Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 34,935,000, compared to HKD 1,585,000 for the same period in 2024, representing a significant increase of 2,103%[8] - The company reported a profit of HKD 16,745,000 for the period, a turnaround from a loss of HKD 36,925,000 in the previous year[9] - Basic and diluted earnings per share for the period were HKD 4.04, compared to a loss per share of HKD 8.90 in the prior year[9] - The total comprehensive income for the period was HKD 15,198,000, which includes other comprehensive income of HKD 30,849,000[13] - The group reported a pre-tax loss of HKD 16,446,000 for the six months ended September 30, 2025, compared to a loss of HKD 37,133,000 in the same period of 2024[25] - The group recorded a net loss attributable to shareholders of HKD 16,746,000 for the six months ended September 30, 2025, compared to a profit of HKD 36,924,000 in the same period of 2024[26] Assets and Liabilities - Total non-current assets decreased to HKD 107,765,000 from HKD 203,670,000 as of March 31, 2025[10] - Current assets increased to HKD 1,217,954,000 from HKD 1,192,747,000, indicating a growth of 2.1%[11] - Total liabilities decreased from HKD 558,663,000 to HKD 462,767,000, reflecting a reduction of approximately 17.2%[11] - Net assets increased to HKD 852,952,000 from HKD 837,754,000, showing a growth of 1.4%[11] - The company had a total equity of HKD 1,258,645,000 as of September 30, 2025, down from HKD 1,320,847,000 in the previous year[13] - The total borrowings as of September 30, 2025, amounted to HKD 142,153,000, down from HKD 224,215,000 as of March 31, 2025, indicating a decrease of about 37%[35] Cash Flow and Financial Position - As of September 30, 2025, the company reported a net cash flow from operating activities of HKD 85,144,000, compared to a net cash outflow of HKD 8,517,000 for the same period in 2024[14] - The company experienced a decrease in cash and cash equivalents, with a net decrease of HKD 5,061,000 for the six months ended September 30, 2025, compared to a decrease of HKD 11,213,000 in the prior year[15] - The company has maintained a strong cash position with cash and bank balances of HKD 1,014,000 as of September 30, 2025[10] - The net debt as of September 30, 2025, was approximately HKD 408.5 million, down from HKD 489.9 million as of March 31, 2025, with a net debt to total equity ratio decreasing from 58% to 48%[57] Operational Insights - The company plans to continue its market expansion and product development strategies in the upcoming periods[8] - Future guidance indicates a focus on improving operational efficiency and exploring potential mergers and acquisitions to enhance growth prospects[8] - The company did not report any new bank borrowings for the six months ended September 30, 2025, compared to HKD 77,546,000 in the same period of 2024[15] - The company’s cash flow from investing activities was minimal, with only HKD 1,000 reported for the period[14] - The group did not generate any taxable profits in Hong Kong, resulting in no provision for Hong Kong profits tax[24] Shareholder Information - As of September 30, 2025, Mr. Jiang Ming holds 153,126,197 shares, representing 36.93% of the company's issued shares[65] - Mr. Lin Zhenxin holds 372,000 shares, contributing to a total of 153,126,197 shares held by CIH, which accounts for 37.02% of the company's issued shares[65] - Major shareholder Yang Xunxin owns 153,126,197 shares, equivalent to 36.93% of the company's issued shares[68] - Shenzhen Holdings Limited holds 63,109,285 shares, representing 15.22% of the company's issued shares[68] Corporate Governance - The company did not recommend the distribution of an interim dividend for the six months ending September 30, 2025[71] - The board of directors confirmed compliance with the standard code for securities trading throughout the period[70] - The company maintains high standards of corporate governance, regularly reviewing its governance practices to ensure compliance with regulatory requirements[69] - The board believes that the current structure, with Mr. Jiang serving as both Chairman and CEO, does not impair the balance of power and authority within the board[69] - The audit committee reviewed the accounting policies and practices, including internal controls and financial reporting matters[73]

Asia Cassava Resources Holdings Limited 亞洲木薯資源控股有限公司 (於開曼群島註冊成立之有限公司) (股份代號: 841) 目錄 2 公司資料 3-7 管理層討論及分析 8-12 補充資料 13-30 未經審核簡明綜合中期財務報表及附註 公司資料 董事 執行董事 朱銘泉先生 廖玉明女士 林靜芬女士 獨立非執行董事 崔志仁先生 洪思杰先生 Amporn Lohathanulert女士 法定代表 朱銘泉先生 沈成基先生 審核委員會 崔志仁先生（主席） 洪思杰先生 Amporn Lohathanulert女士 薪酬委員會 崔志仁先生（主席） 洪思杰先生 Amporn Lohathanulert女士 提名委員會 公司秘書 沈成基先生 洪思杰先生（主席） 崔志仁先生 Amporn Lohathanulert女士 網址 www.asiacassava.com 主要往來銀行 中國銀行（香港）有限公司 交通銀行（香港）有限公司 恒生銀行有限公司 Bangkok Bank Public Company Ltd. 中國農業銀行有限公司日照分行 開曼群島股份過戶登記總處 Butterfiel ...

