Zhonghua Gas Holdings Limited 中華燃 氣 控 股 有 限 公 司 08246.HK (於開曼群島註冊成立之有限公司) 2025-2026 中期報告 Zhonghua Gas Holdings Limited 中華燃 氣 控 股 有 限 公 司 (Incorporated in the Cayman Islands with limited liability) 08246.HK 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。 香港交易及結算所有限公司及聯交所對本報告的內容概不負責，對其準確性或完整性亦不發表任何聲明， 並明確表示概不會對本報告的全部或任何部分內容所產生或因依賴該等內容而引致的任何損失承擔任何 責任。 本報告乃遵照聯交所GEM證券上市規則（「GEM上市規則」）的規定而提供有關中華燃氣控股有限公司（「本 公司」）的資料。本公司之董事（「董事」）願共同及個別就本報告負全責，並在作出一切合理查詢後確認， 就彼等所深知及確信，本報告所載資料在各重大方面均屬準確完備，且 ...

Financial Performance - Total revenue for the period ending June 30, 2025, was approximately RMB 132.8 million, representing a 17.1% increase from RMB 113.4 million for the year ending December 31, 2023[10]. - The company reported a significant increase in loss attributable to equity shareholders, amounting to approximately RMB 554.1 million, compared to RMB 155.5 million for the year ending December 31, 2023, reflecting a 256.4% increase[10]. - The basic and diluted loss per share was RMB 1.79, up 244.2% from RMB 0.52 for the year ending December 31, 2023[10]. - The company's gross loss for the reporting period was approximately RMB 394.2 million, an increase of about 482.5% compared to the gross loss of approximately RMB 67.7 million for the year ended December 31, 2023[31]. - The gross loss margin for the reporting period was approximately 296.8%, up from approximately 59.7% for the year ended December 31, 2023, primarily due to increased gross losses from self-produced TV drama distribution and broadcasting rights[32]. - The group recorded a net loss of RMB 554,066,000 for the period from January 1, 2024, to June 30, 2025, compared to a net loss of RMB 155,458,000 for the year ended December 31, 2023[158]. Revenue Sources - The company generated revenue primarily from the licensing of broadcasting rights for a total of 8 television dramas during the reporting period, down from 19 dramas in the previous year[12]. - Revenue from self-produced drama licensing increased by approximately 75.8% from RMB 69.1 million to RMB 121.5 million during the reporting period[19]. - Revenue from purchased drama licensing decreased by approximately 85.2% from RMB 36.1 million to RMB 5.4 million due to challenging market conditions[22]. - Revenue from joint financing arrangements decreased by approximately 28.0% from RMB 8.2 million to RMB 5.9 million[24]. - The company successfully licensed the broadcasting rights of the self-produced drama "Little Couples" to a major online streaming platform, contributing significantly to revenue[19]. Cost and Expenses - Sales costs surged by approximately 191.0% from RMB 181.1 million to RMB 527.0 million, primarily due to increased costs in self-produced dramas and joint financing arrangements[25]. - The cost of self-produced drama licensing increased by approximately 136.3% from RMB 120.8 million to RMB 285.4 million due to the airing of several dramas[26]. - Sales and marketing expenses increased by approximately 67.0% to about RMB 4.0 million for the reporting period, up from approximately RMB 2.4 million for the year ended December 31, 2023, primarily due to increased promotional expenses[35]. - Administrative expenses rose by approximately 57.4% to about RMB 35.9 million for the reporting period, compared to approximately RMB 22.8 million for the year ended December 31, 2023, mainly due to increased employee costs[38]. - Financing costs increased by approximately 143.2% to about RMB 45.4 million for the reporting period, up from approximately RMB 18.7 million for the year ended December 31, 2023, primarily due to increased interest expenses on bank and other loans[40]. Impairment and Losses - Impairment losses on completed dramas amounted to RMB 61.4 million, while script rights impairment totaled RMB 179.5 million, leading to a total impairment provision of RMB 295.8 million[28]. - The company recorded impairment losses on trade and other receivables of approximately RMB 69.3 million during the reporting period, compared to RMB 31.9 million for the year ended December 31, 2023[39]. Corporate Governance - The company is committed to maintaining high standards of corporate governance and has adopted relevant regulations as per listing rules[89]. - The board consists of eight directors, including five executive directors and three independent non-executive directors[98]. - The