Financial Performance - The group recorded revenue of approximately HKD 137,074,000 for the six months ended September 30, 2025, a decrease of 7.9% compared to HKD 148,288,000 for the same period in 2024[7] - The loss attributable to the owners of the company for the six months ended September 30, 2025, was approximately HKD 377,000, compared to a loss of HKD 97,000 for the same period in 2024[7] - Gross profit for the six months ended September 30, 2025, was HKD 29,273,000, down from HKD 32,139,000 in the same period of 2024, reflecting a decrease in gross margin[8] - Operating profit for the six months ended September 30, 2025, was HKD 85,000, a significant decline from HKD 382,000 in the prior year[8] - Total customer contract revenue for the six months ended September 30, 2025, was HKD 137,074,000, down 7.5% from HKD 148,288,000 in 2024[19] - Revenue from daily necessities and grain products was HKD 42,184,000, a decrease of 9.8% from HKD 46,621,000 in 2024[19] - Other income for the six months ended September 30, 2025, was HKD 2,106,000, a decrease of 11% from HKD 2,366,000 in 2024[21] - Basic loss per share for the six months ended September 30, 2025, was HKD (0.03), compared to HKD (0.01) in 2024[26] - The group recorded a net loss attributable to owners of approximately HKD 377,000 for the six months ended September 30, 2025, compared to HKD 97,000 in the same period of 2024[51] Cash and Assets - The company reported a net cash position of HKD 67,178,000 as of September 30, 2025, compared to HKD 60,873,000 as of March 31, 2025[9] - Cash and cash equivalents at the end of the period increased to HKD 67,178,000 from HKD 55,380,000 in 2024, representing a growth of 21.5%[13] - Total assets less current liabilities amounted to HKD 100,737,000 as of September 30, 2025, slightly up from HKD 100,677,000 as of March 31, 2025[9] - The company's equity attributable to owners decreased to HKD 99,555,000 as of September 30, 2025, from HKD 99,932,000 as of March 31, 2025[9] - Trade receivables as of September 30, 2025, amounted to HKD 32,890,000, a slight decrease from HKD 33,450,000 as of March 31, 2025[29] - Trade payables were reported at HKD 10,976,000 as of September 30, 2025, down from HKD 12,549,000 as of March 31, 2025[12] - The current ratio as of September 30, 2025, was approximately 4.7 times, compared to 4.8 times on March 31, 2025[56] - The total interest-bearing borrowings as of September 30, 2025, were approximately HKD 6,147,000, an increase from approximately HKD 4,762,000 on March 31, 2025[60] - The debt-to-equity ratio as of September 30, 2025, was approximately 6.2%, up from 4.8% on March 31, 2025[60] Expenses and Costs - The company’s financing costs decreased to HKD 204,000 for the six months ended September 30, 2025, from HKD 312,000 in the same period of 2024[8] - The total remuneration for directors and key management personnel for the six months ended September 30, 2025, was HKD 5,597,000, compared to HKD 5,878,000 for the same period in 2024[39] - Administrative expenses decreased from approximately HKD 16,582,000 to about HKD 15,677,000, primarily due to reductions in legal and professional fees, employee costs, and depreciation[48] - The total employee cost for the six months ended September 30, 2025, was approximately HKD 13,548,000, compared to approximately HKD 13,989,000 for the same period in 2024[67] Dividends and Shareholder Information - The company does not recommend the payment of any interim dividend for the six months ended September 30, 2025, consistent with the previous year[7] - The company did not declare or propose any dividends during the period, consistent with the previous year[25] - Major shareholders hold approximately 51.88% of the company's shares, indicating strong control by key executives[74] - As of September 30, 2025, the major shareholder, Yuan Tian, holds 602,800,000 shares, representing 51.88% of the total issued shares of 1,162,000,000[75][77] - No stock options have been granted, exercised, expired, or canceled under the stock option plan as of September 30, 2025, with 116,200,000 options available for grant[76] Corporate Governance and Compliance - The company has adhered to high standards of corporate governance, complying with the corporate governance code during the reporting period[84] - The audit committee has reviewed the unaudited consolidated results for the six months ending September 30, 2025, ensuring compliance with applicable accounting standards and GEM Listing Rules[86] - The company has adopted a set of securities trading rules for directors, ensuring compliance with GEM Listing Rules, with no known violations reported for the six months ending September 30, 2025[78] - There are no interests held by directors or major shareholders in any competing businesses as of September 30, 2025[79] - The company has established a non-competition agreement with its major shareholders, confirming no engagement in competing businesses[80] Future Plans and Market Strategy - The group plans to strengthen marketing efforts, accelerate the development of high-margin specialty products, and explore operational efficiency improvements in response to market challenges[41] - The company plans to strategically increase warehouse facilities in Hong Kong to enhance