Lotus Horizon Holdings Limited 智中國際控股有限公司 (incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立之有限公司) Stock Code 股份代號 : 6063 2025 INTERIM REPORT 中期報告 CONTENTS 目錄 Corporate Information 2 公司資料 | Management Discussion and Analysis | 6 | | --- | --- | | 管理層討論及分析 | | Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income 未經審核簡明綜合損益及其他全面收益表 Unaudited Condensed Consolidated Statement of Financial Position 26 未經審核簡明綜合財務狀況表 Unaudited Condensed Consolidated Statem ...

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 364,435,000, a decrease of 10.6% compared to HKD 407,664,000 in 2024[4] - Gross profit increased slightly to HKD 156,171,000, compared to HKD 154,149,000 in the previous year, reflecting a gross margin of 42.8%[4] - Operating loss narrowed to HKD 26,980,000 from HKD 40,973,000 year-on-year, indicating improved operational efficiency[4] - Net loss attributable to shareholders was HKD 23,554,000, a reduction from HKD 33,711,000 in the prior year, resulting in a loss per share of HKD 5.46[4] - Total revenue for the six months ended September 30, 2025, was HKD 364,435,000, down 10.6% from HKD 407,664,000 in 2024[20] - Advertising revenue decreased to HKD 159,158,000 in 2025 from HKD 189,688,000 in 2024, a decline of 16.1%[20] - The media segment generated revenue of HKD 232,856,000 in 2025, down from HKD 274,072,000 in 2024, a decrease of 15.0%[24] - The financial news and software segment reported revenue of HKD 133,562,000 in 2025, slightly down from HKD 135,584,000 in 2024, a decrease of 1.5%[24] - The company reported a loss of HKD 23,339,000 for the six months ended September 30, 2025, compared to a loss of HKD 33,611,000 in 2024, an improvement of 30.7%[24] - Basic loss per share was HKD 0.0545, compared to HKD 0.0781 in the previous year, reflecting a 30% decrease in shareholder loss[32][41] Assets and Liabilities - Total assets decreased to HKD 810,737,000 from HKD 855,622,000, primarily due to a reduction in current assets[8] - Total equity attributable to shareholders decreased to HKD 762,919,000 from HKD 807,788,000, reflecting the impact of the net loss[8] - Total trade receivables amounted to HKD 114,268,000, with a provision for impairment of HKD 3,938,000[35] - Total trade payables were HKD 17,799,000, showing a decrease from HKD 21,018,000 in the previous period[36] Cash Flow and Liquidity - Cash and cash equivalents increased to HKD 294,168,000 from HKD 251,157,000, indicating improved liquidity[7] - Operating cash flow for the six months ended September 30, 2025, was a net outflow of HKD 23,610,000, compared to a net outflow of HKD 46,317,000 for the same period in 2024, representing a 49% improvement[12] - Net cash generated from investing activities was HKD 91,960,000 for the six months ended September 30, 2025, compared to HKD 21,234,000 in 2024, indicating a significant increase[12] - Cash and cash equivalents at the end of the period increased to HKD 294,168,000 from HKD 152,846,000 in 2024, reflecting a growth of 92.5%[12] Dividends - The company paid a final dividend of HKD 21,580,000 to shareholders, down from HKD 30,212,000 in 2024, a reduction of 28.7%[12] - The company declared an interim dividend of HKD 0.03 per share, totaling HKD 12,948,000, consistent with the previous year[33] - The interim dividend declared is HKD 0.03 per share, totaling HKD 12.948 million, consistent with the previous year[54] Governance and Compliance - The company has adopted the corporate governance code and has established a clear division of roles between the chairman and the CEO, although both roles are held by Mr. Feng Shaobo[65] - The Audit Committee, established in 2005, reviewed the unaudited interim results for the six months ending September 30, 2025, ensuring compliance with financial regulations[68] - The company has a Compensation Committee and a Nomination Committee, both established in 2005, to oversee executive remuneration and board member nominations respectively[69][70] - The company confirms that all directors have complied with the securities trading regulations during the six months ending September 30, 2025[67] - No arrangements were made for directors or senior management to benefit from the purchase of shares or related securities during the reporting period[61] - The company’s governance structure includes experienced non-executive directors to ensure balanced power distribution within the board[65] Employment and Shareholding - The group had a total of 939 employees as of September 30, 2025, down from 1,054 employees the previous year[53] - As of September 30, 2025, the company has issued shares totaling 100% ownership, with significant holdings by directors: Mr. Feng Shaobo holds 54,359,000 shares (12.595%) and Mr. Zhu Yulun holds 87,435,000 shares (20.258%)[58] - Major shareholders include Sky Vision Investments Limited with 87,435,000 shares (20.258%), Guangzheng Xin Yan Charity Foundation Limited with 58,169,000 shares (13.478%), and Golden Rooster Limited with 54,359,000 shares (12.595%)[63] - The company did not repurchase any shares during the six months ending September 30, 2025, nor did it buy or sell any shares[64] Strategic Initiatives - The group plans to continue investing in digital platforms and artificial intelligence to enhance business innovation and operational efficiency[52] Other Comprehensive Income - Other comprehensive income included a foreign currency translation gain of HKD 265,000, compared to HKD 342,000 in the previous year[5]

