2025 中期報告 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市的公司 帶有較高投資風險。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上市公司普遍為中小型公司，於GEM買賣的證券可能會較於聯交所主板買賣的證券承 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。 香港交易及結算所有限公司及聯交所對本報告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並表明概不就因本報告全部或任何部分內容而產生或因倚賴該等內容而引致的任何 損失承擔任何責任。 本報告的資料乃遵照聯交所GEM證券上市規則（「GEM上市規則」）而刊載，旨在提供有關浩柏國 際（開曼）有限公司（「本公司」）及其附屬公司（統稱「本集團」）的資料；本公司董事（「董事」）願就 本報告的資料共同及個別地承擔全部責任。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所載任何陳述或本報告產生誤導。 中期業績 ...

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 的 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 的 任 何 損 失 承 擔 任 何 責 任。 Fameglow Holdings Limited 亮晴控股有限公司 （股份代號：8603） （於開曼群島註冊成立的有限公司） 截 至 二 零 二 五 年 九 月 三 十 日 止 六 個 月 中 期 業 績 公 告 亮 晴 控 股 有 限 公 司（「本 公 司」）董 事 會（「董 事 會」）欣 然 宣 佈 本 公 司 及 附 屬 公 司（「本 集 團」）截 至 二 零 二 五 年 九 月 三 十 日 止 六 個 月 之 未 經 審 核 業 績。本 公 告 載 有 本 公 司 二 零 二 五 年 中 期 報 告 全 文，符 合 香 港 聯 合 交 易 所 有 限 公 司（「聯 交 所」）GEM證 券 上 市 規 則 有 關 ...

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 181,188,000, a 1.05% increase from HKD 179,307,000 in the same period of 2024[3] - The company reported a loss before tax of HKD 6,641,000, compared to a loss of HKD 3,727,000 in the previous year, indicating an increase in losses of 78.5%[4] - The company recorded a total comprehensive loss of HKD 6,546,000 for the period, compared to HKD 3,775,000 in the previous year, an increase of 73.5%[4] - The basic and diluted loss per share was HKD 0.0033, compared to HKD 0.0018 in the previous year, indicating a worsening of 83.3%[4] - The group reported a total loss of HKD 6,641,000 for the period, compared to a loss of HKD 3,727,000 for the same period last year[15][16] - The net loss attributable to shareholders for the reporting period was approximately HKD 6,426,000, compared to a loss of HKD 3,549,000 in the same period of 2024[50] Assets and Liabilities - Total assets as of September 30, 2025, were HKD 149,833,000, down from HKD 154,997,000 as of March 31, 2025, a decrease of 3.9%[5] - Current assets decreased to HKD 139,970,000 from HKD 147,379,000, representing a decline of 5%[5] - The net asset value decreased to HKD 78,435,000 from HKD 85,330,000, a reduction of 8.3%[6] - Total assets as of March 31, 2025, amounted to HKD 154,997,000, with liabilities totaling HKD 69,667,000[17] - Total assets as of September 30, 2025, amounted to HKD 149,833,000, with liabilities totaling HKD 71,398,000[16] - The current ratio as of September 30, 2025, was 2.0, compared to 2.1 on March 31, 2025[51] - The group's asset-liability ratio was 3.8% as of September 30, 2025, up from 3.5% on March 31, 2025[52] Employee Costs - Employee costs increased to HKD 127,498,000, up from HKD 121,436,000, reflecting a rise of 5.3%[3] - Total employee costs for the reporting period amounted to approximately HKD 127,498,000, compared to HKD 121,436,000 for the same period last year, reflecting an increase of about 5.3%[72] - As of September 30, 2025, the company employed a total of 1,284 employees, an increase from 1,241 employees as of March 31, 2025, representing a growth of approximately 3.5%[72] Cash and Bank Balances - Cash and bank balances decreased to HKD 45,954,000 from HKD 56,239,000, a decline of 18.3%[5] - The group's cash and bank balances, along with pledged time deposits, amounted to approximately HKD 53,068,000 as of September 30, 2025, down from HKD 63,350,000 on March 31, 2025[51] - The group has a bank credit facility of HKD 7,000,000, with unutilized credit of HKD 4,953,000 as of September 30, 2025[33] Revenue