Financial Performance - The company reported total revenue of HKD 359,858,000 for the year ending September 30, 2025, representing a 62.8% increase from HKD 221,212,000 in the previous year[5] - Gross profit for the same period was HKD 65,716,000, up 52.2% from HKD 43,158,000 in the prior year[5] - Operating profit for the year was HKD 17,906,000, a significant recovery from an operating loss of HKD 2,067,000 in the previous year[5] - The company recorded a net profit of HKD 778,000 for the year, compared to a net loss of HKD 10,766,000 in the previous year[5] - Total comprehensive income for the year was HKD 205,000, a recovery from a total comprehensive loss of HKD 8,171,000 in the previous year[6] - Revenue from the sale of natural gas for the year 2025 is HKD 334,791,000, a significant increase from HKD 205,113,000 in 2024[19] - The group reported a pre-tax consolidated profit of HKD 11,671 thousand for the year ending September 30, 2025, compared to a loss of HKD 8,703 thousand in 2024[28] - The segment profit for the gas business was HKD 36,940 thousand in 2025, compared to HKD 8,326 thousand in 2024, reflecting a significant improvement[24] Assets and Liabilities - Non-current assets increased to HKD 298,908,000 from HKD 281,309,000, reflecting growth in property, plant, and equipment[7] - Current assets rose significantly to HKD 89,207,000 from HKD 57,184,000, driven by an increase in trade receivables and prepayments[7] - Total liabilities decreased to HKD 149,410,000 from HKD 161,251,000, indicating improved financial stability[8] - The company's net asset value increased to HKD 123,867,000 from HKD 83,619,000, highlighting a stronger equity position[8] - The group's current liabilities exceed current assets by HKD 60,203,000 as of September 30, 2025[10] - Total liabilities for the group increased to HKD 264,248 thousand in 2025 from HKD 254,874 thousand in 2024, a rise of 4.5%[28] - The group’s total assets grew to HKD 388,115 thousand in 2025, compared to HKD 338,493 thousand in 2024, representing a growth of 14.7%[28] Cash Flow and Financing - The board has prepared cash flow forecasts for the next 18 months, indicating sufficient operating funds to meet current obligations[11] - As of September 30, 2025, the group has approximately HKD 21,023,000 in unused bank financing available for capital expenditures[11] - The total capital commitment of the group is HKD 13,861,000 as of the same date[10] - The company raised approximately HKD 40,000,000 from a rights issue, with net proceeds of about HKD 37,700,000 allocated for redeeming outstanding bonds and general operational funding[59] - The company has approximately HKD 21,023,000 in unused bank financing available for specific property, plant, and equipment construction[88] Shareholder Returns - The company did not recommend any dividend for the fiscal year ending September 30, 2025, consistent with the previous year[33] - The board does not recommend a final dividend for the year ending September 30, 2025, consistent with the previous year[64] Business Outlook and Strategy - Management anticipates a positive impact on the group's core businesses due to an orderly economic recovery in the coming year[65] - The gas business is expected to continue growing, benefiting from the expansion of the Yichang High-tech Zone and exclusive gas supply rights[66] - The rental business is projected to increase revenue due to stable economic development and rising infrastructure projects[67] - The group is adopting a cautious approach towards potential mergers, acquisitions, and expansions to maintain growth and profitability[67] - The company plans to negotiate with bondholders to extend the maturity date of the bonds[91] - The board believes that the group will have sufficient liquidity to meet operational needs for the next 18 months[92] Legal and Compliance - The group is currently facing legal proceedings related to a loan agreement, with a claim of HKD 2,400,000 for unpaid principal and interest[72] - The financial statements were prepared on a going concern basis, but the auditor could not obtain sufficient appropriate audit evidence to support this[90] Employment and Operations - As of September 30, 2025, the group employed 68 staff, an increase from 59 staff as of September 30, 2024[77] - The audit committee held two meetings during the year ending September 30, 2025, reviewing the group's financial performance and risk management systems[82] Other Financial Metrics - Interest income increased to HKD 23 thousand in 2025 from HKD 15 thousand in 2024, marking a growth of 53%[22] - Interest expenses decreased to HKD 5,925 thousand in 2025 from HKD 6,602 thousand in 2024, a reduction of 10.2%[31] - The group’s other income increased to HKD 418 thousand in 2025 from HKD 153 thousand in 2024, showing a growth of 173%[28] - The average number of ordinary shares for calculating basic and diluted loss per share was 74,121,000 in 2025, compared to 51,503,000 in 2024[34] - The basic and diluted loss per share improved to HKD (25.25) from HKD (30.36) in the previous year, indicating a reduction in losses per share[6]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 截至二零二五年九月三十日止年度之 全年業績公告 中國新零售供應鏈集團有限公司 China Next-Gen Commerce and Supply Chain Limited （股份代號：3928） （於開曼群島註冊成立的有限公司） 中國新零售供應鏈集團有限公司（「本公司」）董事（「董事」）會（「董事會」）公佈 本公司及其附屬公司（統稱「本集團」）截至二零二五年九月三十日止年度的經 審核綜合業績（「全年業績」），連同截至二零二四年九月三十日止年度的比較 數字。 – 1 – 綜合損益及其他全面收入表 截至二零二五年九月三十日止年度 | | | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | | | 附註 | 新元 | 新元 | | 收益 | | | | | 服務 | 4 | 61,114,278 | 55,467,476 | | 租金 | 4 | 542,908 | 506 ...

