Financial Performance - Total revenue for the year ended August 31, 2025, reached RMB 3,960.34 million, a 6.1% increase from RMB 3,732.07 million in 2024[20]. - Adjusted net profit for 2025 was RMB 705.81 million, reflecting a slight increase of 1.2% compared to RMB 693.18 million in 2024[20]. - Total assets decreased to RMB 21,997.20 million in 2025 from RMB 22,281.52 million in 2024, a decline of 1.3%[22]. - Current liabilities reduced to RMB 8,781.72 million in 2025, down 6.6% from RMB 9,407.66 million in 2024[22]. - The company reported a net profit of RMB 386.68 million for 2025, down from RMB 613.09 million in 2024, indicating a decline of 37.0%[44]. - Adjusted gross profit for 2025 was RMB 1,720.10 million, up from RMB 1,621.68 million in 2024, reflecting a growth of 6.1%[45]. - The group's cost of sales for the same period was RMB 2,292.54 million, up RMB 134.04 million or 6.21% from RMB 2,158.50 million, primarily due to increased teaching quality and staff compensation[49]. - Gross profit for the fiscal year was RMB 1,667.80 million, reflecting an increase of RMB 94.23 million or 5.99% from RMB 1,573.57 million[50]. - Selling expenses rose to RMB 327.35 million, an increase of RMB 85.50 million or 35.35% from RMB 241.85 million, mainly to expand enrollment channels[51]. - Administrative expenses increased to RMB 613.90 million, up RMB 13.35 million or 2.22% from RMB 600.55 million, attributed to higher management salaries and professional service fees[52]. - Financing costs decreased to RMB 225.68 million, down RMB 63.73 million or 22.02% from RMB 289.41 million, due to reduced loan scale and optimized loan structure[53]. - The group's cash and bank balances totaled RMB 3,291.59 million as of August 31, 2025, compared to RMB 3,100.75 million the previous year[57]. - The current ratio improved to 0.69 as of August 31, 2025, up from 0.43 the previous year[59]. - The debt-to-equity ratio decreased to approximately 29.5% from 35.4% the previous year[62]. Operational Developments - The company successfully resolved its debt crisis by disposing of certain assets, reducing liabilities and laying a solid foundation for future development[10]. - The company effectively reduced its debt scale and improved cash flow by rationally disposing of non-core assets, ensuring stable operations[14]. - There will be a focus on lean management to improve operational efficiency and ensure healthy cash flow while controlling debt risks[17]. - The company introduced 32 new programs related to cutting-edge industries such as artificial intelligence and big data analysis, while discontinuing 20 programs that did not align with market demand[28]. - The company aims to optimize cost structures and improve management efficiency through technology, while focusing on curriculum development and faculty construction[41]. - The company is implementing measures to enhance operational capital management efficiency and strengthen control over interest-bearing liabilities[42]. - The company is actively expanding its global presence, particularly in regions along the "Belt and Road" initiative, to tap into high-demand areas for higher education[41]. Educational Initiatives - Over the reporting period, the company introduced over 1,100 teachers and recognized nearly 100 senior "dual-qualified" teachers, enhancing teaching quality[11]. - The company established nearly 100 new partnerships with enterprises, hosting 799 recruitment events that attracted 5,346 companies and offered over 306,000 job positions[12]. - The company aims to enhance the integration of artificial intelligence in education and training, aligning with national strategies for innovation and talent development[27]. - The average placement rate for graduates increased steadily compared to the previous year, with a 90% pass rate for students in employment guidance training[30]. - The company provides pre-service training for new teachers to facilitate their integration into the teaching team[199]. Corporate Governance - The company has adhered to the corporate governance code and met the majority of the recommended best practices as of August 31, 2025[69]. - The company is focused on enhancing shareholder value through effective corporate governance practices and regular reviews[69]. - The company has established a new investment strategy under the leadership of the newly appointed Chief Investment Officer, effective January 23, 2025[77]. - The company has a diverse board consisting of nine directors, including three executive directors and three independent non-executive directors[75]. - The independent non-executive directors have confirmed their independence according to the listing rules[120]. - The company has established service contracts for all directors, which require re-election as per the articles of association[119]. - The company has received confirmations of independence from all independent non-executive directors as of the reporting date[120]. - The company