Segments - For the six months ended September 30, 2025, the total revenue from cleaning and related services was HKD 181,188,000[15] - The revenue from external customers for the cleaning and related services segment increased from HKD 179,307,000 in the previous year to HKD 181,188,000 this year, reflecting a growth of approximately 1.04%[15] - The adjusted loss before tax for the cleaning and related services segment was HKD 500,000, while the advertising media business and waste management segments reported losses of HKD 628,000 and HKD 709,000 respectively, resulting in a total adjusted loss before tax of HKD 6,641,000[15] Corporate Governance and Compliance - The Audit Committee, consisting of three independent non-executive directors, has reviewed the unaudited interim financial statements and confirmed compliance with applicable accounting standards[78] - The company has committed to maintaining high standards of corporate governance and has adhered to all relevant provisions of the Corporate Governance Code throughout the reporting period[75] - The interim financial statements have been reviewed by the company's auditors, ensuring transparency and accuracy in financial reporting[77] Legal Matters - The company has received a summons regarding a request for a temporary injunction, which was rejected by the Hong Kong High Court on October 31, 2025, allowing the company to proceed without immediate legal restrictions[69] - The company will take all necessary measures to protect its interests and those of its shareholders in light of the ongoing legal matters[71] - A legal proceeding involving a former non-executive director resulted in a ruling requiring a related subsidiary to repay a loan of RMB 5.2 million, with interest accruing at 3.1% per annum[39] - The group no longer holds any interest in the related subsidiary following its sale on June 27, 2025, thus mitigating any potential contingent liabilities from the legal ruling[40] Investments and Acquisitions - The group has not conducted any fundraising activities for the six months ending September 30, 2025[57] - The group has no capital commitments that have been contracted but not provided for in the financial statements as of September 30, 2025[60] - There are no significant acquisitions or disposals of subsidiaries during the reporting period, apart from what has been disclosed[64] - As of September 30, 2025, the group has no major investment plans[65] Other Income and Expenses - Other income and net gains for the six months ended September 30, 2025, totaled HKD 712,000, down from HKD 1,406,000 in 2024[21] - Other operating expenses decreased by 3.6% to approximately HKD 58,433,000, with costs related to cleaning and related services accounting for over 85% of these expenses[50] Dividends - No interim dividend was declared for the six months ending September 30, 2025, consistent with the previous year[36] - The board has not recommended an interim dividend for the six months ending September 30, 2025, similar to the previous year[58]

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司（「聯 交 所」）對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 表 明 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的任何損失承擔任 何 責 任。 HAO BAI INTERNATIONAL (CAYMAN) LIMITED 浩柏國際（ 開曼）有限公司 （於開曼群島註冊成立的有限公司） （股份代號：8431） 截 至2025年9月30日止六個月之 中期業績公告 本 公 司 董 事（「董 事」）會（「董事會」）謹 此 公 佈 本 集 團 截 至2025年9月30日止六個月 的 中 期 業 績。本 公 告 載 有 本 公 司2025年 中 期 報 告（「中期報告」）全 文，符 合 香 港 聯合交易所有限公司GEM證 券 上 市 規 則（「GEM上市規則」）有 關 中 期 業 績 初 步 公 告 附 載 之 相 關 資 料 要 求。載 有GEM上市規則規定資料的中期報告的印刷版 本 將 於 適 當 時 候 寄 發 予 本 公 司 ...

