TSX/NYSE/PSE: MFC SEHK: 945 除非另有註明，所有金額均按加元呈列 宏利公佈 2025 年第三季度業績 多倫多 – 2025 年 11 月 12 日 – 宏利金融有限公司（「宏利」或「本公司」）宣佈截至 2025 年 9 月 30 日的第三季 度業績，期間核心盈利創下新高，而核心 EPS 亦錄得雙位數增幅。 2025 年第三季度業績的主要重點包括： 「憑藉專注執行與全球化業務佈局的多元優勢，我們再次於本季度的財務與營運表現錄得佳績。亞洲、全球財 富與資產管理業務、加拿大業務的核心盈利均創下新高，新造業務持續保持強勁勢頭，旗下三大保險業務部的 新造業務 CSM 均錄得 15%或以上增幅。儘管全球財富與資產管理業務錄得淨流出，其核心 EBITDA 利潤率 3 仍持續擴大，顯示我們的營運槓桿保持良好成效。此外，我們成功收購 Comvest Credit Partners 並達成收購 Schroders 印尼 8 業務的協議，進一步印證我們在資本配置上的嚴謹與策略部署。這些舉措不僅拓展了我們的 服務能力，也豐富了客戶方案，為業務增長注入新的動能。」 業績一覽 | | 季度業績 | | | | ...

Financial Performance - Revenue for the six months ended September 30, 2025, was HK$1,094,789,000, representing an increase of 103% compared to HK$537,669,000 for the same period in 2024[19]. - Gross profit for the same period was HK$115,056,000, up 131% from HK$49,717,000 in the previous year[19]. - Profit before tax increased to HK$80,966,000, a 170% rise from HK$29,935,000 in the prior year[19]. - Profit for the period attributable to equity holders of the Company was HK$42,777,000, compared to HK$14,206,000 in the same period last year, marking a 201% increase[19]. - Basic earnings per share for the period was HK$0.58, up from HK$0.21 in the previous year[19]. - Non-controlling interest profit for the period was HK$23,442,000, compared to HK$9,648,000 in the same period last year, reflecting a 143% increase[19]. - Operating results improved to HK$84,539,000, a 148% increase from HK$34,118,000 in the previous year[19]. - Profit for the period increased to HK$66,219,000, up 177.5% from HK$23,854,000 in the same period last year[21]. - Total comprehensive profit for the period reached HK$80,206,000, compared to HK$24,773,000, representing a growth of 223.5%[21]. Assets and Liabilities - Equity attributable to the owners of the Company rose to HK$698,827,000, an increase from HK$641,865,000, reflecting a growth of 8.8%[25]. - Non-current assets increased to HK$1,253,767,000, up from HK$1,114,900,000, marking a rise of 12.5%[23]. - Current assets decreased slightly to HK$558,013,000 from HK$564,256,000, a decline of 1.1%[23]. - Net current assets decreased to HK$12,497,000 from HK$19,614,000, a drop of 36.3%[25]. - Total assets less current liabilities increased to HK$1,266,264,000 from HK$1,134,514,000, an increase of 11.6%[25]. - Cash and bank balances decreased to HK$13,820,000 from HK$29,481,000, a decline of 53.1%[23]. Expenses - Administrative expenses rose to HK$23,083,000 from HK$17,965,000, indicating a 28% increase[19]. - Selling and distribution expenses increased to HK$7,552,000 from HK$5,122,000, a rise of 47%[19]. - Operating expenses totaled HK$30,635, an increase from HK$23,087, indicating a rise of 33% year-over-year[45]. - Income tax expense for the period was HK$14,747, compared to HK$6,081 in the previous year, reflecting an increase of 143%[59]. Cash Flow - Net cash generated from operating activities decreased to HK$67,755,000 from HK$121,917,000, reflecting a decline of approximately 44.4%[31]. - Cash and cash equivalents at the end of the period were HK$13,817,000, down from HK$68,403,000, marking a decrease of about 79.8%[31]. - The net cash used in investing activities increased significantly to HK$147,612,000 from HK$49,000,000, indicating a rise of approximately 200%[31]. - The company reported a net cash inflow from financing activities of HK$64,364,000, compared