Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 296,930,000, a decrease of 1.0% compared to HKD 302,242,000 in the same period of 2024[5] - Gross profit for the period was HKD 126,626,000, down 10.8% from HKD 141,919,000 year-on-year[5] - The company reported a loss before tax of HKD 37,547,000, an improvement from a loss of HKD 52,049,000 in the previous year, indicating a reduction in losses by 28.0%[5] - Net loss for the period was HKD 40,275,000, compared to a net loss of HKD 55,268,000 in the same period last year, reflecting a 27.1% decrease in losses[5] - Basic and diluted loss per share was HKD 3.89, improved from HKD 5.30 in the previous year[5] - The group reported a loss attributable to equity holders of HKD 40.4 million for the first half of 2025, an improvement from a loss of HKD 55.4 million in the same period of 2024[40] - Adjusted loss for the first half of 2025 was HKD 42.1 million, a reduction of HKD 22.5 million compared to an adjusted loss of HKD 64.6 million in the first half of 2024, mainly due to stricter cost control[40] Cash Flow and Assets - Cash generated from operating activities was HKD 44,035,000, significantly higher than HKD 18,558,000 in the prior year, marking an increase of 137.0%[8] - Total assets as of September 30, 2025, amounted to HKD 1,446,795,000, up from HKD 1,426,127,000 as of March 31, 2025[7] - Cash and cash equivalents at the end of the period were HKD 90,913,000, compared to HKD 71,731,000 at the end of the same period last year, reflecting a year-on-year increase of 26.6%[8] - The total equity of the group as of September 30, 2025, was HKD 920.3 million[51] - As of September 30, 2025, the group's net debt was HKD 155.6 million, resulting in a debt-to-equity ratio of 17.0%[49] Revenue Segmentation - The retail segment in Hong Kong, Macau, and mainland China generated revenue of HKD 94.9 million, while the remaining Asian regions contributed HKD 95.4 million[13] - Retail business contributed HKD 190.3 million to the group's revenue, down 5.7% from HKD 201.9 million in the first half of 2024[40] - The group's revenue from the "Time Corridor" business in Hong Kong and Macau for the first half of 2025 was HKD 94.9 million, down 8.9% from HKD 104.2 million in the same period of 2024[43] - Southeast Asia revenue for the first half of 2025 reached HKD 95.4 million, an 8% increase from HKD 88.4 million in the first half of 2024[46] - The watch supply chain and wholesale trade segment's revenue increased by 6.2% to HKD 106.6 million, with a profit of HKD 9.8 million, down from HKD 11.0 million in the first half of 2024[47] Operational Efficiency - The company’s administrative expenses for the period were HKD 13.0 million, contributing to the overall loss[13] - The group recorded a loss before interest and tax of HKD 14.2 million in the first half of 2025, compared to a loss of HKD 9.8 million in the first half of 2024[46] - Same-store sales recorded a positive growth of 4% in the first half of 2025, indicating improved performance at the store level despite overall revenue decline[40] - The number of stores in the "Time Corridor" business decreased by 14% year-on-year due to store integration efforts to enhance operational efficiency[43] Corporate Governance - The board of directors did not recommend the payment of an interim dividend for the six months ended September 30, 2025, consistent with the previous year[21] - The company has complied with the corporate governance code, except for the separation of roles between the Chairman and CEO, which the board deems appropriate[70] - The board believes that the dual role of Mr. Huang Chuangzeng as both Chairman and CEO enhances strategic planning and operational efficiency for the company[69] - The audit committee reviewed the effectiveness of the internal control system and discussed financial reporting matters for the six months ending September 30, 2025[74] Strategic Initiatives - The group plans to continue investing in online business to enhance digital coverage and customer experience[48] - The group has ceased operations of retail stores and online platforms in mainland China as part of strategic measures to streamline business operations[45] - The company adopted new accounting standards effective from April 1, 2025, which did not have a significant impact on the financial results[11] Shareholder Information - As of September 30, 2025, Mr. Huang Chuangzeng holds a total of 549,436,714 shares, representing 52.59% of the issued shares of the company[60] - Mr. Huang Chuangzeng has significant interests in subsidiary companies, including 209,000 preferred shares in City Chain (Thailand) Company Limited, representing 99.52% of the issued preferred shares[61] - The company did not repurchase any shares during the reporting period, nor did it purchase or sell any shares of the company or its subsidiaries[68]

目 錄 | 公 | 司 | 資 | 料 | | | | | | | | 5 4 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 管 | 理 | 層 | 討 論 | 及 | 分 | 析 | | | | | 5 6 | | 其 | 他 | 資 | 料 | | | | | | | | 6 6 | | 簡 | 明 | 綜 | 合 損 | 益 | 表 | | | | | | 7 8 | | 簡 | 明 | 綜 | 合 全 | 面 | 收 | 益 | 表 | | | | 7 9 | | 簡 | 明 | 綜 | 合 財 | 務 | 狀 | 況 | 表 | | | | 8 0 | | 簡 | 明 | 綜 | 合 權 | 益 | 變 | 動 | 表 | | | | 8 2 | | 簡 | 明 | 綜 | 合 現 | 金 | 流 | 量 | 表 | | | | 8 3 | | 中 | 期 | 簡 | 明 綜 | 合 | 財 | 務 | 報 | 表 | 附 | 註 | 8 5 | 公司資料 董事會 執行董事 馮銳江先生 梁筠 ...