operational efficiency and customer service[69] - Approximately HKD 12,560,000 is allocated for upgrading the ERP system to monitor inventory levels and improve operational efficiency[70] - Around HKD 5,540,000 is designated for sales and marketing activities to attract more customers and enhance loyalty in the food and beverage distribution market[71] - The company has reallocated funds initially intended for new packaging equipment to develop restaurant services and general operating capital due to cost-effectiveness considerations[72] - Approximately HKD 9,000,000 is earmarked for startup and renovation costs for a new restaurant, although the restaurant was closed in March 2022 due to the pandemic[73] - A total of HKD 5,211,000 has been allocated for general operating funds to support daily operations and maintain sufficient liquidity[73] - The company maintains a reasonable optimism regarding its core business despite economic uncertainties in Hong Kong[73] - The board is actively evaluating and managing uncertainties and will take necessary measures to overcome challenges[73] - The company aims to expand and become one of Hong Kong's leading food and beverage distributors[73] Investments and Acquisitions - The company completed the sale of its subsidiary for a total consideration of HKD 1,500,000,000 on March 31, 2025[29] - There were no significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures during the six months ended September 30, 2025[64]

Financial Performance - The group recorded revenue of approximately HKD 137,074,000 for the six months ended September 30, 2025, a decrease of 7.4% compared to HKD 148,288,000 for the same period in 2024[3] - The loss attributable to owners of the company for the six months ended September 30, 2025, was approximately HKD 377,000, compared to a loss of HKD 97,000 for the same period in 2024[4] - Gross profit for the six months ended September 30, 2025, was HKD 29,273,000, down from HKD 32,139,000 in the same period of 2024, reflecting a gross margin decrease[4] - Customer contract revenue for the six months ended September 30, 2025, was HKD 137,074,000, a decrease of 7.5% from HKD 148,288,000 in the same period of 2024[15] - Revenue from daily necessities and grain products was HKD 42,184,000, down 9.8% from HKD 46,621,000 year-on-year[15] - Other income for the six months ended September 30, 2025, totaled HKD 2,106,000, a decrease of 11% from HKD 2,366,000 in 2024[17] - Basic loss per share for the six months ended September 30, 2025, was HKD 0.03, compared to HKD 0.01 in 2024[22] - Revenue decreased by approximately 7.6% during the six months ended September 30, 2025, compared to the previous period, reflecting a challenging market environment post-pandemic[36] Dividends and Share Capital - The company does not recommend the payment of any interim dividend for the six months ended September 30, 2025, consistent with the previous year[4] - The company did not declare or propose any dividends during the period, consistent with the previous year[21] - The company has a total issued share capital of HKD 20,000,000, with 2,000,000 shares outstanding[29] - As of September 30, 2025, the company's issued share capital is HKD 11,620,000, with a total of 1,162,000,000 ordinary shares outstanding[53] Cash Flow and Assets - Cash and cash equivalents increased to HKD 67,178,000 as of September 30, 2025, compared to HKD 60,873,000 at the end of March 2025[9] - Net cash generated from operating activities was HKD 9,401,000 for the six months ended September 30, 2025, down from HKD 14,467,000 in the same period of 2024[9] - Total assets less current liabilities amounted to HKD 100,737,000 as of September 30, 2025, slightly up from HKD 100,677,000 at the end of March 2025[5] - The company’s equity attributable to owners decreased to HKD 99,555,000 as of September 30, 2025, from HKD 99,932,000 at the end of March 2025[5] - The company reported a net cash outflow from financing activities of HKD 3,364,000 for the six months ended September 30, 2025[9] Inventory and Receivables - The company’s inventory decreased to HKD 12,997,000 as of September 30, 2025, from HKD 16,849,000 at the end of March 2025[5] - Trade receivables decreased from HKD 33,450,000 to HKD 32,890,000, a decline of approximately 1.67%[25] - The aging analysis of trade receivables shows that amounts overdue by 0 to 30 days decreased from HKD 20,073,000 to HKD 18,503,000, a decrease of about 7.83%[28] - Trade payables decreased from HKD 12,549,000 to HKD 10,976,000, a decline of approximately 12.57%[28] Employee Costs - Total employee costs, including directors' remuneration, amounted to HKD 13,548,000, a slight decrease from HKD 13,989,000 in the previous year[19] - Short-term employee benefits for key management personnel decreased from HKD 5,801,000 to HKD 5,529,000, a reduction of approximately 4.68%[35] - The total employee cost for the six months ended September 30, 2025, was approximately HKD 13,548,000, a decrease from HKD 13,989,000 for the same period last year, with 68 employees as of September 30, 2025[63] Capital Expenditures and Investments - The company purchased property, plant, and equipment at a total cost of approximately HKD 22,000,000, significantly lower than HKD 2,330,000,000 in the same period of 