GEM之特色 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。有意投資之人士應了解投資於該等公司的潛在風 險，並應經過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司一般為中小型公司，在GEM買賣之證券可能會較於主板買賣之 證券承受較大之市場波動風險，同時無法保證在GEM買賣之證券會有高流通量之市 場。 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報告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本報告全部或任何部 分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 本報告之資料乃遵照GEM上市規則而刊載，旨在提供有關本公司之資料；各董事願 就本報告之資料共同及個別地承擔全部責任。各董事在作出一切合理查詢後，確認 就其所深知及確信，本報告所載資料在各重要方面均屬準確完備，沒有誤導或欺詐 成分，且並無遺漏任何其他事項，足以令致本報告所載任何陳述或本報告產生誤導。 亞博科技控股有限公司 • 二零二五年中期業績報告 截至2025年9月30日止六個月之財務摘要 於六個月期間的收益整體增加約83,300,000港元至約 ...

Asset Management and Investment Services - As of October 24, 2025, the company manages 12 funds, up from 11 funds as of June 30, 2025, with total managed assets increasing from $132 million and $399 million to over $155 million and over $420 million respectively[4] - The company is in discussions with potential investors to establish multiple funds expected to launch in 2026, which will enhance asset management revenue for the fiscal year ending December 31, 2026[4] - The company aims to leverage the recent surge in IPO activities in Hong Kong to capture significant market share in asset management services[7] - The company plans to apply for an upgrade of its existing Type 9 (Asset Management) license to diversify and expand its asset management services, particularly in virtual asset management[8] - The company is exploring new underwriting and placement opportunities, with several issuers expressing interest in future bond issuances, anticipating increased revenue from this business segment[10] - The company is negotiating a cooperation agreement with state-owned enterprises in China to establish a joint venture in Hong Kong, which will enhance resource utilization and expand business opportunities[11] - The company is actively expanding its investment and financial advisory services, having signed multiple confidentiality agreements with rapidly growing companies across various industries[12] - The number of holders of Type 9 licenses in Hong Kong is expected to increase by 5% from 2024 to 2025, presenting a significant opportunity for the company in investment advisory services[12] - The company has initiated proprietary trading in cryptocurrencies to explore potential development opportunities in crypto asset management[8] - The company has not received any redemption requests from investors as of October 24, 2025, indicating no significant adverse impact on managed assets in the foreseeable future[9] Sales and Marketing Strategies - The group achieved cumulative sales exceeding HKD 280 million, driven by a dedicated sales team maintaining relationships with hundreds of customers[17] - Approximately 70% of sales revenue is derived from pre-purchased inventory, while 30% comes from customized orders, with active management of investment-grade wines to optimize capital[29] - The group operates a multi-channel business model, including direct sales, online sales, and wholesale, to enhance customer engagement and brand loyalty[21] - The group has expanded its product offerings to include wines from Italy, Australia, Chile, and the USA, in addition to its primary sourcing from France[27] - The group provides value-added services such as free wine cellar storage for selected customers, enhancing customer loyalty with minimal service costs[25] - The group utilizes digital marketing strategies through e-commerce platforms and social media to drive sales and increase brand awareness[18] - The group has established a strong sales network, leveraging relationships with high-net-worth individuals and financial institutions to create additional business opportunities[30] - The group is focused on long-term development of the fine wine business and brand building, with a strategy to enhance its reputation through exclusive experiences[30] Inventory and Risk Management - The group actively manages inventory risks through monthly valuations and strategic discounts to ensure inventory levels remain low and controllable[29] - The group has implemented a comprehensive risk management system, including procurement approvals and warehouse management, to ensure operational integrity[28] - The company is expanding into the mid-range wine market, which has higher profit margins[32] - The supplier network includes audited suppliers from Hong Kong, the UK, France, and Italy[32] - Inventory management strategies involve diversifying procurement from Italy, Australia, Chile, and the USA, while balancing investment-grade and commercial-grade wines[32] Employee and Operational Development - Sales incentives include increased commissions and bonuses, along with employee training to enhance performance[32] - The company is strengthening marketing and e-commerce partnerships with luxury hotels to accelerate revenue growth[32] - Cost optimization measures are being explored to enhance profitability through collaboration with other business segments[32] - The company aims to develop wholesale channels to expand scale and negotiate supplier discounts[32]

