Financial Performance - For the six months ended September 30, 2025, turnover reached HK$1,990.6 million, representing a year-on-year increase of 6.6% from HK$1,866.9 million[8]. - Gross profit for the same period was HK$755.0 million, up from HK$724.8 million, indicating a growth of 4.0%[8]. - Profit for the period was HK$50.2 million, a significant increase of 55.0% compared to HK$32.4 million in the previous year[8]. - Basic earnings per share rose to 1.6 HK cents, compared to 1.0 HK cents in the prior year, reflecting a 60.0% increase[8]. - The company declared an interim dividend of 1.15 HK cents per share, with a payout ratio of approximately 71%[8]. - Operating profit for continuing operations was HK$69,523, compared to HK$65,357 in the previous year, indicating a growth of 3.2%[9]. - Profit for the period from continuing operations was HK$52,891, up from HK$47,498, reflecting an increase of 5.0%[9]. - Total comprehensive income for the period attributable to owners of the Company was HK$58,354, an increase of 19.4% from HK$48,876 in 2024[150]. Financial Position - As of September 30, 2025, total equity stood at HK$1,163.0 million, with cash and bank balances of HK$251.1 million[8]. - The current ratio was reported at 1.6 times, indicating a solid financial position[8]. - Total assets decreased to HK$2,323,124 from HK$2,343,253, a decline of 0.9%[9]. - Total liabilities decreased to HK$1,160,142 from HK$1,197,336, a reduction of 3.1%[9]. - Net assets increased to HK$1,162,982, up from HK$1,145,917, showing a growth of 1.5%[9]. - The Group's total equity as of September 30, 2025, was HK$1,162,982,000, an increase from HK$1,145,917,000 as of September 30, 2024[154]. Sales and Market Performance - The geographical sales mix showed that Hong Kong & Macau contributed 77.1% to total sales, while Chinese Mainland and Southeast Asia accounted for 11.4% and 11.3%, respectively[8]. - The number of points of sale increased to 157, with Hong Kong & Macau sales points growing by 8.9% and Southeast Asia by 3.7%[8]. - Offline sales in Hong Kong and Macau reached HK$1,424.9 million, an increase of 8.9% year-on-year, while Southeast Asia's offline sales were HK$168.5 million, up by 3.7%[49]. - Online sales in Hong Kong and Macau grew by 16.3% year-on-year to HK$110.3 million, while online sales in Southeast Asia surged by 43.6% to HK$55.5 million[50]. - Same-store sales in Hong Kong and Macau grew by 11.4% year-on-year, with offline sales performance increasing by 8.9%[76][80]. Operational Insights - The company is actively integrating its physical and online business presence to enhance the customer-centric omni-channel shopping experience[4]. - The Group plans to focus on market expansion and new product development in the upcoming quarters[9]. - The Group plans to strategically expand its store network in Hong Kong and Macau, contingent on reasonable rental costs[73][74]. - The Group's online sales network includes a diverse range of brands and products, enhancing customer engagement through social media platforms[87][88]. - The Group's Buy-Online-Pick-Up-In-Store (BOPIS) service remains popular, enhancing customer interaction and sales[96][100]. Challenges and Market Trends - The ongoing geopolitical conflicts and trade protectionism have led to economic slowdowns, affecting international trade liquidity and increasing volatility in import and export activities[22]. - The shift in travel habits of Chinese Mainland tourists towards experiential travel has created opportunities for the Group to promote exclusive brands, enhancing customer loyalty and profit margins[29]. - The competitive landscape in the beauty retail sector is prompting companies to optimize their operating models between online and offline channels to enhance efficiency[38][42]. - The Group remains cautiously optimistic about the Hong Kong and Macau markets, despite challenges such as labor shortages and high operating costs[35][39]. Visitor Statistics - In the first half of 2025, Hong Kong welcomed 24.2 million visitors, with 18.7 million from the Chinese Mainland, representing a 13.3% increase compared to the previous year[23]. - Macau received 19.8 million visitors, with 14.3 million from the Chinese Mainland, marking a 20.2% increase year-on-year[23]. Inventory and Cash Flow - Group inventories increased to HK$833.5 million, with stock turnover days rising by 21 days to 124 days[138]. - Cash flow from operating activities was negative at HK$42,647, compared to a positive cash flow of HK$54,911 in the previous year[9]. - The Group's total cash balance decreased to HK$251.1 million from HK$371.1 million as of March 31, 2025[65]. Future Outlook - The Group anticipates that further increases in the number of Individual Visit Scheme cities could yield additional positive effects for the tourism and retail sectors in Hong Kong and Macau[27]. - The e-commerce sector in Southeast Asia is projected to grow from USD184 billion in 2024 to USD410 billion by 2030, with a compound annual growth rate of 14%[44][47].

