Financial Performance - Total revenue for the year ended September 30, 2025, was HKD 12,235,000, an increase of 22.5% compared to HKD 9,987,000 in 2024[3] - Other income and gains for the same period amounted to HKD 1,054,000, recovering from a loss of HKD 1,484,000 in the previous year[3] - The net loss before tax decreased to HKD 6,483,000 from HKD 8,851,000, representing a reduction of 26.7%[3] - Basic and diluted loss per share improved to HKD 0.55 from HKD 0.81, indicating a 32.1% reduction in loss per share[3] - The pre-tax loss for the year 2025 was HKD 6,481,000, an improvement from a loss of HKD 8,857,000 in 2024, indicating a reduction of 26.7%[21] - The net loss for the year ended September 30, 2025, decreased by approximately 27.0% to about HKD 6.5 million from HKD 8.9 million in the previous year[37] Assets and Liabilities - Total assets as of September 30, 2025, were HKD 23,468,000, up from HKD 21,173,000 in 2024, reflecting an increase of 10.8%[4] - The total liabilities for the year 2025 were HKD 1,348,000, compared to HKD 1,170,000 in 2024, indicating an increase of 15.2%[23] - The company’s financial assets measured at fair value through profit or loss increased to HKD 116,000 in 2025 from HKD 44,000 in 2024, reflecting a growth of 163.6%[22] - As of September 30, 2025, the company had no pledged assets, maintaining a consistent position from 2024[43] - The company has no significant capital commitments or contingent liabilities as of September 30, 2025[46] Cash and Receivables - Cash and cash equivalents increased to HKD 18,168,000 from HKD 17,665,000, showing a growth of 2.8%[4] - Trade receivables rose to HKD 4,513,000 from HKD 3,084,000, marking a significant increase of 46.3%[4] - Trade receivables increased to HKD 10,100,000 in 2025 from HKD 7,809,000 in 2024, representing a growth of 29.3%[22] - The group's cash and cash equivalents as of September 30, 2025, were approximately HKD 18.2 million, compared to HKD 17.7 million as of September 30, 2024[39] Employee Expenses - Employee benefits expenses rose to HKD 12,021,000 from HKD 11,016,000, an increase of 9.1%[3] - Employee benefit expenses for the year ended September 30, 2025, were approximately HKD 12.0 million, an increase of about HKD 1.0 million compared to HKD 11.0 million in 2024[34] - The company employed 20 staff members as of September 30, 2025, an increase from 17 in 2024[48] Revenue Segments - The company's equity increased to HKD 22,637,000 from HKD 21,486,000, a growth of 5.4%[4] - The group's revenue from institutional financing advisory services increased to HKD 10,241,000 in 2025 from HKD 9,827,000 in 2024, representing a growth of 4.2%[15] - Company secretary service revenue surged to HKD 1,994,000 in 2025, up from HKD 160,000 in 2024, marking a significant increase of 1,143.8%[15] - The corporate services segment generated revenue of approximately HKD 2 million, accounting for about 16.4% of the group's total revenue for the year ended September 30, 2025[28] - The asset management advisory services did not record any revenue for the year ended September 30, 2025, as the group is actively seeking new clients[27] Dividends and Tax - The company did not declare any dividends for the year, consistent with the previous year[20] - The board does not recommend the declaration of a final dividend for the year ended September 30, 2025[38] - The group has not recognized any tax provision for the year 2025 due to the absence of taxable profits[19] Corporate Governance and Strategy - The company is primarily engaged in investment holding and provides institutional financing advisory services, investment advisory services, and company secretarial services[5] - The group is focusing on developing recurring contracts to mitigate risks associated with one-off transactions in the institutional financing sector[30] - The board is committed to maintaining high standards of corporate governance and has complied with all applicable codes throughout the year[51] Capital and Investments - The company raised approximately HKD 5.96 million through the issuance of 104,700,000 new shares at a subscription price of HKD 0.057 per share[50] - The net proceeds of approximately HKD 5.96 million have been fully utilized for general operating funds as of September 30, 2025[50] - The company has not made any significant investments or acquisitions during the fiscal year ending September 30, 2025[47] - The company has no foreign currency hedging arrangements but closely monitors its foreign currency risk exposure[45] - The company’s treasury activities are centrally coordinated to control costs and minimize funding costs[41] - The company has not introduced any new products or technologies during the reporting period[44]

