Share Incentive Plan - The company granted a total of 1,600,000 incentive shares to four directors in 2022 and 2023, including 800,000 shares to Mr. Chen and 400,000 shares to Ms. Yong[8]. - The company issued 4,710,000 share options to multiple eligible participants under the 2014 plan on June 28, 2022, and 90,000 share options to three eligible employees under the 2022 plan on July 11, 2023[3]. - The company has a total of 1,300,000 shares granted to employees other than the eight directors as of December 23, 2022[6]. - The company’s incentive share plan aims to align the interests of employees with those of shareholders through equity participation[7]. - Any share incentives granted to independent non-executive directors or major shareholders must comply with listing rules and corporate governance codes[10]. Vesting and Approval - As of December 31, 2024, a total of 1,200,000 incentive shares were vested to Mr. Chen and Ms. Yong, with a weighted average closing price of HKD 0.90 per share prior to the vesting date[8]. - The board provided supplementary information regarding the status of unvested incentive shares as of the end of the fiscal year 2024[4]. - The maximum number of shares that can be granted under the share incentive plan to employees within any 12-month period shall not exceed 1% of the issued share capital of the company at the time of the grant[7]. - The company is required to obtain shareholder approval at the general meeting if the grant to any individual employee exceeds the 1% limit of the issued share capital[7]. - The company must obtain shareholder approval if the total shares granted as incentives exceed 0.1% of the issued shares within a 12-month period[9]. Board Approval - The company’s board of directors approved the conditional grant of 800,000 incentive shares to Mr. Chen and 400,000 shares to Ms. Yong during the extraordinary general meeting held on February 9, 2023[6]. - The information regarding share options and incentive shares remains unchanged in the 2024 annual report[10]. Financial Reporting - The company’s financial year ends on December 31, 2024, and the report includes detailed notes on share-based payment transactions[4].

Impairment and Write-offs - The company recognized a trade receivables impairment of approximately RMB 175.8 million due to delayed payments from third-party distribution channels amid a challenging market environment[5]. - The company confirmed a financial asset impairment of approximately RMB 79.73 million, primarily related to a game development agreement with a Chengdu developer, which has led to a lawsuit for the return of prepaid amounts[6]. - The company recognized a write-off of prepaid expenses amounting to approximately RMB 211.8 million due to unforeseen issues during game development, affecting over 20 prepaid contracts[10]. - The total impairment included RMB 101.0 million in prepaid minimum guarantees, RMB 100.8 million in prepaid royalties, and RMB 10.0 million in prepaid investments[11]. - The company recorded goodwill impairments of approximately RMB 529.9 million for Wenmo Interactive and RMB 16.8 million for Shanghai Zhujing due to poor performance during the reporting period[12]. - Impairment of intangible assets related to "仙劍世界" amounts to approximately RMB 157.7 million, while other intangible assets impairment totals about RMB 53.9 million[15]. - The impairment of other intangible assets primarily includes unamortized prepaid royalties, which were not fully amortized due to early market exit of 11 games[18]. - The board believes the impairment amounts are fair and reasonable based on independent valuation standards and management's assessments[20]. Revenue and Performance Adjustments - The revenue growth rate for the cash-generating unit of 文脈互動 has been revised down to 2%-157%, compared to the previous range of 16%-213%[13]. - The revenue growth rate for 上海洲競's cash-generating unit has been adjusted to zero, down from a previous range of 5%-44%[14]. - The flagship game "仙劍世界" performed poorly in tests conducted in June and December 2024, resulting in a significant reduction in profit forecasts[16]. - The game "全民街籃" has not met testing expectations, leading to significant losses, and has been transferred to a third-party partner for adjustments and publishing[14]. - The game "城主天下" launched in November 2023 is expected to perform poorly in 2024, while the launch of "代號：主公" has been canceled[13]. Financial Assets and Valuation - The company reported a total of RMB 1,367.0 million in prepaid expenses as of December 31, 2024, including RMB 737.6 million in prepaid royalties and RMB 443.3 million in prepaid minimum guarantees[9]. - The valuation of the game technology developed by 上海凡影 is based on a discounted cash flow method, reflecting all business risks[17]. Stock Options - The unexercised stock options as of December 31, 2024, were priced at HKD 2.81, HKD 1.95, and HKD 1.15 for options granted on March 29, 2021, January 20, 2023, and April 24, 2024, respectively[21].

