Financial Performance - The company reported a total loss of HKD 13,813,000 for the year ending December 31, 2024, compared to a loss of HKD 21,970,000 in 2023, representing a 37% improvement in losses year-over-year[4] - Total comprehensive loss for the year was HKD 11,857,000, down from HKD 21,300,000 in the previous year, indicating a 44% reduction in comprehensive losses[4] - The company had no revenue reported for the year 2024, consistent with the previous year, indicating ongoing challenges in generating sales[4] - The total reported segment loss for the year ended December 31, 2024, was HKD 4,875,000, compared to a loss of HKD 4,426,000 for the year ended December 31, 2023, indicating an increase in losses by approximately 10.1%[20] - The group reported a loss of approximately HKD 13,700,000 for the year, a decrease from HKD 21,900,000 in the previous year, indicating a reduction in losses by about 37%[42] - The group did not record any revenue or gross profit for the year, consistent with the previous year[45] Expenses and Liabilities - Administrative expenses decreased to HKD 13,825,000 from HKD 22,354,000, reflecting a 38% reduction in operational costs[4] - The company’s current liabilities net worth stood at HKD 212,675,000, compared to HKD 201,133,000 in 2023, showing an increase in financial obligations[6] - The company’s cash and bank balances decreased to HKD 202,000 from HKD 874,000, indicating a significant decline in liquidity[6] - The company recognized other income of HKD 27,000, down from HKD 885,000 in the previous year, marking a 97% decrease[16] - The company’s equity attributable to owners decreased to HKD (213,913,000) from HKD (202,187,000), reflecting a decline in shareholder equity[6] - The company’s total liabilities increased to HKD 213,020,000,000 as of December 31, 2024, from HKD 204,645,000,000 as of December 31, 2023, an increase of approximately 4.7%[20] - The employee cost for the year is approximately HKD 6,600,000, down from approximately HKD 13,200,000 as of December 31, 2023[71] Strategic Focus and Development - The company is focused on developing high-tech electric vehicles and advanced battery materials, indicating a strategic emphasis on innovation and market expansion[7] - The group has been engaged in electric vehicle development for over ten years, focusing on advanced battery management systems and related technologies[41] - The company plans to launch in-car audio and short drama business by 2025, capitalizing on the growing demand for in-car entertainment and digital media content[51] - The company is exploring opportunities for industrialization and production development, including facility renovations and procurement of production machinery, contingent on financing opportunities post-COVID-19[53] Financing and Investment - The company is actively seeking financing options, including equity and debt financing, to support its business development plans[56] - A subscription agreement was established for a two-year convertible bond issuance of HKD 100 million at an interest rate of 5%, convertible into 1 billion shares at an initial conversion price of HKD 0.10 per share[59] - The net proceeds from the subscription will be approximately HKD 99,500,000, allocated as follows: 50% for settling the promissory notes, 30% for operational funding, and 20% for general working capital[61] - The group aims to explore all possible financial solutions, including equity financing and debt financing, to enhance financial flexibility[47] Governance and Compliance - The independent auditor's report highlighted significant uncertainty regarding the group's ability to continue as a going concern due to accumulated losses and current liabilities[39] - The board does not recommend any final dividend for the year ending December 31, 2024, consistent with the previous year[65] - The company has not complied with the corporate governance code regarding the attendance of independent non-executive directors at the annual general meeting, as only one independent director attended the meeting held on June 6, 2024[75] - Following the resignations of several directors in 2025, the company failed to meet the requirement of having at least three independent non-executive directors on the board, but has since rectified this by appointing new members[76] - The auditors have confirmed that the preliminary announcement of the group's consolidated financial statements for the year ending December 31, 2024, is consistent with the audited financial statements[78] Market Conditions and Challenges - The macroeconomic environment remains uncertain, significantly hindering the group's business development and fundraising efforts[45] - The group has identified several potential business partners and investors, including government agencies and automotive manufacturers, but negotiations have been delayed due to the COVID-19 pandemic[47] - The company has entered into a purchase agreement to acquire Best Knob International Limited for HKD 392 million, with the price revised to HKD 228 million in a supplemental agreement[57][60] - The acquisition aims to enhance the company's electric vehicle manufacturing capabilities and expand sales channels to leading automotive manufacturers in China[55] Shareholder and Market Activity - Basic loss per share for the year ended December 31, 2024, was approximately HKD 0.674, compared to HKD 1.078 for the year ended December 31, 2023[28] - The company's shares have been suspended from trading since April 1, 2025, pending further notice[82] - The group has no significant contingent liabilities as of December 31, 2024[62] - The group has no pledged assets as of December 31, 2024, consistent with the previous year[69] - The group has no borrowings as of December 31, 2024, and maintains a conservative treasury policy[68]

