Financial Performance - The group's revenue decreased from approximately HK$60,600,000 for the six months ended September 30, 2024, to approximately HK$58,900,000 for the six months ended September 30, 2025, a decline of about HK$1,700,000 or approximately 2.8%[11] - The group recorded a gross profit of approximately HK$35,300,000 for the six months ended September 30, 2025, down about 5.3% from HK$37,200,000 for the same period in 2024[11] - Profit attributable to owners of the company for the six months ended September 30, 2025, was approximately HK$3,200,000, a decrease of about 43.7% compared to HK$5,700,000 for the same period in 2024[11] - The total comprehensive income for the six months ended September 30, 2025, was approximately HK$3,157,000, down from HK$6,340,000 for the same period in 2024[12] - Basic and diluted earnings per share for the six months ended September 30, 2025, were HK$0.29, compared to HK$0.51 for the same period in 2024[12] - Segment profit for the same period was HKD 3,223, down 43.8% from HKD 5,734 in 2024[25] - The group's net profit decreased from approximately HKD 5,700,000 for the six months ended September 30, 2024, to approximately HKD 3,200,000 for the six months ended September 30, 2025, representing a decline of about HKD 2,500,000 or approximately 43.7%[58] - The group's profit margin fell from approximately 9.4% for the six months ended September 30, 2024, to approximately 5.5% for the six months ended September 30, 2025[58] Dividends - The board declared an interim dividend of HK$0.3 per share for the six months ended September 30, 2025, totaling approximately HK$3,400,000, compared to HK$0.4 per share and approximately HK$4,500,000 for the same period in 2024[11] - The board proposed a special dividend of HK$0.025 per share, totaling approximately HKD 28,000,000, to be paid to shareholders on October 31, 2025[10] - The company declared dividends of HKD 8,960,000 during the period, consistent with the previous year[15] - The company declared an interim dividend of HKD 0.003 per share for the six months ended September 30, 2025, totaling approximately HKD 3,400,000, down from HKD 4,500,000 for the same period in 2024[71] - The board declared a special dividend of HKD 0.026 per share, totaling approximately HKD 29,100,000, to be paid on May 9, 2025[72] - A second special dividend of HKD 0.025 per share, totaling approximately HKD 28,000,000, is proposed for shareholders on record as of October 17, 2025[72] Expenses - The group incurred selling and distribution expenses of approximately HK$15,553,000 for the six months ended September 30, 2025, compared to HK$15,764,000 for the same period in 2024[12] - Administrative and operating expenses increased to approximately HK$17,117,000 for the six months ended September 30, 2025, from HK$16,789,000 for the same period in 2024[12] - Total employee benefits expenses increased to HKD 16,388 from HKD 15,088 in the previous year, reflecting a rise of 8.6%[30] - Employee costs for the six months ended September 30, 2025, amounted to approximately HKD 16,400,000, an increase from HKD 15,100,000 for the same period in 2024[74] Revenue Sources - Retail store sales contributed HKD 40,992,000, down from HKD 46,772,000, reflecting a decline of 12.0% year-over-year[22] - Online store sales increased to HKD 16,996,000, up 47.7% from HKD 11,508,000 in the previous year[22] - Revenue from external sales for the six months ended September 30, 2025, was HKD 58,897, a decrease of 2.8% from HKD 60,600 in the same period of 2024[25] - Skincare products generated revenue of HKD 37,139, a decline of 9.7% from HKD 41,146 in 2024[27] Cash Flow and Assets - The net cash generated from operating activities for the six months was HKD 11,016,000, compared to HKD 12,060,000 in the prior year[17] - The company reported a net cash outflow of HKD 20,009,000 in cash and cash equivalents, compared to a decrease of HKD 5,737,000 in the same period last year[17] - The total assets less current liabilities amounted to HKD 101,819,000, a decrease from HKD 106,681,000 as of March 31, 2025[14] - The company's net asset value as of September 30, 2025, was HKD 98,509,000, down from HKD 104,312,000 as of March 31, 2025[14] - The company’s total non-current assets were HKD 78,132,000, a decrease from HKD 89,720,000 as of March 31, 2025[14] - The total non-current assets as of September 30, 2025, amounted to HKD 69,351, slightly down from HKD 69,713 as of March 31, 2025[28] - The company’s lease liabilities increased to HKD 9,209,000, up from HKD 8,862,000 in the previous period[14] - As of September 30, 2025, the group's current assets net value was HKD 23,700,000, an increase from HKD 17,000,000 as of March 31, 2025, resulting in a current ratio of 2.2[59] Governance and Compliance - The board and senior management hold significant interests in the company, with Ms. Yuan Mi Ming holding 786,530,000 shares, representing 70.23% of the company[77] - Prime Era Holdings, fully owned by Ms. Yuan Mi Ming, holds 786,530,000 shares, also representing 70.23% of the company[80] - The company has established a remuneration committee to review the compensation policies for employees and senior management based on performance and market practices[73] - The company has adopted the corporate governance code as per GEM Listing Rules, ensuring transparency and accountability in its operations[84] - The company deviated from the corporate governance code regarding the separation of roles between the Chairman and CEO, with the same individual holding both positions, which the board believes is in the best interest of the group[85] - An audit committee has been established, consisting of three independent non-executive directors, to oversee financial reporting and risk management[88] Other Information - The group operates nine retail stores under the "MI MING MART" brand, focusing on beauty and health products[48] - The group aims to enhance competitiveness through a rich product mix and expansion of e-commerce operations[49] - The company has no significant capital commitments or contingent liabilities as