2025/2026 中期報告 2 公司資料 中期報告 2025/2026 目錄 簡明綜合現金流量表 22 簡明綜合財務報表附註 24 公司資料 2 管理層討論及分析 3 企業管治及其他資料 13 簡明綜合全面收益表 17 簡明綜合財務狀況表 18 簡明綜合權益變動表 20 董事會 執行董事 Daniel Tay Kok Siong先生（「Daniel Tay先生」） 黃志達先生（「黃先生」） （行政總裁） 獨立非執行董事 霍志權先生 （主席） 楊文豪先生 陳秋燕女士（「陳女士」） 審核委員會 霍志權先生 （主席） 楊文豪先生 陳女士 薪酬委員會 陳女士 （主席） 楊文豪先生 霍志權先生 Daniel Tay先生 黃先生 提名委員會 楊文豪先生 （主席） 陳女士 霍志權先生 公司秘書 董穎怡女士 授權代表 黃先生 董穎怡女士 註冊辦事處 Cricket Square, Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 總部及新加坡主要營業地點 10 Anson Road #34–05, International Plaza Si ...

Financial Performance - The company reported unaudited revenue of HKD 31,992,000 for the six months ended September 30, 2025, compared to HKD 9,209,000 for the same period in 2024, representing a significant increase of 247%[6]. - The net loss for the period was HKD 5,412,000, an improvement from a net loss of HKD 6,740,000 in the previous year, indicating a reduction in losses by approximately 20%[6]. - For the six months ended September 30, 2025, the company reported a total loss of HKD 6,740,000, compared to a loss of HKD 5,412,000 for the same period in 2024, indicating a year-over-year increase in losses of approximately 24.4%[9]. - The company reported a pre-tax loss of HKD 4,803,000 for the six months ended September 30, 2025, compared to a loss of HKD 6,493,000 for the same period in 2024[29]. - The loss attributable to owners of the company for the six months ended September 30, 2025, was approximately HKD 5.4 million, a decrease of approximately HKD 1.3 million or 19.7% from a loss of approximately HKD 6.7 million for the same period in 2024[66]. - Loss before tax for the six months ended September 30, 2025, was approximately HKD 4.8 million, a decrease of approximately HKD 1.7 million or 26.0% compared to the previous year[82]. Revenue Breakdown - Total revenue for the six months ended September 30, 2025, was HKD 31,992,000, a substantial increase of 248.5% compared to HKD 9,209,000 in the same period of 2024[15]. - Revenue from licensing and maintenance services reached HKD 17,070,000, up from HKD 5,092,000, reflecting a growth of 234.5% year-over-year[15]. - The company reported a significant increase in initial setup and customization services revenue, which rose to HKD 11,646,000 from HKD 495,000, indicating a growth of over 2,250%[15]. - The AI-driven solutions segment generated revenue of HKD 22,149,000 for the six months ended September 30, 2025, while the precious metals trading services segment contributed HKD 2,876,000[21]. - The AI-driven solutions segment generated revenue of approximately HKD 22.1 million, accounting for 69.2% of total revenue, reflecting the integration of AI algorithms and big data with existing data analysis techniques[69]. - Revenue from cryptocurrency sales was approximately HKD 0.4 million, accounting for 1.4% of total revenue[76]. - Revenue from the precious metal trading services segment decreased by approximately HKD 0.7 million to HKD 2.9 million, representing 9.0% of total revenue[76]. Assets and Liabilities - Total assets increased to HKD 124,596,000 as of September 30, 2025, compared to HKD 70,052,000 as of March 31, 2025, reflecting a growth of 78%[7]. - The company’s total liabilities increased significantly to HKD 34,690,000 from HKD 8,474,000, indicating a rise of 309%[8]. - The company’s total non-current assets as of September 30, 2025, were HKD 68,086,000, with intangible assets accounting for HKD 18,132,000[23]. - The company’s cash and cash equivalents increased to HKD 20,070,000 from HKD 18,232,000, showing a growth of 10%[7]. - The company’s non-current assets increased by HKD 9,216,000 as of September 30, 2025, compared to the previous period[23]. Share Capital and Equity - The company's equity attributable to owners rose to HKD 89,544,000 from HKD 61,230,000, marking an increase of 46%[8]. - The