to a cash outflow of HK$24,723,000 in the previous period[31]. Share Capital and Equity - The Company issued share options valued at HK$910,000 during the period[27]. - The company issued new shares amounting to HK$41,180,000 during the period[29]. - The total equity attributable to equity holders of the company increased to HK$685,136,000 as of September 30, 2024, from HK$506,651,000 at the beginning of the period[29]. - The Group issued 1,038,600,000 new shares at a price of HK$0.275 per share on October 3, 2025, increasing the total number of issued shares to 8,466,801,720[101]. Operational Highlights - The company operates primarily in gold exploration, mining, and processing, with its principal activities focused on producing gold concentrates and gold ingots[33]. - The Group had two operating segments: Gold Mining Division and Corporate Division, with segment results excluding finance costs[41]. - Segment revenue for external customers in Gold Mining reached HK$1,094,789, a significant increase of 103% compared to HK$537,669 in the same period last year[45]. - Capital expenditure for the period was HK$147,611, significantly higher than HK$52,104 in the previous year, marking an increase of 183%[45]. - The total expenditure for mine development and mineral exploration during the reporting period amounted to approximately HK$147.6 million[123]. - The aggregate expenditure on ore mining operations during the reporting period was approximately HK$26.6 million[124]. Strategic Initiatives - The Group aims to steadily and rapidly increase its gold mining and production output over the next few years through a robust growth strategy, including organic development and potential acquisitions[125][129]. - The Group is focusing on lower altitude/deep ground exploration in the Xiaoqinling Mountains, believed to have significant gold deposits[131][133]. - The Group has established an AI mining joint venture to enhance operational efficiency and diversify revenue streams through AI-driven mining models[134][136]. - The Group plans to venture into live-stream e-commerce for gold ornaments, targeting young, brand-conscious consumers[134][136]. Corporate Governance - The Company has adopted the Corporate Governance Code and complied with all Code Provisions during the Reporting Period, except for a specific deviation regarding the trading code for directors[148]. - The Group does not recommend the payment of an interim dividend for the six months ended September 30, 2025[83][89]. Share Option Scheme - The maximum number of share options available for grant under the Share Option Scheme is 149,678,216, representing 10% of the total shares in issue as of the approval date[158]. - The percentage of issued shares represented by the share options available under the Share Option Scheme is 2.0% as of the date of this report[158]. - The overall limit on the number of shares to be issued upon exercise of all outstanding options shall not exceed 30% of the shares in issue from time to time[159]. - The maximum number of shares that can be issued to each Participant upon exercise of options in any 12-month period is limited to 1% of the total number of shares in issue[160]. - The total number of share options granted during the year ended September 30, 2025, is not specified, indicating no new options were granted[182].