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 498,241, a decrease of 7.5% compared to HKD 538,745 for the same period in 2024[4] - The cost of goods sold was HKD 315,380, resulting in a gross profit of HKD 182,861, down from HKD 215,197 in 2024[4] - The net profit attributable to shareholders for the period was HKD 3,981, a significant decline of 82.5% from HKD 22,788 in the previous year[4] - The company reported a total comprehensive income of HKD 2,137, compared to HKD 22,059 in the same period last year, reflecting a decrease of 90.3%[5] - The performance of the product business segment showed a significant increase in profit, reaching HKD 34,411,000 for the six months ending September 30, 2024, compared to HKD 7,066,000 in 2025, indicating a decline of approximately 79.5%[24][25] - The company reported a net profit before tax of HKD 6,715,000 for the six months ending September 30, 2025, down from HKD 28,415,000 in 2024, reflecting a decrease of about 76.4%[24][25] - The group's net profit attributable to owners for the period was approximately HKD 3.98 million, a decline of about 82.5% from HKD 22.79 million in 2024[84] Revenue Breakdown - Revenue from product sales in the product business was HKD 359,658,000, a decline of 5.7% from HKD 381,484,000 in the prior year[21] - Operating services revenue decreased to HKD 115,054,000 from HKD 136,235,000, reflecting a decline of about 15.6%[21] - Product business revenue contributed approximately HKD 362.03 million, accounting for 72.7% of total revenue, compared to HKD 382.67 million in 2024[73] - Revenue from operation services decreased by approximately 15.6% to about HKD 115.05 million, compared to HKD 136.24 million in 2024, impacted by intense competition in the telecommunications market[77] - Property investment revenue increased to approximately HKD 12.58 million, up about 15.8% from HKD 10.86 million in 2024, mainly due to rental income from a building acquired in May 2022[78] Assets and Liabilities - Total assets as of September 30, 2025, were HKD 952,937, down from HKD 997,793 as of March 31, 2025[6] - Current liabilities decreased to HKD 676,319 from HKD 702,563, indicating improved management of short-term obligations[7] - The company’s equity attributable to shareholders was HKD 480,547, down from HKD 486,485 at the end of the previous fiscal year[8] - The group had a net current liability of approximately HKD 454.08 million as of September 30, 2025, compared to HKD 492.73 million as of March 31, 2025[89] Cash Flow and Financing - Net cash generated from operating activities for the six months ended September 30, 2025, was HKD 4,298,000, compared to a net cash used of HKD 20,361,000 in the same period of 2024[12] - Cash inflow from investment activities amounted to HKD 29,005,000, a significant improvement from a cash outflow of HKD 6,336,000 in the previous year[12] - The net cash used in financing activities was HKD 35,325,000, contrasting with a net cash inflow of HKD 28,412,000 in the previous year[14] - The company raised HKD 342,567,000 from bank and other borrowings, while repaying HKD 338,384,000 during the same period[14] - The group’s bank borrowings amounted to HKD 588,178,000 as of September 30, 2025, slightly up from HKD 583,746,000 as of March 31, 2025[50] Dividends and Shareholder Information - The company declared an interim dividend of HKD 0.02 per share for the 2024/25 fiscal year, totaling HKD 8,075,000, while no interim dividend was declared for the 2023/24 fiscal year[36] - The board declared no interim dividend for the period, compared to an interim dividend of HKD 0.03 per share in 2024[93] - As of September 30, 2025, the company had 403,753,000 shares issued, with significant holdings by the Cheung family, including 220,000,000 shares representing approximately 54.49% of the issued share capital[102] Operational Insights - The company plans to focus on expanding its market presence and enhancing product offerings in the upcoming quarters[4] - The company operates 69 retail stores in Hong Kong, offering a wide range of electronic products and consumer goods[73] - The short-term business environment is expected to remain challenging due to economic instability, with local retail facing structural challenges and consumer spending shifting away from local retailers[97] - The company aims to provide exceptional customer experience