Financial Performance - The consolidated revenue for the six months ended September 30, 2025, was approximately HKD 10,900,000, a decrease of about 51.3% compared to HKD 22,400,000 for the same period last year[3]. - The loss attributable to the owners of the company decreased from HKD 11,300,000 in the previous year to HKD 10,300,000 for the six months ended September 30, 2025[3]. - The gross profit for the six months ended September 30, 2025, was HKD 4,478,000, down from HKD 9,727,000 in the previous year[4]. - The total comprehensive loss for the six months ended September 30, 2025, was HKD 10,348,000, compared to HKD 11,517,000 in the previous year[5]. - The basic and diluted loss per share for the six months ended September 30, 2025, was HKD 1.86, compared to HKD 2.18 for the same period last year[4]. - The pre-tax loss for the six months ended September 30, 2025, was HKD 10,345,000, compared to a loss of HKD 11,352,000 for the same period in 2024[16]. - The operating gross profit margin was approximately 40.9%, down from 43.4% in 2024, indicating a stable performance despite market challenges[44]. Operating Expenses and Costs - Operating expenses for the period were HKD 11,246,000, compared to HKD 19,667,000 for the same period last year, indicating a reduction in costs[4]. - Total operating expenses decreased by approximately 42.8% to about HKD 11,200,000, down from HKD 19,700,000 in 2024, reflecting strategic adjustments in the retail portfolio[47]. - The company reported a significant increase in financing costs, with interest expenses on convertible bonds rising to HKD 2,747,000 from HKD 400,000 in the previous year[14]. - Financing costs increased by 136.1% to approximately HKD 3,500,000, up from HKD 1,500,000 in 2024, mainly due to increased interest expenses on convertible bonds[46]. Assets and Liabilities - Non-current assets decreased from HKD 10,335,000 as of March 31, 2025, to HKD 8,373,000 as of September 30, 2025[6]. - Current assets decreased from HKD 35,946,000 as of March 31, 2025, to HKD 27,480,000 as of September 30, 2025[6]. - The net current liabilities increased from HKD 111,230,000 as of March 31, 2025, to HKD 117,382,000 as of September 30, 2025[6]. - Total assets as of September 30, 2025, amounted to HKD 35,853,000, a decrease from HKD 46,281,000 as of March 31, 2025[32]. - Total liabilities as of September 30, 2025, were HKD 176,929,000, slightly down from HKD 177,009,000 as of March 31, 2025[33]. - The debt-to-asset ratio was 493% as of September 30, 2025, compared to 382% as of March 31, 2025, indicating increased leverage[50]. Revenue Segments - The restaurant segment reported a loss of HKD 2,783,000 for the six months ended September 30, 2025, compared to a loss of HKD 5,643,000 in the previous year, showing an improvement in losses[30]. - The photovoltaic segment generated revenue of HKD 2,616,000 for the six months ended September 30, 2025, with no revenue reported in the same period of 2024[30]. - The photovoltaic segment recorded revenue of HKD 15,113,000 as of September 30, 2025, with a focus on solar cells and related materials[36]. - The main customer in the photovoltaic segment, Customer A, contributed HKD 2,616,000 in revenue, representing over 10% of the group's total revenue[37]. Cash Flow and Investments - The net cash used in operating activities for the six months ended September 30, 2025, was HKD (8,840,000), compared to HKD (3,260,000) for the same period in 2024, indicating a significant increase in cash outflow[9]. - The company’s cash flow from investment activities was negative at HKD (7,000), a decrease from a positive cash flow of HKD 1,092,000 in the same period last year[9]. - The company has redirected HKD 13 million towards renewable energy and new materials R&D, including a strategic investment of RMB 7 million in a subsidiary[62]. - The remaining unutilized balance of approximately HKD 4.6 million for potential investment opportunities is expected to be fully utilized by December 31, 2026[63]. Employee and Management - The total compensation for directors and key management personnel for the six months ended September 30, 2025, is HKD 1,580,000, a decrease from HKD 1,687,000 in the previous year[27]. - As of September 30, 2025, the company has 29 full-time employees in Hong Kong and China, down from 42 as of March 31, 2025[57]. - The company has provided various employee benefits, including medical allowances and training subsidies, to enhance employee performance and retention[57]. Corporate Governance and Compliance - The audit committee, consisting of three independent non-executive directors, has reviewed the draft interim report and accounts for the six months ending September 30, 2025[82]. - The company has adopted a code of conduct regarding securities trading by directors, ensuring compliance with GEM listing rules[83]. - The company is committed to maintaining high standards of corporate governance and has adhered to the corporate governance code during the reporting period[84]. Shareholder Information - Major shareholder Hanbo Holdings Limited holds 296,887,066 shares, representing approximately 53.49% of the voting shares issued[68]. - Mr. Tang Shengming holds convertible bonds with an outstanding principal amount of HKD 40,000,000, which, if fully converted, would result in the issuance of 71,428,571 ordinary shares, equating to approximately 12.87% of the issued share capital as of September 30, 2025[70]. - The new share option scheme adopted on September 22, 2023, aims to incentivize eligible participants and enhance the company's long-term growth and profitability[72].