Proceeds Utilization - The net amount of unutilized proceeds carried forward as of December 31, 2024, is HKD 1,825.6 million[4] - 55% of the proceeds are allocated for strategic acquisitions or investments in companies with operational scale or profit potential, amounting to HKD 1,853.8 million, with HKD 659.3 million actually utilized[5] - 3% of the proceeds, equating to HKD 91.2 million, is designated for the development and optimization of smart management information systems, with HKD 4.9 million utilized[5] - 4% of the proceeds, or HKD 131.1 million, is allocated for upgrading facilities of older residential properties managed by the group, with HKD 26.9 million utilized[6] - 18% of the proceeds, amounting to HKD 611.7 million, is focused on strategic recruitment and training of professional talent, with HKD 264.4 million utilized[6] - 20% of the proceeds, equating to HKD 671.7 million, is for general corporate purposes, with HKD 62.4 million utilized[6] Revenue Performance - The actual revenue generated by Beijing Global Wealth Management's property management projects for the fiscal year ending December 31, 2024, is approximately RMB 60.44 million, which is RMB 1.75 million lower than the guaranteed revenue of RMB 62.2 million[7] - The shortfall of RMB 1.75 million represents about 0.04% of the group's total revenue and approximately 0.5% of the group's profit for the fiscal year ending December 31, 2024[7] - The discrepancy amounts to RMB 1,754,023.44, representing approximately 0.04% of the group's revenue and about 0.5% of the group's profit for the year ending December 31, 2024[9] Legal and Financial Implications - Estimated direct legal costs for pursuing the discrepancy are around RMB 280,000, which constitutes about 16.0% of the discrepancy, and if an appeal is involved, it could rise to approximately RMB 400,000, or 22.8% of the discrepancy[9] - Three out of four relevant parties have been listed as judgment debtors, indicating potential liquidity constraints in the Chinese property market[10] - The company has set March 31, 2026, as the final negotiation deadline for recovering the discrepancy, with financial performance to be reflected in the audited consolidated financial statements expected to be published by the end of March 2026[11] Internal Control Measures - The company has implemented enhanced internal control measures for acquisition projects affected by industry cyclicality since the acquisition in April 2021[12] - The board believes that continuing constructive dialogue with relevant parties to recover the discrepancy is fair and reasonable, aligning with the overall interests of shareholders[12]

Financial Reporting Standards - The company plans to unify its financial reporting standards under Chinese accounting standards to enhance efficiency and reduce disclosure costs[9] - The company aims to streamline its financial reporting process by adopting a single set of accounting standards for both listings[9] - The board of directors confirmed that the unified accounting standards do not lead to significant differences in overall financial performance[8] Listing and Trading - The global offering of the company's shares became unconditional on July 9, 2025, with H-shares starting trading on the Hong Kong Stock Exchange[5] - The company has been listed on both the New Third Board and the Hong Kong Stock Exchange since 2015, utilizing Chinese accounting standards for its financial statements[9] Financial Performance and Auditing - The company has accumulated experience in preparing interim financial statements since 2015, ensuring no significant discrepancies in overall financial performance under unified accounting standards[8] - The company anticipates that adopting Chinese accounting standards for its audited financial statements will not have a significant impact on its financial position, operating results, or cash flows for the year ending December 31, 2025[9] - The interim financial statements prepared under Chinese accounting standards have not been audited[10] Historical Financial Data - The historical financial data included in the prospectus covers the years ending December 31 for 2022, 2023, and 2024[6] Auditor Appointment - The company has appointed Da Hua CPA as its auditor for 2025, pending shareholder approval at the extraordinary general meeting on November 19, 2025[10]

Store and Employee Information - As of August 2024, the total number of stores for the group is 3,595, with a net increase of 239 stores during the year[5] - The total number of employees across the company is 59,522, reflecting a decrease of 932 employees from the previous fiscal year[7] - The number of UNIQLO stores in Japan is 794, with a net decrease of 3 stores from the previous year[5] - The overseas UNIQLO stores total 1,725, with a net increase of 27 stores[5] - The Greater China region has a total of 1,008 stores, down from 1,032, indicating a net decrease of 24 stores[5] - The company has reported a significant presence in the U.S. market, with 75 stores as of August 2024, up from 61 stores[5] Shareholder and Equity Information - The total issued shares amount to 318,220,968, with the top shareholder, The Master Trust Bank of Japan, holding 19.83%[10] - The company has a total of 26,545 shareholders as of August 31, 2025[10] - Shareholders' equity increased from ¥1,208,817 million in 2024 to ¥1,445,186 million in 2025, representing a growth of approximately 19.6%[107] - The company reported basic earnings per share of ¥1,411.44 and diluted earnings per share of ¥1,409.32 for the year[106] - The net asset value per share is ¥4,710.22, with net income per share at ¥1,230.71[134] Financial Performance - The total