while strategically focusing on prudent cost management and operational optimization[97] Governance and Compliance - The audit committee, composed of independent non-executive directors, has reviewed and approved the unaudited condensed consolidated interim financial information for the six months ended September 30, 2025[115] - The company has complied with the Corporate Governance Code, except for the deviations mentioned[108] - The board of directors confirmed compliance with the securities trading code throughout the reporting period[105] Future Outlook - The company expects to generate sufficient operating cash flow to meet its financial obligations within the next twelve months[17] - The company has not engaged in any significant acquisitions or disposals of properties or subsidiaries during the reporting period[95] - There have been no significant events from September 30, 2025, to the report date[114]

中期報告 INTERIM REPORT 2025/26 香港太古城太古灣道12號 3樓301-3室 Suites 301-3, 3rd Floor 12 Taikoo Wan Road Taikoo Shing, Hong Kong 目 錄 | 2 | 公司資料 | | --- | --- | | 4 | 簡明綜合損益及其他全面收益表 | | 5 | 簡明綜合財務狀況表 | | 7 | 簡明綜合權益變動表 | | 8 | 簡明綜合現金流量表 | | 9 | 簡明綜合中期財務報表附註 | | 21 | 管理層討論及分析 | | 34 | 董事之證券權益 | | 35 | 主要股東 | | 36 | 企業管治 | | 37 | 關連人士交易 | | 39 | 購買、出售或贖回本公司之上市證券 | | 40 | 審核委員會之審閱工作 | 公司 資料 | 董事會 | 執行董事 | | --- | --- | | | 伍耀泉先生 | | | 盧梓峯先生 | | | 凌瑞娥女士 | | 審核委員會 | 盧梓峯先生（主席） | | | 李漢成先生 | | | 凌瑞娥女士 | | 薪酬委員會 | 凌瑞娥女士（主席） | | ...

篤志力行 願景引航 股份代號 : 2633 二零二五/二零二六年中期報告 目錄 2 公司資料 3 財務摘要 4 企業願景及使命 5 公司簡介 6 管理層討論及分析 17 其他資料 22 致董事會的審閱報告 23 未經審核綜合損益及其他全面收益表 24 未經審核綜合財務狀況表 25 未經審核綜合權益變動表 26 未經審核簡明綜合現金流量表 27 未經審核中期財務報告附註 39 詞彙 公司資料 董事會 執行董事 岑廣業先生 （主席兼行政總裁） 嚴振亮先生 潘裕慧女士 非執行董事 黃志基教授 獨立非執行董事 林烱堂醫生 楊俊文先生 林誠光教授 （自二零二五年七月二十八日起退任） 陸庭龍先生 （自二零二五年七月二十八日起獲委任） 審核委員會 楊俊文先生（主席） 林烱堂醫生 林誠光教授 （自二零二五年七月二十八日起不再擔任） 陸庭龍先生 （自二零二五年七月二十八日起獲委任） 薪酬委員會 林烱堂醫生（主席） 楊俊文先生 潘裕慧女士 提名委員會 楊俊文先生（主席） 林烱堂醫生 嚴振亮先生 （自二零二五年七月二十八日起辭任） 潘裕慧女士 （自二零二五年七月二十八日起獲委任） 執行委員會 岑廣業先生（主席） 嚴振亮先生 潘裕慧 ...

Financial Performance - Revenue for the six months ended September 30, 2025, was HK$4,111,772,000, an increase of 4.2% from HK$3,946,807,000 in the same period last year[12]. - Gross profit for the period was HK$162,180,000, up from HK$143,263,000, reflecting a gross margin improvement[12]. - Profit before tax increased to HK$134,287,000, compared to HK$117,874,000, representing a growth of 13.9%[12]. - Profit for the period was HK$108,236,000, a rise of 8.5% from HK$99,893,000 in the previous year[12]. - Basic and diluted earnings per share increased to 5.41 HK cents, up from 4.99 HK cents, indicating improved profitability[12]. - Total comprehensive income attributable to owners of the parent was HK$114,212,000, compared to HK$100,872,000, reflecting overall growth[12]. - Other income and gains decreased to HK$8,196,000 from HK$27,412,000, highlighting a decline in non-operating income[12]. - Total revenue for the six months ended September 30, 2025, was HK$4,111,772,000, representing an increase of 4.2% from HK$3,946,807,000 in the same period of 2024[47]. - Revenue from building construction contracts was HK$3,994,115,000, up 4.9% from HK$3,805,993,000 in 2024[49]. - Profit before tax for the six months ended September 30, 2025, was impacted by contract costs of HK$3,949,592,000, compared to HK$3,803,544,000 in 2024[53]. - The total tax charge for the period was HK$26,051,000, compared to HK$17,981,000 in the same period of 2024, reflecting a 45.1% increase[55]. Expenses and Costs - Administrative expenses were reduced to HK$35,468,000 from HK$36,808,000, showing cost management efforts[12]. - Finance costs significantly decreased to HK$3,957,000 from HK$19,263,000, indicating improved financial efficiency[12]. - Employee benefit expenses (excluding directors' remuneration) increased to HK$187,687,000 from HK$155,359,000, marking a rise of 20.8%[53]. - Interest income decreased to HK$7,896,000 from HK$25,663,000 in the previous year, reflecting a decline of 69.1%[51]. - Other income and gains decreased from HK$27,412,000 for the same period last year to HK$8,196,000 for the Period, primarily due to a decrease in interest income from fixed time deposits[121]. - Finance costs significantly decreased by 79% from HK$19,263,000 for the same period last year to HK$3,957,000 for the Period[123]. Assets and Liabilities - Total non-current assets increased to HK$1,943,334,000 as of September 30, 2025, up