Financial Performance - The company's revenue for the six months ended September 30, 2025, was RMB 26,363,000, a decrease of 6.2% compared to RMB 28,232,000 for the same period in 2024[4]. - Gross profit for the same period was RMB 10,363,000, slightly up from RMB 10,133,000, indicating a gross margin improvement[4]. - The company reported a pre-tax loss of RMB 4,398,000, compared to a loss of RMB 3,145,000 in the previous year, reflecting a 40% increase in losses[4]. - The net loss attributable to the owners of the company was RMB 4,534,000, compared to RMB 3,247,000 in the prior year, representing an increase of 39.6%[4]. - Basic and diluted loss per share was RMB 2.85 for the six months ended September 30, 2025, compared to RMB 2.04 for the same period in 2024[22]. - The company reported a net loss of RMB 4,534,000 for the six months ended September 30, 2025, compared to a net loss of RMB 3,247,000 in the same period of 2024[22]. Assets and Liabilities - Total assets as of September 30, 2025, were RMB 118,558,000, a decrease from RMB 123,045,000 as of March 31, 2025[6]. - Current liabilities increased to RMB 32,875,000 from RMB 23,290,000, indicating a significant rise in short-term obligations[5]. - The company’s equity totalled RMB 107,390,000 as of September 30, 2025, down from RMB 112,170,000 at the end of the previous reporting period[6]. - Total trade receivables amounted to RMB 57,263,000 as of September 30, 2025, compared to RMB 45,535,000 as of March 31, 2025[26]. - Trade payables rose to RMB 9,777,000 as of September 30, 2025, compared to RMB 4,964,000 on March 31, 2025, reflecting a 96% increase[35]. - The company reported total loans and interest receivables of RMB 9,728,000 as of September 30, 2025, a decrease of 8.6% from RMB 10,640,000 on March 31, 2025[30]. Revenue Breakdown - Revenue from drilling mud sales was RMB 8,038,000, down 8.0% from RMB 8,739,000 in the previous year[13]. - Revenue from metallurgical bentonite was RMB 9,632,000, a decrease of 11.0% from RMB 10,829,000 in 2024[13]. - Wealth management service income increased to RMB 7,562,000, up 3.8% from RMB 7,285,000 in the previous year[13]. - The revenue from bentonite products decreased from approximately RMB 19.6 million to about RMB 17.7 million during the reporting period[45]. - Bentonite mining revenue decreased by approximately 9.7% to about RMB 17.7 million, primarily due to a downturn in the steel industry and declining market demand for bentonite products[59]. - Financial services revenue decreased by approximately 2.1% to about RMB 8.4 million, influenced by a 53% drop in financial guarantee fee income and a 20.6% decrease in loan interest income[60]. Expenses and Costs - Total sales costs decreased by approximately 11.6% to about RMB 16.0 million from RMB 18.1 million in the previous period, attributed to reduced financial management service commission expenses and lower costs in the bentonite mining business[62]. - Selling and distribution expenses increased by approximately 41.2% from about RMB 1.6 million to approximately RMB 2.3 million, primarily due to higher transportation and logistics costs[71]. - Administrative and other expenses rose by approximately 8.7% from about RMB 12.6 million to approximately RMB 13.7 million, driven by increased administrative costs to support wealth management services[72]. Cash Flow and Liquidity - The company’s cash and cash equivalents rose to RMB 12,368,000 from RMB 5,961,000, showing improved liquidity[5]. - Cash and cash equivalents increased to RMB 11,690,000 as of September 30, 2025, up from RMB 5,283,000 on March 31, 2025[33]. - The company incurred capital expenditures of approximately RMB 1,453,000 for property, plant, and equipment during the reporting period[23]. Corporate Governance and Compliance - The company has adopted the corporate governance code as per GEM Listing Rules and has complied with all provisions during the reporting period[97]. - The board consists of six directors, including three independent non-executive directors, ensuring a balance of power and independent opinions[98]. - The company has established a written guideline for securities trading for employees and directors, ensuring compliance with GEM Listing Rules[99]. Shareholding and Dividends - As of September 30, 2025, the total shareholding of directors and senior management in the company accounted for approximately 55.06% of the issued shares[91]. - The company did not declare or propose any dividends during the reporting period[20]. - The company did not recommend an interim dividend for the reporting period[101]. Market and Business Strategy - The group plans to deepen cooperation with suppliers and enrich its product lineup to strengthen its business presence in the Greater China region and international markets[54]. - The group aims to expand its premium and eco-friendly brand portfolio and enhance collaboration with suppliers and distribution partners in the Greater China region[90]. - The group plans to focus on high-margin general insurance business and enhance customer experience through digital tools in response to the evolving insurance market in Hong Kong[89].

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佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公佈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。 | | | 未經審核 | | | --- | --- | --- | --- | | | | 截至九月三十日止六個月 | | | | | 二零二五年 | 二零二四年 | | | 附註 | 千港元 | 千港元 | | 收益 | 5 | 73,919 | 37,186 | | 銷售及服務成本 | | (66,119) | (36,177) | | 毛利 | | 7,800 | 1,009 | | 其他收入及收益 | | 3,772 | – | | 銷售及分銷開支 | | – | (524) | | 行政及其他開支 | | (2,087) | (1,963) | | 財務成本 | 6 | (234) | (75) | | 經營溢利╱（虧損） | | 9,251 | (1,553) | King International Investment Limited （股份代號：928） 帝 王 國 際 投 資 有 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司（「聯 交 所」）對 本 公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示， 概 不 對 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 Stream Ideas Group Limited 源想集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：8401） 截 至 二 零 二 五 年 九 月 三 十 日 止 六 個 月 之 中 期 業 績 公 告 源 想 集 團 有 限 公 司（「本 公 司」）董 事（「董 事」）會（「董 事 會」）宣 佈 本 公 司 及 其 附 屬 公 司 截 至 二 零 二 五 年 九 月 三 十 日 止 六 個 月 之 的 未 經 審 核 業 績。本 公 告 載 有 本 公 司 二 零 二 五 年 中 期 報 告 全 文，並 遵 守 聯 交 所GEM證 券 上 市 規 則（「GEM上 市 規 則」）中 有 關 中 期 業 績 初 步 公 告 隨 附 資 料 的 ...