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 163,952,000, a decrease of 6.4% compared to HKD 175,934,000 for the same period in 2024[7] - The company reported a profit before tax of HKD 627,000, down 44.6% from HKD 1,133,000 in the previous year[7] - Total comprehensive income for the period was HKD 639,000, compared to HKD 1,315,000 in the same period last year, reflecting a decline of 51.5%[7] - Basic earnings per share for the period were HKD 0.12, down from HKD 0.21 in the previous year, a decrease of 42.9%[7] - For the six months ended September 30, 2025, the company reported a profit of HKD 627,000, a decrease of 44.5% compared to HKD 1,133,000 for the same period in 2024[28] - The group recorded a profit of approximately HKD 0.6 million, a decrease of about HKD 0.5 million or 44.7% compared to the previous period, primarily due to a significant drop in sales from warehousing and other value-added services[62] Income and Revenue Breakdown - Other income increased to HKD 2,560,000 from HKD 638,000, representing a significant growth of 301.3%[7] - Ground handling services revenue decreased to HKD 44,875,000 from HKD 50,376,000, while delivery services revenue increased to HKD 18,781,000 from HKD 14,669,000[19] - Revenue from warehousing and other value-added services decreased by HKD 22.6 million or 35.2%, from HKD 64.0 million to HKD 41.5 million[49] - Revenue from transportation services increased by approximately HKD 12.0 million or 25.5%, attributed to contributions from a new major customer[49] Assets and Liabilities - Non-current assets as of September 30, 2025, totaled HKD 47,567,000, an increase from HKD 42,342,000 as of March 31, 2025[9] - Current assets increased to HKD 63,891,000 from HKD 59,167,000, indicating a growth of 8.3%[9] - Total liabilities increased to HKD 65,298,000 from HKD 58,150,000, reflecting a rise of 12.4%[10] - The company's net assets as of September 30, 2025, were HKD 33,610,000, up from HKD 32,971,000 as of March 31, 2025[10] - The total trade receivables as of September 30, 2025, amounted to HKD 40,272,000, an increase from HKD 39,282,000 as of March 31, 2025[31] - Trade payables as of September 30, 2025, were HKD 28,320,000, an increase from HKD 27,355,000 as of March 31, 2025[37] - The company’s total liabilities as of September 30, 2025, were HKD 34,943,000, a decrease from HKD 36,389,000 as of March 31, 2025[37] Cash Flow and Financial Ratios - The operating cash flow for the six months ended September 30, 2025, was HKD 4,953,000, significantly up from HKD 2,390,000 in 2024, indicating improved operational efficiency[13] - The net cash and cash equivalents at the end of the period increased to HKD 12,305,000 from HKD 9,023,000 in the previous year, reflecting a positive cash flow trend[13] - The debt-to-equity ratio increased to approximately 117.4% as of September 30, 2025, from 86.9% as of March 31, 2025, due to new borrowings[67] - The group’s current ratio remained stable at approximately 1.0 as of September 30, 2025, with cash and cash equivalents totaling about HKD 12.3 million[71] Operational Focus and Future Outlook - The company continues to focus on enhancing operational efficiency and exploring new market opportunities to drive future growth[3] - The company is focusing on diversifying its customer base and enhancing relationships with stakeholders to mitigate reliance on any single customer[46] - Future outlook indicates potential recovery in the logistics industry in Q4 2025 and Q1 2026, supported by recent easing of trade tensions[47] Corporate Governance and Compliance - The company has adhered to the corporate governance code principles and provisions as per GEM Listing Rules Appendix C1 during the six months ended September 30, 2025[94] - The audit committee, established on March 23, 2020, has reviewed the unaudited condensed consolidated financial statements for the six months ended September 30, 2025, ensuring compliance with applicable accounting standards and GEM Listing Rules[96] - The company’s board and senior management have not reported any non-compliance with trading regulations during the six months ending September 30, 2025[81] Shareholder Information and Capital Structure - The company’s major shareholders include 3C Holding Limited with 62.5% ownership and Kwan Shing Limited with 5.7% ownership as of September 30, 2025[84] - The company’s issued and paid-up capital remained at HKD 5,280 thousand as of both September 30, 2025, and March 31, 2025[41] - As of September 30, 2025, the company has issued 528,000,000 shares, with no changes in its capital structure during the period[75] Dividends and Investments - The company did not declare or recommend any dividends for the six months ended September 30, 2025[27] - The company did not hold any significant investments or engage in major acquisitions or disposals during the six months ending September 30, 2025[78] - There were no stock options granted, exercised, expired, or lapsed under the stock option plan during the six months ending September 30, 2025[88] - The company did not purchase, sell, or redeem any of its listed securities during the six months ending September 30, 2025[89] Employee and Labor Costs - The company incurred total employee costs of HKD 23,233,000 for the six months ended September 30, 2025, slightly up from HKD 23,056,000 in the previous year[26] - Employee benefits expenses slightly increased from approximately HKD 23.1 million to about