from HK$1,896,724,000 as of March 31, 2025, representing a growth of 2.5%[14]. - Current assets decreased slightly to HK$3,363,714,000 from HK$3,381,869,000, a decline of 0.5%[14]. - Net current liabilities increased to HK$159,120,000 from HK$143,163,000, indicating a rise of 11.1%[14]. - Total non-current liabilities rose to HK$54,937,000 from HK$18,496,000, an increase of 196.5%[15]. - Total equity as of September 30, 2025, was HK$1,729,277,000, a slight decrease from HK$1,735,065,000 as of March 31, 2025[15]. - Cash and cash equivalents at the end of the period were HK$1,643,858,000, down from HK$2,408,896,000, marking a decrease of 31.7%[19]. - The Group's property, plant, and equipment increased to HK$1,851,881,000 as of September 30, 2025, from HK$1,788,769,000 as of March 31, 2025[61]. - Accounts receivable as of September 30, 2025, were fully settled, maintaining a 100% settlement rate, consistent with March 31, 2025[153]. - Contract assets included retention receivables of HK$614,225,000 and unbilled revenue of HK$513,710,000 as of September 30, 2025, compared to HK$586,886,000 and HK$661,135,000 respectively as of March 31, 2025[154]. - Other payables, accruals, and contract liabilities totaled HK$1,465,664,000 as of September 30, 2025, slightly up from HK$1,462,571,000 as of March 31, 2025, mainly due to increased lease liabilities[161]. Dividends and Shareholder Information - The company declared a final dividend of HK$120,000,000 for the period, compared to HK$100,000,000 in the previous year, an increase of 20%[19]. - The final dividend for the year 2024/25 was HK$0.06 per share totaling HK$120,000,000, compared to HK$0.05 per share totaling HK$100,000,000 for the year 2023/24[112]. - The maximum number of shares issuable under the share option scheme is limited to 10% of the shares of the Company in issue at the adoption date[77]. - No share options were granted from the date of adoption of the share option scheme up to the date of the financial information approval[84]. - The Group has not granted any share options under the adopted share option scheme since its inception up to September 30, 2025[186]. - As of September 30, 2025, Mr. Lau Chi Fai Daniel held 300,000 shares, representing 0.015% of the issued shares of the Company[190]. - Prof. Ko Jan Ming held 28,000 shares, representing 0.001% of the issued shares of the Company[190]. - No outstanding share options were granted to the Directors and chief executive of the Company as of September 30, 2025[191]. - There were no interests or short positions in the shares or debentures of the Company by Directors or the chief executive as of September 30, 2025[192]. - The Company did not grant any share options under the Share Option Scheme since its adoption on August 31, 2018[194]. - As of September 30, 2025, there were no arrangements enabling Directors or their families to acquire benefits through shares or debentures of the Company[196]. - The Company had no substantial shareholders' interests in securities that required disclosure under the SFO as of September 30, 2025[200]. Market and Strategic Outlook - The decline in Hong Kong's property market has resulted in a decrease in construction volume, particularly in the private sector[113]. - The HKSAR Government is expected to promote infrastructure and land development to stabilize the economy and increase employment opportunities[113]. - Tendering opportunities for construction contracts from the public sector are expected to be sustainable and stable due to government initiatives[114]. - The Group's strategic focus on public construction aligns with the government's commitment to addressing housing demands, creating a positive long-term outlook for the construction industry[181]. - The Group's collaboration with WHSE is expected to expand the customer base and enhance cross-referral opportunities without significant resource diversion[178]. - The Group's focus on the public sector positions it favorably amid the government's proactive housing initiatives, leading to a stable business outlook[181]. - The HKSAR Government aims to supply a total of 189,000 public housing units, including Light Public Housing, over the next five years starting from 2026-27[179]. - The long-term housing strategy targets a total housing supply of 420,000 units over ten years, maintaining a 70:30 public/private split[180].

