Financial Performance - The net loss attributable to the company for the six months ended March 31, 2025, was approximately HKD 131 million, compared to a net loss of HKD 218 million for the same period in 2024[7]. - The operating profit for the period, excluding non-operating items, was approximately HKD 28 million, an increase from HKD 26.1 million in 2024[8]. - Revenue for the six months ended March 31, 2025, was HKD 85,927,000, an increase of 3.1% compared to HKD 83,355,000 for the same period in 2024[45]. - The company reported a loss before tax of HKD 127,009,000, improving from a loss of HKD 214,127,000 in the prior year, indicating a reduction of 40.7%[45]. - The total comprehensive loss for the period was HKD 137,316,000, compared to HKD 217,444,000 in the previous year, reflecting a decrease of 36.9%[46]. - The group incurred a pre-tax loss of HKD 127,009,000 for the reporting period[59]. - The company reported a significant increase in new bank borrowings, totaling HKD 115,000,000 for the six months ended March 31, 2025, compared to HKD 15,000,000 in the previous period[51]. Rental Income and Property Performance - Rental income from residential properties increased by 3.2%, while rental income from commercial and industrial properties decreased by 10.5%[11]. - Rental income from the residential units in Beijing's Chaoyang District decreased by 3.1% compared to the previous year[18]. - The rental performance in the first half of fiscal year 2025 reflects positive trends, with stable occupancy rates and rental income for office and residential properties[21]. - Rental income decreased to HKD 51,766,000 from HKD 53,698,000, a decline of 3.6% compared to the previous year[64]. Investment Activities - The company invested HKD 34.9 million in the TKO Fund, with an investment valuation of HKD 39.3 million as of March 31, 2025[14]. - The property investment and management segment reported a loss of HKD 133,518,000, primarily due to a fair value decrease of investment properties amounting to approximately HKD 167,948,000[59]. - The securities investment segment recorded a profit of HKD 23,868,000, including a fair value increase of financial assets of approximately HKD 20,090,000[60]. Financial Position - As of March 31, 2025, the total bank borrowings amounted to HKD 415.8 million, an increase from HKD 374.0 million as of September 30, 2024[24]. - The group's cash and bank balances totaled HKD 72.5 million, down from HKD 83.2 million as of September 30, 2024[24]. - The debt-to-equity ratio increased to 9.3% from 8.1% as of September 30, 2024[24]. - The company’s total liabilities included bank borrowings of approximately HKD 3,729,000,000 as of March 31, 2025, down from HKD 3,873,500,000 as of September 30, 2024[75]. Dividends and Shareholder Information - The company declared an interim dividend of HKD 0.04 per share for the first six months of the fiscal year 2025, consistent with the previous year[9]. - The company declared a final dividend of HKD 0.32 per share for the fiscal year 2024, totaling HKD 35,257,000, down from HKD 37,461,000 in 2023[69]. - As of March 31, 2025, the total shareholding of the CEO and directors in the company is approximately 73.6% for the CEO and 73.2% for another director, indicating significant insider ownership[36]. Corporate Governance - The company has complied with all corporate governance codes as per the listing rules, except for the separation of the roles of Chairman and CEO, which are held by the same individual[32]. - The company has maintained compliance with the relevant provisions of the listing rules regarding connected transactions[31]. - The independent non-executive directors do not have a specific term of appointment but are subject to re-election at the annual general meeting[33]. Employee Information - The group reported a total of 118 employees as of March 31, 2025, compared to 115 employees as of September 30, 2024[29]. - The total remuneration for key management personnel for the six months ended March 31, 2025, amounted to HKD 4,350,000, an increase from HKD 4,051,000 for the same period in 2024, representing a growth of approximately 7.4%[89]. Other Financial Metrics - The company incurred a loss of HKD 130,974,000 during the six months ended March 31, 2024, which contributed to a total comprehensive loss of HKD 137,316,000 for that period[50]. - The company’s retained earnings as of March 31, 2025, were HKD 4,846,221,000, down from HKD 5,102,126,000 as of October 1, 2023[49]. - The company’s total tax expense for the six months ended March 31, 2025, was HKD 3,964,000, a decrease of 8.3% from HKD 4,323,000 in the same period of 2024[68].