中期報告 TWINTEK INVESTMENT HOLDINGS LIMITED 乙德投資控股有限公司 (於開曼群島註冊成立之有限公司) 股份代號：6182 TWINTEK INVESTMENT HOLDINGS LIMITED 乙德投資控股有限公司 (Incorporated in the Cayman Islands with limited liability) Stock Code : 6182 TWINTEK INVEST MENT HOLDINGS LI MITE D 乙德投資控股有限公司 INTERIM REPORT 2025/26 中期報告 目錄 2 公司資料 3 管理層討論及分析 18 其他資料 23 簡明綜合損益及其他全面收益表 24 簡明綜合財務狀況表 26 簡明綜合權益變動表 27 簡明綜合現金流量表 28 簡明綜合財務報表附註 公司資料 董事會 執行董事 盧永錩先生 （主席） 馮碧美女士 非執行董事 李沛豪先生 獨立非執行董事 舒華東先生 譚偉德先生 譚永樂先生 審核委員會 舒華東先生 （主席） 李沛豪先生 譚偉德先生 譚永樂先生 薪酬委員會 譚永樂先生 （主席） 盧永錩先生 舒華東 ...

Revenue Performance - The company's total revenue for the period ending September 30, 2025, was approximately HKD 67.9 million, a decrease of about 21.7% compared to HKD 86.7 million in the previous period[5]. - Revenue from the energy business fell from approximately HKD 80.3 million to about HKD 66.5 million, a decline of approximately 17.2%, primarily due to a decrease in natural gas product sales[6]. - The jewelry business recorded sales of approximately HKD 1.4 million, down about 77.7% from HKD 6.5 million in the previous period, impacted by global economic uncertainties and trade tensions[10]. - The company's revenue for the period was approximately HKD 67.9 million, a decrease of about 21.7% from approximately HKD 86.7 million in the previous period, primarily due to declines in both energy and jewelry business revenues[16]. - Energy business revenue decreased by approximately 17.2% to about HKD 66.5 million, down from approximately HKD 80.3 million, mainly due to reduced sales of liquefied natural gas[16]. - Jewelry business revenue fell approximately 77.7% to about HKD 1.4 million from approximately HKD 6.5 million, attributed to intensified market competition and ongoing economic fluctuations[16]. - Revenue for the six months ended September 30, 2025, was HKD 67,910,000, a decrease of 21.7% compared to HKD 86,745,000 for the same period in 2024[93]. - Jewelry sales generated revenue of HKD 1,442,000, down 77.8% from HKD 6,478,000 in the previous year[110]. - Revenue from liquefied natural gas (LNG) sales was HKD 35,407,000, a decline of 30.8% from HKD 51,188,000 in the previous year[109]. - The energy segment accounted for HKD 66,468,000 of total revenue, representing 97.9% of the total revenue for the period[115]. Financial Position - The company recorded a net loss attributable to shareholders of approximately HKD 10.2 million, an increase of about 9.9% from approximately HKD 9.3 million in the previous period[25]. - Gross profit decreased by approximately 30.8% from about HKD 5.9 million to approximately HKD 4.1 million, reflecting a decline in sales[17]. - The company's net asset value was HKD 4,185,000, down from HKD 11,877,000 as of March 31, 2025[97]. - The group’s capital debt ratio was approximately 452.8% as of September 30, 2025, compared to 259.6% as of March 31, 2025[30]. - Total assets and total liabilities were approximately HKD 258.9 million and HKD 254.7 million, respectively, as of September 30, 2025, resulting in a debt ratio of approximately 98.4%[33]. - The group had approximately HKD 19.0 million in secured bank borrowings as of September 30, 2025, down from HKD 30.8 million as of March 31, 2025[30]. - The group recorded a net loss attributable to shareholders of approximately HKD 10,214,000 for the six months ended September 30, 2025[104]. - The company reported a loss before tax of HKD 9,142,000, slightly improved from a loss of HKD 9,937,000 in the previous year[93]. - The company’s current liabilities exceeded its current assets by approximately HKD 21,867,000 as of September 30, 2025[104]. - Total liabilities amounted to HKD 254,702,000, with current liabilities at HKD 88,185,000[95]. Operational Strategies - The company plans to enhance supply chain resilience by securing more cost-competitive long-term suppliers and optimizing customer structure to mitigate short-term demand fluctuations[11]. - The company aims to improve operational efficiency and customer experience by optimizing supply chain collaboration and distribution networks[6]. - The company plans to focus on high-quality projects aligned with national policy directions to enhance energy efficiency and promote low-carbon transformation[13]. - The company aims to explore potential partnerships in the natural gas and solar photovoltaic sectors to improve resource allocation efficiency and long-term development potential[13]. - The