Financial Performance - For the six months ending September 30, 2025, the group reported total revenue of approximately HKD 219.6 million, a decrease of about HKD 22.8 million or 9.4% compared to the same period in 2024[13]. - The gross profit for the review period was approximately HKD 24.4 million, an increase of about 15.5% from HKD 21.1 million for the six months ending September 30, 2024, resulting in a gross margin of approximately 11.1%[14]. - The group recorded a net profit of approximately HKD 5.7 million for the review period, significantly up from HKD 1.2 million in the same period of 2024[10]. - Other income, gains, and losses for the review period amounted to approximately HKD 156,000, a decrease of about HKD 705,000 from HKD 861,000 for the six months ending September 30, 2024[16]. - The company reported a total comprehensive income of HKD 5,797,000 for the six months ended September 30, 2025, compared to HKD 1,218,000 for the same period in 2024, showing a significant increase[44]. - The overall profit before tax increased to HKD 5,963,000 from HKD 1,546,000, representing a growth of 285.5%[58]. - Basic earnings per share increased to HKD 5,684,000 from HKD 1,227,000, reflecting a significant improvement in profitability[67]. Revenue and Contracts - The group had a total of 21 ongoing projects as of September 30, 2025, with a total contract value of approximately HKD 1,135.1 million and recognized revenue of approximately HKD 813.2 million[9]. - Revenue for the six months ended September 30, 2025, was HKD 219,621,000, a decrease from HKD 242,384,000 for the same period in 2024[40]. - The construction services for residential buildings generated revenue of HKD 213,982,000, down from HKD 236,970,000, reflecting a decline of 9.7%[53]. - Total revenue for the six months ended September 30, 2025, was HKD 218,017,000, a decrease of 9.3% compared to HKD 240,397,000 for the same period in 2024[53]. Expenses and Costs - Administrative expenses for the review period were approximately HKD 10,152,000, a decrease of about 9.9% compared to HKD 11,271,000 for the six months ended September 30, 2024[17]. - Financing costs decreased by approximately 56.8% to about HKD 121,000 from HKD 280,000 for the six months ended September 30, 2024, primarily due to reduced interest from lease liabilities and early repayment of bank loans[19]. - The company reported a decrease in construction costs to HKD 194,682,000 from HKD 220,877,000, a reduction of 11.9%[62]. Assets and Liabilities - Total assets amounted to HKD 213,906,000, an increase from HKD 207,362,000 as of March 31, 2025, reflecting a growth of approximately 2.6%[41]. - Total liabilities increased to HKD 123,749,000 as of September 30, 2025, compared to HKD 73,004,000 as of March 31, 2025, representing an increase of approximately 69.5%[41]. - The debt-to-equity ratio as of September 30, 2025, was approximately 0.4%, a significant decrease from 3.1% as of March 31, 2025[25]. - The company’s equity as of September 30, 2025, was HKD 213,159,000, up from HKD 207,362,000 as of March 31, 2025, indicating a growth of about 2.8%[43]. Investment Properties - The group has acquired seven investment properties, with three already on the market after renovation, and expects improved rental income as more properties become available[10]. - The company acquired additional investment properties worth approximately HKD 20,000,000 during the review period[70]. - Rental income for the six months ended September 30, 2025, is reported at HKD 1,604,000 (unaudited), down from HKD 1,987,000 in the same period of 2024[92]. Market Conditions and Strategy - The group anticipates challenges in the industry due to factors such as slowing growth and weak demand in the real estate market, which may reduce opportunities for new residential projects[12]. - The group plans to adopt more competitive bidding pricing strategies and strict cost control measures to achieve reasonable project gross margins in response to market conditions[12]. Shareholder Information - As of September 30, 2025, the controlling shareholder, Mr. Chan, held 750,000,000 shares, representing 75% of the company's equity[96]. - The company has not granted any share options since the adoption of the share option plan in December 2019, and there are no outstanding options as of September 30, 2025[102]. - The company did not recommend the payment of an interim dividend for the review period, consistent with the previous period[38]. Management and Governance - The board believes that the dual role of the chairman and CEO held by Mr. Chan enhances effective business planning and decision-making[105]. - The Audit Committee, established on December 12, 2019, consists of three independent non-executive directors to review internal controls, risk management, and financial reporting[110]. - The interim financial performance for the review period was unaudited but reviewed and approved by the Audit Committee, ensuring compliance with applicable accounting standards and regulations[112].

