Financial Performance - Total revenue for Q3 2025 was RMB 8.46 billion (USD 1.19 billion), representing a year-over-year increase of 20.6%, primarily driven by strong growth in online music service revenue[6]. - Online music service revenue grew by 27.2% year-over-year to RMB 6.97 billion (USD 0.979 billion), with subscription revenue increasing by 17.2% to RMB 4.50 billion (USD 0.632 billion)[6]. - Net profit attributable to equity holders was RMB 2.15 billion (USD 0.302 billion), a year-over-year increase of 36.0%[6]. - Total revenue for Q3 2025 reached RMB 8.46 billion (USD 1.19 billion), an increase of RMB 1.45 billion or 20.6% compared to RMB 7.02 billion in Q3 2024[15]. - Net profit for Q3 2025 was RMB 2.21 billion (USD 311 million), with a year-on-year increase of 26.4%[19]. - Non-IFRS net profit for the three months ended September 30, 2024, was RMB 1,709 million, representing a year-over-year increase of 29.3%[30]. - The adjusted net profit for the nine months ended September 30, 2024, was RMB 5,737 million, reflecting a 27.7% increase year-over-year[33]. - Basic earnings per share for the three months ended September 30, 2024, was RMB 0.51, compared to RMB 0.40 in the same period last year[31]. - The company reported a basic earnings per share of RMB 0.59 for the three months ended September 30, 2024, compared to RMB 0.78 in 2025[33]. - The diluted earnings per American Depositary Share (ADS) for the nine months ended September 30, 2025, was USD 0.64, compared to USD 0.65 in the same period of 2024[33]. User Engagement - The number of monthly active users for online music services decreased by 4.3% year-over-year to 551 million, while the number of paying users increased by 5.6% to 125.7 million[7]. - Average revenue per paying user per month increased by 10.2% year-over-year to RMB 11.9[7]. - A differentiated membership system has been implemented to enhance user experience and loyalty[12]. - The average monthly revenue per paying user increased from RMB 10.8 in Q3 2024 to RMB 11.9 in Q3 2025, reflecting the expansion of super member benefits[17]. Operational Costs - Operating costs increased by 18.8% year-on-year to RMB 4.78 billion (USD 672 million), primarily due to higher costs associated with offline performances and IP-related expenses[16]. - Operating expenses rose by 7.6% year-on-year to RMB 1.31 billion (USD 184 million), with operating expenses as a percentage of total revenue decreasing from 17.4% to 15.5%[18]. - Sales and marketing expenses increased by 18.2% year-on-year to RMB 260 million (USD 37 million), driven by higher content and channel promotion costs[21]. Cash and Investments - Cash, cash equivalents, and short-term investments totaled RMB 36.08 billion (USD 5.07 billion) as of September 30, 2025[6]. - Cash and cash equivalents totaled RMB 36.08 billion (USD 5.07 billion) as of September 30, 2025, up from RMB 34.92 billion as of June 30, 2025[20]. - Tencent Music's cash and cash equivalents decreased by RMB 2,054 million in the three months ended September 30, 2025, but increased to RMB 11,255 million by the end of the period[38]. - The company incurred a net cash outflow from investing activities of RMB 1,244 million for the three months ended September 30, 2025, down from RMB 3,337 million in the same period of 2024[38]. Strategic Initiatives - The company plans to continue expanding its music service offerings and enhance user engagement through innovative and personalized experiences[7]. - Strategic partnerships with well-known labels and artists have been deepened to enrich the music library, including collaborations with DREAMUS and KING RECORDS[10]. - The company is expanding its concert operations and services into international markets, leveraging its established capabilities[11]. - The "Music Space" public welfare project attracted 380,000 participants, enhancing its influence and promoting music accessibility[22]. Future Outlook - The company anticipates continued growth in online music services and social entertainment revenue in the upcoming quarters[28]. - The company emphasizes the importance of non-IFRS measures for understanding operational performance and trends[25]. - The company encourages investors to review complete financial information rather than relying solely on individual financial metrics[26]. Assets and Equity - The total assets of Tencent Music as of December 31, 2024, were RMB 90,444 million, which increased to RMB 104,866 million by September 30, 2025[36]. - The total equity attributable to the company's equity holders increased from RMB 67,863 million as of December 31, 2024, to RMB 82,751 million by September 30, 2025[37]. - Tencent Music's goodwill increased from RMB 19,647 million as of December 31, 2024, to RMB 20,517 million by September 30, 2025[36]. Cash Flow - Operating cash inflow for the three months ended September 30, 2025, was RMB 3,683 million, representing a significant increase from RMB 2,165 million in the same period of 2024[38].