comprehensive income for the year ended August 31, 2025, was 482,937 million yen, with a net profit of 433,009 million yen[45] - Total revenue for the fiscal year reached ¥3,400,539 million, with Japan contributing ¥1,026,096 million (30.2%) and Greater China contributing ¥650,232 million (19.1%) to the total[80] - The company's net income increased from ¥306,135 million in 2024 to ¥377,566 million in 2025, reflecting a growth of around 23.3%[109] - Operating income rose from ¥323,593 million in 2024 to ¥380,827 million in 2025, an increase of about 17.7%[109] - Non-operating income surged from ¥23,049 million in 2024 to ¥46,671 million in 2025, marking a significant increase of approximately 102.5%[109] Corporate Governance and Audit - The independent auditor for the fiscal year ending August 31, 2025, is Deloitte Touche Tohmatsu LLC[14] - The independent auditor's remuneration was agreed upon by the statutory auditor committee based on the practical guidelines published by the Japan Audit & Supervisory Board Members Association[15] - The statutory auditor committee confirmed the appropriateness of the audit hours and remuneration for the fiscal year[15] - The company aims to enhance its corporate governance by having more than half of the board seats occupied by external directors to improve independence and oversight[21] - The independent non-executive directors attended 13 board meetings during the fiscal year, contributing insights from their diverse professional backgrounds[12] Compliance and Risk Management - The company emphasizes the importance of compliance and has designated compliance officers to address any related issues[23] - The company has set up a compliance hotline for reporting illegal actions or violations, ensuring a framework for compliance within the group[28] - A risk management analysis is conducted regularly to identify risks that could lead to financial losses, business interruptions, or damage to brand reputation[28] - The company maintains strict document management practices to ensure compliance with legal and regulatory requirements[24] - The company has established internal audit and legal departments to monitor compliance and internal control systems[25] Financial Assets and Liabilities - The financial assets are classified either at fair value through profit or loss or at amortized cost, with initial recognition occurring on the transaction date[49] - Financial assets measured at amortized cost will have expected credit losses recognized as bad debt provisions, evaluated at each reporting date[51] - The company employs derivative financial instruments, such as forward foreign exchange contracts, to hedge foreign currency risks, initially recognized at fair value[57] - The company has a comprehensive approach to managing financial liabilities, with initial recognition at fair value and subsequent measurement based on amortized cost or fair value[54] - Deferred tax assets are recognized based on unused tax losses and credits, limited to the extent that future taxable profits are likely to be available[75] Meetings and Committees - The Human Resources Committee discussed significant organizational changes and personnel system revisions, holding a total of 4 meetings by August 2025[35] - The Sustainability Committee focuses on sustainable development policies, environmental protection, and social contribution activities, also holding 4 meetings by August 2025[36] - The company held 12 meetings of the Disclosure Committee during the period ending August 2025[37] - The Risk Management Committee convened 4 times to address potential business risks[41] - The Information Technology Investment Committee met 7 times to review IT investment budgets[38] Accounting and Financial Reporting - Revenue is recognized based on the five-step model under IFRS 15, with revenue typically recognized at the point of delivery of goods[68] - Foreign currency transactions are recorded at the spot exchange rate on the transaction date, with monetary assets and liabilities translated at the current exchange rate at each reporting date[69] - The company has adopted new accounting standards, including IAS 7 and IFRS 7, which are not expected to have a significant impact on the annual consolidated financial statements[78] - The company is responsible for preparing and fairly presenting financial statements according to Japanese GAAP, ensuring no significant misstatements due to fraud or error[139] - The auditors aim to reasonably ensure that the financial statements do not contain significant misstatements due to fraud or error, which could influence economic decisions made by users[142]

Financial Performance - For the fiscal year ending August 2025, the total consolidated revenue reached ¥3,400.5 billion, representing a 9.6% increase year-over-year[3]. - The consolidated operating profit amounted to ¥564.2 billion, reflecting a year-over-year growth of 12.6%, marking the highest performance level for four consecutive years[3]. - Pre-tax profit recorded ¥650.5 billion, a 16.8% increase year-over-year, while net profit attributable to the parent company was ¥433.0 billion, up 16.4%[23]. - The Japan segment generated revenue of ¥1,026.0 billion, a 10.1% increase, with operating profit of ¥184.4 billion, up 18.4%[100]. - Same-store sales increased by 8.1% year-over-year, with the first half growing by 9.8% and the second half by 6.2%[103]. - The company reported consolidated revenue of 340.05 billion JPY and operating profit of 56.42 billion JPY for the fiscal year 2024[89]. - The company aims to distribute a dividend of 500 JPY per share for the fiscal year 2025[92]. - The dividend per share for the fiscal year 2023 is set