2024[24] - The company has no major investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures for the six months ended September 30, 2025[60] - The company plans to upgrade its ERP system with an allocation of approximately HKD 12,560,000 to enhance operational efficiency and inventory management[66] Future Plans and Strategies - The company plans to strengthen marketing efforts, accelerate the development of high-margin specialty products, and explore operational efficiency improvements in response to market challenges[37] - The company aims to strategically increase warehouse facilities near customers and enhance its market penetration in the food and beverage distribution sector[65] - The company plans to allocate approximately HKD 5,540,000 for sales and marketing activities to attract more customers and enhance customer loyalty[67] - Approximately HKD 9,000,000 has been designated for startup and renovation costs of new restaurants, with HKD 3,064,000 already spent on the renovation of a new restaurant in Tsim Sha Tsui[68] Corporate Governance - The company is committed to maintaining high standards of corporate governance, adhering to the principles and code provisions outlined in the GEM Listing Rules[78] - The board believes that the company has complied with the corporate governance code for the six months ending September 30, 2025[80] - The audit committee has reviewed the unaudited consolidated results for the six months ending September 30, 2025, ensuring compliance with applicable accounting standards and GEM Listing Rules[82]

Financial Performance - In Q3 2025, the company reported a total revenue and other income of HKD 7.775 billion, a 45% increase compared to HKD 5.372 billion in Q3 2024[8]. - The main business revenue reached HKD 7.484 billion, up 54% from HKD 4.852 billion in the same quarter last year[5]. - The company achieved an EBITDA of HKD 6.225 billion, reflecting a 59% increase from HKD 3.926 billion in Q3 2024[5]. - Shareholders' profit attributable to the company was HKD 4.900 billion, a 56% increase from HKD 3.145 billion in Q3 2024[5]. - Total revenue and other income for Q3 2025 was HKD 78 billion, a record high, representing a 45% increase compared to Q3 2024[20]. - Major business revenue for the first three quarters of 2025 was HKD 20,438 million, a 41% increase from HKD 14,542 million in the same period of 2024[14]. - EBITDA for the first three quarters of 2025 was HKD 17,164 million, reflecting a 48% increase from HKD 11,587 million in 2024[14]. - Shareholder profit for Q3 2025 was HKD 49 billion, a 56% increase compared to Q3 2024[20]. - Revenue for the nine months ended September 30, 2025, reached HKD 17,745 million, a 45.5% increase from HKD 12,202 million in the same period of 2024[82]. - Net investment income for the nine months ended September 30, 2025, was HKD 3,893 million, up 4.4% from HKD 3,728 million in the previous year[82]. - EBITDA for the nine months ended September 30, 2025, was HKD 17,164 million, representing a 47.5% increase compared to HKD 11,587 million in the same period of 2024[82]. - The company reported a net profit of HKD 13,476 million for the nine months ended September 30, 2025, which is a 43.5% increase from HKD 9,354 million in the same period of 2024[83]. - The total comprehensive income for the nine months ended September 30, 2025, was HKD 13,780 million, up 44.5% from HKD 9,517 million in the previous year[83]. Trading Activity - The average daily trading value of equity securities on the exchange was HKD 26.794 billion, a 150% increase from HKD 10.72 billion in Q3 2024[6]. - The average daily trading value of the Stock Connect (Shanghai and Shenzhen) was RMB 26.874 billion, a 144% increase from RMB 11.03 billion in Q3 2024[6]. - Average daily trading value of equity securities on the exchange reached HKD 267.94 billion in Q3 2025, up 22% from Q2 2025[11]. - Average daily trading amount for the first three quarters of 2025 was HKD 2.564 trillion, a 126% increase from HKD 1.136 trillion in the first three quarters of 2024[29]. - The average daily trading amount for the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect reached RMB 2.064 trillion and RMB 1.259 trillion respectively, marking increases of 67% and 229% compared to the same period in 2024[30]. - The average daily trading amount for southbound trading through the Stock Connect was HKD 78.54 billion, up from HKD 22.1 billion in 2024[32]. - The average daily trading amount of Exchange Traded Products (ETPs) reached HKD 378 billion, a 145% increase from the first three quarters of 2024[36]. - The average daily trading volume of derivative products reached 727,000 contracts in Q3 2025, down 5% from Q2 2025[11]. - The average daily trading volume of stock options increased by 30% to 920,000 contracts compared to 705,000 contracts in Q3 2024[6]. - The average daily trading volume of derivative products increased by 11% year-on-year, reaching 1,681,869 contracts in the first three quarters of 2025, a record high[46]. - The average daily trading volume of stock options reached 886,323 contracts, marking a 27% increase compared to the first three quarters of 2024[48]. Market Developments - The company signed a memorandum of understanding with the Abu Dhabi Securities Exchange to enhance