Financial Performance - The company reported an unaudited consolidated profit attributable to owners of approximately $278.7 million for the nine months ended September 30, 2025[2]. - Revenue for the nine months was $6,017.4 million, a slight decrease of 1.0% compared to $6,075.3 million in the same period last year[8]. - Gross profit for the period was $1,371.4 million, down from $1,472.3 million year-on-year[3]. - The pre-tax profit for the period was $357.1 million, compared to $438.5 million in the previous year[3]. - Total comprehensive income for the period was $323.2 million, down from $381.9 million year-on-year[4]. - Revenue from BaoSheng decreased by 7.9% year-on-year to $1,785.7 million, with a decline of 7.7% in RMB terms to RMB 12,902.8 million[9]. - Net profit attributable to the company's owners was $278.7 million, a decrease of 16.0% from $331.7 million in the previous year[15]. Revenue and Cost Analysis - Gross profit fell by 6.9% to $1,371.4 million, with a gross margin decline of 1.4 percentage points to 22.8%[11]. - The average discount rate increased, leading to a gross margin drop of 0.5 percentage points to 33.5% for BaoSheng[12]. - Selling and distribution expenses decreased by 7.2% to $579.4 million, accounting for approximately 9.6% of total revenue[13]. Manufacturing and Workforce - The company's manufacturing business revenue, including footwear, soles, accessories, and others, was $4,231.7 million, an increase of 2.3% year-on-year[8]. - The company experienced a 4.4% year-on-year increase in manufacturing workforce, contributing to higher labor costs due to wage increases[6]. Market Conditions and Challenges - The retail subsidiary, Pou Chen, faced challenges with low consumer confidence and high industry inventory, impacting foot traffic and sales[7]. - The company maintained a strong order mix, which helped to offset the negative impact of declining shipment volumes on footwear revenue[6]. Future Outlook and Strategies - The company expects a boost in shipment volume in Q4, traditionally a peak season, despite challenges from tariffs and macroeconomic uncertainties[17]. - The company plans to diversify its manufacturing capacity in Indonesia and India to support sustainable growth[17]. - The company aims to enhance operational resilience and maintain healthy cash flow through rigorous cost control and digital transformation strategies[18]. - The long-term outlook for the sports industry remains optimistic, driven by upcoming international sports events[17].

Financial Performance - Total revenue for the six months ended September 30, 2025, was $1,833 million, a decrease of 1% compared to the same period last year[2]. - Gross profit was $441 million, representing 24.0% of revenue, up from 23.6% in the previous year[2]. - Adjusted EBITDA was $159 million, or 8.7% of revenue, down from 9.5% in the previous year[2]. - Net profit attributable to shareholders increased by 3% to $133 million, or $0.1421 per share[2]. - Basic net profit decreased by 8% to $123 million after excluding unrealized gains or losses related to exchange rate fluctuations and restructuring costs[2]. - Free cash flow from operations was $174 million, compared to $144 million in the previous year[2]. - The company's operating profit for the first half of the 25/26 fiscal year was $156.2 million, a decrease of $1.7 million compared to the previous year[33]. - Shareholders' profit for the first half of the 25/26 fiscal year was $133.3 million, an increase of 3% from $129.6 million in the previous year[34]. - The gross profit margin improved to 24.0% in the first half of the 25/26 fiscal year, compared to 23.6% in the previous year[33]. - The company reported a profit of $133.3 million for the six months ended September 30, 2025, compared to a profit of $129.6 million for the same period in 2024, reflecting a year-over-year increase of approximately 2.1%[111]. - Total comprehensive income for the six months ended September 30, 2025, amounted to $158.4 million, compared to $136.4 million for the same period in 2024, representing a growth of about 16.1%[112]. Revenue Segmentation - The automotive segment accounted for 84% of total revenue, with a 3% decline in revenue at constant exchange rates[4]. - The industrial products segment represented 16% of total revenue, with stable sales compared to the previous year[8]. - Revenue for the first half of the 25/26 fiscal year decreased by $20.7 million or 1% to $1,833.5 million compared to $1,854.2 million in the previous fiscal year[18]. - Automotive product segment revenue decreased by $41.4 million or 3% (excluding foreign exchange effects), maintaining an 84% share of total revenue[22]. - Total revenue for the automotive products segment was $1,541,991 thousand for the six months ended September 30, 2025, slightly down from $1,564,418 thousand in 2024, reflecting a decrease of 1.4%[122]. - The industrial products segment generated revenue of $291,492 thousand, a marginal increase from $289,750 thousand in the same period last year, showing a growth of 0.6%[122]. Cash Flow and Liquidity - Free cash flow from operations rose from $144 million to $174 million, driven by a decline in working capital, which outweighed the increase in capital expenditures[11]. - Cash and cash equivalents increased by $141.9 million to $932.5 million as of September 30, 2025, compared to $790.6 million on March 31, 2025[55]. - The company reported a net cash from operating activities for the six months ended September 30, 2025, was $290,001 thousand, up from $222,780 thousand in 2024, indicating a year-over-year increase of 30.2%[114]. - The cash and cash equivalents at the end of the period increased to $932,483 thousand, up from $687,658 thousand in 2024, representing a growth of 35.5%[114]. Debt and Financing - Total debt to capital ratio remains stable at 11%, with cash balance of $932 million as of September 30, 2025[12]. - The company has $1,019.8 million in available and undrawn credit facilities as of September 30, 2025[57]. - The company repaid a net amount of $1.7 million in loans, significantly lower than the $203.8 million net repayment in the previous fiscal year[51]. - The total loan amount as of September 30, 2025, was $359,683 thousand, slightly up from $359,335 thousand on March 31, 2025, indicating a marginal increase of 0.1%[158]. - The company secured a $400 million financing agreement in August 2023, which includes $200 million in term loan financing and $200 million in revolving credit financing[158]. Shareholder Information - The board declared an interim dividend of HKD 0.17 per share, equivalent to USD 0.0218 per share, to be distributed on January 6, 2026[13]. - The company paid a final dividend of $52.1 million for the fiscal year 2024/25, maintaining the same amount as the previous year[66]. - The company announced an interim dividend of $20.3 million for the first half of the fiscal year 2025/26, consistent with the previous year's interim dividend[66]. - The company’s shares have a par value of HKD 0.05[92]. - The total number of issued ordinary shares as of September 30, 2025, was 1,760.0 million, unchanged from March 31, 2025, with a par value of HKD 0.05 per share[168]. Operational Efficiency - The management team is focusing on reducing indirect production costs and investing in innovative drive system solutions for high-growth markets such as robotics and data center thermal management[31]. - Operating expenses as a percentage of revenue remained stable at 14.1% compared to 14.0% in the previous year[37]. - The company incurred a loss of $21.6 million related to hedging instruments during the six months ended September 30, 2025[111]. - The company recognized a foreign exchange gain of $45.1 million from the translation of subsidiaries for the six months ended September 30, 2025[111]. Market Outlook - The company expects moderate revenue growth in the second half of the fiscal year despite a highly uncertain macroeconomic outlook, assuming pragmatic agreements in ongoing US-China trade negotiations[14]. - In the Asia-Pacific region, revenue decreased by 6%, primarily due to declining demand for non-local automotive brands in China and pricing measures to maintain competitiveness[26]. - In Europe, the Middle East, and Africa, revenue slightly declined by 1%, with sales of cooling management and visual application systems decreasing, offset by growth in brake system applications and powder metal components[26]. - In the Americas, revenue also slightly declined by 1%, driven by weak demand from several customers and the phase-out of certain product lines, although this was offset by growth in powder metal components and cooling management applications[26]. Corporate Governance - The company has complied with the corporate governance code as of September 30, 2025, except for specific circumstances regarding the rotation of directors[85]. - The roles of the Chairman and CEO are held by the same individual, Dr. Wang Suizhong, which the board believes is in the best interest of the company[86]. - The company has adhered to the standard code for securities trading as outlined in the listing rules[89].