Financial Performance - For the six months ended September 30, 2025, the group recorded revenue from continuing operations of approximately HKD 1,236 million, a slight increase of about 1% compared to HKD 1,225 million in the same period last year[9]. - The gross profit from continuing operations decreased from approximately HKD 11.3 million in the previous interim period to about HKD 1.6 million in the current period[9]. - The group reported a loss of approximately HKD 8.1 million from discontinued operations, compared to a profit of about HKD 0.6 million in the previous interim period[11]. - The profit attributable to the company's owners was approximately HKD 4.7 million, an increase of about HKD 2.5 million from HKD 2.2 million in the previous interim period[11]. - Earnings per share for the period were approximately HKD 0.75, compared to HKD 0.41 in the previous interim period[12]. - The total comprehensive income for the period was HKD 7,798,000, up from HKD 5,666,000 in the previous year, representing an increase of approximately 37.6%[51]. - The net profit from continuing operations for the period was HKD 12,750,000, compared to HKD 1,566,000 in 2024, marking an increase of approximately 715%[50]. - The company reported a significant increase in bank interest received, amounting to HKD 3,238,000 for the six months ended September 30, 2025, compared to HKD 2,995,000 in the previous year, marking an 8.1% increase[57]. - The company reported a loss of HKD 8,899,000 for the six months ending, compared to a loss of HKD 8,973,000 for the same period in 2024[108]. Revenue Breakdown - The supply chain management segment recorded revenue of approximately HKD 1,236 million, including material trading revenue of HKD 1,232 million and transportation service revenue of HKD 3.98 million[13]. - Revenue from external customers for the six months ended September 30, 2025, was HKD 1,236,227,000, compared to HKD 1,224,709,000 for the same period in 2024, reflecting a year-over-year increase[71]. - The group’s revenue from material trading in Hong Kong was HKD 117,775,000 for the six months ended September 30, 2025, down from HKD 240,097,000 in 2024[71]. - Revenue from mainland China (excluding Hong Kong) increased to HKD 1,118,452,000 in 2025 from HKD 984,612,000 in 2024, indicating a growth of approximately 13.6%[71]. Operational Strategy - The group has established solid business relationships with a diversified customer base in the supply chain management sector since its inception in 2019[15]. - The group’s procurement strategy involves bulk purchasing of iron ore products at competitive prices to ensure sufficient inventory at ports to meet customer demand[16]. - The group plans to continue developing its supply chain management business, focusing on value-added services such as price monitoring and proactive procurement planning[15]. - The company has signed long-term storage agreements with major ports in China, significantly reducing overall storage and logistics costs, allowing for more competitive pricing for customers[18]. - The company typically pays suppliers a deposit of up to 15% of the purchase price for iron ore products, while offering customers a credit period of up to one month, improving their cash flow and liquidity[19]. - The company maintains a robust supply chain network, ensuring stable and reliable supply of various grades of iron ore products, which supports growth in supply chain management operations[20]. Financial Position - As of September 30, 2025, the group's current assets and current liabilities were approximately HKD 736.4 million and HKD 589.2 million, respectively, resulting in a current ratio of 1.25[28]. - The total cash and bank deposits amounted to approximately HKD 201.6 million as of September 30, 2025, up from HKD 144.1 million as of March 31, 2025[28]. - The group's total interest-bearing loans were approximately HKD 219.0 million as of September 30, 2025, compared to HKD 207.3 million as of March 31, 2025[28]. - The capital debt ratio was approximately 29.6% as of September 30, 2025, down from 31.1% as of March 31, 2025[29]. - The total amount of credit financing obtained from various banks was approximately HKD 69.5 million and USD 50 million as of September 30, 2025[29]. - The company has sufficient liquidity and financial resources to meet its current business financial needs[29]. Shareholder Information - The company did not recommend any dividends for the six months ended September 30, 2025, consistent with the previous year[81]. - The company issued new shares amounting to HKD 25,972,000 in the previous year, which is not repeated in the current period, indicating a shift in financing strategy[57]. - As of September 30, 2025, Mr. Zhu Feng holds 174,797,650 shares, representing 28.11% of the company's issued share capital[122]. - Ensure Prestige Limited owns 96,276,700 shares, accounting for 15.48% of the company's issued share capital[126]. - Mega Start Limited holds 46,912,500 shares, which is 7.54% of the company's issued share capital[126]. - The total number of issued shares as of September 30, 2025, is 621,876,317[124]. Corporate Governance - The company has complied with all corporate governance codes as per the listing rules during the reporting period[130]. - The audit committee, consisting of three independent non-executive directors, reviewed the group's interim performance[133]. - The company has not received any notifications regarding interests in shares from any parties other than those disclosed[126]. Discontinued Operations - The company reported a profit from discontinued operations of HKD 