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佈之內容概不負責，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佈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。 截至二零二五年九月三十日止六個月之 中期業績公佈 能源及能量環球控股有限公司（「本公司」）之董事（「董事」，各為一名「董事」）會（「董事 會」）提呈本公司及其附屬公司（統稱「本集團」）截至二零二五年九月三十日止六個月（「報 告期間」）之未經審核簡明綜合中期業績連同比較數字如下： E&P Global Holdings Limited 能 源 及 能 量 環 球 控 股 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ） （股份代號：1142） 簡明綜合損益及其他全面收入表 截至二零二五年九月三十日止六個月 | | | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | | | 附註 | 千港元 | 千港元 | | | | （未經審核） | （未經審核） | | 營業額 | 4 | 220,693 | 240,825 | | 銷售成本 | | (2 ...

Financial Performance - Revenue for the six months ended September 30, 2025, was approximately HKD 62.1 million, a decrease of 18.4% from HKD 76.1 million for the same period in 2024[3] - Gross profit increased by 7.8% to approximately HKD 41.8 million for the six months ended September 30, 2025, compared to HKD 38.8 million in 2024[4] - Net profit attributable to the company's owners rose by 35.5% to approximately HKD 27.5 million for the six months ended September 30, 2025, up from HKD 20.3 million in 2024[3] - Basic and diluted earnings per share increased by 35.6% to HKD 0.80 for the six months ended September 30, 2025, compared to HKD 0.59 in 2024[4] - Adjusted profit for the period, excluding significant non-recurring items, slightly decreased by 2.0% to approximately HKD 24.0 million from HKD 24.5 million in 2024[3] - The company reported a total comprehensive income of approximately HKD 27.9 million for the six months ended September 30, 2025, compared to HKD 27.7 million in 2024[6] Assets and Liabilities - Total assets as of September 30, 2025, were approximately HKD 577.2 million, an increase from HKD 565.9 million as of March 31, 2025[3] - Total liabilities decreased to approximately HKD 341.9 million as of September 30, 2025, down from HKD 372.2 million as of March 31, 2025[3] - The company's net asset value increased to approximately HKD 235.3 million as of September 30, 2025, compared to HKD 193.7 million as of March 31, 2025[3] - Current liabilities exceeded current assets by approximately HKD 15.6 million as of September 30, 2025, prompting management to take actions to address liquidity issues[13] - The total equity attributable to owners of the company increased to HKD 234,311,000 as of September 30, 2025, from HKD 193,671,000 as of March 31, 2025[19] Revenue Breakdown - Revenue from energy product trading decreased significantly from HKD 54,272,000 in 2024 to HKD 24,683,000 in 2025, representing a decline of 54.5%[20] - Consulting service revenue was HKD 9,792,000 for the six months ended September 30, 2025, with no revenue reported for the same period in 2024[20] - Revenue from the Malaysia project increased to HKD 27.2 million for the six months ended September 30, 2025, up from HKD 20.4 million for the same period in 2024, reflecting the installation of approximately 94,000 LED lights[40] Expenses and Costs - The company’s financing costs increased to approximately HKD 5.8 million for the six months ended September 30, 2025, compared to HKD 4.2 million in 2024[5] - Sales and distribution expenses increased from approximately HKD 3.3 million for the six months ended September 30, 2024, to about HKD 4.1 million for the same period in 2025, driven by business expansion and increased employee benefits[44] - Administrative expenses rose from approximately HKD 24.2 million for the six months ended September 30, 2024, to about HKD 31.2 million for the same period in 2025, mainly due to increased employee benefits and travel expenses[45] - Total financing costs increased to HKD 5,794,000 for the six months ended September 30, 2025, compared to HKD 4,191,000 in the same period of 2024, marking a rise of approximately 38.4%[22] Cash Flow and Investments - The group recorded a net cash inflow from operating activities of approximately HKD 38.6 million, a significant improvement from a cash outflow of approximately HKD 40.6 million in the previous year[58] - The group reported a net cash outflow from investing activities of approximately HKD 62.0 million, primarily due to the acquisition of additional equity in a partially owned subsidiary[58] Corporate Governance - The company has established a high level of corporate governance to protect shareholder interests and enhance corporate value, transparency, and accountability[84] - The board believes that the dual role of the chairman and CEO held by Mr. Huang is in the best interest of the company and its shareholders, despite a deviation from the