of September 30, 2025[66][67] - The company has no major investment or capital asset plans as of September 30, 2025[76] - There were no significant acquisitions or disposals of subsidiaries or associated companies during the six months ended September 30, 2025[75] - There were no stock options granted under the company's stock option plan as of the interim report date[74] - The company has a stock option plan approved on January 23, 2018, with a total of 112,000,000 shares available for grant as of September 30, 2025, representing approximately 10% of the issued ordinary shares at the time of listing[81] - All directors confirmed compliance with the trading standards set forth in GEM Listing Rules for the six months ending September 30, 2025[82] - There were no interests held by directors or controlling shareholders in any competing businesses during the six months ending September 30, 2025[83] - The company has no foreign currency hedging policy but monitors foreign exchange risks closely[61] - No purchase, sale, or redemption of the company's listed securities occurred during the six months ending September 30, 2025[86] - The ex-dividend date for the interim dividend is December 16, 2025, with the payment date set for January 9, 2026[87]

Financial Performance - For the six months ended September 30, 2025, the company reported revenue of approximately HKD 391.3 million, an increase of 8.1% from HKD 362.1 million for the same period in 2024[4]. - Gross profit for the same period was approximately HKD 69.0 million, a decrease of 2.5% from HKD 70.7 million in the previous year[4]. - The company recorded a net profit attributable to shareholders of approximately HKD 26.0 million, compared to a net loss of HKD 1.2 million in the prior year[4]. - Adjusted profit attributable to shareholders, excluding fair value changes, was approximately HKD 6.3 million, down from HKD 9.7 million in the previous year[4]. - Total revenue for the six months ended September 30, 2025, was HKD 391,294,000, representing an increase of 8.1% from HKD 362,101,000 in 2024[19]. - The company reported basic and diluted earnings per share of HKD 2.59, compared to a loss per share of HKD 0.12 in the previous year[6]. - The company reported a pre-tax profit of HKD 26,760,000 for the six months ended September 30, 2025, compared to HKD 1,411,000 for the same period in 2024[29]. - Profit attributable to owners of the company was approximately HKD 26.0 million in the first half of FY2026, a turnaround from a loss of about HKD 1.2 million in the first half of FY2025[55]. Revenue Breakdown - Revenue from network security products was HKD 154,791,000, slightly up from HKD 153,498,000 in 2024, while revenue from network security services increased to HKD 236,503,000 from HKD 208,603,000[19]. - The revenue from the Hong Kong market increased to HKD 366,266,000, up from HKD 330,042,000 in the previous year, reflecting a growth of 10.9%[27]. - The segment performance for digital assets was HKD 20,926,000, while cybersecurity product and service businesses generated HKD 236,503,000, contributing to a total segment performance of HKD 83,064,000[24]. Cash Flow and Assets - Operating cash flow for the six months ended September 30, 2025, was HKD 6,351,000, a decrease from HKD 35,818,000 in the previous year[12]. - The company’s cash and cash equivalents at the end of the period were HKD 82,540,000, down from HKD 47,456,000 a year earlier[12]. - The company incurred a net cash outflow of HKD 7,236,000 from financing activities, compared to HKD 43,159,000 in the previous year[12]. - Total assets as of September 30, 2025, were approximately HKD 638.99 million, compared to HKD 599.51 million as of March 31, 2025[7]. - Current liabilities were approximately HKD 479.28 million, slightly increased from HKD 475.47 million in the previous period[8]. - The company’s total equity as of September 30, 2025, was HKD 212,418,000, up from HKD 186,512,000 at the beginning of the period[10]. Expenses and Profitability - The company reported a decrease in administrative and other expenses to HKD 38,682,000 for the six months ended September 30, 2025, from HKD 35,498,000 in the previous year[24]. - Distribution and selling expenses decreased by approximately 9.4% from HKD 20.4 million in the first half of FY2025 to about HKD 18.5 million in the first half of FY2026[53]. - Administrative and other expenses increased by approximately 6.1% from HKD 36.5 million in the first half of FY2025 to about HKD 38.7 million in the first half of FY2026[54]. - Other income and losses netted approximately HKD 19.7 million in the first half of FY2026, compared to a loss of about HKD 10.9 million in the first half of FY2025[52]. Share and Incentive Plans - The total number of shares available for grant under the share incentive plan is capped at 10% of the total issued shares, amounting to 101,225,700 shares[72]. - A total of 8,320,000 shares were granted under the original share incentive plan prior to the first half of fiscal year 2026[75]. - No shares were granted, allocated, issued, vested, cancelled, or lapsed under the share incentive plan during the first half of fiscal year 2026[76]. - The share incentive plan aims to recognize contributions from eligible participants and attract suitable individuals for the company's growth[71]. - The stock option plan allows eligible participants to be granted options to purchase shares as an incentive for their contributions to the group[78]. - The total number of stock options granted under all share plans during the first half of the fiscal year 2026 was zero, indicating no new options were issued[84]. Corporate Governance - The audit committee consists of three independent non-executive directors who reviewed the financial statements for the first half of the fiscal year 2026[6]. - The company has adhered to corporate governance practices, except for a deviation regarding the separation of roles between the Chairman and CEO[9]. - There are no interests held by directors or controlling shareholders that compete directly or indirectly with the company's business[10].