Financial Performance - The total revenue for the period was approximately HKD 129,414,000, a decrease of about HKD 4,780,000 or 3.6% compared to HKD 134,194,000 for the same period last year[9]. - Gross profit for the period was approximately HKD 9,393,000, with a gross margin of about 7.3%, down from 8.5% in the previous period[10]. - Other income for the period was approximately HKD 869,000, a decrease of about 68.1% compared to HKD 2,728,000 for the same period last year[12]. - The net profit for the period was approximately HKD 173,000, down from HKD 346,000 in the same period last year[16]. - Revenue for the six months ended September 30, 2025, was HKD 129,414,000, a decrease of 3.7% from HKD 134,194,000 in the same period of 2024[44]. - Gross profit for the same period was HKD 9,393,000, down 17.4% from HKD 11,379,000 year-on-year[44]. - Operating profit decreased to HKD 1,835,000, a decline of 52.6% compared to HKD 3,866,000 in the previous year[44]. - The company reported a net profit attributable to shareholders of HKD 173,000, compared to HKD 346,000 in the same period last year, reflecting a decline of 50%[44]. - The company reported a profit attributable to equity holders of HKD 173,000 for the six months ended September 30, 2025, down 50% from HKD 346,000 in the previous year[70]. Expenses and Costs - Administrative expenses were approximately HKD 8,350,000, a reduction of about HKD 3,115,000 or 27.2% compared to HKD 11,465,000 in the previous period[14]. - The operating profit for the six months ended September 30, 2025, was impacted by employee expenses totaling HKD 11,196,000, significantly lower than HKD 24,480,000 in the previous year, reflecting a reduction of 54.4%[63]. - Financing costs for the six months ended September 30, 2025, amounted to HKD 1,662,000, a decrease of 52.8% from HKD 3,520,000 in the same period of 2024[65]. - The compensation for directors and key management personnel for the six months ended September 30, 2025, was approximately HKD 3,096,000, a decrease from HKD 3,439,000 for the same period last year[90]. Assets and Liabilities - Total assets as of September 30, 2025, were HKD 172,835,000, slightly down from HKD 173,149,000 as of March 31, 2025[45]. - The company’s total equity as of September 30, 2025, was HKD 171,905,000, up from HKD 171,732,000 as of March 31, 2025[46]. - The total carrying value of bank loans is approximately HKD 62,670,000 as of September 30, 2025, compared to HKD 64,145,000 as of March 31, 2025[85]. - The total financial assets amounted to HKD 73,610,000 as of September 30, 2025, compared to HKD 71,459,000 as of March 31, 2025[88]. - The total financial liabilities were HKD 99,297,000 as of September 30, 2025, slightly down from HKD 99,647,000 as of March 31, 2025[88]. Cash Flow - Net cash generated from operating activities was HKD 5,444,000, significantly lower than HKD 42,381,000 in the prior period[49]. - Cash and cash equivalents at the end of the period increased to HKD 13,128,000 from HKD 13,108,000 at the beginning of the period[49]. - Cash and cash equivalents stood at HKD 13,128,000 as of September 30, 2025, slightly up from HKD 13,108,000 as of March 31, 2025[81]. Shareholder Information - Mr. Chen Liwei holds 495,000,000 shares, representing 72.29% of the company's shares[26]. - The total number of share options available for grant under the share option scheme remained at 66,000,000 as of both April 1, 2025, and September 30, 2025[34]. - The total issued and paid-up ordinary shares remained at 684,750,000 as of September 30, 2025[87]. - The weighted average number of ordinary shares for calculating basic and diluted earnings per share remained constant at 684,750 thousand shares for both periods[70]. Corporate Governance - The company has complied with all applicable corporate governance codes during the reporting period[36]. - All directors confirmed compliance with the standards of the securities trading code during the reporting period[37]. - The company has established an audit committee to enhance communication between the board, external auditors, and management regarding financial reporting and internal controls[38]. Future Outlook - The board remains optimistic about future opportunities despite global economic uncertainties, citing government initiatives to enhance competitiveness and infrastructure projects to drive demand in the construction sector[8]. - Future outlook and significant events affecting the group are discussed in the management discussion and analysis section of the report[41]. Project and Contract Information - The group has five ongoing projects with a total contract value of approximately HKD 227,126,000, and was awarded a new project worth approximately HKD 360,203,000 after the period[7]. - As of September 30, 2025, the total transaction value of performance obligations remaining for existing contracts is approximately HKD 63,194,000, down from HKD 145,085,000 as of March 31, 2025[59]. - Contract assets as of September 30, 2025, amounted to HKD 101,668,000, an increase from HKD 96,241,000 as of March 31, 2025[74]. - Retention money related to completed engineering projects was approximately HKD 32,373,000 as of September 30, 2025, up from HKD 31,644,000 as of March 31, 2025[75]. Compliance and Commitments - As of September 30, 2025, the group had no capital commitments for the purchase of property and equipment[24]. - As of September 30, 2025, the group had no guarantees provided for performance bonds issued by financial institutions, compared to HKD 11,439,000 as of March 31, 2025[25]. - The group had no guarantees provided for performance bonds as of September 30, 2025, compared to HKD 11,439,000 as of March 31, 2025[91]. - The company has not incurred any income tax expenses for the six months ended September 30, 2025, due to cumulative tax losses offsetting taxable profits[67].