company plans to implement strict cost-saving measures, focusing on reducing non-core and non-essential expenditures[105]. - The company received financial support from its controlling shareholder to address its financial needs[105]. - The company’s financial position is expected to improve due to the consensus reached with convertible bondholders regarding repayment terms[105]. Employee and Management Information - The group had 61 employees as of September 30, 2025, a decrease from 64 employees as of March 31, 2025[38]. - The company’s short-term employee benefits for key management personnel amounted to HKD 1,477,000 for the six months ended September 30, 2025, compared to HKD 1,344,000 for the same period in 2024[156]. Shareholder Information - As of September 30, 2025, Mr. Hu Yangjun holds 208,171,000 shares, representing approximately 50.52% of the issued shares[47]. - The beneficial interest of Fengyuan Capital Limited, controlled by Mr. Hu Yangjun, is 204,718,000 shares, accounting for 49.68% of the total issued shares[52]. - Mr. Zhang Bing holds 74,070,270 shares, which is approximately 17.97% of the total issued shares[52]. - The board has decided not to declare an interim dividend for the period[26]. - The company did not declare or propose any dividends during the interim period[129]. Debt and Financing - The group is actively seeking additional financing arrangements to meet short-term working capital needs and is considering equity fundraising options[28]. - The group did not obtain any new bank borrowings during the interim period, with total bank borrowings at HKD 18,952,000 as of September 30, 2025, down from HKD 30,831,000[142]. - Loans from a controlling shareholder rose to HKD 119,461,000 as of September 30, 2025, up from HKD 110,887,000 as of March 31, 2025[137]. - The company issued convertible bonds totaling HKD 52,000,000 with a 0% annual interest rate, convertible into 70,270,270 shares at an adjusted conversion price of HKD 0.74 per share[80]. - The effective interest rate for the convertible bonds is 22.9% per annum, with subsequent measurement at amortized cost[150]. Market Conditions and Challenges - The company faces significant pressure on its solar photovoltaic products due to international trade barriers and geopolitical tensions, impacting global sales channels[9]. - The demand for liquefied natural gas (LNG) is expected to grow in the medium to long term, supported by China's dual carbon goals and oil and gas system reforms[11]. - The likelihood of obtaining the gas operation license by November 30, 2025, is considered very low, leading to expected cancellation and retransfer arrangements[43]. - The board believes the likelihood of obtaining the gas operating license by the deadline is minimal, anticipating the cancellation and re-transfer arrangement to take effect[166]. Asset Management - Non-current assets totaled HKD 192,569,000 as of September 30, 2025, an increase from HKD 190,521,000 as of March 31, 2025[95]. - The group had approximately HKD 43.9 million in intangible assets as of September 30, 2025, slightly down from HKD 44.2 million as of March 31, 2025[29]. - The group’s investment properties were valued at approximately HKD 76.7 million as of September 30, 2025, up from HKD 73.6 million as of March 31, 2025[29]. - The fair value change of investment properties showed a gain of HKD 2,314 for the six months ended September 30, 2025, compared to a loss of HKD 7,642 in the same period of 2024[123]. Share Option Schemes - The 2016 Share Option Scheme was adopted on September 9, 2016, and was terminated after the 2023 Annual General Meeting, with no options granted or accepted since then[55]. - The 2023 Share Option Scheme was adopted on September 7, 2023, with its main terms outlined in the company's circular dated July 21, 2023, and a supplementary circular dated August 23, 2023[55]. - No options were granted under any share option plans during the period, leading to a weighted average of zero shares potentially issued under all plans[58]. - The maximum number of shares that may be issued upon the exercise of options under the 2023 Share Option Scheme is 38,756,400 shares, accounting for 10% and 9.41% of the issued shares as of the adoption date and report date, respectively[56]. - The 2023 Share Option Scheme has a vesting period of no less than 12 months unless otherwise determined by the board[76].

