Asia Cassava Resources Holdings Limited 亞洲木薯資源控股有限公司 (於開曼群島註冊成立之有限公司) (股份代號: 841) 目錄 2 公司資料 3-7 管理層討論及分析 8-12 補充資料 13-30 未經審核簡明綜合中期財務報表及附註 公司資料 董事 執行董事 朱銘泉先生 廖玉明女士 林靜芬女士 獨立非執行董事 崔志仁先生 洪思杰先生 Amporn Lohathanulert女士 法定代表 朱銘泉先生 沈成基先生 審核委員會 崔志仁先生（主席） 洪思杰先生 Amporn Lohathanulert女士 薪酬委員會 崔志仁先生（主席） 洪思杰先生 Amporn Lohathanulert女士 提名委員會 公司秘書 沈成基先生 洪思杰先生（主席） 崔志仁先生 Amporn Lohathanulert女士 網址 www.asiacassava.com 主要往來銀行 中國銀行（香港）有限公司 交通銀行（香港）有限公司 恒生銀行有限公司 Bangkok Bank Public Company Ltd. 中國農業銀行有限公司日照分行 開曼群島股份過戶登記總處 Butterfiel ...

截至二零二五年九月三十日止年度 末期業績公告 香港聯合交易所有限公司（「聯交所」）GEM的特色 香港交易及結算所有限公司及聯交所對本公告之內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 GLOBAL STRATEGIC GROUP LIMITED 環球戰略集團有限公司 環球戰略集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：8007） GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上 市的公司可能帶有較高投資風險。有意投資的人士應了解投資於該等公司的潛在風 險，並應經過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於主板買賣之證券 承受較大的市場波動風險，同時無法保證在GEM買賣的證券會有高流通量的市場。 本公告的資料乃遵照聯交所GEM證券上市規則（「GEM上市規則」）而刊載，旨在提供有 關環球戰略集團有限公司（「本公司」及其附屬公司，統稱「本集團」）的資料；本公司的董 事（「董事」）願就本公告的資料共同及個別地承擔全部 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 截至二零二五年九月三十日止年度之 全年業績公告 中國新零售供應鏈集團有限公司 China Next-Gen Commerce and Supply Chain Limited （股份代號：3928） （於開曼群島註冊成立的有限公司） 中國新零售供應鏈集團有限公司（「本公司」）董事（「董事」）會（「董事會」）公佈 本公司及其附屬公司（統稱「本集團」）截至二零二五年九月三十日止年度的經 審核綜合業績（「全年業績」），連同截至二零二四年九月三十日止年度的比較 數字。 – 1 – 綜合損益及其他全面收入表 截至二零二五年九月三十日止年度 | | | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | | | 附註 | 新元 | 新元 | | 收益 | | | | | 服務 | 4 | 61,114,278 | 55,467,476 | | 租金 | 4 | 542,908 | 506 ...

XJ International Holdings Co., Ltd. 希教國際控股有限公司 年報 2025 ( 於開曼群島註冊成立之有限公司 ) 股份代號 XJ International Holdings Co., Ltd. 希教國際控股有限公司 ANNUAL REPORT 2025 2025 Annual Report 年報 XJ International Holdings Co., Ltd. 希教國際控股有限公司 目 錄 公司資料 2 主席報告 5 財務概要 8 管理層討論與分析 9 董事及高級管理層 27 董事會報告 36 企業管治報告 70 環境、社會及管治報告 88 獨立核數師報告 114 財務報表附註 129 釋義 266 公司資料 董事會 執行董事 汪輝武先生 （首席執行官） 鄧怡先生（於2024年9月27日獲委任） 汪秀女士（於2024年11月29日獲委任） 徐昌俊先生（於2024年9月27日由執行董事調任為 非執行董事） 婁群偉女士（於2024年11月29日辭任） 非執行董事 張兵先生 （董事長） 徐昌俊先生（於2024年9月27日由執行董事調任為 非執行董事） 汪曉武先生（於2025 ...