Financial Performance - Total revenue for the year ended August 31, 2025, reached RMB 3,960.34 million, a 6.1% increase from RMB 3,732.07 million in 2024[20]. - Adjusted net profit for 2025 was RMB 705.81 million, reflecting a slight increase of 1.2% compared to RMB 693.18 million in 2024[20]. - Total assets decreased to RMB 21,997.20 million in 2025 from RMB 22,281.52 million in 2024, a decline of 1.3%[22]. - Total liabilities decreased to RMB 12,415.06 million in 2025, down 5.4% from RMB 13,127.02 million in 2024[22]. - The company reported a net profit of RMB 386.68 million for 2025, down from RMB 613.09 million in 2024, indicating a decline of 37.0%[44]. - The group's cash and bank balances totaled RMB 3,291.59 million as of August 31, 2025, compared to RMB 3,100.75 million the previous year[57]. - The net debt-to-equity ratio improved from 1.5% as of August 31, 2024, to -4.9% as of August 31, 2025, due to higher cash and cash equivalents[61]. - The debt-to-equity ratio decreased to approximately 29.5% as of August 31, 2025, down from 35.4% the previous year[62]. Operational Efficiency - Lean management practices will be deepened to enhance operational efficiency and ensure healthy cash flow while controlling debt risks[17]. - The company is implementing a strategy to enhance operational capital management efficiency and strengthen control over interest-bearing liabilities[42]. - The company aims to optimize cost structures and improve management efficiency through technology, focusing on sustainable growth in global markets[41]. Recruitment and Partnerships - Over 1,100 teachers were recruited during the reporting period, with nearly 100 recognized as senior "dual-qualified" teachers[11]. - The company established nearly 100 new partnerships with enterprises, hosting 799 recruitment events that attracted 5,346 companies and offered over 306,000 job positions[12]. - The company held 799 recruitment events, attracting 5,346 participating companies and offering over 181,000 job positions[24]. - The average placement rate for graduates increased steadily compared to the previous year, with a 90% pass rate for students in employment guidance training[30]. International Strategy - The international strategy saw significant progress, with institutions like INTI International University rising to 509th in the QS World University Rankings and achieving the "Best Higher Education Group in Malaysia" award[13]. - The internationalization strategy has strengthened, with the Malaysian university ranking 509th in the QS World University Rankings for 2026[25]. - The company achieved a significant milestone in international education, with Malaysia's INTI International University ranked 509th globally and 122nd in Asia in the 2026 QS World University Rankings[31]. Technology Integration - The company plans to integrate new technologies such as AI, big data, and VR/AR into the educational process to enhance student problem-solving skills[15]. - The company aims to enhance the integration of artificial intelligence in education and training, aligning with national policies to foster innovation and talent development[27]. - The company plans to leverage technology integration, including AI and VR/AR, to enhance educational delivery and create immersive training environments[39]. Corporate Governance - The company has adhered to the corporate governance code and met the majority of the recommended best practices as of August 31, 2025[69]. - The company is focused on enhancing shareholder value through effective corporate governance and regular reviews of governance practices[69]. - The company has established a new investment strategy under the leadership of the newly appointed Chief Investment Officer, effective January 23, 2025[77]. Shareholder Information - The board of directors did not recommend a final dividend for the year ending August 31, 2025, due to funding arrangements[73]. - The company has approximately RMB 5,132 million available for distribution to shareholders as of August 31, 2025, which includes share premium reserves[115]. - The company does not recommend the distribution of a final dividend for the year ending August 31, 2025, due to funding arrangements[110]. Risk Management - The company faces risks related to the competitive landscape of private higher education in China, which may pressure pricing and profit margins[108]. - The company has implemented measures to mitigate various risks and uncertainties, as detailed in the corporate governance report[107]. - The company is subject to regulatory uncertainties regarding the registration of independent colleges as for-profit private schools under current legislation[108]. Compliance and Regulatory Issues - The company has complied with relevant laws and regulations, including the Companies Ordinance and the Securities and Futures Ordinance, regarding information disclosure and corporate governance[103]. - There were no significant non-compliance issues affecting the group's business and operations for the year ending August 31, 2025[103]. - The company has a strong focus on compliance with various laws and regulations in China, including the Foreign Investment Industry Guidance Catalog and the Education Law[103]. Employee and Teaching Staff - As of October 31, 2025, the total number of enrolled students was 287,808, a decrease from 291,264 in 2024, with undergraduate institutions increasing from 138,739 to 145,849[38]. - The company has approximately 13,500 teaching staff as of August 31, 2025[197]. - As of August 31, 2025, 32.9% of the total building area of the company's schools has not obtained property ownership certificates due to regulatory issues[190]. Property and Assets - The land held for property development in Sichuan Province has a book value of approximately RMB 304 million as of August 31, 2025, down from RMB 316 million as of August 31, 2024[113]. - The company has taken extensive measures to correct deficiencies in its properties and is actively following up on government approvals for necessary certificates[191]. - There are no known actual or potential lawsuits or claims against the company due to property deficiencies as of August 31, 2025[191].