Stock Options - Kinetix Systems Holdings Limited reported zero stock options available for grant under its stock option plan as of January 1, 2024, and December 31, 2024[3] Board Confirmation - The company’s board of directors confirmed that the information in the announcement is accurate and complete, with no misleading or fraudulent elements[4] Compliance and Disclosure - The announcement is published in accordance with GEM listing rules to provide information about the company[4]

Revenue and Profitability - For the six months ended September 30, 2025, the group's revenue from travel-related products and services decreased by 18.7% to HKD 137.5 million, and gross profit fell by 36.2% to HKD 18 million compared to the same period in 2024[9]. - The revenue from travel packages and related services decreased by approximately 30% to about HKD 1.4 million, primarily due to a decline in sales of one-day tours in Japan[15]. - The total revenue for the six months ended September 30, 2025, was HKD 140.1 million, down from HKD 182.0 million in the same period of 2024[12]. - The gross profit for the same period was HKD 20.1 million, a decrease from HKD 31.8 million in 2024[12]. - The group’s revenue from the travel group segment was HKD 137.5 million, down from HKD 169.1 million in the previous year[13]. - The group’s gross profit from the travel group segment was HKD 18 million, down from HKD 28.2 million in the previous year[13]. - The group reported minimal revenue from free travel products, indicating low profitability due to intense competition among airlines and hotel booking platforms[14]. - The group reported a total loss before tax of HKD (3,815,000) for the six months ending September 30, 2025[70]. - The company reported a net loss attributable to owners of the company of HKD 3,788,000 for the period, compared to a loss of HKD 533,000 in the previous year[50]. - Basic and diluted loss per share for continuing operations was HKD 0.55, compared to HKD 0.03 in the same period last year[48]. Operational Performance - The group experienced a significant impact on travel bookings during a peak season (July and August) due to concerns over a predicted disaster in Japan, leading to a drop in customer confidence[10]. - The company's retail business revenue decreased from HKD 9.3 million to HKD 0.5 million for the six months ending September 30, 2025, due to the decision to terminate retail operations by March 17, 2025[16]. - Sales expenses decreased by 39.6% to approximately HKD 9.5 million for the six months ending September 30, 2025, primarily due to reduced advertising and employee welfare expenses[17]. - Administrative expenses decreased by 6.2% to approximately HKD 16.4 million for the six months ending September 30, 2025, mainly due to a reduction in the depreciation of right-of-use assets[18]. - The group's loss increased by 549% to approximately HKD 3.8 million for the six months ending September 30, 2025, compared to the same period in 2024[19]. - Operating loss increased to HKD 3,824,000 from HKD 52,000 in the previous year, indicating a significant decline in operational performance[47]. - Net cash flow from operating activities was negative at HKD 3,076,000, compared to a positive cash flow of HKD 9,905,000 in the prior year[52]. Financial Position - The group's cash and cash equivalents amounted to approximately HKD 72.5 million as of September 30, 2025, up from HKD 71.5 million as of March 31, 2025[19]. - The current ratio as of September 30, 2025, was 1.7 times, unchanged from March 31, 2025[19]. - The asset-liability ratio increased from 1.9% as of March 31, 2025, to 3.1% as of September 30, 2025, due to an increase in amounts payable to non-controlling shareholders[21]. - Total assets as of September 30, 2025, were HKD 110,887,000, a slight increase from HKD 108,363,000 as of March 31, 2025[49]. - Current liabilities increased to HKD 64,310,000 from HKD 62,573,000, reflecting a rise in financial obligations[49]. - The carrying amount of property, plant, and equipment decreased to HKD 2,005,000 as of September 30, 2025, from HKD 2,466,000 at the beginning of the period, a reduction of approximately 19%[85]. - Intangible assets decreased to HKD 203,000 as of September 30, 2025, from HKD 243,000 at the beginning of the period, reflecting a decrease of approximately 16%[86]. - The total accounts receivable as of September 30, 2025, was HKD 6,000, down from HKD 102,000 at the end of March 2025, representing a decline of approximately 94%[89]. - Accounts payable increased significantly to 7,422,000 HKD thousand from 5,044,000 HKD thousand, with 1 to 30 days overdue accounts rising to 4,280,000 HKD thousand[97]. Strategic Outlook - The group plans to continue exploring various opportunities to diversify its business portfolio and enhance future profitability[10]. - The group remains confident that tourism to Japan will eventually recover, maintaining a positive outlook on its outbound travel, sightseeing, and hotel business[10]. - The company aims to drive business performance towards profitability as outbound tourism continues to thrive and will seek diversification in other industries to expand revenue sources[34]. Corporate Governance