at ¥500, with a payout ratio of 33.0%[178]. - Total assets are projected to be ¥38,593 billion, an increase of ¥2,717 billion from the previous fiscal year-end[180]. - Total equity is expected to reach ¥23,275 billion by August 31, 2025, reflecting an increase of ¥2,592 billion, primarily due to retained earnings increasing by ¥2,903 billion[180]. Corporate Governance - The company aims to enhance its corporate governance structure by proposing to increase the maximum number of directors from 10 to 15[12]. - A total of 11 directors are proposed for election at the upcoming shareholders' meeting to strengthen the management structure[15]. - The board candidates possess extensive experience in corporate management, global business, and sustainable development, with a focus on IT and digitalization[17]. - The independent director candidates bring extensive experience in investment and ESG, which will contribute to the company's global operations and diversity management[33]. - The board of directors has maintained a 100% attendance rate for the past year, indicating strong engagement and commitment[28][30][36]. - The company is committed to maintaining high standards of corporate governance and transparency through the involvement of independent directors[35]. - The board of directors consists of 10 members, with 6 being external directors, ensuring a diverse governance structure[174]. - The group has established a liability limitation contract with non-executive directors to ensure their expected functions are fulfilled[62]. - The group has a directors' liability insurance policy to cover damages arising from claims related to their duties[62]. Sustainability Initiatives - The company emphasizes a shift towards sustainable fashion, focusing on high-quality clothing that is timeless and can be cherished over time[3]. - The company aims to convert approximately 50% of materials used to recycled materials by the end of fiscal year 2030, with 19% of materials in fiscal year 2025 being low greenhouse gas emission materials[127][131]. - The use of recycled materials in products is being promoted, with a focus on enhancing product quality and functionality[128]. - The company has redefined "sustainable materials" and established new procurement guidelines to ensure human rights protection and reduced environmental impact across the supply chain[129]. - The company aims to reduce greenhouse gas emissions from its stores and offices by 90% by the end of fiscal year 2030 compared to 2019 levels, and has achieved an 83.3% reduction as of August 2024[142]. - The company has a goal to achieve zero greenhouse gas emissions by 2050, actively promoting reductions across its supply chain[141]. - The company is focusing on sustainable business practices, aiming to reduce greenhouse gas emissions and promote recycling by the fiscal year 2030[191]. Business Strategy and Growth - The company aims to further achieve business growth globally while fulfilling social responsibilities through its clothing business[23]. - The company is accelerating the global expansion of UNIQLO and GU stores, leveraging the experience of independent directors with rich operational knowledge[31]. - The company aims to maintain high growth and shareholder returns while enhancing corporate value in a changing business environment[48]. - The company aims to achieve a revenue target of ¥10 trillion by the fiscal year 2028, with a mid-term goal of ¥5 trillion[189]. - The company plans to expand its UNIQLO business in North America and Europe by increasing store openings and enhancing e-commerce sales[195]. - The company is transforming its cost structure to improve production efficiency and enhance value-added services in response to inflation[200]. - The company is investing in talent development and management to foster a high-performing team[190]. Product Development and Innovation - The company emphasizes the importance of data analysis in creating value and is transitioning towards an "information manufacturing retail business"[26]. - The new HEATTECH series, incorporating natural fibers, offers approximately 1.5 times the warmth compared to traditional HEATTECH, enhancing customer experience[105][107]. - The PUFFTECH series has received positive feedback globally, reflecting the company's commitment to customer-driven product development[125]. - Automation has been introduced in fabric cutting and filling processes, significantly improving efficiency and working conditions, with automated cutting machines reducing waste[150][151]. - The company emphasizes a customer-centric approach, aiming to meet customer expectations and drive continuous reform across all operational aspects[61]. Social Responsibility - The company has donated over 1 million items of clothing to people in need across 28 countries and regions as part of its "The Heart of LifeWear" initiative[93]. - The "PEACE FOR ALL" charity T-shirt project has sold 8.62 million units, generating a total donation amount of approximately ¥2.588 billion, with 45 partners involved[161][162]. - The company actively collaborates with local communities to address social issues, enhancing its corporate social responsibility initiatives[160]. Talent Development - The company aims to continuously invest in talent development, focusing on nurturing managers and store leaders globally to drive business growth[157][164]. - The company has implemented a management candidate program (UMC) to cultivate future management executives, with around 500 candidates currently in development[154][164]. - The company is committed to nurturing management talent through an established educational system and ongoing selection processes[172].