Compensation Agreement - The company entered into a compensation agreement with Jieshengsi, agreeing to pay a consultant fee of RMB 9,400,000 (approximately HKD 9,400,000) through the issuance of 45,000,000 shares at a price of HKD 0.227 per share[3] - The company withdrew its application for the issuance of the consideration shares on November 17, 2023[3] Legal Proceedings - A winding-up petition was submitted against the company by Jieshengsi's lawyer on June 28, 2024, due to the company's failure to repay the debt of RMB 9,400,000[3] - The winding-up hearing is scheduled to take place on April 16, 2025[3]

Financial Performance - Revenue for the six months ended March 31, 2025, was HKD 167,749,000, representing a 52.9% increase from HKD 109,660,000 in the same period of 2024[4] - Gross profit for the same period was HKD 25,999,000, up 44.1% from HKD 18,053,000 year-on-year[4] - Operating profit for the six months was HKD 7,162,000, compared to an operating loss of HKD 3,915,000 in the previous year[4] - The net loss for the period was HKD 957,000, a significant improvement from a loss of HKD 7,022,000 in the prior year[5] - Total comprehensive loss for the period amounted to HKD 5,947,000, compared to a loss of HKD 5,353,000 in the same period last year[5] - The company reported a basic and diluted loss per share of HKD 1.93 for the period, compared to HKD 1.70 in the previous year[5] - The company reported a loss of HKD 8,798,000 for the six months ended March 31, 2025, compared to a loss of HKD 7,746,000 for the same period in 2024[27] - The company’s total comprehensive loss before tax for the six months ended March 31, 2025, was HKD 3,231,000, compared to a loss of HKD 7,353,000 for the same period in 2024[19] Revenue Breakdown - Revenue from external customers for the gas business was HKD 163,845,000, while the leasing business generated HKD 3,904,000, totaling HKD 167,749,000 for the period[15] - Revenue from gas sales increased significantly to HKD 153,608,000 for the six months ended March 31, 2025, compared to HKD 101,629,000 for the same period in 2024[20] - Revenue from natural gas sales in China reached HKD 153,608,000 for the six months ended March 31, 2025, compared to HKD 101,629,000 for the same period in 2024, representing a growth of 50.9%[21] - The total revenue for the six months ended March 31, 2025, was HKD 166,895,000, an increase from HKD 106,261,000 in the prior year, marking a growth of 57.0%[21] - For the six months ended March 31, 2024, revenue from external customers was HKD 109,660,000, with the gas business contributing HKD 104,470,000 and the leasing business HKD 5,190,000[18] Assets and Liabilities - Non-current assets as of March 31, 2025, totaled HKD 296,259,000, an increase from HKD 281,309,000 as of September 30, 2024[6] - Current liabilities were HKD 162,142,000, slightly up from HKD 161,251,000 in the previous period[7] - The company reported a net loss of HKD 957,000 for the six months ended March 31, 2025, with current liabilities amounting to HKD 121,762,000[8] - As of March 31, 2025, total segment assets were HKD 284,454,000, with total segment liabilities of HKD 204,914,000[16] - The group's total borrowings amounted to approximately HKD 157.45 million as of March 31, 2025, compared to HKD 147.50 million as of September 30, 2024, indicating a rise in financial leverage[40] - The debt-to-asset ratio was approximately 192% as of March 31, 2025, up from 152% as of September 30, 2024, reflecting increased financial risk[40] Operational Insights - The company has plans for market expansion and new product development, although specific details were not disclosed in the report[4] - The company has two operating segments: gas business and leasing business, each requiring different technologies and marketing strategies[13] - The gas business segment is expected to continue growing, benefiting from the expansion project in Yichang and exclusive gas supply rights held by Yichang Biaodian[45] - The sales and leasing business is projected to increase revenue due to the growth in infrastructure and renovation projects driven by stable national economic development[46] - Management anticipates a positive impact on the group's core businesses due to an orderly economic recovery in the coming year[44] Corporate Governance and Compliance - The company has complied with all corporate governance codes except for the separation of the roles of chairman and CEO, which remains unfulfilled since April 2018[67] - The audit committee reviewed the unaudited condensed consolidated financial statements for the six months ending March 31, 2025, and provided feedback to the board[69] - The announcement is made in compliance with the Hong Kong Stock Exchange Listing Rules, ensuring the accuracy and completeness of the information provided[71] - The board of directors collectively and individually accepts responsibility for the accuracy of the announcement[71] - The announcement will be available on the Hong Kong Stock Exchange website and the company's website for at least seven days[71] Future Plans and