and Compliance - The company has complied with all provisions of the corporate governance code as of September 30, 2025[44]. - The audit committee, consisting of three independent non-executive directors, reviews the company's financial information and internal control systems[46]. - The group did not incur any taxable profits in Hong Kong for the periods ended September 30, 2025, and 2024, resulting in no provision for Hong Kong profits tax[78]. - The group did not recommend the payment of an interim dividend for the six months ended September 30, 2025, consistent with the previous year[84]. Shareholder Information - The company issued 136,119,000 new ordinary shares at a subscription price of HKD 0.0306 per share on August 22, 2025, raising approximately HKD 4 million to support promotional activities in the travel industry[19]. - Major shareholders include ASPECT, Inc. with 136,119,000 shares (16.67%) and Zonghengyou Investment Holdings Limited with 100,000,000 shares (12.24%) as of September 30, 2025[39]. - A total of 68,059,000 share options are available for grant under the 2024 Share Option Scheme as of September 30, 2025[37]. Risk Management - The group continues to face financial risks, including foreign exchange risk, credit risk, and liquidity risk, with no significant changes in risk management policies since the last year-end[61]. - The fair value of financial instruments is estimated based on observable market data, with no transfers between levels during the reporting period[64]. - The group’s financial assets and liabilities have short maturities, resulting in their carrying amounts being similar to fair values[62].

Financial Performance - Total revenue for the six months ended September 30, 2025, was HKD 16,962,000, a decrease of 36.9% compared to HKD 26,725,000 for the same period in 2024[11] - Other income for the same period was HKD 287,000, down from HKD 636,000, reflecting a decline of 54.8%[11] - The total comprehensive loss attributable to owners of the company for the period was HKD 9,364,000, compared to a profit of HKD 931,000 in the previous year[11] - The company reported a loss before tax of HKD 9,256,000, a significant decline from a profit of HKD 1,044,000 in the prior year[11] - The company reported a net loss of HKD 9,364 thousand for the six months ended September 30, 2025, compared to a profit of HKD 931 thousand for the same period in 2024[13] - Revenue from commission income as a futures non-clearing broker was HKD 16,962 thousand for the six months ended September 30, 2025, down 36.9% from HKD 26,725 thousand in 2024[20] - Revenue for the six months ended September 30, 2025, decreased to approximately HKD 17.0 million, a decline of about 36.3% compared to HKD 26.7 million for the same period in 2024[42] - The group recorded a loss of approximately HKD 9.4 million for the six months ended September 30, 2025, compared to a profit of HKD 0.1 million for the same period in 2024, primarily due to a decrease in revenue and an increase in impairment losses[50] Expenses and Costs - Employee costs decreased to HKD 15,398,000 from HKD 17,331,000, representing a reduction of 11.2%[11] - Financing costs increased to HKD 115,000 from HKD 53,000, indicating a rise of 117%[11] - Other operating expenses decreased from approximately HKD 8.2 million for the six months ended September 30, 2024, to approximately HKD 6.5 million for the six months ended September 30, 2025, a decline of about 20.7%[48] - The total remuneration for key management personnel for the six months ended September 30, 2025, was HKD 6.5 million, down from HKD 9.8 million for the same period in 2024[40] Assets and Liabilities - As of September 30, 2025, the company's total assets amounted to HKD 81,964 thousand, a decrease from HKD 93,100 thousand as of March 31, 2025[12] - The company's total equity decreased to HKD 76,336 thousand as of September 30, 2025, from HKD 85,700 thousand as of March 31, 2025[12] - Non-current assets totaled HKD 1,509 thousand as of September 30, 2025, down from HKD 5,955 thousand as of March 31, 2025[12] - The company's current liabilities were HKD 4,537 thousand as of September 30, 2025, slightly down from HKD 4,554 thousand as of March 31, 2025[12] - The company’s retained earnings decreased to HKD 20,624 thousand as of September 30, 2025, from HKD 29,988 thousand as of April 1, 2025[13] - Trade receivables as of September 30, 2025, were HKD 6,551,000, slightly down from HKD 6,655,000 as of March 31, 2025[32] Impairment and Provisions - Impairment losses recognized on right-of-use assets amounted to HKD 3,246,000, with no such losses reported in the previous year[11] - The group recognized impairment losses of HKD 500,000 on property and equipment and HKD 3,246,000 on right-of-use assets during the six months ended September 30, 2025[28] - The expected credit loss provision for trade receivables as of September 30, 2025, was HKD 6,000, a decrease from HKD 7,000 as of March 31, 2025[36] - The weighted average expected loss rate for overdue receivables over 90 days increased to 0.45% as of September 30, 2025, compared to 0.66% as of March 31, 2025[35] Cash Flow - Operating cash flow for the six months ended September 30, 