company raised HKD 33,710,000 from the placement of new shares during the financing activities, which contributed positively to the cash flow[10]. - As of September 30, 2025, the company has issued a total of 480,000,000 shares with a par value of HKD 0.01 per share, resulting in total issued capital of HKD 4,800,000[48]. - The company raised approximately HKD 33.7 million from a share placement completed on July 22, 2025[97]. - The weighted average number of ordinary shares issued increased to 431,038,000 shares in 2025 from 400,000,000 shares in 2024, indicating a 7.8% increase[33]. Employee and Operational Expenses - The company incurred costs of HKD 19,934,000 for subcontracting, which was a new expense category introduced this period[6]. - The company reported a decrease in employee benefit expenses to HKD 7,315,000 from HKD 8,859,000, a reduction of approximately 17%[6]. - The total employee benefits payable as of September 30, 2025, amounted to HKD 1,868,000, an increase from HKD 1,157,000 as of March 31, 2025[56]. - The total remuneration for key management personnel for the six months ended September 30, 2025, was HKD 1,750,000, compared to HKD 1,652,000 for the same period in 2024[61]. - Employee benefits expenses decreased by approximately HKD 1.6 million or 17.4% to HKD 7.3 million, mainly due to cost control measures in China[78]. Corporate Governance and Compliance - The company has adopted corporate governance practices based on the GEM Listing Rules, ensuring compliance with applicable governance codes[109]. - The company has established an audit committee as of March 29, 2019, to oversee financial reporting and internal controls[123]. - The audit committee consists of three independent non-executive directors, with 劉慧卿 serving as the chairperson[123]. - The financial statements for the six months ending September 30, 2025, have been reviewed by the audit committee[123]. - The company has adopted a strict code of conduct for securities trading in compliance with GEM listing rules[118]. Strategic Initiatives - The company has expanded its operational segments to include four reportable operating segments, up from two in the previous year, indicating strategic growth in its business model[17]. - The establishment of Da Jin Xiang AI Technology Co., Ltd. aims to focus on AI and advanced technology operations, leveraging the company's expertise in fintech[65]. - The company plans to strategically enter the Hong Kong securities trading market through the establishment of Da Xiang Securities International Co., Ltd., which is expected to complement existing precious metals trading services[68]. - The company aims to optimize its existing trading system, GES TX, enhancing advanced pricing engines and comprehensive trading functions[68]. Risks and Liabilities - The company has no significant capital commitments or contingent liabilities as of September 30, 2025[102]. - The company has no provisions for expected credit losses on trade receivables and contract assets for the six months ended September 30, 2025[90]. - The company has not implemented any foreign currency hedging policies but continuously monitors foreign exchange risks[89]. - The company maintains a cautious approach to managing liquidity risk, ensuring sufficient cash and bank balances to meet short-term needs[92].

Lotus Horizon Holdings Limited 智中國際控股有限公司 (incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立之有限公司) Stock Code 股份代號 : 6063 2025 INTERIM REPORT 中期報告 CONTENTS 目錄 Corporate Information 2 公司資料 | Management Discussion and Analysis | 6 | | --- | --- | | 管理層討論及分析 | | Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income 未經審核簡明綜合損益及其他全面收益表 Unaudited Condensed Consolidated Statement of Financial Position 26 未經審核簡明綜合財務狀況表 Unaudited Condensed Consolidated Statem ...

