Financial Performance - The company's revenue for the six months ended September 30, 2025, was HKD 71,848,000, a decrease of 50.16% compared to HKD 144,004,000 for the same period in 2024[8] - The gross profit for the same period was HKD 3,000, a significant drop from HKD 150,000 in 2024, indicating a gross margin of only 0.004%[8] - The net loss for the period was HKD 21,869,000, compared to a net loss of HKD 20,047,000 in 2024, reflecting an increase in losses of 9.06%[9] - Total revenue for the six months ended September 30, 2025, was HKD 71,118,000, a decrease of 49.7% compared to HKD 141,027,000 for the same period in 2024[23] - The company reported a total loss before tax of HKD 21,881,000 for the six months ended September 30, 2025, compared to a loss of HKD 19,291,000 in 2024[25] - The total comprehensive income for the period was a loss of HKD 20,530,000, compared to a loss of HKD 18,976,000 for the same period in 2024, reflecting a deterioration of approximately 8.2%[12] Assets and Liabilities - The company's total assets as of September 30, 2025, were HKD 254,934,000, up from HKD 246,019,000 as of March 31, 2025[10] - Current liabilities increased to HKD 196,717,000 from HKD 137,392,000, indicating a rise of 43.2%[11] - The company's total equity as of September 30, 2025, was HKD 81,939,000, down from HKD 103,245,000 as of March 31, 2025, representing a decrease of 20.5%[11] - The company’s current liabilities exceeded its current assets by approximately HKD 63,405,000 as of September 30, 2025, raising concerns about liquidity[16] - The debt-to-equity ratio increased to approximately 260.6% as of September 30, 2025, compared to approximately 181.7% as of March 31, 2025[58] Cash Flow - The company reported a net cash outflow from investing activities of HKD 11,088,000 for the six months ended September 30, 2025, compared to a significantly higher outflow of HKD 86,814,000 in the same period of 2024[13] - Operating activities used net cash of HKD 31,282,000 for the six months ended September 30, 2025, contrasting with net cash generated of HKD 16,039,000 in the prior year[13] - The company’s cash and cash equivalents decreased to HKD 17,576,000 from HKD 39,016,000, a decline of 54.9%[10] - The company recognized a net impairment loss of HKD 2,187,000 under the expected credit loss model, an improvement from HKD 3,914,000 in 2024[8] Revenue Segmentation - Revenue from construction and engineering-related services for the six months ended September 30, 2025, was HKD 64,748,000, up from HKD 58,554,000 in 2024, representing an increase of about 10.0%[22] - Agricultural business revenue increased to HKD 2,883,000 from HKD 1,627,000, while bioenergy business revenue was HKD 3,427,000, with no prior year comparison[23] - Construction and engineering-related business generated revenue of HKD 64,808,000, up 9.7% from HKD 58,996,000 in 2024[24] Operational Challenges and Strategies - The company plans to review its business operations to improve efficiency and is considering terminating loss-making operations as part of its strategy to enhance financial stability[19] - The company faced challenges in the global economic outlook due to trade conflicts and geopolitical tensions, impacting the property market in Hong Kong and China[46] - The company plans to invest more resources and efforts into biomass clean energy projects to create long-term stable returns for the company and its shareholders[48] - The biomass energy project has been designated as a key project in Shandong Province and is expected to generate revenue and profit in the second half of the current fiscal year[48] Shareholder Information - The major shareholder, Fujincheng Investment Holdings Co., Ltd., holds 74.86% of the issued share capital[74] - Liu Zhan Cheng, the beneficial owner of Fujincheng, directly holds 1,118,460,000 shares, representing 74.86% of the company[74] Corporate Governance - The company has adopted a standard code of conduct for directors' securities trading, with full compliance reported for the six months ending September 30, 2025[81] - The company has complied with all applicable provisions of the corporate governance code, except for specific deviations regarding the roles of the chairman and CEO[87] - The audit committee, established on December 23, 2016, includes independent non-executive directors and is responsible for reviewing financial information and internal controls[89] - The interim consolidated financial statements were reviewed by the audit committee and management, confirming compliance with applicable accounting standards and regulations[90] Employee Information - The group employed a total of 97 employees as of September 30, 2025, compared to 92 employees for the six months ending September 30, 2024[71] - Employee costs for the six months ending September 30, 2025, were approximately HKD 11.0 million, slightly up from HKD 10.9 million for the same period in 2024[71]

