Financial Performance - For the six months ending September 30, 2025, the group recorded revenue of approximately HKD 815.5 million, an increase of about HKD 567.3 million or 228.6% compared to HKD 248.2 million for the same period in 2024[7]. - Gross profit for the same period was approximately HKD 84.2 million, up by about HKD 39.8 million or 89.6% from HKD 44.4 million in 2024, with a gross margin of approximately 10.3%[7]. - The profit attributable to the owners of the company for the six months was approximately HKD 15.1 million, a turnaround from a loss of HKD 26.6 million in the same period of 2024[7]. - Adjusted EBITDA increased from approximately HKD 15.9 million in 2024 to about HKD 36.1 million in 2025[7]. - Basic and diluted earnings per share for the period were approximately HKD 0.55, compared to a loss of approximately HKD 1.06 per share in 2024[7]. - The company reported a significant increase in non-current assets, totaling HKD 483,606,000 as of September 30, 2025, compared to HKD 341,592,000 as of March 31, 2025[23]. - The company’s total comprehensive income for the period was HKD 15,521,000, compared to a loss of HKD 25,639,000 in the previous year[22]. - The company reported a pre-tax profit of HKD 18,608,000 for the six months ending September 30, 2025, compared to a pre-tax loss of HKD 24,334,000 for the same period in 2024[43]. Revenue Breakdown - Revenue from Hong Kong increased to HKD 310,846,000 in 2025, up from HKD 232,342,000 in 2024, reflecting a growth of about 34%[45]. - Revenue from Mainland China surged to HKD 427,496,000 in 2025, compared to HKD 15,834,000 in 2024, indicating an increase of over 2600%[45]. - The construction and renovation segment generated HKD 25,728,000 in revenue, while the reverse supply chain management and environmental services segment contributed HKD 789,801,000, leading to a total segment revenue of HKD 815,529,000[42]. - Revenue from reverse supply chain management and environmental services reached HKD 789,801,000, compared to HKD 157,443,000 in 2024, marking an increase of 401%[47]. Assets and Liabilities - Total assets as of September 30, 2025, amounted to HKD 1,203,447,000, while total liabilities were HKD 581,664,000, resulting in a net asset value of HKD 621,783,000[25]. - Cash and cash equivalents decreased to HKD 139,766,000 from HKD 167,936,000, reflecting a reduction of 17%[23]. - Trade receivables increased to HKD 27,843,000 from HKD 14,252,000, showing a growth of 96%[23]. - Trade payables increased to HKD 76,292,000 as of September 30, 2025, compared to HKD 68,286,000 as of March 31, 2025, representing an increase of about 11.7%[75]. - Contract liabilities from customer deposits for industrial materials sales decreased to HKD 125,293,000 as of September 30, 2025, from HKD 183,193,000 as of March 31, 2025, a reduction of approximately 31.5%[78]. Investments and Acquisitions - The company completed the acquisition of 100% of Green Jade on May 13, 2025, for a total consideration of approximately HKD 39,318,000, paid through the issuance of 4,545,455 new shares at HKD 8.65 per share[107]. - The acquisition resulted in goodwill of HKD 33,158,000, reflecting expected synergies, revenue growth, and future market developments[111]. - The company completed the acquisition of exclusive trading rights for materials, with a consideration of approximately HKD 120,012,000, paid through the issuance of 39,348,370 new shares[114]. Financing Activities - The company raised HKD 99,331 thousand from share issuance during the financing activities, up from HKD 82,606 thousand in the same period last year, showing a positive trend in capital raising[28]. - The company raised approximately HKD 155,000,000 from the placement of 50,000,000 new shares at HKD 3.1 per share on October 31, 2025, with a net amount of approximately HKD 154,900,000 after expenses[114]. - A financing agreement was established on January 6, 2025, providing a loan of USD 7,000,000 (approximately HKD 54,411,000) at a 5% annual interest rate, with an additional USD 3,000,000 added on January 23, 2025[148]. Corporate Governance and Social Responsibility - The group received multiple honors for corporate social responsibility, including the "Caring Company Certificate" and the "2024 BOCHK Corporate Low Carbon Environmental Leadership Award"[12]. - The company has adopted and complied with the corporate governance code as per listing rules[191]. - All directors have adhered to the prescribed trading code during the six months ending September 30, 2025[192]. Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[20]. - The company is optimistic about future growth in reverse supply chain management and environmental services, expecting continued expansion in this sector[117].