Shareholder Actions - The board proposed a share consolidation and rights issue to raise approximately HKD 51.1 million, subject to shareholder approval by June 11, 2025[35] - The board proposed a share consolidation on November 15, 2024, merging every ten existing shares with a par value of HKD 0.01 into one consolidated share with a par value of HKD 0.1[50] - Following the share consolidation, the board plans to issue up to 182,344,000 rights shares at a subscription price of HKD 0.28 per rights share, aiming to raise approximately HKD 51.1 million[50] - The rights issue requires shareholder approval by June 11, 2025, and must meet other conditions to be completed[51] Staffing and Compensation - The group employed 64 staff as of March 31, 2025, up from 51 staff a year earlier, with compensation policies based on market terms and individual performance[53] Miscellaneous - No dividends were recommended for the six months ended March 31, 2025, consistent with the previous year[25] - No significant investments or acquisitions were reported for the six months ending March 31, 2025[54][55] - The company has not entered into any agreements to hedge against foreign exchange risks related to RMB as of March 31, 2025[52] - The deferred tax expense for the six months ended March 31, 2025, was a credit of HKD 496,000, compared to a credit of HKD 530,000 in the prior year[22] - The aging analysis of trade payables showed HKD 4,814,000 due within 90 days as of March 31, 2025, compared to HKD 3,980,000 as of September 30, 2024[32] - The company is currently facing a freeze on 25% equity in Yichang Biaodian valued at RMB 14.7 million, but daily operations are not expected to be adversely affected[33] - The company had trade receivables of HKD 5,630,000 as of March 31, 2025, down from HKD 9,873,000 as of September 30, 2024[29] - Financial costs for the six months ended March 31, 2025, were approximately HKD 3.93 million, up from HKD 3.44 million for the previous period, mainly due to increased interest from additional loans and non-convertible bonds[39]

Financial Performance - Total revenue for the year ended February 28, 2025, was HKD 167,677,000, a significant increase from HKD 32,727,000 in the previous year, representing a growth of 412%[3] - The company reported a net loss of HKD 35,287,000 for the year, compared to a profit of HKD 1,775,000 in the previous year, indicating a decline in profitability[4] - Earnings per share (EPS) for the year was a loss of HKD 68.78, compared to a profit of HKD 3.66 in the previous year[4] - The company generated HKD 151,467,000 from placement and underwriting services, a substantial increase from HKD 10,913,000 in the previous year, marking a growth of 1,283%[4] - The company reported other income of HKD 5,408,000, compared to HKD 4,638,000 in the previous year, showing an increase of 16.6%[4] - The company reported a loss attributable to owners of the company of HKD (35,287) thousand for 2025, compared to a profit of HKD 1,775 thousand in 2024, resulting in a basic and diluted loss per share of (68.78) cents, down from 3.66 cents[27] - The group recorded a total loss and comprehensive expenses of approximately HKD 35.3 million, compared to a total income of about HKD 1.8 million in the previous year[56] Assets and Liabilities - The total assets of the company as of February 28, 2025, amounted to HKD 353,027,000, up from HKD 283,600,000 in the previous year, reflecting an increase of 24.5%[5] - Current assets increased to HKD 350,483,000 from HKD 282,091,000, representing a growth of 24.2%[5] - The company’s current liabilities rose to HKD 165,905,000 from HKD 73,111,000, indicating an increase of 126%[5] - The company’s equity decreased to HKD 186,873,000 from HKD 210,489,000, a decline of 11.3%[6] - The company’s total accounts receivable increased to HKD 43,331 thousand in 2025, up from HKD 29,851 thousand in 2024, indicating growth in receivables across various services[29] - The company’s total loans receivable increased to HKD 29,797 thousand in 2025, up from HKD 19,478 thousand in 2024, indicating growth in lending activities[32] - Accounts payable from securities trading and brokerage services increased significantly to HKD 162,815,000 in 2025, compared to HKD 59,072,000 in 2024, reflecting a growth of 175%[40] Revenue Sources - The income from corporate finance advisory services decreased to HKD 8,495,000 in 2025 from HKD 11,734,000 in 2024, a decline of about 28.5%[17] - Placement and underwriting service income surged to HKD 151,467,000 in 2025, compared to HKD 10,913,000 in 2024, marking an increase of approximately 1,284%[17] - Commission income from securities trading and brokerage services slightly decreased to HKD 2,866,000 in 2025 from HKD 3,002,000 in 2024, a decline of about 4.5%[17] - Interest income from margin clients was HKD 2,609,000 in 2025, down from HKD 5,523,000 in 2024, reflecting a decrease of approximately 52.8%[17] - The group participated in 23 financial advisory projects this year, generating approximately HKD 4.5 million in revenue, with a forecast of 10 projects and HKD 2.0 million for 2024[61] - The group engaged in 9 compliance advisory projects this year, resulting in revenue of about HKD 2.0 million, with expectations of 7 projects and HKD 1.5 million for 2024[62] - The group completed 33 placement and underwriting projects this year, generating revenue of approximately HKD 151.5 million, with a forecast of 12 projects and HKD 10.9 