Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 118,454,000, representing a 42.6% increase from HKD 83,048,000 in the same period of 2024[10]. - Gross profit for the same period was HKD 75,487,000, up 21.2% from HKD 62,259,000 year-on-year[10]. - Operating profit surged to HKD 207,318,000, compared to HKD 30,465,000 in the previous year, marking a significant increase of 579.5%[10]. - Net profit for the period reached HKD 202,325,000, a substantial rise from HKD 7,749,000, reflecting a year-on-year growth of 2605.5%[11]. - Basic earnings per share increased to HKD 13.1, compared to HKD 0.52 in the previous year, indicating a strong performance[11]. - Total comprehensive income for the period was HKD 202,787,000, compared to HKD 7,879,000 in the same period last year, showing a remarkable increase[11]. - Financial income for the period was HKD 2,821,000, up from HKD 1,286,000, representing a growth of 119.0%[10]. - The company reported a profit of HKD 200,455,000 for the period, contributing to a total comprehensive income of HKD 202,787,000[14]. - The total profit before tax was reported at HKD 204,399,000, showing significant profitability across operations[44]. Assets and Liabilities - As of September 30, 2025, total assets amounted to HKD 1,032,558,000, an increase from HKD 672,685,000 as of March 31, 2025, representing a growth of approximately 53.5%[12]. - Current liabilities rose to HKD 326,204,000 from HKD 252,215,000, indicating an increase of about 29.3%[13]. - The company's net asset value increased to HKD 1,696,201,000 from HKD 947,793,000, reflecting a growth of approximately 79.0%[13]. - The total equity attributable to owners of the company reached HKD 1,664,124,000, up from HKD 917,636,000, marking an increase of around 81.3%[13]. - The total liabilities increased to HKD 105,765,000 from HKD 89,917,000, which is an increase of about 17.7%[13]. Cash Flow and Investments - Operating cash flow for the period was HKD 118,542,000, a turnaround from a cash outflow of HKD 17,156,000 in the previous year[16]. - The net cash used in investing activities was HKD 72,095,000, compared to HKD 40,454,000 in the prior year, indicating increased investment activity[17]. - Financing activities generated a net cash inflow of HKD 443,319,000, a substantial increase from HKD 62,404,000 in the previous year[17]. - The company agreed to subscribe for 12,538 shares of redeemable participating shares in DL Global Fund for approximately USD 12,538,000, indicating strategic investment moves[19]. - The company transferred a 35.8% stake in DL Digital Family Office as part of the subscription agreement, reflecting ongoing restructuring and investment strategies[19]. Segment Performance - Revenue from licensed financial services reached HKD 73,255,000, up from HKD 44,017,000 in the previous year, marking a growth of 66.5%[43]. - Family office services generated HKD 26,820,000 in revenue, an increase from HKD 20,547,000, reflecting a growth of 30.5%[41]. - The company achieved a profit of HKD 22,731,000 from its reportable segments, compared to HKD 15,000,000 in the previous period, indicating a growth of 51.5%[44]. - The company’s financial advisory and investment management service fees generated HKD 23,662,000, down from HKD 32,340,000, a decrease of 26.8%[43]. Employee and Governance - Employee benefits expenses, including directors' remuneration, increased to HKD 35,673,000 from HKD 29,242,000 year-on-year[49]. - The company’s total employee count as of September 30, 2024, was 340,000, with a reduction of 14,484 employees compared to the previous period[63]. - The board does not recommend an interim dividend for the six months ending September 30, 2025, consistent with no interim dividend for the six months ending September 30, 2024[198]. - The company is committed to maintaining high standards of corporate governance and ensuring a balanced power structure within its board of directors[195]. Future Plans and Strategies - The company plans to continue expanding its family office services and licensed financial services to capture more market share in the high-net-worth segment[40]. - The group plans to acquire the remaining 55% stake in Derlin Family Office (Hong Kong) Limited to further expand its investment management services in Hong Kong by the end of the fiscal year ending March 31, 2024[190]. - The establishment of Derlin Digital Family Office aims to transition from traditional asset management to a digital family office model, targeting professional investors with a minimum investment of $1 million[190]. - The group is developing its digital financial business, focusing on blockchain, stablecoins, and real-world assets (RWA) as part of its strategy for the Web 3.0 era[192]. Financial Management - The company’s financial costs decreased significantly to HKD 5,740,000 from HKD 23,394,000, a reduction of 75.5%[10]. - The net financial costs for the six months ended September 30, 2025, were HKD (2,919,000), significantly reduced from HKD (22,108,000) in the same period of 2024, indicating a decrease of 86.8%[70]. - The income tax expense for the six months ended September 30, 2025, was HKD 2,074,000, compared to HKD 608,000 for the same period in 2024, reflecting an increase of 241.5%[71]. Investments and Acquisitions - The company completed the acquisition of a 62.5% stake in Derlin Japan for a total consideration of JPY 100 million (equivalent to HKD 5 million) on November 29, 2024[138]. - The company completed a subscription agreement with Carmel Reserve LLC, acquiring a 27.06% equity stake for $5 million, valuing the target company at approximately $35 million[175]. - The company has ongoing plans for market expansion and new product development in the financial services sector, including advisory and brokerage services[145].