2025, was a net outflow of HKD 4,815 thousand, compared to an inflow of HKD 2,661 thousand in 2024[14] - Cash and cash equivalents decreased to HKD 55,057 thousand from HKD 60,396 thousand during the same period[14] - Cash and bank balances amounted to approximately HKD 55.1 million as of September 30, 2025, compared to HKD 60.4 million as of March 31, 2025[51] Shareholder Information - As of September 30, 2025, Oasis Green Ventures Limited and its controlling entities hold approximately 34.75% of the company's ordinary shares, totaling 278,000,000 shares[69] - The total shareholding of major shareholders, including spouse interests, amounts to 294,000,000 shares, representing 36.75% of the company's equity[69] - Jolly Ocean Global Limited, controlled by Shengtu Global Investment Limited, holds 96,000,000 shares, accounting for 12.00% of the company's equity[69] Corporate Governance - The company has complied with the corporate governance code as per GEM Listing Rules during the six months ending September 30, 2025[75] - All directors confirmed compliance with the trading standards set forth in GEM Listing Rules during the reporting period[76] - The audit committee was established on July 30, 2018, in accordance with GEM Listing Rules, consisting of three independent non-executive directors[79] - The audit committee's main responsibilities include reviewing financial information, risk management, and internal control systems[79] - The unaudited condensed consolidated financial statements for the six months ended September 30, 2025, have been reviewed by the audit committee[80] Dividends and Share Options - No dividends were declared or proposed for the six months ended September 30, 2025, consistent with the previous year[25] - The board decided not to declare an interim dividend for the six months ended September 30, 2025[66] - The company has adopted a share option scheme, allowing for the issuance of up to 80,000,000 shares, which represents 10% of the total issued share capital as of the report date[77] - The share option plan remains valid for approximately 3 more years, with no options granted since its adoption[77] Employment - The group employed 29 staff as of September 30, 2025, an increase from 27 staff as of September 30, 2024[65]

Financial Performance - For the six months ended September 30, 2025, the Group recorded gross proceeds from the disposal of securities of approximately HK$51.9 million, up from approximately HK$11.0 million for the same period in 2024, representing an increase of approximately 371.8%[11] - Revenue decreased from approximately HK$3.3 million for the six months ended September 30, 2024, to approximately HK$1.8 million for the current period, a decline of approximately 46.5%[11] - The Group achieved a net profit of approximately HK$147.6 million for the period, a significant turnaround from a net loss of approximately HK$7.0 million in the previous year[11] - The Group's financial performance was primarily driven by the outstanding performance of its listed investments during the period[11] - ANPA reported an audited consolidated profit attributable to shareholders of approximately US$0.82 million for the financial year ended 30 September 2024[22] - ANPA recorded a net loss of US$0.3 million for the six months ended 31 March 2025, primarily due to increased staff costs and other expenses[23] - China Jicheng achieved an audited consolidated profit attributable to shareholders of approximately RMB10.9 million for the financial year ended 31 December 2024[28] - AMCO reported an audited consolidated loss attributable to shareholders of approximately HK$1,233,000 for the financial year ended 31 December 2024[34] - The total comprehensive income attributable to shareholders for the period was HK$147,567,000, compared to a loss of HK$6,966,000 in the previous year[111] Assets and Net Asset Value - The unaudited consolidated net assets of the Group as of September 30, 2025, amounted to approximately HK$301.0 million, compared to approximately HK$153.4 million as of March 31, 2025, reflecting an increase of approximately 96.1%[11] - The net asset value per share increased to approximately HK$0.73 from approximately HK$0.37 as of March 31, 2025[12] - The Group's cash and cash equivalents increased to approximately HK$23.0 million as of 30 September 2025, up from approximately HK$6.4 million as of 31 March 2025, representing a growth of 259.4%[73] - The Group's listed securities amounted to approximately HK$236.2 million as of 30 September 2025, compared to HK$99.6 million as of 31 March 2025, indicating a significant increase of 137.5%[73] - The Group's gearing ratio decreased to 2.6% as of 30 September 2025, down from 4.3% as of 31 March 2025, suggesting improved financial stability[75] - The Group's amounts due to brokers increased to approximately HK$8.0 million as of 30 September 2025, compared to approximately HK$6.6 million as of 31 March 2025[73] - The Group's other receivables amounted to HK$6,206,000, an increase from HK$5,858,000 as of 31 March 2025[155] - The Group's financial assets decreased to HK$5,885,000 as of 30 September 2025 from HK$6,232,000 as of 31 March 2025[155] Investments - The Group's