million for 2024[63] Employee Costs - The company’s employee costs decreased to HKD 22,162,000 from HKD 41,368,000, a reduction of 46.4%[4] - Total employee costs decreased to HKD 22,162 thousand in 2025 from HKD 41,368 thousand in 2024, with significant reductions in bonuses and other employee benefits[8] - Employee costs decreased by approximately 46.4% to about HKD 22.2 million, attributed to optimized employee compensation plans[77] Market and Economic Conditions - The average daily trading volume in the Hong Kong stock market increased by approximately 53.7% to about HKD 152.7 billion[54] - The Hang Seng Index rose by approximately 38.9% during the year, closing at 22,941 points[54] - The number of new companies listed on the main board increased by about 5.9% to 72, with total funds raised amounting to approximately HKD 93.6 billion, an increase of about 110.0%[54] - The global GDP growth rate remained stable at around 5.0% for China in 2024, aligning with government targets despite challenges[52] Strategic Outlook - The group recognizes the complex and challenging business environment for the upcoming fiscal year and will focus on risk management and cost control strategies[99] - The group aims to strengthen core businesses, expand product offerings, and enhance service quality while exploring diversification opportunities for long-term growth[100] - The group is committed to aligning with national strategies and leveraging its overseas network to promote cross-border business expansion[101] Compliance and Governance - The audit committee has reviewed the group's consolidated financial statements for the year, ensuring compliance with accounting principles[105] - The group's auditor, BDO Limited, confirmed that the preliminary announcement figures align with the audited consolidated financial statements[106] - The company maintains the required public shareholding percentage as per listing rules[108] - The annual performance announcement and annual report will be published on the Hong Kong Stock Exchange website and the company's website[109]

Financing and Investment - The company has signed a non-binding memorandum of understanding with a potential investor for the Qinhuangdao project, but no further agreements have been made due to the investor's inability to commit the required funding [4]. - The company has secured a revolving loan financing of HKD 2,000,000,000 from a company indirectly wholly owned by its controlling shareholder, which remains undrawn as of March 31, 2024 [6]. - The company is actively exploring multiple financing options and is in discussions with various financial institutions, including Huaxia Bank [8]. - The company has identified over five potential investment opportunities in mainland China and Southeast Asia for business expansion [9]. Project Development - As of March 31, 2025, the company has pre-sold 82 units in the second phase of the Yinchuan project [5]. - Following the acquisition of three property management companies, the company has expanded its property management business, contributing to its revenue in the 2024/2025 fiscal year [7]. Cost Control - The company continues to implement cost control measures, including maintaining appropriate staff levels and reducing certain administrative costs [10].

Sales Performance - In Q1 2025, the company sold approximately 108,600 units of lidar products for ADAS applications, a decrease of 9.8% compared to Q1 2024, while sales for robotics and other lidar products increased by 183.3% to 11,900 units[4]. - Revenue from product sales decreased by 12.4% to RMB 302.3 million in Q1 2025 from RMB 345.1 million in Q1 2024, primarily due to a decline in sales of ADAS-related products[16]. - Sales revenue from ADAS-related LiDAR products dropped 25.2% to RMB 228.9 million in Q1 2025, with unit sales decreasing from approximately 116,200 units to 96,700 units[16]. - Revenue from robotics and other applications increased to RMB 73,403 thousand, up 87.2% from RMB 39,246 thousand in the prior year[45]. Financial Performance - The company's revenue for Q1 2025 was RMB 327,842,000, a decrease of 9.2% from RMB 360,969,000 in Q1 2024, while gross profit increased to RMB 77,010,000, resulting in a gross margin of 23.5% compared to 12.3% in the previous year[6]. - The company reported a net loss of RMB 98,786 thousand for Q1 2025, an improvement from a net loss of RMB 130,671 thousand in Q1 2024[14]. - Adjusted net loss for Q1 2025 was RMB 90.7 million, compared to RMB 84.1 million in Q1 2024, reflecting an increase of 8.5% year-over-year[26]. - Basic and diluted loss per share for Q1 2025 was RMB 0.22, an improvement from RMB 0.31 in Q1 2024[30]. - The group reported a net loss attributable to shareholders of RMB 99,593 thousand for the three months ended March 31, 2025, compared to a loss of RMB 131,786 thousand in the same period of 2024[49]. Research and Development - R&D expenses for Q1 2025 were RMB 144.9 million, a decrease of 2.5% from RMB 148.6 million in Q1 2024, with R&D expenses (excluding share-based compensation) rising to 42.7% of revenue[21]. - The company is focusing on AI algorithms and hardware technology innovation to strengthen its leading position in the ADAS and robotics industries[13]. - The company has established partnerships with over 20 embodiment robotics companies to promote the development and commercialization of embodied intelligence[13]. Product Development - The company launched the