Shareholder Meeting - The 2025 fiscal year ordinary general meeting of shareholders will be held on November 27, 2025, at 10:30 AM Japan time[8] - The meeting will address the business report and consolidated financial statements for the fiscal year 2025, covering the period from September 1, 2024, to August 31, 2025[8] - The record date for eligible shareholders to attend and vote at the meeting is August 31, 2025[4] - The company emphasizes that shareholders purchasing shares after the record date will not be able to attend or vote at the meeting[4] - The notice is a translation of the original Japanese announcement issued to shareholders as of August 31, 2025[4] Agenda Items - The first agenda item includes a proposal to amend certain provisions of the company's articles of association[8] - The second agenda item involves the election of 11 directors[8] - The third agenda item proposes revisions to the director remuneration system, including changes to the total remuneration cap and the granting of new stock options[8] - The fourth agenda item concerns the revision of the statutory auditor's remuneration amount[8] Communication with Shareholders - The company will provide excerpts of the meeting notice and proxy forms to Hong Kong depositary receipt holders upon request[3]

Financial Performance - The group recorded revenue of approximately HKD 137,074,000 for the six months ended September 30, 2025, a decrease of 7.9% compared to HKD 148,288,000 for the same period in 2024[7] - The loss attributable to the owners of the company for the six months ended September 30, 2025, was approximately HKD 377,000, compared to a loss of HKD 97,000 for the same period in 2024[7] - Gross profit for the six months ended September 30, 2025, was HKD 29,273,000, down from HKD 32,139,000 in the same period of 2024, reflecting a decrease in gross margin[8] - Operating profit for the six months ended September 30, 2025, was HKD 85,000, a significant decline from HKD 382,000 in the prior year[8] - Total customer contract revenue for the six months ended September 30, 2025, was HKD 137,074,000, down 7.5% from HKD 148,288,000 in 2024[19] - Revenue from daily necessities and grain products was HKD 42,184,000, a decrease of 9.8% from HKD 46,621,000 in 2024[19] - Other income for the six months ended September 30, 2025, was HKD 2,106,000, a decrease of 11% from HKD 2,366,000 in 2024[21] - Basic loss per share for the six months ended September 30, 2025, was HKD (0.03), compared to HKD (0.01) in 2024[26] - The group recorded a net loss attributable to owners of approximately HKD 377,000 for the six months ended September 30, 2025, compared to HKD 97,000 in the same period of 2024[51] Cash and Assets - The company reported a net cash position of HKD 67,178,000 as of September 30, 2025, compared to HKD 60,873,000 as of March 31, 2025[9] - Cash and cash equivalents at the end of the period increased to HKD 67,178,000 from HKD 55,380,000 in 2024, representing a growth of 21.5%[13] - Total assets less current liabilities amounted to HKD 100,737,000 as of September 30, 2025, slightly up from HKD 100,677,000 as of March 31, 2025[9] - The company's equity attributable to owners decreased to HKD 99,555,000 as of September 30, 2025, from HKD 99,932,000 as of March 31, 2025[9] - Trade receivables as of September 30, 2025, amounted to HKD 32,890,000, a slight decrease from HKD 33,450,000 as of March 31, 2025[29] - Trade payables were reported at HKD 10,976,000 as of September 30, 2025, down from HKD 12,549,000 as of March 31, 2025[12] - The current ratio as of September 30, 2025, was approximately 4.7 times, compared to 4.8 times on March 31, 2025[56] - The total interest-bearing borrowings as of September 30, 2025, were approximately HKD 6,147,000, an increase from approximately HKD 4,762,000 on March 31, 2025[60] - The debt-to-equity ratio as of September 30, 2025, was approximately 6.2%, up from 4.8% on March 31, 2025[60] Expenses and Costs - The company’s financing costs decreased to HKD 204,000 for the six months ended September 30, 2025, from HKD 312,000 in the same period of 2024[8] - The total remuneration for directors and key management personnel for the six months ended September 30, 2025, was HKD 5,597,000, compared to HKD 5,878,000 for the same period in 2024[39] - Administrative expenses decreased from approximately HKD 16,582,000 to about HKD 15,677,000, primarily due to reductions in legal and professional fees, employee costs, and depreciation[48] - The total employee cost for the six months ended September 30, 2025, was approximately HKD 13,548,000, compared to approximately HKD 13,989,000 for the same period in 2024[67] Dividends and Shareholder Information - The company does not recommend the payment of any interim dividend for the six months ended September 30, 2025, consistent with the previous year[7] - The company did not declare or propose any dividends during the period, consistent with the previous year[25] - Major shareholders hold approximately 51.88% of the company's shares, indicating strong control by key executives[74] - As of September 30, 2025, the major shareholder, Yuan Tian, holds 602,800,000 