6,086,000 for the six months ended September 30, 2025, down from HKD 16,505,000 in the prior year[79]. - The company completed the sale of Prosper Ace Investments Limited for HKD 1, with a settlement amount of HKD 15 million to clear outstanding debts[77][78]. - The financial performance of the target company has been classified as discontinued operations, with its assets and liabilities categorized as held for sale as of September 30, 2025[25]. - The sale of the target company was completed on October 22, 2025[26]. - The company reported a total revenue of HKD 125,203,000 from discontinued operations, a decrease of 42% from HKD 214,777,000 in the previous year[79]. - The loss per share from discontinued operations for the six months ended September 30, 2025, was HKD 1.305, compared to a profit of HKD 0.114 per share in 2024, with a total loss of approximately HKD 8,113,000[85]. Employee Compensation - The total employee compensation for the period was approximately HKD 18.9 million, a decrease from HKD 25.1 million in the previous interim period[46]. - The total remuneration for directors and key management personnel for the six months ending September 30, 2025, was HKD 5,873,000, down from HKD 8,488,000 in 2024, indicating a decrease of approximately 30%[111]. New Initiatives - The company has adopted a new share option scheme to attract and retain talent, which is effective for ten years[95]. - As of September 30, 2025, the company granted a total of 3,332,278 stock options, representing approximately 0.5% of the issued share capital[96]. - The new share option plan allows for a total of 37,499,999 options, which is about 6.03% of the total issued shares as of September 30, 2025[119].

Contents 目錄 | Corporate Information | 2 | | --- | --- | | 公司資料 | | | Financial Highlights | 6 | | 財務摘要 | | | Management Discussion and Analysis | 8 | | 管理層討論與分析 | | | Disclosure of Interests | 17 | | 權益披露 | | | Other Information | 26 | | 其他資料 | | | Condensed Consolidated Statement of Profit or Loss and | | | Other Comprehensive Income | 33 | | 簡明綜合損益及其他全面收益表 | | | Condensed Consolidated Statement of Financial Position | 34 | | 簡明綜合財務狀況表 | | | Condensed Consolidated Statement of Changes in Equity | 36 | | 簡明 ...

Financial Performance - For the six months ended 30 September 2025, the Group recorded revenue from property management contracts of approximately HK$150.4 million, stable compared to approximately HK$148.4 million for the same period in 2024[17]. - Revenue for the six months ended September 30, 2025, was HK$163,736,000, a decrease of 3.0% from HK$168,758,000 in the same period of 2024[111]. - Profit from operations increased to HK$26,879,000, up 5.1% from HK$25,569,000 year-over-year[111]. - Profit for the period from continuing operations was HK$18,041,000, representing an increase of 7.6% compared to HK$16,775,000 in the previous year[112]. - Basic and diluted earnings per share from continuing operations rose to 3.7 cents, up from 3.4 cents in the prior year[112]. - Total comprehensive income for the period was HK$22,361,000, down from HK$25,133,000 in the same period last year[114]. - The profit for the period ended September 30, 2025, was HK$18,041,000, compared to HK$14,309,000 for the same period in 2024, indicating a year-over-year increase of approximately 26.5%[121]. - Consolidated profit before taxation increased to $26,677,000 in 2025, up from $24,955,000 in 2024, reflecting a growth of 6.9%[160]. Revenue and Contracts - Revenue from property management services experienced a modest decrease due to the adjustment from product-oriented services to service-based value-added services[13]. - The Group's revenue from property management contracts in Mainland China for the six months ended September 30, 2025, was HK$150,363,000, compared to HK$148,431,000 for the same period in 2024, reflecting a growth of 1.3%[145]. - Revenue from property management related value-added services in Mainland China decreased to HK$13,373,000 in 2025 from HK$20,327,000 in 2024, representing a decline of 34.2%[145]. - Total revenue from contracts with customers for the six months ended September 30, 2025, was HK$163,736,000, compared to HK$168,758,000 in 2024, indicating a decrease of 3.0%[145]. Cost Management - The Group emphasized cost control and operational streamlining to navigate the challenging operating landscape in the property management industry[12]. - Staff costs decreased by approximately 3.8% or HK$2.4 million to approximately HK$60.6 million for the six months ended 30 September 2025, down from approximately HK$63.0 million for the same period in 2024[27][30]. - Utilities and repair and maintenance expenses decreased by 12.5% or HK$2.0 million to approximately HK$14.0 million for the six months ended 30 September 2025, down from approximately HK$16.0 million for the same period in 2024[31][33]. - Other operating expenses increased by approximately 11.8% or HK$2.3 million to approximately HK$21.8 million for the six months ended 30 September 2025, compared to approximately HK$19.5 million for the same period in 2024[32][34]. Assets and Liabilities - As of 30 September 2025, the Group's total current assets were approximately