market connectivity[3]. - The company is implementing the first phase of reducing the minimum price fluctuation in the Hong Kong securities market[3]. - The company announced plans to optimize the pricing of initial public offerings and further consult on market regulations[3]. - The Hong Kong Stock Exchange successfully implemented the first phase of lowering the minimum tick size on August 4, 2025, with further phases planned for mid-2026[31]. - The group plans to launch the Hang Seng Biotechnology Index futures on November 28, 2025, pending regulatory approval, to enhance its product offerings in the biotechnology sector[51]. - Weekly stock options have seen robust growth, with over 20 million contracts traded since their launch, and new weekly stock options are set to be introduced on November 10, 2025[49]. - The company hosted a seminar in Shanghai in September 2025 to promote the development of a green finance ecosystem in the Guangdong-Hong Kong-Macao Greater Bay Area, attracting around 160 participants[68]. - The company launched the "Towards a Low-Carbon Future" series to explore the role of carbon markets in promoting net-zero emissions in Asia[68]. - The Hong Kong Stock Exchange Charity Fund announced funding projects for local social enterprises to address emerging social and environmental needs in the third quarter of 2025[70]. Expenses and Investments - Operating expenses increased by 2% in Q3 2025, primarily due to higher employee costs[12]. - Operating expenses increased by 3%, primarily due to salary adjustments and inflation-related increases in IT costs, while listing fee revenue growth was lower than that of the stock securities and financial derivatives segment[28]. - Operating expenses grew by 10%, primarily due to salary adjustments and increased costs associated with higher listing fee income[44]. - The operational expenditure rose by 12% to HKD 2,099 million, primarily due to non-recurring items related to the nickel market incident[57]. - The company held external portfolios worth 1.8 billion HKD as of September 30, 2025, down from 7.2 billion HKD at the end of 2024[67]. - Capital expenditures for the group in the first three quarters of 2025 amounted to HKD 3.049 billion, a decrease from HKD 10.27 billion in the same period of 2024[73]. - The group's capital expenditure commitments as of September 30, 2025, were HKD 5.775 billion, significantly higher than HKD 1.702 billion on December 31, 2024[73]. Financial Position - Total assets as of September 30, 2025, amounted to HKD 460,764 million, a significant increase from HKD 381,629 million as of December 31, 2024[84]. - Total liabilities as of September 30, 2025, were HKD 406,087 million, compared to HKD 327,222 million at the end of 2024, reflecting a 24% increase[84]. - Cash and cash equivalents as of September 30, 2025, were HKD 169,251 million, an increase from HKD 134,365 million as of December 31, 2024[84]. - The company’s operating expenses for the nine months ended September 30, 2025, totaled HKD 4,453 million, a slight increase from HKD 4,159 million in the same period of 2024[82]. - The financial statements for the year ending December 31, 2024, were prepared using consistent accounting policies and methods as previous years[85]. - The company has submitted its consolidated financial statements to the Companies Registry in accordance with Hong Kong Companies Ordinance[85]. - The auditor's report on the financial statements did not contain any reservations or matters requiring attention[85].

Subscription Agreement - The company completed a subscription agreement on September 2, 2024, for the issuance of 160,000,000 new shares at a price of HKD 0.25 per share[4] - The net proceeds from the subscription amounted to approximately HKD 38.0 million, which has been fully utilized for repaying outstanding notes[4] - The special general meeting approved the subscription on October 21, 2024, and the completion of the subscription occurred on November 1, 2024[4] Share Option Scheme - The company has adopted a share option scheme, with an offer valid for 28 days from the date of issuance, and the consideration for the options is HKD 1 or any other amount determined by the board[5] Ownership Structure - The ownership structure of the company includes significant stakes held by key individuals, with 33.1% by Mr. Xu Wei Zhan and 27.8% by Mr. Chen Hai Cheng[6] Information Disclosure - The company emphasizes that the information provided does not alter other disclosures in the 2024 annual report, maintaining the integrity of the report's content[5] - The company is committed to ensuring the accuracy and completeness of the information disclosed in its announcements[9] - The announcement will be available on the Hong Kong Stock Exchange website for at least seven days from the date of publication[10]

Yum China Holdings, Inc. 百 勝 中 國 控 股 有 限 公 司 ( 於美利堅合眾國特拉華州註冊成立的有限公司 ) （股份代號：9987） 2025年第三季度財務業績公告 香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 百勝中國控股有限公司（「本公司」）謹此發佈截至2025年9月30日止第三季度的未經審 核業績公告（「2025年第三季度業績公告」）。本2025年第三季度業績公告可於香港聯 交所網站www.hkexnews.hk及本公司網站http://ir.yumchina.com閱覽。 承董事會命 百勝中國控股有限公司 屈翠容 董事及首席執行官 香港，2025年11月4日 於本公告日期，本公司董事會包括董事會主席及獨立董事胡祖六博士、執行董事屈翠容女士、非執行董事 Robert B. AIKEN 先生以及獨立董事 Mikel A. DURHAM 女士、 Edouard ETTEDGUI 先生、葛新女士、 Da ...