board has established three committees: audit committee, remuneration committee, and nomination committee to oversee specific matters[96]. - The company emphasizes a strong corporate culture aligned with its vision and strategy, focusing on integrity and ethical conduct[91]. - The company has been compliant with all applicable codes of corporate governance during the reporting period[90]. Future Plans and Strategies - The company aims to continue producing self-made television dramas and accelerate the licensing of broadcasting rights through traditional TV channels and online streaming platforms[13]. - The company plans to collaborate closely with third-party copyright holders to acquire more diverse television drama rights to cater to varying customer preferences[13]. - The company emphasizes the importance of adapting traditional television dramas to fit into the digital ecosystem for future success[13]. - The company has no significant future plans for major investments or capital assets as of June 30, 2025[63]. Shareholder and Financial Management - The company successfully placed 60,000,000 shares at a net placement price of approximately HKD 0.096 per share, raising a total net amount of HKD 5.78 million[66]. - The net proceeds from the placement are intended for general working capital of the group[66]. - The auditor expressed a disclaimer of opinion due to significant uncertainties regarding the group's ability to continue as a going concern[68]. - Management believes that the uncertainties mentioned can be resolved through remedial measures outlined in the annual report, asserting the group's ability to continue operations[69]. Employee and Workforce - The company has 45 employees as of June 30, 2025, compared to 44 employees as of December 31, 2023[58]. - The company aims for gender equality in its workforce, with female and male employees comprising approximately 62.22% and 37.78% of the total workforce, respectively, as of June 30, 2025[131]. - The company emphasizes competitive and fair compensation for employees, continuously improving salary and reward policies to retain talent[178]. Risk Management - The board has established risk management procedures to address significant risks related to the group's business, with annual reviews of major changes in the business environment[140]. - The internal audit function evaluates the effectiveness of financial, operational, and compliance controls, reporting annually to the board, with no significant deficiencies found during the review period[143]. - The board has confirmed the effectiveness of the risk management and internal control systems, with no known significant deficiencies or violations of policies[144].

Sheung Wan, Hong Kong 杭品生活科技股份有限公司 HANG PIN LIVING TECHNOLOGY COMPANY LIMITED (Incorporated in Bermuda with limited liability 於百慕達註冊成立之有限公司) 股份代號 Stock Code :1682 2025/26 Interim Report 中期報告 香港上環 干諾道中168-200號 信德中心西座 33樓3309室 Unit 3309, 33/F., West Tower, Shun Tak Centre, No.168-200 Connaught Road Central www.hk01682.com 目錄 2 公司資料 3 管理層討論與分析 15 其他披露 20 簡明綜合損益及其他全面收益表 21 簡明綜合財務狀況表 22 簡明綜合權益變動表 23 簡明綜合現金流量表 24 簡明綜合財務報表附註 33 詞彙 公司資料 董事會 執行董事 林繼陽先生 （總裁） 吳凱先生 （副總裁） 張凱原先生 獨立非執行董事 陳健先生 周致人先生 黃冰芬女士 審核委員會 周致人先生 （主席） ...

Fund Allocation - The company plans to allocate approximately 45% of the net proceeds from the issuance of convertible bonds for the purchase of production facilities, equipment, and raw materials for pharmaceutical products [2]. - About 30% of the net proceeds will be used to enrich the pharmaceutical product base, including the development of new drugs and/or obtaining drug licenses [2]. - Approximately 25% of the net proceeds will be allocated to increase sales points and additional sales personnel costs [2].

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佈之內容概不負責， 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佈全部或任何 部份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。 CEC INTERNATIONAL HOLDINGS LIMITED CEC 國際控股有限公司 * （於百慕達註冊成立之有限公司） （股份代號： 759） 截至2025年10月31日止6個月中期業績公佈 CEC International Holdings Limited（CEC國際控股有限公司）（「本公司」）之董事會 （「董事會」）謹此公佈，本公司及其附屬公司（統稱「本集團」）截至2025年10月31日 止6個月之未經審核綜合業績如下： 簡明綜合收益表 | | | 截至10月31日止6個月 | | | --- | --- | --- | --- | | | | 2025年 | 2024年 | | | 附註 | 千港元 | 千港元 | | | | （未經審核） | （未經審核） | | 收益 | 2 | 710,391 | 702,392 | | 銷售成本 | | (429,648) | (426,783 ...