Talent Development and Employment - As of August 31, 2025, the Group has cultivated over 500,000 high-quality applied and technical talents for society[10] - The employment rate of the Group's schools is among the highest in each province and region, with continuous improvement in high-quality employment rates[10] - The Group's schools have been recognized for their high-quality employment rates, consistently ranking among the top in their respective provinces[105] - The initial employment rate for the 2025 graduates reached 98.22%, with four institutions exceeding 99%; the high-quality employment rate surged by 20.73% year-on-year to 53.94%[94] - The overall employment rate of the Group's 2024 graduates was 98.03%, maintaining a high level for five consecutive years[108] - The number of students employed by famous companies increased by 110.32%, with many graduates joining Fortune 500 companies and renowned state-owned enterprises[94] - The Group established partnerships with 288 high-quality enterprises and 127 internship bases, providing over 40,000 internship positions, with prestigious firms accounting for more than 25%[91] Educational Infrastructure and Development - In 2024, the upgrade of Guizhou Technology and Business Institute to an undergraduate-level vocational university was officially commenced[25] - Guizhou School completed Phase III campus construction and passed the Ministry of Education's expert inspection for vocational undergraduate university establishment[76] - The Group has completed 77 infrastructure projects, enhancing the campus environment and teacher-student well-being[127] - The Group plans to upgrade Guizhou School to an undergraduate-level university and has obtained provincial-level approval for new master's degree programs at Yunnan School and Northeast School[140] - Hainan Berlin University of Science and Technology commenced construction, expanding the educational network[29] Academic Achievements and Competitions - Students achieved breakthroughs in 22 top awards across 56 comprehensive academic competitions recognized by the Ministry of Education[24] - The number of awards in student competitions reached 7,685 at the provincial level or higher, with 3,023 national-level awards, doubling the previous academic year's achievements[89] - The Group's teaching competition awards grew by 46.3% year-on-year, with notable achievements in national and provincial competitions[90] - The "Wonderful Classroom" initiative resulted in 98% of provincial and higher-level teaching competition winners originating from this program[118] Financial Performance - Total revenue for the year ended August 31, 2025, was RMB 3,070.7 million, an increase of 8.3% compared to RMB 2,835.2 million for the previous year[146] - Revenue reached RMB 2,599.4 million, up 7.8% from RMB 2,411.7 million, driven by steady growth in tuition and boarding fees[148][152] - Adjusted net profit rose by 5.2% year-on-year to RMB0.81 billion for the same period[102] - Net profit for the year was RMB 829.2 million, up 9.7% from RMB 756.0 million[162] - Profit before tax increased by 9.0% to RMB 995.6 million from RMB 913.0 million[161] ESG and Sustainability - The Group received an ESG score of 36 from Standard & Poor's, ranking seventh globally and first in China in the diversified consumer industry[25] - The Group was selected as a member of S&P Global's "Sustainability Yearbook (China)", being the first and only enterprise in the diversified consumer industry included[25] - New Higher Education Group maintained its first-place position in China and continuously improved its global ranking in S&P Global's "Sustainability Yearbook (China)"[29] - The Group received an ESG score of 37 from S&P Global, maintaining its seventh-place global ranking and first-place position in China within the education sector[134] - The Group is committed to integrating ESG principles with financial performance, aiming for stable growth and sustainable development[142] Faculty Development and Training - The proportion of "dual-qualified" teachers reached 48%, with a 10% year-on-year increase in compensation for core teaching positions[80] - 1,304 faculty training sessions were conducted, enabling 90 teachers to achieve international ISW teaching skills certification[80] - The Group has conducted over 1,000 training sessions for faculty, with 90 teachers achieving international ISW teaching skills certification[117] - The Group has increased faculty investment, achieving a 46.3% year-on-year increase in awards won by faculty in national teaching competitions[117] Student Experience and Satisfaction - The student satisfaction rate reached 94.2% in 2025, reflecting a year-on-year increase of 7.8 percentage points[125] - The Group has renovated or newly built 73 student shared spaces, enhancing accommodation experiences[125] - The Group's investments in teacher competitions and campus enhancements have moderately slowed growth and increased operating costs in the short term, but are expected to solidify educational capabilities for future development[97] Strategic Initiatives and Future Plans - The Group aims to focus on cost optimization, faculty enhancement, and curriculum quality improvement to enhance graduate employment outcomes[96] - The Group's strategy is supported by favorable government policies promoting high-quality vocational education development[135] - The Group plans to collaborate with German universities to establish a higher education institution in the Hainan Free Trade Port[140]