( 股份代號 : 237 ) 2025/26 中期報告 公司業績 截至二零二五年九月三十日止六個月，安全貨倉有限公司（「本公司」），連同其附屬公司統 稱（「本集團」）錄得本公司股東應佔虧損17,560,000港元（二零二四年同期：溢利184,000港 元），由盈轉虧。期內總收入由93,409,000港元減少10%至84,100,000港元。本集團於期內錄 得每股虧損4.34港仙，而去年同期則錄得每股盈利0.05港仙。 扣除投資物業公平值虧損後，本集團之除稅後核心溢利（非香港財務報告準則財務計量指 標）由二零二四年同期73,884,000港元增加至本期之96,140,000港元。 本集團錄得稅前虧損7,213,000港元（二零二四年同期：溢利7,351,000港元）及稅後淨虧損 17,560,000港元（二零二四年同期：溢利184,000港元）。 中期股息 本公司董事會（「董事會」）宣佈派發期內之中期股息每股3港仙（二零二四年同期：每股3港 仙）予二零二五年十二月十九日名列本公司股東名冊內之股東。中期股息將於二零二六年 一月十四日派發。 業務回顧 貨倉營運分部 期內，本集團之貨倉營運分部業績較去年同期略有改善， ...

目錄 | | 頁次 | | --- | --- | | 公司資料 | 02 | | 管理層討論及分析 | 03 | | 企業管治及其他資料 | 16 | | 簡明綜合財務報表審閱報告 | 28 | | 簡明綜合損益及其他全面收益表 | 30 | | 簡明綜合財務狀況表 | 32 | | 簡明綜合權益變動表 | 34 | | 簡明綜合現金流量表 | 36 | | 簡明綜合財務報表附註 | 39 | 公司資料 董事會 執行董事 高黎雄博士 （主席兼行政總裁） 張美蘭女士 非執行董事 高俊傑先生 獨立非執行董事 陳昌達先生 謝嘉穎女士 何志誠先生 審核委員會 謝嘉穎女士 （主席） 陳昌達先生 高俊傑先生 薪酬委員會 何志誠先生 （主席） 陳昌達先生 高黎雄博士 提名委員會 陳昌達先生 （主席） 何志誠先生 高黎雄博士 謝嘉穎女士 授權代表 高黎雄博士 鄭志偉先生 公司秘書 鄭志偉先生 合規主任 鄭志偉先生 主要往來銀行 註冊辦事處 Windward 3, Regatta Office Park PO Box 1350 Grand Cayman KY1-1108 Cayman Islands 總部及香港主要營業地點 ...

Financial Performance - The company's revenue for the six months ended September 30, 2025, was HKD 219,124,000, a decrease of 63.24% compared to HKD 595,834,000 for the same period in 2024[3] - Gross profit for the same period was HKD 44,285,000, down 50.14% from HKD 88,235,000 in 2024[3] - The profit before tax decreased to HKD 20,558,000, representing a decline of 68.32% from HKD 64,869,000 in the previous year[3] - The net profit for the period was HKD 18,428,000, a decrease of 67.96% compared to HKD 55,798,000 in 2024[3] - Basic and diluted earnings per share were HKD 1.53, down from HKD 5.41 in the same period last year[3] - Total comprehensive income for the period was HKD 22,329,000, a decline of 65.16% from HKD 64,103,000 in 2024[5] - Revenue from construction contracts for the six months ended September 30, 2025, was HKD 219,124,000, down 63.3% from HKD 595,834,000 in the same period of 2024[21] - Other income, including interest income, decreased to HKD 1,161,000 from HKD 8,616,000, marking a decline of 86.5% year-over-year[21] - The company’s profit attributable to owners for the six months ended September 30, 2025, was HKD 17,724,000, a decrease of 67.8% compared to HKD 55,061,000 for the same period in 2024[26] - The basic earnings per share for the six months ended September 30, 2025, was HKD 0.0153, down from HKD 0.0540 in 2024, based on a weighted average of 1,154,945,765 shares[27] - The renewable energy business recorded total revenue of approximately HKD 219,124,000, a decrease of about 63.2% compared to HKD 595,834,000 in the same period last year[40] Assets and Liabilities - Non-current assets increased to HKD 50,245,000 as of September 30, 2025, compared to HKD 44,889,000 as of March 31, 2025[6] - Current assets totaled HKD 700,001,000, down from HKD 761,696,000 at the end of March 2025[6] - Total liabilities decreased to HKD 354,069,000 from HKD 430,784,000 in the previous period[6] - The company's equity increased to HKD 396,177,000 as of September 30, 2025, compared to HKD 375,801,000 as of March 31, 2025[7] - The total trade receivables as of September 30, 2025, amounted to HKD 275,806,000, a decrease from HKD 291,314,000 as of March 31, 2025[29] - The provision for expected credit losses on trade receivables increased to HKD 32,366,000 as of September 30, 2025, from HKD 32,084,000 at the beginning of the period[30] - The total bank and other borrowings as of September 30, 2025, was HKD 104,886,000, an increase from HKD 94,358,000 as of March 31, 2025[32] - The aging analysis of trade payables as of September 30, 2025, showed a total of HKD 148,200,000, down from HKD 234,520,000 as of March 31, 2025[31] - The capital-to-debt ratio was approximately 30.6%, slightly up from about 29% at the end of the previous period[48] Cash Flow - For the six months ended September 30, 2025, the net cash generated from operating activities was HKD 5,629,000, a significant decrease from HKD 30,617,000 in the same period of 2024, representing an 81.6% decline[10] - Total cash and cash equivalents increased by HKD 46,651,000 to HKD 127,323,000 as of September 30, 2025, compared to HKD 159,976,000 at the end of the previous period[10] - Cash and cash equivalents increased to approximately HKD 127,323,000 from HKD 80,672,000, representing a growth of about 6.9%[46] Operational Overview - The company operates primarily in the renewable energy sector, focusing on providing one-stop value-added solutions for photovoltaic power stations and