Financial Allocation - As of December 31, 2024, approximately HKD 19.12 million was utilized for the acquisition of Pepsico shares, and about HKD 3.94 million was used for general working capital[5]. - The net proceeds from the global offering are planned to be allocated as follows: 48.9% (HKD 36.0 million) for new office establishment, 21.4% (HKD 15.7 million) for acquiring or investing in environmental cleaning and maintenance service providers, and 19.4% (HKD 14.3 million) for enhancing service capabilities in public space cleaning[6]. - The expected timeline for the full utilization of the net proceeds includes December 2026 for new office establishment and acquisitions[6]. - The company plans to adopt technological reforms and upgrade information technology systems, allocating 7.6% (HKD 5.6 million) of the net proceeds for this purpose[6]. - The marketing department expansion is allocated 2.5% (HKD 1.8 million) of the net proceeds, with a full utilization expected by December 2026[6]. - General working capital is allocated a minimal 0.2% (HKD 0.1 million) of the net proceeds[6]. - The company has a total of HKD 73.5 million in net proceeds planned for various uses, with HKD 50.2 million remaining unutilized as of the reporting period[6]. Share Options - The company has 162,500,000 share options available for grant, representing 9.25% of the issued shares as of December 31, 2024[7]. - As of the report date, no share options have been granted under the plan[7]. Governance Structure - The board of directors includes three executive directors and three independent non-executive directors, ensuring a diverse governance structure[8].

） 股份代號 （於百慕達註冊成立之有限公司 : 00009 中期報告 KEYNE LTD 金奧國際股份有限公司 (Incorporated in Bermuda with limited liability) Stock Code: 00009 目錄 KEYNE LTD 金奧國際股份有限公司 | 公司資料 | 2 | | --- | --- | | 簡明綜合損益及其他全面收入表 | 4 | | 簡明綜合財務狀況表 | 5 | | 簡明綜合權益變動表 | 7 | | 簡明綜合現金流量表 | 8 | | 簡明綜合中期財務報表附註 | 9 | | 管理層討論及分析 | 33 | | 企業管治及其他資料 | 40 | 中期報告 2024 2 公司資料 董事局 執行董事： 錢凌玲女士 （主席） 張立先生 （行政總裁，於2024年4月30日辭任） 俞超先生 （行政總裁，於2024年5月1日獲委任） 向俊杰先生 獨立非執行董事： 徐沛雄先生 鄧炳森先生 顧凱夫先生 公司秘書 陳子鍵先生 授權代表 錢凌玲女士 張立先生 （於2024年4月30日辭任） 俞超先生 （於2024年5月1日獲委任） 核數師 提名委員會 徐沛雄先生 ...