Financial Performance - The Group's total revenue decreased by 36.0% year-on-year to RMB 95,800,000 in the first half of fiscal year 2025/26, compared to RMB 149,600,000 in 2024/25[16]. - Consolidated gross profit fell by 30.0% to RMB 55,600,000, with a gross profit margin of 58.0%, an increase of 4.9 percentage points from the previous year[16][19]. - Consolidated loss attributable to owners of the Company was RMB 31,400,000, an improvement from a loss of RMB 38,000,000 in the same period last year[16][18]. - The Group's total retail revenue decreased by 36.0% to RMB 95,800,000 compared to RMB 149,600,000 in the previous year, with same store sales down by 13.2%[42]. - For the six months ended August 31, 2025, the Group reported revenue of RMB 95,808,000, a decrease of 36% compared to RMB 149,591,000 for the same period in 2024[83]. - The gross profit for the same period was RMB 55,585,000, down from RMB 79,415,000, reflecting a decline in gross margin[83]. - The total comprehensive loss for the period was RMB 38,633,000, compared to RMB 45,363,000 in the previous year, indicating a reduction in overall losses[85]. - The company reported a loss for the period of RMB 31,356,000 for the six months ended August 31, 2025[93]. - For the six months ended August 31, 2025, the loss attributable to owners of the Company was RMB 31,356,000, compared to RMB 38,038,000 for the same period in 2024, representing a decrease of approximately 17.6%[162]. - Basic loss per share for the six months ended August 31, 2025, was RMB 4.44, an improvement from RMB 5.39 in 2024, indicating a reduction in loss per share by approximately 17.6%[162]. Expenses and Cost Management - Selling and distribution expenses decreased by 39.5% year-on-year to RMB 50,500,000, with the ratio to total revenue dropping by 3.0 percentage points to 52.7%[20]. - General and administrative expenses decreased by 17.6% to RMB 34,500,000, but the ratio to total revenue increased by 8.0 percentage points to 36.0%[21]. - Employee benefit expenses for the six months ended August 31, 2025, amounted to RMB 40,200,000, down from RMB 59,300,000 in 2024/25[81]. - Total costs of sales decreased to RMB 40,223,000 for the six months ended August 31, 2025, down from RMB 70,176,000 in 2024, reflecting a significant reduction of approximately 42.7%[162]. - Depreciation of property, plant, and equipment was RMB 2,028,000 for the six months ended August 31, 2025, compared to RMB 4,408,000 in 2024, a reduction of approximately 54.0%[162]. - Interest income on bank deposits decreased to RMB 3,948,000 for the six months ended August 31, 2025, from RMB 5,848,000 in 2024, a decline of approximately 32.4%[153]. Inventory and Cash Management - Inventory balance decreased by approximately 34.4% to RMB 78,100,000 from RMB 119,000,000[32]. - The proportion of inventory aged less than one year increased by 16.0 percentage points to 58.2%[36]. - Cash and bank balances amounted to RMB 309,000,000, with a quick ratio of 4.8 times[39]. - The Group focused on effective inventory management to maintain healthy inventory levels and enhance cash flow[51]. - The company reported a write-back of impairment losses on inventories amounting to RMB 17,891,000 for the six months ended August 31, 2025, compared to a loss of RMB 3,323,000 in 2024, indicating a significant improvement in inventory management[162]. - Cash and cash equivalents decreased to RMB 287,393,000 as of August 31, 2025, down from RMB 307,002,000 a year earlier[98]. Market Conditions and Strategic Initiatives - The footwear retail consumption in Mainland China remained sluggish, impacting the Group's sales performance[19]. - The Group is consolidating its sales network and closing underperforming outlets to reduce fixed selling and distribution expenses[20]. - The sales mix improved due to a higher proportion of new-season products, contributing to the increase in gross profit margin[19]. - The Group implemented various marketing initiatives, including rebranding and enhanced product quality control, to adapt to shifting consumer patterns[42]. - The Group launched two large flagship stores and one compact flagship store in Southern China to enhance customer shopping experience[52]. - The Group's strategy includes a brand revamp and reform of retail operations to better engage target customers[52]. - The Group is investing in online resources and collaborating with major e-commerce platforms to increase online traffic and meet customer needs[58]. - The Group is utilizing mini program stores and private traffic systems to lower customer acquisition costs and reduce overall e-commerce operating expenses[61]. - The Group maintains a cautiously optimistic outlook on the medium-to-long-term prospects of China's retail market, despite current consumer confidence challenges[65]. Financial Position and Liabilities - Total assets as of August 31, 2025, are RMB 526,154,000, a decrease of 8.4% from RMB 574,245,000 as of February 28, 2025[90]. - Total equity decreased to RMB 444,774,000 from RMB 483,407,000, reflecting a decline of 8.0%[90]. - Current liabilities decreased to RMB 67,257,000 from RMB 77,051,000, a reduction of 12.7%[90]. - The Group's financial liabilities as of 31 August 2025 included trade and other payables of RMB 52,718,000 and lease liabilities of RMB 6,714,000, totaling RMB 59,432,000[120]. - The total liabilities per consolidated interim balance sheet as of 31 August 2025 were RMB 81,380,000, with segment liabilities of RMB 67,335,000[134]. Shareholder Information - The number of issued and fully paid ordinary shares remained at 705,895,060 with a share capital of RMB 59,979,000[180]. - Mr. Li Wing Yeung, Peter holds a total of 60,920,200 shares, representing approximately 8.63% of the issued share capital of the Company[190]. - Mr. Leung Wai Ki, George has an interest in 1,700,000 shares, accounting for about 0.24% of the issued share capital[190]. - As of August 31, 2025, no other Directors or chief executives had any interests or short positions in the Shares or debentures of the Company[194]. - The Company had no arrangements for Directors to purchase shares or debentures during the six months ended August 31, 2025[195].