KNT HOLDINGS LIMITED 嘉 藝 控 股有限公司 股份代號：1025 （於開曼群島註冊成立的有限公司） 中 期 報 告 2025 ⦂❸閆⯈ 目錄 | 公司資料 | 2 | | --- | --- | | 管理層討論及分析 | 3 | | 其他資料 | 13 | | 簡明綜合損益表 | 23 | | 簡明綜合損益及其他全面收益表 | 24 | | 簡明綜合財務狀況表 | 25 | | 簡明綜合權益變動表 | 27 | | 簡明綜合現金流量表 | 29 | | 簡明綜合財務報表附註 | 31 | 二零二五年中期報告 • 嘉藝控股有限公司 02 公司資料 董事會 執行董事 莊碩 （主席兼行政總裁） 莊斌 林志遠 徐永得 吳宗梅 獨立非執行董事 陳繼忠 劉冠業 袁景森 審核委員會 陳繼忠 （主席） 劉冠業 袁景森 薪酬委員會 劉冠業 （主席） 陳繼忠 袁景森 提名委員會 莊碩 （主席） 陳繼忠 劉冠業 袁景森 聯席公司秘書 陳雅珍 陳釗洪 授權代表 莊碩 陳雅珍 核數師 香港 新界 荃灣 德士古道120號 安泰國際中心 30樓 股份過戶登記總處 Conyers Trust Company (Cayma ...

CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of investing in such companies and should make the decision to invest only after due and careful consideration. Given that the companies listed on GEM are generally small ...

Financial Performance - Revenue for the six months ended September 30, 2025, was $83,648 thousand, a decrease of 3% from $86,797 thousand in the same period of 2024[3] - Gross profit decreased to $17,292 thousand, down 21% from $21,871 thousand year-over-year[3] - Operating loss for the period was $5,370 thousand, compared to a loss of $994 thousand in the prior year, indicating a significant decline in operational performance[3] - Net loss for the period was $5,989 thousand, an increase of 157% from $2,330 thousand in the previous year[5] - Basic and diluted loss per share was $0.34, compared to $0.12 in the same period last year[3] - Total comprehensive income for the period was $532 thousand, a decrease of 96% from $15,072 thousand in the prior year[5] - The company reported a pre-tax loss of $6,025,000 for the six months ended September 30, 2025[35] - The group reported a loss before tax of $6,025,000, widening from a loss of $1,858,000 in the previous year, representing a 224.3% increase in losses[83] - The company reported a loss attributable to shareholders of $5,559,000 for the six months ended September 30, 2025, compared to a loss of $1,922,000 for the same period in 2024, resulting in a basic and diluted loss per share of 0.34 cents, up from 0.12 cents[56] Assets and Liabilities - Non-current assets increased to $65,215 thousand from $63,001 thousand, reflecting a growth in property, plant, and equipment[7] - Current liabilities rose to $76,104 thousand, up from $73,370 thousand, indicating increased financial obligations[7] - Total equity decreased to $120,988 thousand from $122,264 thousand, showing a decline in shareholder value[9] - Cash and cash equivalents decreased to $65,873 thousand from $68,610 thousand, indicating a reduction in liquidity[7] - The company’s total liabilities as of September 30, 2025, were $81,319,000, compared to $79,097,000 as of March 31, 2025, representing an increase of about 2.8%[42] - The company's total liabilities increased to 320,247 thousand MYR, up from 308,741 thousand MYR, indicating a rise of 3.5%[135] - The equity attributable to owners of the company decreased to 521,666 thousand MYR from 525,473 thousand MYR, a decline of 0.5%[135] Cash Flow - The company’s cash flow from operating activities showed a net outflow of $7,833,000 for the six months ended September 30, 2025, compared to a net inflow of $655,000 in the same period of 2024[15] - The company recorded a decrease in cash and cash equivalents of $4,478,000, ending the period with $65,873,000 compared to $75,578,000 at the end of the previous period[15] - The company’s interest paid decreased to $644,000 from $852,000 in the previous year, indicating improved interest management[15] - Operating cash flow for the six months ended September 30, 2025, was a net outflow of 32,961 thousand MYR, significantly worse than the previous year's inflow of 2,756 thousand MYR[140] - Cash and cash equivalents at the end of the period were 277,194 thousand MYR, a decrease from 318,031 thousand MYR at the end of the previous year[140] Revenue Breakdown - For the six months ended September 30, 2025, total revenue reached $83,648,000, with $36,879,000 generated from travel and related services[35] - The publishing and printing segment in Malaysia generated sales of $12,839,000, while the advertising revenue from this segment was $15,944,000[35] - The publishing and printing segment generated revenue of $46,769,000, down 10.2% from $52,105,000, with a loss before tax increasing from $3,579,000 to $7,228,000[86] - The travel segment's revenue increased by 6.3% to $36,879,000, but profit before tax decreased by 28.9% to $1,456,000 due to rising costs[86] - Advertising revenue for the six months ended