investment portfolio is valued at approximately HK$280.1 million, which includes HK$236.2 million in listed equities, HK$37.1 million in debt investments, and HK$6.8 million in direct investments in unlisted equities[17] - The Group's investments include a portfolio of listed shares in forty-nine companies, bonds issued by two listed companies and one unlisted company, and direct investments in two unlisted equity securities[17] - Significant investments are defined as any of the Group's investments with a fair value over 5% of the Group's total assets as of September 30, 2025[19] - The investment portfolio primarily comprises unlisted equity securities, unlisted debt securities, and listed equity securities in Hong Kong, China, and the United States[19] - The Group will continue to focus on investment opportunities primarily based on the Chinese economy, aiming for outstanding returns under acceptable risk levels[62] Operational Highlights - The Group's operations are solely based in Hong Kong, with all revenue derived from this region[134] - The Group's activities are classified under a single business segment focused on investment holding, with no significant operating losses reported[133] - The Group retained nine employees as of 30 September 2025, a decrease from eleven employees in the previous year[81] - The total staff costs for the Group remained stable at approximately HK$0.2 million for the six months ended 30 September 2025, unchanged from the previous year[81] - Total staff costs (excluding directors' remunerations) for the six months ended 30 September 2025 were HK$230,000, compared to HK$208,000 in 2024, reflecting an increase of approximately 10.58%[143] Governance and Compliance - The Company has complied with the Code on Corporate Governance Practices throughout the six months ended September 30, 2025, with some deviations noted[104] - The Audit Committee reviewed the unaudited consolidated results for the six months ended September 30, 2025, including discussions on internal controls and financial reporting[107] - The Board is in the process of finding a suitable individual to fill the roles of Chairman and Chief Executive Officer, which should be separated according to governance standards[105] - The Group confirmed compliance with the public float requirement of the Listing Rules for the six months ended September 30, 2025[95] Dividends and Future Plans - The Group did not recommend any interim dividend for the six months ended September 30, 2025, consistent with the previous year[64] - The Directors do not recommend the payment of a dividend for the six months ended 30 September 2025, consistent with the previous year[141] - The Group has no concrete plans for significant investments or capital assets as of 30 September 2025[63] Miscellaneous - The Group's margin payables were HK$5,658,000 as of 30 September 2025, compared to approximately HK$5,558,000 as of 31 March 2025, indicating a slight increase[156] - The number of issued and fully paid shares remained constant at 412,596,600 shares as of both 31 March 2025 and 30 September 2025[161] - The Group paid HK$360,000 in investment manager's fees to Evergrande Securities (Hong Kong) Limited during the six months ended 30 September 2024[164] - The investment management agreement with Evergrande Securities was terminated effective from 4 October 2024[166]

Financial Performance - Revenue for the six months ended September 30, 2025, was HK$139,649,000, a decrease of 7.3% compared to HK$150,671,000 in 2024[13] - Gross profit for the same period was HK$40,208,000, down 2.1% from HK$41,079,000[13] - EBITDA increased by 32% to HK$2,742,000 from HK$2,078,000 year-over-year[13] - Loss attributable to equity holders of the company improved by 40.4%, from HK$4,985,000 in 2024 to HK$2,971,000 in 2025[13] - Basic loss per share decreased from HK$0.025 to HK$0.015, a reduction of 40%[13] - Operating profit for the Period was approximately HK$0.4 million, compared to an operating loss of HK$1.3 million in the Corresponding Period[57] - The loss attributable to equity holders of the Company for the Period was approximately HK$3 million, with a basic loss per share of HK$0.015[59] - The company reported a loss for the period of HK$2,722,000, an improvement from a loss of HK$4,833,000 in the same period last year, representing a reduction of approximately 43.5%[108] Assets and Liabilities - Total assets as of September 30, 2025, increased by 1.7% to HK$267,527,000 from HK$263,127,000[13] - Total liabilities as of September 30, 2025, were HK$102,443,000, compared to HK$103,987,000 as of March 31, 2025[145] - The net gearing ratio decreased to 23.3% as of September 30, 2025, down from 25% as of March 31, 2025, reflecting improved financial stability[90] - Current assets rose to HK$209,385,000, up from HK$206,766,000, marking an increase of about 0.8%[109] - Net current assets improved to HK$109,964,000 from HK$106,138,000, showing an increase of approximately 3.4%[110] Cash Flow - Net cash generated from operating activities decreased to HK$3,705,000 for the six months ended 30 September 2025, down 21.9% from HK$4,740,000 in the same period of 2024[112] - The Group recorded a net operating cash