Financial Performance - Sunlight Holdings reported a consolidated revenue of SGD 10 million for the fiscal year ending September 30, 2025, representing a 15% increase compared to the previous year[3]. - The company achieved a net profit of SGD 2 million, which is a 20% increase year-over-year, indicating improved operational efficiency[3]. - Revenue for the Relevant Year was $14.0 million, a slight decrease of 0.6% from $14.1 million in the Previous Year[22]. - Gross profit increased by 0.7% from $4.80 million in the Previous Year to $4.84 million in the Relevant Year, with a gross profit margin rising from 34.2% to 34.6%[46]. - Profit attributable to the owners of the Company decreased by 31.2% from $735,000 in the Previous Year to $506,000 in the Relevant Year[50]. - Selling and distribution expenses increased by 11.1% from $1.9 million to $2.1 million due to inflation and changes in the sales commission structure[47]. - Cost of sales decreased from $9.3 million to $9.1 million, representing a decrease of 1.3%[45]. - The overall decrease in revenue corresponds with the decrease in cost of sales, indicating a need for strategic adjustments in pricing and product offerings[45]. Market Expansion and Strategy - Sunlight Holdings plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share over the next two years[3]. - The company is investing SGD 1 million in research and development for new product lines, aiming to launch at least two new products in the next fiscal year[3]. - Management has provided guidance for the next fiscal year, projecting a revenue growth of 10% to 12%[3]. - The company is exploring potential acquisition opportunities to enhance its product offerings and market reach[3]. - The company is optimistic about sustainable growth and aims to strengthen its competitive advantage through continuous evaluation of development opportunities[27]. Customer Engagement and Retention - Sunlight Holdings has implemented new strategies to improve customer engagement, resulting in a 15% increase in customer retention rates[3]. - User data showed a growth in active customers by 25%, reaching a total of 50,000 users by the end of the fiscal year[3]. Operational Efficiency - The company reported a significant reduction in operational costs by 5% through efficiency improvements[3]. - Total assets increased to $22.7 million from $21.8 million, while total liabilities rose to $3.8 million from $3.6 million, resulting in shareholders' equity of $18.9 million compared to $18.2 million in the previous year[56]. - The current ratio improved to 5.3 times from 4.5 times in the previous year, indicating better liquidity[56]. - Cash and cash equivalents increased to $4.6 million from $3.5 million, primarily held in major banks in Singapore and Hong Kong[57]. - Trade debtor turnover days increased to 58.8 days from 56.7 days, while trade creditor turnover days improved to 18.6 days from 25.9 days[57]. - The Group had no outstanding loans at the end of the Relevant Year, maintaining a gearing ratio that was not meaningful[58]. Corporate Governance and Management - The company has over 40 years of experience in the corporate hygiene paper products industry, with key executives having extensive backgrounds in production and sales management[87][88][90][92]. - The executive team includes Mr. Cai Liangsheng as Chairman and CEO, Mr. Cai Liangshu as Sales Director, and Mr. Chua Wenhao and Mr. Chua Wenjie as Deputy CEO and Deputy Sales Director, respectively[90][95][96]. - The company is focused on implementing strategies to enhance sales and marketing efforts for its products, leveraging the experience of its management team[88][92][95]. - The company has a strong emphasis on corporate governance, with independent non-executive directors overseeing audit and remuneration committees[98][103]. - The independent non-executive directors bring over 25 years of experience in accounting, audit, and advisory services, enhancing the company's governance framework[98][103]. - The executive directors are closely related, indicating a strong family involvement in the company's leadership structure[89][97]. - The company is committed to maintaining high standards of financial oversight and strategic direction through