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 364,435,000, a decrease of 10.6% compared to HKD 407,664,000 in 2024[4] - Gross profit increased slightly to HKD 156,171,000, compared to HKD 154,149,000 in the previous year, reflecting a gross margin of 42.8%[4] - Operating loss narrowed to HKD 26,980,000 from HKD 40,973,000 year-on-year, indicating improved operational efficiency[4] - Net loss attributable to shareholders was HKD 23,554,000, a reduction from HKD 33,711,000 in the prior year, resulting in a loss per share of HKD 5.46[4] - Total revenue for the six months ended September 30, 2025, was HKD 364,435,000, down 10.6% from HKD 407,664,000 in 2024[20] - Advertising revenue decreased to HKD 159,158,000 in 2025 from HKD 189,688,000 in 2024, a decline of 16.1%[20] - The media segment generated revenue of HKD 232,856,000 in 2025, down from HKD 274,072,000 in 2024, a decrease of 15.0%[24] - The financial news and software segment reported revenue of HKD 133,562,000 in 2025, slightly down from HKD 135,584,000 in 2024, a decrease of 1.5%[24] - The company reported a loss of HKD 23,339,000 for the six months ended September 30, 2025, compared to a loss of HKD 33,611,000 in 2024, an improvement of 30.7%[24] - Basic loss per share was HKD 0.0545, compared to HKD 0.0781 in the previous year, reflecting a 30% decrease in shareholder loss[32][41] Assets and Liabilities - Total assets decreased to HKD 810,737,000 from HKD 855,622,000, primarily due to a reduction in current assets[8] - Total equity attributable to shareholders decreased to HKD 762,919,000 from HKD 807,788,000, reflecting the impact of the net loss[8] - Total trade receivables amounted to HKD 114,268,000, with a provision for impairment of HKD 3,938,000[35] - Total trade payables were HKD 17,799,000, showing a decrease from HKD 21,018,000 in the previous period[36] Cash Flow and Liquidity - Cash and cash equivalents increased to HKD 294,168,000 from HKD 251,157,000, indicating improved liquidity[7] - Operating cash flow for the six months ended September 30, 2025, was a net outflow of HKD 23,610,000, compared to a net outflow of HKD 46,317,000 for the same period in 2024, representing a 49% improvement[12] - Net cash generated from investing activities was HKD 91,960,000 for the six months ended September 30, 2025, compared to HKD 21,234,000 in 2024, indicating a significant increase[12] - Cash and cash equivalents at the end of the period increased to HKD 294,168,000 from HKD 152,846,000 in 2024, reflecting a growth of 92.5%[12] Dividends - The company paid a final dividend of HKD 21,580,000 to shareholders, down from HKD 30,212,000 in 2024, a reduction of 28.7%[12] - The company declared an interim dividend of HKD 0.03 per share, totaling HKD 12,948,000, consistent with the previous year[33] - The interim dividend declared is HKD 0.03 per share, totaling HKD 12.948 million, consistent with the previous year[54] Governance and Compliance - The company has adopted the corporate governance code and has established a clear division of roles between the chairman and the CEO, although both roles are held by Mr. Feng Shaobo[65] - The Audit Committee, established in 2005, reviewed the unaudited interim results for the six months ending September 30, 2025, ensuring compliance with financial regulations[68] - The company has a Compensation Committee and a Nomination Committee, both established in 2005, to oversee executive remuneration and board member nominations respectively[69][70] - The company confirms that all directors have complied with the securities trading regulations during the six months ending September 30, 2025[67] - No arrangements were made for directors or senior management to benefit from the purchase of shares or related securities during the reporting period[61] - The company’s governance structure includes experienced non-executive directors to ensure balanced power distribution within the board[65] Employment and Shareholding - The group had a total of 939 employees as of September 30, 2025, down from 1,054 employees the previous year[53] - As of September 30, 2025, the company has issued shares totaling 100% ownership, with significant holdings by directors: Mr. Feng Shaobo holds 54,359,000 shares (12.595%) and Mr. Zhu Yulun holds 87,435,000 shares (20.258%)[58] - Major shareholders include Sky Vision