Financial Performance - For the fiscal year ending June 30, 2025, the company's revenue was approximately RMB 90.2 million, a significant increase from RMB 47.6 million in the fiscal year 2024, representing an increase of 89.5%[9] - The profit attributable to owners for the fiscal year 2025 was approximately RMB 22.7 million, a decrease from RMB 200 million in the fiscal year 2024, indicating a decline of 88.6%[9] - The total comprehensive income attributable to owners for the fiscal year 2025 was approximately RMB 28.2 million, down from RMB 204 million in the fiscal year 2024, reflecting a decrease of 86.1%[9] - The basic earnings per share for the fiscal year 2025 were RMB 2.75, a significant drop from RMB 29.79 in the fiscal year 2024[9] - Gross profit for fiscal year 2025 was approximately RMB 8,200,000, up from RMB 1,900,000 in fiscal year 2024, with a gross margin of 9.1%, compared to 4.0% in the previous year[21] - The company reported a profit before tax of RMB 23,026,000 for the fiscal year ending June 30, 2025, compared to a profit of RMB 200,020,000 in 2024[45] - The company reported a net profit of RMB 22,711,000 for the year, compared to RMB 200,013,000 in the previous year, indicating a decrease due to prior year's debt restructuring gains[156] - Total comprehensive income for the year was RMB 28,216,000, down from RMB 204,049,000 in 2024, primarily due to the absence of debt restructuring income[156] Revenue Sources - The company completed a total timber harvest of approximately 18,016 cubic meters in the fiscal year 2025, generating timber sales revenue of approximately RMB 36.6 million[13] - The company recorded ginseng sales revenue of approximately RMB 14.5 million in the fiscal year 2025, compared to RMB 2.56 million in the fiscal year 2024, marking an increase of 466.4%[16] - The ginseng business generated total revenue of approximately RMB 39.5 million in the fiscal year 2025, including RMB 25 million from purchased ginseng and RMB 14.5 million from self-cultivated ginseng[16] - The health products manufacturing and trading business recorded revenue of approximately RMB 14.1 million in the fiscal year 2025[17] - In the fiscal year 2025, the company generated revenue of approximately RMB 36.6 million from forestry management, RMB 39.5 million from ginseng business, and RMB 14.1 million from health products[55] Capital Structure and Debt - The capital debt ratio as of June 30, 2025, was approximately 77.3%, a decrease of 15.4 percentage points from 92.7% in the fiscal year 2024[9] - As of June 30, 2025, the company had total assets of approximately RMB 205,400,000 and net assets of approximately RMB 46,700,000[28] - The company has no secured bank borrowings as of June 30, 2025[62] - The company reported a decrease in total liabilities, with cumulative losses amounting to RMB 938,993 thousand as of June 30, 2025[161] Shareholder Information - The company did not recommend any dividend distribution for the fiscal year 2025, consistent with the previous fiscal year[9] - As of June 30, 2025, the company has no distributable reserves available for shareholders, consistent with the previous year[75] - The company has issued at least 25% of its shares to the public as of the fiscal year 2025[73] - The company completed a share consolidation on July 8, 2025, reducing the total issued shares from 859,242,204 to 85,924,220[37] - The company raised approximately HKD 5.85 million through a placement of 143,000,000 new shares at HKD 0.043 per share, increasing the issued share capital by about 16.64%[38] Governance and Management - The board consists of six members, including two women, achieving gender diversity with a target to maintain at least one female director[101] - The company has adopted a board diversity policy, considering various factors such as gender, age, cultural background, and professional experience[99] - The board has reviewed the effectiveness of the board diversity policy and the implementation of the employee diversity policy for the fiscal year 2025[102] - The company has established a management authorization framework, allowing management to execute daily operational responsibilities under the CEO's leadership[108] - The board has a structured approach to continuous professional development for its members, ensuring compliance with corporate governance codes[109] Risk Management - The company faced credit risk primarily from receivables, with a significant portion of bank deposits held in high credit-rated banks, minimizing potential losses[70] - The company maintains sufficient cash and cash equivalents to manage liquidity risk and reduce cash flow volatility[71] - The internal control and risk management systems were reviewed by the Board through the Audit Committee, which found no significant deficiencies and confirmed effective implementation during fiscal year 2025[129] Compliance and Reporting - The financial statements have been prepared in accordance with the Hong Kong Financial Reporting Standards and the disclosure requirements of the Hong Kong Companies Ordinance[139] - The auditor's report does not cover other information included in the annual report, which is the responsibility of the company's directors[148] - The company regularly reviews its corporate governance practices to ensure compliance with established codes and regulations[96] Future Outlook - The company plans to gradually reduce reliance on suppliers for aged ginseng by cultivating its own stock, ensuring quality through genetic consistency with supplier plants[18] - The company successfully cultivated its first batch of Epimedium in June 2024 and expanded its planting area by 28 acres in July 2024, with expected sales by June 2026[19] - The group expects that the new and revised Hong Kong Financial Reporting Standards will not have a significant impact on the consolidated financial statements[171]