Share Repurchase - As of December 31, 2024, the company repurchased a total of 20,949,500 shares to hold as treasury stock[2] - The company plans to utilize the repurchased treasury shares for various purposes, including cash generation, transfer, and cancellation[2]

Corporate Information 公司資料 Board of Directors Non-Executive Directors Contents 目錄 | Corporate Information | 公司資料 | 1 | | --- | --- | --- | | Condensed Consolidated Statement of Profit or Loss and | 簡明綜合損益及其他全面收益表 | 4 | | Other Comprehensive Income | | | | Condensed Consolidated Statement of Financial Position | 簡明綜合財務狀況表 | 6 | | Condensed Consolidated Statement of Changes in Equity | 簡明綜合權益變動表 | 8 | | Condensed Consolidated Statement of Cash Flows | 簡明綜合現金流量表 | 10 | | Notes to the Condensed Consolidated Fin ...

Financial Proceeds - The net proceeds from the first placement event in 2024 amounted to approximately HKD 1.98 million, with 65.2% allocated to professional fees[5] - The net proceeds from the second placement event in 2024 were approximately HKD 3.17 million, with 63.1% allocated to salaries and other company expenses[6] - The net proceeds from the third placement event in 2024 totaled approximately HKD 2.96 million, with 64.2% allocated to salaries and other company expenses[7] Share Option Scheme - The total number of shares that may be issued under the share option scheme is capped at 10% of the total shares issued on the approval date, equating to 40,000,000 shares[4] - As of January 1, 2024, the number of share options available for grant under the share option scheme was 13,992,000 shares[4] Announcement Accuracy and Responsibility - The company confirms that the information provided in the announcement is accurate and complete, with no misleading or fraudulent elements[10] - The board of directors is responsible for the accuracy of the information provided in the announcement[10] Publication and Supplementary Information - The announcement will be published on the Hong Kong Stock Exchange website and the company's website for at least seven days from the publication date[11] - The company emphasizes that the supplementary information should be read in conjunction with the annual report for the year ending December 31, 2024[3] Product Development and Market Strategy - The company has not disclosed any new product developments or market expansion strategies in this announcement[3]

Business Model and Strategy - The Group focuses on sourcing and selling Integrated Circuit (IC) products, emphasizing environmentally-friendly and energy-saving solutions[11]. - Revenue is derived from a "mark-up" or "margin" on ICs sold, which includes the cost of value-added services[18]. - The Group specializes in five major product categories: mobile devices and smart charging, motor control, sensors and automation, LED lighting, and RF power[12]. - The business model includes providing IC application solutions and after-sales support to enhance customer satisfaction and reduce manufacturing costs[19]. - The Group does not charge separately for IC application solutions, integrating these services into the pricing of ICs[21]. - The management believes that their understanding of customer needs and supplier products allows them to provide tailored solutions[20]. - The Group's pricing strategy considers factors such as IC costs, market conditions, and customer purchase volume[18]. - The company aims to shorten design time and reduce costs for customers through its value-added services[20]. - The Group's application solutions can be utilized across a wide range of electronic products, enhancing their market reach[12]. - The management discussion highlights a commitment to innovation and adapting to fast-growing market categories[17]. - The company provides IC application solutions and value-added services to meet specific customer needs, including concept consulting and technical feasibility studies[22]. - The company assists in PCB layout design to enhance Electromagnetic Interference (EMI) performance, contributing to the reliability and performance of customers' final products[23]. - After-sales on-site support is provided to ensure that IC application solutions effectively highlight the specific functions of customers' end products[24]. - The company plays a key role in contributing feedback to IC manufacturer suppliers' product roadmaps, which helps in developing ICs that better meet market needs[25]. - Feedback from customers is collected to identify limitations and flaws in ICs, which is communicated to suppliers for product improvement[25]. - The company adopts a market-oriented approach with a responsive business model, focusing on application development and regular engagement with suppliers and customers[29]. - The design and R&D functions are carried out collaboratively, with an in-house team experienced in bridging the gap between supplier products and customer requirements[32][33]. - Maintaining close relationships with suppliers allows the company to anticipate market trends and obtain the latest product information, benefiting both suppliers and customers[35]. - The availability of next-generation ICs with modified features enables the company to provide more targeted IC application solutions, fostering a cycle of increased sales[28]. - The management team possesses extensive industry knowledge