inflow of approximately HK$3.7 million during the period, compared to HK$4.7 million in the corresponding period[87] - The Group's cash and bank balances amounted to approximately HK$28 million, with a current ratio of approximately 2.1, indicating stable liquidity[85] - The total cash and cash equivalents at the end of the period stood at HK$27,669,000, slightly up from HK$27,662,000 year-over-year[112] Dividends - The interim dividend declared was HK$0.0025 per share, a reduction of 50% from HK$0.005 per share in 2024[15] - The Board declared an interim dividend of HK$0.25 cents per ordinary share, totaling HK$0.5 million, down from HK$0.5 cents per share in the Corresponding Period[59] Shareholding Structure - As of September 30, 2025, Dr. Hung Kim Fung and Ms. Yeung Man Yi each hold 90,000,000 shares, representing 45% of the total shares[22] - Mr. Yeung Kwok Leung holds 30,000,000 shares, accounting for 15% of the total shares[34] - Mr. Hung Ying Fung has a personal interest of 26,990,000 shares, which is 13.5% of the total shares[22] Business Segments - The Group's core business operations accounted for approximately 70% of total revenue from the Electronic and Electrical Trading Business, 18% from the Computer Business, and 12% from the Cosmetic and Online Retail Business[64] - The Electronic and Electrical Trading Business generated revenue of approximately HK$98 million, a decrease of about 2% compared to HK$100 million in the corresponding period, primarily due to softer demand in the local China market[65][67] - Revenue from cosmetic products fell to HK$16,915,000, down 21.6% from HK$21,581,000[139] Expenses - Total operating expenses for the Period were approximately HK$41 million, a decrease from approximately HK$44 million in the Corresponding Period[57] - General and administrative expenses decreased by approximately 9.1% to approximately HK$27.1 million from HK$29.8 million in the Corresponding Period[58] - Total employee benefit expense decreased to HK$24,268,000 in 2025 from HK$26,105,000 in 2024, indicating a reduction of approximately 7.05%[172] Corporate Governance - The Company has complied with the Corporate Governance Code throughout the period, with a noted deviation regarding the retirement of directors[40] - The Audit Committee has reviewed the accounting principles and practices adopted by the Group during the period[41] - The Remuneration Committee is responsible for recommending remuneration policies for all Directors and senior management[42] Future Outlook - The Group remains optimistic about future performance, citing improving global economic conditions and ongoing initiatives to enhance operational efficiency and cost management[78][80] - The Group expects to achieve stronger financial results and sustainable growth in the coming year, supported by a more favorable external environment[81]

Financial Performance - For the six months ended September 30, 2025, the company reported revenue of RMB 748 million, a slight decrease of 0.1% compared to RMB 749 million in the same period last year [10]. - Gross profit for the same period was RMB 511 million, down 1.0% from RMB 516 million, resulting in a gross margin of 68.3%, a decrease of 0.6 percentage points year-on-year [10]. - Operating profit increased by 27.8% to RMB 207 million, with the operating profit from the sports equipment segment in China rising by 30.0% to RMB 26 million [10]. - Profit attributable to equity holders was RMB 204 million, representing a significant increase of 48.9% compared to RMB 137 million in the previous year [10]. - Basic and diluted earnings per share were RMB 3.47, up 48.3% from RMB 2.34 year-on-year [10]. - The company declared an interim dividend and special interim dividend of RMB 2.08 per share, an increase of 48.6% from RMB 1.40 per share in the previous year [10]. - The group recorded a pre-tax profit of RMB 210 million, resulting in an income tax expense of RMB 6 million, with an effective tax rate of 2.9%, down from 14.9% in the previous period [62]. - The company reported a net profit of RMB 203,773 thousand for the six months ended September 30, 2025, compared to RMB 188,303 thousand in the previous year, marking an increase of approximately 8.2% [157]. Market and Economic Environment - The global economic growth forecast for 2025 was downgraded to 2.8% by the IMF, highlighting ongoing challenges in the international trade environment [11]. - In the first three quarters of 2025, China's GDP grew by 5.2% year-on-year, with retail sales of consumer goods reaching RMB 36.6 trillion, a 4.5% increase [28]. - The sports goods industry in China saw a retail sales growth of 22.2% year-on-year in the first half of 2025, supported by macro policies and market demand [30]. - The outdoor sports industry is projected to reach a total scale of 3 trillion yuan by 2025, driven by government policies and initiatives [32]. Brand Performance and Strategy - The total number of KAPPA brand stores reached 975 as of September 30, 2025, reflecting the company's commitment to enhancing its retail presence [14]. - KAPPA brand achieved a 22% year-on-year sales growth during the second quarter through effective promotional activities [35]. - The