Financial Performance - For the nine months ended September 30, 2025, the company reported revenue of approximately RMB 12,902.8 million, a decrease of 7.7% compared to RMB 13,984.2 million in the same period last year[9] - The company's net profit attributable to shareholders for the same period was approximately RMB 171.0 million, representing a significant decline of 50.1% from RMB 343.0 million year-on-year[9] - Gross profit for the nine months was RMB 4,320.1 million, down 9.2% from RMB 4,758.2 million in the previous year[9] - Operating profit decreased by 41.5% to RMB 300.3 million from RMB 513.6 million in the prior year[9] - The gross margin for the period was 33.5%, a slight decrease of 0.5 percentage points from 34.0% in the previous year[9] - The operating margin fell to 2.3%, down 1.4 percentage points from 3.7% year-on-year[9] - The net profit margin also decreased to 1.4%, down 1.1 percentage points from 2.5% in the previous year[9] Challenges and Strategies - The company continues to face challenges such as low consumer confidence and high industry inventory levels, leading to weak foot traffic and intense price competition[7] - The company is enhancing its omnichannel capabilities, with online sales trends remaining robust, partially alleviating pressure on offline retail channels[7] - The company's net cash position remains strong despite the challenging operating environment[8]

Financial Performance - For the six months ended September 30, 2025, the operating revenue increased by 11.4% to HKD 3,323.9 million, compared to HKD 2,982.9 million for the same period in 2024[3] - The gross profit margin decreased by 0.6% to 16.5%, down from 17.1% in the same period of 2024[3] - The profit attributable to the owners of the company rose by 11.6% to HKD 204.5 million, compared to HKD 183.2 million in the same period of 2024[3] - Total revenue for the six months ended September 30, 2025, reached HKD 3,323,910,000, a 11.5% increase from HKD 2,982,900,000 in the same period of 2024[14] - Pre-tax profit for the period was HKD 302,176,000, an increase of 9.0% from HKD 277,260,000 in the previous year[17] - Basic earnings per share increased to HKD 0.356 from HKD 0.332, based on profit attributable to shareholders of HKD 204,513,000 compared to HKD 183,200,000 in 2024[22] - Gross profit rose by HKD 40.6 million (or 8.0%) to HKD 549.5 million, with a gross margin decrease from 17.1% to 16.5%[32] - The pre-tax profit increased by HKD 24.9 million (or 9.0%) to HKD 302.2 million, with a pre-tax profit margin declining from 9.3% to 9.1%[32] Dividends - The interim dividend declared for the six months ended September 30, 2025, is HKD 0.24 per share, up from HKD 0.22 per share in 2024[3] - The company declared an interim dividend of HKD 0.24 per share, up from HKD 0.22 per share in 2024, totaling HKD 137,803,000[21] - The interim dividend proposed is HKD 0.24 per share, up from HKD 0.22 per share in the previous year, with a payout ratio of 67.4%[35] Assets and Liabilities - Non-current assets totaled HKD 1,980.8 million as of September 30, 2025, down from HKD 2,012.0 million as of March 31, 2025[7] - Current assets increased to HKD 2,337.6 million from HKD 1,962.0 million as of March 31, 2025[7] - The net current asset value improved to HKD 303.8 million from HKD 48.2 million as of March 31, 2025[7] - The total equity attributable to the owners of the company increased to HKD 1,969.6 million from HKD 1,754.3 million as of March 31, 2025[8] - The company’s bank loans amounted to HKD 1,422.6 million as of September 30, 2025, compared to HKD 910.0 million on March 31, 2025[26] - The group's bank loan facilities amounted to HKD 2,154.2 million as of September 30, 2025, an increase from HKD 1,953.7 million as of March 31, 2025[38] - The group's debt ratio was 59.9% as of September 30, 2025, compared to 58.1% as of March 31, 2025[38] Market Performance - Revenue from the China market was HKD 1,789,339,000, up 5.8% from HKD 1,690,750,000 year-over-year[13] - The United States market saw a significant revenue increase of 21.2%, reaching HKD 691,349,000 compared to HKD 570,551,000 in 2024[13] - The company operates in six reportable segments based on customer location, including Mainland China, the United States, Europe, South Korea, Japan, and other regions[12] Operational Efficiency - The company’s sales and distribution expenses decreased by HKD 9.0 million (or 36.7%) despite the increase in sales, due to lower logistics costs[34] - The company maintained a low level of overdue accounts receivable, with no impairment noted during the period[24] - Accounts receivable increased significantly to HKD 1,456,393,000 from HKD 460,403,000, indicating a strong sales performance[23] Tax and Financing - Interest income from banks decreased to HKD 1,760,000 from HKD 1,964,000, while total other income fell to HKD 4,970,000 from HKD 