中國華星集團有限公司 China Sinostar Group Company Limited (於百慕達註冊成立之有限公司) 股份代號: 485 2025/2026 中期業績報告 目錄 做HKEX時，請插入01 inside front 2 公司資料 3 簡明綜合損益及其他全面收益表 4 簡明綜合財務狀況表 5 簡明綜合權益變動表 6 簡明綜合現金流量表 7 簡明綜合財務報表附註 17 管理層討論與分析 24 其他資料 公司資料 董事局 執行董事 王晶（主席） 王星喬（行政總裁） 非執行董事 趙洪霞 獨立非執行董事 蘇波 唐生智 曾冠維（自二零二五年十二月一日起辭任） 劉曉鳳（自二零二五年十二月一日起獲委任） 公司秘書 林偉基 核數師 富睿瑪澤會計師事務所有限公司 審核委員會 蘇波（主席） 唐生智 曾冠維（自二零二五年十二月一日起辭任） 劉曉鳳（自二零二五年十二月一日起獲委任） 薪酬委員會 唐生智（主席） 蘇波 曾冠維（自二零二五年十二月一日起辭任） 劉曉鳳（自二零二五年十二月一日起獲委任） 提名委員會 王晶（主席） 唐生智 曾冠維（自二零二五年十二月一日起辭任） 劉曉鳳（自二零二五年十二月一日起獲委任） ...

2025 香港聯合交易所有限公司（「聯交所」）GEM之特色 GEM之定位，乃為中小型公司提供一個上市之市場，此等公司相比起其他在聯交所主板上市 之公司帶有較高投資風險。有意投資之人士應了解投資於該等公司之潛在風險，並應經過審 慎周詳之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買賣之證券可能會較於聯交所主板買賣之證 券承受較大之市場波動風險，同時無法保證在GEM買賣之證券會有高流通量之市場。 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報告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本報告全部或任何部分內容而產生或因 倚賴該等內容而引致之任何損失承擔任何責任。 本報告（修身堂控股有限公司（「本公司」）董事（「董事」）願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」）之規定而提供有關本公司之資料。本公司董事 經作出一切合理查詢後，確認就彼等所深知及所確信：(1)本報告所載資料在各重大方面均屬 準確及完整，且無誤導或欺詐成份；及(2)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。 | | | 截至九月三十日止六個 ...