Revenue Growth - The company's revenue increased by 25.6% from approximately HKD 64.4 million to about HKD 80.9 million for the six months ending October 31, 2024[6]. - Revenue from the traditional segment rose by 34.9% from approximately HKD 41.0 million to about HKD 55.3 million, driven by increased sales orders from major UK clients[4][7]. - The new retail segment's revenue grew by 7.1% from approximately HKD 18.4 million to about HKD 19.7 million, benefiting from providing relevant products to customers[8]. - The institutional catering segment recorded a 15.7% increase in revenue from approximately HKD 5.1 million to HKD 5.9 million, supported by high customer satisfaction[9]. - Revenue for the six months ended October 31, 2025, was HKD 80,906,000, representing a 25.8% increase from HKD 64,393,000 in the same period of 2024[40]. - Revenue from women's clothing was HKD 66,724,000, up 30.5% from HKD 51,060,000 in the previous year[56]. Profitability and Loss - Gross profit increased by 55.9% from approximately HKD 6.8 million to about HKD 10.6 million, with a gross margin of approximately 13.1%[11]. - The company recorded a net loss of approximately HKD 5.8 million for the period, an improvement from a loss of about HKD 9.0 million in the previous six months[16]. - The basic loss per share for the period was approximately HKD 0.18, compared to HKD 0.28 for the six months ending October 31, 2024, indicating a reduction aligned with the losses attributable to the owners during the period[18]. - The group reported a loss before tax of HKD 5,801,000 for the six months ended October 31, 2025, compared to a loss of HKD 9,121,000 for the same period in 2024, indicating an improvement[61]. - The group experienced a net loss of HKD 5,027,000 from its segments, with traditional clothing supply and new retail clothing supply both reporting losses[52]. Expenses and Costs - Selling and service costs rose by 22.2% to approximately HKD 70.4 million, consistent with revenue growth[10]. - Administrative expenses increased by 9.9% from approximately HKD 8.1 million to about HKD 8.9 million, primarily due to higher employee costs[14]. - The total comprehensive expenses attributable to the owners of the company for the period were approximately HKD 5.3 million, compared to HKD 8.9 million for the six months ending October 31, 2024, reflecting a decrease consistent with the losses during the period[17]. Cash Flow and Assets - Cash used in operating activities was HKD 3,507,000, a significant improvement compared to cash used of HKD 10,865,000 in the prior year[44]. - Total assets decreased to HKD 80,212,000 from HKD 96,460,000, reflecting a 16.8% decline[41]. - Current liabilities decreased to HKD 20,488,000 from HKD 32,872,000, a reduction of 37.6%[41]. - The company reported a net cash decrease of HKD 7,403,000, compared to HKD 11,628,000 in the previous year[44]. - The net asset value as of October 31, 2025, was HKD 77,790,000, down from HKD 83,110,000, a decrease of 6.5%[42]. Corporate Governance and Compliance - The company has adhered to all corporate governance code provisions except for the separation of the roles of Chairman and CEO, which is deemed appropriate under current circumstances[30]. - The board has adopted a code of conduct regarding securities trading, ensuring compliance with the standards set forth in the listing rules[26]. - The audit and risk management committee, composed entirely of independent non-executive directors, reviewed the unaudited condensed consolidated financial statements[34]. - The company has established an audit and risk management committee in accordance with the listing rules and corporate governance code[34]. Strategic Focus and Risks - The company continues to explore suitable investment opportunities to enhance shareholder value despite market uncertainties[12]. - The company aims to expand its market share in the institutional catering business by offering diverse high-value menu options and customer-centric services[9]. - The company aims to enhance its custom integrated apparel design and procurement services to better fulfill commitments to clients while gradually expanding its institutional catering scale for sustainable profit growth[19]. - The company faces several risks, including reliance on major clients without long-term contracts, which exposes revenue to uncertainties and potential fluctuations[20]. - The company operates in a highly competitive market, which may lead to a decrease in market share and profit margins due to intense competition[20]. Dividends and Shareholder Returns - The board does not recommend the payment of dividends for the six months ending October 31, 2025[33]. - The company did not declare or pay any dividends for the six months ending October 31, 2025, consistent with the previous period[66].

