目錄 2 公司資料 3 管理層討論及分析 8 其他資料 12 未經審核簡明綜合損益及其他全面收益表 13 未經審核簡明綜合財務狀況表 14 未經審核簡明綜合權益變動表 15 未經審核簡明綜合現金流量表 16 未經審核簡明綜合中期財務報表附註 2 優越集團控股有限公司 二零二五╱二六年中期報告 公司資料 董事會 執行董事 林劍雲先生 （主席） 方永光先生 （行政總裁） 獨立非執行董事 施得安女士 郭榮豐先生 余銘維先生 （於2025年8月29日獲委任） 梁兆康先生 （於2025年8月29日退任） 授權代表 林劍雲先生 方永光先生 公司秘書 溫駿偉先生 (CPA) 董事委員會 審核委員會 施得安女士 （主席） 郭榮豐先生 余銘維先生 （於2025年8月29日獲委任） 梁兆康先生 （於2025年8月29日退任） 薪酬委員會 余銘維先生 （主席） （於2025年8月29日獲委任） 施得安女士 林劍雲先生 郭榮豐先生 梁兆康先生 （於2025年8月29日退任） 提名委員會 林劍雲先生 （主席） 施得安女士 郭榮豐先生 余銘維先生 （於2025年8月29日獲委任） 梁兆康先生 （於2025年8月29日退任） 核數師 總辦 ...

Financial Performance - For the six months ended September 30, 2025, the Group's revenue was approximately HK$1,208.1 million, a decrease of about 1.8% compared to HK$1,230.0 million for the same period in 2024[12][13]. - The loss attributable to owners of the parent for the Period was approximately HK$354.5 million, compared to a profit of approximately HK$85.8 million for the six months ended September 30, 2024[12][14]. - The decrease in revenue was primarily due to reduced property sales in the People's Republic of China, despite an increase in sales and delivery of completed residential projects in Hong Kong[13][17]. - The loss was mainly attributed to a disposal loss from selling a 20% interest in joint venture companies for a hospitality project, decreased share of profits from joint ventures, and realized losses from the disposal of debt investments[14][17]. - The Group recorded a gross profit of approximately HK$299.9 million and a gross profit margin of approximately 24.8% for the Period, compared to HK$427.9 million and 34.8% for the six months ended 30 September 2024[19]. - Other income and gains, net, amounted to approximately HK$41.4 million for the Period, a decrease from approximately HK$78.9 million for the six months ended 30 September 2024, primarily due to reduced gains on the disposal of subsidiaries[20]. Expenses and Costs - Selling and distribution expenses increased to approximately HK$249.0 million for the Period, up from approximately HK$232.1 million for the six months ended 30 September 2024, mainly due to higher commission expenses related to residential unit deliveries[21]. - Administrative expenses decreased to approximately HK$221.8 million for the Period, down from approximately HK$254.7 million for the six months ended 30 September 2024, reflecting the Group's commitment to cost savings[22]. - Finance costs declined to approximately HK$148.9 million for the Period, compared to approximately HK$172.8 million for the six months ended 30 September 2024, due to repayment of borrowings and a reduction in the average Hong Kong Interbank Offered Rate[23]. - Impairment losses on financial assets, net, were approximately HK$10.3 million for the Period, compared to a reversal of impairment losses of approximately HK$0.7 million for the six months ended 30 September 2024[24]. - Other expenses, net, amounted to approximately HK$245.0 million for the Period, significantly higher than approximately HK$6.6 million for the six months ended 30 September 2024, primarily due to losses from the disposal of partial interest in joint ventures[27]. Market Conditions - The commercial real estate market continued to experience a downturn, impacting the Group's overall profitability[14][17]. - The Group's financial position reflects challenges in the current market environment, necessitating strategic adjustments moving forward[12][14]. - The fresh market and agricultural produce exchange market segment recorded a revenue decrease of approximately 19.3% to approximately HK$266.7 million for the period, down from approximately HK$330.6 million for the six months ended 30 September 2024[53]. - Revenue from the operation of agricultural produce exchange markets in the PRC contributed approximately HK$183.7 million, while fresh markets in Hong Kong contributed approximately HK$50.8 million, and butchery and other retail operations in Hong Kong contributed approximately HK$32.2 million[53]. Strategic Initiatives - The management is focused on enhancing operational efficiency and exploring new market opportunities to mitigate losses[12][14]. - Future strategies may include potential market expansions and new product developments to drive revenue growth[12][14]. - The Group aims to effectively manage credit risks to ensure the long-term stability and sustainability of its money lending business[92]. - The Group is considering various financing alternatives to meet its capital expenditure and funding needs, including equity fundraising and bond issuance[141]. Investments and Assets - The Group's net assets as of 30 September 2025 were approximately HK$6,181.4 million, down from approximately HK$6,780.3 million as of 31 March 2025[35]. - Total borrowings as of 30 September 2025 were approximately HK$4,387.0 