Financial Performance - The Group's revenue for the six months ended September 30, 2025, was approximately HK$160.1 million, a decrease of approximately HK$40.0 million or 20.0% compared to HK$200.1 million for the same period in 2024[9] - Loss attributable to the owners of the Company was approximately HK$0.3 million for the six months ended September 30, 2025, compared to a loss of HK$0.6 million for the same period in 2024[9] - The Company reported a profit before tax of HK$0.96 million for the six months ended September 30, 2025, compared to a profit of HK$1.76 million for the same period in 2024[10] - The total comprehensive loss for the period ended September 30, 2025, was HK$189,000, compared to a total comprehensive loss of HK$156,000 for the same period in 2024, indicating a worsening of approximately 21.1%[13] - The Group reported a loss attributable to ordinary equity holders of HK$335,000 for the six months ended September 30, 2025, an improvement from a loss of HK$630,000 in the same period of 2024[42] Assets and Liabilities - Total non-current assets decreased from HK$156.3 million as of March 31, 2025, to HK$132.1 million as of September 30, 2025[11] - Current assets increased from HK$314.99 million as of March 31, 2025, to HK$322.59 million as of September 30, 2025[11] - The net current assets increased from HK$51.14 million as of March 31, 2025, to HK$59.92 million as of September 30, 2025[11] - As of September 30, 2025, total non-current liabilities decreased to HK$44,619,000 from HK$59,866,000 as of March 31, 2025, representing a reduction of approximately 25.5%[12] - The net assets as of September 30, 2025, were HK$147,373,000, slightly down from HK$147,562,000 as of March 31, 2025, indicating a decrease of about 0.13%[12] Revenue Breakdown - Revenue from treatment services was HK$141,592,000, down 17% from HK$170,722,000 in the previous year[33] - Revenue from skincare products decreased by 37% to HK$18,477,000 from HK$29,336,000[33] - Total revenue for the six months ended September 30, 2025, was HK$160,080,000, a decrease of 20% compared to HK$200,076,000 for the same period in 2024[33] Cash Flow and Liquidity - For the six months ended September 30, 2025, the net cash flows from operating activities were HK$31,763,000, a decrease of 13.4% compared to HK$36,601,000 for the same period in 2024[14] - Cash and cash equivalents at the end of the period were HK$81,923,000, down from HK$89,092,000 at the end of the same period in 2024, reflecting a decrease of about 8.1%[14] - Cash and cash equivalents as of September 30, 2025, were approximately HK$186.6 million, indicating a stable financial position[94] Operational Efficiency - Staff costs decreased by approximately HK$12.1 million or 16.3%, from approximately HK$74.2 million in the previous period to approximately HK$62.1 million[79] - Property rentals and related expenses decreased by approximately HK$4.1 million or 14.2%, from approximately HK$28.9 million in the previous period to approximately HK$24.8 million[80] - Other expenses, net decreased by approximately HK$12.4 million or 24.1%, from approximately HK$51.4 million in the previous period to approximately HK$39.0 million[82] Corporate Governance - The Company has complied with all applicable code provisions of the Corporate Governance Code during the six months ended 30 September 2025, except for the separation of the roles of chairman and chief executive officer[148] - The independent non-executive Directors have reviewed the implementation of the deed of non-competition and confirmed compliance by the Controlling Shareholders[140] - The Company has established an audit committee consisting of three independent non-executive Directors to oversee financial reporting[156] Market and Strategic Outlook - The Group aims to maintain profitability and core competitiveness through stable and prudent operating strategies amidst a relatively uncertain global economy[73] - The skincare brand XOVĒ is developing its e-commerce channels and sales platform in Mainland China while maintaining physical shops in four high-end shopping malls in Hong Kong[72] - The wellness beauty brand VITAE operates two treatment centres in Hong Kong's core business districts, focusing on creating a balanced aesthetic experience[71] Shareholder Information - As of September 30, 2025, Ms. LAI Ka Yee Gigi holds a long position of 275,000,000 shares, representing 68.75% of the Company's issued share capital[120] - Sunny Bright holds 275,000,000 shares of the Company, representing 68.75% of the issued share capital[127] - Meitu, Inc. is a beneficial owner of 20,000,000 shares, accounting for 5% of the issued share capital[127]