selling patented photovoltaic tracking support systems[14] - The majority of external customer revenue is derived from mainland China, with total revenue from this region being HKD 219,124,000 for the current period[17] - The group’s non-current assets are located in Hong Kong and China, indicating a strong regional focus on its operational base[18] - The company has implemented strict monitoring of trade receivables to minimize credit risk, with credit terms generally ranging from 30 to 90 days[29] - The cost of construction materials and supplies was HKD 110,465,000, down 65.1% from HKD 316,653,000 in the previous year[23] - The group reported a pre-tax loss for the six months ended September 30, 2025, with total expenses amounting to HKD 174,839,000, a decrease from HKD 507,599,000 in the same period of 2024[23] - Contract costs amounted to approximately HKD 174,839,000, down from HKD 507,599,000 in the previous year[41] - Administrative and other operating expenses totaled approximately HKD 23,507,000, a reduction of about 20.3% from HKD 29,482,000 in the same period last year[42] - Financing costs decreased by approximately 44.8% to HKD 1,381,000 from HKD 2,500,000 in the previous year[43] Shareholder Information - The company did not declare or pay any dividends for the six months ended September 30, 2025, and 2024[28] - The company’s weighted average number of shares increased from 1,017,761,858 in 2024 to 1,154,945,765 in 2025, reflecting a share issuance[26] - As of September 30, 2025, Mr. Wu Jianong held 749,986,515 shares, representing 61.12% of the company's equity[57] - The major shareholder, Zhenjie Limited, held 739,375,515 shares, accounting for 60.26% of the company's equity[59] - A share incentive plan was adopted on September 24, 2024, allowing for a maximum of 10% of the issued share capital (122,700,000 shares) to be awarded[60] - A total of 74,350,000 shares have been purchased in the market under the share incentive plan since its adoption, with no shares granted as rewards to date[62] - The share incentive plan allows for a maximum of 1% of the company's issued share capital to be granted as reward shares or options to selected participants[61] - The share incentive plan is effective for a period of 10 years starting from September 24, 2024[62] Governance and Compliance - The company has complied with all applicable corporate governance codes, except for the separation of the roles of Chairman and CEO, which are held by the same individual since August 11, 2016[54] - The audit committee has reviewed the unaudited condensed consolidated financial statements for the six months ending September 30, 2025, and confirmed compliance with applicable accounting standards[66] - The company has adopted the GEM Listing Rules regarding the code of conduct for securities trading by directors, with all directors confirming compliance for the six months ending September 30, 2025[65] - There are no significant events that require disclosure after September 30, 2025, up to the report date[67] - The company has no significant investments, acquisitions, or disposals of subsidiaries or associates during the reporting period[50] - There are no significant contingent liabilities or capital commitments as of the reporting date[51][52] Employment - As of September 30, 2025, the group had 173 employees, an increase from 162 employees as of March 31, 2025[53]

Financial Performance - For the six months ended September 30, 2025, the company reported revenue of HKD 44,919,000, an increase of 6.3% compared to HKD 41,304,000 for the same period in 2024[4] - The company incurred a loss before tax of HKD 722,000, significantly improved from a loss of HKD 3,436,000 in the previous year, representing a reduction of approximately 78.9%[4] - The net loss for the period was HKD 734,000, compared to a net loss of HKD 3,438,000 in the prior year, indicating a year-over-year improvement of about 78.6%[4] - The company reported a basic and diluted loss per share of HKD 0.65, an improvement from HKD 0.72 in the previous year[4] - The group reported a pre-tax loss of HKD 722,000 for the six months ended September 30, 2025, compared to a pre-tax loss of HKD 3,436,000 for the same period in 2024[22] - The company reported a loss of HKD 3,962,000 for the six months ended September 30, 2025, an improvement from a loss of HKD 4,258,000 in the same period of 2024[32] Assets and Liabilities - The company's total assets less current liabilities stood at HKD 30,427,000 as of September 