and technical expertise, which is crucial for delivering IC application solutions[38]. - The company aims to strengthen its market position in the IC application solutions industry by increasing market share and enhancing service quality[39]. Authorized Distributorship and Supplier Relationships - The company received invitations from at least four suppliers to become their authorized non-exclusive distributors, indicating supplier confidence in the company's value-added services[44]. - Authorized distributorship status is recognized as a testament to the company's technical capabilities and enhances its visibility in the industry, positively impacting new business generation[43]. - The company benefits from increased customer referrals from IC manufacturers, which boosts overall business volume[51]. - Direct access to IC manufacturers enhances customer confidence in product authenticity and quality[51]. - The company has opportunities for regular first-hand training from suppliers on their latest products, improving service delivery[51]. - The company aims to establish further authorized distributorship relationships with current and new suppliers to achieve sustainable growth[42]. - The strategic focus on authorized distributorships is fundamental for mitigating risks and reinforcing the company's role in the value chain[45]. - The company believes that maintaining close relationships with suppliers allows for better market trend predictions and access to the latest product and technology information[36]. - The company benefits from its status as an authorized distributor, receiving regular first-hand training from suppliers, enhancing its capabilities in providing IC application solutions[56]. Product Categories and Innovations - The mobile devices category focuses on low power radio frequency connectivity, improving wireless functions for various devices including cars and smartphones[58]. - Smart charging ICs reduce power delivery when batteries are nearly full or overheating, enhancing safety and efficiency in charging[63]. - The motor control solutions include applications for various devices, from household fans to industrial equipment, utilizing variable-frequency drives (VFDs) for energy savings[64]. - The company’s portfolio includes high-power semiconductors critical for solar and wind energy systems, industrial motor drives, and EV charging infrastructure[69]. - Application solutions for sensor ICs are integrated with automation solutions for various environments, including automotive and security systems[71]. - The company provides a comprehensive range of SoCs for consumer markets, from high-performance 5G smartphones to smart wearables[59]. - Smart charging technology significantly shortens charging times for devices, improving user experience[60]. - The company’s motor control ICs are essential for controlling speed and torque in modern motors, contributing to energy efficiency and performance[68]. - The company’s feedback channel to suppliers enhances product development, creating a positive cycle that strengthens supplier relationships[56]. Financial Performance - Total revenue decreased by approximately US$7.4 million, or 20.7%, from approximately US$35.8 million for the six months ended 30 September 2024 to approximately US$28.4 million for the six months ended 30 September 2025[86]. - Revenue from mobile control products declined significantly from approximately US$14.1 million in the preceding period to about US$9.3 million in the current period, accounting for roughly 32.9% of total revenue compared to 39.5% in the preceding period[87]. - IC products remained the largest revenue source, representing approximately 69.5% of total revenue in the current period, down from 64.0% in the preceding period, with revenue declining from approximately US$20.1 million to US$18.2 million[90]. - Average selling prices were reduced to accelerate inventory turnover, resulting in an increase in inventory turnover days from approximately 40.6 days to approximately 42.5 days[91]. - The group’s motor control solutions include applications for electric vehicles, industrial tools, and medical devices, positioning the company at the forefront of energy transition[72]. - The sensor and automation segment includes radar sensors for automotive applications, drones, and traffic monitoring systems, enhancing the company's product offerings in advanced driver-assistance systems[73]. - The LED lighting segment is cost-effective and has a wide range of applications, with a focus on providing dimming features for LED lamps[79]. - RF power products are utilized in cable television and broadband networks, catering to customers engaged in broadcasting and signal transmissions[82]. - The company’s strategy includes managing stock levels amid softer market demand while focusing on strengthening the collection of trade and bills receivables[91]. - IC products remain the largest revenue source, accounting for approximately 69.5% of total revenue for the period, down from 64.0% in the preceding period, with revenue decreasing from approximately US$20.1 million to US$18.2 million due to a decline in sales[93]. - Gross profit decreased by approximately US$0.2 million or 28.0%, from approximately US$0.9 million to approximately US$0.7 million, primarily due to a decrease in average