world's first 1080-line ultra-long-range digital lidar EM4 in January 2025, capable of detecting distances up to 600 meters[4][7]. - In April 2025, the company introduced the new generation digital lidar EMX, featuring 192 lines and a detection range of 300 meters, with a point cloud output of 2.88 million points per second[8]. - The company launched two new solid-state digital LiDAR products, E1R and Airy, specifically designed for robotic applications[11]. - The company has developed a comprehensive digital lidar product matrix, allowing for customization based on market needs, with a development cycle of approximately three months[7]. Market Position and Partnerships - As of March 31, 2025, the company secured mass production orders for over 100 vehicle models from 30 automotive manufacturers and tier-one suppliers, achieving SOP for 38 models from 12 customers[4][8]. - The company has established partnerships with over 90% of key players in the Robotaxi and Robotruck markets, with six companies signing formal mass production cooperation agreements[9]. - The company secured exclusive partnerships with two leading global lawn mower robot clients, aiming to deliver 1.2 million automotive-grade solid-state LiDAR units over the next three years[10]. - The total number of clients surpassed 2,800, with over 90% market share in the unmanned delivery sector, collaborating with top companies in the industry[12]. Asset and Liability Management - The total assets of the company as of March 31, 2025, amounted to RMB 4,899,432,000, an increase from RMB 4,139,138,000 as of December 31, 2024[6]. - The total current assets increased to RMB 4,416,178 thousand as of March 31, 2025, compared to RMB 3,644,015 thousand at the end of 2024[15]. - The company’s total liabilities decreased to RMB 1,008,192 thousand as of March 31, 2025, down from RMB 1,065,959 thousand at the end of 2024[15]. - Trade receivables increased to RMB 445,070 thousand as of March 31, 2025, from RMB 410,611 thousand as of December 31, 2024, representing a growth of 8.4%[52]. Cash Flow and Expenses - Operating cash outflow for Q1 2025 was RMB 462.9 million, compared to RMB 219.8 million in Q1 2024, indicating a worsening cash flow situation[27]. - Cash and cash equivalents, along with restricted cash and time deposits, totaled RMB 3.2 billion as of March 31, 2025, up from RMB 2.8 billion at the end of 2024[27]. - General and administrative expenses increased by 6.0% to RMB 40.6 million in Q1 2025, with the percentage of these expenses to revenue rising to 11.9%[23]. - Sales and marketing expenses for Q1 2025 were RMB 28.1 million, a slight decrease of 0.9% from RMB 28.4 million in Q1 2024[22]. Future Outlook - The company is expected to see growth in the Robotaxi market as it transitions from testing to large-scale production, driven by increased demand for digital lidar products[9]. - The company anticipates continued growth in its financial performance, driven by strategic initiatives and market expansion efforts[60].

Investment in Education and Training - The company invested nearly 100 million RMB in practical training resources, expanding training facilities and upgrading equipment, with over 40 new training rooms established during the reporting period [9]. - A total of 393 new teachers were recruited, with 18.6% being high-level talents, and 1,558 training sessions were conducted for teachers, resulting in 800 awards, including 56 national-level awards [10]. - The company held 343 recruitment fairs, providing over 120,000 job positions, leading to a steady increase in the first employment rate of graduates [11]. - The company aims to enhance the quality of international education by promoting collaboration between overseas and domestic institutions, with nine Sino-foreign cooperative education projects progressing smoothly [12]. - The company is committed to optimizing its curriculum system and strengthening skills training to improve employment quality, establishing partnerships with nearly 1,000 enterprises [11]. Academic Research and Development - During the reporting period, 388 research projects were initiated across 16 domestic universities, with 894 papers published, including 69 in core journals [15]. - The company is focusing on integrating educational resources and enhancing academic research capabilities, resulting in a significant increase in published papers by 71.2% at INTI International University and 72.7% at Srinakharinwirot University [15]. - The company established 23 provincial-level first-class undergraduate programs and initiated 41 key construction projects for distinctive programs [14]. Financial Performance - Revenue for the six months ended February 28, 2025, was RMB 2,116.70 million, an increase of 3.65% compared to RMB 2,042.17 million for the same period in 2024 [27]. - Gross profit for the same period was RMB 924.01 million, up from RMB 898.96 million, reflecting a gross margin improvement [27]. - Adjusted net profit for the six months ended February 28, 2025, was RMB 479.42 million, compared to RMB 429.16 million for the prior year, indicating a growth of 11.7% [27]. - The company reported a profit of RMB 307,498,000 for the six months ended February 28, 2025, compared to RMB 223,866,000 in the previous period, indicating a growth of about 37.4% [87]. - The company reported a net profit margin of 10% for the reporting period, an improvement from 8% in the previous year [174]. Student Enrollment and