September 30, 2025, was $27,883,000, down from $32,445,000 in 2024, indicating a decrease of about 14.1%[40] Shareholder Information - The total number of issued shares as of September 30, 2025, was 1,654,729,641, including 32,448,200 shares held as treasury stock[68] - Major shareholder Sir Dato' Zhang Xiaoqing holds 1,094,187,814 shares, representing 66.12% of the issued ordinary shares[111] - The company repurchased a total of 7,387,500 shares at a total cost of approximately $178,000 during the six months ended September 30, 2025[70] - The total number of shares held by major shareholders exceeds 5% of the issued shares, indicating concentrated ownership[111] Governance and Compliance - The company has adhered to the corporate governance codes of Malaysia and Hong Kong, with a commitment to maintaining high standards of governance[120] - The Audit Committee, established in 1999, consists of three independent non-executive directors and regularly meets with management and external auditors to discuss audit processes and financial reporting[123] - The company has reported compliance with the relevant securities trading regulations during the review period, ensuring transparency and accountability in its operations[122] Future Outlook - The company maintains a cautiously optimistic outlook, focusing on leveraging its strong brand portfolio and diversified revenue streams[100] - Future operational environment is expected to remain challenging but gradually improve, supported by government stimulus measures[98] - The company plans to launch new customized experiential travel products to meet changing traveler preferences[93] - The company aims to strengthen digital integration and cross-platform advertising solutions to maintain competitiveness[91]

Financial Performance - Total revenue decreased to HKD 66.8 million for the six months ended September 30, 2025, compared to HKD 79.4 million in 2024, representing a decline of approximately 16.4%[4] - Gross profit for the same period was HKD 37.2 million, down from HKD 46.3 million in 2024, indicating a decrease of about 19.6%[4] - The net loss significantly narrowed to HKD 2.7 million, compared to a net loss of HKD 11.1 million in 2024, reflecting an improvement of approximately 75.7%[5] - Basic loss per share improved to HKD 0.33, down from HKD 1.39 in 2024[5] - Revenue for the six months ended September 30, 2025, was HKD 66,804,000, a decrease of 15.8% compared to HKD 79,375,000 for the same period in 2024[19] - Gross profit for the same period was HKD 37,232,000, down 19.5% from HKD 46,264,000 in 2024[19] - The company reported a loss before tax of HKD 2,658,000, an improvement from a loss of HKD 11,114,000 in the previous year[19] - The total comprehensive loss for the six months ended September 30, 2025, was HKD 2,658,000, compared to a loss of HKD 11,114,000 for the same period in 2024[21] - The company reported a loss attributable to equity holders of HKD 2,658,000 for the six months ended September 30, 2025, compared to a loss of HKD 11,114,000 for the same period in 2024, representing a significant improvement[36] Retail Segment Performance - Retail segment revenue accounted for HKD 62.6 million, which is 93.8% of total revenue, compared to 94.1% in 2024[4] - The retail furniture segment generated revenue of HKD 62,638,000, down 16% from HKD 74,664,000 year-over-year[29] - The wholesale furniture segment saw revenue decline to HKD 2,300,000 from HKD 3,708,000, representing a 38% decrease[29] - The retail income from "Premium Furniture" and "Furniture" stores combined was HKD 26.9 million, accounting for 43.0% of total retail income[4] - "at • home" retail income was HKD 18.7 million, representing 29.8% of total retail income[4] Operational Metrics - The group operates a total of 23 retail points in Hong Kong as of September 30, 2025, including 1 "Premium Furniture" store, 2 "Furniture" stores, and 4 "at • home" stores[10] - Employee count decreased to 108 from 122 in the previous year, with total employee costs at HKD 20,500,000, down from HKD 22,500,000[17] - The company plans to enhance store operations and service quality to increase customer engagement amid a challenging economic environment[15] - The company has established a strong online shopping platform to expand market coverage and revenue[7] Financial Position - As of September 30, 2025, the company's cash and cash equivalents were HKD 22,200,000, down from HKD 27,300,000 as of March 31, 2025[16] - Current assets