has established a mechanism to avoid conflicts of interest among board members[187]. - The company has appointed three independent non-executive directors to balance the interests of shareholders and promote overall corporate benefits[187]. Shareholder Information - The company issued 444,792,885 shares through a rights issue, raising approximately HKD 87.4 million after expenses[68]. - The company redeemed all outstanding convertible bonds for a total settlement amount of USD 162,668,300, and issued 4,168,549 shares as part of the conversion of USD 2,070,000 in convertible bonds[68]. - The board of directors did not recommend a final dividend for the year ending August 31, 2025, due to funding arrangements[73]. - The company has a reserve available for distribution to shareholders of approximately RMB 5,132 million as of August 31, 2025[117]. - Wang Huiwu holds a total of 3,888,325,240 shares, representing approximately 47.27% of the company's equity[122]. - Major shareholder Maysunshine Holdings Limited owns 3,717,553,240 shares, accounting for 46.29% of the company's equity[126]. Risk Management - The company faces risks related to the competitive landscape in the private higher education sector in China, which may pressure pricing and profit margins[108]. - The company has implemented measures to mitigate various risks and uncertainties, as detailed in the corporate governance report[107]. - The company faces risks related to potential penalties that could adversely affect its ability to operate in China[182]. - The company has taken measures to ensure compliance with contractual arrangements, including terminating related party transactions and potentially restructuring operations[183]. Compliance and Regulatory Matters - The group has complied with relevant laws and regulations, including the Companies Ordinance and the Securities and Futures Ordinance, regarding information disclosure and corporate governance[103]. - The group is not aware of any significant non-compliance issues that could materially affect its business and operations for the fiscal year ending August 31, 2025[103]. - The company has confirmed compliance with the disclosure requirements of Chapter 14A of the Listing Rules regarding related party transactions[194]. - The company has not faced any regulatory interference regarding its contractual arrangements as of the date of the report[165]. Employee Information - The company has approximately 13,500 employees, with a gender diversity ratio of 34% male and 66% female[104]. - The total employee cost was approximately RMB 1,646.1 million, an increase from RMB 1,573.7 million as of August 31, 2024[104]. - The company participates in various employee social security plans managed by local governments, including housing, retirement, medical, maternity, and unemployment insurance[199]. - The company has not paid any compensation to directors to attract them to join or as compensation for leaving their previous positions[199].

Financial Performance - Financial income for the year ended August 31, 2025, was RMB 1,026,000, a decrease of 72.7% from RMB 3,764,000 in 2024[5] - Total financial expenses for the year ended August 31, 2025, were RMB (70,460,000), down 21.6% from RMB (89,816,000) in 2024[5] - Net financial expenses for the year ended August 31, 2025, were RMB (69,434,000), a reduction of 19.2% compared to RMB (86,052,000) in 2024[5] - The company reported a significant decrease in bank interest income, which fell to RMB 1,026,000 from RMB 3,764,000, indicating a decline of 72.7%[5] - The estimated discounted interest expense on long-term other borrowings from the controlling shareholder was RMB (829,000) in 2025, compared to zero in 2024[5] - The company’s total liabilities related to financial expenses decreased, reflecting improved financial management strategies[5] Accounts Payable - Accounts payable for construction and purchase of non-current assets increased to RMB 310,483,000 in 2025, up 50.8% from RMB 205,797,000 in 2024[6] - Current portion of accounts payable to related parties was RMB 24,668,000 in 2025, an increase of 21.8% from RMB 20,277,000 in 2024[6] - Total accrued expenses and other payables amounted to RMB 434,855,000 in 2025, a rise of 18.9% from RMB 365,838,000 in 2024[6] Reporting Clarification - The company clarified that the adjustments made do not affect other information contained in the annual performance announcement and the 2025 annual report[7]

INTERIM REPORT 中期報 告 2025/26 For the Six Months Ended 30th September, 2025 截至二零二五年九月三十日止六個月 YANGTZEKIANG GARMENT LIMITED 長江製衣有限公司 INTERIM REPORT 2025/26 中期報告 | | CONTENTS | | | --- | --- | --- | | | 目 | 錄 | | Corporate Information | | 2 | | 公司資料 | | | | Consolidated Statement of Profit or Loss | | 3 | | 綜合損益表 | | | | Consolidated Statement of Profit or Loss and Other Comprehensive Income | | 4 | | 綜合損益及其他全面收益表 | | | | Consolidated Statement of Financial Position | | 5 | | 綜合財務狀況表 | | | | Consolidated Statem ...