Investments Limited with 87,435,000 shares (20.258%), Guangzheng Xin Yan Charity Foundation Limited with 58,169,000 shares (13.478%), and Golden Rooster Limited with 54,359,000 shares (12.595%)[63] - The company did not repurchase any shares during the six months ending September 30, 2025, nor did it buy or sell any shares[64] Strategic Initiatives - The group plans to continue investing in digital platforms and artificial intelligence to enhance business innovation and operational efficiency[52] Other Comprehensive Income - Other comprehensive income included a foreign currency translation gain of HKD 265,000, compared to HKD 342,000 in the previous year[5]

Financial Performance - The consolidated revenue for the six months ended September 30, 2025, was approximately HKD 10,900,000, a decrease of about 51.3% compared to HKD 22,400,000 for the same period last year[3]. - The loss attributable to the owners of the company decreased from HKD 11,300,000 in the previous year to HKD 10,300,000 for the six months ended September 30, 2025[3]. - The gross profit for the six months ended September 30, 2025, was HKD 4,478,000, down from HKD 9,727,000 in the previous year[4]. - The total comprehensive loss for the six months ended September 30, 2025, was HKD 10,348,000, compared to HKD 11,517,000 in the previous year[5]. - The basic and diluted loss per share for the six months ended September 30, 2025, was HKD 1.86, compared to HKD 2.18 for the same period last year[4]. - The pre-tax loss for the six months ended September 30, 2025, was HKD 10,345,000, compared to a loss of HKD 11,352,000 for the same period in 2024[16]. - The operating gross profit margin was approximately 40.9%, down from 43.4% in 2024, indicating a stable performance despite market challenges[44]. Operating Expenses and Costs - Operating expenses for the period were HKD 11,246,000, compared to HKD 19,667,000 for the same period last year, indicating a reduction in costs[4]. - Total operating expenses decreased by approximately 42.8% to about HKD 11,200,000, down from HKD 19,700,000 in 2024, reflecting strategic adjustments in the retail portfolio[47]. - The company reported a significant increase in financing costs, with interest expenses on convertible bonds rising to HKD 2,747,000 from HKD 400,000 in the previous year[14]. - Financing costs increased by 136.1% to approximately HKD 3,500,000, up from HKD 1,500,000 in 2024, mainly due to increased interest expenses on convertible bonds[46]. Assets and Liabilities - Non-current assets decreased from HKD 10,335,000 as of March 31, 2025, to HKD 8,373,000 as of September 30, 2025[6]. - Current assets decreased from HKD 35,946,000 as of March 31, 2025, to HKD 27,480,000 as of September 30, 2025[6]. - The net current liabilities increased from HKD 111,230,000 as of March 31, 2025, to HKD 117,382,000 as of September 30, 2025[6]. - Total assets as of September 30, 2025, amounted to HKD 35,853,000, a decrease from HKD 46,281,000 as of March 31, 2025[32]. - Total liabilities as of September 30, 2025, were HKD 176,929,000, slightly down from HKD 177,009,000 as of March 31, 2025[33]. - The debt-to-asset ratio was 493% as of September 30, 2025, compared to 382% as of March 31, 2025, indicating increased leverage[50]. Revenue Segments - The restaurant segment reported a loss of HKD 2,783,000 for the six months ended September 30, 2025, compared to a loss of HKD 5,643,000 in the previous year, showing an improvement in losses[30]. - The photovoltaic segment generated revenue of HKD 2,616,000 for the six months ended September 30, 2025, with no revenue reported in the same period of 2024[30]. - The photovoltaic segment recorded revenue of HKD 15,113,000 as of September 30, 2025, with a focus on solar cells and related materials[36]. - The main customer in the photovoltaic segment, Customer A, contributed HKD 2,616,000 in revenue, representing over 10% of the group's total revenue[37]. Cash Flow and Investments - The net cash used in operating activities for the six months ended September 30, 2025, was HKD (8,840,000), compared to HKD (3,260,000) for the same period in 2024, indicating a significant increase in cash outflow[9]. - The company’s cash flow from investment activities was negative at HKD (7,000), a decrease from a positive cash flow of HKD 1,092,000 in the same period last year[9]. - The