selling price[94]. - Gross profit margin decreased from approximately 2.5% to approximately 2.3%, driven by lower margins in mobile devices and smart charging IC products, which contributed over 70% and 80% of total gross profit respectively[94]. - Selling and distribution expenses increased by approximately US$0.3 million from approximately US$0.8 million to approximately US$1.1 million, mainly due to amortization of development costs[96]. - General and administrative expenses decreased by approximately US$0.8 million from about US$2.8 million to around US$2.0 million, primarily due to a significant reduction in staff numbers[102]. - Finance costs amounted to approximately US$1.3 million, representing a decrease of approximately US$0.4 million from the preceding period, in line with the decrease in interest rates[103]. - Net loss for the period remained approximately US$3.9 million[105]. - Employee benefit expenses amounted to approximately US$1.1 million, accounting for approximately 3.9% of total revenue for the period, up from approximately 2.5% in the previous year[106]. Shareholder Information and Corporate Actions - The company resolved not to declare any interim dividend for the six months ended 30 September 2025[117]. - The company entered into a placing agreement to place a maximum of 219,624,476 shares at a price of HK$0.065 per share, completed on 10 October 2025[124]. - The company agreed to place up to 219,624,476 shares at a price of HKD 0.065 per share, with completion on October 10, 2025[127]. - The board proposed a share consolidation of every ten existing shares into one share with a par value of HKD 0.1, which was approved and effective from November 21, 2025[127]. - As of September 30, 2025, Mr. Lam and Mr. Qing each hold 746,746,000 shares, representing 68.00% of the total shareholding[143]. - As of September 30, 2025, P. Grand (BVI) Ltd. holds 662,746,000 shares, representing a 60.35% shareholding[149]. - Ms. Feng Tao has an interest in a controlled corporation with 746,746,000 shares, accounting for 68.00% of the shareholding[149]. - Kingtech (BVI) Ltd. is a beneficial owner of 84,000,000 shares, which is 7.65% of the total shareholding[149]. - No share options were granted, exercised, lapsed, or cancelled under the Share Option Scheme as of September 30, 2025[150]. - The Company maintains sufficient public float as required under the listing rules throughout the period[153]. - The results of the Company will be published on the Stock Exchange and the Company's website in due course[154]. Financial Statements and Accounting Policies - The unaudited condensed consolidated financial statements for the six months ended September 30, 2025, have been prepared in accordance with HKAS 34 and applicable disclosure provisions[177]. - The Group has only one operating segment, which is the sale of ICs products and electronic components, including bundled services[191]. - The functional currency of the Company is Hong Kong dollars (HK$), while the investment holding subsidiary in the BVI and subsidiaries in Hong Kong use US dollars (US$) as their functional currency[172]. - The financial statements have been prepared under the historical cost convention, except for financial assets measured at fair value[178]. - The Group has not applied any new standards or amendments that are not yet effective for the current accounting period[184]. - The significant judgments made by management in applying the Group's accounting policies are consistent with those applied in the consolidated financial statements for the fifteen months ended March 31, 2025[190]. - The ultimate controlling parties of the Group are Ms. Feng Tao, Mr. Lam Keung, and Mr. Qing Haodong[171]. - The unaudited financial statements were approved for issuance by the board of directors on November 27, 2025[173]. - All values in the financial statements are rounded to the nearest thousand, except when otherwise indicated[172]. Market Performance and Future Outlook - Revenue for the six months ended September 30, 2025, was $28,414,000, a decrease of 20.5% from $35,766,000 in the same period of 2024[196]. - Revenue from Hong Kong was $27,571,000, down from $30,690,000, reflecting a decline of 10.5% year-over-year[196]. - Revenue from the PRC dropped significantly to $843,000 from $5,076,000, representing a decrease of 83.4%[196]. - Non-current assets in Hong Kong decreased to $2,120,000 from $2,637,000, a decline of 19.5%[196]. - Non-current assets in the PRC also fell to $518,000 from $1,156,000, a decrease of 55.2%[196]. - The Group's principal activities include the sale of IC products and electronic components, with total revenue from these activities amounting to $28,414,000[198]. - The Group applied the practical expedient in HKFRS 15, which means the revenue information does not include amounts for remaining performance obligations expected to last one year or less[199]. - The Group's revenue and other (loss)/income, net, is primarily derived from the sale of IC products and electronic components, including bundled services[197]. - The Group's performance indicates a need for strategic reassessment in both the Hong Kong and PRC markets due to significant revenue declines[196]. - Future outlook may involve exploring new markets or product lines to counteract the current revenue downturn[196].