million, resulting in a net debt position of approximately HK$3,696.8 million[35]. - The Group's investment properties in Hong Kong and the PRC had a total carrying value of approximately HK$2,783.4 million as of 30 September 2025, up from approximately HK$2,741.5 million as of 31 March 2025[60]. - The Group's total assets were approximately HK$12,708.7 million as of September 30, 2025, down from approximately HK$13,729.0 million[123][125]. Employee and Operational Metrics - The Group's employee count decreased to 1,739 as of September 30, 2025, from 1,900 as of March 31, 2025, with approximately 50% located in Hong Kong and Macau[161]. - The Group's proactive inventory management and project delivery support strong cash collections, reinforcing its capacity for future investments[174]. - The Group's cash management system optimizes cash flow and minimizes idle cash, ensuring efficient operations[133]. Future Outlook - The Group is preparing to address challenges posed by global economic uncertainties expected in 2025, focusing on proactive management of risks and assets[192]. - The company is confident in its ability to achieve sustainable growth and create long-term value for stakeholders due to its strategic investment decisions[192]. - The Group's diversified business portfolio and healthy financial position are expected to contribute to ongoing growth and resilience against economic fluctuations[191].

Financial Performance - For the six months ended September 30, 2025, the company reported total revenue of HKD 102,096,000, a slight decrease of approximately 0.9% compared to HKD 102,996,000 for the same period last year[6]. - The gross profit for the same period was HKD 77,277,000, resulting in a gross margin of 75.7%, down from 77.3% in the previous year[6]. - The company recorded a loss attributable to shareholders of HKD 12,567,000, compared to a loss of HKD 4,261,000 in the prior year[6]. - Adjusted net loss for the period was HKD 6,267,000, a significant decline from an adjusted net profit of HKD 2,739,000 in the same period last year[7]. - Total comprehensive loss for the period was HKD 12,530,000, compared to HKD 4,206,000 in 2024, reflecting a worsening financial position[48]. - Basic and diluted loss per share for the six months was HKD 0.40, compared to HKD 0.14 in the previous year, indicating a decline in shareholder value[48]. - The company reported a loss before tax of HKD 11,627,000, compared to a loss of HKD 2,893,000 in the previous year, indicating a significant increase in losses[46]. - The company incurred a loss of HKD 12,567,000 during the period, compared to a loss of HKD 4,261,000 in the previous year, indicating a significant increase in losses[51]. Cash Flow and Liquidity - Cash and cash equivalents increased to HKD 10,975,000 as of September 30, 2025, compared to HKD 5,532,000 as of March 31, 2025[6]. - Operating cash flow before changes in working capital was HKD 3,031,000, a decrease of 76.24% from HKD 12,767,000 in the prior year[52]. - The net cash generated from operating activities was HKD 5,400,000, down from HKD 16,927,000, reflecting a decline of 68.16%[52]. - The company's net current liabilities improved to HKD (51,389,000) from HKD (75,441,000), indicating better short-term financial health[50]. - Current assets increased to HKD 101,525,000 from HKD 70,116,000, indicating improved liquidity[50]. Market Conditions - The Hong Kong retail market showed a moderate improvement with a 2.1% increase in overall retail sales compared to the previous year, although demand for non-essential goods, including health and beauty supplements, remained weak[11]. - The property market in Hong Kong remained stable, with declining interest rates positively impacting the residential sector, while commercial and industrial properties faced significant challenges[12]. - The group anticipates challenges in the operating environment due to economic uncertainty, changing consumer behavior, and increased competition, and will maintain strict cost management policies[35]. Expenses and Costs - Sales costs increased by approximately 6.4% to about HKD 24,800,000, attributed to higher raw material costs for new and upgraded products[18]. - Sales and distribution expenses rose by approximately 29.6% to about HKD 29,300,000, driven by increased advertising and promotional activities for new product launches[19]. - Administrative expenses increased by approximately 4.0% to about HKD 51,800,000, mainly due to higher rent for designated counters and amortization of new software[20]. - Employee costs for the reporting period amounted to approximately HKD 38.7 million, compared to HKD 36.1 million in the same period last year[28]. Assets and Liabilities - The net asset value decreased to HKD 122,815,000 from HKD 135,345,000 