company has redirected HKD 13 million towards renewable energy and new materials R&D, including a strategic investment of RMB 7 million in a subsidiary[62]. - The remaining unutilized balance of approximately HKD 4.6 million for potential investment opportunities is expected to be fully utilized by December 31, 2026[63]. Employee and Management - The total compensation for directors and key management personnel for the six months ended September 30, 2025, is HKD 1,580,000, a decrease from HKD 1,687,000 in the previous year[27]. - As of September 30, 2025, the company has 29 full-time employees in Hong Kong and China, down from 42 as of March 31, 2025[57]. - The company has provided various employee benefits, including medical allowances and training subsidies, to enhance employee performance and retention[57]. Corporate Governance and Compliance - The audit committee, consisting of three independent non-executive directors, has reviewed the draft interim report and accounts for the six months ending September 30, 2025[82]. - The company has adopted a code of conduct regarding securities trading by directors, ensuring compliance with GEM listing rules[83]. - The company is committed to maintaining high standards of corporate governance and has adhered to the corporate governance code during the reporting period[84]. Shareholder Information - Major shareholder Hanbo Holdings Limited holds 296,887,066 shares, representing approximately 53.49% of the voting shares issued[68]. - Mr. Tang Shengming holds convertible bonds with an outstanding principal amount of HKD 40,000,000, which, if fully converted, would result in the issuance of 71,428,571 ordinary shares, equating to approximately 12.87% of the issued share capital as of September 30, 2025[70]. - The new share option scheme adopted on September 22, 2023, aims to incentivize eligible participants and enhance the company's long-term growth and profitability[72].

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 163,952,000, a decrease of 6.4% compared to HKD 175,934,000 for the same period in 2024[7] - The company reported a profit before tax of HKD 627,000, down 44.6% from HKD 1,133,000 in the previous year[7] - Total comprehensive income for the period was HKD 639,000, compared to HKD 1,315,000 in the same period last year, reflecting a decline of 51.5%[7] - Basic earnings per share for the period were HKD 0.12, down from HKD 0.21 in the previous year, a decrease of 42.9%[7] - For the six months ended September 30, 2025, the company reported a profit of HKD 627,000, a decrease of 44.5% compared to HKD 1,133,000 for the same period in 2024[28] - The group recorded a profit of approximately HKD 0.6 million, a decrease of about HKD 0.5 million or 44.7% compared to the previous period, primarily due to a significant drop in sales from warehousing and other value-added services[62] Income and Revenue Breakdown - Other income increased to HKD 2,560,000 from HKD 638,000, representing a significant growth of 301.3%[7] - Ground handling services revenue decreased to HKD 44,875,000 from HKD 50,376,000, while delivery services revenue increased to HKD 18,781,000 from HKD 14,669,000[19] - Revenue from warehousing and other value-added services decreased by HKD 22.6 million or 35.2%, from HKD 64.0 million to HKD 41.5 million[49] - Revenue from transportation services increased by approximately HKD 12.0 million or 25.5%, attributed to contributions from a new major customer[49] Assets and Liabilities - Non-current assets as of September 30, 2025, totaled HKD 47,567,000, an increase from HKD 42,342,000 as of March 31, 2025[9] - Current assets increased to HKD 63,891,000 from HKD 59,167,000, indicating a growth of 8.3%[9] - Total liabilities increased to HKD 65,298,000 from HKD 58,150,000, reflecting a rise of 12.4%[10] - The company's net assets as of September 30, 2025, were HKD 33,610,000, up from HKD 32,971,000 as of March 31, 2025[10] - The total trade receivables as of September 30, 2025, amounted to HKD 40,272,000, an increase from HKD 39,282,000 as of March 31, 2025[31] - Trade payables as of September 30, 2025, were HKD 28,320,000, an increase from HKD 27,355,000 as of March 31, 2025[37] - The company’s total liabilities as of September 30, 2025, were HKD 34,943,000, a decrease from HKD 36,389,000 as of March 31, 2025[37] Cash Flow and