Revenue and Profitability - Revenue for the year ended September 30, 2025, reached HKD 8,660,594, a 451.8% increase from HKD 1,569,387 in 2024[2] - The cryptocurrency trading business generated revenue of HKD 8,612,486, up 466.5% from HKD 1,520,345 in the previous year[2] - Gross profit increased to HKD 47,635, representing a 7.7% rise from HKD 44,224 in 2024, although the gross margin decreased to 0.6% from 2.8%[2] - The company reported a loss before tax of HKD 9,637, a decline of 117.1% compared to a profit of HKD 56,379 in 2024[2] - The company reported a total comprehensive income of HKD 10,036 for the year, compared to HKD 55,131 in 2024[6] - The segment performance showed a loss of HKD 37,899 for the year ending September 30, 2025, compared to a profit of HKD 141,728 in the previous year, reflecting a decline in profitability[21][22] - The company reported a loss attributable to owners of HKD 9,212,000 for 2025, a decline from a profit of HKD 54,322,000 in 2024[38] - The basic loss per share for 2025 was calculated based on a weighted average of 536,728,224 shares, compared to 465,960,665 shares in 2024[37] Cash Flow and Financial Position - Net cash decreased by 78.8% to HKD 13,195 from HKD 62,282 in the previous year[2] - The total assets less current liabilities increased to HKD 766,156 from HKD 284,057 in the previous year[7] - The company experienced a significant increase in non-current assets, totaling HKD 70,573, up from HKD 23,156 in 2024[7] - The company reported interest income of HKD 585 for the fiscal year ending September 30, 2025, compared to HKD 37 in the previous year, indicating a notable increase in interest earnings[25] - The net cash inflow from operating activities for the fiscal year 2025 was approximately HKD 16.6 million, a turnaround from a net cash outflow of approximately HKD 10.7 million in 2024[106] - The net cash inflow from investing activities for the fiscal year 2025 was approximately HKD 86.1 million, compared to a net cash outflow of approximately HKD 21.9 million in 2024[107] - The net cash inflow from financing activities for the fiscal year 2025 was approximately HKD 272.5 million, up from a net cash outflow of approximately HKD 223.8 million in 2024, mainly due to net proceeds from share issuance of approximately HKD 275.1 million[108] - The group’s cash and cash equivalents as of September 30, 2025, amounted to approximately HKD 448.6 million, significantly up from HKD 62.3 million as of September 30, 2024[118] Acquisitions and Investments - The company acquired 100% of Sinohope JP Limited and approximately 7.69% of BitTrade Inc., enhancing its position in the virtual asset ecosystem[10] - The company acquired 92.31% of BitTrade's equity, completing the acquisition on April 15, 2025, and BitTrade will become an indirect subsidiary[11] - The acquisition cost included the issuance of 108,992,785 ordinary shares to the seller of the British Virgin Islands company and 9,908,988 ordinary shares to the seller of BitTrade[12] - The acquisition of BitTrade is classified as a business combination under Hong Kong Financial Reporting Standards No. 3 upon gaining control on April 15, 2025[12] - The total consideration for the acquisition of BitTrade's remaining equity increased the ownership from 91.67% to 100% and was settled by issuing 9,908,988 shares valued at HKD 19,785 million[66] - The acquisition of BitTrade resulted in a bargain purchase gain of HKD 60,948 million, primarily due to the fair value change of the consideration paid, as the market price of the company's ordinary shares decreased from HKD 2.18 to HKD 1.49[64] Share Capital and Financing - The company issued 157,000,000 new ordinary shares at a subscription price of HKD 2.08, raising approximately HKD 324,605,000, which has been included in capital reserves[53] - The company completed the issuance of 166,000,000 new ordinary shares at a subscription price of HKD 1.66, with a total premium of approximately HKD 274,906,000 after expenses[55] - The company plans to increase its authorized share capital from 700,000,000 to 900,000,000 ordinary shares[57] - The company’s share premium as of October 1, 2023, was HKD 436,699,000, which increased due to share issuances[58] - The group’s debt-to-equity ratio as of September 30, 2025, was approximately 0.58, with total borrowings of approximately HKD 435.4 million against a net asset value of approximately HKD 757.1 million[112] Operational Performance and Strategy - The company aims to enhance shareholder value through strategic optimization of core businesses to drive revenue and profit growth[127] - The company plans to advance its global brand strategy upgrade with Bitfire Prime as the core entry point for high-net-worth clients[128] - The company will continue to develop a multi-dimensional trading brand structure, including Bitfire Exchanges, Bitfire Prime, and Bitfire Hub[130] - The asset management business will focus on expanding its presence in the Hong Kong market and optimizing the structure of virtual asset fund products[130] - The company is entering a new phase of "AI-driven, multi-strategy collaboration" in its quantitative business, investing in deep learning market prediction models[130] - The company is committed to maintaining a "safe and compliant" operational baseline while creating value for customers[132] - The company will implement strict risk control measures and conduct thorough due diligence on counterparties to ensure compliance with investment policies[126] Legal and Compliance - The company has appointed UK legal advisors to assess the situation regarding a lawsuit, which was deemed to have insufficient evidence against the company, leading to a high chance of successfully overturning the UK order[74] - The company has received a voluntary dismissal notice from the US Bankruptcy Court indicating that all claims related to the lawsuit against Hbit have been withdrawn[76] - The company has adopted the standard code for securities transactions by directors, confirming compliance as of September 30, 2025[137] - The audit committee, comprising Mr. Ye Weiming (Chairman), Mr. Yu Junjie, and Dr. Lin Jiali, reviewed the accounting principles and practices adopted by the group[139] - The auditor, Deloitte Touche Tohmatsu, confirmed that the