Financial Performance - For the six months ending October 31, 2025, Kiddieland International Limited reported revenue of HKD 128,711,000, a decrease of 5.2% compared to HKD 136,130,000 in the same period of 2024[3]. - The cost of sales for the same period was HKD 106,908,000, resulting in a gross profit of HKD 21,803,000, down from HKD 23,666,000, reflecting a gross margin decrease[3]. - Operating profit for the period was HKD 4,740,000, compared to HKD 6,688,000 in the previous year, indicating a decline of 29.1%[4]. - The net profit attributable to the owners of the company was HKD 3,850,000, down from HKD 4,557,000, representing a decrease of 15.5%[4]. - The company reported other income of HKD 29,000, significantly lower than HKD 234,000 in the previous year, indicating a decline in additional revenue streams[3]. - Financial income decreased to HKD 167,000 from HKD 262,000, reflecting a reduction in financial returns[4]. - The company’s total comprehensive income for the period was HKD 3,812,000, down from HKD 4,515,000, showing a decline in overall profitability[4]. - Kiddieland's earnings per share decreased to HKD 0.4 from HKD 0.6, indicating a drop in shareholder returns[4]. Assets and Liabilities - Total assets as of October 31, 2025, amounted to HKD 53,666 million, compared to HKD 64,848 million in the previous year, reflecting a decrease of approximately 17.2%[5]. - The company reported cash and cash equivalents of HKD 6,967 million, down from HKD 9,357 million, indicating a decline of about 25.5% year-over-year[5]. - Total liabilities decreased to HKD 35,302 million from HKD 45,672 million, representing a reduction of approximately 22.7%[5]. - The company's equity attributable to shareholders was HKD 18,364 million, compared to HKD 22,176 million, showing a decrease of around 17.5%[5]. - The company recorded a net loss of HKD 85,872 million, compared to a loss of HKD 82,022 million in the previous year, indicating a worsening of approximately 3.4%[5]. - The company’s inventory decreased to HKD 8,538 million from HKD 10,867 million, reflecting a decline of about 21.4%[5]. - Trade receivables increased to HKD 8,333 million from HKD 19,813 million, indicating a significant decrease of approximately 58.0%[5]. - The company’s intangible assets rose to HKD 9,021 million from HKD 6,600 million, representing an increase of about 36.7%[5]. - Deferred tax assets increased to HKD 7,175 million from HKD 6,369 million, reflecting an increase of approximately 12.7%[5]. Revenue Breakdown - For the six months ending October 31, 2025, the group reported total revenue of HKD 128,711,000, with the toy business contributing HKD 82,845,000 and the laboratory equipment business contributing HKD 45,866,000[17]. - Revenue for the six months ended October 31, 2025, totaled HKD 128,711,000, compared to HKD 136,130,000 for the same period in 2024, representing a decrease of approximately 5.2%[20]. - Revenue from the toy business dropped significantly by 23.2% to approximately HKD 82.8 million, down from HKD 107.8 million in the previous year[38]. - Revenue from the laboratory equipment business increased by 62.2% to approximately HKD 45.9 million, compared to HKD 28.3 million in the previous year[39]. - Revenue by geographic location shows that North America generated HKD 42,755,000, while Europe generated HKD 32,600,000, and China generated HKD 45,866,000, indicating strong performance in the Chinese market[20]. Operational Efficiency and Strategy - The company has not provided specific guidance for future performance but indicated ongoing efforts in product development and market expansion strategies[2]. - Kiddieland is focusing on enhancing operational efficiency to mitigate the impact of declining revenues and profits in the upcoming periods[2]. - Total expenses for the six months ended October 31, 2025, were HKD 123,244,000, a decrease from HKD 129,746,000 in the same period of 2024, reflecting a cost reduction strategy[23]. - The company incurred a deferred tax expense of HKD 895,000 for the six months ended October 31, 2025, compared to HKD 2,048,000 in the previous year, indicating improved tax efficiency[25]. - The company’s operating expenses included HKD 1,008,000 for advertising and promotion, down from HKD 1,151,000, indicating a shift in marketing strategy[23]. - The company reported a total of HKD 9,489,000 in employee costs for the six months ended October 31, 2025, compared to HKD 10,665,000 in the previous year, reflecting workforce optimization[23]. Future Outlook - The company anticipates limited foreign currency risk due to its sales and purchases being primarily denominated in HKD and USD, while laboratory equipment sales are mainly in RMB[46]. - The company expects a recovery in the global economy by 2026, which will provide opportunities to introduce more competitive and innovative products to a thriving consumer market[48]. - The company plans to expand its product range by introducing new popular licenses, benefiting from the increasing demand for licensed products, especially with upcoming movie releases[48]. - The company aims to enhance its market share in the local education equipment industry by focusing on laboratory equipment business and expanding its presence in provinces like Anhui, Shanxi, and Qinghai[49]. Events and Dividends - The board has decided not to declare any interim dividends for the six months ending October 31, 2025[53]. - There have been no significant events following the reporting period as of the announcement date[54].