GLOBAL DISTRIBUTION NETWORK 全球分銷網絡 | | Countries and | Main-brands/Sub-brands/ | 30 September 2025 | 31 March 2025 | | 30 September 2024 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | Regions | Product Lines | 2025年 | 2025年 | Changes | 2024年 | Y-o-Y Changes | | | 國家及地區 | 主品牌╱副品牌╱產品線 | 9月30日 | 3月31日 | 變化 | 9月30日 | 按年變化 | | | | Lukfook 六福 | 74 | 74 | 0 | 73 | +1 | | | | 3DG Jewellery 金至尊 | 124 | 99 | +25 | 79 | +45 | | | Chinese Mainland1 中國內地1 | Goldstyle | 0 | 1 | -1 | 1 | -1 | | | | Lukfook Joai ...

Financial Performance - Revenue for the six months ended September 30, 2025, was HK$78,701,000, a decrease of 11.5% compared to HK$88,524,000 for the same period in 2024[10] - Gross profit for the same period was HK$46,029,000, down 15.7% from HK$54,580,000 in 2024[10] - Loss for the period was HK$1,597,000, an improvement from a loss of HK$2,614,000 in the previous year, indicating a reduction of 38.7%[14] - Total comprehensive income for the period was HK$3,160,000, compared to HK$4,094,000 in 2024, reflecting a decrease of 22.8%[14] - The company reported a basic and diluted loss per share of 0.6 cents, an improvement from 1.3 cents in the previous year[10] - The Group's loss from operations was reduced to HK$488,000, compared to HK$1,204,000 in the same period last year, reflecting effective cost-saving measures[126] Assets and Liabilities - Non-current assets increased to HK$348,242,000 as of September 30, 2025, from HK$343,627,000 as of March 31, 2025[19] - Current assets totaled HK$163,605,000, slightly up from HK$162,149,000 as of March 31, 2025[19] - Net current assets decreased to HK$83,185,000 from HK$99,159,000, a decline of 16.1%[19] - Total equity attributable to equity shareholders of the Company was HK$400,399,000, down from HK$413,157,000[19] - The Group's reportable segment assets as of September 30, 2025, totaled $786,690,000, a slight decrease from $789,042,000 as of March 31, 2025[50] - The reportable segment liabilities as of September 30, 2025, were $459,805,000, compared to $464,524,000 as of March 31, 2025, indicating a reduction of 1%[50] Cash Flow - For the six months ended September 30, 2025, cash generated from operations was HK$17,845,000, an increase of 46.5% compared to HK$12,189,000 for the same period in 2024[27] - The net cash generated from operating activities was HK$18,164,000, up from HK$12,214,000, reflecting a growth of 48.5% year-over-year[27] - Cash and cash equivalents at the end of the period were HK$99,176,000, a slight decrease from HK$101,985,000 at the end of the previous period[27] - The net cash used in financing activities was HK$15,573,000, a decrease from HK$18,110,000, indicating improved cash management[27] Dividends - The company declared dividends payable of HK$16,586,000 for the period, with no dividends payable in the previous year[19] - The final dividend of 10 cents per ordinary share for the year ended March 31, 2025, amounted to $16,586,000, approved on September 26, 2025[67] - No interim dividend was declared for the period ending September 30, 2025, consistent with the previous year[116] Revenue Streams - The group operates a distribution network of 34 sales points, with 29 in Hong Kong and 5 in Macau, and is cautious about expanding its store network[117] - The printing and related services segment saw a slight revenue increase to HKD 13,645,000 from HKD 13,495,000 in the previous year[117] - Royalty income increased significantly to HKD 845,000 from HKD 390,000 year-on-year[108] - Sales of garment products reached HKD 3,376,000, marking a new revenue stream for the group[108] Cost Management - The overall gross profit margin declined to 58.5% from 61.7% year-on-year, while distribution costs decreased by 17.0% and administrative expenses were reduced by 26.2%[126] - Finance costs for the six months ended September 30, 2025, decreased to $1,117,000 from $1,330,000 in 2024, representing a reduction of approximately 16%[59] - Depreciation expenses for the six months ended September 30, 2025, amounted to $14,112,000, a decrease from $17,673,000 in 2024[53] Intellectual Property and Licensing - The Group holds global intellectual property rights for Guy Laroche and Ashworth, with the latter operating with four licensees, indicating a strategic focus on leveraging intellectual property for growth[123] - The trademark licensing agreement allows Citimark Trading to promote and sell licensed products exclusively in the PRC, including online sales[149] - The minimum royalty fees for Citimark Trading are set to increase annually, starting from USD 250,000 (equivalent to HKD 1,950,000) for the year ending May 31, 2025, to USD 500,000 (equivalent to HKD 3,900,000) for the year ending May 31, 2029[151] Corporate Governance - The audit committee has reviewed the unaudited interim financial statements of the Group for the period ended September 30, 2025[174] - The company has adhered to corporate governance practices as outlined in Appendix 14 of the Listing Rules throughout the period ended September 30, 2025[175] - No significant contracts involving directors' material interests were in effect at the end of the period or during the review period[168]