financial statements for the year ended September 30, 2025, are consistent with the audited consolidated financial statements[140] Employee and Operational Infrastructure - The total employee cost for the fiscal year 2025 was approximately HKD 63.5 million, a decrease from HKD 67.5 million in the fiscal year 2024[133] - As of September 30, 2025, the group had 173 employees, an increase from 86 employees as of September 30, 2024[133] - The group has implemented operational infrastructure to support business growth, including expanding IT infrastructure and hiring personnel with expertise in legal, regulatory, compliance, financial reporting, operations, and technology development[121] Dividends and Contingent Liabilities - The group did not recommend a final dividend for the fiscal year 2025, consistent with the previous year[105] - The group has no significant contingent liabilities as of September 30, 2025, remaining at zero, similar to the previous year[115]

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 63,758,000, a decrease of 48.9% compared to HKD 124,844,000 for the same period in 2024[16]. - Gross profit increased to HKD 47,183,000, up 44.9% from HKD 32,587,000 year-over-year[16]. - The net loss from continuing operations for the period was HKD 19,826,000, compared to a profit of HKD 21,976,000 in the previous year[16]. - Total comprehensive income for the period was HKD 25,311,000, compared to a loss of HKD 17,817,000 in the same period last year[18]. - The company reported a significant recovery in trade receivables, with a reversal of impairment amounting to HKD 29,712,000 for the six months ended September 30, 2024[39]. - The company reported a net loss of HKD 11,243,000 for the six months ended September 30, 2025, compared to a net gain of HKD 937,000 in 2024[46]. - The group reported a net loss of approximately HKD 19,800,000 for the six months ended September 30, 2025, compared to a profit of approximately HKD 22,000,000 in the previous year[112]. Revenue Breakdown - Total revenue for the six months ended September 30, 2025, was HKD 63,758,000, with significant contributions from securities (HKD 15,677,000) and lending (HKD 27,539,000) segments[37]. - Insurance brokerage service revenue for the six months ended September 30, 2025, was HKD 11,700,000, compared to HKD 52,262,000 in 2024[43]. - Lending operations generated revenue of approximately HKD 27.5 million, an increase of HKD 14 million from HKD 13.5 million in 2024, reflecting strong demand for loans[100]. - The securities and asset management segment reported revenues of approximately HKD 15.7 million and HKD 400,000, respectively, compared to HKD 10 million and HKD 2.9 million in 2024, indicating a significant increase in securities revenue by HKD 5.7 million[94]. Asset and Liability Management - The company's total assets decreased to HKD 789,903,000 from HKD 944,644,000 as of March 31, 2025[19]. - Current liabilities decreased slightly to HKD 273,059,000 from HKD 293,652,000[19]. - The company's total equity attributable to owners increased to HKD 561,546,000 as of September 30, 2025, from HKD 406,097,000 as of April 1, 2024[22]. - The total loans receivable amounted to HKD 480,871,000 as of September 30, 2025, a decrease from HKD 493,083,000 as of March 31, 2025[75]. - The expected credit loss provision for loans receivable increased to HKD 104,065,000 as of September 30, 2025, from HKD 68,302,000 as of March 31, 2025[76]. Strategic Decisions - The company strategically divested its fur business due to ongoing financial losses, reallocating resources to more promising growth areas[8]. - The group aims to leverage new growth opportunities through strategic execution and innovation in response to evolving operational environments[9]. - The company plans to continue seeking growth opportunities within its financial services division and actively expand its service platform[9]. - The group is cautiously optimistic about future growth, driven by digital transformation and policy innovation in the financial services industry[9]. Operational Efficiency - The group achieved a gross profit of approximately HKD 47,200,000 with a gross margin of 74.0% for the six months ended September 30, 2025, compared to HKD 32,600,000 and 26.1% in the previous year, reflecting a significant improvement in operational efficiency[106]. - The group reported an administrative expense of approximately HKD 43,200,000 for the six months ended September 30, 2025, a slight increase from approximately HKD 41,400,000 in the previous year[110]. - Financing costs decreased significantly to approximately HKD 2,500,000 for the six months ended September 30, 2025, down from approximately HKD 4,600,000 in the same period of 2024[111]. Discontinued Operations - The group reported a pre-tax loss of HKD 1,605,000 for the discontinued fur division for the six months ended September 30, 2025, compared to a pre-tax loss of HKD 19,366,000 for the same period in 2024[51]. - The total loss for the discontinued operations, including the sale of subsidiaries, was HKD 20,586,000 for the six months ended September 30, 2025, compared to HKD 19,366,000 for the same period in 2024[51]. - The group completed the sale of its fur business, which had a segment loss of approximately HKD 1.6 million for the six months ending September 30, 2025, compared to a revenue of HKD 15.1 million and a loss of HKD 19.3 million in 2024[99]. Shareholder Information - The group did not declare an interim dividend for the six months ended September 30, 2025, consistent with the previous year[59]. - The board did not recommend the payment of an interim dividend for the six months ended September 30, 2025[113]. - The company issued shares through a placement, raising HKD 163,973,000 during the period[22]. Corporate Governance - The audit committee consists of three independent non-executive directors, responsible for reviewing the financial reports and internal controls of the group[145]. - The unaudited consolidated interim financial statements for the six months ended September 30, 2025, have been reviewed by the company's auditor[145]. - The interim results announcement for the six months ended September 30, 2025, is available on the Hong Kong Stock Exchange website and the company's website[146].