were approximately HKD 70,700,000, while current liabilities were about HKD 49,200,000, resulting in a current ratio of 1.4[16] - The company had no bank borrowings, maintaining a debt ratio of zero[16] - Inventory as of September 30, 2025, was HKD 29,323,000, slightly down from HKD 30,230,000 as of March 31, 2025[20] - The company recorded a net cash inflow from operating activities of HKD 5,317,000, a significant drop from HKD 15,525,000 in the previous year[22] - The company's cash and cash equivalents decreased by HKD 5,091,000, ending the period at HKD 22,177,000, down from HKD 34,911,000[22] - The cost of goods sold for the six months was HKD 29,572,000, down from HKD 33,111,000, reflecting a 10% reduction[31] Corporate Governance and Compliance - The company has complied with all corporate governance code provisions as per the listing rules during the reporting period[50] - The board of directors has confirmed compliance with the securities trading code during the reporting period[51] - The interim financial statements have not been reviewed or audited by the company's auditor, but have been reviewed by the audit committee[53] Related Party Transactions - Related party transactions included sales of HKD 144,000 and lease payments of HKD 1,112,000 for the six months ended September 30, 2025, compared to HKD 519,000 and HKD 944,000 respectively in 2024[41] - Total remuneration for key management personnel was HKD 2,165,000 for the six months ended September 30, 2025, a decrease from HKD 3,396,000 in the same period of 2024[41] Shareholder Information - The company has adopted a share option scheme since January 8, 2018, with an authorized limit of 80,000,000 shares available for grant[49] - No share options have been granted under the share option scheme since its adoption[49] - No other individuals or entities were reported to have interests in the company's shares or related securities as of September 30, 2025[48] Management and Ownership - Mr. Yang holds significant equity interests in various affiliated companies, including 4,121,416,834 shares (74.71%) in Emperor International Holdings Limited[45] - Emperor Entertainment Hotel Limited has Mr. Yang holding 636,075,041 shares, representing 53.52% of the issued shares[45] - Mr. Yang also holds 4,298,630,000 shares (59.24%) in Emperor Watch and Jewellery Limited[45] Liabilities and Provisions - Trade receivables as of September 30, 2025, totaled HKD 2,709,000, an increase from HKD 2,258,000 as of March 31, 2025, with receivables aged over one month rising from HKD 1,741,000 to HKD 1,135,000[38] - Trade payables and notes payable increased to HKD 3,403,000 as of September 30, 2025, compared to HKD 1,012,000 as of March 31, 2025, with payables due within one month rising significantly from HKD 955,000 to HKD 2,863,000[39] - The company has not made any provisions for contingent liabilities, with a bank guarantee related to a lease agreement amounting to HKD 387,000 as of September 30, 2025, down from HKD 2,187,000[40]

Financial Performance - For the six months ended September 30, 2025, the company reported a net investment income of HKD 106,000, compared to HKD 39,000 in the same period of 2024, representing a significant increase[6]. - The company's operating loss for the period was HKD 2,808,000, an improvement from the operating loss of HKD 3,082,000 in the previous year, indicating a reduction of approximately 8.8%[6]. - The total comprehensive loss for the period was HKD 2,814,000, compared to HKD 3,088,000 in the same period last year, reflecting a decrease of about 8.9%[6]. - The basic loss per share for the six months ended September 30, 2025, was approximately HKD 2,814,000, compared to a loss of HKD 3,088,000 for the same period in 2024[22]. - The company recorded a loss of approximately HKD 2,814,000 for the six months ended September 30, 2025, an improvement of about HKD 274,000 compared to a loss of HKD 3,088,000 for the same period in 2024[40]. Cash and Assets - The company's cash and cash equivalents increased to HKD 7,686,000 as of September 30, 2025, up from HKD 6,726,000 at the end of March 2025, marking a growth of approximately 14.3%[7][10]. - Total current assets decreased to HKD 9,636,000 from HKD 12,537,000, representing a decline of approximately 22.7%[7]. - The total equity of the company as of September 30, 2025, was HKD 3,971,000, down from HKD 6,785,000 at the end of March 2025, reflecting a decrease of about 41.5%[7]. - The company had total