Financial Performance - Revenue for the six months ended September 30, 2025, reached $39.28 billion, a 17.5% increase compared to $33.30 billion for the same period in 2024[8]. - Gross profit for the six months ended September 30, 2025, was $5.92 billion, representing a gross margin of 15.1%, up from $5.36 billion and a gross margin of 16.1% in the previous year[8]. - Operating profit for the six months ended September 30, 2025, was $1.43 billion, a 24.7% increase from $1.15 billion in the same period of 2024[8]. - Net profit attributable to equity holders for the six months ended September 30, 2025, was $845.61 million, compared to $601.90 million for the same period in 2024, reflecting a 40.4% increase[8]. - Basic earnings per share for the six months ended September 30, 2025, was 6.89 cents, up from 4.91 cents in the same period of 2024[8]. - The company reported a total comprehensive income of $1,313,815 thousand for the period[14]. - The net profit for the period was $636,771 thousand, reflecting a significant increase compared to previous periods[14]. - The company reported a significant increase in trade payables to $16,132,424 thousand as of September 30, 2025, compared to $11,978,933 thousand as of March 31, 2025, representing a growth of approximately 34.5%[11]. Assets and Liabilities - Total assets as of September 30, 2025, amounted to $49.83 billion, an increase from $44.23 billion as of March 31, 2025[10]. - Total liabilities rose to $42,342,285 thousand as of September 30, 2025, compared to $37,570,895 thousand as of March 31, 2025, indicating an increase of approximately 12.5%[11]. - Total equity increased to $7,488,880 thousand as of September 30, 2025, up from $6,659,917 thousand as of March 31, 2025, representing a growth of approximately 12.4%[11]. - Cash and cash equivalents at the end of the period increased to $5,112,130 thousand from $4,178,915 thousand, marking a rise of 22.3%[13]. - The company reported a net cash outflow from investing activities of $778,878 thousand for the six months ended September 30, 2025, compared to $524,696 thousand for the same period in 2024, indicating a significant increase in investment expenditures[12]. Operational Highlights - The company has established a strategic partnership with MSG family businesses to enhance brand exposure in sports and entertainment sectors[3]. - Lenovo's ThinkSystem SE350 edge server has been deployed to support the operations of Médecins Sans Frontières, improving system performance and data security[5]. - The company plans to continue investing in research and development, with R&D expenses for the six months ended September 30, 2025, totaling $1.10 billion[8]. - The Smart Devices segment generated revenue of $28,566,558 thousand with an operating profit of $2,051,216 thousand, compared to $24,935,700 thousand and $1,818,363 thousand respectively in the previous year[19]. - The Infrastructure Solutions segment reported a revenue of $8,377,292 thousand but incurred an operating loss of $117,555 thousand, compared to a revenue of $6,465,167 thousand and a loss of $73,002 thousand in the prior year[19]. Cash Flow and Financing - Net cash generated from operating activities for the six months ended September 30, 2025, was $2,762,085 thousand, compared to $1,778,086 thousand for the same period in 2024, reflecting a year-over-year increase of 55.3%[12]. - Cash flow from financing activities resulted in a net outflow of $1,649,514 thousand for the six months ended September 30, 2025, compared to an outflow of $674,259 thousand for the same period in 2024, indicating increased financing activities[13]. - The company incurred interest payments of $317,738 thousand during the six months ended September 30, 2025, down from $384,652 thousand in the same period of 2024, showing a decrease of 17.4%[12]. Shareholder and Equity Information - The company declared an interim dividend of 8.5 HKD cents per share, totaling $135,417 thousand for the six months ended September 30, 2025[35]. - The company has a long-term incentive plan that includes both stock options and restricted stock units, aligning executive compensation with shareholder interests[144]. - The total number of shares available for borrowing is 5,829,625,271, reflecting liquidity in the market[158]. - The company has granted stock options to executives, with a total of 79,451,149 shares awarded to Mr. Yang Yuanqing, with a fair value of HKD 23,531,073 for options granted on June 2, 2025[144]. Market and Regional Performance - Revenue from the Asia-Pacific region increased to $7,922,699 thousand, up 30% from $6,095,125 thousand in the previous year[20]. - The Americas region generated revenue of $12,786,743 thousand, reflecting a growth from $11,363,642 thousand in the previous year[20]. - The company aims to enhance its vision around the "Hybrid AI for All" framework, integrating device intelligence and enterprise AI across its business portfolio[137]. - The company plans to continue focusing on developing scalable AI-driven solutions through digital workplace solutions and hybrid cloud initiatives[137]. Compliance and Governance - The company has complied with the corporate governance code during the six months ending September 30, 2025, except for the roles of Chairman and CEO not being separated[170]. - The Audit Committee reviewed the unaudited financial performance for the six months ending September 30, 2025[169]. - John Lawson Thornton has been appointed as the Chief Independent Director with extensive powers and responsibilities[171].