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 118,454,000, representing a 42.6% increase from HKD 83,048,000 in the same period of 2024[10]. - Gross profit for the same period was HKD 75,487,000, up 21.2% from HKD 62,259,000 year-on-year[10]. - Operating profit surged to HKD 207,318,000, compared to HKD 30,465,000 in the previous year, marking a significant increase of 579.5%[10]. - Net profit for the period reached HKD 202,325,000, a substantial rise from HKD 7,749,000, reflecting a year-on-year growth of 2605.5%[11]. - Basic earnings per share increased to HKD 13.1, compared to HKD 0.52 in the previous year, indicating a strong performance[11]. - Total comprehensive income for the period was HKD 202,787,000, compared to HKD 7,879,000 in the same period last year, showing a remarkable increase[11]. - Financial income for the period was HKD 2,821,000, up from HKD 1,286,000, representing a growth of 119.0%[10]. - The company reported a profit of HKD 200,455,000 for the period, contributing to a total comprehensive income of HKD 202,787,000[14]. - The total profit before tax was reported at HKD 204,399,000, showing significant profitability across operations[44]. Assets and Liabilities - As of September 30, 2025, total assets amounted to HKD 1,032,558,000, an increase from HKD 672,685,000 as of March 31, 2025, representing a growth of approximately 53.5%[12]. - Current liabilities rose to HKD 326,204,000 from HKD 252,215,000, indicating an increase of about 29.3%[13]. - The company's net asset value increased to HKD 1,696,201,000 from HKD 947,793,000, reflecting a growth of approximately 79.0%[13]. - The total equity attributable to owners of the company reached HKD 1,664,124,000, up from HKD 917,636,000, marking an increase of around 81.3%[13]. - The total liabilities increased to HKD 105,765,000 from HKD 89,917,000, which is an increase of about 17.7%[13]. Cash Flow and Investments - Operating cash flow for the period was HKD 118,542,000, a turnaround from a cash outflow of HKD 17,156,000 in the previous year[16]. - The net cash used in investing activities was HKD 72,095,000, compared to HKD 40,454,000 in the prior year, indicating increased investment activity[17]. - Financing activities generated a net cash inflow of HKD 443,319,000, a substantial increase from HKD 62,404,000 in the previous year[17]. - The company agreed to subscribe for 12,538 shares of redeemable participating shares in DL Global Fund for approximately USD 12,538,000, indicating strategic investment moves[19]. - The company transferred a 35.8% stake in DL Digital Family Office as part of the subscription agreement, reflecting ongoing restructuring and investment strategies[19]. Segment Performance - Revenue from licensed financial services reached HKD 73,255,000, up from HKD 44,017,000 in the previous year, marking a growth of 66.5%[43]. - Family office services generated HKD 26,820,000 in revenue, an increase from HKD 20,547,000, reflecting a growth of 30.5%[41]. - The company achieved a profit of HKD 22,731,000 from its reportable segments, compared to HKD 15,000,000 in the previous period, indicating a growth of 51.5%[44]. - The company’s financial advisory and investment management service fees generated HKD 23,662,000, down from HKD 32,340,000, a decrease of 26.8%[43]. Employee and Governance - Employee benefits expenses, including directors' remuneration, increased to HKD 35,673,000 from HKD 29,242,000 year-on-year[49]. - The company’s total employee count as of September 30, 2024, was 340,000, with a reduction of 14,484 employees compared to the previous period[63]. - The board does not recommend an interim dividend for the six months ending September 30, 2025, consistent with no interim dividend for the six months ending September 30, 2024[198]. - The company is committed to maintaining high standards of corporate governance and ensuring a balanced power structure within its board of directors[195]. Future Plans and Strategies - The company plans to continue expanding its family office services and licensed financial services to capture more market share in the high-net-worth segment[40]. - The group plans to acquire the remaining 55% stake in Derlin Family Office (Hong Kong) Limited to further expand its investment management services in Hong Kong by the end of the fiscal year ending March 31, 2024[190]. - The establishment of Derlin Digital Family Office aims to transition from traditional asset management to a digital family office model, targeting professional investors with a minimum investment of $1 million[190]. - The group is developing its digital financial business, focusing on blockchain, stablecoins, and real-world assets (RWA) as part of its strategy for the Web 3.0 era[192]. Financial Management - The company’s financial costs decreased significantly to HKD 5,740,000 from HKD 23,394,000, a reduction of 75.5%[10]. - The net financial costs for the six months ended September 30, 2025, were HKD (2,919,000), significantly reduced from HKD (22,108,000) in the same period of 2024, indicating a decrease of 86.8%[70]. - The income tax expense for the six months ended September 30, 2025, was HKD 2,074,000, compared to HKD 608,000 for the same period in 2024, reflecting an increase of 241.5%[71]. Investments and Acquisitions - The company completed the acquisition of a 62.5% stake in Derlin Japan for a total consideration of JPY 100 million (equivalent to HKD 5 million) on November 29, 2024[138]. - The company completed a subscription agreement with Carmel Reserve LLC, acquiring a 27.06% equity stake for $5 million, valuing the target company at approximately $35 million[175]. - The company has ongoing plans for market expansion and new product development in the financial services sector, including advisory and brokerage services[145].