HK$409.8 million, while current liabilities were approximately HK$198.7 million, resulting in a current ratio of 2.1 times[35]. - The Group's total current assets and current liabilities were approximately HK$409.8 million and HK$198.7 million, respectively, leading to a current ratio of approximately 2.1, up from 1.5[38]. - The Group's equity increased to approximately HK$273.1 million as of 30 September 2025, compared to HK$250.7 million as of 31 March 2025[39][41]. - As of 30 September 2025, total interest-bearing borrowings decreased to approximately HK$3.1 million from HK$56.9 million as of 31 March 2025, resulting in a gearing ratio of 0.01 compared to 0.2 previously[37][39]. - The Group's net current assets improved to HK$211,076,000, up from HK$132,444,000 as of March 31, 2025[117]. Employee and Operational Changes - The Group had 818 employees as of 30 September 2025, a decrease from 873 employees as of 31 March 2025[49][52]. - The Group's resilience is reflected in its disciplined cost control and selective project expansion despite market challenges[12]. - The Group's strategic focus has shifted towards maintaining and optimizing existing projects due to the downturn in China's real estate sector and increasing market competition[16]. Corporate Governance and Compliance - The company has adopted the standard code of conduct for securities trading as per the listing rules, confirming full compliance by all directors as of September 30, 2025[62]. - The company has adopted the Corporate Governance Code and believes it has complied with the code provisions during the six months ended September 30, 2025[89]. - The Audit Committee reviewed the interim financial report for the six months ended September 30, 2025, with no disagreements noted[91]. Shareholder Information - As of September 30, 2025, Zheng Jian Jiang holds 337,950,000 shares, representing approximately 68.55% of the issued share capital of the company[66]. - The company has issued a total of 492,984,000 shares as of September 30, 2025[78]. - The board does not recommend the payment of an interim dividend for the six months ending September 30, 2025, with a proposed amount of zero[61]. Future Outlook - The Group remains cautiously optimistic about profitability in its property management business despite challenges in China's real estate sector[50][53]. - The Group is open to evaluating potential business and investment opportunities that align with its core competencies and financial objectives[55].

Financial Performance - Revenue for the six months ended September 30, 2025, was HK$1,770,284, an increase of 3.2% from HK$1,716,129 in the same period of 2024[6] - Gross profit for the period was HK$416,092, slightly up from HK$413,499, reflecting a gross margin of approximately 23.5%[6] - Profit before tax decreased to HK$24,921, down 16.5% from HK$29,681 in the previous year[6] - Profit for the period was HK$11,188, a decline of 38.7% compared to HK$18,274 in the same period last year[8] - Earnings per share attributable to ordinary equity holders decreased to HK3.4 cents from HK5.3 cents[6] - Total comprehensive income for the period was HK$22,678, down from HK$30,669 in the previous year[8] - The company reported total comprehensive income for the period of HK$24,457,000 for the six months ended September 30, 2025[14] - Profit before tax for the six months ended September 30, 2025, was HK$24,921,000, a decrease of 16.5% compared to HK$29,681,000 for the same period in 2024[17] - Profit attributable to ordinary equity holders for the six months ended 30 September 2025 is HK$13,080,000, a decrease of 36.1% from HK$20,462,000 in 2024[72] - Profit attributable to equity holders for the same period was HK$13,080,000, down from HK$20,462,000 in 2024, reflecting a challenging business environment[105] Assets and Liabilities - Non-current assets totaled HK$1,360,512 as of September 30, 2025, a decrease from HK$1,372,507 as of March 31, 2025[10] - Current assets amounted to HK$1,764,950, down from HK$1,800,258 as of March 31, 2025[10] - Total current liabilities increased to HK$1,621,796,000 as of September 30, 2025, compared to HK$1,558,899,000 as of March 31, 2025, reflecting a rise of 4.0%[12] - Net current assets decreased to HK$143,154,000 from HK$241,359,000, indicating a decline of 40.7%[12] - Total non-current liabilities decreased to HK$286,449,000 from HK$393,995,000, representing a reduction of 27.2%[12] - Total equity attributable to equity holders of the Company was HK$1,196,714,000 as of September 30, 2025, slightly down from HK$1,197,129,000 as of March 31, 2025[12] - Total assets as of September 30, 2025, amounted to HK$3,125,462,000, with segment assets of HK$1,431,703,000 for Hong Kong, HK$717,784,000 for Mainland China, and HK$450,647,000 for Japan[37] - The total liabilities as of September 30, 2025, were HK$1,908,245,000, with segment liabilities of HK$477,626,000 for Hong Kong, HK$279,908,000 for Mainland China, and HK$277,929,000 for Japan[37] Cash Flow and Liquidity - Cash and cash equivalents decreased to HK$524,044 from HK$631,977, indicating a reduction in liquidity[10] - Cash generated from operations increased to HK$59,820,000, up 