over the same period[6]. - Total liabilities increased to HKD 152,914,000 from HKD 145,557,000, suggesting a rise in financial obligations[50]. - Total assets as of September 30, 2025, were HKD 280,616,000, down from HKD 288,904,000 as of March 31, 2025, reflecting a decrease of approximately 2.2%[61]. - Total liabilities increased to HKD 157,801,000 as of September 30, 2025, compared to HKD 153,559,000 as of March 31, 2025, indicating a rise of about 2.0%[62]. Strategic Initiatives - The company plans to continue monitoring market conditions and adjust strategies as necessary in response to ongoing economic uncertainties[11]. - The group aims to achieve sustainable growth through product diversification, continuous R&D for new products, and expanding both online and offline sales channels[36]. - The board did not recommend a mid-term dividend for the reporting period, consistent with the previous year[34]. Shareholder Information - A mandatory cash offer was made for a total of 766,040,033 shares, representing approximately 24.65% of the company's issued share capital, at a total consideration of HKD 18.38 million[38]. - After the completion of the cash offer, the acquirers held approximately 50.53% of the company's issued share capital[39]. - The company continues to meet the minimum public float requirement of 25% as per the Hong Kong Stock Exchange regulations[40]. - Mr. Zhang Shaohui holds 1,457,282,033 shares, representing 46.89% of the company's equity[86]. - The company has a short position of 723,242,000 shares, which is 23.27% of the total shares, lent to Hammer Capital Ventures[86]. Corporate Governance - The audit committee consists of three independent non-executive directors, overseeing financial reporting and risk management, with the interim financial statements reviewed by external auditors[100]. - The interim report was approved by the board on November 26, 2025, and includes unaudited consolidated interim results for the reporting period[101].

Financial Performance - For the six months ended September 30, 2025, the company reported revenue of HK$324,560,000, a slight increase from HK$324,050,000 in the same period of 2024, representing a growth of 0.16%[13] - The gross profit for the same period was HK$190,672,000, down from HK$194,603,000, indicating a decrease of 2.0%[13] - The loss before tax improved to HK$28,673,000 compared to a loss of HK$117,232,000 in the previous year, reflecting a reduction of 75.5%[13] - The net loss for the period was HK$34,945,000, significantly lower than the loss of HK$112,056,000 reported in the prior year, marking a decrease of 68.8%[15] - Basic and diluted loss per share for the period was HK$1.96, an improvement from HK$6.96 in the same period last year[13] - Total comprehensive loss for the period was HK$18,630,000, a significant improvement from a total comprehensive income of HK$70,637,000 in the prior year[15] - The total comprehensive income for the period was HK$70,637,000, a recovery from a loss of HK$109,360,000 in the previous period[21] - The Group's loss before tax for the six months ended September 30, 2025, was HK$30,827,000, compared to a loss of HK$109,360,000 in the same period of 2024[58] Revenue Breakdown - Revenue from the restaurant, food, and hotel segment was HK$243,147,000, down from HK$270,282,000 in 2024, representing a decrease of approximately 10%[41] - The property investment and development segment generated revenue of HK$81,413,000, an increase from HK$53,768,000 in 2024, reflecting a growth of approximately 51%[39] - Revenue from contracts with customers in the restaurant, food, and hotel segment included HK$115,836,000 from restaurant operations and HK$66,531,000 from bakery operations[42] - The geographical breakdown of revenue shows that HK$84,363,000 was generated in Hong Kong, while HK$158,784,000 came from Mainland China[42] - The restaurant turnover decreased by 15.3% to HK$115,836,000 from HK$136,807,000 in 2024, primarily due to economic weakness and increased market competition[114][116] - The food business turnover was HK$55,204,000, down 5.7% from HK$58,527,000 in 2024, attributed to changes in consumer behavior and cautious purchasing decisions[118][122] - The hotel business recorded a turnover of HK$5,576,000, a decrease of 40.8% from HK$9,425,000 in 2024, mainly due to reduced turnover from the Foshan hotel[121][122] Cost Management - The company reported a decrease in selling and distribution expenses to HK$119,161,000 from HK$151,056,000, a reduction of 21.1%[13] - Finance costs decreased to HK$39,213,000 from HK$58,219,000, reflecting a reduction of 32.7%[13] - Corporate and unallocated expenses amounted to HK$19,365,000, a decrease from HK$36,032,000 in 2024, showing a reduction of approximately 46%[39] - The Group plans