Financial Ratios - The operating cash flow for the six months ended September 30, 2025, was HKD 4,953,000, significantly up from HKD 2,390,000 in 2024, indicating improved operational efficiency[13] - The net cash and cash equivalents at the end of the period increased to HKD 12,305,000 from HKD 9,023,000 in the previous year, reflecting a positive cash flow trend[13] - The debt-to-equity ratio increased to approximately 117.4% as of September 30, 2025, from 86.9% as of March 31, 2025, due to new borrowings[67] - The group’s current ratio remained stable at approximately 1.0 as of September 30, 2025, with cash and cash equivalents totaling about HKD 12.3 million[71] Operational Focus and Future Outlook - The company continues to focus on enhancing operational efficiency and exploring new market opportunities to drive future growth[3] - The company is focusing on diversifying its customer base and enhancing relationships with stakeholders to mitigate reliance on any single customer[46] - Future outlook indicates potential recovery in the logistics industry in Q4 2025 and Q1 2026, supported by recent easing of trade tensions[47] Corporate Governance and Compliance - The company has adhered to the corporate governance code principles and provisions as per GEM Listing Rules Appendix C1 during the six months ended September 30, 2025[94] - The audit committee, established on March 23, 2020, has reviewed the unaudited condensed consolidated financial statements for the six months ended September 30, 2025, ensuring compliance with applicable accounting standards and GEM Listing Rules[96] - The company’s board and senior management have not reported any non-compliance with trading regulations during the six months ending September 30, 2025[81] Shareholder Information and Capital Structure - The company’s major shareholders include 3C Holding Limited with 62.5% ownership and Kwan Shing Limited with 5.7% ownership as of September 30, 2025[84] - The company’s issued and paid-up capital remained at HKD 5,280 thousand as of both September 30, 2025, and March 31, 2025[41] - As of September 30, 2025, the company has issued 528,000,000 shares, with no changes in its capital structure during the period[75] Dividends and Investments - The company did not declare or recommend any dividends for the six months ended September 30, 2025[27] - The company did not hold any significant investments or engage in major acquisitions or disposals during the six months ending September 30, 2025[78] - There were no stock options granted, exercised, expired, or lapsed under the stock option plan during the six months ending September 30, 2025[88] - The company did not purchase, sell, or redeem any of its listed securities during the six months ending September 30, 2025[89] Employee and Labor Costs - The company incurred total employee costs of HKD 23,233,000 for the six months ended September 30, 2025, slightly up from HKD 23,056,000 in the previous year[26] - Employee benefits expenses slightly increased from approximately HKD 23.1 million to about HKD 23.2 million, influenced by overall inflation and cost control measures[52] - Labor dispatch costs decreased by approximately HKD 10.1 million or 16.2% to about HKD 52.1 million, due to a decline in air cargo ground handling volume[53] Other Financial Information - The actual annual interest rate for bank and other borrowings as of September 30, 2025, was approximately 4.03%, down from 5.43% as of March 31, 2025[40] - The company’s bank borrowings increased to HKD 16,589 thousand as of September 30, 2025, from HKD 12,795 thousand as of March 31, 2025[39] - The average effective annual interest rate on borrowings decreased to approximately 4.0% from 5.4% in the previous period[65] - There were no significant contingent liabilities as of September 30, 2025[77] - There have been no significant events requiring disclosure from September 30, 2025, to the date of this interim report[97]

二零二五年中期業績報告 Interim Report 2025 (incorporated in the Cayman Islands with limited liability) (Stock Code: 8060) GLOBAL LINK COMMUNICATIONS HOLDINGS LIMITED 香港聯合交易所有限公司（「聯交所」）GEM 的特色 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市場。 GLOBAL LINK COMMUNICATIONS HOLDINGS LIMITED （於開曼群島註冊成立之有限公司） （股票編號:8060） 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，並表明不會就因本報告全部或任何部分內容而產生或因依賴該等內容而引 致 ...