38.5% from HK$43,194,000 year-over-year[17] - Net cash flows from operating activities rose to HK$44,546,000, compared to HK$31,023,000 in the previous year, reflecting a 43.8% increase[17] - Net cash flows used in investing activities improved to HK$26,395,000, a reduction of 39.5% from HK$43,613,000 in the prior period[19] - Cash and cash equivalents at the end of the period decreased to HK$524,044,000 from HK$569,875,000, reflecting a decline of 8.0%[19] - Interest received decreased to HK$1,481,000 from HK$3,318,000, a drop of 55.5% year-over-year[17] - Dividends paid remained stable at HK$24,705,000 compared to HK$24,974,000 in the previous year[19] Segment Performance - Segment revenue for Hong Kong was HK$855,306,000, for Mainland China was HK$295,484,000, and for Japan was HK$619,494,000, totaling HK$1,770,284,000 for the six months ended September 30, 2025[32] - The Hong Kong segment reported a profit before tax of HK$48,658,000, while the Mainland segment incurred a loss of HK$2,939,000, and Japan contributed HK$1,642,000, leading to a total profit before tax of HK$24,921,000[32] - Revenue from contracts with customers for the six months ended September 30, 2025, was HK$1,770,284,000, an increase from HK$1,716,129,000 in 2024, representing a growth of 3.2%[41] - Revenue from Hong Kong for the same period was HK$855,306,000, up from HK$838,566,000, indicating a growth of 2.0%[41] - Revenue from the Chinese Mainland increased to HK$295,484,000 from HK$294,368,000, a slight increase of 0.4%[41] Dividends and Share Repurchase - The final dividend declared for 2025 was HK$24,705,000, consistent with the company's dividend policy[14] - The interim dividend declared remained at HK3.0 cents per ordinary share, totaling HK$11,401,000, slightly down from HK$11,526,000 in 2024[62] - The Company repurchased 66,000 ordinary shares during the six months ended September 30, 2025, compared to 34,000 shares in 2024[63] - The company repurchased a total of 72,000 shares from August to October 2025, with an aggregate consideration of HK$181,800[178] - The repurchase of shares aimed to enhance the net asset value per share and earnings per share for shareholders[181] Corporate Governance and Compliance - The Company has maintained high standards of corporate governance, meeting the code provisions of the Corporate Governance Code for the six months ended 30 September 2025[183] - All directors confirmed compliance with the Model Code for securities transactions throughout the six months ended 30 September 2025[184] - No incidents of non-compliance with the Employees Code were noted during the six months ended 30 September 2025[185] - The Audit Committee reviewed the unaudited condensed consolidated interim financial statements for the six months ended 30 September 2025[189] - The interim results announcement for 2025 was published on the Hong Kong Exchanges and Clearing Limited website and the Company's website[190] Market Strategy and Expansion - The Group aims to expand its product offerings by sourcing high-quality Japanese food items, including eggs and dairy products, to meet changing consumer preferences[114] - The Group plans to continue expanding its market presence and product offerings in the snack food and beverage sectors across all regions[32] - The Group's innovative approach in the retail market has positioned it as a leader in the food industry, with a business footprint extending to developed economies like the US, UK, France, and Canada[123][126] - The Group is collaborating with Guangzhou Hua Shang College to launch an online sales program for students, promoting entrepreneurship through e-commerce[137] - The Japanese market is a key driver of the Group's growth, with significant partnerships with major supermarket and convenience store chains[139] Employee and Management Information - The total number of employees as of September 30, 2025, was approximately 2,500, with remuneration packages structured based on market terms and individual qualifications[154] - Total compensation for key management personnel was HK$6,332,000 for the six months ended September 30, 2025, down from HK$6,891,000 in 2024[101] Risk Management - The Group's foreign currency exposure mainly arises from transactions in Japanese yen and Renminbi, which may impact operating results due to currency fluctuations[152] - The Group does not currently maintain a foreign currency hedging policy to mitigate the impact of unfavorable currency fluctuations[153] - The Group's foreign exchange position is monitored continuously to minimize the impact of currency fluctuations[153]