to optimize cost management, enhance operational efficiency, and expand online sales channels to navigate economic fluctuations and achieve sustained growth[123] Assets and Liabilities - Total non-current assets decreased to HK$4,344,357,000 from HK$4,423,734,000, a decline of approximately 1.8%[17] - Current assets totaled HK$1,144,239,000, slightly down from HK$1,154,551,000, representing a decrease of about 0.9%[19] - Total current liabilities decreased to HK$1,922,732,000 from HK$1,969,062,000, a reduction of approximately 2.4%[19] - Net current liabilities improved to HK$778,493,000 from HK$814,511,000, indicating a positive change of about 4.4%[19] - Total assets less current liabilities stood at HK$3,565,864,000, down from HK$3,609,223,000, a decrease of approximately 1.2%[19] - Net assets decreased to HK$2,896,225,000 from HK$2,917,783,000, reflecting a decline of about 0.7%[19] - Cash and cash equivalents decreased to HK$100,658,000 from HK$162,534,000, a significant decline of approximately 38.1%[17] Cash Flow - For the six months ended September 30, 2025, the net cash flows from operating activities were HK$62,565,000, compared to HK$23,948,000 for the same period in 2024, representing a significant increase of 61.8%[25] - The company reported a net cash inflow from investing activities of HK$14,115,000, a decrease from HK$121,653,000 in the prior year, indicating a reduction in investment activity[25] - New bank loans amounted to HK$92,293,000, while repayments of bank loans were HK$133,889,000, resulting in a net cash outflow from financing activities of HK$101,761,000[25] - Cash and cash equivalents at the end of the period were HK$100,658,000, down from HK$156,110,000 at the end of the previous period[25] Shareholder Information - As of September 30, 2025, Ma Kai Cheung holds 627,463,011 shares, representing 39.93% of the company's issued share capital[151] - Ma Kai Yum owns 309,289,754 shares, accounting for 19.68% of the company's issued share capital[151] - The controlling shareholders, Ma Kai Cheung and Ma Kai Yum, hold 39.93% and 19.68% of the company's shares, respectively, and have committed to maintaining at least 42% of the shares collectively[193] - The total issued and fully paid share capital as of September 30, 2025, remained at HK$157,136,000, with 1,571,359,420 ordinary shares issued[70] Management and Governance - The Audit Committee consists of three independent non-executive directors and is responsible for reviewing the financial reporting process and internal controls[195] - The Remuneration Committee aims to establish competitive remuneration levels to attract and retain key executives[198] - The company’s financial statements for the six months ended September 30, 2025, were reviewed by the Audit Committee[196] Future Outlook - Management remains cautiously optimistic about the economic outlook for the coming year, anticipating gradual improvements as conditions evolve[124] - The Group plans to enhance operational efficiency and financial control to mitigate operational risks amid economic uncertainties[126] - The Group aims to expand its market presence in the Greater Bay Area, leveraging established brands like "Carrianna" and "Shun Yi" to grow its restaurant business[127]

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 144,972,000, representing a 14.6% increase from HKD 126,540,000 in the same period of 2024[9] - Gross profit for the same period was HKD 126,817,000, up from HKD 110,347,000, indicating a growth of 15%[9] - The net profit for the period was HKD 17,901,000, which is a 35.5% increase compared to HKD 13,239,000 in the previous year[9] - Basic earnings per share increased to HKD 2.35 from HKD 1.74, reflecting a growth of 35%[9] - Total comprehensive income for the period was HKD 18,461,000, compared to HKD 14,685,000 in the prior year, marking a 25.5% increase[9] - The company reported a pre-tax profit of HKD 21,681,000 for the six months ended September 30, 2025, compared to HKD 15,939,000 for the same period in 2024, representing a growth of 36.5%[14] - Revenue from health supplements increased to HKD 138,589,000, up 15.1% from HKD 120,398,000 in the previous year[19] - Total revenue for the six months reached HKD 144,972,000, a rise of 14.6% compared to HKD 126,540,000 in 2024[19] - The company's profit for the six months ended September 30, 2025, was HKD 17,901,000, compared to HKD 13,239,000 for the same period in 2024, representing a year-on-year increase of approximately 35.5%[35] Cash and Assets - Cash and cash equivalents as of September 30, 2025, were HKD 82,619,000, up from HKD 78,723,000, showing a growth of 4.5%[11] - The company’s cash and cash equivalents at the end of the period were HKD 82,619,000, compared to HKD 80,030,000 at the end of the previous