shares, representing 51.88% of the total issued shares of 1,162,000,000[75][77] - No stock options have been granted, exercised, expired, or canceled under the stock option plan as of September 30, 2025, with 116,200,000 options available for grant[76] Corporate Governance and Compliance - The company has adhered to high standards of corporate governance, complying with the corporate governance code during the reporting period[84] - The audit committee has reviewed the unaudited consolidated results for the six months ending September 30, 2025, ensuring compliance with applicable accounting standards and GEM Listing Rules[86] - The company has adopted a set of securities trading rules for directors, ensuring compliance with GEM Listing Rules, with no known violations reported for the six months ending September 30, 2025[78] - There are no interests held by directors or major shareholders in any competing businesses as of September 30, 2025[79] - The company has established a non-competition agreement with its major shareholders, confirming no engagement in competing businesses[80] Future Plans and Market Strategy - The group plans to strengthen marketing efforts, accelerate the development of high-margin specialty products, and explore operational efficiency improvements in response to market challenges[41] - The company plans to strategically increase warehouse facilities in Hong Kong to enhance operational efficiency and customer service[69] - Approximately HKD 12,560,000 is allocated for upgrading the ERP system to monitor inventory levels and improve operational efficiency[70] - Around HKD 5,540,000 is designated for sales and marketing activities to attract more customers and enhance loyalty in the food and beverage distribution market[71] - The company has reallocated funds initially intended for new packaging equipment to develop restaurant services and general operating capital due to cost-effectiveness considerations[72] - Approximately HKD 9,000,000 is earmarked for startup and renovation costs for a new restaurant, although the restaurant was closed in March 2022 due to the pandemic[73] - A total of HKD 5,211,000 has been allocated for general operating funds to support daily operations and maintain sufficient liquidity[73] - The company maintains a reasonable optimism regarding its core business despite economic uncertainties in Hong Kong[73] - The board is actively evaluating and managing uncertainties and will take necessary measures to overcome challenges[73] - The company aims to expand and become one of Hong Kong's leading food and beverage distributors[73] Investments and Acquisitions - The company completed the sale of its subsidiary for a total consideration of HKD 1,500,000,000 on March 31, 2025[29] - There were no significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures during the six months ended September 30, 2025[64]

Financial Performance - The group recorded revenue of approximately HKD 137,074,000 for the six months ended September 30, 2025, a decrease of 7.4% compared to HKD 148,288,000 for the same period in 2024[3] - The loss attributable to owners of the company for the six months ended September 30, 2025, was approximately HKD 377,000, compared to a loss of HKD 97,000 for the same period in 2024[4] - Gross profit for the six months ended September 30, 2025, was HKD 29,273,000, down from HKD 32,139,000 in the same period of 2024, reflecting a gross margin decrease[4] - Customer contract revenue for the six months ended September 30, 2025, was HKD 137,074,000, a decrease of 7.5% from HKD 148,288,000 in the same period of 2024[15] - Revenue from daily necessities and grain products was HKD 42,184,000, down 9.8% from HKD 46,621,000 year-on-year[15] - Other income for the six months ended September 30, 2025, totaled HKD 2,106,000, a decrease of 11% from HKD 2,366,000 in 2024[17] - Basic loss per share for the six months ended September 30, 2025, was HKD 0.03, compared to HKD 0.01 in 2024[22] - Revenue decreased by approximately 7.6% during the six months ended September 30, 2025, compared to the previous period, reflecting a challenging market environment post-pandemic[36] Dividends and Share Capital - The company does not recommend the payment of any interim dividend for the six months ended September 30, 2025, consistent with the previous year[4] - The company did not declare or propose any dividends during the period, consistent with the previous year[21] - The company has a total issued share capital of HKD 20,000,000, with 2,000,000 shares outstanding[29] - As of September 30, 2025, the company's issued share capital is HKD 11,620,000, with a total of 1,162,000,000 ordinary shares outstanding[53] Cash Flow and Assets - Cash and cash equivalents increased to HKD 67,178,000 as of September 30, 2025, compared to HKD 60,873,000 at the end of March 2025[9] - Net cash generated from operating activities was HKD 9,401,000 for the six months ended September 30, 2025, down from HKD 14,467,000 in the same period of 2024[9] - Total assets less current liabilities amounted to HKD 100,737,000 as of September 30, 2025, slightly up from HKD 100,677,000 at the end of March 2025[5] - The