6,972,000[15] - Financing costs rose to HKD 37,360,000 from HKD 35,326,000, primarily due to bank loan interest[16] - The company’s effective tax rate decreased from 30.2% to 29.1% due to the profitability turnaround of the newly acquired production base in Vietnam[34] Human Resources - The group employed approximately 18,700 employees as of September 30, 2025, a slight decrease from 18,800 employees as of March 31, 2025[42] Corporate Governance and Risk Management - The company has complied with the corporate governance code during the six months ended September 30, 2025[44] - The group continues to monitor its foreign exchange risks and will use appropriate tools to manage and mitigate these risks[40] - The group aims to maintain a balanced currency exposure in its sales and procurement activities to manage foreign exchange risks[39] - The management believes that existing financial resources are sufficient to meet current operations and expansion plans[38] Awards and Recognition - The company received the "Excellent Supplier" award from strategic partner NIKE, recognizing its commitment to quality[31] Acquisitions - There were no significant acquisitions or disposals of subsidiaries during the six months ended September 30, 2025[41] Capital Expenditure Plans - The company plans to focus capital expenditures on production integration, automation upgrades, and capacity expansion to enhance operational advantages[30]

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依賴該等內容而引致的任何損 失 承 擔 任 何 責 任。 美亨實業控股有限公 司 Million Hope Industries Holdings Limited （於開曼群島註冊成立的有限公司 ） （股份代號 ：1897） 截至2025年9月30日止六個月 中期業績公告 中期業績 截 至 2025 年 9 月 3 0 日 止 六 個 月，美 亨 實 業 控 股 有 限 公 司（「 本公司 」）及 其 附 屬 公 司（統 稱「 本集團 」）錄 得 截 至 2025 年 9 月 3 0 日止六個月未經審 核綜合收益 143,900,000 港 元，較 截 至 2024 年 9 月 3 0 日止六個月之收益 271,700,000港元減少47.0%。本 期 間 收 益 主 要 由Branksome Crest的 裝 修 工 程、利 眾 街 1 8 號 的 工 業 重 建 項 目、啟 德 第 2B1 區 ...

Financial Performance - Revenue for the six months ended September 30, 2025, was RMB 30,502 million, a decrease of 12.1% compared to RMB 34,708 million in the same period of 2024[3] - Gross profit for the same period was RMB 7,719 million, down 9.5% from RMB 8,526 million year-on-year[3] - Operating profit decreased significantly by 56.4% to RMB 271 million from RMB 621 million in the previous year[3] - The company reported a loss of RMB 127 million for the period, compared to a profit of RMB 186 million in the same period last year[3] - Total revenue for the six months ended September 30, 2025, was RMB 30,502 million, a decrease of 12.6% from RMB 34,708 million in the same period of 2024[21] - Revenue from customer contracts under HKFRS 15 was RMB 29,099 million, down from RMB 33,200 million, with a significant drop of 12.3% in point-in-time recognition revenue[21] - Rental income from tenants was RMB 1,403 million, a decrease of 6.9% compared to RMB 1,508 million in the previous year[22] - Interest income from financial assets measured at amortized cost was RMB 153 million, down 26.1% from RMB 207 million[22] - Pre-tax profit before deducting financial expenses was RMB 174 million, a decrease of 17.5% from RMB 211 million in the previous year[23] - Employee costs totaled RMB 3,788 million, down 7.8% from RMB 4,106 million in the same period last year[24] - Other income and net gains for the six months ended September 30, 2025, were RMB 0.566 billion, a decrease of RMB 0.055 billion or 8.9% from RMB 0.621 billion for the same period in 2024[56] Assets and Liabilities - Total assets as of September 30, 2025, were RMB 53,635 million, a decline of 4.2% from RMB 55,973 million as of March 31, 2025[3] - Net cash balance was RMB 11,958 million, down 4.6% from RMB 12,529 million[3] - Total liabilities stood at RMB 35,402 million, a slight decrease of 0.4% from RMB 35,545 million[3] - The company's equity attributable to shareholders decreased to RMB 18,246 million, down 10.7% from RMB 20,094 million[7] - Trade receivables, net of impairment provisions, decreased to RMB 392 million as of September 30, 2025, from RMB 496 million as of March 31, 2025, reflecting a decline of approximately 21%[41] - Total trade and other receivables amounted to RMB 1,748 million as of September 30, 2025, down from RMB 2,290 million as of March 31, 2025, indicating a decrease of about 23.7%[41] - The company reported a total of RMB 10,230 million in trade payables as of September 30, 2025, up from RMB 9,832 million as of March 31, 2025, representing an increase of approximately 4%[48] - The bank loans due within one year amounted to RMB 1,246 million as of September 30, 2025, compared to RMB 1,491 million as of March 31, 2025, reflecting a decrease of about 16.5%[50] - Lease liabilities as of September 30, 2025, were RMB 5,952 million, compared to RMB 5,833 million as of March 31, 2025, showing a slight increase[50] Cash Flow - Operating cash flow for the period was RMB 1,323 million, a significant