year[14] - Accounts receivable as of September 30, 2025, stood at HKD 27,707,000, compared to HKD 21,064,000 as of March 31, 2025, marking an increase of about 31.7%[36] - As of September 30, 2025, the group's current assets net value was HKD 115,398,000, an increase from HKD 110,807,000 as of March 31, 2025[56] - The company's total liabilities as of September 30, 2025, were HKD 14,979,000, compared to HKD 14,337,000 as of March 31, 2025, indicating a slight increase of about 4.5%[39] Expenses and Costs - The company reported a decrease in financing costs to HKD 494,000 from HKD 562,000, a reduction of 12.1%[9] - Total tax expenses for the six months ended September 30, 2025, amounted to HKD 3,780,000, up from HKD 2,700,000 in 2024, reflecting a growth of about 40%[7] - Depreciation expenses for property, plant, and equipment totaled HKD 8,640,000, an increase from HKD 7,584,000 in the previous year, indicating an increase of approximately 13.9%[30] - Selling and distribution expenses increased by 11.2% to HKD 87,278,000, while general and administrative expenses rose by 15.1% to HKD 18,697,000[52] - The total amount of inventory costs recognized as expenses was HKD 18,155,000, compared to HKD 16,193,000 in 2024, reflecting an increase of approximately 12.1%[30] Inventory and Operations - Inventory increased to HKD 20,913,000 from HKD 19,057,000, reflecting a 9.7% rise[11] - The company continues to focus on the retail and wholesale of health and personal care products, with all revenue derived from this segment[22] - Sales from consignment counters increased by 16.1% to HKD 105,184,000, accounting for 72.5% of total revenue[51] - The company opened one additional specialty store, bringing the total to 19 stores and 68 consignment counters as of September 30, 2025[48] Shareholder Information - The company declared dividends amounting to HKD 15,240,000 during the period[12] - The company has not declared an interim dividend for the six months ended September 30, 2025, consistent with the previous year[31] - The weighted average number of ordinary shares used for calculating basic and diluted earnings per share remained constant at 762,000,000 for both 2025 and 2024[33] - As of September 30, 2025, Beatitudes holds 443,840,000 shares, representing 58.25% of the total issued shares of 762,000,000[69][70] - Gao Yuan holds 93,635,000 shares, accounting for 12.29% of the total issued shares[69][70] Corporate Governance - The audit committee has reviewed and supervised the group's financial reporting system and internal control procedures during the reporting period[82][83] - The company has complied with the corporate governance code requirements, except for the separation of the roles of chairman and CEO[77][79] - The board believes that having the chairman also serve as co-CEO is in the best interest of the group due to his extensive knowledge and network in the industry[79] - The company has maintained a public float of at least 25% of its total issued shares throughout the reporting period[81] Strategic Initiatives - The company plans to continue optimizing its business strategy to adapt to the changing business environment[48] - The group plans to adopt digital and technological transformation to optimize operational processes and enhance efficiency[65] - The strategy includes expanding product diversity to meet the preferences of different customer segments[65] - The group aims to leverage the government's initiatives to attract more visitors to Hong Kong, which is expected to boost the overall retail market[65] Miscellaneous - The company has not granted any stock options since the adoption of the stock option plan on September 12, 2016, and there are no unexercised options as of September 30, 2025[72][73] - The company did not redeem any of its listed securities during the reporting period, nor did it purchase or sell any such securities[74][75] - The group had no significant investments, acquisitions, or disposals in subsidiaries, associates, or joint ventures for the six months ended September 30, 2025[60] - The employee count was 222 as of September 30, 2025, down from 232 a year earlier[62] - The company expresses gratitude to shareholders, business partners, and customers for their continued support[84]

INTERIM REPORT 2025-26 中期報告 迎風而上 堅毅前行 Steadfast in Efforts Striving Forward Far East Consortium International Limited 遠東發展有限公司 INTERIM REPORT 2025-26 中期報告 目錄 | 2 | 公司資料 | | --- | --- | | 4 | 多元化及均衡之業務組合 | | 8 | 2025/26年財政年度上半年重大事件 | | 11 | 中期業績2025/26 | | 14 | 管理層討論及分析 | | 45 | 非公認會計原則財務計量 | | 49 | 其他資料 | | 56 | 簡明綜合財務報表之審閱報告 | | 57 | 簡明綜合損益表 | | 58 | 簡明綜合損益及其他全面收益表 | | 59 | 簡明綜合財務狀況表 | | 61 | 簡明綜合權益變動表 | | 63 | 簡明綜合現金流量表 | 66 簡明綜合財務報表附註 2 遠東發展有限公司 公司資料 董事會 執行董事 邱達昌，丹斯里拿督，B.Sc. （主席兼行政總裁） 孔祥達，B.ENG., ACA 邱達成 ...