company’s equity attributable to owners decreased to HKD 99,555,000 as of September 30, 2025, from HKD 99,932,000 at the end of March 2025[5] - The company reported a net cash outflow from financing activities of HKD 3,364,000 for the six months ended September 30, 2025[9] Inventory and Receivables - The company’s inventory decreased to HKD 12,997,000 as of September 30, 2025, from HKD 16,849,000 at the end of March 2025[5] - Trade receivables decreased from HKD 33,450,000 to HKD 32,890,000, a decline of approximately 1.67%[25] - The aging analysis of trade receivables shows that amounts overdue by 0 to 30 days decreased from HKD 20,073,000 to HKD 18,503,000, a decrease of about 7.83%[28] - Trade payables decreased from HKD 12,549,000 to HKD 10,976,000, a decline of approximately 12.57%[28] Employee Costs - Total employee costs, including directors' remuneration, amounted to HKD 13,548,000, a slight decrease from HKD 13,989,000 in the previous year[19] - Short-term employee benefits for key management personnel decreased from HKD 5,801,000 to HKD 5,529,000, a reduction of approximately 4.68%[35] - The total employee cost for the six months ended September 30, 2025, was approximately HKD 13,548,000, a decrease from HKD 13,989,000 for the same period last year, with 68 employees as of September 30, 2025[63] Capital Expenditures and Investments - The company purchased property, plant, and equipment at a total cost of approximately HKD 22,000,000, significantly lower than HKD 2,330,000,000 in the same period of 2024[24] - The company has no major investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures for the six months ended September 30, 2025[60] - The company plans to upgrade its ERP system with an allocation of approximately HKD 12,560,000 to enhance operational efficiency and inventory management[66] Future Plans and Strategies - The company plans to strengthen marketing efforts, accelerate the development of high-margin specialty products, and explore operational efficiency improvements in response to market challenges[37] - The company aims to strategically increase warehouse facilities near customers and enhance its market penetration in the food and beverage distribution sector[65] - The company plans to allocate approximately HKD 5,540,000 for sales and marketing activities to attract more customers and enhance customer loyalty[67] - Approximately HKD 9,000,000 has been designated for startup and renovation costs of new restaurants, with HKD 3,064,000 already spent on the renovation of a new restaurant in Tsim Sha Tsui[68] Corporate Governance - The company is committed to maintaining high standards of corporate governance, adhering to the principles and code provisions outlined in the GEM Listing Rules[78] - The board believes that the company has complied with the corporate governance code for the six months ending September 30, 2025[80] - The audit committee has reviewed the unaudited consolidated results for the six months ending September 30, 2025, ensuring compliance with applicable accounting standards and GEM Listing Rules[82]

Financial Performance - In Q3 2025, the company reported a total revenue and other income of HKD 7.775 billion, a 45% increase compared to HKD 5.372 billion in Q3 2024[8]. - The main business revenue reached HKD 7.484 billion, up 54% from HKD 4.852 billion in the same quarter last year[5]. - The company achieved an EBITDA of HKD 6.225 billion, reflecting a 59% increase from HKD 3.926 billion in Q3 2024[5]. - Shareholders' profit attributable to the company was HKD 4.900 billion, a 56% increase from HKD 3.145 billion in Q3 2024[5]. - Total revenue and other income for Q3 2025 was HKD 78 billion, a record high, representing a 45% increase compared to Q3 2024[20]. - Major business revenue for the first three quarters of 2025 was HKD 20,438 million, a 41% increase from HKD 14,542 million in the same period of 2024[14]. - EBITDA for the first three quarters of 2025 was HKD 17,164 million, reflecting a 48% increase from HKD 11,587 million in 2024[14]. - Shareholder profit for Q3 2025 was HKD 49 billion, a 56% increase compared to Q3 2024[20]. - Revenue for the nine months ended September 30, 2025, reached HKD 17,745 million, a 45.5% increase from HKD 12,202 million in the same period of 2024[82]. - Net investment income for the nine months ended September 30, 2025, was HKD 3,893 million, up 4.4% from HKD 3,728 million in the previous year[82]. - EBITDA for the nine months ended September 30, 2025, was HKD 17,164 million, representing a 47.5% increase compared to HKD 11,587 million in the same period of 2024[82]. - The company reported a net profit of HKD 13,476 million for the nine months ended September 30, 2025, which is a 43.5% increase from HKD 9,354 million in the same period of 2024[83]. - The total comprehensive income for the nine months ended September 30, 2025, was HKD 13,780 million, up 44.5% from HKD 9,517 million in the previous year[83]. Trading Activity - The average daily trading value of equity securities on the exchange was HKD 26.794 billion, a 150% increase from HKD 10.72 billion in Q3 2024[6]. - The average daily trading value of the