improvement from a cash outflow of RMB 641 million in the previous year[9] - The company reported a net cash inflow from investment activities of RMB 1,980 million, compared to a cash outflow of RMB 2,125 million in the prior year[11] - Cash and cash equivalents increased by RMB 1,043 million, recovering from a decrease of RMB 2,406 million in the previous period[13] - Net cash inflow from operating activities for the six months ended September 30, 2025, was RMB 1.323 billion, an increase of RMB 1.964 billion compared to a net cash outflow of RMB 641 million for the same period in 2024[65] - Net cash outflow from financing activities for the six months ended September 30, 2025, was RMB 2.260 billion, a decrease of RMB 2.620 billion compared to a net cash inflow of RMB 360 million for the same period in 2024[69] Strategic Initiatives - The company's three-year strategy focuses on a retail model that emphasizes health products, enjoyable experiences, and attentive service to meet the needs of families and young consumers[74] - The company aims to enhance its supply chain efficiency and product differentiation through a dual-brand strategy and by optimizing store formats to transform them into community life centers[74] - The company plans to establish a dedicated transformation team to oversee the execution of its three-year strategy and improve team effectiveness through optimized incentive schemes[74] - The "1+1 dual brand matrix" strategy has launched over 500 products across more than 50 categories, achieving a sales growth of over 50% year-on-year, contributing over 2% to overall performance[77] - The logistics optimization has established a core storage matrix of 13 ambient warehouses and 25 cold chain warehouses, with an expected cumulative cost saving of over RMB 100 million in the coming years[78] - The company plans to complete over 30 store renovations this fiscal year and over 200 by the next fiscal year, with renovated stores showing double-digit growth in customer traffic[79] - The company aims to increase the online sales proportion to 40%-50% in the next three years[81] Employee and Governance - As of September 30, 2025, the group had 81,954 employees, down from 85,778 employees as of September 30, 2024[85] - Total employee benefits expenditure amounted to RMB 3,788 million, compared to RMB 4,106 million for the same period in 2024[85] - The company has adopted a stock option plan and a revised employee trust benefit plan to attract and retain high-quality talent[85] - The board is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[88] - The audit committee reviewed the unaudited condensed consolidated interim financial statements for the six months ended September 30, 2025[90] - The company has confirmed compliance with the corporate governance code as of September 30, 2025[91] Dividend Information - The company declared an interim dividend of HKD 0.085 per share for the six months ended September 30, 2025, amounting to approximately HKD 811 million[18] - The interim dividend details will be included in the announcement section titled "Dividends"[99] - The expected payment date for the interim dividend is March 24, 2026, which is a change from the previous payment date in January 2025[94] - The record date for the proposed interim dividend is set for November 27, 2025[97] - The interim results announcement for the six months ending September 30, 2025, will be published on the Hong Kong Stock Exchange website and the company's website[98]

Financial Performance - The Group's revenue for the six months ended 30 September 2025 was approximately HK$44,810,000, representing a decrease of approximately 7.7% compared to the same period in the previous financial year[8]. - The Group's gross profit for the same period was approximately HK$11,620,000, an increase of approximately HK$3,771,000 compared to the previous year[8]. - Profit attributable to owners of the Company for the six months ended 30 September 2025 was approximately HK$3,948,000, down from HK$4,266,000 in the same period of 2024[8]. - Total comprehensive income for the period was approximately HK$5,023,000, compared to HK$4,754,000 for the same period in 2024[11]. - Basic and diluted profit per share from continuing operations was HK$0.24 cents, down from HK$0.29 cents in the previous year[11]. - Profit before tax for the period was approximately HK$5,016,000, compared to HK$5,684,000 for the same period in 2024[10]. - The company reported a profit for the period of HK$3,607,000 for the six months ended September 30, 2025[16]. - The Group recorded a profit of approximately HK$3,948,000 for the six months ended 30 September 2025, compared to a profit of approximately HK$4,266,000 for the same period last year[135]. Revenue Breakdown - For the six months ended September 30, 2025, the Group's total revenue from continuing operations was HK$44,810,000, a