SANBASE CORPORATION LIMITED 莊皇集團公 司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） Stock code 股份代號：8501 中 期 報 告 INTERIM REPORT 2025 CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of invest ...

目錄 Contents | Corporate Information | 2 | | --- | --- | | 公司資料 | | | Management Discussion and Analysis | 4 | | 管理層討論與分析 | | | Corporate Governance and Other Information | 19 | | 企業管治及其他資料 | | | Independent Review Report | 25 | | 獨立審閱報告 | | | Interim Condensed Consolidated Statement of Profit or Loss | 27 | | 中期簡明綜合損益表 | | | Interim Condensed Consolidated Statement of Comprehensive Income | 28 | | 中期簡明綜合全面收益表 | | | Interim Condensed Consolidated Statement of Financial Position | 29 | | 中期簡明綜合財務狀況表 | | | Int ...

Financial Performance - The company recorded revenue of approximately HKD 459.5 million for the six months ended September 30, 2025, an increase of approximately HKD 82.8 million or 22.0% compared to HKD 376.7 million in the same period last year[10]. - Gross profit increased to approximately HKD 84.9 million, up by approximately HKD 17.1 million or 25.2% from HKD 67.8 million year-on-year, with a gross margin of approximately 18.5%, slightly up from 18.0%[12]. - The company reported a net profit attributable to shareholders of approximately HKD 29.9 million, compared to HKD 21.8 million in the same period last year[12]. - Profit before tax increased to HKD 36,511,000, a 35% rise compared to HKD 26,983,000 in the previous year[84]. - Net profit for the period was HKD 30,764,000, reflecting a 36% increase from HKD 22,547,000 in the prior year[84]. - Total comprehensive income for the period reached HKD 39,760,000, up 56% from HKD 25,557,000 year-on-year[84]. - Basic and diluted earnings per share increased to HKD 4.98, compared to HKD 3.63 in the same period last year[84]. - The company reported a net profit of HKD 29,853,000 for the period, compared to HKD 21,759,000 in the same period last year, representing an increase of approximately 37.1%[89]. - Total comprehensive income for the period was HKD 39,163,000, up from HKD 24,769,000 year-over-year, indicating a growth of about 58.2%[90]. Expenses and Costs - General and administrative expenses increased to approximately HKD 44.1 million, up by approximately HKD 3.9 million from HKD 40.2 million year-on-year, consistent with the increase in revenue[12]. - Sales costs increased by approximately HKD 65.7 million or 21.3%, with sales costs accounting for approximately 81.5% of total revenue, a slight decrease from 82.0% year-on-year[15]. - Financial expenses rose to approximately HKD 1.3 million from about HKD 0.9 million in the same period last year, primarily due to an increase in the average balance of bank borrowings[22]. - Income tax expenses increased to approximately HKD 5.7 million from about HKD 4.4 million in the previous year, mainly due to an increase in taxable profits during the reporting period[24]. - Research and development expenses increased to HKD 11,028,000 for the six months ended September 30, 2025, from HKD 9,449,000 in 2024, reflecting a focus on innovation[121]. Assets and Liabilities - Total current assets as of September 30, 2025, were approximately HKD 557.3 million, representing 61.8% of total assets, up from HKD 508.4 million and 60.4% as of March 31, 2025[26]. - Total assets as of September 30, 2025, amounted to HKD 902,355,000, an increase from HKD 842,351,000 as of March 31, 2025[86]. - Current liabilities increased to HKD 240,350,000 from HKD 211,317,000 as of March 31, 2025[87]. - Accounts payable rose to HKD 150,784,000 as of September 30, 2025, compared to HKD 113,990,000 as of March 31, 2025, indicating a significant increase in liabilities[157]. - The company’s bank borrowings as of September 30, 2025, amounted to HKD 67,206,000, with a total cash flow of HKD 233,080,000 due within one year[106]. Shareholder Information - The company does not recommend any interim dividend during the reporting period[71]. - The company declared and paid