HKD 23.2 million, influenced by overall inflation and cost control measures[52] - Labor dispatch costs decreased by approximately HKD 10.1 million or 16.2% to about HKD 52.1 million, due to a decline in air cargo ground handling volume[53] Other Financial Information - The actual annual interest rate for bank and other borrowings as of September 30, 2025, was approximately 4.03%, down from 5.43% as of March 31, 2025[40] - The company’s bank borrowings increased to HKD 16,589 thousand as of September 30, 2025, from HKD 12,795 thousand as of March 31, 2025[39] - The average effective annual interest rate on borrowings decreased to approximately 4.0% from 5.4% in the previous period[65] - There were no significant contingent liabilities as of September 30, 2025[77] - There have been no significant events requiring disclosure from September 30, 2025, to the date of this interim report[97]

Financial Performance - For the six months ended September 30, 2025, the revenue was approximately HKD 55,993,000, a decrease of about 22% compared to HKD 72,141,000 in the same period last year[4] - The loss attributable to equity holders for the same period was approximately HKD 5,801,000, compared to a net loss of approximately HKD 480,000 in the previous year[4] - The operating loss for the six months was HKD 5,711,000, significantly higher than the operating loss of HKD 288,000 recorded in the previous year[7] - The company reported a basic and diluted loss per share of HKD 1.78 for the six months ended September 30, 2025, compared to HKD 0.15 in the previous year[7] - The company recorded a pre-tax loss of HKD 5,801,000 for the six months ended September 30, 2025, compared to a loss of HKD 480,000 in 2024[22] - The group’s revenue for the six months ended September 30, 2025, was approximately HKD 55,993,000, a decrease of about 22% compared to the same period last year[35] - Revenue from the rail transit business was approximately HKD 28,254,000, down about 29% from HKD 39,583,000 in the same period last year[35] - Revenue from the CRM business was approximately HKD 27,739,000, a decrease of about 15% from HKD 32,558,000 in the previous year[36] Cash Flow and Assets - The net cash used in operating activities was HKD 5,819,000, compared to HKD 2,077,000 in the same period last year[10] - The cash and cash equivalents decreased by HKD 2,295,000, ending at HKD 84,947,000 as of September 30, 2025[10] - Total assets less current liabilities amounted to HKD 73,677,000 as of September 30, 2025, down from HKD 77,145,000 as of March 31, 2025[8] - Trade receivables as of September 30, 2025, amounted to HKD 30,405,000, a decrease of 50% from HKD 60,824,000 as of March 31, 2025[29] - The total assets as of September 30, 2025, were reported at HKD 3,856,000 after accounting for additions and depreciation[28] - The net current assets of the group were approximately HKD 69,821,000 as of September 30, 2025[43] - The total borrowings of the group were approximately HKD 9,278,000, resulting in a capital debt ratio that is not applicable due to negative net debt[43] Equity and Liabilities - The total equity attributable to equity holders decreased to HKD 71,275,000 as of September 30, 2025, from HKD 77,145,000 as of April 1, 2025[11] - Trade payables as of September 30, 2025, were HKD 46,075,000, down from HKD 62,362,000 as of March 31, 2025[10] - The aging analysis of trade payables showed that amounts due within 90 days were HKD 17,103,000, down from HKD 22,781,000[10] - There were no significant contingent liabilities as of September 30, 2025[44] Operational Efficiency - The company incurred financial expenses of HKD 90,000 for the six months, down from HKD 192,000 in the previous year[7] - Depreciation for owned assets was HKD 29,000 for the six months ended September 30, 2025, down from HKD 57,000 in 2024[15] - Employee costs, including directors' remuneration, totaled HKD 9,582,000 for the six months ended September 30, 2025, slightly down from HKD 9,848,000 in 2024[15] - Sales expenses for the period were approximately HKD 3,573,000, a decrease of about 25% from HKD 4,742,000 in the previous year[37] Investments and Development - The total amount raised from the subscription was HKD 80.0 million, with a net amount of approximately HKD 79.0 million utilized by September 30, 2025[40] - The actual use of the funds includes HKD 30.0 million for existing vehicle information systems and HKD 41.1 million for the development of smart city projects[40] - The company has invested significant R&D resources to utilize AI technology to enhance operational safety and reduce costs[32] - The CRM business in the Greater Bay Area is supported by policies that facilitate cross-border service operations, providing a broad development space[33] - The company aims to achieve compliance with the "Cloud-based Call Center Technology Standards" by 2026, which will drive digital and intelligent transformation in the CRM business[34] Governance and Compliance - The company has adopted a set of code of conduct for directors regarding securities trading, confirming compliance with GEM Listing Rules from September 30, 2025, for a six-month period[49] - Throughout the review period, the company has applied and complied with the principles and all code provisions of the GEM Listing Rules Appendix C1 Corporate Governance Code[50] - The Audit Committee, consisting of three independent non-executive directors, has reviewed the unaudited performance