Financial Performance - Revenue for the six months ended September 30, 2025, reached HK$1,094,789, a significant increase of 103% compared to HK$537,669 in the same period of 2024[24]. - Gross profit for the period was HK$115,056, representing a gross margin of approximately 10.5%, up from HK$49,717 in 2024[24]. - Profit for the period attributable to equity holders of the Company was HK$42,777, a substantial increase of 201% from HK$14,206 in the previous year[24]. - Earnings per share (basic) increased to HK$0.58, compared to HK$0.21 for the same period in 2024, reflecting a growth of 176%[24]. - Total comprehensive profit for the period was HK$80,206, compared to HK$24,773 in 2024, marking an increase of 224%[26]. - For the six months ended September 30, 2025, net profit for the period was HK$14,206,000, compared to HK$9,648,000 for the same period in 2024, representing a 47.5% increase[34]. - The Group's total comprehensive income for the period was HK$13,467,000, compared to HK$11,206,000 in the previous year, an increase of 20.2%[34]. Assets and Liabilities - Non-current assets increased to HK$1,253,767 as of September 30, 2025, up from HK$1,114,900 as of March 31, 2025[28]. - Current assets decreased slightly to HK$558,013 from HK$564,256 as of March 31, 2025[28]. - Net assets rose to HK$830,665, an increase from HK$749,549 as of March 31, 2025, indicating a growth of 11%[30]. - The company’s total liabilities remained stable at HK$545,516 as of September 30, 2025, compared to HK$544,642 as of March 31, 2025[30]. - The current ratio as of 30 September 2025 was approximately 1.02, slightly down from approximately 1.04 as of 31 March 2025[96]. - The Group's gearing ratio increased to approximately 24.8% as of 30 September 2025, compared to approximately 15.5% as of 31 March 2025[96]. - The Group's debt-to-asset ratio increased to approximately 24.8% as of September 30, 2025, compared to 15.5% on March 31, 2025[100]. Cash Flow and Investments - Net cash generated from operating activities decreased to HK$67,755,000 from HK$121,917,000 year-over-year, a decline of 44.4%[36]. - Cash and cash equivalents at the end of the period were HK$13,817,000, down from HK$68,403,000, reflecting a decrease of 79.8%[36]. - The net cash used in investing activities was HK$147,612,000, significantly higher than HK$49,000,000 in the previous year[36]. - The Group's total expenditure for mine development and mineral exploration during the Reporting Period was approximately HK$147.6 million[128]. - Aggregate expenditure on ore mining operations during the Reporting Period was approximately HK$26.6 million[129]. Corporate Governance - The company confirmed that the information contained in the report is accurate and complete in all material respects, with no misleading or deceptive elements[10]. - The board of directors collectively accepts full responsibility for the report, ensuring compliance with the GEM Listing Rules[10]. - The report includes details about the company's corporate governance structure, including the board of directors and various committees[17]. - The Company has complied with all Code Provisions of the Corporate Governance Code during the Reporting Period, except for the separation of roles between the chairman and chief executive[155]. Shareholder Information - The Company issued new shares amounting to HK$41,180,000 during the period[34]. - The Group issued 1,038,600,000 new shares at a price of HK$0.275 per share, increasing the total number of issued shares to 8,466,801,720[106]. - The net proceeds from the Subscription amounted to approximately HK$41.1 million, with HK$35.5 million utilized by September 30, 2025[125]. - The Group aims to steadily and rapidly increase its gold mining and production output over the next few years through a robust growth strategy, including organic development and potential acquisitions[130]. Operational Highlights - The Group operates two segments: Gold Mining Division and Corporate Division, with segment results excluding finance costs[46]. - The Company’s principal activities include gold exploration, mining, mineral processing, and refinery, with gold concentrates and gold ingots as products[38]. - The Group's exploration program will continue in both permitted mining areas and potential acquisition areas, targeting additional gold resources and reserves[138]. - The Group has established an AI mining joint venture to enhance operational efficiency and diversify revenue streams, alongside plans to venture into live-stream e-commerce for gold ornaments[139]. Share Option Scheme - The Company has adopted the Share Option Scheme with a maximum of 149,678,216 options available for grant, representing 10% of the total shares issued as of September 27, 2021[163]. - The overall limit for shares issued upon exercise of all outstanding options under the Share Option Scheme shall not exceed 30% of the total shares in issue[164]. - The total number of shares available for issue under the Share Option Scheme is 89,806,930, representing 1.21% of the issued shares of the Company[180]. - The total number of share options granted during the year ended 30 September 2025 is shown in the report, with specific details on participants and exercise prices[186]. - The Company has not issued any shares in respect of options granted under the Share Option Scheme during the reporting period[181].