Demographics - The number of students enrolled in undergraduate institutions decreased to 138,739 in 2025 from 142,455 in 2024, while the number of students in vocational colleges increased to 143,819 from 136,772 [21]. - User data indicates an increase in enrollment by 20% across all educational programs compared to the previous year [175]. Strategic Initiatives and Future Outlook - The company plans to enhance its international education influence by deepening cooperation with overseas institutions, particularly in Malaysia, to align with global education standards [24]. - The company has set a future outlook with a revenue guidance of RMB 600 million for the next reporting period, reflecting a growth target of 20% [174]. - A strategic acquisition of a local educational institution is in progress, aimed at enhancing service offerings and increasing student enrollment by 15% [175]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share by 2026 [174]. Cost Management and Financial Strategy - The company reported a financing cost of RMB 112.51 million for the six months ended February 28, 2025, down from RMB 154.02 million in the previous year, indicating improved financial management [27]. - The company has implemented strict internal approval processes to control administrative and capital expenditures, pausing and reducing several new projects [80]. - The company plans to explore bond restructuring to ensure sustainable operations for all stakeholders [94]. Corporate Governance and Shareholder Information - The board has adopted good corporate governance practices to ensure transparency and accountability in operations [56]. - The board of directors has resolved not to declare any interim dividends for the reporting period, consistent with the previous period [54]. - The total number of issued shares is 8,224,974,706 shares [69]. Share Options and Equity - The unexercised options under the 2018 Pre-IPO Share Option Scheme amount to 230,287,254 shares, representing approximately 2.8% of the company's issued share capital [70]. - A total of 190,000,000 stock options were granted under the 2022 stock option plan, with 160,000,000 options remaining unexercised as of February 28, 2025 [25]. Sustainability and Operational Efficiency - The company is committed to sustainability initiatives, with plans to reduce operational costs by 5% through energy-efficient practices [175]. - The company is investing RMB 50 million in technology upgrades to improve online learning experiences, projected to boost user satisfaction by 40% [174].

Financial Performance - Revenue for Q1 2025 reached RMB 138,544 thousand, a 26.8% increase from RMB 109,224 thousand in Q1 2024[4] - Gross profit for Q1 2025 was RMB 72,786 thousand, representing a gross margin of 52.5%, up from RMB 57,547 thousand in Q1 2024[4] - Net profit for Q1 2025 was RMB 42,071 thousand, a 15.5% increase compared to RMB 36,299 thousand in Q1 2024[4] - Total comprehensive income for Q1 2025 amounted to RMB 42,770 thousand, compared to RMB 36,394 thousand in Q1 2024, reflecting a growth of 17.5%[6] - The company reported a basic and diluted earnings per share of RMB 1.48 for Q1 2025, compared to RMB 1.31 for Q1 2024[6] - Revenue for the period was approximately RMB 138,544,000, representing an increase of approximately 26.8% from RMB 109,224,000 in the comparable period, primarily due to an average selling price increase of about 32.7%[37] - Net profit for the period was approximately RMB 42,071,000, a 15.9% increase from RMB 36,299,000 in the comparable period, driven by increased revenue leading to higher gross profit[38] - Basic and diluted earnings per share for the period were approximately RMB 1.48, up about 13.0% from RMB 1.31 in the comparable period[39] - Gross profit for the period was approximately RMB 72,786,000, an increase of about 26.5%, with a gross margin of approximately 52.5%, slightly down by 0.2% from the comparable period[42] Assets and Liabilities - Non-current assets increased to RMB 1,020,622 thousand as of March 31, 2025, up from RMB 567,571 thousand as of December 31, 2024[7] - Current assets totaled RMB 777,535 thousand as of March 31, 2025, compared to RMB 687,391 thousand as of December 31, 2024, indicating a growth of 13.1%[7] - The total liabilities increased to RMB 680,883 thousand as of March 31, 2025, compared to RMB 139,376 thousand as of December 31, 2024[8] - As of March 31, 2025, the group had outstanding bank borrowings of RMB 69,160,000, compared to no balance as of December 31, 2024[51] - The group's net working capital as of March 31, 2025, was RMB 361,466,000, indicating a decrease from RMB 548,015,000 as of December 31, 2024[49] Cash Flow - Operating cash flow for the three months ended March 31, 2025, was RMB 66,530,000, compared to RMB 41,632,000 for the same period in 2024, representing a year-over-year increase of 60%[9] - Cash and cash equivalents increased from approximately RMB 639,599,000 as of December 31, 2024, to approximately RMB 689,364,000 as of March 31, 2025, primarily due to cash generated from operations[49] - The company incurred financing costs of RMB 868,000 in the three months ended March 31, 2025, compared to RMB 698,000 in the same period of 2024, which is an increase of 24%[9] - The company’s cash flow from financing activities was RMB (3,455,000) for the three months ended March 31, 2025, compared to RMB (1,332,000) in the previous year, indicating a decline in financing