30, 2025, slightly up from HKD 30,289,000 as of March 31, 2025[5] - The company's total liabilities decreased to HKD 52,424,000 from HKD 55,256,000, indicating a reduction of approximately 5.3%[5] - The company has a net current liability of approximately HKD 31,706,000 as of September 30, 2025[14] - The company's total equity decreased to approximately HKD 17,570,000 as of September 30, 2025, down from HKD 17,962,000[9] - The group's operating capital deficit was approximately HKD 31.7 million as of September 30, 2025, improved from a deficit of approximately HKD 39.6 million as of March 31, 2025[82] - The group's total equity as of September 30, 2025, was approximately HKD 17.6 million, a slight decrease from approximately HKD 18.0 million as of March 31, 2025[82] Cash Flow and Investments - Cash and cash equivalents increased to HKD 10,266,000 from HKD 7,972,000, reflecting a growth of approximately 28.9%[5] - Operating activities generated a positive cash flow of approximately HKD 8,260,000 during the same period[14] - The net cash used in investing activities was approximately HKD 4,732,000, an improvement from HKD 10,077,000 in the prior year[11] - The company’s investment in property, plant, and equipment resulted in cash outflows of approximately HKD 11,298,000 during the period[11] - The company acquired property, plant, and equipment at a cost of approximately HKD 11,298,000 for the six months ended September 30, 2025, a decrease of 27.3% from HKD 15,494,000 in the same period of 2024[33] Revenue Sources - For the six months ended September 30, 2025, total revenue from external customers reached HKD 44,919,000, with contributions from leasing services and debt collection services[21] - The group’s debt collection service revenue increased to HKD 14,891,000 for the six months ended September 30, 2025, compared to HKD 10,321,000 for the same period in 2024[24] - The increase in revenue was primarily driven by a rise in debt collection service income, influenced by the recoverability of debts and collection timelines[74] Personnel and Costs - The total personnel costs for the six months ended September 30, 2025, were HKD 12,650,000, down from HKD 13,079,000 in the same period of 2024, indicating a reduction of approximately 3.3%[30] - Other operating expenses were approximately HKD 7.4 million, an increase of about 1.5% compared to approximately HKD 7.2 million for the same period last year[76] - Financial costs for the six months ended September 30, 2025, totaled HKD 1,219,000, an increase of 6.5% from HKD 1,145,000 in the same period of 2024[27] Shareholder Information - The company’s issued share capital remained at 606,802,571 shares as of September 30, 2025, with a total capital of HKD 6,068,000[57] - Major shareholder Huang Yueyi holds a total of 354,332,762 shares, representing 58.39% of the issued shares[118] - The company has a significant relationship with Rongzhong Group, which indirectly owns 40.00% of its issued share capital[123] - The company has entered into an unsecured loan agreement with its major shareholder, Gold List, for a total value of HKD 50,000,000 at an interest rate of 6%[125] Governance and Compliance - The board of directors consists of eight members, including one executive director, four non-executive directors, and three independent non-executive directors, responsible for formulating corporate strategies and overseeing performance[100] - The company has adopted a board diversity policy to enhance performance quality and maintain a competitive edge through diverse board member backgrounds[103] - The Audit Committee was established on December 18, 2015, and is responsible for reviewing the group's financial information and overseeing the financial reporting system[105] - The company has adopted a standard code of conduct for directors regarding securities trading, ensuring compliance throughout the reporting period[111] Future Plans and Strategies - The company aims to expand its leasing network in China and reduce business risks, evolving from a financial service provider to a comprehensive financial service supplier in Hong Kong and Southeast Asia[98] - The company plans to further expand its financing business in the Greater Bay Area and enhance collaboration across multiple platforms within its ecosystem[98] - The company proposed a new 2025 Share Option Scheme and 2025 Share Award Scheme to continue providing incentives to eligible participants, which will be effective for 10 years from the adoption date[151]