its experienced board of directors[98][103]. Environmental, Social, and Governance (ESG) Initiatives - The Group's Board oversees ESG issues and is responsible for evaluating and determining ESG-related risks[125]. - The management team is tasked with coordinating the implementation of the Group's environmental, employment, and service quality assurance policies[125]. - The Board regularly reviews ESG affairs, including environmental protection and community investment, to enhance the Group's ESG performance[126]. - A team led by an executive Director identifies and evaluates ESG issues from both internal operations and external stakeholders[128]. - The team sets environmental and social goals for the sustainability of the Group's business[129]. - The Board monitors the status of achieving KPI targets and the progress towards environmental and social goals[132]. - The Group complies with the "comply or explain" provisions of the ESG Reporting Guide[112]. - The company integrates environmental and social considerations into its business objectives to achieve specific environmental and social goals[139]. - Key environmental goals include adding environmentally friendly elements in daily operations, using energy and resources efficiently, and reducing greenhouse gas emissions[141]. - The company has established a team to develop and monitor environmental and social policies, ensuring proper assessment and management of ESG matters[143]. - No material ESG issues arose from stakeholder engagement during the relevant year, indicating effective communication and management[145]. - The company aims to comply with environmental and social laws and regulations while reporting performance transparently[148]. - The Singapore Green Plan 2030 aims for net zero emissions by 2050, aligning with the company's commitment to sustainability[155]. - The company acknowledges its responsibility to protect the environment by minimizing pollution and reducing waste in operations[154]. Environmental Performance Metrics - Total exhaust gas emissions decreased by 2% from the previous year, with total emissions at 935.79 kg in the relevant year compared to 954.51 kg in the previous year[160]. - Nitrogen oxides (NOx) emissions reduced from 881.76 kg in 2024 to 864.46 kg in 2025, a decrease of approximately 1.48%[163]. - Total greenhouse gas (GHG) emissions increased by 4.8% during the relevant year, totaling 191.09 tCO2e compared to 182.36 tCO2e in the previous year[169]. - Direct GHG emissions (Scope 1) decreased from 106.13 tCO2e in 2024 to 104.04 tCO2e in 2025, a reduction of approximately 1.96%[174]. - Energy indirect GHG emissions (Scope 2) increased from 67.91 tCO2e in 2024 to 79.24 tCO2e in 2025, an increase of approximately 16.67%[174]. - The intensity of GHG emissions was 13.68 tCO2e per million revenue in the relevant year, up from 12.97 tCO2e in the previous year[174]. - The company aims to reduce waste to landfill per capita by 30% by 2030 as part of the Singapore Green Plan 2030[159]. - The company does not produce hazardous waste and has not set reduction targets for non-hazardous waste due to the necessity of packaging materials[176][179]. - Packaging materials sold to recyclable waste collectors increased to 197 tonnes from 194 tonnes in the previous year[181]. - Production waste sold to recyclable waste collectors rose to 25 tonnes from 21 tonnes in the previous year[181]. - Water consumption recorded at 627 m³ for the relevant year, with no previous year data available due to meter issues[188]. - Electricity consumption increased to 192,000 kWh from 165,000 kWh in the previous year, with per million revenue consumption rising to 14 from 12[188]. - The company commenced commercial production of paper hand towels, contributing to higher electricity consumption in the relevant year[184]. - No significant climate-related issues impacted operations during the relevant year[195]. - The company identified high likelihood risks related to suppliers affected by climate change, mitigating this by diversifying supplier locations[194]. Employee Relations and Compliance - Compliance with Singapore's employment laws and regulations was maintained, with no significant non-compliance cases reported[200]. - The company promotes a fair and harmonious working environment, adhering to equal opportunity principles[199]. - Total staff costs rose to $3.2 million from $2.8 million, with no significant issues related to employee retention or labor disputes[69]. - Green office measures implemented include energy-saving practices and employee awareness initiatives[182].