Talent Development and Employment - As of August 31, 2025, the Group has cultivated over 500,000 high-quality applied and technical talents for society[10] - The employment rate of the Group's schools is among the highest in each province and region, with continuous improvement in high-quality employment rates[10] - The Group's schools have been recognized for their high-quality employment rates, consistently ranking among the top in their respective provinces[105] - The initial employment rate for the 2025 graduates reached 98.22%, with four institutions exceeding 99%; the high-quality employment rate surged by 20.73% year-on-year to 53.94%[94] - The overall employment rate of the Group's 2024 graduates was 98.03%, maintaining a high level for five consecutive years[108] - The number of students employed by famous companies increased by 110.32%, with many graduates joining Fortune 500 companies and renowned state-owned enterprises[94] - The Group established partnerships with 288 high-quality enterprises and 127 internship bases, providing over 40,000 internship positions, with prestigious firms accounting for more than 25%[91] Educational Infrastructure and Development - In 2024, the upgrade of Guizhou Technology and Business Institute to an undergraduate-level vocational university was officially commenced[25] - Guizhou School completed Phase III campus construction and passed the Ministry of Education's expert inspection for vocational undergraduate university establishment[76] - The Group has completed 77 infrastructure projects, enhancing the campus environment and teacher-student well-being[127] - The Group plans to upgrade Guizhou School to an undergraduate-level university and has obtained provincial-level approval for new master's degree programs at Yunnan School and Northeast School[140] - Hainan Berlin University of Science and Technology commenced construction, expanding the educational network[29] Academic Achievements and Competitions - Students achieved breakthroughs in 22 top awards across 56 comprehensive academic competitions recognized by the Ministry of Education[24] - The number of awards in student competitions reached 7,685 at the provincial level or higher, with 3,023 national-level awards, doubling the previous academic year's achievements[89] - The Group's teaching competition awards grew by 46.3% year-on-year, with notable achievements in national and provincial competitions[90] - The "Wonderful Classroom" initiative resulted in 98% of provincial and higher-level teaching competition winners originating from this program[118] Financial Performance - Total revenue for the year ended August 31, 2025, was RMB 3,070.7 million, an increase of 8.3% compared to RMB 2,835.2 million for the previous year[146] - Revenue reached RMB 2,599.4 million, up 7.8% from RMB 2,411.7 million, driven by steady growth in tuition and boarding fees[148][152] - Adjusted net profit rose by 5.2% year-on-year to RMB0.81 billion for the same period[102] - Net profit for the year was RMB 829.2 million, up 9.7% from RMB 756.0 million[162] - Profit before tax increased by 9.0% to RMB 995.6 million from RMB 913.0 million[161] ESG and Sustainability - The Group received an ESG score of 36 from Standard & Poor's, ranking seventh globally and first in China in the diversified consumer industry[25] - The Group was selected as a member of S&P Global's "Sustainability Yearbook (China)", being the first and only enterprise in the diversified consumer industry included[25] - New Higher Education Group maintained its first-place position in China and continuously improved its global ranking in S&P Global's "Sustainability Yearbook (China)"[29] - The Group received an ESG score of 37 from S&P Global, maintaining its seventh-place global ranking and first-place position in China within the education sector[134] - The Group is committed to integrating ESG principles with financial performance, aiming for stable growth and sustainable development[142] Faculty Development and Training - The proportion of "dual-qualified" teachers reached 48%, with a 10% year-on-year increase in compensation for core teaching positions[80] - 1,304 faculty training sessions were conducted, enabling 90 teachers to achieve international ISW teaching skills certification[80] - The Group has conducted over 1,000 training sessions for faculty, with 90 teachers achieving international ISW teaching skills certification[117] - The Group has increased faculty investment, achieving a 46.3% year-on-year increase in awards won by faculty in national teaching competitions[117] Student Experience and Satisfaction - The student satisfaction rate reached 94.2% in 2025, reflecting a year-on-year increase of 7.8 percentage points[125] - The Group has renovated or newly built 73 student shared spaces, enhancing accommodation experiences[125] - The Group's investments in teacher competitions and campus enhancements have moderately slowed growth and increased operating costs in the short term, but are expected to solidify educational capabilities for future development[97] Strategic Initiatives and Future Plans - The Group aims to focus on cost optimization, faculty enhancement, and curriculum quality improvement to enhance graduate employment outcomes[96] - The Group's strategy is supported by favorable government policies promoting high-quality vocational education development[135] - The Group plans to collaborate with German universities to establish a higher education institution in the Hainan Free Trade Port[140]