for the six months ending September 30, 2025, and found it to be prepared in accordance with applicable accounting standards and relevant laws and regulations[54] - The company has confirmed that there are no interests or potential conflicts of interest in any business that directly or indirectly competes with the group as of the report date[52] Shareholder Information - The major shareholder, Li Jiancheng, holds 50.52% of the ordinary shares, while his spouse holds 11.87%[45] - The group has a total of 147 employees as of September 30, 2025, down from 154 employees in the previous year[42] - The group maintains a prudent financial policy, with excess cash deposited in banks for operational and investment funding[41] - The company did not declare an interim dividend for the six months ended September 30, 2025, consistent with the previous year[25]

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 24,007,000, a decrease of 9.1% compared to HKD 26,418,000 in the same period last year[3] - Gross profit for the same period was HKD 21,438,000, down 9.5% from HKD 23,698,000 year-on-year[3] - The company reported a profit attributable to shareholders of HKD 14,612,000, a significant recovery from a loss of HKD 55,758,000 in the previous year[3] - Operating profit for the period was HKD 15,481,000, compared to an operating loss of HKD 51,888,000 in the prior year[3] - Basic and diluted earnings per share for the period were HKD 5.27 cents, a recovery from a loss of HKD 20.11 cents per share in the previous year[3] - Total comprehensive income for the six months ended September 30, 2025, was HKD 23,955,000, compared to a total comprehensive income of HKD 14,612,000 for the same period in 2024[5] - The company reported a loss of HKD 55,758,000 for the six months ended September 30, 2025[5] Cash Flow and Investments - Cash generated from operating activities for the six months ended September 30, 2025, was HKD 2,607,000, a decrease from HKD 5,837,000 in the previous year[6] - Net cash used in investing activities for the six months ended September 30, 2025, was HKD 46,762,000, compared to HKD 39,927,000 in the same period of 2024[6] - The company reported a net cash decrease of HKD 49,412,000 for the six months ended September 30, 2025[6] - The company received interest income of HKD 6,554,000 during the six months ended September 30, 2025[6] - The fair value loss on investment properties was HKD 1,930,000, a substantial improvement from HKD 71,660,000 in the previous year[3] Assets and Liabilities - Total assets as of September 30, 2025, amounted to HKD 2,626,203,000, an increase from HKD 2,604,979,000 as of March 31, 2025[4] - Cash and cash equivalents stood at HKD 286,257,000, up from HKD 276,942,000 at the end of the previous reporting period[4] - The company’s total equity increased to HKD 2,543,046,000 from HKD 2,522,972,000[4] - The total liabilities under lease obligations decreased to HKD 149,000 as of September 30, 2025, from HKD 450,000 as of March 31, 2025, indicating a reduction of about 66.9%[31] - The total bank borrowings secured by assets amounted to HKD 40,218,000 as of September 30, 2025, down from HKD 41,729,000 as of March 31, 2025, indicating a reduction of approximately 3.6%[37] Shareholder Information - The company declared a proposed dividend of HKD 832,000 for the period[5] - The company declared an interim dividend of HKD 0.3 cents per share, totaling approximately HKD 832,000, consistent with the previous year's interim dividend[20] - As of September 30, 2025, major shareholder Chen Haishou holds 2,042,000 shares, representing 73.95% of the total issued share capital[71] - The controlled corporation Sow Pin Trust, through TMF (Cayman) Ltd., holds 172,440,896 shares, which accounts for 62.20% of the total issued share capital[73] - Noranger Company Limited, a controlled entity, holds 146,618,000 shares, representing 52.89% of the total issued share capital[71] - The company maintained a public float of 25% as of the report date[77] Operational Insights - The rental income occupancy rate for the period was 83%, an increase of 8% from the previous comparable period's 75.0%[66] - The group had no single customer contributing 10% or more to total revenue during the periods ended September 30, 2025, and September 30, 2024[15] - The group’s operations are primarily based in Hong Kong, with over 90% of its business and assets located there, thus no regional analysis is presented[14] Governance and Compliance - The audit committee reviewed the accounting policies and practices, including the unaudited interim financial statements for the six months ending September 30, 2025[78] - The company complied with all applicable corporate governance code provisions, except for the separation of the roles of chairman and CEO[79] - All directors confirmed compliance with the standard code of conduct for securities transactions during the six-month period ending September 30, 2025[80]