liabilities of HKD 5,665,000, slightly down from HKD 5,752,000, indicating a reduction of approximately 1.5%[7]. - As of September 30, 2025, the company held debt securities valued at HKD 1,314,000, down from HKD 5,091,000 as of March 31, 2025[24][29]. Expenses and Liabilities - The company’s administrative expenses decreased to HKD 2,914,000 from HKD 3,124,000, showing a reduction of about 6.7%[6]. - The pre-tax loss for the six months ended September 30, 2025, included investment management fees of HKD 80,000, legal and professional fees of HKD 272,000, and director remuneration of HKD 615,000[20]. - The company has a loan from a shareholder amounting to HKD 4,047,000 as of September 30, 2025, slightly up from HKD 4,041,000 on March 31, 2025[33]. - The company's debt-to-asset ratio was approximately 0.4 as of September 30, 2025, up from 0.3 as of March 31, 2025[50]. Corporate Governance - The board is currently seeking a suitable candidate to fill the CEO position, which has been vacant since March 4, 2024[69]. - The audit committee consists of three independent non-executive directors, ensuring proper oversight of financial reporting and risk management[72]. - The company has adopted corporate governance practices in line with the listing rules, ensuring compliance and best practices[66]. - The roles of the chairman and CEO are clearly separated to maintain independence and accountability within the company[67]. - The company is committed to maintaining high standards of corporate governance for the benefit of shareholders[66]. Market Conditions - The unemployment rate in Hong Kong rose to 3.9% in the third quarter of 2025, up from 3.5% in the previous quarter, indicating economic challenges[41]. - The company anticipates that the economic situation in Hong Kong will remain fragile in 2025, with ongoing geopolitical uncertainties affecting market stability[41]. Shareholder Information - Major shareholders include Evergreen Goldstone International with 37.14% (88,129,080 shares) and Treasure Isle Global Limited with 10.94% (25,954,878 shares) each held by Li and Zhang[64]. - The company has a total of 237,271,250 shares issued as of September 30, 2025, which is the basis for the percentage calculations[68]. - The company has not conducted any share option plans during the six months ending September 30, 2025, with no options granted, exercised, canceled, or expired[73]. - The company has not received any disclosures from other directors or senior executives regarding their interests in shares or related securities[65]. Investment Strategy - The company has invested in several short-term U.S. Treasury positions to earn low-risk returns, maintaining a cautious approach to investment and business development[42]. - As of September 30, 2025, the company held U.S. Treasury securities valued at HKD 1,314,000, representing approximately 13.6% of total assets[43]. - The company has no plans for significant investments or capital assets in the near future but will consider potential investment opportunities[57]. - The company has not hedged foreign exchange risks using any derivatives or other instruments[58]. Dividends and Capital Expenditures - The company did not recommend an interim dividend for the period ended September 30, 2025, consistent with the previous year[23]. - There were no significant capital expenditures during the reporting period[52]. - The company had no capital commitments as of September 30, 2025[53]. - The company did not declare any interim dividends for the period ending September 30, 2025[55]. Accounting and Reporting - The company reported no changes in accounting policies that would significantly impact its financial performance or position for the current or prior periods[2]. - There have been no significant matters requiring disclosure since September 30, 2025, up to the date of the interim report[71]. - Other income for the six months ended September 30, 2025, was HKD 0, down from HKD 3,000 in the same period of 2024[18].

目錄 | | | 頁碼 | | --- | --- | --- | | 1. | 公司資料 | 2 | | 2. | 摘要 | 3 | | 3. | 管理層討論及分析 | 4 | | 4. | 補充資料 | 21 | | 5. | 簡明綜合損益及其他全面收益表 | 38 | | 6. | 簡明綜合財務狀況表 | 40 | | 7. | 簡明綜合權益變動表 | 42 | | 8. | 簡明綜合現金流量表 | 43 | | 9. | 簡明綜合財務報表附註 | 44 | 公司資料 董事會 執行董事 張慧君先生 （主席） 蔡冬艷女士 （行政總裁） 周里洋先生 獨立非執行董事 胡志剛先生 張加友先生 馬有恒先生 公司秘書 王金徹先生 審核委員會 馬有恒先生 （主席） 胡志剛先生 張加友先生 提名委員會 胡志剛先生 （主席） 蔡冬艷女士 張加友先生 馬有恒先生 薪酬委員會 胡志剛先生 （主席） 張慧君先生 張加友先生 馬有恒先生 註冊辦事處 Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 主要營業地點 香港中 ...