activities[11] Investment and Acquisitions - The company acquired a subsidiary at a cost of RMB 6,708,000 during the reporting period, which was a new investment strategy[11] - The company completed the acquisition of 52% equity in Yantai Mijin for a total consideration of RMB 81,900,000, which includes RMB 29,400,000 for share purchase and RMB 52,500,000 for capital increase[54] - The fair value of identifiable assets acquired from Yantai Mijin at the acquisition date amounts to RMB 523,863,000, while the total liabilities assumed are RMB 480,110,000, resulting in a net identifiable asset value of RMB 43,753,000[55] - The goodwill generated from the acquisition of Yantai Mijin is valued at RMB 59,148,000, reflecting the expected future value of the acquired entity[57] - Yantai Mijin contributed approximately RMB 7,341,000 in revenue and recorded a pre-tax loss of approximately RMB 392,000 for the period from March 1, 2025, to March 31, 2025[58] Financial Risks and Management - The company faces various financial risks, including interest rate risk, credit risk, foreign currency risk, and liquidity risk, and adopts a conservative risk management strategy[61] - The group's revenue and profit are significantly influenced by gold prices and other commodity price fluctuations, which are beyond the company's control[62] - The group has no significant contingent liabilities as of March 31, 2025, suggesting a stable financial position[69] - The group has not utilized any derivative financial instruments to hedge interest rate risks, relying entirely on fixed-rate bank borrowings[63] - The group has no significant foreign exchange risk hedging measures in place, monitoring economic conditions and foreign exchange risk continuously[65] Regulatory and Accounting Standards - The company is subject to regulatory changes in China's gold mining and refining industry, which could significantly impact its operations[66] - The group has adopted revised accounting standards for the current financial year, including IFRS 16 regarding lease liabilities from sale and leaseback transactions[26] - The revised IFRS 18 introduces new presentation requirements for income and expenses, requiring categorization into five categories: operating, investing, financing, income tax, and discontinued operations[29] - The group has assessed that the revised standards do not impact its financial position or performance, as there are no supplier financing arrangements in place[26] - The group plans to apply new and revised standards when they become effective, with no immediate impact on the financial statements[28]

Share Option and Award Plans - The total number of stock options and awards available for grant under the 2024 Share Option Scheme and 2024 Share Award Scheme is 92,587,462 shares, representing approximately 7.81% of the company's issued shares (excluding treasury shares) as of December 31, 2024[3] - The company has a structured approach to employee incentives through stock options and awards, reflecting its strategy to align employee interests with shareholder value[3] - The total number of shares available for issuance under the plans is consistent with the company's previous disclosures, indicating stability in its compensation strategy[3] - The company emphasizes the importance of the share option and award plans in its overall corporate strategy, which may impact future performance and employee retention[3] Corporate Governance - The announcement is made by the joint chairman and executive director, indicating ongoing corporate governance and leadership structure[4] - The board of directors includes both executive and independent non-executive members, suggesting a balanced governance structure[4] - The announcement does not provide specific financial performance metrics or future guidance, focusing instead on governance and incentive structures[2] Regulatory Environment - The company is registered in the Cayman Islands, which may have implications for its regulatory environment and investor relations[2] Reporting Timeline - The announcement date is May 30, 2025, which provides a timeline for stakeholders regarding the company's reporting and planning activities[3] Annual Report Changes - The company has not disclosed any changes to the content of the 2024 annual report, except for the additional information regarding the share option and award plans[2]

Financial Performance - Total revenue for the six months ended March 31, 2025, decreased by 2.2% to approximately HKD 492.2 million compared to HKD 503.4 million for the same period last year[6]. - Net profit increased from HKD 40.1 million to HKD 55.5 million year-on-year[6]. - Gross profit margin improved from 90.2% to 92.0%, driven by an increase in the proportion of beauty services to total sales, which rose to 87.8%[7]. - Revenue for the six months ended March 31, 2025, was HKD 492,241,000, a decrease of 2.4% from HKD 503,434,000 in the same period of 2024[45]. - Profit before tax increased to HKD 71,235,000, up 33.2% from HKD 53,455,000 year-on-year[32]. - Net profit for the period was HKD 55,485,000, representing a 38.3% increase compared to HKD 40,067,000 in the previous year[32]. - Total comprehensive income for the period was HKD 53,123,000, compared to HKD 40,223,000 in the prior year, marking a 32.1% increase[33]. - Basic and diluted earnings per share rose to HKD 0.082, up from HKD 0.059, reflecting a 39.0% increase[32]. Revenue Breakdown - Revenue from skincare