Financial Performance - The company reported a revenue of RMB 500 million for the last quarter, representing a 20% increase year-over-year[2]. - The company expects a revenue growth of 25% for the next fiscal year, projecting revenues to reach RMB 625 million[2]. - Revenue for the six months ended February 28, 2025, was RMB 336,720,000, an increase of RMB 4,660,000 compared to RMB 332,060,000 for the same period in 2024, representing a growth of approximately 1.4%[12]. - For the six months ended February 28, 2025, the company reported total revenue of RMB 336.72 million, a slight increase from RMB 332.06 million for the same period in 2024, representing a growth of approximately 1.99%[33]. - Revenue from tuition and accommodation fees amounted to RMB 297.55 million and RMB 33.65 million respectively, with tuition revenue increasing by approximately 1.53% year-over-year[22]. - The company reported a profit of RMB 4,569,000 for the period, a significant turnaround from a loss of RMB 14,211,000 in the previous year, marking an improvement of RMB 18,780,000[12]. - The company aims to achieve a net profit margin of 10% by the end of the next fiscal year, up from 8%[2]. - The company reported a net profit for the period was RMB 4.57 million, a recovery from a loss of RMB 14.21 million in the same period last year, marking a turnaround in profitability[34]. - The company’s profit attributable to shareholders for the six months ended February 28, 2025, was RMB 4,569,000, compared to a loss of RMB 14,211,000 for the same period in 2024, indicating a significant recovery[150]. Operational Highlights - User enrollment increased by 15% to 30,000 students, driven by new marketing strategies and partnerships[2]. - The company operates five schools with a total enrollment of over 30,000 students as of February 28, 2025[13]. - The company is expanding its market presence in southern China, targeting an additional 10,000 students by the end of 2024[2]. - A strategic acquisition of a local education provider is anticipated to enhance the company's service offerings and increase market penetration[2]. - The company is actively designing and adjusting its programs to meet the demands of the AI era and market needs, ensuring students acquire competitive skills[15]. - The company has established partnerships with several large enterprises to enhance internship and employment opportunities for students[15]. - The company aims to cultivate high-level, skilled, innovative, and application-oriented talents to support China's new urbanization construction and management[14]. Product Development and Innovation - New product offerings in vocational training are set to launch in Q3 2024, aiming to capture a larger market share[2]. - Research and development investments increased by 30% to RMB 50 million, focusing on digital learning technologies[2]. - The company plans to implement a new online learning platform by Q1 2025, expected to improve user engagement and retention[2]. - The company plans to enhance its undergraduate course offerings to meet market demand and improve profitability, aiming to increase the proportion of undergraduate services[30]. - The company is focusing on optimizing its professional and course offerings, including the introduction of new programs in AI and integrated circuit design, to enhance student competitiveness[29]. Financial Position and Equity - As of February 28, 2025, total equity was approximately RMB 856.08 million, a decrease from RMB 860.73 million on August 31, 2024, primarily due to the recognition of treasury shares[50]. - Cash and cash equivalents as of February 28, 2025, were approximately RMB 44.32 million, down from RMB 287.98 million on August 31, 2024, reflecting seasonal fluctuations in cash reserves[51]. - Total borrowings decreased from approximately RMB 2,418.09 million on August 31, 2024, to approximately RMB 2,350.25 million on February 28, 2025, with RMB 1,066.55 million due within one year[52]. - The debt-to-equity ratio increased to approximately 287.36% as of February 28, 2025, from 261.24% on August 31, 2024, due to an increase in net debt[54]. - The company reported a total of RMB 276,958,000 in accrued expenses and other payables as of February 28, 2025, compared to RMB 305,113,000 as of August 31, 2024, reflecting a decrease of approximately 9.3%[16]. Shareholder Information - As of February 28, 2025, Mr. Huang Yulin holds 561,338,000 shares, representing approximately 56.13% of the issued share capital[69]. - Mr. Wang Li has a beneficial ownership of 2,391,000 shares and spouse's interest of 21,871,000 shares, totaling 24,262,000 shares, which is approximately 2.43% of the issued share capital[69]. - The total issued share capital as of February 28, 2025, is 1,000,000,000 shares, including 7,220,000 treasury shares[71]. - The company repurchased 7,220,000 shares at a total cost of HKD 9,998,500, reflecting confidence in the business and operations[91]. - No interim dividend has been proposed for the six months ended February 28, 2025, consistent with the previous period[96]. Governance and Compliance - The company has complied with the corporate governance code, except for the separation of the roles of Chairman and CEO, which are held by the same individual[98]. - The audit committee reviewed the interim results and confirmed no disagreements with management[108]. - The company has not engaged in any significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the reporting period[62]. - There are no significant contingent liabilities or guarantees as of February 28, 2025, apart from those disclosed in the interim report[60].