Revenue and Profitability - Revenue for the year ended September 30, 2025, reached HKD 8,660,594, a 451.8% increase from HKD 1,569,387 in 2024[2] - The cryptocurrency trading business generated revenue of HKD 8,612,486, up 466.5% from HKD 1,520,345 in the previous year[2] - Gross profit increased to HKD 47,635, representing a 7.7% rise from HKD 44,224 in 2024, although the gross margin decreased to 0.6% from 2.8%[2] - The company reported a loss before tax of HKD 9,637, a decline of 117.1% compared to a profit of HKD 56,379 in 2024[2] - The company reported a total comprehensive income of HKD 10,036 for the year, compared to HKD 55,131 in 2024[6] - The segment performance showed a loss of HKD 37,899 for the year ending September 30, 2025, compared to a profit of HKD 141,728 in the previous year, reflecting a decline in profitability[21][22] - The company reported a loss attributable to owners of HKD 9,212,000 for 2025, a decline from a profit of HKD 54,322,000 in 2024[38] - The basic loss per share for 2025 was calculated based on a weighted average of 536,728,224 shares, compared to 465,960,665 shares in 2024[37] Cash Flow and Financial Position - Net cash decreased by 78.8% to HKD 13,195 from HKD 62,282 in the previous year[2] - The total assets less current liabilities increased to HKD 766,156 from HKD 284,057 in the previous year[7] - The company experienced a significant increase in non-current assets, totaling HKD 70,573, up from HKD 23,156 in 2024[7] - The company reported interest income of HKD 585 for the fiscal year ending September 30, 2025, compared to HKD 37 in the previous year, indicating a notable increase in interest earnings[25] - The net cash inflow from operating activities for the fiscal year 2025 was approximately HKD 16.6 million, a turnaround from a net cash outflow of approximately HKD 10.7 million in 2024[106] - The net cash inflow from investing activities for the fiscal year 2025 was approximately HKD 86.1 million, compared to a net cash outflow of approximately HKD 21.9 million in 2024[107] - The net cash inflow from financing activities for the fiscal year 2025 was approximately HKD 272.5 million, up from a net cash outflow of approximately HKD 223.8 million in 2024, mainly due to net proceeds from share issuance of approximately HKD 275.1 million[108] - The group’s cash and cash equivalents as of September 30, 2025, amounted to approximately HKD 448.6 million, significantly up from HKD 62.3 million as of September 30, 2024[118] Acquisitions and Investments - The company acquired 100% of Sinohope JP Limited and approximately 7.69% of BitTrade Inc., enhancing its position in the virtual asset ecosystem[10] - The company acquired 92.31% of BitTrade's equity, completing the acquisition on April 15, 2025, and BitTrade will become an indirect subsidiary[11] - The acquisition cost included the issuance of 108,992,785 ordinary shares to the seller of the British Virgin Islands company and 9,908,988 ordinary shares to the seller of BitTrade[12] - The acquisition of BitTrade is classified as a business combination under Hong Kong Financial Reporting Standards No. 3 upon gaining control on April 15, 2025[12] - The total consideration for the acquisition of BitTrade's remaining equity increased the ownership from 91.67% to 100% and was settled by issuing 9,908,988 shares valued at HKD 19,785 million[66] - The acquisition of BitTrade resulted in a bargain purchase gain of HKD 60,948 million, primarily due to the fair value change of the consideration paid, as the market price of the company's ordinary shares decreased from HKD 2.18 to HKD 1.49[64] Share Capital and Financing - The company issued 157,000,000 new ordinary shares at a subscription price of HKD 2.08, raising approximately HKD 324,605,000, which has been included in capital reserves[53] - The company completed the issuance of 166,000,000 new ordinary shares at a subscription price of HKD 1.66, with a total premium of approximately HKD 274,906,000 after expenses[55] - The company plans to increase its authorized share capital from 700,000,000 to 900,000,000 ordinary shares[57] - The company’s share premium as of October 1, 2023, was HKD 436,699,000, which increased due to share issuances[58] - The group’s debt-to-equity ratio as of September 30, 2025, was approximately 0.58, with total borrowings of approximately HKD 435.4 million against a net asset value of approximately HKD 757.1 million[112] Operational Performance and Strategy - The company aims to enhance shareholder value through strategic optimization of core businesses to drive revenue and profit growth[127] - The company plans to advance its global brand strategy upgrade with Bitfire Prime as the core entry point for high-net-worth clients[128] - The company will continue to develop a multi-dimensional trading brand structure, including Bitfire Exchanges, Bitfire Prime, and Bitfire Hub[130] - The asset management business will focus on expanding its presence in the Hong Kong market and optimizing the structure of virtual asset fund products[130] - The company is entering a new phase of "AI-driven, multi-strategy collaboration" in its quantitative business, investing in deep learning market prediction models[130] - The company is committed to maintaining a "safe and compliant" operational baseline while creating value for customers[132] - The company will implement strict risk control measures and conduct thorough due diligence on counterparties to ensure compliance with investment policies[126] Legal and Compliance - The company has appointed UK legal advisors to assess the situation regarding a lawsuit, which was deemed to have insufficient evidence against the company, leading to a high chance of successfully overturning the UK order[74] - The company has received a voluntary dismissal notice from the US Bankruptcy Court indicating that all claims related to the lawsuit against Hbit have been withdrawn[76] - The company has adopted the standard code for securities transactions by directors, confirming compliance as of September 30, 2025[137] - The audit committee, comprising Mr. Ye Weiming (Chairman), Mr. Yu Junjie, and Dr. Lin Jiali, reviewed the accounting principles and practices adopted by the group[139] - The auditor, Deloitte Touche Tohmatsu, confirmed that the financial statements for the year ended September 30, 2025, are consistent with the audited consolidated financial statements[140] Employee and Operational Infrastructure - The total employee cost for the fiscal year 2025 was approximately HKD 63.5 million, a decrease from HKD 67.5 million in the fiscal year 2024[133] - As of September 30, 2025, the group had 173 employees, an increase from 86 employees as of September 30, 2024[133] - The group has implemented operational infrastructure to support business growth, including expanding IT infrastructure and hiring personnel with expertise in legal, regulatory, compliance, financial reporting, operations, and technology development[121] Dividends and Contingent Liabilities - The group did not recommend a final dividend for the fiscal year 2025, consistent with the previous year[105] - The group has no significant contingent liabilities as of September 30, 2025, remaining at zero, similar to the previous year[115]