Revenue Performance - For the six months ended September 30, 2025, total revenue was HK$33,462,000, a decrease of 2.8% compared to HK$34,437,000 for the same period in 2024[17]. - Sales of alcoholic beverages contributed HK$9,907,000, up from HK$9,701,000, reflecting a growth of 2.1%[17]. - Loan financing services generated revenue of HK$23,555,000, down 4.8% from HK$24,736,000 in the previous year[17]. - Other income decreased to HK$865,000 from HK$2,115,000, a decline of 59.1%, impacting overall profitability[17]. - The Group's revenue for the six months ended 30 September 2025 decreased by approximately 2.6% to approximately HK$33.5 million compared to HK$34.4 million in 2024[175]. - Revenue from the Loan Financing Business decreased by approximately 4.5% to approximately HK$23.6 million, down from HK$24.7 million in 2024, with a segment profit decrease of approximately 37.0% to HK$7.5 million[179]. - Revenue from the Wine Business increased by approximately 2.1% to approximately HK$9.9 million, up from HK$9.7 million in 2024, but the segment loss increased by approximately 107.7% to HK$2.7 million[178]. Financial Losses - Loss before tax for the period was HK$4,778,000, compared to a loss of HK$2,377,000 in the same period last year[17]. - The loss for the period amounted to HK$6,268,000, compared to a loss of HK$5,298,000 in the previous year, indicating a worsening financial position[17]. - For the six months ended September 30, 2025, the loss attributable to owners of the Company was HK$9,646,000, compared to a loss of HK$6,885,000 for the same period in 2024, representing an increase in loss of approximately 40.5%[18]. - The net loss for the period attributable to the owners of the Company was HK$9,646,000, compared to a loss of HK$6,885,000 in the previous year, representing an increase in loss of 40.5%[78]. - The Group's loss for the Period was approximately HK$6.3 million, an increase of approximately HK$1.0 million compared to the loss of HK$5.3 million in 2024[176]. Impairment and Credit Risk - The net impairment recognized on loan and interest receivables rose significantly to HK$8,110,000 from HK$3,903,000, indicating increased credit risk[17]. - The Group recognized an increase in net impairment on loan and interest receivables of approximately HK$4.2 million during the Period[176]. - A net impairment loss of approximately HK$8.1 million was recognized during the period, compared to HK$3.9 million in 2024[188][191]. - The Group employs an Expected Credit Loss (ECL) model for impairment assessment, considering historical default experience and future macro-economic conditions[186][189]. Assets and Liabilities - Non-current assets increased to HK$43,439,000 as of September 30, 2025, up from HK$21,703,000 as of March 31, 2025, reflecting a growth of approximately 100.5%[19]. - Current assets decreased to HK$302,268,000 from HK$315,284,000, a decline of about 4.1%[19]. - Net current assets decreased to HK$107,087,000 from HK$127,703,000, representing a decrease of approximately 16%[20]. - Total consolidated assets increased to HK$345,707,000 from HK$336,987,000, marking a growth of 3.43%[57]. - Total segment assets as of September 30, 2025, were HK$280,565,000, down from HK$305,320,000 as of March 31, 2025[57]. - The total loan and interest receivables decreased to HK$253,745,000 as of September 30, 2025, down 8.3% from HK$276,805,000 as of March 31, 2025[82]. - The Group held collaterals valued at approximately HK$249,443,000 as of September 30, 2025, a decrease from HK$338,580,000 as of March 31, 2025[86]. Cash Flow and Financing - Net cash from operating activities increased to HK$36,958,000 for the six months ended September 30, 2025, compared to a net cash outflow of HK$16,874,000 in the same period of 2024[27]. - Cash and cash equivalents at the end of the period rose to HK$55,819,000, up from HK$13,316,000 at the end of the previous year[27]. - The Group's net cash used in financing activities decreased to HK$4,445,000 from HK$7,620,000 year-over-year[27]. - The Company’s bank balances and cash increased significantly to HK$55,819,000 from HK$22,316,000, marking an increase of approximately 150%[19]. Share Options and Equity - The Company reported a basic and diluted loss per share of HK$1.55 for the period, compared to HK$1.10 in the previous year, reflecting an increase in loss per share of approximately 41%[18]. - The total remuneration for directors and key management during the six months ended September 30, 2025, is HK$1,836,000, a decrease of 42.9% from HK$3,183,000 in the same period of 2024[135]. - The company has issued a total of 623,127,227 ordinary shares as of September 30, 2025, maintaining the same number since April 1, 2024[128]. - The total number of share options outstanding as of April 1, 2025, was 48,470,000, which decreased to 48,250,000 by September 30, 2025[167]. - The weighted average exercise price of the share options as of September 30, 2025, was HK$11.8[167]. Corporate Governance and Compliance - The Group's financial statements are prepared in accordance with Hong Kong Accounting Standards and comply with the GEM Listing Rules[33]. - The interim financial statements have not been reviewed or audited by the independent auditor but have been reviewed by the audit committee[38]. - The Group has applied new amendments to HKFRS Accounting Standards, which had no material impact on financial performance for the current and prior periods[37].

Altus Holdings Limited 浩德控股有限公司 於開曼群島註冊成立之有限公司 股份代號 : 8149 2026 財政年度中期報告 香港聯合交易所有限公司（「聯交所」）GEM特色 GEM之定位乃為較其他於聯交所上市的公司帶有較高投資風險的中小型公司提供一個上市市 場。有意投資者應了解投資於該等公司的潛在風險，並應經過審慎周詳考慮後方作出投資決定。 由於GEM上市公司一般為中小型公司，於GEM買賣的證券可能會較於主板買賣的證券承受較 大的市場波動風險，同時無法保證於GEM買賣的證券會有高流通量的市場。 本報告（浩德控股有限公司（「本公司」）各董事（「董事」）共同及個別對此負全責）乃遵照聯交所 GEM證券上市規則（「GEM上市規則」）的規定而提供有關本公司的資料。董事經作出一切合理 查詢後確認，就彼等所深知及確信，本報告所載資料在各重大方面均屬準確及完整，且無誤導 或欺詐成分；及並無遺漏任何其他事項致使本報告或其所載任何陳述產生誤導。 － 於二零二五年九月三十日之日圓兌港元匯率高於二零二五年三月三十一日。因此，本集 團於二零二六財政年度上半年就日本境外業務換算產生匯兌收益5,300,000港元。 － ...