Financial Performance - For the six months ended March 31, 2025, the group's unaudited revenue was approximately HKD 8.6 million, a decrease of about 42.3% compared to HKD 14.9 million in the same period of 2024[6] - The group's unaudited gross profit for the same period was approximately HKD 1.3 million, down approximately 83.1% from HKD 7.7 million in 2024[6] - The group recorded an unaudited net loss of approximately HKD 7.7 million for the six months ended March 31, 2025, compared to a net loss of approximately HKD 3.6 million in 2024[6] - Basic loss per share for the six months ended March 31, 2025, was HKD 0.77, compared to HKD 0.36 for the same period in 2024[6] - The company reported a net loss attributable to owners of HKD (7,669,000) for the six months ended March 31, 2025, compared to a loss of HKD (3,556,000) in 2024, representing a 116.5% increase in losses[22] - Basic and diluted loss per share for the six months ended March 31, 2025, was HKD (0.77), compared to HKD (0.36) for the same period in 2024[22] Dividends - The board of directors decided not to declare any dividend for the six months ended March 31, 2025, consistent with the previous year[6] - The company did not declare any dividends for the six months ended March 31, 2025, consistent with the previous year[21] - The board decided not to declare an interim dividend for the six months ended March 31, 2025, consistent with the previous year[52] Assets and Liabilities - As of March 31, 2025, total assets less current liabilities amounted to HKD 53.3 million, compared to HKD 51.2 million as of September 30, 2024[9] - The group had a total equity of HKD 42.5 million as of March 31, 2025, down from HKD 50.2 million as of September 30, 2024[9] - Cash and bank balances, along with fixed deposits, amounted to approximately HKD 47.3 million as of March 31, 2025, down from HKD 60.2 million as of September 30, 2024[41] - Current assets were approximately HKD 60.1 million and current liabilities were about HKD 22.3 million as of March 31, 2025, resulting in a current ratio of 2.7 times[42] Cash Flow - Operating activities used net cash of HKD 9.4 million for the six months ended March 31, 2025, compared to a net cash inflow of HKD 4.2 million in 2024[11] - The group reported a net cash inflow from investing activities of HKD 31.5 million for the six months ended March 31, 2025[11] Expenses - Employee benefits expenses for the six months ended March 31, 2025, were HKD 10,359,000, a decrease of 3.8% from HKD 10,767,000 in 2024[20] - Depreciation of right-of-use assets for the six months ended March 31, 2025, was HKD 1,354,000, down from HKD 4,172,000 in 2024, indicating a significant reduction in depreciation expenses[25] - Cash outflow related to leases for the six months ended March 31, 2025, was approximately HKD 3,428,000, compared to HKD 4,666,000 for the same period in 2024, showing a decrease of 26.6%[24] - Selling expenses decreased from approximately HKD 1.5 million to HKD 1.1 million, mainly due to a decline in employee costs[36] - Administrative expenses decreased from about HKD 11.1 million to approximately HKD 8.8 million, attributed to lower employee costs and depreciation of right-of-use assets[37] Investments - The company acquired a 34% stake in Richwood International Holding Limited for approximately HKD 1,066,000 on March 7, 2025, expanding its investment portfolio in asset management services[26] Trade Receivables - Total trade receivables as of March 31, 2025, amounted to HKD 12,027,000, down from HKD 15,289,000 as of September 30, 2024, reflecting a decrease of 21.5%[27] Corporate Governance - The company has complied with all corporate governance codes as per GEM Listing Rules Appendix C1 during the six months ending March 31, 2025[59] - The audit committee has reviewed the unaudited consolidated results for the six months ending March 31, 2025, ensuring compliance with applicable accounting standards and GEM Listing Rules[62] Shareholder Information - As of March 31, 2025, the major shareholder, Baoting Management Limited, holds 557,800,000 shares, representing 55.8% of the company's equity[55] - The company has not granted, exercised, or cancelled any share options under the share option plan as of March 31, 2025, with a total of 100,000,000 options available for grant[57] - There are no known entities or individuals, excluding directors and key executives, holding any interests in shares or related shares that require disclosure as of March 31, 2025[56] Risk Management - The company has no significant concentration of credit risk in trade receivables, with risks spread across multiple counterparties[28] Other Income - Other income decreased from HKD 1.6 million to HKD 1.2 million, primarily due to a reduction in interest income from fixed deposits[35] Capital Commitments - The group had no significant capital commitments or contingent liabilities as of March 31, 2025[46][47]