Revenue Growth - The company's revenue increased by 25.6% from approximately HKD 64.4 million to about HKD 80.9 million for the six months ending October 31, 2025[7]. - Revenue from the traditional segment rose by 34.9% from approximately HKD 41.0 million to about HKD 55.3 million, driven by increased sales orders from major UK clients[5][8]. - The new retail segment's revenue grew by 7.1% from approximately HKD 18.4 million to about HKD 19.7 million, benefiting from providing relevant products to customers[9]. - The institutional catering segment recorded a 15.7% increase in revenue from approximately HKD 5.1 million to HKD 5.9 million, supported by high customer satisfaction[10]. - Revenue for the six months ended October 31, 2025, was HKD 80,906,000, an increase of 25.7% compared to HKD 64,393,000 for the same period in 2024[41]. - Revenue from women's clothing was HKD 66,724,000 for the six months ended October 31, 2025, compared to HKD 51,060,000 in 2024, reflecting a growth of about 30.6%[57]. - The institutional catering service segment reported revenue of HKD 5,933,000 for the six months ended October 31, 2025, compared to HKD 5,059,000 in 2024, marking an increase of approximately 17.2%[53][54]. Profitability and Loss - Gross profit increased by 55.9% from approximately HKD 6.8 million to about HKD 10.6 million, with a gross margin of approximately 13.1%[12]. - The group recorded a loss of approximately HKD 5.8 million for the period, a decrease from a loss of about HKD 9.0 million for the six months ended October 31, 2024, primarily due to increased revenue and gross profit from supplying apparel products and catering services[17]. - Total comprehensive expenses attributable to the company's owners decreased to approximately HKD 5.3 million from about HKD 8.9 million for the six months ended October 31, 2024, reflecting ongoing economic slowdown and intense competition in the fashion retail and wholesale market[18]. - Basic loss per share for the period was approximately HKD 0.18, down from HKD 0.28 for the six months ended October 31, 2024, consistent with the reduction in losses[19]. - The group reported a loss before tax of HKD 5,801,000 for the six months ended October 31, 2025, an improvement from a loss of HKD 9,121,000 in the same period of 2024[62]. - The group experienced a net loss of HKD 5,027,000 from its segments for the six months ended October 31, 2025, compared to a loss of HKD 7,851,000 in the previous year, indicating a reduction in losses by approximately 36%[53][54]. Expenses and Costs - Selling and service costs rose by 22.2% to approximately HKD 70.4 million, consistent with revenue growth[11]. - Administrative expenses increased by approximately 9.9% from about HKD 8.1 million to HKD 8.9 million, primarily due to higher employee costs[15]. - Sales and distribution expenses increased from approximately HKD 7.1 million to about HKD 7.6 million, representing a growth of approximately 7.0% due to increased employee costs[16]. - The company incurred no new bank borrowings during the six months ended October 31, 2025, maintaining existing borrowings for general working capital[76]. - The company made capital expenditures of HKD 81,000 thousand on property, plant, and equipment during the six months ended October 31, 2025, compared to HKD 13,000 thousand for the same period in 2024[70]. Financial Position - Total assets as of October 31, 2025, were HKD 80,212,000, down from HKD 96,460,000 as of April 30, 2025[42]. - Current liabilities decreased to HKD 20,488,000 from HKD 32,872,000, indicating improved liquidity management[42]. - The company's equity as of October 31, 2025, was HKD 77,790,000, down from HKD 83,110,000 as of April 30, 2025[43]. - Trade receivables decreased to HKD 31,263 thousand as of October 31, 2025, down from HKD 44,387 thousand as of April 30, 2025, reflecting a reduction of approximately 29.5%[71]. - Total trade and other receivables amounted to HKD 48,820 thousand as of October 31, 2025, compared to HKD 65,494 thousand as of April 30, 2025, indicating a decline of about 25.5%[71]. - Trade payables were reported at HKD 10,945 thousand as of October 31, 2025, a decrease from HKD 12,284 thousand as of April 30, 2025, representing a reduction of approximately 10.9%[73]. Risk Management and Compliance - The group faces several risks, including reliance on major clients without long-term contracts, which exposes revenue to uncertainty and potential fluctuations[21]. - The company has adopted a code of conduct for directors' securities trading, ensuring compliance with the standards set out in the listing rules[27]. - The company confirmed compliance with the non-competition agreement for the six months ending October 31, 2025[30]. - The company has established an audit and risk management committee, consisting of three independent non-executive directors, to oversee financial reporting and internal controls[35]. - The company has complied with all provisions of the corporate governance code, except for the separation of the roles of chairman and CEO[32]. Future Outlook - The company aims to expand its market share in the institutional catering business by offering diverse high-value menu options and customer-centric services[10]. - The company plans to continue expanding its fashion-related business and gradually scale up its catering services to achieve sustainable profit growth amid increasing global economic uncertainty[20]. Other Information - The company recorded a net foreign exchange gain of approximately HKD 84,000 during the period, compared to a net gain of about HKD 404,000 in the previous period[13]. - The provision for impairment losses on trade receivables was approximately HKD 42,000, significantly lower than the HKD 1.7 million recorded in the previous period[14]. - The company did not declare or propose any dividends for the six months ended October 31, 2025, consistent with the previous period[67]. - There have been no significant events affecting the group after the six months ending October 31, 2025[33]. - The company's financial statements for the six months ending October 31, 2025, were reviewed and found to comply with applicable accounting standards[39]. - The independent auditor did not identify any issues that would lead to a belief that the financial statements were not prepared in accordance with the relevant accounting standards[39].