a final dividend of HKD 7,800,000, compared to HKD 4,800,000 in the previous period, reflecting a 62.5% increase in dividends[92]. - The board proposed a final dividend of HKD 0.013 per share for the year ending March 31, 2025, with a total payout of HKD 7,800,000 made in September 2025[132]. - As of September 30, 2025, Mr. Sun Guohua holds 449,999,012 shares, representing 75% of the company's equity[63]. - KIG Real Estate Holdings Limited, in which Mr. Sun Guohua has a 40.50% beneficial ownership, holds 449,999,012 shares, also representing 75% of the company's equity[66]. Corporate Governance - The board of directors confirms compliance with the corporate governance code, except for the deviation where the roles of Chairman and CEO are held by the same individual, Mr. Sun Guohua[67]. - The audit committee has reviewed the interim financial information and believes it complies with the applicable standards and regulations[73]. - The company must comply with listing rules regarding the issuance of securities to shareholders[51]. Operational Developments - The company aims to enhance production efficiency, contributing to the slight increase in gross margin[16]. - The company faced challenges due to geopolitical tensions and high inflation rates affecting the global economy[10]. - The company plans to expand its overseas production base in Malaysia to provide flexible supply chain solutions and capture new customer opportunities amid geopolitical uncertainties[41]. - The total number of employees increased to 1,282 as of September 30, 2025, from 1,057 employees a year earlier[43]. Financial Management - The company has established financial risk management policies to ensure timely settlement of all payables within the credit period[157]. - The company regularly monitors compliance with financial covenants related to its borrowings, with no breaches reported as of September 30, 2025[25]. - The debt-to-asset ratio must not exceed 60%, and the current ratio must not be less than 1.0, both of which were compliant as of September 30, 2025[25].

Financial Performance - The group's consolidated revenue increased by 2.93% to HKD 421 million for the six months ended September 30, 2025, compared to HKD 409 million in 2024[5]. - The ODM business revenue rose by 6.90% to HKD 341 million, accounting for 81.00% of total revenue, with European and Asian markets growing by 12.59% and 41.77% respectively[6]. - The brand eyewear distribution business revenue declined by 11.24% to HKD 79 million, representing 18.76% of total revenue, primarily due to weak consumer demand in core markets[7]. - Revenue for the six months ended September 30, 2025, was HKD 420,938,000, an increase of 2.7% compared to HKD 408,829,000 for the same period in 2024[35]. - Total revenue for the six months ended September 30, 2025, was HKD 420,938 thousand, representing an increase from HKD 408,829 thousand in the prior year, with eyewear products contributing HKD 420,236 thousand[47]. - The company reported a net loss attributable to owners of HKD 20,410,000, compared to a loss of HKD 11,308,000 in the previous year, representing an increase in loss of 80.8%[35]. - The company reported a loss of HKD 20,410,000 for the six months ended September 30, 2025, compared to a loss of HKD 11,308,000 for the same period in 2024, representing an increase in loss of 80.5%[59]. Profitability and Margins - The gross profit margin decreased to 10.55% from 12.88% in 2024, attributed to intense industry competition[5]. - Gross profit decreased to HKD 44,397,000, down 15.6% from HKD 52,669,000 year-over-year[35]. - The basic loss per share for the period was HKD 7.77, compared to HKD 4.30 in the prior year, reflecting a deterioration in performance[35]. Cash Flow and Liquidity - As of September 30, 2025, the group held cash and bank balances of HKD 120 million, with outstanding bank loans of approximately HKD 41 million[9]. - Cash and cash equivalents decreased significantly to HKD 119,918,000 from