Enrollment Growth - The total number of enrolled students increased from 104,053 as of February 29, 2024, to 110,861 as of February 28, 2025, representing a growth of approximately 6.7%[4] - Total student enrollment increased from 104,053 in 2024 to 110,861 in 2025, representing a growth of 6.5%[34] - Shandong University of Technology's enrollment in undergraduate programs rose by 8.2% to 10,223 students in 2025[30] - Enrollment in the Applied Technology College of Shangqiu University increased by 2.3% to 15,532 students[30] - Enrollment in the Health College surged by 43.6% to 9,808 students in 2025[30] - The enrollment at Anyang University decreased by 8.6% to 26,406 students, with a significant drop in the transfer program by 35.8%[30] - The Anyang University Yuanyang Campus saw an increase of 21.4% in total enrollment, reaching 13,046 students[30] - Enrollment in the undergraduate programs at Jingzhou University increased by 3.9% to 7,706 students[32] - The total number of students in vocational education programs decreased by 20.9% at Shangqiu University[30] - The Applied Technology College of Shangqiu University experienced a 148.8% increase in enrollment for specialized programs[30] Financial Performance - Revenue rose from RMB 813.9 million for the six months ended February 29, 2024, to RMB 890.7 million for the reporting period, marking an increase of 9.4%[5] - Gross profit increased by 1.2%, from RMB 493.7 million to RMB 499.8 million during the same period[14] - Profit before tax grew by 6.4%, from RMB 388.1 million to RMB 413.0 million[14] - The adjusted net profit for the period was RMB 402.6 million, up 4.3% from RMB 386.0 million[14] - The overall gross profit margin decreased to 56.1% from 60.7% for the six months ended February 29, 2024[51] - The total revenue for the reporting period was RMB 890.7 million, representing a 9.4% increase from RMB 813.9 million for the six months ended February 29, 2024[44] - The adjusted net profit for the reporting period was RMB 402.6 million, an increase of RMB 16.5 million or 4.3% compared to RMB 386.0 million for the six months ended February 29, 2024[44][61] - Operating profit increased to RMB 449.14 million from RMB 435.41 million, reflecting a growth of 3.1% year-over-year[143] - Total comprehensive income for the period was RMB 406.56 million, up from RMB 384.27 million, indicating a year-over-year increase of 5.8%[143] - Basic earnings per share increased to RMB 0.34 from RMB 0.32, while diluted earnings per share rose to RMB 0.33 from RMB 0.31[143] Strategic Plans and Developments - The company plans to acquire more land and resources to further expand enrollment in response to market opportunities[4] - The company is actively working to convert Tianping College into an independent private university[18] - The company aims to complete the transition of Tianping College to an independent private university by September 2026[37] - The company plans to acquire more land use rights and build new educational and living facilities to increase total student enrollment capacity[43] - The company is executing a business plan aimed at expanding its overseas education operations, indicating a commitment to meet qualification requirements[122] - The company is in discussions with several reputable overseas education service providers to expand its school network[122] - The company is exploring international business collaborations, including contracts with foreign educational institutions and potential investments or acquisitions in overseas education businesses[125] - The company plans to deploy the DeepSeek R1 model to enhance AI education and integrate it into a collaborative AI education platform with Beijing Gravity Internet Technology Co., Ltd.