Revenue and Profitability - The Group's revenue for the Period was approximately HK$217.7 million, a decrease of approximately HK$169.8 million or 43.8% compared to approximately HK$387.5 million for the Previous Period due to project delays and a downturn in the construction market [17]. - Profit for the period decreased by approximately HK$13.5 million, primarily due to a decrease in gross profit of approximately HK$21.3 million [27]. - Revenue for the six months ended September 30, 2025, was HK$217,711,000, a decrease of 43.7% compared to HK$387,480,000 for the same period in 2024 [80]. - Gross profit for the period was HK$35,875,000, down 37.5% from HK$57,190,000 in the previous year [80]. - Profit for the period was HK$11,635,000, representing a decline of 53.7% compared to HK$25,085,000 in 2024 [80]. - Total comprehensive income for the period was HK$12,215,000, down 52.3% from HK$25,673,000 in the prior year [80]. Expenses and Cost Management - Administrative and other operating expenses decreased by approximately HK$5.1 million or 18.4% to approximately HK$22.6 million for the Period, mainly due to savings from Directors' discretionary bonuses [19]. - Finance costs for the Period were approximately HK$0.6 million, a decrease of approximately 50.0% compared to approximately HK$1.2 million for the Previous Period, due to reduced bank borrowings [20]. - Employee benefit expenses totaled HK$40,977,000, down 6.1% from HK$43,645,000 in the previous year [119]. - The total employee benefit expenses for the six months ended 30 September 2025 were approximately HK$41.0 million, down from HK$43.6 million in the same period last year [48]. Financial Position and Ratios - The Group's current ratio improved to approximately 3.0 times as of 30 September 2025, up from approximately 2.4 times as of 31 March 2025 [31]. - Net current assets were approximately HK$235.2 million as of 30 September 2025, compared to approximately HK$243.4 million as of 31 March 2025 [34]. - The gearing ratio decreased to 4.2% as of 30 September 2025, down from approximately 5.0% as of 31 March 2025 [33]. - Total equity as of September 30, 2025, was HK$256,905,000, a decrease from HK$261,398,000 as of March 31, 2025 [81]. Market Conditions and Strategic Initiatives - The construction sector in Hong Kong experienced an 18.6% decrease in the Gross Value of Construction Works performed by main contractors at private sector sites compared to the same period last year [12]. - The market shows signs of potential recovery, supported by recent interest rate cuts and government initiatives to develop partnerships with the Middle East [12]. - The Group plans to adopt a prudent fiscal strategy, including resource integration and a reduction in headcount, to manage costs during the economic recovery [13]. - The Group's strategic initiatives include streamlining operations to adapt to the challenging market conditions [13]. Shareholder Information and Governance - The Group did not recommend any interim dividend for the six months ended 30 September 2025, compared to HK$4.0 cents per ordinary share in the previous year [47]. - The Company confirmed compliance with the Corporate Governance Code throughout the period, maintaining high standards of governance practices [71]. - There were no significant transactions or contracts involving Directors or controlling shareholders were reported during the period [66][70]. Segment Information - Segment revenue for Structural Engineering Works was HK$195,283,000, while revenue from Supply, Installation and Trading of Building Material Products was HK$22,428,000, totaling HK$217,711,000 for the six months ended September 30, 2025 [99]. - Segment profit for Structural Engineering Works was HK$20,987,000, and for Supply, Installation and Trading of Building Material Products it was HK$2,440,000, resulting in a total segment profit of HK$23,427,000 [99]. Cash Flow and Investments - Net cash used in operating activities for the six months ended September 30, 2025, was HK$28,465,000, compared to net cash generated of HK$16,527,000 in 2024, reflecting a negative change of HK$45,000,000 [84]. - Cash and cash equivalents at the end of the period on September 30, 2025, were HK$68,652,000, down from HK$132,701,000 at the end of September 30, 2024, a decrease of 48.3% [84]. - The company reported a net cash outflow from investing activities of HK$3,360,000 for the six months ended September 30, 2025, compared to a net inflow of HK$2,807,000 in 2024 [84]. Compliance and Legal Matters - The company has established an audit committee to ensure compliance with applicable accounting standards and adequate disclosures [73]. - There are no pending legal cases with material claims against the Group as of September 30, 2025 [152]. - No provisions have been made for the Group's obligations under guarantees, as it is unlikely that the bank will claim losses [151].