corporate governance code[85] - The audit committee, consisting of three independent non-executive directors, has reviewed the interim financial information for the six months ending September 30, 2025, ensuring compliance with applicable accounting standards and regulations[87] Future Projects and Initiatives - The group expects to obtain approximately 424,400 tons of carbon credits from its Energy Management Contract (EMC) business over an initial ten-year period[73] - The proposed Climate Islamic Bond has a face value of RMB 200,000,000 (USD 28,000,000), with a 5-year term and an annual profit distribution of 6.5%, which can be partially or fully paid with carbon credits[74] - The Climate Islamic Bond aims to establish a renewable financing system, reducing reliance on EMC business revenues for capital expenditures[76] - The group has initiated the "Light in the Dark" project in Malaysia, planning to install 6 million LED lights across approximately 8,000 apartments, supported by local banks for financing[78] - A successful proof of concept for chili cultivation has been conducted with Nestlé, leading to recommendations for scaling up the project[78] - The Agri Prison project in Malaysia aims to provide prisoners with practical agricultural skills and promote green farming practices, with a pilot set to start on a 1/5 acre site[79] - A strategic partnership with Primech Holdings in Singapore will explore advanced energy solutions to enhance energy efficiency in facility management[80] - The group is actively communicating with local partners in the Middle East regarding energy management contracts and exploring potential collaborations for green data centers[81] Miscellaneous - The company did not declare or pay any dividends for the six months ended September 30, 2025, consistent with the previous year[25] - The group did not declare any dividends for the six months ended September 30, 2025[71] - The group had no significant capital commitments as of September 30, 2025[59] - The group did not have any significant contingent liabilities as of September 30, 2025[60] - There were no major acquisitions or disposals of subsidiaries or associates during the six months ended September 30, 2025[62] - The company reported a tax expense of HKD 642,000 for the six months ended September 30, 2025, significantly lower than HKD 2,089,000 in the same period of 2024, indicating a decrease of approximately 69.0%[23]

Revenue and Profitability - For the six months ended September 30, 2025, the company reported total revenue of approximately SGD 23.0 million, a decrease of about SGD 1.1 million compared to SGD 24.1 million for the same period in 2024[10]. - The decrease in revenue was primarily due to an increase in gas pipeline project revenue by approximately SGD 9.3 million, a decrease in water pipeline project revenue by approximately SGD 12.1 million, and an increase in construction and engineering service revenue by approximately SGD 1.8 million[10]. - The group's revenue for the first half of 2026 decreased by approximately 1.1 million SGD or 4.3% to about 23.0 million SGD compared to the first half of 2025, which was approximately 24.1 million SGD[15]. - The gross profit for the first half of 2026 was approximately 2.5 million SGD, a decrease of about 0.2 million SGD from approximately 2.7 million SGD in the first half of 2025, resulting in a gross margin of 10.7%[16]. - Revenue for the six months ended September 30, 2025, was SGD 23,023,000, a decrease of 4.3% from SGD 24,056,000 in the same period of 2024[80]. - Gross profit for the same period was SGD 2,463,000, down from SGD 2,700,000, reflecting a decline of 8.8%[80]. - Operating loss for the six months was SGD 6,563,000, an improvement from SGD 9,089,000 in the previous year, indicating a reduction of 27.7%[80]. - Loss before tax decreased to SGD 7,095,000 from SGD 9,676,000, representing a 26.8% improvement[80]. Project and Contract Information - The company secured 2 new gas pipeline projects and 2 new water pipeline projects during the reporting period, with a total contract value of approximately SGD 30.7 million[10]. - The group has eight ongoing gas pipeline projects and eight ongoing water pipeline projects with a total contract value of approximately 143.7 million SGD, of which about 96.5 million SGD has been recognized as revenue as of September 30, 2025[12]. - The group anticipates that all ongoing projects are progressing according to schedule and will not incur any liabilities to third parties[12]. - The total unfulfilled performance obligations