[134] Shareholder Information - The company does not recommend the distribution of an interim dividend for the reporting period[14] - The board of directors does not recommend the distribution of an interim dividend for the six months ending February 29, 2024, while a final dividend of RMB 0.0924 per share has been approved, totaling approximately RMB 110,880,000[113] - The company has two existing share plans: the Pre-IPO Share Option Plan and the Share Award Plan, with no options or awards granted during the reporting period[91] - Under the Pre-IPO Share Option Plan, a total of 32,550,000 share options were granted to 20 participants on September 1, 2024, and February 28, 2025, representing approximately 2.71% of the total issued shares as of February 28, 2025[95] - The total number of shares that can be issued under the Share Award Plan is capped at 84,000,000 shares, which accounts for 7% of the company's issued share capital as of February 28, 2025[100] - As of February 28, 2025, the company has no outstanding options or awards under the Share Award Plan[100] - Mr. Hou holds a controlled interest in 900,000,000 shares, representing 75% of the company, and an additional 6,000,000 shares, representing 0.50%[101] - The Chairman, Mr. Hou, and Ms. Jiang each hold 8,000,000 shares, representing 0.67% of the company[101] - The company has not granted or agreed to grant any awards under the Share Award Plan during the reporting period[100] - The total number of unexercised options under the Pre-IPO Share Option Plan as of February 28, 2025, is 32,550,000 shares[95] - The company aims to attract and retain suitable talent through its share plans, enhancing overall value for shareholders[95] Compliance and Legal Matters - The company is monitoring future legal regulations regarding foreign investment and will seek guidance from legal advisors to ensure compliance[118] - The company is committed to ensuring compliance with the new Foreign Investment Law and its implementation regulations[118] - The company’s Chinese operations comply with foreign investment control requirements, with local citizens holding key positions in management[119] - The company has not disclosed any changes in the information of directors and senior management since the last annual report[114] - The group has not engaged in any major litigation or arbitration during the reporting period[86] - The company has no significant contingent liabilities as of February 28, 2025[70] Cash Flow and Assets - As of February 28, 2025, the company's cash and cash equivalents were RMB 790.9 million and RMB 435.3 million as of August 31, 2024, and February 28, 2025, respectively[62] - The company’s total equity as of February 28, 2025, was RMB 4,181,232 thousand, an increase from RMB 3,883,903 thousand as of August 31, 2024, showing a growth of approximately 7.7%[146] - The company incurred a net cash outflow from investing activities of RMB 513,671 thousand for the six months ended February 28, 2025, compared to RMB 615,278 thousand for the same period in 2024, indicating an improvement of about 15.5%[151] - The company’s cash flow from financing activities resulted in a net outflow of RMB 722,519 thousand for the six months ended February 28, 2025, compared to RMB 357,109 thousand in the same period of 2024, indicating a significant increase in cash outflow[151] - The company reported accounts payable of RMB 374,156,000 as of February 28, 2025, compared to RMB 395,688,000 as of August 31, 2024[179] - The company has made unsecured advances to Tianping College totaling RMB 900,700,000 as of February 28, 2025, up from RMB 722,700,000 in the previous year[177] - Trade and other receivables as of February 28, 2025, totaled RMB 1,395,979,000, an increase from RMB 1,214,535,000 as of August 31, 2024[175] - Cash and cash equivalents decreased to RMB 204,311 thousand as of February 28, 2025, from RMB 382,919 thousand as of February 29, 2024, representing a decline of about 46.6%[151] Expenditures and Investments - The company invested approximately RMB 152,736,000 in property, plant, and equipment for campus infrastructure improvements during the period[168] - The capital commitments at the end of the reporting period include RMB 149,956,000 for property, plant, and equipment, and RMB 30,000,000 for investment in Tianping College[16] - The company has secured loans amounting to RMB 207,163,000, which were fully repaid during the six months ending February 28, 2025[171] - The company has made advances to Tianping College amounting to RMB 900,700,000, an increase from RMB 722,700,000 in the previous year[17] - The company has received service income of RMB 142,680,000, which was settled after February 28, 2025[176] Future Projections - The company anticipates a revenue growth forecast of 10% for the next fiscal year, projecting revenues of RMB 550 million[198] - New product offerings in vocational training are expected to launch in Q3 2024, targeting an additional 5,000 enrollments[199] - The company is expanding its market presence in Henan province, aiming to establish two new campuses by 2025[198] - A strategic acquisition of a local educational institution is planned, with an estimated cost of RMB 50 million[199] - The company is investing RMB 20 million in technology development to enhance online learning platforms[198] - The company plans to implement a new marketing strategy focusing on digital channels, aiming for a 25% increase in student inquiries[198] - The company has secured a new partnership with a technology firm to integrate AI into its educational programs, enhancing learning outcomes[199]