Revenue Growth - The company's revenue increased by 25.6% from approximately HKD 64.4 million to about HKD 80.9 million for the six months ending October 31, 2024[6]. - Revenue from the traditional segment rose by 34.9% from approximately HKD 41.0 million to about HKD 55.3 million, driven by increased sales orders from major UK clients[4][7]. - The new retail segment's revenue grew by 7.1% from approximately HKD 18.4 million to about HKD 19.7 million, benefiting from providing relevant products to customers[8]. - The institutional catering segment recorded a 15.7% increase in revenue from approximately HKD 5.1 million to HKD 5.9 million, supported by high customer satisfaction[9]. - Revenue for the six months ended October 31, 2025, was HKD 80,906,000, representing a 25.8% increase from HKD 64,393,000 in the same period of 2024[40]. - Revenue from women's clothing was HKD 66,724,000, up 30.5% from HKD 51,060,000 in the previous year[56]. Profitability and Loss - Gross profit increased by 55.9% from approximately HKD 6.8 million to about HKD 10.6 million, with a gross margin of approximately 13.1%[11]. - The company recorded a net loss of approximately HKD 5.8 million for the period, an improvement from a loss of about HKD 9.0 million in the previous six months[16]. - The basic loss per share for the period was approximately HKD 0.18, compared to HKD 0.28 for the six months ending October 31, 2024, indicating a reduction aligned with the losses attributable to the owners during the period[18]. - The group reported a loss before tax of HKD 5,801,000 for the six months ended October 31, 2025, compared to a loss of HKD 9,121,000 for the same period in 2024, indicating an improvement[61]. - The group experienced a net loss of HKD 5,027,000 from its segments, with traditional clothing supply and new retail clothing supply both reporting losses[52]. Expenses and Costs - Selling and service costs rose by 22.2% to approximately HKD 70.4 million, consistent with revenue growth[10]. - Administrative expenses increased by 9.9% from approximately HKD 8.1 million to about HKD 8.9 million, primarily due to higher employee costs[14]. - The total comprehensive expenses attributable to the owners of the company for the period were approximately HKD 5.3 million, compared to HKD 8.9 million for the six months ending October 31, 2024, reflecting a decrease consistent with the losses during the period[17]. Cash Flow and Assets - Cash used in operating activities was HKD 3,507,000, a significant improvement compared to cash used of HKD 10,865,000 in the prior year[44]. - Total assets decreased to HKD 80,212,000 from HKD 96,460,000, reflecting a 16.8% decline[41]. - Current liabilities decreased to HKD 20,488,000 from HKD 32,872,000, a reduction of 37.6%[41]. - The company reported a net cash decrease of HKD 7,403,000, compared to HKD 11,628,000 in the previous year[44]. - The net asset value as of October 31, 2025, was HKD 77,790,000, down from HKD 83,110,000, a decrease of 6.5%[42]. Corporate Governance and Compliance - The company has adhered to all corporate governance code provisions except for the separation of the roles of Chairman and CEO, which is deemed appropriate under current circumstances[30]. - The board has adopted a code of conduct regarding securities trading, ensuring compliance with the standards set forth in the listing rules[26]. - The audit and risk management committee, composed entirely of independent non-executive directors, reviewed the unaudited condensed consolidated financial statements[34]. - The company has established an audit and risk management committee in accordance with the listing rules and corporate governance code[34]. Strategic Focus and Risks - The company continues to explore suitable investment opportunities to enhance shareholder value despite market uncertainties[12]. - The company aims to expand its market share in the institutional catering business by offering diverse high-value menu options and customer-centric services[9]. - The company aims to enhance its custom integrated apparel design and procurement services to better fulfill commitments to clients while gradually expanding its institutional catering scale for sustainable profit growth[19]. - The company faces several risks, including reliance on major clients without long-term contracts, which exposes revenue to uncertainties and potential fluctuations[20]. - The company operates in a highly competitive market, which may lead to a decrease in market share and profit margins due to intense competition[20]. Dividends and Shareholder Returns - The board does not recommend the payment of dividends for the six months ending October 31, 2025[33]. - The company did not declare or pay any dividends for the six months ending October 31, 2025, consistent with the previous period[66].