Financial Performance - For the six months ended September 30, 2025, the revenue was HK$75,547,000, a decrease of 6.4% compared to HK$79,060,000 for the same period in 2024[18]. - Gross profit for the six months ended September 30, 2025, was HK$2,344,000, compared to a gross loss of HK$2,509,000 in the previous year[20]. - The loss for the period was HK$7,751,000, down from HK$15,547,000, indicating a significant improvement of 50.2%[20]. - The loss before taxation improved to HK$7,735,000, compared to a loss of HK$15,543,000 in the same period last year, representing a 50.3% reduction[20]. - The Group recorded a net loss of approximately HK$7.8 million for the six months ended 30 September 2025, an improvement from a net loss of approximately HK$15.5 million for the same period in 2024, reflecting a recovery in global economic conditions and increased trade activities[125]. Revenue and Income - Other income increased to HK$128,000 from HK$62,000, reflecting a growth of 106.5%[20]. - Revenue from freight forwarding and related logistics services was HK$75,547,000, while trading of fashion items generated no revenue during the period[49][56]. - The Group's revenue from Hong Kong, its place of domicile, was entirely derived from freight forwarding and related logistics services, amounting to HK$75,547,000[56]. - Total revenue decreased by approximately 4.4% from approximately HK$79.0 million in the previous period to approximately HK$75.5 million in the review period[138]. Expenses and Costs - The cost of services for the same period was HK$73,203,000, down from HK$81,569,000, indicating a reduction of 10.3%[20]. - Sales and marketing expenses decreased to HK$1,312,000, down 33.8% from HK$1,983,000 in the previous period[20]. - Administrative expenses were reduced to HK$8,045,000, a decrease of 27.3% compared to HK$11,026,000 in the previous year[20]. - Finance costs increased to HK$1,062,000 from HK$189,000, showing a significant rise attributed to increased borrowing costs[20]. - Depreciation of property, plant, and equipment decreased significantly to HK$278,000 from HK$923,000 in the previous period, reflecting a reduction of approximately 70%[62]. Assets and Liabilities - The company's net assets decreased to HK$28,825,000 as of September 30, 2025, down from HK$36,576,000 as of March 31, 2025, reflecting a decline of approximately 21%[22]. - Current assets decreased to HK$49,420,000 from HK$71,166,000, a reduction of about 30% over the six-month period[22]. - Trade and other receivables decreased to HK$39,862,000 from HK$55,655,000, a decline of about 29%[22]. - Trade payables as of September 30, 2025, were HK$12,274,000, down 45.3% from HK$22,413,000 as of March 31, 2025[87]. - Current liabilities for trade and other payables decreased from HK$25,401,000 to HK$14,353,000, a reduction of 43.5%[87]. Cash Flow - For the six months ended September 30, 2025, net cash used in operating activities was HK$1,658,000, a significant improvement from HK$12,199,000 in the same period of 2024[29]. - The Group reported a net cash outflow from investment activities of HK$1,093,000, compared to a net inflow of HK$2,066,000 in the previous year[29]. - Cash and cash equivalents at the end of the period were HK$9,558,000, up from HK$6,785,000 at the end of the same period last year[29]. Share Capital and Financing - The authorized share capital of the company is HK$100,000,000, divided into 1,000,000,000 consolidated shares of HK$0.10 each[104]. - The company issued 24,956,600 new shares at a placing price of HK$0.137 per share, representing approximately 16.67% of the issued share capital as of 31 March 2025[114]. - The share consolidation was approved by shareholders on 15 January 2025 and became effective on 17 January 2025[107]. - The Group obtained a loan of HK$3,500,000 from a local financial institution during the review period, compared to no loans as of March 31, 2024[99]. Strategic Outlook - The Company is cautiously optimistic about future business opportunities in logistics, supported by coordinated efforts from the Central Government of the PRC and the Hong Kong Government[129]. - The management acknowledges the need to rethink strategies for the fashion items trading segment due to a significant slowdown in the global luxury goods market[130]. - The Group is seeking to diversify its business areas to reduce reliance on existing logistics businesses and broaden its revenue base[130].