decrease from HK$48,551,000 for the same period in 2024, representing a decline of approximately 5.4%[48]. - The Gold and Jewellery Business generated external sales of HK$27,922,000, while the Lending Business and Property Management Services Business contributed HK$50,000 and HK$16,838,000 respectively[48]. - Revenue from the Group's Jewellery Business decreased by HK$12,550,000, while revenue from the Lending Business decreased by HK$260,000[126]. - Revenue from Property Management Services increased by HK$9,070,000 during the review period[126]. Expenses and Costs - The Group's cost of sales for the six months ended 30 September 2025 was approximately HK$33,190,000, compared to HK$40,702,000 in the previous year[10]. - Administrative expenses increased to approximately HK$8,045,000 from HK$5,173,000 in the same period of 2024[10]. - Selling expenses decreased by approximately HK$10,000 from approximately HK$23,000 for the six months ended 30 September 2024 to approximately HK$13,000 for the six months ended 30 September 2025[133]. - Other gains and losses, net, increased from approximately HK$102,000 (gains) for the six months ended 30 September 2024 to approximately HK$1,703,000 (gains) for the six months ended 30 September 2025, primarily due to fair value changes of financial assets[132]. Assets and Liabilities - Total non-current assets increased to HK$246,237,000 as of September 30, 2025, up from HK$244,063,000 as of March 31, 2025, representing a growth of 0.89%[13]. - Current assets decreased to HK$126,585,000 as of September 30, 2025, down from HK$144,805,000 as of March 31, 2025, reflecting a decline of 12.57%[13]. - Total current liabilities significantly reduced to HK$30,710,000 as of September 30, 2025, compared to HK$54,462,000 as of March 31, 2025, a decrease of 43.73%[14]. - Total liabilities decreased significantly from HK$54,802,000 as of March 31, 2025, to HK$31,050,000 as of September 30, 2025[51]. - The Group's total equity rose to HK$341,772,000 as of September 30, 2025, from HK$334,066,000 as of March 31, 2025, marking an increase of 2.11%[14]. Cash Flow and Financing - For the six months ended September 30, 2025, the net cash used in operating activities was HK$ (893,000), a decrease from HK$ 6,537,000 in the same period of 2024[32]. - Cash flows from investing activities resulted in a net cash outflow of HK$ (1,636,000), compared to a net inflow of HK$ 5,037,000 in the previous year[32]. - The company reported a net cash outflow from financing activities of HK$ (144,000), a significant decrease from HK$ (6,034,000) in the prior period[32]. - Cash and cash equivalents slightly decreased to HK$26,412,000 as of September 30, 2025, from HK$27,315,000 as of March 31, 2025, a decline of 3.30%[13]. Dividends and Share Capital - The Board does not recommend the payment of any interim dividend for the six months ended 30 September 2025[8]. - The share capital increased to HK$153,447,000 as of September 30, 2025, compared to HK$151,844,000 as of March 31, 2025, an increase of 1.06%[14]. - The number of issued and fully paid ordinary shares increased to 1,534,471,000 as of 30 September 2025, up from 1,518,443,000 as of 31 March 2025[106]. Business Segments and Operations - The Group continues to focus on developing its Gold and Jewellery Business, aiming to expand sales channels in South China[168][169]. - The Group acquired Shenzhen China Brilliant Property Services Company Limited to broaden its income sources in the Property Management Services Business[171]. - The Lending Business focuses on short-term loans with interest rates ranging from 5% to 8% per annum, primarily targeting electronic device manufacturers[184]. - The Group is considering further expansion in the Lending Business, closely monitoring market conditions and the external economic environment[183]. Risk and Compliance - The Group has no material contingent liabilities as of September 30, 2025[153][157]. - CBG Finance has a stringent credit assessment policy that is effective in assessing potential benefits and risks of loan transactions[198]. - The Group applies the general approach under HKFRS 9 for expected credit loss (ECL) assessment, which includes both 12-month ECL and lifetime ECL[195].

Leasing Agreement - Tenfu (Cayman) Holdings Company Limited has entered into a renewed leasing framework agreement with Mingfeng Commercial Management Co., Ltd. for a three-year term from January 1, 2023, to December 31, 2025[3] - The leasing agreement is subject to the annual cap disclosed in the annual report, ensuring compliance with the relevant listing rules[3] - The agreement involves properties leased to Mingfeng, which is indirectly wholly owned by a core connected person of the company[3] Financial Stability - The company has maintained the remaining content of the annual report unchanged, indicating stability in its financial disclosures[4]