Financial Performance - Samsonite Group reported unaudited consolidated financial results for the three and nine months ended September 30, 2025[3]. - For the three months ended September 30, 2025, net sales were $872.7 million, a decrease of 0.6% compared to $877.7 million for the same period in 2024[11]. - Gross profit for the same period was $519.8 million, slightly down by 0.1% from $520.1 million[11]. - Operating profit increased by 4.6% to $139.2 million from $133.0 million year-over-year[11]. - Net profit for the period rose by 10.3% to $78.8 million, compared to $71.5 million in the previous year[11]. - Adjusted net income decreased by 20.2% to $63.6 million from $79.7 million year-over-year[11]. - Adjusted EBITDA was $142.6 million, down 7.7% from $154.6 million in the same period last year[11]. - Adjusted free cash flow decreased by 31.3% to $64.7 million from $94.2 million year-over-year[11]. - For the nine months ended September 30, 2025, net sales were $2,534.3 million, a decrease of 4.2% from $2,646.2 million for the same period in 2024[15]. - Adjusted net income for the nine months ended September 30, 2025, was $187.0 million, a decrease of $66.7 million or 26.3% from $253.7 million for the same period in 2024[18]. Market and Product Strategy - The company aims to expand its product portfolio and market coverage, particularly in non-travel product categories[6]. - Direct-to-consumer (DTC) channel performance, including the expansion of self-operated retail stores and e-commerce platforms, is a key focus area[6]. - The company is committed to upgrading and expanding its retail store network and investing in software to enhance e-commerce capabilities[6]. - The company plans to continue sourcing a majority of products sold in the U.S. from regions outside of China[6]. - The strategy to expand non-travel product categories aims to mitigate the impact of global travel trends on business performance[37]. - The company is focused on continuous investment in innovation and product development to enhance brand and product appeal, which is crucial for sales growth[32]. Economic and Operational Risks - Risks related to consumer spending and overall economic conditions were identified as significant factors affecting business performance[5]. - Economic uncertainties have led to stricter consumer spending habits, negatively impacting demand for discretionary items, including the company's products[34]. - The company is focused on navigating global economic conditions and regulatory changes that may impact its operations[6]. Cash Flow and Financial Position - Future financial conditions, including cash flow and working capital, were highlighted as critical for the next twelve months[6]. - Cash flow from operating activities for the three months ended September 30, 2025, was $131.4 million, a decrease of $18.8 million or 12.5% from $150.2 million for the same period in 2024[14]. - As of September 30, 2025, cash and cash equivalents were $496.7 million, with total outstanding financial debt of $1,749.4 million, resulting in net debt of $1,252.7 million[18]. - The company reported a total equity of $1,562.2 million as of September 30, 2025, an increase from $1,545.0 million as of December 31, 2024[21]. Sales Performance by Region and Brand - Travel products accounted for 64.0% of net sales for the nine months ended September 30, 2025, while non-travel products made up 36.0%[29]. - In North America, net sales for the three months ended September 30, 2025, were $282.2 million, a decline of 4.6% from $295.8 million in 2024[41]. - European net sales increased by 5.6% to $221.0 million for the three months ended September 30, 2025, compared to $209.2 million in 2024[41]. - The sales of the Samsonite brand decreased by $13.9 million or 2.9% year-over-year, with a decline of 10.5% in North America and 4.5% in Asia[52]. - TUMI brand sales increased by 5.7% to $204.3 million compared to $193.3 million in the same period of 2024[50]. Expenses and Profitability - Marketing expenses for the three months ended September 30, 2025, were $53.0 million, a decrease of $2.7 million or 4.9% compared to $55.7 million for the same period in 2024, representing 6.1% of net sales[14]. - Distribution expenses increased by $17.4 million or 6.5% due to the opening of 43 new retail stores and increased employee benefits[75]. - General and administrative expenses decreased by $0.9 million or 1.6%, remaining stable at 6.3% of sales[77]. - The company reported a net profit margin of 8.2% for the nine months ended September 30, 2025, compared to 9.7% in the previous year[164]. Debt and Financing - The company’s total borrowings, net of deferred financing costs, were $1,743.2 million as of September 30, 2025[168]. - The company entered into a new interest rate swap agreement effective from August 30, 2024, which will fix approximately 31% of the principal amount of past senior credit facilities at a SOFR rate of about 4.6%, reducing interest rate risk[177]. - The new credit agreement includes $800.0 million in senior secured A term loans and $494.0 million in senior secured B term loans, totaling $1.294 billion in new term loan credit facilities[181]. Shareholder Returns - The company declared a cash dividend of $150.0 million to shareholders for the year ended December 31, 2024[18]. - The company repurchased 16,690,800 shares under its share repurchase program, resulting in a cash outflow of $42.9 million[18].