（於開曼群島註冊成立的有限公司） 股份代號: 2132 2025 中期報告 公司資料 LANDRICH HOLDING LIMITED 譽燊豐控股有限公司 董事會 執行董事 徐繼光先生 （主席） 徐子揚先生 （行政總裁） 徐慧揚女士 獨立非執行董事 李殷傑先生 李建基先生 鄺炳文先生 董事委員會 審核委員會 李建基先生 （主席） 李殷傑先生 鄺炳文先生 薪酬委員會 李殷傑先生 （主席） 李建基先生 鄺炳文先生 徐繼光先生 提名委員會 合規顧問 鄺炳文先生 （主席） 李殷傑先生 李建基先生 徐繼光先生 徐慧揚女士 （於二零二五年六月二十四日獲委任） 富比資本有限公司 香港 灣仔 駱克道188號 兆安中心 26樓 投資委員會 1 譽燊豐控股有限公司 二零二五年中期報告 公司資料 徐子揚先生 （主席） （於二零二五年十一月二十一日獲委任） 鄺炳文先生 （於二零二五年十一月二十一日獲委任） 李建基先生 （於二零二五年十一月二十一日獲委任） 公司秘書 吳愷盈女士 授權代表 徐繼光先生 吳愷盈女士 核數師 國衛會計師事務所有限公司 執業會計師 香港 中環 畢打街11號 置地廣場 告羅士打大廈 31樓 公司資料 香港總部及 ...

Financial Performance - The group's revenue for the six months ended September 30, 2025, was approximately HKD 83.7 million, a decrease of about 29.1% compared to HKD 118.0 million in the same period of 2024[7]. - Profit attributable to owners of the company for the period was approximately HKD 4.3 million, down from HKD 4.7 million in 2024[7]. - Basic earnings per share for the period was approximately HKD 5.05, compared to HKD 5.44 (restated) in 2024[8]. - The total comprehensive income for the period was HKD 4,341,000, a decrease from HKD 4,683,000 in the same period of 2024[11]. - The company reported a pre-tax profit of HKD 5,001,000 for the six months ended September 30, 2025, compared to HKD 4,683,000 in the previous year[19]. - For the six months ended September 30, 2025, the company reported a pre-tax profit of approximately 4,341,000 HKD, a decrease from 4,683,000 HKD in the same period of 2024, representing a decline of about 7.3%[30]. - The company's attributable profit for the six months ended September 30, 2025, was approximately HKD 4.3 million, compared to approximately HKD 4.7 million for the same period in 2024[42]. Revenue Breakdown - The revenue from renovation projects significantly declined to HKD 3,940,000, down 86.7% from HKD 29,514,000 in the previous year[17]. - The company's total revenue from clients for renovation projects in 2025 was 22,157,000 HKD, compared to 51,605,000 HKD in 2024, indicating a significant drop of approximately 57.1%[23]. - Revenue from renovation projects for the six months ended September 30, 2025, was approximately HKD 3.9 million, down about 86.7% compared to approximately HKD 29.5 million for the same period in 2024[38]. Assets and Liabilities - Total assets less current liabilities as of September 30, 2025, amounted to HKD 60.1 million, compared to HKD 56.2 million as of March 31, 2025[9]. - The company's total assets as of September 30, 2025, amounted to HKD 56,085,000, reflecting a slight increase from HKD 50,521,000 as of the same date in 2024[11]. - Current liabilities increased to HKD 134.0 million from HKD 104.9 million, indicating a rise in financial obligations[10]. - The company reported total liabilities of 60,820,000 HKD as of September 30, 2025, compared to 40,861,000 HKD as of March 31, 2025, indicating an increase of approximately 