Financial Performance - Total revenue for the reporting period reached approximately RMB 938.1 million, an increase of 110.7% compared to RMB 445.2 million in the 2023 fiscal year[10] - The group recorded a gross loss of approximately RMB 12.2 million, a significant decline from a gross profit of RMB 147.3 million in the previous fiscal year, primarily due to a substantial increase in direct material costs[10] - A significant inventory loss of approximately RMB 37 million was incurred due to extreme rainfall events, impacting the financial performance directly[10] - The group's loss for the reporting period was approximately RMB 108.8 million, compared to a profit of RMB 67.5 million in the 2023 fiscal year[10] - The cost of sales for the group was approximately RMB 950.3 million, an increase of about 218.9% from approximately RMB 298.0 million in the 2023 fiscal year, primarily due to rising direct material costs[39] - Other income decreased from approximately RMB 6.4 million in the 2023 fiscal year to about RMB 4.2 million in the reporting period, mainly due to a reduction in government subsidies of approximately RMB 2.3 million[41] - Other losses decreased from a loss of RMB 164,000 in the 2023 fiscal year to approximately RMB 4.9 million in the reporting period, primarily due to losses from the sale of properties, plants, and equipment amounting to approximately RMB 6.5 million[42] - The group reported a loss of approximately RMB 1,088 million in the reporting period, compared to a profit of about RMB 675 million in the fiscal year 2023[48] Business Operations - The company plans to continuously develop and introduce new snack products to align with consumer trends and enhance brand recognition in China[11] - The trading business involves bulk procurement of dried fruits, nuts, and other products from suppliers in China, which are sold to retailers and corporate clients without further processing[18] - The company has over 20 years of experience in the production of dried food products, establishing a solid customer base including retailers and corporate clients in provinces such as Jiangxi, Fujian, Zhejiang, and Sichuan in China[19] - The production facility located in Nanchang, Jiangxi Province specializes in the processing and packaging of baked goods[20] - Future marketing efforts will focus on expanding sales channels, particularly in southeastern China, and enhancing brand awareness through collaborations with chain supermarkets and advertising on traditional and social media platforms[22] Audit and Compliance - The independent auditor expressed a qualified opinion on the consolidated financial statements for the 18 months ending June 30, 2025, due to insufficient accounting records related to the sale of Jiangxi Zhengwei Food Co., Ltd.[23] - The management faced challenges in accessing sufficient records from the sold group, impacting the ability to audit the financial statements accurately[26] - Any adjustments to the reported figures may affect the consolidated financial performance and cash flow for the years ending December 31, 2023, and June 30, 2025[27] - The audit process required detailed financial information from the sold group to execute proper audit procedures[29] - The company has retained basic records related to the sale of the group, but the auditor found these records insufficient for auditing purposes, leading to a qualified opinion on the consolidated financial statements for the eighteen months ending June 30, 2025[31] Shareholder and Capital Structure - The company completed the first placement on June 5, 2024, issuing 160,000,000 shares at a price of HKD 0.138 per share, raising approximately HKD 20.72 million[65] - The net price per share for the first placement was approximately HKD 0.1295, reflecting a discount of about 4.83% from the last trading price of HKD 0.145 on May 14, 2024[65] - The second placement was completed on January 6, 2025, issuing 160,000,000 shares at a price of HKD 0.038 per share, raising approximately HKD 5.76 million[68] - The net price per share for the second placement was approximately HKD 0.036, representing a discount of about 19.15% from the last trading price of HKD 0.047 on November 18, 2024[67] - The company utilized the proceeds from both placements for general working capital purposes by June 30, 2025[68] Employee and Management - The employee count decreased from 755 on December 31, 2023, to 32 by June 30, 2025, primarily due to layoffs in production and sales personnel[70] - The company has no significant future investment or capital asset plans as of June 30, 2025[73] - The board believes that the placements provide a good opportunity to raise further funds, enhance liquidity, and strengthen the financial position of the group[64] - The board consists of five members, including two executive directors and three independent non-executive directors, ensuring a balanced mix of knowledge and skills[166] Corporate Governance - The board of directors is composed of experienced individuals with extensive backgrounds in business management and finance[82][83] - The board will continue to review and enhance corporate governance practices to ensure compliance with the corporate governance code[132] - The company has established three board committees: the Audit Committee, the Remuneration Committee, and the Nomination Committee, to oversee specific aspects of the company's affairs[159] - The board acknowledges the responsibility for presenting the group's financial statements fairly and accurately, with no significant uncertainties affecting the group's ability to continue as a going concern[193] Environmental and Social Responsibility - The company emphasizes the importance of environmental protection and has implemented strict measures to comply with current environmental laws and regulations[87] - The company is committed to maintaining close relationships with employees, customers, and business partners, recognizing them as key to sustainable development[89] - The company has established environmental policies to prevent pollution during production activities[87] - The company is committed to providing equal opportunities across various employment aspects, including recruitment, training, and career advancement[168] Risk Management - The company faces significant operational risks, including potential product liability claims and raw material supply stability, which could adversely affect its business and financial condition[139] - The company has established an audit committee to oversee internal controls, risk management, and financial disclosures, ensuring compliance with applicable accounting standards[143] - The board believes that the risk management and internal control systems are effective and robust, with annual reviews planned to enhance the control environment[195]