Financial Performance - For the six months ended September 30, 2025, the company reported revenue of HKD 154.08 million, an increase of approximately 15% from HKD 133.98 million for the same period in 2024[5] - Gross profit for the same period was HKD 13.87 million, a decrease of approximately 15.4% compared to HKD 16.39 million in 2024[5] - Profit attributable to equity holders was HKD 0.41 million, down approximately 62.5% from HKD 1.09 million in the previous year[5] - Basic earnings per share decreased to HKD 0.03, a decline of 66.67% from HKD 0.09 in the prior period[5] - The increase in revenue was primarily driven by a rise in installation service revenue by approximately HKD 9.97 million and an increase in alteration and addition works revenue by approximately HKD 9.36 million[5] - The company experienced a gross profit decline of approximately HKD 2.52 million due to rising material and labor costs, which outpaced revenue growth[5] - For the six months ended September 30, 2025, total revenue from external customers was HKD 154,075,000, an increase from HKD 133,976,000 for the same period in 2024, representing a growth of approximately 15.0%[21][24] - The profit before tax for the six months ended September 30, 2025, was HKD 588,000, compared to HKD 1,284,000 for the same period in 2024, showing a decline of approximately 54.2%[21][22] - The total other income and gains for the six months ended September 30, 2025, were HKD 849,000, compared to HKD 788,000 for the same period in 2024, representing an increase of approximately 7.7%[25] Assets and Liabilities - Total assets as of September 30, 2025, were HKD 161.79 million, compared to HKD 163.59 million as of March 31, 2025[7] - Current assets totaled HKD 311.95 million, an increase from HKD 302.52 million as of March 31, 2025[7] - The company’s net asset value was HKD 158.70 million as of September 30, 2025, compared to HKD 158.29 million as of March 31, 2025[7] - Trade receivables net amount as of September 30, 2025, was HKD 9,484,000, a decrease from HKD 31,884,000 as of March 31, 2025[35] - Contract assets as of September 30, 2025, totaled HKD 225,941,000, up from HKD 198,728,000 as of March 31, 2025[36] - Contract liabilities as of September 30, 2025, were HKD 13,509,000, compared to HKD 15,003,000 as of March 31, 2025[37] - Trade payables as of September 30, 2025, increased to HKD 91,500,000 from HKD 77,236,000 as of March 31, 2025[38] - Total bank borrowings as of September 30, 2025, were HKD 35,780,000, a decrease from HKD 38,765,000 as of March 31, 2025[40] Cash Flow - The net cash generated from operating activities was HKD 12,823,000, down from HKD 17,127,000 in the previous year, indicating a decline of about 25.5%[9] - Cash and cash equivalents at the end of the period were HKD 63,716,000, compared to HKD 66,030,000 at the end of the previous year, reflecting a decrease of approximately 3.9%[9] - The net cash generated from investing activities was HKD 731,000, up from HKD 676,000 in the previous year, reflecting an increase of approximately 8.1%[9] - The cash used in financing activities was HKD 5,535,000, compared to HKD 4,385,000 in the previous year, indicating an increase of about 26.2%[9] Expenses - Administrative and other operating expenses decreased to HKD 13.94 million from HKD 14.79 million in the previous period[6] - The employee cost for the group was approximately HKD 17.22 million for the reporting period, compared to HKD 18.43 million for the six months ended September 30, 2024[76] - The financing costs decreased to HKD 886,000 from HKD 1,184,000, showing a reduction of approximately 25.2%[9] - Administrative and other operating expenses amounted to HKD 13,943,000 for the six months ended September 30, 2025, a decrease from HKD 14,786,000 in the same period of 2024, reflecting a reduction of approximately 5.7%[26] Shareholder Information - The company did not recommend the payment of an interim dividend for the reporting period, consistent with the previous year[32] - The total number of