48.9%[34]. - The company's total equity as of September 30, 2025, was HKD 56.1 million, up from HKD 51.7 million[10]. - The company’s total equity attributable to owners increased to HKD 56,085,000 as of September 30, 2025, from HKD 50,521,000 in the previous year[11]. Cash Flow - The net cash outflow from operating activities for the six months ended September 30, 2025, was HKD 5,453,000, compared to HKD 731,000 in the same period of 2024[13]. - The company experienced a net cash inflow from financing activities of HKD 3,215,000, a turnaround from a net outflow of HKD 4,435,000 in the previous year[13]. - The company’s cash and cash equivalents decreased to HKD 9,010,000 from HKD 9,305,000 at the end of the previous period[13]. Costs and Expenses - The total employee costs for the six months ended September 30, 2025, were 9,659,000 HKD, down from 11,496,000 HKD in 2024, reflecting a decrease of about 15.9%[26]. - Administrative expenses for the six months ended September 30, 2025, were approximately HKD 11.4 million, down about 15.5% from approximately HKD 13.4 million for the same period in 2024[41]. - Direct costs decreased from approximately HKD 98.6 million for the six months ended September 30, 2024, to approximately HKD 65.6 million for the current period, a reduction of about 33.5%[39]. Shareholder Information - The board of directors did not recommend any dividend payment for the period[7]. - The company plans to conduct a rights issue at a subscription price of 0.110 HKD per share, with the completion expected in December 2025[35]. - The company announced a proposed rights issue on September 4, 2025, offering 160,000,000 shares at a subscription price of HKD 0.110 per share, with estimated net proceeds of approximately HKD 16.4 million[86]. - The net proceeds from the rights issue are intended to be used for HKD 13.7 million in financial resources for contracting services and approximately HKD 2.7 million for general working capital[86]. Corporate Governance - The audit and risk management committee, chaired by an independent non-executive director, has reviewed the company's financial reporting and internal controls[90]. - The company has adhered to the corporate governance code as per GEM Listing Rules, with a noted deviation regarding the roles of the chairman and CEO being held by the same individual[89]. - The financial information presented in the report has not been audited, and the directors have confirmed their responsibility for the preparation of the financial statements[85]. Future Plans - The company aims to expand its business in the public housing sector due to anticipated growth in land supply from the government[43]. - The company plans to optimize project milestone settings and simplify client acceptance processes to achieve more timely revenue recognition in the future[43].