Revenue and Profitability - The company achieved revenue of approximately HKD 5,760,000 for the six months ending September 30, 2025, compared to zero revenue in the same period last year, marking a significant turnaround [7]. - The online gaming platform business in the Philippines generated revenue of approximately HKD 5,100,000, contributing about HKD 4,100,000 to the overall gross profit with a gross margin of approximately 80.7% [8]. - The new tea oil trading business in China generated revenue of approximately HKD 700,000 but incurred a loss of about HKD 900,000, indicating high sales costs and operational expenses [9]. - The company recorded a one-time gain of approximately HKD 3,000,000 from a settlement agreement with a former director, significantly enhancing profitability [10]. - A reversal of impairment losses of approximately HKD 30,200,000 was recognized, which was a key factor in improving profitability during the review period [11]. - The company reported a profit before tax of approximately HKD 27,100,000, a significant improvement from a loss of approximately HKD 11,400,000 in the same period last year [16]. - The net profit for the period was approximately HKD 26,400,000, contrasting sharply with a net loss of approximately HKD 11,400,000 in the previous year [17]. - Basic earnings per share were HKD 0.1976, and diluted earnings per share were HKD 0.0975, compared to losses per share of HKD 0.089 in the same period last year [18]. Financial Position - The company’s net debt decreased by approximately HKD 26,900,000 to about HKD 98,600,000 as of September 30, 2025, compared to HKD 125,500,000 on March 31, 2025 [21]. - As of September 30, 2025, the group's total assets and net liabilities were approximately HKD 10,500,000 and HKD 98,600,000, respectively, with a debt-to-asset ratio of approximately 1,038.3% [24]. - The company’s total liabilities as of September 30, 2025, amounted to approximately HKD 98,640,000, indicating a need for improved cash flow management [70]. - The company’s total reserves, including share premium and special reserves, were reported at HKD 571,880,000 as of September 30, 2025 [63]. - The company’s accumulated losses increased to HKD 3,146,283,000 as of September 30, 2025, reflecting ongoing financial challenges [70]. Business Operations and Strategy - The board remains optimistic about the future, expecting continued significant revenue from the new business lines established during the review period [20]. - KTC, a joint venture with WPT, contributed approximately HKD 5,100,000 in revenue since its launch in July 2025, indicating a sustainable and profitable income source for the group [26]. - The newly launched camellia oil business generated approximately HKD 690,000 in revenue with a gross margin of 13.6%, aimed at providing stable long-term income [27]. - The group is optimistic about the online gaming business's future, expecting KTC to become a significant and sustainable contributor to profitability [31]. - The group is exploring opportunities in the AR/VR sector despite selling its core AR/VR entity in February 2025, leveraging past experience [28]. - The group plans to enhance brand awareness and expand distribution networks for the camellia oil business, targeting other potential cities in Guangdong Province [33]. - The group has committed to controlling administrative costs and capital expenditures to alleviate cash flow pressures [30]. - The group has terminated the provision of AR/VR and mobile gaming solutions since February 2025, impacting its operational segments [80]. - The group is actively expanding its casino business in Cambodia and Southeast Asia, with a letter of intent signed with a Vietnamese casino operator on July 28, 2025, to explore the expansion of gaming operations [73]. Shareholder and Governance - As of September 30, 2025, major shareholders include Ms. He Zhi Ying with 35,980,459 shares, representing approximately 125.50% of the issued share capital [42]. - The company has not participated in any arrangements that would allow directors to benefit from acquiring shares or bonds during the review period [40]. - The 2012 share option plan has 1,410,000 unexercised options remaining, which represents about 1.10% of the weighted average number of shares issued during the review period [43]. - No share options were granted, exercised, or canceled under the 2012 plan during the review period, with 964,652 options having lapsed [45]. - Ms. Xiong Dai Kun resigned as an independent non-executive