Financial Performance - The company recorded a total revenue of approximately HKD 8.7 million for the period, a decrease of 23.7% compared to HKD 11.4 million in the same period last year[8]. - The gross profit for the period was HKD 1.7 million, compared to a gross loss of HKD 0.4 million in the previous year, indicating a significant improvement[8]. - The loss attributable to the company's owners for the period was HKD 7.9 million, down from HKD 22.8 million in the same period last year[6]. - Revenue from continuing operations was approximately HKD 8.7 million, an 8.4% decrease from HKD 9.5 million in the previous year[9]. - The gross profit from continuing operations increased by 33.3% to HKD 2.4 million, compared to HKD 1.8 million in the previous year[9]. - The company reported a loss before tax of HKD 6,278,455, an improvement from a loss of HKD 14,501,711 in the previous year, indicating a reduction in losses by approximately 56.7%[33]. - Total comprehensive loss attributable to owners for the period was HKD 7,235,615, compared to HKD 22,059,412 in 2024, reflecting a significant decrease of 67.2%[34]. - The company incurred a loss of HKD 22,773,764 during the first half of 2025, leading to a cumulative loss of HKD 36,791,310 by September 30, 2025[38]. Revenue Breakdown - The hotel segment recorded total revenue of approximately HKD 7 million, down from HKD 8.2 million in the previous year, with a net loss of HKD 0.4 million[9]. - Total revenue from hotel operations for the six months ended September 30, 2025, was HKD 7,016,038, a decrease of 14.3% from HKD 8,183,878 in the same period of 2024[49]. - Revenue from Hong Kong operations was HKD 7,556,838 for the six months ended September 30, 2025, down from HKD 8,725,645 in 2024, a decrease of about 13.4%[53]. - Overseas revenue increased to HKD 1,158,370 in 2025 from HKD 792,231 in 2024, marking a growth of approximately 46.2%[53]. Cash Flow and Liquidity - As of September 30, 2025, the company held cash and bank balances totaling HKD 11.1 million, an increase from HKD 7.9 million as of March 31, 2025[24]. - The company reported a net cash inflow from operating activities of HKD 11,311,644 for the six months ended September 30, 2025, compared to HKD 484,308 in the same period of 2024, representing a significant increase[40]. - The company’s cash and cash equivalents increased to HKD 11,106,596 from HKD 7,893,839, marking a growth of 40.4%[35]. - The company maintained a stable liquidity position, closely monitoring cash flow to meet financial obligations[27]. Assets and Liabilities - Current liabilities stood at HKD 21,222,208, slightly up from HKD 21,347,878 as of March 31, 2025[37]. - The total non-current assets decreased to HKD 283,316,240 from HKD 284,486,986[35]. - The company's outstanding bank loan balance remained stable at HKD 8.4 million as of September 30, 2025[24]. - The company's equity as of September 30, 2025, was approximately HKD 292.8 million, down from HKD 300 million as of March 31, 2025[24]. - The company's debt-to-equity ratio as of September 30, 2025, was approximately 2.9%, slightly up from 2.8% as of March 31, 2025[24]. Strategic Initiatives - The company is undergoing a strategic repositioning of its restaurant offerings to better align with changing customer preferences and improve operational efficiency[9]. - The company has made a provision of approximately HKD 2.2 million for compensation related to the early termination of a lease, which was expected due to a dispute with the landlord[15]. - The approved development plan for the 九華徑 project includes a maximum total construction area of approximately 241,522 square meters, allowing for 5,973 residential units[19]. - The company submitted a revised application for the 九華徑 project, proposing an increase in total construction area to approximately 313,979 square meters, with plans for 7,052 residential units[20]. Shareholder Information - The total number of issued shares as of September 30, 2025, is 752,529,810, with a total equity of HKD 329,138,773[75]. - The company’s major shareholder, Mr. Qiu Dawei, holds 216,349,951 shares, representing approximately 28.75% of the issued shares[79]. - Major shareholder Mr. Kiu Tak Kan (deceased) holds 113,726,476 shares, accounting for 15.113% of the issued shares[89]. - Achiemax Limited, a company controlled by Mr. Kiu Tak Kan, holds 72,182,400 shares, representing 9.592% of the issued shares[89]. - The company has a total of 6,000,000 share options held by Mr. Qiu Dawei, with an exercise price of HKD 0.5600[82]. Corporate Governance - The company has adopted a new code of conduct for directors' securities transactions, ensuring compliance with the standard code requirements[95]. - The company has complied with all corporate governance code provisions, except for the separation of the roles of Chairman and CEO[96]. - The Audit Committee, composed of all independent non-executive directors, reviewed the accounting principles and practices adopted by the group, including the unaudited consolidated financial statements for the period[100]. Other Information - The company has not made any significant investments, acquisitions, or disposals of subsidiaries during the reporting period[23]. - There were no significant events occurring after the reporting period up to the report date[31]. - The company has not repurchased any of its listed shares during the reporting period and holds no treasury shares as of September 30, 2025[92]. - The company held its annual general meeting on September 2, 2025, where board members engaged with shareholders and addressed their questions[98]. - Executive Director Ms. Qiu Yongya has been appointed as a member of the Board Nomination Committee effective from September 2, 2025[99].