HKD 185,279,000, a decline of 35.2%[38]. - For the six months ended September 30, 2025, the net cash used in operating activities was HKD (55,081) thousand, an improvement from HKD (64,368) thousand in the same period of 2024[42]. - The company incurred a net cash outflow from investing activities of HKD (12,217) thousand, significantly higher than HKD (2,656) thousand in the previous year[42]. - The company’s financing activities generated a net cash inflow of HKD 1,407 thousand, a recovery from a net outflow of HKD (10,714) thousand in the same period of 2024[42]. Assets and Liabilities - Total assets as of September 30, 2025, were HKD 558,681,000, compared to HKD 548,057,000 as of March 31, 2025, reflecting a slight increase of 1.3%[38]. - Current liabilities increased to HKD 292,735,000 from HKD 250,191,000, marking a rise of 17%[39]. - Total equity decreased to HKD 614,239,000 from HKD 629,977,000, a decline of 2.5%[39]. - Accounts receivable increased to HKD 269,003,000 as of September 30, 2025, from HKD 208,124,000 as of March 31, 2025, an increase of 29.2%[63]. - The aging analysis of accounts receivable shows that current receivables increased to HKD 246,927,000 from HKD 153,012,000, a rise of 61.4%[64]. Employee and Operational Costs - The company has approximately 3,100 employees, with compensation based on performance, service duration, and market conditions[14]. - Employee costs decreased to HKD 151,351,000 from HKD 153,412,000 year-over-year, a reduction of 1.4%[5]. - The company’s administrative costs for the six months ended September 30, 2025, were HKD (5,026) thousand, slightly higher than HKD (5,076) thousand in the previous year[49]. Strategic Initiatives - A new production facility in Vietnam has been completed, providing welcomed new capacity that the company plans to leverage to enhance production efficiency and competitiveness in the industry[18]. - The company aims to explore new sales channels and distribution partners for its branded eyewear business, while also reviewing its brand portfolio to incorporate new brands with strong potential[18]. - The company will introduce a more flexible product range with varied pricing to adapt to changing consumer behaviors and preferences, integrating more design and customization elements[18]. Market Conditions and Risks - The company anticipates continued volatility in market demand for eyewear products due to geopolitical and macroeconomic uncertainties, particularly from U.S. tariff measures affecting global supply chains since April 2025[18]. - The group closely monitors foreign exchange risks, primarily in USD, HKD, and RMB, utilizing forward contracts to manage potential risks[13]. - The company incurred a net foreign exchange loss of HKD 1,754,000, down from HKD 2,822,000 in the previous year, a decrease of 37.9%[5]. Shareholder Information - Major shareholders include individuals holding over 5% of the company's issued share capital, with significant holdings by directors[79]. - The Vision Trust holds 141,533,828 shares, representing 53.86% of the company's issued share capital[80]. - The total shares held by the top five shareholders account for 90.56% of the company's issued share capital[83][85][86]. - The company has a significant concentration of ownership among its major shareholders, indicating potential influence over corporate decisions[83][85][86]. - The changes in shareholdings reflect active trading and potential strategic repositioning among major investors[85].

INTERIM REPORT 中期報告 2025/26 Contents 目錄 2 CORPORATE INFORMATION 公司資料 INTERIM FINANCIAL INFORMATION 中期財務資料 4 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income 簡明綜合損益及其他全面收益表 5 Condensed Consolidated Statement of Financial Position 簡明綜合財務狀況表 7 Condensed Consolidated Statement of Changes In Equity 簡明綜合權益變動表 8 Condensed Consolidated Statement of Cash Flows 簡明綜合現金流量表 9 Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報表附註 31 MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分 ...