Financial Performance - For the six months ended September 30, 2025, the Group recorded unaudited consolidated revenue of HK$770.8 million, a decrease of 21.7% from HK$984.3 million for the same period last year [15]. - The unaudited consolidated loss for the Group was HK$274.6 million, compared to a net loss of HK$193.1 million for the same period in 2024 [16]. - The loss was primarily due to a loss on disposal of approximately HK$182.1 million from The Connaught hotel and a net revaluation loss of approximately HK$84.6 million on properties held by the Group and joint ventures [16]. - The operating result, excluding the aforementioned losses, was a profit of HK$15.9 million for the six months ended September 30, 2025, down from HK$23.0 million in 2024 [16]. - The basic loss per share for the six months ended September 30, 2025, was HK25.6 cents, compared to HK18.0 cents for the corresponding period last year [17]. - The Board resolved not to declare an interim dividend for the six months ended September 30, 2025, consistent with the previous year [18]. Revenue Breakdown by Division - Revenue from the Construction Division for the six months ended September 30, 2025, was HK$623.5 million, down from HK$736.2 million in the same period last year [24]. - The revenue of the Interior and Renovation Division for the six months ended September 30, 2025, was HK$65.2 million, a decrease of 49.6% compared to HK$129.4 million for the same period in 2024 [30][31]. - The Building Materials Division recorded revenue of HK$73.6 million for the six months ended September 30, 2025, down from HK$80.3 million in the same period of 2024, representing a decline of 8.4% [36][37]. - The Property Development Division reported no revenue for the six months ended September 30, 2025, consistent with the same period in 2024 [46][51]. - The Property Investment Division recorded a revenue of HK$27.3 million for the six months ended 30 September 2025, down from HK$35.6 million for the same period in 2024 [57]. - The Property Agency and Management Division's revenue increased significantly to HK$22.2 million for the period under review, compared to HK$7.4 million for the six months ended 30 September 2024 [61]. - The Health Products Division recorded a revenue of HK$6.0 million for the six months ended 30 September 2025, slightly down from HK$6.1 million for the same period in 2024 [64]. Construction and Development Projects - Major construction works completed during the period included projects at No. 57A Nga Tsin Wai Road and Hong Kong Science Park Expansion Stage 2 [26]. - A total of 222 Sale and Purchase Agreements have been signed for the property development in Haining, Zhejiang Province, with all units delivered to customers [47][51]. - The development of the residential project at So Kwun Wat, Tuen Mun, is ongoing, with design modifications being explored in response to market changes [48]. - The residential project at No. 57A Nga Tsin Wai Road, Kowloon Tong, has been completed, and the sales program was launched in October 2025 [49]. - A land exchange application for the residential project at Tong Yan San Tsuen in Yuen Long was completed in April 2021, and development is in progress [50]. Financial Position and Liquidity - The Group's total bank balances and cash were HK$327.5 million as of September 30, 2025, down from HK$477.7 million on March 31, 2025 [88]. - The current ratio decreased from 1.39 times as of March 31, 2025, to 0.96 times as of September 30, 2025 [88]. - The Group has access to bank facilities totaling HK$3,182.6 million, with HK$1,888.9 million in bank loans drawn down as of September 30, 2025 [89]. - The Group's liquidity position is expected to remain healthy, with sufficient financial resources to meet obligations and future development requirements [90]. - The Group's total bank loans amounted to HK$1,888.9 million as of September 30, 2025, compared to HK$1,931.0 million as of March 31, 2025 [94]. - The gearing ratio increased to 48.9% as of September 30, 2025, from 42.0% as of March 31, 2025 [95]. Impairment and Loans - An impairment loss of HK$217.6 million was recognized on loans to joint ventures under the expected credit loss model during the period [105]. - The recoverability of loans to joint ventures is heavily dependent on the net realizable value of properties held by the joint ventures [98]. - The independent property valuer noted a decline in asset values due to increased interest rates and a downturn in the Hong Kong property market [102]. Economic Outlook - The Hong Kong economy is gradually rebounding, supported by easing monetary policy and increased cross-border integration with the Greater Bay Area [74]. - China's real GDP grew by 4.8% year-on-year in the first three quarters of 2025, slightly below the government's target of 5% [71]. - The government plans to provide approximately 410,000 public housing units over the next 10 years, exceeding the projected demand of 308,000 units [78]. Shareholder Information - As of September 30, 2025, the total number of issued shares of the Company was 1,073,074,676 shares [129]. - The beneficial ownership of Cha Mou Daid, Johnson includes 14,155,500 shares and 539,500,961 shares held under discretionary trusts, totaling 553,656,461 shares, which represents approximately 51.59% of issued shares [128]. - Wong Sue Toa, Stewart holds 48,704,157 shares as a beneficial owner and has an additional interest of 4,270,975 shares through a controlled corporation, totaling 58,460,619 shares, which is approximately 5.44% of issued shares [128]. - As of September 30, 2025, no options have been granted under the Company's share option scheme since its adoption on August 25, 2020 [131]. Employee and Governance - The Group's staff costs for the six months ended September 30, 2025, amounted to HK$99.1 million, an increase from HK$91.2 million for the same period in 2024 [146]. - The Group had 489 employees as of September 30, 2025, down from 548 employees a year earlier [146]. - The Company has complied with all applicable code provisions of the Corporate Governance Code, except for the absence of the Chairman at the annual general meeting [147].