Financial Performance - Revenue from continuing operations increased by approximately 5.8% from HK$144.0 million for the year ended September 30, 2024, to HK$152.4 million for the year ended September 30, 2025[3]. - Gross profit rose by approximately 18.2% from HK$9.9 million for the year ended September 30, 2024, to HK$11.7 million for the year ended September 30, 2025[3]. - Gross margin improved from approximately 6.9% for the year ended September 30, 2024, to approximately 7.7% for the year ended September 30, 2025[3]. - The annual loss for the year ended September 30, 2025, was approximately HK$12.0 million, compared to a loss of approximately HK$10.1 million for the year ended September 30, 2024[3]. - Basic and diluted loss per share for continuing and discontinued operations was approximately HK$1.50 for the year ended September 30, 2025, compared to HK$1.26 for the year ended September 30, 2024[6]. - The group reported a pre-tax loss of HKD 11,972,000 for the fiscal year ending September 30, 2025, compared to a pre-tax loss of HKD 10,016,000 in the previous year[19]. - The group recorded a net profit of approximately HKD 13.3 million from discontinued operations for the year ending September 30, 2024, primarily due to the sale of a subsidiary engaged in health management[43]. - Net loss increased by approximately HKD 1.9 million to about HKD 12.0 million for the year ending September 30, 2025, compared to a net loss of about HKD 10.1 million for the year ending September 30, 2024[44]. Assets and Liabilities - Total assets decreased from HK$64.1 million as of September 30, 2024, to HK$49.2 million as of September 30, 2025[7]. - Total liabilities decreased from HK$29.4 million as of September 30, 2024, to HK$26.5 million as of September 30, 2025[8]. - Cash and cash equivalents decreased from HK$32.6 million as of September 30, 2024, to HK$22.4 million as of September 30, 2025[7]. - Trade receivables decreased from HKD 16,841,000 in 2024 to HKD 10,580,000 in 2025, reflecting a reduction in outstanding amounts[30]. - Trade payables decreased from HKD 12,595,000 in 2024 to HKD 6,715,000 in 2025, indicating improved cash flow management[32]. - The group's net current assets were approximately HKD 23.4 million as of September 30, 2025, down from about HKD 34.9 million as of September 30, 2024[49]. - The capital debt ratio increased to approximately 15.6% as of September 30, 2025, compared to about 8.5% as of September 30, 2024[50]. Revenue Breakdown - The revenue breakdown includes HKD 38,477,000 from foundation and site preparation works, HKD 45,493,000 from general construction and related services, and HKD 60,790,000 from other construction works[18]. - The construction segment of foundation and site formation engineering contributed HKD 38.5 million or 25.2% to total revenue, while general construction and related services contributed HKD 45.5 million or 29.9%[38]. - The group's revenue for the fiscal year ending September 30, 2025, was HKD 152,394,000, an increase from HKD 143,956,000 in the previous year, representing a growth of approximately 5.3%[14]. - The group's revenue increased by approximately HKD 8.4 million or 5.8% to about HKD 152.4 million for the year ending September 30, 2025, compared to HKD 144.0 million for the previous year[38]. - The group's revenue from Hong Kong for the fiscal year ending September 30, 2025, was HKD 152,394,000, while revenue from discontinued operations in China was HKD 17,053,000 in the previous year[20]. Operational Focus - The company continues to engage in foundation and site formation works, general building works, and related services, indicating ongoing operational focus[9]. - The group has 20 ongoing construction projects, with significant projects including slope works in North Fanling and site formation works in Tseung Kwan O, expected to complete between 2025 and 2026[35][36]. - The company has ceased its health management business in China following the sale of its subsidiary for HKD 50,000, focusing solely on construction projects in Hong Kong[36]. Cost Management - The group’s administrative and other operating expenses for the fiscal year ending September 30, 2025, were HKD 26,377,000, compared to HKD 73,291,000 in the previous year[18]. - Administrative and other operating expenses decreased by approximately HKD 6.9 million or 20.7% to about HKD 26.4 million for the year ending September 30, 2025[42]. - The group’s financial performance was affected by depreciation expenses, including HKD 281,000 for right-of-use assets and HKD 18,843,000 for employee benefits, including director remuneration[21]. - Total employee costs for the year ending September 30, 2025, were approximately HKD 18.8 million, down from about HKD 43.8 million for the year ending September 30, 2024[56]. Future Plans and Investments - The company has upgraded its accounting system to enhance document preparation, while the upgrade of the human resources management system is still in progress due to the lack of suitable options identified[60]. - The company has purchased a drilling rig, a rock drilling machine, two small piling machines, and four air compressors as part of its operational expansion[57]. - The company has increased the capital of two subsidiaries, Po Cheng Construction Co., Ltd. and Wong On Construction Co., Ltd., to support operational funding requirements[57]. - The company has recruited additional personnel, including two project managers, two project engineers, and other specialists to enhance its human resources[57]. - The company has allocated HKD 21.8 million for the initial costs of three construction projects, which have been fully utilized[64]. - The company plans to utilize the remaining net proceeds by September 30, 2026, in accordance with the IPO prospectus and the announcement of the use of proceeds[65]. - The company has upgraded its engineering and design systems to facilitate project planning, design, and management through automation[61]. - The company has maintained a prudent cash management policy to ensure a strong liquidity position for future growth opportunities[66]. Audit and Compliance - The Audit Committee held two meetings during the year ending September 30, 2025, to review the annual and interim financial performance and internal control systems[73]. - The independent auditor confirmed that the consolidated financial statements for the year ending September 30, 2025, comply with applicable accounting standards and listing rules[74]. - The independent auditor issued a qualified opinion due to insufficient audit evidence regarding the financial performance and cash flows of the disposed subsidiary, Daywin Group, for the period leading up to its sale[75]. - The management believes that the qualified opinion will not have a continuing impact on the consolidated financial statements due to the sale of Daywin Group[79]. - The Audit Committee agrees with the management's view that the qualified opinion will not affect the ongoing financial statements of the company[80]. Shareholder Relations - The company expresses gratitude to shareholders, customers, suppliers, and subcontractors for their continued support[81].