Financial Performance - The company's loss significantly narrowed to approximately HKD 5.9 million, compared to a loss of about HKD 23.3 million in the same period last year, primarily due to a major corporate restructuring completed in March 2025[5]. - Total revenue from continuing operations for the six months ended March 31, 2025, was approximately HKD 110.4 million, down from HKD 119.6 million in the previous year[7]. - Revenue for the six months ended September 30, 2025, was HKD 110,434,000, a decrease of 7.3% compared to HKD 119,619,000 for the same period in 2024[29]. - The total comprehensive loss for the period was HKD 5,924,000, compared to a loss of HKD 23,290,000 in the prior year[30]. - Basic loss per share for the period was HKD 0.35, compared to HKD 1.25 for the same period last year[30]. - The loss before tax for the six months was HKD 5,326,000, an improvement from a loss of HKD 9,495,000 in the previous year[29]. - The company reported a loss attributable to owners of the company of HKD (6,457,000) for the six months ended September 30, 2025, compared to a loss of HKD (13,717,000) in the same period of 2024, indicating an improvement of approximately 53%[63]. Revenue Breakdown - Revenue from the construction segment increased to approximately HKD 88.4 million, up from HKD 64.2 million year-on-year, mainly driven by construction contracts in Cambodia[7]. - The trading segment recorded revenue of approximately HKD 22 million, a decrease from HKD 55.4 million in the same period last year, attributed to a decline in trading volume[7]. - For the six months ended September 30, 2025, total revenue from continuing operations was HKD 110,434,000, with construction contributing HKD 88,387,000 and trade contributing HKD 22,047,000[44]. - The company reported a total revenue from construction contracts of HKD 88,387,000 for the six months ended September 30, 2025, compared to HKD 64,227,000 in 2024, an increase of approximately 37.5%[58]. Expenses and Costs - Administrative expenses decreased to approximately HKD 7.4 million from HKD 11.6 million in the previous year, mainly due to reduced employee costs in the Hong Kong office[9]. - Administrative expenses decreased to HKD 7,353,000 from HKD 11,628,000 year-on-year, reflecting a reduction of 36.5%[29]. - The gross profit for the construction segment was approximately HKD 1.8 million, compared to HKD 0.6 million in the previous year, reflecting improved performance despite administrative and operational costs not being fully covered[8]. - The company reported other income of HKD 1,000, down from HKD 337,000 in the previous year[29]. Assets and Liabilities - As of September 30, 2025, total assets decreased to HKD 143,803,000 from HKD 172,344,000 as of March 31, 2025, representing a decline of approximately 16.5%[31]. - Current liabilities decreased to HKD 125,936,000 from HKD 152,709,000, a reduction of about 17.5%[31]. - The net asset value as of September 30, 2025, was HKD 40,989,000, down from HKD 43,069,000, indicating a decrease of approximately 4.8%[32]. - The company’s total liabilities decreased to HKD 125,936,000 from HKD 152,709,000, indicating a reduction of approximately 17.5%[31]. - As of September 30, 2025, total reportable segment assets were HKD 134,826,000, with construction assets at HKD 132,341,000 and trade assets at HKD 2,485,000[48]. Cash Flow and Financing - The company reported a net cash outflow from operating activities of HKD 8,493,000 for the six months ended September 30, 2025, compared to a net inflow of HKD 10,594,000 for the same period in 2024[34]. - The company’s financing activities generated a net cash inflow of HKD 303,000, contrasting with a net cash outflow of HKD 7,816,000 in the previous year[34]. - Cash and cash equivalents decreased to HKD 6,571,000 from HKD 14,487,000, a decline of approximately 54.5%[34]. - As of September 30, 2025, the company had bank borrowings of HKD 7,382,000, slightly decreased from HKD 7,652,000 as of March 31, 2025[78]. Corporate Governance - The company has established an audit committee composed of three independent non-executive directors to oversee financial reporting[18]. - The group has issued 1,869,159,962 ordinary shares with a par value of HKD 0.01 each, totaling HKD 18,692 thousand as of both September 30, 2025, and March 31, 2025[79]. - The company did not declare any interim dividend for the six months ended September 30, 2025[26]. - The group did not declare any interim dividends for the six months ended September 30, 2025, consistent with the previous year[81]. Discontinued Operations - The group terminated its engineering construction business in Hong Kong by selling Win Vision Holdings Limited and its subsidiaries as of March 31, 2025[82]. - The discontinued operations reported a revenue of HKD 0 for the six months ended September 30, 2025, compared to HKD 69,777 thousand for the same period in 2024[83]. - The net cash flow from operating activities for the discontinued operations was HKD 0, while cash flow from investing activities was HKD 48,493 thousand, and cash flow from financing activities was HKD (68,490) thousand[83]. Market and Strategic Outlook - The company aims to enhance long-term profitability and pursue sustainable growth, focusing on opportunities in Malaysia, China, and Cambodia[6]. - The company has no significant foreign exchange risks apart from certain receivables denominated in foreign currencies, with no major capital commitments or contingent liabilities reported[11]. - The company has not applied any new standards or interpretations that have not yet come into effect for the current accounting period[41].