中期報告 中期報告 2025/26 目錄 | 公司資料 | 2 | | --- | --- | | 管理層討論及分析 | 4 | | 其他資料 | 33 | | 中期簡明綜合財務報表審閱報告 | 45 | | 中期簡明綜合損益表 | 47 | | 中期簡明綜合全面收益表 | 48 | | 中期簡明綜合財務狀況表 | 50 | | 中期簡明綜合權益變動表 | 52 | | 中期簡明綜合現金流量表 | 54 | | 中期簡明綜合財務資料附註 | 56 | 頁次 董事會 執行董事 劉建國先生 （董事長兼總裁） 伊藤康樹先生 左軍先生 劉宏立先生 非執行董事 楊小平先生 謝吉人先生 獨立非執行董事 盧伯卿先生 汪建國先生 徐輝先生 田青女士 審核委員會 盧伯卿先生 （主席） 汪建國先生 徐輝先生 薪酬委員會 汪建國先生 （主席） 徐輝先生 左軍先生 提名委員會 劉建國先生 （主席） 汪建國先生 盧伯卿先生 田青女士(1) 公司秘書 岑影文女士 附註： (1) 自二零二五年六月二十六日起獲委任為本公司提名委員會成員 授權代表 左軍先生 岑影文女士 核數師 安永會計師事務所 執業會計師 註冊公眾利益實體核數師 公司網站 ...

Financial Performance - Revenue for the six months ended September 30, 2025, was HK$34,481,081, a decrease of 1.8% from HK$35,105,202 in the same period of 2024[16] - Gross profit for the same period was HK$5,505,527, down 6% from HK$5,855,695 year-on-year[16] - Profit for the period was HK$1,768,085, representing a decline of 21.9% compared to HK$2,263,915 in the previous year[16] - Total comprehensive income for the period was HK$2,766,547, down 28.7% from HK$3,879,660 in the prior year[16] - Other income decreased to HK$401,381 from HK$646,889, reflecting a decline of 38%[16] - Profit for the period attributable to owners of the Company decreased to HK$1,334,217, a decline of 24.2% compared to HK$1,760,747 in the same period last year[17] - Total comprehensive income attributable to owners of the Company was HK$2,162,953, down 32.2% from HK$3,194,275 year-over-year[17] - Basic and diluted earnings per share decreased to HK$24.73, down 24.2% from HK$32.71 in the previous year[17] Cash Flow and Liquidity - For the six months ended September 30, 2025, net cash from operating activities was HK$3,127,333, a decrease of 15.1% compared to HK$3,683,318 for the same period in 2024[23] - Net cash used in investing activities improved to HK$522,370 from HK$1,461,225, indicating a reduction of 64.3%[23] - The net cash from financing activities was HK$1,036,961, a significant recovery from a net cash used of HK$1,707,196 in the previous year[23] - The total cash and cash equivalents at September 30, 2025, increased to HK$12,707,137, up 38.5% from HK$9,188,743 at the same date in 2024[23] - Current liabilities decreased slightly to HK$46,559,151 from HK$46,902,284, indicating improved liquidity management[20] - The company reported a net current assets position of HK$1,646,508, a significant improvement from a net liability of HK$2,354,784[20] Assets and Liabilities - Non-current assets increased to HK$104,031,353, up from HK$103,673,070 as of March 31, 2025[19] - Total equity increased to HK$63,421,331, up from HK$60,726,705, reflecting a growth of 4.5%[20] - The Group's total liabilities increased to HK$16,106,015,000 as of September 30, 2025, from HK$16,746,886,000[76] - The Group's total trade and other receivables amounted to HK$16,384,764,000 as of September 30, 2025, an increase from HK$15,562,499,000 as of March 31, 2025[68] - Trade receivables from contracts with customers were HK$6,850,639,000, with a net amount of HK$5,814,442,000 after deducting an allowance for credit losses of HK$1,036,197,000[68] Revenue Breakdown - Revenue from the sale of natural gas reached HK$20,381,866, an increase of 3.8% from HK$19,641,836 in 2024[33] - Engineering design, construction, and installation revenue was HK$3,161,112, a decrease of 5.2% from HK$3,335,525 in the previous year[33] - Sales of liquefied petroleum gas (LPG) decreased to HK$8,382,600, down 12.3% from HK$9,557,976 in 2024[33] - Total revenue for the six months ended September 30, 2025, was HK$34,481,081, a decline of 1.8% compared to HK$35,105,202 in 2024[33] Operational Highlights - The Group reorganized its internal reporting structure, combining the gas connection segment with the engineering design and construction segment for better resource allocation[39] - The Group connected 676,347 new residential users during the period, a decrease of 25.2% year-on-year, while cumulative connections reached 49,128,135, up by 2.4%[116] - The Group has cumulatively built 564,972 km of gas pipelines as of September 30, 2025[115] - The Group secured 662 piped gas projects across 30 provinces, with no new city piped gas projects added during the period[114] Strategic Initiatives - The Group is focused on improving the natural gas pricing mechanism to alleviate cost pressures in the gas industry[100] - The Group is advancing organizational reforms and integrating AI into business scenarios to enhance operational efficiency[108] - The Group aims to enhance its value-added services by adapting operations strategies to align with consumption trends, thereby increasing market share[194] - The Group plans to explore new business areas such as user-side energy storage and biomass, contributing to performance growth[191] Market and Economic Context - China's GDP grew by 5.2% year-on-year in the first three quarters, indicating a stable economic recovery[100] - China's apparent natural gas consumption decreased by 0.2% year-on-year to 317.75 billion m³ from January to September 2025[103] - The Chinese government is expected to implement more robust economic stimulus policies to stabilize the economy, which will benefit the Group's operations[190] Dividend and Shareholder Returns - The proposed interim dividend was set at HK15.0 cents per share[107] - The Group declared an interim dividend of HK15.0 cents per share for the six months ended 30 September 2025, consistent with the previous year[200]