Financial Performance - For the six months ended September 30, 2025, the company reported total revenue of ¥15,453 million, an increase of ¥1,295 million compared to ¥14,158 million for the same period in 2024, representing a growth of approximately 9.2%[10] - The company's pre-tax profit for the six months ended September 30, 2025, was ¥1,236 million, with a net profit attributable to shareholders of ¥698 million, an increase of ¥247 million from the previous year[10] - The revenue from the Japanese-style pachinko and slot machine business was ¥12,630 million, compared to ¥12,374 million in the previous year, indicating a growth of 2.1%[7] - The company achieved an overall revenue rate of 17.0% for the six months ended September 30, 2025, slightly down from 17.3% in the previous year[7] - The company recorded other income of ¥1,164 million for the six months ended September 30, 2025, compared to ¥888 million in the previous year, reflecting a growth of 31%[7] - The earnings per share for the six months ended September 30, 2025, was ¥0.58, up from ¥0.38 in the same period last year, representing a growth of 52.6%[7] - The company reported a profit of ¥713 million for the six months ended September 30, 2025, compared to ¥451 million for the same period in 2024, representing a 58% increase[65] - Total comprehensive income for the period was ¥750 million, up from ¥432 million in the previous year, indicating a 73.8% growth[65] Revenue Breakdown - Japanese pachinko business revenue increased by 2,523 million yen, from 71,653 million yen for the six months ended September 30, 2024, to 74,176 million yen for the current period[11] - The amusement park business revenue grew by 3.2%, from 896 million yen to 925 million yen, driven by strong family and leisure spending in Southeast Asia[12] - The restaurant business revenue surged by 28.3%, from 501 million yen to 643 million yen, attributed to the popularity of cafes and bubble tea among the younger generation[13] - The real estate investment segment reported revenue of ¥734 million, with no revenue recorded in the previous year, marking a new revenue stream for the company[86] Expenses and Liabilities - Operating expenses for gaming, hotels, and restaurants rose to 11,172 million yen, a 4.1% increase from 10,733 million yen, primarily due to increased costs from smart gaming machines and inflation[28] - Administrative expenses increased by 11.1% to 2,328 million yen, attributed to higher employee salaries and promotional activities[29] - The company incurred operating expenses of ¥11,172 million for gaming, hotel, and restaurant operations, an increase from ¥10,733 million in the previous year[63] - The total liabilities increased to ¥44,634 million from ¥44,418 million, reflecting a slight increase of 0.5%[68] Assets and Equity - The company’s total assets as of September 30, 2025, were ¥64,475 million, an increase from ¥63,653 million as of March 31, 2025[7] - The company's equity attributable to shareholders increased to ¥20,996 million from ¥20,406 million, a rise of 2.9%[68] - Cash and cash equivalents stood at 10,618 million yen, with total borrowings and lease liabilities amounting to 36,269 million yen[34] - Current assets rose to ¥14,176 million from ¥12,806 million, marking an increase of 10.7%[67] Cash Flow and Financing - Operating cash flow (before changes in working capital) was 4,008 million yen, up from 3,601 million yen in the previous year[34] - The company incurred a net cash outflow from investing activities of ¥1,092 million, compared to ¥2,292 million in the prior year, indicating a reduction in cash outflow by 52.3%[71] - The company raised ¥4,587 million through borrowings, compared to ¥2,796 million in the previous year, representing a 64.1% increase[71] Corporate Governance and Compliance - The company has complied with all applicable corporate governance codes except for the separation of roles between the Chairman and CEO[45] - The company’s board has appointed a new non-executive director effective June 30, 2025[53] Strategic Plans and Future Outlook - The company plans to continue leveraging new opportunities, advancing digitalization, and cost-saving measures to ensure stable returns[10] - The company plans to open two new Spanish restaurants in the third and fourth quarters of the fiscal year to capitalize on the growing tourism industry in Japan[17] - The company plans to adjust the payout rate from an average of 82% to 83% to enhance revenue and customer flow in pachinko parlors[11] Impairment and Asset Management - The company recognized impairment losses of approximately 84 million JPY for property, plant, and equipment for the six months ended September 30, 2025, compared to 42 million JPY in the same period of 2024, marking a 100% increase in impairment losses[113] - The additional impairment loss for the Japanese pachinko and slot machine business is estimated at 125 million yen if the revenue growth rate for the first 18 months decreases by 2%[114] Employee and Management Compensation - Total compensation for key management personnel increased to ¥220 million for the six months ended September 30, 2025, compared to ¥163 million for the same period in 2024, representing a 35% increase[136]