Financial Performance - The company's revenue reached HKD 438.2 million, an increase of 38.5% compared to HKD 316.4 million in the same period last year[10]. - Operating profit rose from HKD 47.4 million to HKD 58 million, reflecting a growth of 22.4%[19]. - The group reported revenue of HKD 438,236,000 for the six months ended September 30, 2025, representing a 38.5% increase from HKD 316,428,000 in the same period of 2024[43]. - The gross profit for the same period was HKD 248,083,000, up 31.6% from HKD 188,654,000 year-on-year[43]. - The group recorded a fair value loss of HKD 285,100,000 during the period, compared to a loss of HKD 86,500,000 in 2024[31]. - The group incurred a net loss of HKD 202,815,000 for the six months ended September 30, 2025, compared to a loss of HKD 6,447,000 in the previous year[45]. - The company reported a pre-tax loss of HKD 196,257,000 for the six months ending September 30, 2025, compared to a pre-tax profit of HKD 12,579,000 in 2024[58][60]. Property Development - The total contracted sales for the "Port Exchange Platform" project amounted to approximately HKD 640 million, with recognized property sales of HKD 180.2 million during the period[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[21]. - Operating profit from property development increased by 196.1% to HKD 107,500,000, up from HKD 36,300,000 in 2024[21]. - As of November 25, 2025, 68 out of 144 residential units at the "港匯臺" project have been sold, with contracted sales amounting to approximately HKD 640,000,000[23]. Investment Properties - The investment property revaluation loss was HKD 285.1 million, compared to HKD 86.5 million last year, impacting net loss attributable to shareholders of HKD 227.1 million[20]. - Rental income from investment properties decreased by 4.3% to HKD 229,200,000, down from HKD 239,400,000 in 2024[25]. - The average occupancy rate for the investment property portfolio was 67%, down from 72% in 2024[27]. - The total market value of the investment property portfolio was HKD 14,741,000,000 as of September 30, 2025, compared to HKD 14,877,000,000 on March 31, 2025[31]. - The company reported a loss from an associate company of HKD 2,271,000 for the six months ending September 30, 2025, compared to a profit of HKD 29,278,000 in 2024[58][60]. Financial Position - The company's equity attributable to shareholders as of September 30, 2025, was HKD 10.448 billion, with a slight decrease from HKD 10.527 billion on March 31, 2025[20]. - The debt ratio increased slightly to 50.2% from 48.7% as of March 31, 2025, remaining at an acceptable level[20]. - The total assets as of September 30, 2025, amounted to HKD 19,731,370,000, a slight decrease from HKD 19,510,835,000 as of March 31, 2025[46]. - The group had non-current liabilities of HKD 6,771,146,000 as of September 30, 2025, down from HKD 7,014,444,000 as of March 31, 2025[48]. - The debt-to-equity ratio was 50.2% as of September 30, 2025, compared to 48.7% on March 31, 2025[35]. Cash Flow and Liquidity - Cash and cash equivalents amounted to approximately HKD 852,000,000 as of September 30, 2025, down from HKD 1,043,000,000 on March 31, 2025[34]. - Cash flow from operating activities decreased to HKD 68,362,000 in 2025 from HKD 302,421,000 in 2024, representing a decline of approximately 77.6%[52]. - The company reported a decrease in cash and cash equivalents to HKD 849,021,000 as of September 30, 2025, from HKD 1,248,214,000 in 2024, a reduction of approximately 32%[52]. - The company’s cash flow from financing activities showed a net outflow of HKD 248,881,000 in 2025, compared to HKD 316,198,000 in 2024, indicating a decrease in financing costs[52]. Dividends and Shareholder Information - The company will not declare an interim dividend, prioritizing long-term strength over short-term payouts[12]. - The company declared a final dividend of HKD 21,613,000 for 2025, compared to HKD 45,027,000 in 2024[49]. - The company’s major shareholders include Dr. Wang Shih-Wing, holding 502,262,139 shares, representing 69.72% of the issued shares[99]. Management and Corporate Governance - The interim financial statements were approved and authorized for issue by the board of directors on November 25, 2025[92]. - The company has authorized and contracted commitments for property development costs amounting to HKD 205,250,000 as of September 30, 2025[82]. - The company’s management assessed that the default risk related to interest-bearing bank loans as of September 30, 2025, is not significant[89]. - The company’s non-executive director, Dr. Wang Yan, has been appointed as a non-executive director of the Construction Union, effective August 14, 2025[106].