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 19,610,000, an increase of 4.96% compared to HKD 18,680,000 for the same period in 2024[6] - Gross profit decreased to HKD 1,847,000, down 7.33% from HKD 1,993,000 year-over-year[6] - The company reported a net loss of HKD 10,839,000 for the six months ended September 30, 2025, an improvement from a loss of HKD 17,624,000 in the previous year[6] - The total loss for the period was HKD 17,387,000, compared to a loss of HKD 3,885,000 in the previous year, indicating a significant increase in losses[12] - The company reported a pre-tax loss of HKD 10,889,000, compared to a pre-tax loss of HKD 17,607,000 in the previous year, showing an improvement in loss management[18] - The company reported a loss of HKD 10,363,000 for the six months ended September 30, 2025, compared to a loss of HKD 17,387,000 in 2024, indicating a reduction in losses by 40.3%[28] Cash Flow and Assets - Operating cash flow for the six months was HKD 2,397,000, a significant recovery from a cash outflow of HKD 11,538,000 in the same period last year[11] - Total current assets increased to HKD 169,308,000 from HKD 114,620,000, reflecting a growth of 47.7%[8] - The company’s cash and bank balances at September 30, 2025, were HKD 63,021,000, a substantial increase from HKD 2,409,000 at the same time last year[11] - The total assets as of September 30, 2025, amounted to HKD 201,466,000, up from HKD 147,348,000 as of March 31, 2025, reflecting a growth of approximately 36.69%[20] - The total liabilities increased to HKD 211,969,000 from HKD 147,253,000, marking an increase of approximately 43.93%[20] Equity and Share Performance - The basic and diluted loss per share for the period was HKD 2.11, compared to HKD 3.59 in the previous year[7] - The total equity attributable to owners decreased to HKD 51,419,000 from HKD 59,753,000, indicating a decline of approximately 13.93%[12] - The company has issued 100,000,000 shares as of September 30, 2025, with paid-up capital amounting to HKD 49,164,000[42] - The company has a total of 1,339,138,191 shares issued[98] Segment Performance - The segment revenue from medical device distribution and services was HKD 15,551,000, compared to HKD 13,209,000 in the previous year, showing an increase of about 17.67%[18] - The segment performance for hospital management services reported a loss of HKD 3,264,000, slightly higher than the loss of HKD 3,218,000 in the previous year[18] Operational Developments - The company plans to launch new cardiovascular products, including pacemakers, by the second half of the fiscal year ending March 31, 2026[52] - The company has strategically adjusted its product portfolio to focus on higher-margin products and expand into new surgical fields, including tumor-related surgeries[52] - The company aims to leverage its existing strengths in cardiovascular product distribution while diversifying into new surgical areas[52] Legal and Compliance Matters - The company has a disputed dividend payable of USD 4,000,000 (approximately HKD 31,120,000) related to redeemable convertible cumulative preference shares[34] - The court ruled against Capital Foresight's claim for the USD 4,000,000 loan note, citing a lack of agreed maturity date as a defect[40] - The company is currently involved in ongoing litigation regarding the loan note, with an appeal hearing scheduled for August 27, 2024[41] Financing and Capital Raising - The company completed a rights issue on October 6, 2025, raising approximately HKD 80,900,000, intended for settling payables and general working capital[46] - The total amount raised from the rights issue and subscription was approximately HKD 84.7 million, with a net amount of approximately HKD 80.9 million[85] - The group plans to negotiate with banks for the renewal of existing loans by the end of Q1 2026[71] Employee and Governance - The total employee cost for the group was approximately HKD 8.2 million, compared to HKD 6.8 million in the previous period[90] - The group employed 127 employees as of September 30, 2025, down from 148 employees as of March 31, 2025[90] - The company has complied with the corporate governance code throughout the period, except for certain disclosures[105] Stock Options and Incentives - The company has granted stock options to 14 business consultants, including former directors and employees, to support business development and financial operations[101] - The stock options are expected to enhance employee retention and motivation, contributing to overall company performance[101]