Financial Position - As of September 30, 2025, the group's current liabilities exceeded current assets by HKD 88,039,000[11]. - The group violated bank loan covenants amounting to HKD 39,613,000 as of September 30, 2025[11]. - Total assets as of September 30, 2025, were HKD 158,811,000, an increase from HKD 156,099,000 as of March 31, 2025[14]. - Total liabilities decreased to HKD 138,505,000 from HKD 143,865,000, indicating improved financial stability[14]. - The company has a financial covenant to maintain tangible net worth at or above HKD 30,000,000, which it failed to comply with as of September 30, 2025[58]. - Bank borrowings amounted to HKD 50,888,000 as of September 30, 2025, a decrease from HKD 54,503,000 as of March 31, 2025[57]. - The debt-to-equity ratio was 571% as of September 30, 2025, significantly improved from 1,026% on March 31, 2025[96]. Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 103,365,000, an increase of 5% compared to HKD 98,072,000 for the same period in 2024[13]. - Profit before tax for the six months ended September 30, 2025, was HKD 7,636,000, compared to a loss of HKD (2,386,000) in 2024[13]. - Net profit for the period was HKD 7,678,000, a significant recovery from a loss of HKD (2,143,000) in the previous year[13]. - Basic and diluted earnings per share for the period were HKD 0.83, compared to a loss of HKD (0.25) per share in 2024[13]. - The group reported a profit before tax of HKD 7,636,000 for the six months ended September 30, 2025, recovering from a loss of HKD 2,386,000 in the same period of 2024[29][31]. - The gross profit from operating restaurants and bars was HKD 77.6 million, up 6.6% from HKD 72.8 million, with a stable gross profit margin of 75.4%[77]. Cash Flow and Liquidity - Cash generated from operating activities for the six months was HKD 30,603,000, up from HKD 22,099,000 in 2024, showing a 38% increase[19]. - The company’s cash and cash equivalents at the end of the period were HKD (469,000), down from HKD 1,454,000 in the previous year[19]. - Cash and cash equivalents amounted to HKD 2.7 million as of September 30, 2025, up from HKD 2.0 million on March 31, 2025[96]. Corporate Governance - The company has adopted a strict code of conduct for securities trading by directors, in compliance with GEM Listing Rules[123]. - The board will continue to review the effectiveness of the corporate governance structure, including the separation of the roles of Chairman and CEO[122]. - The company has complied with all applicable provisions of the Corporate Governance Code during the reporting period, except for the aforementioned role overlap[121]. - The Chairman and CEO roles are currently held by the same individual, which the board believes ensures consistency in leadership[121]. Strategic Plans and Future Outlook - The company plans to continue focusing on market expansion and product development to drive future growth[13]. - The company aims to create significant and sustainable long-term value for shareholders through strategic investments and the launch of the innovative Box Pacific project[71]. - The company plans to maintain its core bar business and brand strategy while targeting market share growth in Hong Kong and mainland China[101]. Shareholder Information - Moment to Moment Company Limited holds 431,543,700 shares, representing approximately 49.62% of the company's issued share capital[118]. - Major shareholder Xie holds 431,555,794 shares, accounting for 49.63% of the issued share capital[116]. - Major shareholder Chen holds 456,468,738 shares, which is 52.49% of the issued share capital[116]. - The shareholding structure indicates a concentrated ownership with significant influence from a few key individuals[116]. Employee and Operational Metrics - The total employee costs for the six months ended September 30, 2025, were HKD 34,720,000, an increase from HKD 32,415,000 in the same period of 2024[44]. - Employee costs rose by 7.1% to HKD 34.7 million from HKD 32.4 million, driven by the hiring of more full-time staff due to the increase in bar locations[80]. - As of September 30, 2025, the company operates 57 bars/restaurants across Hong Kong and mainland China, focusing on different target customers with brands like "Pacific Bar" and "Moon Ocean"[71]. Audit and Compliance - The financial statements were prepared in accordance with Hong Kong Accounting Standard 34, ensuring compliance with relevant regulations[10]. - The independent auditor's report confirms that the financial statements are accurate and complete, with no misleading information[10]. - The audit committee, composed of three independent non-executive directors, has reviewed the unaudited condensed consolidated financial statements for the period[129].