大快活集團有限公司 中期業績報告 2025/2026 目錄 | 公司資料 | 2 | | --- | --- | | 簡明綜合損益表 | 3 | | 簡明綜合損益及其他全面收益表 | 4 | | 簡明綜合財務狀況表 | 5 | | 簡明綜合權益變動表 | 7 | | 簡明綜合現金流量表 | 9 | | 未經審核中期財務報告附註 | 10 | | 致大快活集團有限公司董事會簡明綜合財務報表審閱報告 | 29 | | 管理層討論及分析 | 31 | | 其他資料 | 39 | 1 公司資料 董事會 非執行董事 羅開揚 （主席） 執行董事 羅輝承 （副主席） 李碧琦 （行政總裁） 獨立非執行董事 陳棨年 劉國權 尹錦滔 葉焯德 審核委員會 尹錦滔 （主席） 陳棨年 劉國權 薪酬委員會 陳棨年 （主席） 劉國權 葉焯德 提名委員會 羅開揚 （主席） 尹錦滔 葉焯德 陳棨年 李碧琦 公司秘書 陳鏡東 核數師 德勤 • 關黃陳方會計師行 於《會計及財務匯報局條例》下的 註冊公眾利益實體核數師 律師 孖士打律師行 公共關係顧問 縱橫財經公關顧問有限公司 香港金鐘夏慤道十八號 海富中心第一期二十四樓 主要銀行 東亞銀行有限公 ...

The board of directors (the "Board") of Hong Kong Food Investment Holdings Limited (the "Company") presents the unaudited condensed consolidated statement of financial position as at 30 September 2025 of the Company and its subsidiaries (collectively referred to as the "Group") and the unaudited condensed consolidated statement of profit or loss, unaudited condensed consolidated statement of comprehensive income, unaudited condensed consolidated statement of changes in equity and unaudited condensed consoli ...

Fulum Group Holdings Limited 富臨集團控股有限公司 目 錄 | 公司資料 | 2 | | --- | --- | | 摘要 | 3 | | 管理層討論與分析 | 4 | | 企業管治及其他資料 | 11 | | 簡明綜合損益及其他全面收益表 | 18 | | 簡明綜合財務狀況表 | 20 | | 簡明綜合權益變動表 | 22 | | 簡明綜合現金流量表 | 23 | | 簡明綜合財務報表附註 | 24 | 公司資料 董事會 執行董事 楊維先生 （主席） 楊浩宏先生 （行政總裁） 楊潤基先生 梁兆新先生 楊振年先生 非執行董事 鄔錦安先生 （副主席） （於2025年4月1日辭任） 獨立非執行董事 黃偉樑先生 陳振邦先生 黃麗梅女士 公司秘書 陳耀光先生 授權代表 楊維先生 楊浩宏先生 審核委員會成員 黃偉樑先生 （主席） 陳振邦先生 黃麗梅女士 提名委員會成員 陳振邦先生 （主席） 楊維先生 黃麗梅女士 薪酬委員會成員 黃麗梅女士 （主席） 黃偉樑先生 楊維先生 執行委員會成員 楊維先生 （主席） 楊浩宏先生 楊潤基先生 梁兆新先生 楊振年先生 註冊辦事處 Cricket Squar ...