Financial Performance - The company's revenue increased by approximately HKD 14.7 million or 22.9% to about HKD 78.7 million compared to HKD 64.0 million in the same period of 2024[8]. - Gross profit decreased by approximately HKD 1.1 million to about HKD 3.9 million, with a gross margin decline of 2.9 percentage points to about 5.0% from 7.9% in the same period of 2024[9]. - The company recorded a net loss of approximately HKD 16.3 million, compared to a net loss of about HKD 5.1 million in the same period of 2024[14]. - The company reported an operating loss of HKD 16.26 million for the period, compared to a loss of HKD 4.89 million in the previous year, indicating a worsening operational performance[30]. - The net loss before tax was HKD 16.27 million, compared to a loss of HKD 4.90 million in 2024, highlighting a significant increase in losses[30]. - The company reported a loss attributable to shareholders of HKD 16,271,000 for the six months ended September 30, 2025, compared to a loss of HKD 5,077,000 in the same period of 2024, resulting in a basic loss per share of HKD 4.07[47]. Expenses and Costs - Administrative and operating expenses increased significantly by approximately HKD 6.5 million, primarily due to bonuses for departing directors and rising employee costs[11]. - The total employee compensation cost for the period was approximately HKD 23.1 million, up from HKD 15.4 million in the same period last year, marking a rise of 50.3%[28]. - Administrative and other operating expenses increased significantly to HKD 17.24 million from HKD 10.75 million, representing a rise of 60.6%[30]. - Employee costs increased to HKD 11,451,000 from HKD 9,962,000, reflecting a rise in operational expenses[44]. Cash Flow and Liquidity - The company had a total bank balance of approximately HKD 69.8 million as of September 30, 2025, down from HKD 85.2 million as of March 31, 2025[16]. - Cash and cash equivalents decreased by HKD 15,425,000, ending at HKD 69,817,000 as of September 30, 2025, down from HKD 82,173,000 a year earlier[33]. - Operating cash flow for the six months ended September 30, 2025, was negative at HKD (6,809,000), compared to HKD (5,670,000) in the previous year[33]. - The company incurred a net cash outflow from investing activities of HKD (8,379,000) for the six months ended September 30, 2025[33]. Assets and Liabilities - Total assets as of September 30, 2025, amounted to HKD 1,808,881,203, a decrease from HKD 1,841,212,000 as of March 31, 2025[31]. - The company’s total liabilities amounted to HKD 685,132,626 as of September 30, 2025[31]. - The company’s total equity as of September 30, 2025, was HKD 123,749,000, down from HKD 140,020,000 as of March 31, 2025[32]. - The company’s retained earnings decreased to HKD 26,926,000 as of September 30, 2025, from HKD 43,197,000 as of March 31, 2025[32]. Investments and Capital Expenditures - The company invested approximately HKD 4.2 million in capital expenditures for the purchase of property, plant, and equipment, funded by internal resources[21]. - Total investment in property, plant, and equipment during the period was approximately HKD 4,172,000, down from HKD 6,782,000 in the previous year[49]. Corporate Governance - The company has adhered to all applicable corporate governance codes as outlined in the listing rules, ensuring accountability and protection of shareholder interests[74]. - The company has a commitment to maintaining good corporate governance practices to safeguard shareholder rights[74]. - The audit committee, established on September 3, 2016, reviewed the unaudited interim results and confirmed compliance with applicable accounting standards and regulations[80]. - The audit committee consists of three independent non-executive directors, ensuring oversight of financial reporting and risk management[80]. Shareholding Structure - As of September 30, 2025, the company has 204,000,000 shares held by Meicheng Holdings Limited, representing 51.0% of the total issued share capital[66]. - The shareholding structure indicates that Mr. Huang Renxiong owns 40%, Mr. Huang Yibang owns 30%, and Mr. Li Guohui owns 30% of Meicheng Holdings Limited[70]. - On October 23, 2025, Mr. Huang Renxiong agreed to purchase Mr. Li Guohui's 30% stake in Meicheng for HKD 12,000,000, resulting in a new ownership structure of 70% and 30% for Mr. Huang Renxiong and Mr. Huang Yibang respectively[71]. Market and Competition - The company is actively participating in project tenders to overcome intense competition and a sluggish real estate market[7]. - The management plans to adjust pricing strategies and implement strict cost control measures to enhance operational efficiency[7].