Financial Performance - Revenue for the six months ended June 30, 2025, was RMB 10,265,102 thousand, a decrease of 3.84% compared to RMB 10,675,171 thousand for the same period in 2024[3] - Gross profit increased to RMB 1,930,189 thousand, representing a 35% increase from RMB 1,430,489 thousand in the previous year[3] - Operating profit for the period was RMB 551,138 thousand, a significant recovery from an operating loss of RMB 1,091,062 thousand in the prior year[4] - The net profit for the period was RMB 179,299 thousand, compared to a net loss of RMB 1,526,940 thousand in the same period last year[4] - The company reported a total adjusted profit before tax of RMB 254,883 thousand for the six months ended June 30, 2025, compared to a loss of RMB 1,694,762 thousand for the same period in 2024[25][26] - The company reported a loss attributable to equity shareholders of RMB 147,988,000 for the six months ended June 30, 2025, compared to a loss of RMB 1,495,728,000 for the same period in 2024, resulting in a basic loss per share of RMB (0.232) versus RMB (2.349) in 2024[42] Assets and Liabilities - Total assets as of June 30, 2025, were RMB 26,308,976 thousand, an increase from RMB 24,748,906 thousand at the end of December 2024[6] - The company’s equity attributable to shareholders increased to RMB 7,766,436 thousand from RMB 7,902,840 thousand, indicating a stable equity position[7] - Total liabilities as of June 30, 2025, were RMB 30,842,569 thousand, compared to RMB 30,444,482 thousand as of December 31, 2024, indicating a slight increase[25][26] - The company’s total liabilities related to financial guarantee contracts were reported as zero as of June 30, 2025, indicating no current obligations in this area[47] - The total amount of bank and other borrowings was RMB 11,772,518,000 as of June 30, 2025, slightly up from RMB 11,761,835,000 as of December 31, 2024[51] Cash Flow and Financing - Cash and cash equivalents stood at RMB 4,018,576 thousand, slightly up from RMB 3,965,148 thousand at the end of December 2024[6] - The company incurred a financing cost of RMB 239,045 thousand for the six months ended June 30, 2025, compared to RMB 564,378 thousand in the same period of 2024, showing a reduction in financing costs[25][26] - Financing costs decreased significantly to RMB 239,045,000 in the first half of 2025 from RMB 564,378,000 in 2024, a reduction of 57.7%[34] - The company has RMB 5,691,250,000 in borrowings due within one year as of June 30, 2025, down from RMB 6,359,850,000 as of December 31, 2024, indicating a reduction of 10.5%[51] Research and Development - Research and development costs rose to RMB 451,528 thousand, up from RMB 410,115 thousand, indicating a focus on innovation[3] - Research and development costs rose by approximately RMB 41,413,000 or 10% to about RMB 451,528,000, primarily due to increased investment in new product development in the renewable energy sector[83] Impairment and Credit Risk - The group reported a net impairment loss of RMB 145.534 million for the six months ended June 30, 2025, compared to RMB 1,056.193 million for the same period in 2024, indicating a significant reduction in impairment losses year-over-year[20] - The impairment losses for trade receivables were RMB 14.422 million for the six months ended June 30, 2025, compared to RMB 572.679 million in the previous year, showing improved credit quality[20] - The group has established policies to manage credit risk associated with financial instruments, including regular monitoring of customer credit records[17] Business Segments and Revenue Sources - The group is primarily engaged in property investment, tourism, financial services, health and education products, and new energy sectors, indicating a diversified business model[11] - Revenue from the New Energy segment reached RMB 9,978,981 thousand, significantly increasing from RMB 6,786,451 thousand in the previous year, marking an increase of approximately 47.5%[28] - Revenue from health, education, and other sectors reached RMB 6,004,000 in the first half of 2025, up from RMB 4,733,000 in 2024, representing a growth of 26.9%[30] - Total revenue from property sector rental income was RMB 109,643,000 for the first half of 2025, compared to RMB 122,833,000 in 2024, indicating a decline of 10.7%[30] Operational Highlights - The group recorded a profit of approximately RMB 79,480,000 in the investment and financial services segment during the review period, a significant recovery from a loss of RMB 429,390,000 in the same period of 2024[66] - The average room rate for the Nanjing Wujing Hotel was approximately RMB 670.27 (excluding tax) with an occupancy rate of about 80.94% during the review period[65] - The group continues to manage the Rain Flower Hall 109 under a lease agreement extended to June 2033, ensuring ongoing operational management[63] Employee and Governance - The group had a total of 8,911 employees as of June 30, 2025, an increase from 8,807 employees as of December 31, 2024[111] - The company has established a profit-sharing and performance assessment scheme to reward employees based on group performance and individual contributions[111] - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited interim condensed consolidated financial statements for the review period[113] Future Outlook and Strategy - The company plans to continue expanding its New Energy segment, which has shown significant growth potential in recent periods[28] - The group plans to focus on maintaining stable development across its sectors and will adopt a prudent investment approach in high-quality domestic projects[107] - The group aims to improve its business portfolio and cash flow by exiting low-return projects[107]