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]

C M Y CM MY CY CMY K VIHL Interim Report A4 Cover 2025_26 FA2_v1b.pdf 1 21/11/2025 3:55 PM For the interim financial period, the Group recorded a 6% decrease in revenue, primarily due to challenges faced by the Chinese Mainland operations, which were affected by softer market conditions. External macro and competitive environment are evolving rapidly. Despite the short-term challenges, we remain confident in our long-term potential for continuous scaling up. 於中期財務期間，本集團錄得收入減少6%，主要由於中國內地業務受市況疲弱影 響，表現面臨挑戰。外部宏 ...

Financial Performance - Revenue for the six months ended September 30, 2025, was HK$347,143,000, representing a 6.5% increase from HK$326,065,000 in the same period of 2024[12] - Gross profit surged to HK$13,448,000, a significant increase of 354.9% compared to HK$2,956,000 in the previous year, with a gross profit margin improvement of 3.0 percentage points to 3.9%[12] - Loss attributable to equity holders of the Company decreased by 49.3% to HK$6,568,000 from HK$12,967,000 year-on-year[12] - Basic loss per share improved to HK(0.98) cents, down from HK(1.93) cents, marking a 49.2% reduction in loss per share[12] - The loss for the period ended September 30, 2025, was HK$7,067,000, a significant improvement compared to a loss of HK$13,582,000 for the same period in 2024, representing a reduction of approximately 48.9%[19] - The Group reported a consolidated loss before tax of HK$13,138,000 for the six months ended September 30, 2025, compared to a loss of HK$17,036,000 in the previous year, indicating an improvement of 22.4%[40] - The Group's loss for the period was HK$7,067,000 for the six months ended September 30, 2025, compared to a loss of HK$13,582,000 in the same period of 2024, showing a reduction of 48.1%[40] Cash and Liquidity - Cash and cash equivalents stood at approximately HK$322 million, indicating a solid liquidity position[12] - Cash flows used in operating activities amounted to HK$8,911,000, an improvement from HK$35,642,000 in the previous period[27] - The company experienced a net increase in cash and cash equivalents of HK$1,075,000 during the period, compared to an increase of HK$13,587,000 in the previous period[27] - As of September 30, 2025, the Group's cash and cash equivalents were approximately HK$322 million, down from approximately HK$353 million as of March 31, 2025[148] - The Group maintained a current ratio of approximately 2.7 and a quick ratio of approximately 2.2 as of September 30, 2025, indicating strong liquidity[150] Expenses and Costs - Distribution and selling expenses rose to HK$8,424,000, up from HK$7,200,000, indicating increased costs in sales efforts[16] - Administrative expenses increased to HK$38,505,000 from HK$36,618,000, reflecting higher operational costs[16] - The cost of inventories sold increased to HK$202,324,000 in 2025 from HK$175,665,000 in 2024, reflecting a 15% rise[47] - The impairment allowance for accounts receivable rose significantly to HK$4,118,000 in 2025 from HK$291,000 in 2024, indicating a substantial increase in credit risk[47] Assets and Liabilities - Total non-current assets as of September 30, 2025, amounted to HK$781,105,000, showing a slight increase from HK$778,213,000 as of March 31, 2025[20] - Current assets decreased to HK$582,870,000 from HK$616,004,000, representing a decline of about 5.4%[20] - Current liabilities decreased to HK$212,841,000 from HK$225,904,000, reflecting a reduction of approximately 5.8%[20] - Total assets of the Group amounted to HK$1,363,975,000 as of September 30, 2025, a decrease from HK$1,394,217,000 as of March 31, 2025[42] - The Group's total liabilities decreased to HK$305,809,000 as of September 30, 2025, down from HK$322,632,000 as of March 31, 2025[42] Revenue Sources - For the six months ended September 30, 2025, the Group's revenue from the manufacturing and sale of footwear products was HK$347,143,000, an increase of 6.5% compared to HK$326,065,000 for the same period in 2024[40] - Rental income from property investment for the same period was HK$13,266,000, up from HK$12,839,000 in 2024, reflecting a growth of 3.3%[40] - Revenue from external customers in the United States increased to HK$86,863,000 in 2025 from HK$77,482,000 in 2024, representing an increase of 12.5%[43] - Revenue from external customers in Europe decreased to HK$91,691,000 in 2025 from HK$133,433,000 in 2024, a decline of 31.2%[43] Shareholder Information - The company declared a special final dividend of HK$13,224,000 for the fiscal year 2025[23] - The Group declared a special interim dividend of HK2.0 cents per ordinary share for 2025, down from HK6.8 cents in 2024, representing a 71% decrease[61] - The Group's issued and fully paid share capital at the end of the period was HK$67,161,000, down from HK$68,074,000 as of March 31, 2025[76] Management and Strategy - The Group plans to maintain prudent cash flow management and operational planning in response to ongoing geopolitical and trade uncertainties[88] - The Group has adopted a four-level development and defense strategy to navigate ongoing market uncertainties, focusing on upgrading capabilities, business growth, cost control, and financial management[138][139][141][144] - The Group plans to expand operations in Vietnam and Cambodia over the next two to three years, indicating confidence in future liquidity to support these initiatives[154][155] Market Conditions - The Group faced macroeconomic challenges during the reporting period, with consumer confidence in major export markets dampened by inflationary pressures and fluctuating tariff policies[86] - The Group's operational challenges include ongoing trade tensions and macroeconomic uncertainties, which are expected to persist into FY2026[137][142] Share Options - The company granted a total of 1,500,000 share options during the period, with an exercise price ranging from HK$0.600 to HK$0.958 per share[179] - As of September 30, 2025, the total number of share options outstanding is 1,500,000, with no options exercised or cancelled during the period[179] - The exercise period for the granted options spans from January 1, 2021, to December 11, 2032, depending on the specific grant date[179] - The company continues to incentivize its directors and employees through share options, reflecting a commitment to align interests with shareholders[179]