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 425,046,000, representing a 8.4% increase from HKD 392,170,000 in the same period of 2024[6] - Gross profit increased to HKD 125,081,000, up 9.1% from HKD 114,989,000 year-over-year[6] - Operating profit rose significantly to HKD 55,745,000, compared to HKD 30,483,000 in the previous year, marking an 82.9% increase[6] - Net profit for the period was HKD 44,258,000, a 59.3% increase from HKD 27,782,000 in the prior year[6] - Basic and diluted earnings per share increased to HKD 7.32, up from HKD 4.50, reflecting a 62.7% growth[7] - Total comprehensive income for the period was HKD 53,238,000, compared to HKD 37,645,000 in the same period last year, indicating a 41.4% increase[8] Revenue Breakdown - Revenue from the toy segment reached HKD 277,899,000, up 22.3% from HKD 227,268,000 in the previous year[23] - The computer products segment generated revenue of HKD 36,432,000, down 39.7% from HKD 60,419,000 in the prior year[23] - The watch division's revenue increased by 7% to HKD 111 million, but operating profit slightly decreased from HKD 7 million to HKD 6.8 million due to product mix adjustments[54] Assets and Liabilities - Current assets increased to HKD 691,961,000 from HKD 596,344,000, a growth of 16.0%[9] - Total liabilities increased to HKD 261,939,000 from HKD 207,961,000, reflecting a 26.0% rise[10] - Total assets as of September 30, 2025, increased to HKD 916,144,000 from HKD 826,822,000, reflecting a growth of 10.8%[30] - Total liabilities rose to HKD 291,001,000 from HKD 236,782,000, marking an increase of 22.9%[30] Cash Flow and Investments - The net cash used in operating activities was HKD (49,363,000), a decline from HKD 31,746,000 generated in the same period last year[17] - The company’s investment activities generated a net cash inflow of HKD 21,598,000, significantly higher than HKD 2,871,000 in the previous year[17] - Cash and cash equivalents decreased by HKD 29,730,000, ending at HKD 238,726,000 as of September 30, 2025[17] Dividends - The company declared a dividend of HKD 18,135,000 to shareholders, marking a return to dividend payments[10] - The company declared an interim dividend of HKD 0.03 per share, consistent with the previous year[34] - The board declared an interim dividend of HKD 0.03 per share, totaling HKD 18 million, consistent with the previous year[60] Shareholder Information - Major shareholders include Ms. Wu Yaozhi with 106,639,893 shares (17.64%) and Ms. Zhang Yi with 69,504,057 shares (11.50%) as of September 30, 2025[70] - The company reported a total of 1,000,000,000 shares with a par value of HKD 0.01, resulting in a statutory capital of HKD 78,000,000[43] Corporate Governance - The company has established a remuneration committee consisting of two independent