Revenue and Profitability - Revenue for the six months ended September 30, 2025, increased by approximately 13.6% from HK$1,046,126,000 to HK$1,188,138,000 compared to the same period last year [13] - Gross profit for the same period decreased from HK$112,417,000 to HK$89,982,000 [13] - The Group's revenue for the six months ended 30 September 2025 was approximately HK$1,188.1 million, representing an increase of approximately 13.6% compared to HK$1,046.1 million in the same period last year [52][53] - The automobile segment contributed HK$1,035.9 million, accounting for 87.2% of total revenue, with a 26.3% increase from HK$819.9 million in the previous year [54] - Gross profit decreased by approximately 20.0% to HK$90.0 million, with a gross profit margin of 7.6%, down from 10.8% in the previous year [55][59] - The operating loss for the period was HK$25,474,000, significantly improved from an operating loss of HK$542,494,000 in the previous year [153] - The loss before income tax was HK$46,537,000, compared to a loss of HK$576,370,000 in the same period last year [153] - The total comprehensive loss for the period was HK$26,850,000, a substantial reduction from HK$552,549,000 in 2024 [155] Costs and Expenses - Selling and distribution costs decreased by approximately 23.8% compared to the same period last year [14] - Administrative expenses decreased by approximately 61.2% compared to the same period last year [14] - Financing costs decreased by approximately 37.8% to HK$21.1 million, down from HK$33.9 million in the same period last year [63] - The company experienced a decrease in selling and distribution costs to HK$92,635,000 from HK$121,522,000 in the previous year, reflecting a 23.8% reduction [153] - Employee benefit expenses totaled HK$29,359 for the period, slightly down from HK$30,530 in the previous year, reflecting cost management efforts [199] Assets and Liabilities - Total assets increased to HK$1,760,784,000 in the interim period of 2025/2026, compared to HK$1,907,834,000 for FY2025 [22] - Total liabilities rose to HK$780,506,000 in the interim period of 2025/2026, up from HK$937,559,000 for FY2025 [22] - As of September 30, 2025, the Group's total assets were approximately HK$1,760.8 million, a decrease from approximately HK$1,907.8 million as of March 31, 2025 [71] - The Group's borrowings decreased by approximately 39.7% to HK$317.6 million as of September 30, 2025, down from HK$526.8 million as of March 31, 2025 [74] - The gearing ratio improved to approximately 32.4% as of September 30, 2025, compared to 54.3% as of March 31, 2025 [75] - The Group's inventories decreased by approximately 39.2% to HK$338.4 million as of September 30, 2025, from HK$556.9 million as of March 31, 2025 [80] Share Capital and Dividends - No interim dividend was declared for the six months ended September 30, 2025 [16] - The Board resolved not to recommend the payment of an interim dividend for the six months ended September 30, 2025 [137] - The Company issued 74,879,418 shares at a subscription price of HK$0.64 each on July 31, 2024, raising net proceeds of approximately HK$46.4 million [91] - The Company issued 93,800,301 shares at a subscription price of HK$0.402 each on May 19, 2025, raising net proceeds of approximately HK$36.8 million [99] Legal and Compliance Matters - The Company faced a petition for winding up on April 15, 2024, which was later set aside on May 15, 2024 [102] - The total amount claimed by joint provisional liquidators is approximately US$1.4 million, subject to court assessment [103] - The Company lodged an application with the Supreme Court of Bermuda for leave to appeal against the Costs Decision on 13 December 2024 [106] - The Company participated in legal action in the High Court of Hong Kong regarding indemnity claims against former directors for costs related to Bermuda Proceedings, totaling HK$58.0 million [108] - The High Court ordered the Former EDs to indemnify the Company for legal costs and damages related to the Bermuda Proceedings [109] Employee and Training Initiatives - The Company provided training to employees for future advancement, emphasizing the importance of employee development [94] - The Group had a total of 282 employees as of September 30, 2025, down from 319 employees as of March 31, 2025 [93] Market and Economic Conditions - The global economy faces challenges such as slowing growth and persistent inflation, impacting consumer sentiment in luxury goods and automobile sectors [25] - The China Luxury Consumer Forecast Report predicts the luxury market in China will exceed RMB1 trillion, driven by evolving consumer expectations and technological advancements [26]

HONG KONG ZCLOUD TECHNOLOGY CONSTRUCTION LIMITED 香港智雲科技建設有限公司 （於開曼群島註冊成立之有限公司） 股份代號：9900 中期報告 Interim Report 2025-26 2025-26 (Incorporated in the Cayman Islands with limited liability) Stock Code : 9900 HONG KONG ZCLOUD TECHNOLOGY CONSTRUCTION LIMITED 香港智雲科技建設有限公司 2025-26 INTERIM REPORT HONG KONG ZCLOUD TECHNOLOGY CONSTRUCTION LIMITED 香港智雲科技建設有限公司 目錄 中 期 報 告 3 公司資料 5 管理層討論及分析 13 簡明綜合損益及其他全面收益表 14 簡明綜合財務狀況表 16 簡明綜合權益變動表 17 簡明綜合現金流量表 18 簡明綜合中期財務報表附註 34 其他資料 簡稱 於本中報內，除文義另有所指外，下列簡稱具有以下涵義： | 「細則」 | 指 | 本公司組織章程細則 ...