KAPPA brand's retro running shoes became a best-selling product, experiencing multiple reorders and sold out quickly [34]. - PHENIX brand deepened its presence in the Chinese market with high-performance ski products and a new active rescue system in collaboration with Beidou Satellite, set to launch in the 2025-2026 ski season [16][17]. - PHENIX brand launched the "PARS" satellite positioning active rescue system in collaboration with Beidou Satellite, with a product launch planned for the 2025-2026 snow season [37]. - KAPPA's footwear sales exceeded expectations, driven by the successful launch of the TIFO "Little Pink Shoes" and the return of the retro running shoes, with stable discount control and strong sell-out performance [41]. - KAPPA's accessory business showed steady growth, with successful products like the "Ice Skin Croissant" and improved operational efficiency through refined product development processes [42]. Investment and Financial Management - As of September 30, 2025, the group's investment net assets amounted to RMB 8,448 million, reflecting a 1% increase from March 31, 2025 [18]. - The group plans to continue optimizing its investment portfolio while maintaining a prudent approach to risk management [18]. - The group is actively responding to the government's call for sustainable development, establishing a high-standard ESG management system [19]. - The group aims to enhance communication with investment fund managers to ensure timely and reasonable exits from invested projects [18]. - The group maintains a positive outlook on the Chinese sportswear market, driven by structural resilience and government support, with plans to innovate and optimize its business model [45]. - The group emphasizes a cautious investment strategy, focusing on optimizing asset structures and ensuring timely exits from investment projects to provide stable returns to shareholders [45]. - The group has a diversified investment portfolio, including private equity funds, cash equivalents, and listed securities, totaling approximately RMB 82 billion as of September 30, 2025 [79]. Risk Management - The group emphasizes risk management with a comprehensive risk assessment and management system for investment projects [85]. - Regular risk assessments are conducted quarterly, semi-annually, and annually to monitor key indicators and adjust risk levels accordingly [90]. - The group employs a diversified investment strategy to mitigate risks associated with reliance on single counterparties [87]. - Financial monitoring of invested companies is conducted at least biannually to assess financial status and potential risks [92]. Corporate Governance and Compliance - The company has complied with all corporate governance codes as per the Hong Kong Stock Exchange listing rules [125]. - The audit committee, consisting of three independent non-executive directors, reviewed the effectiveness of internal controls and risk assessments for the six months ending September 30, 2025 [127]. - The company has adopted the standard code for securities transactions by directors and confirmed compliance for the six months ending September 30, 2025 [126]. Shareholder and Equity Management - The company has maintained a cumulative dividend payout of RMB 8.13 billion since its listing, with a cumulative payout ratio of 87% [13]. - The company implemented a share incentive plan for management, issuing a total of 202,310,000 shares at a subscription price of HKD 1.35 per share, representing a discount of approximately 9.40% from the market price [68]. - The company issued 9,000,000 shares to a management member at a subscription price of HKD 1.29 per share, reflecting a discount of about 9.8% from the market price [69]. - The company has not entered into any arrangements that would allow directors or their family members to benefit from purchasing shares or bonds of the company [110]. - The company has a clear strategy for stock option grants, aligning employee incentives with company performance [116].

Share Issuance and Stock Options - The total number of shares available for issuance under the existing share scheme is capped at 53,126,253 shares, representing 10% of the total shares as of the report date[3] - For the 2024 stock option plan, participants must pay HKD 1 to accept the stock options within 28 days after the offer date[3] - The exercise price for each stock option offered to eligible participants will be determined at the board's discretion, but will not be lower than the highest of three specified prices[3] Additional Information - The additional information provided does not affect other information in the 2024 annual report, which remains unchanged[4]

2025/2026中期報告 INTERIM REPORT Stock Code : 1929 Chow Tai Fook Jewellery Group Limited Interim Report 2025/2026 中期報告 目錄 CONTENTS Glossary 詞彙 103 Corporate Profile 企業簡介 2 Vision and Values 願景與價值 3 A Snapshot of Chow Tai Fook Jewellery Group 周大福珠寶集團簡況 4 Interim Results at a Glance 中期業績概覽 5 Financial and Operational Highlights 財務及營運摘要 8 Chairman's Statement 主席報告書 10 Strategic Report 策略報告 13 Management Discussion and Analysis 管理層討論與分析 26 Report on Review of Interim Financial Information 中期財務資料審閱報告 61 Condensed Co ...