non-executive directors and one executive director[77] - The audit committee is composed of three independent non-executive directors and meets regularly with senior management and external auditors[75] - The company has adopted a set of conduct rules for directors' securities trading that meet or exceed the required standards[80] - The company has complied with the Corporate Governance Code as stipulated in the listing rules during the six-month period ending September 30, 2025[79] Employee Information - The total employee cost for the group during the review period was HKD 164,371,000, an increase from HKD 146,435,000 in the previous year[73] - The group employed a total of 2,624 staff as of September 30, 2025, compared to 2,282 staff in the previous year[73] Other Financial Metrics - The group recorded net realized and unrealized gains from trading securities of HKD 13 million, up from HKD 9.9 million in the previous year[54] - The group's debt-to-asset ratio was 32% as of September 30, 2025, up from 29% as of March 31, 2025[57] - The total remuneration for key management personnel for the six months ended September 30, 2025, was HKD 13,405,000, an increase from HKD 10,114,000 for the same period in 2024, representing a rise of 32%[51]

股份代 號 : 252 Stock code : 252 中期報告 Southeast Asia Properties & Finance Limited 華信地產財務有限公司 Interim Report 2025/26 中期報告 華信地產財務有限公司 目錄 | | 頁次 | | --- | --- | | 公司資料 | 2 | | 簡明綜合損益表 | 3 | | 簡明綜合全面收益表 | 5 | | 簡明綜合財務狀況表 | 6 | | 簡明綜合權益變動表 | 8 | | 簡明綜合現金流動表 | 9 | | 簡明綜合財務報告附註 | 10 | | 管理層討論及分析 | 32 | | 企業管治及其他資料 | 37 | 1 中期報告 2025/26 華信地產財務有限公司 公司資料 董事會 執行董事 蔡乃端先生 （主席） 蔡基鴻先生 （董事總經理） 陳鑫淼先生 非執行董事 陳文漢先生 蔡漢榮先生 蔡穎雯女士 蔡雪莉女士 獨立非執行董事 陳兆庭先生 徐家華先生 陸紹傳博士 甘卓燊先生 審核委員會 陳兆庭先生 （主席） 陳文漢先生 蔡漢榮先生 徐家華先生 陸紹傳博士 甘卓燊先生 薪酬委員會 徐家華先生 （主席） 蔡乃端 ...

King's Stone Holdings Group Limited 金石控股集團有限公司 （於開曼群島註冊成立的有限公司） （前稱SILVER TIDE HOLDINGS LIMITED銀濤控股有限公司） 股份代號：1943 (formerly known as SILVER TIDE HOLDINGS LIMITED) Stock code: 1943 (Incorporated in the Cayman Islands with limited liability) INTERIM REPORT 2025/26 中期報告 2025/26 King's Stone Holdings Group Limited 金石控股集團有限公司 King's Stone Holdings Group Limited Interim Report 2025/26 中期報 告 金石控股集團有限公司 目錄 | 公司資料 | 2 | | --- | --- | | 管理層討論及分析 | 3 | | 其他資料 | 10 | | 簡明綜合損益及其他全面收益表 | 19 | | 簡明綜合財務狀況表 | 20 | | 簡明綜合權益 ...

Interim Report 中期報告 2025/26 Contents 目錄 Page 頁次 Corporate Information 2 企業資料 Condensed Consolidated Income Statement 4 簡明綜合收益表 Condensed Consolidated Statement of Comprehensive Income 5 簡明綜合全面收益表 Condensed Consolidated Statement of Financial Position 6 簡明綜合財務狀況表 Condensed Consolidated Statement of Changes in Equity 8 簡明綜合權益變動表 Condensed Consolidated Statement of Cash Flows 10 簡明綜合現金流量表 Notes to the Condensed Consolidated Financial Statements 12 簡明綜合財務報表附註 Management Discussion and Analysis 43 管理層討論及分析 Finan ...