股份代號：277 STOCK CODE: 277 2025/2026 中期報告 2025/2026 INTERIM REPORT 公司資料 董事會 執行董事 陳恩蕙 （聯席主席兼聯席董事總經理） 陳恩霖 （聯席主席兼聯席董事總經理） 陳恩典 獨立非執行董事 陳國偉 張頌慧 謝禮恒 審核委員會 陳國偉 （主席） 張頌慧 謝禮恒 薪酬委員會 陳國偉 （主席） 陳恩典 謝禮恒 提名委員會 陳國偉 （主席） 陳恩蕙 謝禮恒 來往銀行 瑞銀集團 恒生銀行有限公司 東亞銀行有限公司 南洋商業銀行有限公司 註冊辦事處 香港 皇后大道中237號 太興中心第一座26樓 股份過戶登記處 香港中央證券登記有限公司 香港灣仔 皇后大道東183號合和中心 17樓1712-1716室 公司秘書 李嘉文ACG、HKACG 核數師 國衛會計師事務所有限公司 香港中環 畢打街11號置地廣場 告羅士打大廈31樓 律師 胡關李羅律師行 網址 www.tern.com.hk 股份代號 277 – 1 – 太興置業有限公司（「本公司」）董事會謹此公佈，本公司及其附屬公司（「本集團」）截至二零二 五年九月三十日止六個月未經審核之簡明綜合財務業績連同上年 ...

Revenue Performance - For the six months ended September 30, 2025, total revenue was HK$33,462,000, a decrease of 2.8% compared to HK$34,437,000 for the same period in 2024[17]. - Sales of alcoholic beverages contributed HK$9,907,000, up from HK$9,701,000, reflecting a growth of 2.1%[17]. - Loan financing services generated revenue of HK$23,555,000, down 4.8% from HK$24,736,000 in the previous year[17]. - Other income decreased to HK$865,000 from HK$2,115,000, a decline of 59.1%, impacting overall profitability[17]. - The Group's revenue for the six months ended 30 September 2025 decreased by approximately 2.6% to approximately HK$33.5 million compared to HK$34.4 million in 2024[175]. - Revenue from the Loan Financing Business decreased by approximately 4.5% to approximately HK$23.6 million, down from HK$24.7 million in 2024, with a segment profit decrease of approximately 37.0% to HK$7.5 million[179]. - Revenue from the Wine Business increased by approximately 2.1% to approximately HK$9.9 million, up from HK$9.7 million in 2024, but the segment loss increased by approximately 107.7% to HK$2.7 million[178]. Financial Losses - Loss before tax for the period was HK$4,778,000, compared to a loss of HK$2,377,000 in the same period last year[17]. - The loss for the period amounted to HK$6,268,000, compared to a loss of HK$5,298,000 in the previous year, indicating a worsening financial position[17]. - For the six months ended September 30, 2025, the loss attributable to owners of the Company was HK$9,646,000, compared to a loss of HK$6,885,000 for the same period in 2024, representing an increase in loss of approximately 40.5%[18]. - The net loss for the period attributable to the owners of the Company was HK$9,646,000, compared to a loss of HK$6,885,000 in the previous year, representing an increase in loss of 40.5%[78]. - The Group's loss for the Period was approximately HK$6.3 million, an increase of approximately HK$1.0 million compared to the loss of HK$5.3 million in 2024[176]. Impairment and Credit Risk - The net impairment recognized on loan and interest receivables rose significantly to HK$8,110,000 from HK$3,903,000, indicating increased credit risk[17]. - The Group recognized an increase in net impairment on loan and interest receivables of approximately HK$4.2 million during the Period[176]. - A net impairment loss of approximately HK$8.1 million was recognized during the period, compared to HK$3.9 million in 2024[188][191]. - The Group employs an Expected Credit Loss (ECL) model for impairment assessment, considering historical default experience and future macro-economic conditions[186][189]. Assets and Liabilities - Non-current assets increased to HK$43,439,000 as of September 30, 2025, up from