Financial Performance - The Group recorded consolidated revenue of HK$506 million for the Period, a decrease of 5.6% from HK$536 million in the Previous Period[8]. - Net profit attributable to Shareholders increased to HK$8.7 million, up from HK$7.1 million in the Previous Period, despite revenue decline[10]. - Basic earnings per share for the Period were 0.73 HK cents, compared to 0.60 HK cents in the Previous Period[11]. - Profit for the period was HK$8,544,000, compared to HK$7,064,000 in the previous year, marking a year-on-year increase of 20.9%[99]. - The Company reported a profit of HK$8,692,000 for the six months ended September 30, 2025, compared to a profit of HK$7,135,000 for the same period in 2024, indicating an increase of 21.8%[105]. - The Group's profit before income tax for the period was HK$13,137,000, an increase of 23.3% from HK$10,653,000 in the prior year[143]. Segment Performance - The FUJIFILM Photographic Products segment saw overall sales surge by 27.7% year-on-year, driven by a 37.5% increase in digital camera sales[12]. - The Consumer Electronic Products and Household Appliances segment reported a sales decline of 25.9% year-on-year, attributed to post-pandemic demand saturation[18]. - The television category faced a decline of 34.8% due to price competition from Chinese-brand electronics[19]. - The B-to-B commercial and professional AV products segment experienced a 24.5% year-on-year sales decrease, with interactive digital boards plummeting by 68.3% due to competition[25][30]. - Skincare products reported a 5.2% sales decline, impacted by parallel imports and the depreciation of the Japanese Yen[27][31]. - The imaging services segment saw a 13.5% sales drop, driven by a 9.3% contraction in photo D&P services and a 16.2% decline in ID photo-taking services[33]. Strategic Initiatives - The Group pivoted its focus to the premium AV segment, achieving a 4.5% growth in AV sales[20]. - A milestone was achieved with the launch of the first authorized FUJIFILM HOP in the Greater Bay Area, enhancing community engagement and product trial opportunities[16]. - The Group organized targeted campaigns around the X-HF1 launch to reinforce its brand image and engage consumers[17]. - The introduction of new services like selfie booths and pet photo-taking is expected to drive future growth for the imaging services segment[34]. Financial Position - The Group's cash and bank balances, and time deposits stood at HK$230 million as of September 30, 2025, with no debt, ensuring adequate liquidity for current and future working capital requirements[50]. - Trade receivables were HK$51 million and inventories were valued at HK$185 million as of September 30, 2025, with ongoing efforts in credit control and prudent inventory management[51]. - The Group invested HK$10.8 million in capital expenditures during the period, financed from internal resources, including machinery and equipment[53]. - Total assets as of September 30, 2025, amounted to HK$924,102,000, an increase from HK$892,331,000 as of March 31, 2025[101]. - Total liabilities increased to HK$240,248,000 as of September 30, 2025, up from HK$217,615,000 as of March 31, 2025, representing an increase of 10.5%[103]. Shareholder Information - Directors' interests in shares included Dr. Sun Tai Lun Dennis holding 712,496,214 shares, representing 60.11% of the company's issued share capital[63]. - Mr. Sun Tao Hung Stanley and Mr. Sun Tao Hsi Ryan each held 711,276,214 shares, accounting for 60.01% of the issued share capital[63]. - Fine Products Limited holds 700,034,214 Shares, which is 59.06% of the Company's issued share capital[70]. - The interests of substantial shareholders are recorded in the register of interests as required by Section 336 of the SFO[68]. Governance and Compliance - The Audit Committee, comprising four Independent Non-executive Directors and one Non-executive Director, reviewed the Group's financial statements for the period[84]. - The Company has established written guidelines for securities transactions by employees likely to possess unpublished price-sensitive information[79]. - The Company has complied with the corporate governance code throughout the period[77]. - No incidents of non-compliance with the written guidelines by employees were noted[79]. Risk Management - The Group's activities expose it to various financial risks, including foreign exchange risk, interest rate risk, credit risk, and liquidity risk[127]. - There have been no changes in the risk management policies since the last year-end[128]. - The Group maintains a conservative approach to financial risk management and does not engage in high-leverage or speculative derivative products[59]. Employee Information - The Group's human resources increased to 592 employees as of September 30, 2025, reflecting a commitment to employee development and competitive remuneration packages[55]. - The total compensation paid to key management personnel for the six months ended September 30, 2025, was HK$3,552,000, a decrease from HK$3,800,000 for the same period in 2024[199]. - The total compensation for short-term employee benefits decreased to HK$3,525,000 in 2025 from HK$3,773,000 in 2024[199].

CONTENTS 目錄 | Corporate Information | | | --- | --- | | 企業信息 | 2 | | Financial Highlights | | | 財務摘要 | 4 | | Management Discussion and Analysis | | | 管理層討論及分析 | 5 | | 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 | 9 | | Condensed Consolidated Statement of Financial Position | | | 簡明綜合財務狀況表 | 10 | | Condensed Consolidated Statement of Changes in Equity | | | 簡明綜合權益變動表 | 11 | | Condensed Consolidated Statement of Cash Flows | | | 簡明綜合現金流量表 | 13 | | Not ...