Stock Connect (Shanghai and Shenzhen) was RMB 26.874 billion, a 144% increase from RMB 11.03 billion in Q3 2024[6]. - Average daily trading value of equity securities on the exchange reached HKD 267.94 billion in Q3 2025, up 22% from Q2 2025[11]. - Average daily trading amount for the first three quarters of 2025 was HKD 2.564 trillion, a 126% increase from HKD 1.136 trillion in the first three quarters of 2024[29]. - The average daily trading amount for the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect reached RMB 2.064 trillion and RMB 1.259 trillion respectively, marking increases of 67% and 229% compared to the same period in 2024[30]. - The average daily trading amount for southbound trading through the Stock Connect was HKD 78.54 billion, up from HKD 22.1 billion in 2024[32]. - The average daily trading amount of Exchange Traded Products (ETPs) reached HKD 378 billion, a 145% increase from the first three quarters of 2024[36]. - The average daily trading volume of derivative products reached 727,000 contracts in Q3 2025, down 5% from Q2 2025[11]. - The average daily trading volume of stock options increased by 30% to 920,000 contracts compared to 705,000 contracts in Q3 2024[6]. - The average daily trading volume of derivative products increased by 11% year-on-year, reaching 1,681,869 contracts in the first three quarters of 2025, a record high[46]. - The average daily trading volume of stock options reached 886,323 contracts, marking a 27% increase compared to the first three quarters of 2024[48]. Market Developments - The company signed a memorandum of understanding with the Abu Dhabi Securities Exchange to enhance market connectivity[3]. - The company is implementing the first phase of reducing the minimum price fluctuation in the Hong Kong securities market[3]. - The company announced plans to optimize the pricing of initial public offerings and further consult on market regulations[3]. - The Hong Kong Stock Exchange successfully implemented the first phase of lowering the minimum tick size on August 4, 2025, with further phases planned for mid-2026[31]. - The group plans to launch the Hang Seng Biotechnology Index futures on November 28, 2025, pending regulatory approval, to enhance its product offerings in the biotechnology sector[51]. - Weekly stock options have seen robust growth, with over 20 million contracts traded since their launch, and new weekly stock options are set to be introduced on November 10, 2025[49]. - The company hosted a seminar in Shanghai in September 2025 to promote the development of a green finance ecosystem in the Guangdong-Hong Kong-Macao Greater Bay Area, attracting around 160 participants[68]. - The company launched the "Towards a Low-Carbon Future" series to explore the role of carbon markets in promoting net-zero emissions in Asia[68]. - The Hong Kong Stock Exchange Charity Fund announced funding projects for local social enterprises to address emerging social and environmental needs in the third quarter of 2025[70]. Expenses and Investments - Operating expenses increased by 2% in Q3 2025, primarily due to higher employee costs[12]. - Operating expenses increased by 3%, primarily due to salary adjustments and inflation-related increases in IT costs, while listing fee revenue growth was lower than that of the stock securities and financial derivatives segment[28]. - Operating expenses grew by 10%, primarily due to salary adjustments and increased costs associated with higher listing fee income[44]. - The operational expenditure rose by 12% to HKD 2,099 million, primarily due to non-recurring items related to the nickel market incident[57]. - The company held external portfolios worth 1.8 billion HKD as of September 30, 2025, down from 7.2 billion HKD at the end of 2024[67]. - Capital expenditures for the group in the first three quarters of 2025 amounted to HKD 3.049 billion, a decrease from HKD 10.27 billion in the same period of 2024[73]. - The group's capital expenditure commitments as of September 30, 2025, were HKD 5.775 billion, significantly higher than HKD 1.702 billion on December 31, 2024[73]. Financial Position - Total assets as of September 30, 2025, amounted to HKD 460,764 million, a significant increase from HKD 381,629 million as of December 31, 2024[84]. - Total liabilities as of September 30, 2025, were HKD 406,087 million, compared to HKD 327,222 million at the end of 2024, reflecting a 24% increase[84]. - Cash and cash equivalents as of September 30, 2025, were HKD 169,251 million, an increase from HKD 134,365 million as of December 31, 2024[84]. - The company’s operating expenses for the nine months ended September 30, 2025, totaled HKD 4,453 million, a slight increase from HKD 4,159 million in the same period of 2024[82]. - The financial statements for the year ending December 31, 2024, were prepared using consistent accounting policies and methods as previous years[85]. - The company has submitted its consolidated financial statements to the Companies Registry in accordance with Hong Kong Companies Ordinance[85]. - The auditor's report on the financial statements did not contain any reservations or matters requiring attention[85].