product sales was HKD 59,939,000, down 25.3% from HKD 80,182,000 in the previous year[46]. - Revenue from service offerings increased to HKD 432,302,000, up 2.5% from HKD 423,252,000 in the prior year[46]. - Revenue from Hong Kong and Macau was HKD 462,647,000, a slight decrease of 1.3% from HKD 468,266,000 in 2024[50]. - Revenue from mainland China decreased to HKD 29,594,000, down 16.0% from HKD 35,168,000 in the previous year[50]. Operating Expenses and Costs - Total operating expenses for the six months ended March 31, 2025, were HKD 89,298,000, an increase of 6.0% from HKD 83,822,000 in 2024[52]. - The current tax expense for the period was HKD 14,940,000, an increase of 6.6% from HKD 14,018,000 in the previous year[54]. - Deferred tax expense for the period was HKD 810,000, compared to a deferred tax benefit of HKD 630,000 in the prior year[54]. - The company closed several stores, resulting in a reduction of total employees from 1,011 to 903, while employee costs as a percentage of revenue increased from 45.6% to 46.2%[9]. - Rental costs as a percentage of revenue significantly decreased from 16.1% to 14.4% due to strategic store closures and lower rental rates in a weak retail market[9]. - Advertising expenses as a percentage of revenue rose from 2.1% to 2.6%, reflecting significant investment in new advertising campaigns to attract new customers[9]. Cash and Financial Position - Cash on hand as of March 31, 2025, was approximately HKD 632.5 million[6]. - The group's cash and bank deposits amounted to approximately HKD 632,500,000 as of March 31, 2025, compared to HKD 485,200,000 as of September 30, 2024, indicating a significant increase[15]. - The capital debt ratio remained at zero as of March 31, 2025, consistent with the previous year, reflecting a strong financial position[17]. - The group has no significant contingent liabilities as of March 31, 2025, suggesting a low risk profile[18]. - The company reported a net increase in cash and cash equivalents of HKD 149,780,000, compared to HKD 124,087,000 in the same period last year[38]. - The company’s total liabilities decreased from HKD 2,045,000 as of September 30, 2024, to HKD 1,438,000 as of March 31, 2025, indicating improved financial health[66]. Investments and Commitments - The group plans to continue investing in the latest beauty equipment to maintain its market leadership and enhance service quality[13]. - The group has capital commitments of approximately HKD 700,000 for property and equipment acquisitions as of March 31, 2025[19]. - The capital expenditure for property and equipment for the six months ended March 31, 2025, was approximately HKD 4,405,000, a decrease from HKD 11,670,000 for the same period in 2024[64]. - The company has committed capital expenditures of HKD 693,000 for property and equipment as of March 31, 2025, down from HKD 3,858,000 as of September 30, 2024[68]. Governance and Compliance - The audit committee reviewed the unaudited consolidated results for the six months ending March 31, 2025, and discussed financial reporting matters with independent auditors[75]. - The company has established various committees, including the remuneration committee and investment advisory committee, to enhance governance and investment decision-making[76][77]. - The company has complied with the corporate governance code during the review period[89]. - All directors confirmed compliance with the standard code regarding securities transactions during the review period[90]. - The company has established a disclosure committee to ensure timely disclosure of inside information as per the Securities and Futures Ordinance[79]. Shareholding and Dividends - The company declared an interim dividend of HKD 0.035 per share, consistent with the previous year[6]. - The company declared an interim dividend of HKD 0.035 per share for the six months ending March 31, 2025, with payment scheduled for June 18, 2025[74]. - Major shareholder Yu Lisi holds 166,113,760 shares, representing approximately 24.41% of the issued share capital[85]. - Tianjun Limited, a registered owner, holds 155,333,760 shares, accounting for about 22.82% of the issued share capital[85]. - Billion Well Holdings Limited, another registered owner, possesses 67,794,880 shares, which is 9.96% of the issued share capital[85]. - Li Yanling has a controlled company interest in 99,885,760 shares, equating to 14.68% of the issued share capital[85]. - The executive director Yu Lizhu holds a total of 182,665,760 shares, which includes personal and controlled company interests, accounting for approximately 26.84% of the issued share capital[80]. - As of March 31, 2025, the total shareholding of the executive director Yu Jinshui is 10,166,000 shares, representing approximately 1.49% of the issued share capital[80]. Operational Stability - The company has no major acquisitions or disposals of subsidiaries during the review period, indicating a stable operational strategy[22]. - The company has not reported any major post-reporting period events, indicating stability in operations[72]. - The company has not engaged in any purchase or sale of its listed securities during the review period[88]. - The company did not repurchase any listed shares during the review period and holds no treasury shares as of March 31, 2025[88]. - The company’s independent non-executive directors are involved in various committees to ensure compliance and governance standards are met[75][78][79].