shares that may be issued upon exercise of options under the stock option plan is limited to 10% of the shares issued at the time of the company's listing, which amounts to 120,000,000 shares[45] - The company has not purchased, sold, or redeemed any of its listed shares during the reporting period[93] - The group had a total of 1,200,000,000 shares issued as of September 30, 2025[86] - The company’s total issued share capital as of September 30, 2025, is 1,200,000,000 shares[91] Corporate Governance - The audit committee consists of three independent non-executive directors, ensuring independent review and oversight of financial reporting[100] - The company has adhered to the corporate governance code principles during the reporting period, with a noted deviation regarding the roles of the chairman and CEO[99] - The company is committed to good corporate governance to enhance shareholder value[98] - The board has adopted a revised dividend policy effective from May 17, 2022, stating that the annual dividend distributed to shareholders will not be less than 30% of the group's consolidated net profit attributable to shareholders for any financial year[101] Market Outlook - The group expects strong demand for fire installation services in the future, driven by ongoing public infrastructure projects and urgent housing needs in Hong Kong[56] - The group faced several risks, including economic and political conditions in Hong Kong, which could adversely affect its business and financial performance[78]

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 46,076,000, a decrease of 27% compared to HKD 63,144,000 for the same period in 2024[3] - The company reported a profit from continuing operations of HKD 181,000 for the six months ended September 30, 2025, compared to a loss of HKD 10,463,000 in the same period of 2024[3] - Total comprehensive income for the period was HKD 316,000, a significant improvement from a loss of HKD 22,669,000 in 2024[5] - Basic and diluted earnings per share from continuing operations was HKD 0.02, compared to a loss of HKD 1.00 in the previous year[7] - The company recorded a net loss of HKD 16,588,000 during the period, contributing to a total comprehensive expense of HKD 22,165,000[9] - The company’s total comprehensive income for the period was HKD 316,000, compared to HKD 0 in the previous year[9] - For the six months ended September 30, 2025, the company's revenue from continuing operations decreased by approximately HKD 17,068,000 or 27.0% to about HKD 46,076,000 compared to the same period in 2024[53] - Operating profit from continuing operations decreased by approximately HKD 3,709,000 to about HKD 17,637,000, while the operating profit margin increased from 33.8% to 38.3%[55] Revenue Breakdown - The revenue from video conferencing and multimedia audio-visual solutions services was HKD 36,987,000, down 32% from HKD 54,102,000 in the previous year[16] - Revenue from video conferencing and multimedia audio-visual solutions decreased by approximately HKD 17,115,000 or 31.6% to about HKD 36,987,000 for the same period[53] - Revenue from external customers for the six months ended September 30, 2025, was HKD 46,076,000, a decrease of 27.1% compared to HKD 63,144,000 for the same period in 2024[20] Assets and Liabilities - Non-current assets decreased slightly to HKD 74,024,000 as of September 30, 2025, from HKD 75,583,000 as of March 31, 2025[8] - Current assets decreased to HKD 71,079,000 from HKD 75,910,000, with a notable reduction in inventory from HKD 3,315,000 to HKD 2,550,000[8] - Current liabilities decreased to HKD 25,841,000 from HKD 32,547,000, indicating improved liquidity management[8] - Total equity increased slightly to HKD 117,526,000 as of September 30, 2025, compared to HKD 117,210,000 as of March 31, 2025[8] - Trade receivables as of September 30, 2025, amounted to HKD 15,655,000, down from HKD 19,721,000 as of March 31, 2025[33] - Non-current assets in Hong Kong as of September 30, 2025, were HKD 73,044,000, slightly down from