HK$21,703,000 as of March 31, 2025, reflecting a growth of approximately 100.5%[19]. - Current assets decreased to HK$302,268,000 from HK$315,284,000, a decline of about 4.1%[19]. - Net current assets decreased to HK$107,087,000 from HK$127,703,000, representing a decrease of approximately 16%[20]. - Total consolidated assets increased to HK$345,707,000 from HK$336,987,000, marking a growth of 3.43%[57]. - Total segment assets as of September 30, 2025, were HK$280,565,000, down from HK$305,320,000 as of March 31, 2025[57]. - The total loan and interest receivables decreased to HK$253,745,000 as of September 30, 2025, down 8.3% from HK$276,805,000 as of March 31, 2025[82]. - The Group held collaterals valued at approximately HK$249,443,000 as of September 30, 2025, a decrease from HK$338,580,000 as of March 31, 2025[86]. Cash Flow and Financing - Net cash from operating activities increased to HK$36,958,000 for the six months ended September 30, 2025, compared to a net cash outflow of HK$16,874,000 in the same period of 2024[27]. - Cash and cash equivalents at the end of the period rose to HK$55,819,000, up from HK$13,316,000 at the end of the previous year[27]. - The Group's net cash used in financing activities decreased to HK$4,445,000 from HK$7,620,000 year-over-year[27]. - The Company’s bank balances and cash increased significantly to HK$55,819,000 from HK$22,316,000, marking an increase of approximately 150%[19]. Share Options and Equity - The Company reported a basic and diluted loss per share of HK$1.55 for the period, compared to HK$1.10 in the previous year, reflecting an increase in loss per share of approximately 41%[18]. - The total remuneration for directors and key management during the six months ended September 30, 2025, is HK$1,836,000, a decrease of 42.9% from HK$3,183,000 in the same period of 2024[135]. - The company has issued a total of 623,127,227 ordinary shares as of September 30, 2025, maintaining the same number since April 1, 2024[128]. - The total number of share options outstanding as of April 1, 2025, was 48,470,000, which decreased to 48,250,000 by September 30, 2025[167]. - The weighted average exercise price of the share options as of September 30, 2025, was HK$11.8[167]. Corporate Governance and Compliance - The Group's financial statements are prepared in accordance with Hong Kong Accounting Standards and comply with the GEM Listing Rules[33]. - The interim financial statements have not been reviewed or audited by the independent auditor but have been reviewed by the audit committee[38]. - The Group has applied new amendments to HKFRS Accounting Standards, which had no material impact on financial performance for the current and prior periods[37].

Altus Holdings Limited 浩德控股有限公司 於開曼群島註冊成立之有限公司 股份代號 : 8149 2026 財政年度中期報告 香港聯合交易所有限公司（「聯交所」）GEM特色 GEM之定位乃為較其他於聯交所上市的公司帶有較高投資風險的中小型公司提供一個上市市 場。有意投資者應了解投資於該等公司的潛在風險，並應經過審慎周詳考慮後方作出投資決定。 由於GEM上市公司一般為中小型公司，於GEM買賣的證券可能會較於主板買賣的證券承受較 大的市場波動風險，同時無法保證於GEM買賣的證券會有高流通量的市場。 本報告（浩德控股有限公司（「本公司」）各董事（「董事」）共同及個別對此負全責）乃遵照聯交所 GEM證券上市規則（「GEM上市規則」）的規定而提供有關本公司的資料。董事經作出一切合理 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及完整，且無誤導 或欺詐成分；及並無遺漏任何其他事項致使本報告或其所載任何陳述產生誤導。 － 於二零二五年九月三十日之日圓兌港元匯率高於二零二五年三月三十一日。因此，本集 團於二零二六財政年度上半年就日本境外業務換算產生匯兌收益5,300,000港元。 － ...