Financial Performance - For the fiscal year ending September 30, 2025, the total revenue was HKD 467,145,000, a decrease of 36.6% compared to HKD 736,676,000 in the previous year[3] - The cost of sales for the same period was HKD 452,502,000, resulting in a gross profit of HKD 14,643,000, which is an increase of 9.4% from HKD 13,382,000 in the prior year[3] - The total comprehensive loss for the year was HKD 18,797,000, compared to a loss of HKD 16,764,000 in the previous year, indicating a worsening of 12.1%[3] - Basic and diluted loss per share for the year was HKD 2.69, compared to HKD 0.95 in the previous year, reflecting an increase in loss per share of 182.1%[3] - The company reported a pre-tax loss of HKD 19,509,000 for the year ending September 30, 2025, compared to a pre-tax loss of HKD 16,173,000 in 2024, reflecting a worsening financial performance[16] - The company reported a pre-tax loss of HKD 17,938,000 for 2025, compared to a loss of HKD 6,313,000 in 2024, indicating a significant increase in losses[23] Assets and Liabilities - Non-current assets decreased to HKD 6,913,000 from HKD 8,685,000, a decline of 20.4%[4] - Current assets decreased to HKD 273,694,000 from HKD 329,007,000, a reduction of 16.8%[4] - Total liabilities decreased to HKD 45,655,000 from HKD 62,193,000, a decrease of 26.6%[4] - The net asset value decreased to HKD 234,897,000 from HKD 273,313,000, a decline of 14.0%[5] - The total assets of the company as of September 30, 2025, included HKD 2,018,000,000 in property, plant, and equipment, down from HKD 957,000,000 in 2024[19] - The company’s total liabilities related to contract liabilities decreased to HKD 9,970,000 in 2025 from HKD 26,719,000 in 2024, a reduction of 62.7%[26] Revenue Sources - Service revenue for electrical and maintenance engineering services decreased to HKD 467,145,000 in 2025 from HKD 736,676,000 in 2024, representing a decline of approximately 36.6%[12] - Major customer A contributed HKD 374,594,000 to total revenue in 2025, down from HKD 483,522,000 in 2024, while customer B's contribution fell to HKD 65,842,000 from HKD 155,739,000[20] - The company recognized a net loss of HKD 324,000 from other income and losses in 2025, compared to a net gain of HKD 7,000,000 in 2024, indicating a significant decline in other income sources[20] - Other income for the fiscal year 2025 was approximately HKD 1.9 million, a decrease of about HKD 1.6 million primarily due to reduced bank interest income[32] Operational Costs - The company’s administrative expenses increased to HKD 7,823,000 in 2025 from HKD 9,362,000 in 2024, indicating a rise in operational costs despite lower revenues[16] - Administrative expenses decreased by approximately HKD 4.4 million or 11.1% in fiscal year 2025, mainly due to reductions in share-based payment expenses and legal fees[34] - The company’s employee costs decreased to HKD 275,731,000 in 2025 from HKD 368,104,000 in 2024, a decrease of approximately 25.0%[21] Contracts and Future Obligations - The remaining performance obligations for electrical and maintenance engineering services contracts as of September 30, 2025, total HKD 1,982,296,000, compared to HKD 715,495,000 in 2024, indicating a significant increase[14] - Contract assets from engineering service contracts increased to HKD 133,093,000 in 2025, up from HKD 60,369,000 in 2024, representing a growth of 120.5%[26] - The company secured long-term contracts totaling over HKD 1.9 billion, contributing to stable future income[40] Dividends and Shareholder Information - The company declared an interim dividend of HKD 0.03 per share for 2025, totaling HKD 20,004,000, while no dividend was declared for 2024[23] - The company has decided not to recommend any final dividend for the fiscal year ending September 30, 2025, with a mid-term dividend of HKD 0.03 per share totaling approximately HKD 20,004,000 for the period ending March 31, 2025[54] Compliance and Governance - The audit committee has reviewed the consolidated financial statements for the fiscal year 2025, including the accounting principles and practices adopted by the group[52] - The company has adopted the standard code of conduct for securities trading by directors, confirming compliance for the fiscal year 2025[51] - There have been no significant events requiring disclosure from September 30, 2025, to the date of this announcement[53] - Deloitte has confirmed that the figures in the preliminary announcement align with the audited consolidated financial statements approved by the board on December 30, 2025[56] - The annual report for the fiscal year 2025 will be distributed to shareholders and published on the company's website at an appropriate time[57] Employee Information - Employee count as of September 30, 2025, included 84 long-term employees and 547 short-term employees, reflecting a reduction in short-term staff from 1,022 in the previous year[41]