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 63,758,000, a decrease of 48.9% compared to HKD 124,844,000 for the same period in 2024[16]. - Gross profit increased to HKD 47,183,000, up 44.9% from HKD 32,587,000 year-over-year[16]. - The net loss from continuing operations for the period was HKD 19,826,000, compared to a profit of HKD 21,976,000 in the previous year[16]. - Total comprehensive income for the period was HKD 25,311,000, compared to a loss of HKD 17,817,000 in the same period last year[18]. - The company reported a significant recovery in trade receivables, with a reversal of impairment amounting to HKD 29,712,000 for the six months ended September 30, 2024[39]. - The company reported a net loss of HKD 11,243,000 for the six months ended September 30, 2025, compared to a net gain of HKD 937,000 in 2024[46]. - The group reported a net loss of approximately HKD 19,800,000 for the six months ended September 30, 2025, compared to a profit of approximately HKD 22,000,000 in the previous year[112]. Revenue Breakdown - Total revenue for the six months ended September 30, 2025, was HKD 63,758,000, with significant contributions from securities (HKD 15,677,000) and lending (HKD 27,539,000) segments[37]. - Insurance brokerage service revenue for the six months ended September 30, 2025, was HKD 11,700,000, compared to HKD 52,262,000 in 2024[43]. - Lending operations generated revenue of approximately HKD 27.5 million, an increase of HKD 14 million from HKD 13.5 million in 2024, reflecting strong demand for loans[100]. - The securities and asset management segment reported revenues of approximately HKD 15.7 million and HKD 400,000, respectively, compared to HKD 10 million and HKD 2.9 million in 2024, indicating a significant increase in securities revenue by HKD 5.7 million[94]. Asset and Liability Management - The company's total assets decreased to HKD 789,903,000 from HKD 944,644,000 as of March 31, 2025[19]. - Current liabilities decreased slightly to HKD 273,059,000 from HKD 293,652,000[19]. - The company's total equity attributable to owners increased to HKD 561,546,000 as of September 30, 2025, from HKD 406,097,000 as of April 1, 2024[22]. - The total loans receivable amounted to HKD 480,871,000 as of September 30, 2025, a decrease from HKD 493,083,000 as of March 31, 2025[75]. - The expected credit loss provision for loans receivable increased to HKD 104,065,000 as of September 30, 2025, from HKD 68,302,000 as of March 31, 2025[76]. Strategic Decisions - The company strategically divested its fur business due to ongoing financial losses, reallocating resources to more promising growth areas[8]. - The group aims to leverage new growth opportunities through strategic execution and innovation in response to evolving operational environments[9]. - The company plans to continue seeking growth opportunities within its financial services division and actively expand its service platform[9]. - The group is cautiously optimistic about future growth, driven by digital transformation and policy innovation in the financial services industry[9]. Operational Efficiency - The group achieved a gross profit of approximately HKD 47,200,000 with a gross margin of 74.0% for the six months ended September 30, 2025, compared to HKD 32,600,000 and 26.1% in the previous year, reflecting a significant improvement in operational efficiency[106]. - The group reported an administrative expense of approximately HKD 43,200,000 for the six months ended September 30, 2025, a slight increase from approximately HKD 41,400,000 in the previous year[110]. - Financing costs decreased significantly to approximately HKD 2,500,000 for the six months ended September 30, 2025, down from approximately HKD 4,600,000 in the same period of 2024[111]. Discontinued Operations - The group reported a pre-tax loss of HKD 1,605,000 for the discontinued fur division for the six months ended September 30, 2025, compared to a pre-tax loss of HKD 19,366,000 for the same period in 2024[51]. - The total loss for the discontinued operations, including the sale of subsidiaries, was HKD 20,586,000 for the six months ended September 30, 2025, compared to HKD 19,366,000 for the same period in 2024[51]. - The group completed the sale of its fur business, which had a segment loss of approximately HKD 1.6 million for the six months ending September 30, 2025, compared to a revenue of HKD 15.1 million and a loss of HKD 19.3 million in 2024[99]. Shareholder Information - The group did not declare an interim dividend for the six months ended September 30, 2025, consistent with the previous year[59]. - The board did not recommend the payment of an interim dividend for the six months ended September 30, 2025[113]. - The company issued shares through a placement, raising HKD 163,973,000 during the period[22]. Corporate Governance - The audit committee consists of three independent non-executive directors, responsible for reviewing the financial reports and internal controls of the group[145]. - The unaudited consolidated interim financial statements for the six months ended September 30, 2025, have been reviewed by the company's auditor[145]. - The interim results announcement for the six months ended September 30, 2025, is available on the Hong Kong Stock Exchange website and the company's website[146].

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].