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 220,693,000, a decrease of 8.5% compared to HKD 240,825,000 in the same period of 2024[5] - Gross profit for the same period was HKD 3,300,000, down from HKD 3,523,000, reflecting a decline of 6.3%[5] - The company reported a net loss of HKD 1,414,175,000 for the period, significantly higher than the loss of HKD 91,461,000 in 2024, marking an increase of 1,447.5%[5] - Basic and diluted loss per share for the period was HKD 0.38, compared to HKD 0.65 in the previous year, representing a decrease of 41.5%[5] - The total comprehensive loss for the period was HKD 1,384,087,000, reflecting a significant decline from the previous comprehensive income of HKD 120,905,000[9] - The company reported a net loss of HKD 1,411,420,000, compared to a net profit of HKD 93,873,000 in the previous period[9] - The loss before tax for the six months was approximately HKD 1,413,970,000, an increase of about HKD 1,321,710,000 compared to HKD 92,260,000 in the previous year[148] Financing and Liabilities - Financing costs surged to HKD 97,892,000, compared to HKD 4,990,000 in the previous year, indicating a substantial increase of 1,961.5%[5] - Current liabilities totaled HKD 24,013,000, down from HKD 98,589,000, showing a reduction of 75.7%[8] - Non-current liabilities reached HKD 287,040,000, a decrease from HKD 3,356,084,000, indicating a reduction of 91.5%[8] - The company has issued convertible bonds totaling HKD 3,123,042,000, which are expected to be fully converted[14] - The company plans to issue up to 1,368,000,000 new shares at a placement price of HKD 0.34 per share, potentially raising approximately HKD 465,120,000 to improve its financial position[16] - The company has a total of HKD 75,310,000 in interest-bearing loans as of September 30, 2025, with no current liabilities due within one year[59] - The total liabilities as of September 30, 2025, were HKD 311,053,000, down from HKD 3,454,673,000 as of March 31, 2025[29] Assets and Cash Flow - Total assets as of September 30, 2025, amounted to HKD 54,676,000, a significant decrease from HKD 1,465,045,000 as of March 31, 2025[7] - The company’s cash and cash equivalents increased to HKD 3,040,000 from HKD 2,443,000, reflecting a growth of 24.4%[7] - Cash used in operating activities amounted to HKD 7,189,000, a decrease from the cash generated of HKD 4,044,000 in the same period last year[11] - The net cash generated from financing activities was HKD 9,630,000, an increase from HKD 1,736,000 in the previous period[11] Operational Highlights - The mining segment reported a loss of HKD 1,452,206,000 for the six months ended September 30, 2025, compared to a loss of HKD 132,168,000 for the same period in 2024[24] - The company incurred capital expenditures of HKD 2,080,000 for property, plant, and equipment, up from HKD 405,000 in the prior year[11] - The company’s employee benefit expenses for the six months ended September 30, 2025, amounted to HKD 1,217,000, down from HKD 1,465,000 in 2024, reflecting a reduction in personnel costs[41] - The company’s depreciation expense for property, plant, and equipment increased to HKD 439,000 for the six months ended September 30, 2025, compared to HKD 120,000 in 2024, indicating higher asset utilization[41] Legal and Compliance Issues - The company is actively seeking legal advice and measures to protect its rights regarding the revoked mining license[54] - The company has received multiple summonses related to its financial statements and securities transactions, but it is not a defendant in these cases[99][101] - The company has faced various legal challenges but has managed to suspend or terminate most of them effectively[92][100] - The company is involved in multiple legal proceedings, including cases HCA 584 and HCA 1195, related to significant acquisitions and technical reports concerning Russian coal mines[90][93] Strategic Plans and Future Outlook - The company plans to implement cost control measures to improve operational and financial conditions[14] - The group aims to explore opportunities in sustainable industries such as solar and wind energy to adapt to evolving energy trends[157] - The group plans to enhance its energy commodity trading business in South Korea by strengthening procurement channels and partnerships[157] - The company has achieved all conditions for the capital restructuring, which became effective on March 17, 2025[81]

2025 26 205/6 財務報表 中期業績 電訊首科控股有限公司（「本公司」）董事會（「董事會」）宣佈，本公司及其附屬公司（統 稱「本集團」）截至2025年9月30日止六個月（「期內」）之簡明綜合財務業績，連同相應 比較數字如下： 簡明綜合損益及其他全面收益表 截至2025年9月30日止六個月 | | | 截至9月30日止六個月 | | | --- | --- | --- | --- | | | | 2025年 | 2024年 | | | | 千港元 | 千港元 | | | 附註 | （未經審核） | （未經審核） | | 收入 | 4 | 18,905 | 23,600 | | 銷售成本 | | (16,908) | (20,258) | | 毛利 | | 1,997 | 3,342 | | 其他收入及收益 | 6 | 2,786 | 3,725 | | 其他營運開支淨額 | 7 | (2,401) | (2,271) | | 行政開支 | | (6,129) | (6,451) | | 融資成本 | 8 | (21) | (120) | | 除稅前虧損 | | (3,768) | (1,775) | ...

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]