individuals contributing to the group's growth and development[119] - The maximum number of shares that may be issued upon the exercise of all unexercised options under the share option plan shall not exceed 30% of the company's issued share capital[119] Management and Compensation - Management compensation for the six months ended September 30, 2025, totaled HKD 5,392,000, a slight increase from HKD 5,292,000 in the previous year[65] - The company has maintained its accounting policies without any objections from the audit committee[141]

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 285,179,000, representing a 13.4% increase from HKD 251,421,000 in 2024[4] - Gross profit increased to HKD 65,436,000, up 12.5% from HKD 58,241,000 in the previous year[4] - Net profit for the period was HKD 23,562,000, a 10.4% increase compared to HKD 21,335,000 in 2024[4] - Basic and diluted earnings per share rose to HKD 2.57 cents, up from HKD 2.33 cents in the prior year[4] - Total comprehensive income for the period was HKD 45,967,000, significantly higher than HKD 24,303,000 in 2024[6] - The company reported a significant increase in foreign exchange gains, amounting to HKD 21,860,000 compared to HKD 5,158,000 in the previous year[6] - The segment performance for residential and watch manufacturing was HKD 2,351,000, while commercial property investment generated HKD 31,371,000 in profit[14] - The company reported a total financial expense of HKD 71,952,000, down from HKD 105,931,000, indicating a reduction of 32.1%[20] - The total income from investment properties was HKD 58,883,000, an increase from HKD 54,321,000, marking a growth of 10.5%[21] - The profit attributable to shareholders for the same period was approximately HKD 23,562,000, up from HKD 21,335,000 in 2024, indicating a growth of about 10.5%[43] Cash Flow and Assets - Cash generated from operating activities was HKD 95,193,000, a recovery from a cash outflow of HKD 180,280,000 in the previous year[11] - Total assets as of September 30, 2025, were HKD 5,550,676,000, slightly down from HKD 5,616,182,000 as of March 31, 2025[7] - Current liabilities decreased to HKD 4,502,427,000 from HKD 5,064,832,000, improving the net current asset position[8] - As of September 30, 2025, the total borrowings of the group were approximately HKD 5,425,000,000, with a capital debt ratio of 0.89, up from 0.69 as of March 31, 2025[46] - The group has a cash and bank balance of approximately HKD 415,000,000 as of September 30, 2025, down from HKD 534,000,000 as of March 31, 2025[46] Investments and Properties - Investment properties' fair value increased by HKD 89,222,000, compared to an increase of HKD 103,196,000 in 2024[4] - As of September 30, 2025, the fair value of the group's investment properties was approximately HKD 3,398,357,000, reflecting an increase from HKD 3,284,050,000 as of March 31, 2025[28][29] - The fair value of investment properties in Hong Kong and the UK was determined using the direct comparison method, while the fair value of properties in China was assessed using the residual method[30] - The group holds 100% interest in several commercial properties, including The Putman and 99 Bonham, all under long-term leases[60] - The group has ongoing development projects, including 10,360 square meters of office space at 88 Queen Street East, expected to be completed in 2025[61] Dividends and Shareholder Returns - The company did not declare any interim dividend for the six months ended September 30, 2025, compared to HKD 10,990,000 in the previous year[25] - The group does not plan to declare any interim dividends for the six months ended September 30, 2025, consistent with the previous year[42] Governance and Compliance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange rules, with non-executive directors not having a specified term but subject to re-election at the annual general meeting[57] - The Audit and Risk Management Committee, consisting of independent non-executive directors, has reviewed the accounting principles and practices adopted by the group for the six months ending September 30, 2025[58] - The Audit and Risk Management Committee has discussed internal controls and risk management matters, ensuring financial reporting integrity[58] - The company has implemented a standard code for securities trading by directors, confirming compliance during the review period[59] Employee and Management Costs - Employee costs for the period were approximately HKD 40,000,000, down from HKD 46,000,000 for the same period last year[50] - The group reported a management compensation of approximately HKD 11,769,000 for the period, compared to HKD 12,900,000 for the six months ending September 30, 2024[35] Market Conditions and Risks - The group is closely monitoring the negative impacts of tariff disputes between the US, EU, Japan, and other countries on international trade, which may affect its watch manufacturing and trading segment[45]