HKD 74,603,000 as of March 31, 2025[20] - Bank borrowings as of September 30, 2025, totaled HKD 8,191,000, down from HKD 10,239,000 as of March 31, 2025, representing a decrease of approximately 19.9%[40] Cash Flow and Liquidity - The company maintained a stable cash position with bank balances and cash increasing to HKD 50,520,000 from HKD 48,829,000[8] - The net cash generated from operating activities for the six months ended September 30, 2025, was HKD 3,660,000, a decline from HKD 8,324,000 in 2024[10] - The cash and cash equivalents at the end of the period increased to HKD 50,520,000 from HKD 41,427,000 in the previous year[10] - The group’s cash and cash equivalents as of September 30, 2025, were approximately HKD 50,520,000, up from HKD 48,829,000 as of March 31, 2025[64] Expenses and Costs - Employee costs for continuing operations decreased by approximately HKD 4,392,000 or 25.2% to about HKD 13,030,000 due to a reduction in the number of employees[56] - Operating expenses for continuing operations decreased by 48.1% from approximately HKD 5,519,000 for the six months ended September 30, 2024, to approximately HKD 2,863,000 for the six months ended September 30, 2025[59] - Interest expenses on bank borrowings for the six months ended September 30, 2025, were HKD 170,000, down 57.1% from HKD 396,000 in 2024[21] - The total income tax expense for the six months ended September 30, 2025, was HKD 4,000, significantly lower than HKD 243,000 in 2024[22] Shareholder Information - The company did not declare or recommend any dividends for the six months ended September 30, 2025, consistent with 2024[24] - The company has no unexercised options remaining under the share option plan as of September 30, 2025, following the expiration of all options granted under the plan[42] - The stock option plan adopted on May 11, 2015, will expire on May 2025, with no unexercised options remaining as of September 30, 2025[79] - The share award plan adopted on February 3, 2021, allows for a maximum of 150,000,000 shares to be granted, representing 15% of the issued share capital at the time of adoption[80] Corporate Actions and Events - The company completed the sale of its subsidiary for HKD 100,000, with total receivables of approximately HKD 36.2 million[29] - The company completed the sale of its entire equity interest in a subsidiary on August 30, 2024, resulting in a loss of approximately HKD 3,332,000[51] - The company incurred a foreign exchange loss of HKD 7,000, compared to a gain of HKD 277,000 in the same period last year[17] - There have been no significant events requiring disclosure since the end of the reporting period[87] Compliance and Governance - The audit committee, composed of three independent non-executive directors, has reviewed the unaudited consolidated results and confirmed compliance with applicable accounting standards and regulations[85] - The company maintains the required public float as per listing rules as of the announcement date[86]

Financial Performance - The group's gaming net revenue for Q3 2025 was HKD 6.537 billion, a decrease of 6.5% compared to HKD 6.995 billion in Q3 2024[4] - Adjusted EBITDA for Q3 2025 was HKD 881 million, down 15.0% from HKD 1.037 billion in Q3 2024[7] - The adjusted EBITDA margin for Q3 2025 was 12.5%, a decline of 1.3 percentage points from 13.8% in Q3 2024[7] - The group recorded a loss attributable to the company’s owners of HKD 9 million in Q3 2025, compared to a profit of HKD 101 million in Q3 2024, representing a 91.1% decrease[7] - Total net revenue for Q3 2025 was HKD 7.034 billion, a decrease of 6.2% from HKD 7.499 billion in Q3 2024[7] Cash and Debt Position - The group’s cash, bank balances, and short-term bank deposits amounted to HKD 34.48 billion as of September 30, 2025[6] - The group’s total debt was HKD 273.12 billion as of September 30, 2025[6] Non-Gaming Revenue - Non-gaming revenue for Q3 2025 was HKD 4.97 billion, slightly down from HKD 5.04 billion in Q3 2024[7] - Non-gaming revenue from hotels