Financial Management - The net proceeds of approximately HKD 26.8 million from the placement completed on March 15, 2024, were used to repay the company's interest-bearing loans and accrued interest[5] - The company negotiated with its lenders to extend the repayment period of its interest-bearing loans to October 2025, allowing for more interest income[5] - The net proceeds from the placement will be retained in the company's bank account until August 2025, with no changes to the intended use of the proceeds[5] Share Options - As of December 31, 2024, the number of share options available for grant under the share option scheme was 25,000,000, representing 1.4% of the total shares issued as of the annual report date[4] Operational Strategy - The company aims to maintain a high cash level to enhance operational stability and secure better trading terms or larger discounts from customers and suppliers[5]

Business Operations - As of September 30, 2025, the company operates the largest network of Japanese-style pachinko halls with a total of 423 locations[15]. - The company aims to manage approximately 30 aircraft in its aviation leasing business to contribute to sustainable growth[21]. - The aviation leasing segment is expected to provide stable revenue due to the increasing demand for passenger aircraft in the long term[21]. - The company has acquired Yume Corporation, which operates 29 game halls under the Yumeya brand, enhancing its market presence[9]. - The gaming business includes both Japanese-style pachinko and slot machines, with betting amounts ranging from 0.5 to 4 yen per pachinko and 5 to 20 yen per slot machine[17]. - The company has renovated 78 game halls to increase the number of Japanese-style slot machines, aiming to enhance player engagement[27]. - The company plans to acquire other Japanese-style pachinko operators to expand its network and market presence[36]. - The company is focusing on low-cost operations and multi-hall development to enhance profitability and maintain competitive pricing for customers[30]. - The strategy includes standardizing game hall specifications to reduce initial investment costs and construction time[34]. - The introduction of smart Japanese pachinko machines is expected to enhance user experience by eliminating the need to touch the balls, which could reduce fraud and prevent the spread of diseases[198]. - The smart Japanese slot machines will also store payout information electronically, aiming to alleviate the burden on staff and customers by not requiring physical tokens[198]. Financial Performance - Total revenue for the six months ended September 30, 2025, was ¥61,718 million (HK$3,226 million), a decrease from ¥63,753 million (HK$3,469 million) in the same period of 2024, representing a decline of approximately 3.2%[23]. - Net profit for the period was ¥3,071 million (HK$161 million), an increase of 40.3% compared to ¥2,190 million (HK$119 million) in the previous year[23]. - EBITDA for the six months ended September 30, 2025, was ¥32,073 million (HK$1,677 million), down from ¥34,160 million (HK$1,859 million) in the same period of 2024, reflecting a decrease of about 6.1%[23]. - Operating profit for the same period was 6,913 million JPY (approximately 361 million HKD), which is 114.4% of the previous year's operating profit[50]. - Total revenue for the six months ended September 30, 2025, was 61,718 million JPY (approximately 3,226 million HKD), representing 96.8% of the previous year's figure[50]. - Total bets for the six months ended September 30, 2025, were 277,452 million JPY (approximately 14,504 million HKD), a 0.2% increase from 276,861 million JPY (approximately 15,062 million HKD) in the previous year[47][53]. - Total payouts for the same period were 219,179 million JPY (approximately 11,458 million HKD), reflecting a 1.2% increase from 216,684 million JPY (approximately 11,788 million HKD) in the previous year[47]. - Revenue from the Japanese pachinko business for high-stakes venues was 27,095 million JPY (approximately 1,416 million HKD), a decrease of 2.6% from the previous year[47]. - Revenue from the Japanese pachinko business for low-stakes venues was 31,178 million JPY (approximately 1,630 million HKD), a decrease of 3.7% from the previous year[47]. - The company reported a total comprehensive income of ¥1,757 million for the period, compared to a loss of ¥1,459 million in the previous year[122]. - The company reported a net profit of ¥3,072 million, compared to ¥2,190 million for the same period in 2024, representing an increase of 40.4%[127]. - The company incurred capital expenditures of ¥19,013 million for property, plant, and equipment, a decrease from ¥22,341 million in the previous year, indicating a reduction of 14.3%[131]. Assets and Liabilities - Non-current assets as of September 30, 2025, were ¥305,843 million (HK$15,987 million), an increase from ¥301,344 million (HK$15,679 million) as of March 31, 2025[24]. - Total equity as of September 30, 2025, was ¥131,352 million (HK$6,866 million), slightly up from ¥131,336 million (HK$6,833 million) as of March 31, 2025[24]. - Total assets as of September 30, 2025, amounted to ¥359,283 million, an increase from ¥349,386 million as of March 31, 2025[124]. - The