director effective August 1, 2025, leading to non-compliance with several listing rules [46]. - Ms. Zeng Qin was appointed as an independent non-executive director effective September 1, 2025, restoring compliance with the relevant listing rules [48]. - The company has adopted a strict code of conduct for securities trading by directors, ensuring compliance throughout the review period [50]. - The board believes that the dual role of the chairman and CEO provides strong leadership and benefits the company's strategic planning and implementation [51]. Cash Flow and Financing - The company recorded a cash outflow from operating activities of HKD 4,658,000 for the six months ended September 30, 2025, compared to HKD 5,453,000 for the same period in 2024 [67]. - The net cash generated from financing activities was HKD 1,019,000 for the six months ended September 30, 2025, a significant decrease from HKD 5,456,000 in the previous year [67]. - The company has committed to not redeeming HKD 32,000,000 of convertible bonds due on December 30, 2026, to alleviate liquidity pressure [70]. - The company is actively exploring financing options to support its operations and improve liquidity in the coming months [70]. - The company has outstanding convertible bonds with a principal amount of HKD 26,355,000 due within one to two years as of September 30, 2025 [108]. - The company settled approximately HKD 46,831,000 in receivables from Lion King Entertainment as part of a settlement agreement with a former executive [99]. Other Financial Information - The company generated other income of HKD 57,000, down from HKD 68,000 in the previous year, while other gains amounted to HKD 4,116,000, significantly higher than HKD 68,000 in 2024 [87][88]. - The company recorded a gain of HKD 3,004,000 from offsetting assets and liabilities, which was not present in the same period of 2024 [88]. - The company’s interest income from bank deposits was HKD 52,000, down from HKD 68,000 in the previous year [87]. - The company’s employee costs, including directors' remuneration, totaled HKD 1,550,000, slightly down from HKD 1,556,000 in 2024 [90]. - As of September 30, 2025, other receivables amounted to HKD 3,014,000, a significant decrease from HKD 67,676,000 as of March 31, 2025, after accounting for credit loss provisions [99]. - The company reported trade payables of HKD 1,193,000 as of September 30, 2025, with all expected to be settled within one year [101]. - Other payables and accrued expenses increased to HKD 20,019,000 as of September 30, 2025, compared to HKD 30,558,000 as of March 31, 2025 [102]. - The company recognized the equity portion of the first and second convertible bonds at approximately HKD 7,766,000 and HKD 11,930,000 respectively [112]. - The discount rates used for the fair value calculation of the convertible bonds were 22.26% and 16.81% for the first and second bonds respectively [112]. - As of September 30, 2025, there were no conversions of convertible bonds into the company's ordinary shares [112]. Licensing and Agreements - The company entered into a new licensing agreement with WPT, agreeing to pay an annual fee of USD 500,000 for the use of the gaming platform [119]. - The new licensing agreement has an initial term of two years and will automatically renew annually unless terminated early by the company [119]. - The company retains exclusive rights to guide the use of the platform and derive economic benefits from its application [119].

HENGDELI HOLDINGS LIMITED 亨得利控股有限公司 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公告全部或任何部分內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 | | | 薪金、津貼 | 向退休福利 | | | --- | --- | --- | --- | --- | | 行政總裁 | 袍金 | 及其他福利 | 計劃的供款 | 總計 | | | 人民幣千元 | 人民幣千元 | 人民幣千元 | 人民幣千元 | | 截至二零二一年十二月 | | | | | | 三十一日止年度 | – | 1,716 | 11 | 1,727 | | 截至二零二二年十二月 | | | | | | 三十一日止年度 | – | 2,561 | 15 | 2,576 | | 截至二零二三年十二月 | | | | | | 三十一日止年度 | – | 2,695 | 16 | 2,711 | 1 除上文補充者外，年報所載的所有資料維持不變。 承董事會命 亨得利控股有限公司 主席 張泳麟 （於開曼群島註冊成立之有限公司） ...

* INTERIM REPORT 中期報告 2025/26 * For identification purposes only 僅供識別 * For identification purposes only 僅供識別 CONTENTS目錄 | Corporate Information公司資料 | 2 | | --- | --- | | Management Discussion and Analysis管理層討論與分析 | | | Business and Financial Review | | | 業務及財務回顧 | 4 | | Interim Financial Information中期財務資料 | | | Report on Review of Interim Financial Information | | | 中期財務資料的審閱報告 | 13 | | Condensed Consolidated Statement of Profit or Loss | | | 簡明綜合損益表 | 15 | | Condensed Consolidated Statement of Comprehensi ...