increased by 20.9% to HKD 52 million, compared to HKD 43 million in the previous year[11] - Non-gaming revenue from restaurants and shopping centers decreased by 8.3% to HKD 143 million compared to HKD 156 million in the previous year[10] Gaming Revenue - The group’s electronic gaming gross revenue for Q3 2025 was HKD 688 million, an increase of 11.0% from HKD 620 million in Q3 2024[8] - Gaming turnover increased by 27.8% to HKD 11,846 million, up from HKD 9,267 million in the same quarter last year[10] - The company reported a decline in gaming win percentage to 3.8%, down 0.9 percentage points from 4.7% in the previous year[10] - Casino gross revenue for the third quarter was HKD 1,305 million, a decrease of 5.6% compared to HKD 1,383 million in the previous year[12] - Casino gross revenue for the nine months ended September 30 was HKD 3,961 million, a slight increase of 1.5% from HKD 3,904 million[12] EBITDA and Adjusted EBITDA - The group’s adjusted property EBITDA for Q3 2025 was HKD 1.11 billion, down from HKD 1.65 billion in Q3 2024[6] - Adjusted property EBITDA decreased by 32.7% to HKD 111 million from HKD 165 million year-over-year[10] - Adjusted property EBITDA for the third quarter was HKD 300 million, down 12.5% from HKD 343 million year-over-year[12] - The EBITDA for satellite casinos showed a significant increase of 3,333% to HKD 206 million from HKD 6 million in the previous year[13] Capital Expenditures - Capital expenditures for the third quarter amounted to HKD 412 million, primarily for furniture, fixtures, and equipment, as well as property renovations[14] Hotel Performance - Hotel occupancy rate was 98.0%, a slight decrease of 0.9 percentage points from 98.9% in the previous year[11] - Average daily room rate increased by 17.3% to HKD 1,385 from HKD 1,181 in the same quarter last year[11] - The average daily room rate for the hotel was HKD 235, representing a 20.5% increase compared to HKD 195 in the previous year[12] - The occupancy rate for the hotel was 97.7%, down 2.2 percentage points from 99.9% year-over-year[12] Other Financial Metrics - The total revenue for the third quarter reached HKD 1,909 million, an increase of 7.4% compared to HKD 1,777 million in the previous year[10] - The total revenue for the nine months ended September 30 was HKD 5,537 million, a 17.0% increase from HKD 4,733 million in the previous year[10] - The company reported an unrealized fair value loss of HKD 7.4 million from equity securities investments, recognized in other comprehensive expenses[13] - The total revenue for the third quarter was HKD 1,379 million, down 5.5% from HKD 1,459 million year-over-year[12]

Revenue and Profitability - Revenue for the nine months ended September 30, 2025, was $66,682,225, representing an increase of 9.0% from $61,157,208 in the same period of 2024[3] - Gross profit increased to $6,649,403, up 35.9% from $4,889,936 year-over-year[3] - The company reported a reduced net loss of $1,409,100, improving by 26.0% compared to a net loss of $1,903,376 in the previous year[3] - Other income rose significantly to $767,960 from $139,185, highlighting improved revenue diversification[5] Cash Flow and Liquidity - Operating cash flow for the nine months was negative at $(10,041,168), compared to a positive cash flow of $15,524,889 in the same period last year[9] - Current liabilities decreased to $62,420,043 from $56,299,699, indicating improved liquidity management[7] - The company’s cash and cash equivalents at the end of the period were $13,716,509, down from $17,329,790 at the end of the previous year[9] Assets and Inventory - Total assets as of September 30, 2025, were $99,267,890, an increase from $95,570,913 at the end of 2024[7] - Inventory levels increased to $24,589,920 from $22,292,912, reflecting a 10.3% rise year-over-year[7] Shareholder Equity - The company’s equity attributable to shareholders decreased to $42,406,956 from $44,978,209, indicating a decline in shareholder value[8]

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].