related to construction contracts amounted to 41,247 thousand SGD as of September 30, 2025, with 5,316 thousand SGD expected to be recognized as revenue within one year[105]. Financial Position and Assets - Total assets as of September 30, 2025, amounted to SGD 133,656,000, an increase from SGD 128,373,000 as of March 31, 2025[83]. - The group's net current assets increased to approximately SGD 66.1 million from SGD 60.0 million, with cash and bank balances rising to approximately SGD 16.6 million from SGD 8.6 million[30]. - Trade receivables decreased to SGD 43,675,000 from SGD 49,607,000, a decline of 12.0%[83]. - The total contract assets amounted to 19,991 thousand SGD as of September 30, 2025, up from 15,338 thousand SGD in 2024, indicating a growth of 30.1%[104]. - The company reported a net book value of intangible assets at 49 thousand SGD as of September 30, 2025, down from 65 thousand SGD as of March 31, 2025, representing a decline of 24.6%[118]. Expenses and Losses - Administrative expenses for the first half of 2026 were approximately 10.1 million SGD, down from about 14.3 million SGD in the first half of 2025, primarily due to reduced employee costs and professional fees[20]. - The group recorded a loss of approximately 7.1 million SGD in the first half of 2026, an improvement of about 2.5 million SGD compared to a loss of approximately 9.6 million SGD in the first half of 2025[23]. - Employee compensation for the first half of 2026 was approximately SGD 8.9 million, compared to SGD 9.4 million in the first half of 2025[32]. - The company incurred a loss of 7,051 thousand SGD during the period, contributing to a cumulative loss of 12,752 thousand SGD by September 30, 2025[86]. Cash Flow and Financing - Cash generated from operating activities for the six months ended September 30, 2025, was 314 thousand SGD, a significant decrease from 7,045 thousand SGD in the same period of 2024[88]. - The company reported a net cash inflow from investing activities of 4,002 thousand SGD, compared to a net outflow of 6,601 thousand SGD in the previous year[89]. - The company’s cash and cash equivalents increased significantly to 13,931 thousand SGD by September 30, 2025, up from 4,395 thousand SGD at the beginning of the period[89]. - The financial costs decreased from approximately 587,000 SGD in the first half of 2025 to about 532,000 SGD in the first half of 2026 due to a reduction in average borrowings[22]. - The company’s total liabilities decreased from 6,684 thousand SGD to 21,688 thousand SGD, indicating a significant increase in non-controlling interests[86]. Shareholder Information and Equity - The board has decided not to declare any interim dividend for the first half of 2026, consistent with the previous year[24]. - The company issued 566,720,000 shares in a rights issue, raising approximately 100.2 million HKD net proceeds[131]. - The company completed the issuance of 28,336,000 subscription shares, raising approximately 5.617 million HKD net proceeds[131]. - The total equity rose to SGD 89,372,000 from SGD 82,416,000, reflecting an increase of 8.5%[85]. - As of September 30, 2025, Liu Jianfu holds 56,150,000 shares, representing 7.62% of the company's issued shares[51]. Employee and Share Option Plans - The company had a total of 418 employees as of September 30, 2025, down from 501 employees as of March 31, 2025[32]. - A total of 92,000,000 share options were granted under the share option plan as of May 4, 2022, fully utilizing the existing plan authorization limit[62]. - The revised share option plan allows for a maximum issuance of 110,400,000 shares, which is 10% of the issued shares as of the special general meeting date[62]. - The company granted a total of 110,400,000 share options to twelve employees on June 15, 2023, with a fair value of approximately SGD 5.1 million[68]. - The share options granted are valid for a period of three years from June 15, 2023, with a vesting period of one year[63]. Other Financial Information - The company has not encountered significant operational difficulties due to foreign exchange risks, primarily related to transactions in HKD[46]. - There are no significant contingent liabilities as of September 30, 2025[48]. - The company’s financial statements are prepared in accordance with International Financial Reporting Standards, ensuring compliance with relevant accounting standards[92]. - The company operates primarily in infrastructure pipeline construction and related engineering services, focusing on gas, water, telecommunications, and power industries[90].