total liabilities as of September 30, 2025, were ¥227,931 million, with ¥110,619 million from the Japanese pachinko segment and ¥73,834 million from aircraft leasing[150]. - The current liabilities as of September 30, 2025, were ¥56,209 million (approximately HK$2,938 million), up from ¥51,961 million (approximately HK$2,703 million) as of March 31, 2025, representing an increase of 8.6%[79]. - The net current liabilities decreased to ¥2,769 million (approximately HK$144 million) as of September 30, 2025, from ¥3,919 million (approximately HK$204 million) as of March 31, 2025, indicating an improvement of 29.3%[80]. - The company’s total liabilities decreased to ¥3,012 million as of September 30, 2025, down from ¥3,200 million in the previous period, indicating a reduction of 5.9%[127]. Cash Flow and Financing - For the six months ended September 30, 2025, net cash generated from operating activities was ¥28,659 million (approximately HK$1,498 million), an increase from ¥24,335 million (approximately HK$1,325 million) in the same period of 2024, representing a growth of 17.5%[75]. - The net cash used in investing activities for the six months ended September 30, 2025, was ¥19,026 million (approximately HK$994 million), a decrease from ¥22,355 million (approximately HK$1,217 million) in the previous year, indicating a reduction of 14.5%[76]. - The net cash used in financing activities for the six months ended September 30, 2025, was ¥3,992 million (approximately HK$209 million), significantly lower than ¥12,940 million (approximately HK$704 million) in the same period of 2024, reflecting a decrease of 69.0%[78]. - The primary sources of funding for the company include cash generated from operations, various short-term and long-term bank borrowings, and credit facilities[89]. - As of September 30, 2025, the company's outstanding short-term and long-term borrowings amounted to ¥20,492 million (approximately HK$1,071 million) and ¥70,870 million (approximately HK$3,705 million) respectively[90]. - The total available bank financing and installment financing as of September 30, 2025, was approximately ¥36,000 million (approximately HK$1,882 million), with about ¥32,441 million (approximately HK$1,696 million) remaining undrawn[91]. - The company has signed new commitment loan agreements to address funding concerns related to potential earthquake disasters, allowing for rapid access to funds even in such events, with a revolving loan facility of up to ¥15,000 million (approximately HK$784 million)[92]. Corporate Governance and Compliance - The company has complied with all applicable corporate governance code provisions, except for the deviation regarding the roles of Chairman and CEO being held by the same individual[106]. - The interim financial statements were reviewed by PricewaterhouseCoopers Japan LLC, confirming compliance with International Accounting Standards[111]. - The company has adopted a standard code for securities trading by directors and has confirmed compliance during the reporting period[108]. - The board believes that having the same person serve as both Chairman and CEO provides strong leadership for the company's development[107]. - As of the reporting period, there were no changes in director information that required disclosure under listing rules[112]. Shareholder Information - As of the reporting period, the company had issued a total of 696,443,096 shares[102]. - The company’s major shareholders include Mr. Sato Yoji, who holds a total of 393,572,360 shares, representing 56.51% of the company[100]. - Major shareholders include SAC with a 40.68% stake, Rich-O with 13.76%, and Eurasia Foundation with 11.49%[104]. - The company declared an interim dividend of 2.5 JPY per ordinary share, amounting to approximately 1,741 million JPY (about 87 million HKD) based on 696,443,096 shares issued[113]. Risk Management - The company has implemented policies to ensure sales are made to customers with appropriate credit records, significantly reducing credit risk[98]. - The company’s financial risk management plan focuses on minimizing potential adverse impacts on financial performance due to market unpredictability[93]. - The company faces foreign currency risk due to transactions, assets, and liabilities denominated in HKD, USD, and EUR, and has established foreign currency hedging policies[94]. - The company’s interest rate risk primarily arises from bank deposits and borrowings, which are subject to floating interest rates based on market conditions[96]. - The company has a policy to regularly monitor its current and expected liquidity needs to ensure sufficient cash reserves and access to committed financing[99]. Accounting and Reporting - The company has not adopted new or revised International Financial Reporting Standards that were issued but not yet effective as of the reporting date, which may impact future financial statements[137]. - The company continues to evaluate the impact of new accounting standards on its financial reporting, particularly those related to financial instruments and performance reporting[139]. - The company’s financial director is responsible for the fair value measurement of assets and liabilities, reporting directly to the board[190].