Financial Performance - For the fiscal year ending September 30, 2025, the company reported a net profit of HKD 131,088,977, a significant recovery from a loss of HKD 19,915,626 in the previous year[3] - The company reported a pre-tax profit of HKD 131,088,977 for the year ending September 30, 2025, compared to a pre-tax loss of HKD 20,326,277 in the previous year[16] - Total comprehensive income for the year 2025 was HKD 131,088,977, a significant recovery from a loss of HKD 19,915,626 in 2024[25] - Net profit attributable to equity holders was approximately HKD 131,100,000 for the current year, a significant recovery from a net loss of HKD 19,900,000 in the previous year[33] Investment Income - The company's investment income increased to HKD 20,660,012, up from HKD 19,849,416, reflecting a growth of approximately 4.1% year-over-year[3] - The net investment income (loss) for the year ending September 30, 2025, was HKD 125,276,732, compared to a loss of HKD 22,181,450 for the previous year[14] - The group's listed investments generated a profit of HKD 125,300,000, reversing a loss of HKD 22,100,000 from the previous year[33] - The group recorded total investment income of approximately HKD 125,300,000 from listed securities for the year ended September 30, 2025[60] - The group generated bond interest income of HKD 20,600,000 during the same period[60] Assets and Liabilities - The total assets of the company rose to HKD 417,715,571, compared to HKD 209,094,102 in the previous year, indicating a growth of about 99.9%[4] - Total assets as of September 30, 2025, were HKD 474,939,165, up from HKD 352,974,554 in the previous year, indicating a growth of approximately 34.5%[18] - Total liabilities decreased to HKD 36,344,050 as of September 30, 2025, from HKD 45,468,416 in 2024, representing a reduction of about 20.2%[18] - The company's equity attributable to shareholders increased to HKD 438,595,115 from HKD 307,506,138, reflecting a growth of approximately 42.6%[4] Cash and Financing - The cash and cash equivalents increased to HKD 38,258,394 from HKD 25,178,400, marking a growth of approximately 51.8%[4] - The company reported a decrease in financing costs to HKD 3,582,063 from HKD 6,396,834, a reduction of about 44.5%[3] - The total employee costs, including directors' remuneration, decreased to HKD 3,553,561 in 2025 from HKD 3,796,543 in 2024, a decline of about 6.4%[23] - The group has pledged listed stocks valued at approximately HKD 82,400,000 as collateral for margin financing[56] Corporate Governance - The company has adhered to the corporate governance code as per the listing rules, with the exception of the separation of roles between the Chairman and CEO, which is managed collectively by the executive directors[64] - The audit committee, composed of three independent non-executive directors, held three meetings this year to review financial reporting, risk management, and internal control systems[67] - The company has a robust corporate governance structure to effectively supervise management, ensuring adaptability to changing environments[64] - The board consists of both executive and independent non-executive directors, ensuring a diverse governance structure[70] Accounting Standards - The company has adopted new and revised Hong Kong Financial Reporting Standards, which did not have a significant impact on the financial position and performance for the year[7] - The company expects that the adoption of new accounting standards will not have a significant impact on its financial performance or position[12] - The new Hong Kong Financial Reporting Standard 18 will come into effect for annual periods beginning on or after January 1, 2027, allowing for early adoption[12] Market Position and Strategy - The company aims to strengthen its market position and expand capacity in response to the growing demand in the umbrella market[46] - Japan Symbiosis Group plans to diversify its business by investing in modern logistics and data centers to adapt to the rapid transformation driven by e-commerce and digitalization[48] Other Financial Metrics - The current ratio improved from 4.6 to 11.5, indicating a strong liquidity position[38] - The debt-to-equity ratio decreased to 8.0% from 14.0% in the previous year, reflecting a low level of leverage[39] - The company did not declare any dividends for the year ending September 30, 2025, consistent with the previous year[24] - The company has recognized expected credit losses of approximately HKD 3,000,000 for bond investments and HKD 400,000 for receivables from the sale of investments during the year[52]

(Stock Code 股份代號 : 00474) (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） 2025 INTERIM REPORT 中期報告 Interim Report 2025 中期報告 Contents 目 錄 2 Corporate Information 公司資料 4 Management Discussion and Analysis 管理層討論及分析 13 Disclosure of Interests 權益披露 16 Corporate Governance 企業管治 19 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 22 Condensed Consolidated Statement of Financial Position 簡明綜合財務狀況報表 24 Condensed Consolidated Statement of Ch ...

(Stock Code 股份代號:1341) (Incorporated in the Cayman Islands with limited liability)（於開曼群島註冊成立的有限公司） 2025 中期報告 Interim Report Interim Report 2025 中期報告 Contents 目 錄 2 Corporate Information 公司資料 4 Management Discussion and Analysis 管理層討論及分析 26 Corporate Governance and Other Information 企業管治及其他資料 31 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 33 Condensed Consolidated Statement of Financial Position 簡明綜合財務狀況表 35 Condensed Consolidated Statement of Changes in E ...