Financial Performance - For the three months ended March 31, 2025, the revenue was RMB 2,337,995 thousand, representing a 9% increase year-over-year but a 16% decrease quarter-over-quarter[3]. - Operating profit for the same period was RMB 601,453 thousand, showing no change year-over-year and a 46% decrease quarter-over-quarter[3]. - Profit attributable to equity holders of the parent was RMB 283,874 thousand, remaining stable year-over-year but down 38% from the previous quarter[3]. - The basic earnings per share for the period was RMB 0.21, unchanged year-over-year and down 40% quarter-over-quarter[3]. - The total comprehensive income for the period was RMB 500,251 thousand, down from RMB 547,590 thousand year-over-year[7]. - The gross profit for Q1 2025 was RMB 1,918.6 million, with a gross margin of 82%, a year-on-year increase of 1 percentage point[21]. - Operating profit before share-based compensation was RMB 655.1 million, down 3% year-on-year and 44% quarter-on-quarter[26]. Revenue Breakdown - Revenue from office software and services was RMB 1,301,469 thousand, up from RMB 1,225,349 thousand year-over-year[5]. - Revenue from online games and others was RMB 1,036,526 thousand, an increase from RMB 911,526 thousand year-over-year[5]. - Revenue from office software and services was RMB 1,301.5 million, a year-on-year increase of 6% and a quarter-on-quarter decrease of 13%[19]. - The gaming and other business revenue reached RMB 1,036.5 million, showing a year-on-year growth of 14% but a quarter-on-quarter decline of 20%[20]. User Metrics - The number of global WPS Office monthly active devices reached 647 million, an 8% increase year-over-year and a 2% increase quarter-over-quarter[4]. - Cumulative paying users reached 41.70 million, reflecting a 17% increase year-over-year[4]. Research and Development - The group incurred research and development costs of RMB 827,853 thousand, compared to RMB 712,788 thousand in the same period last year[5]. - R&D costs increased to RMB 827.9 million in Q1 2025, up 16% year-on-year and 13% quarter-on-quarter, driven by increased personnel and AI-related expenses[22]. - The company will continue to focus on AI, collaboration, and internationalization, maintaining R&D investments to deliver practical office products to users[38]. Cash Flow and Assets - The net cash flow from operating activities for Q1 2025 was a negative RMB 102,150 thousand, compared to a positive RMB 329,037 thousand in Q1 2024[10]. - The company reported a net cash outflow from operating activities of RMB 102.2 million for the three months ended March 31, 2025[35]. - Current assets totaled RMB 29,839,571 thousand as of March 31, 2025, down from RMB 30,240,397 thousand as of December 31, 2024[8]. - Total non-current assets amounted to RMB 7,988,975 thousand as of March 31, 2025, compared to RMB 8,044,078 thousand as of December 31, 2024[8]. - The company's total equity increased to RMB 28,902,154 thousand as of March 31, 2025, from RMB 28,412,402 thousand as of December 31, 2024[9]. - The total liabilities decreased from RMB 8,716,614 thousand as of December 31, 2024, to RMB 7,802,618 thousand as of March 31, 2025[9]. - The company maintained a strong cash position with cash and bank deposits totaling RMB 22,819.0 million, representing 60% of total assets[32]. Gaming Business - The decline in gaming revenue quarter-on-quarter was attributed to fewer commercial content updates for "Jian Wang 3" in Q1 2025[20]. - The game "Sword of the Net 3" continues to strengthen its user base through content updates and gameplay innovations[38]. - The game "Dust White Zone" maintains user engagement and reputation with differentiated content positioning and long-term operational strategies[38]. - The sci-fi mech game "Limitless Mech" is set to launch in summer 2023, having reached the fifth position on Steam's global wishlist during testing[38]. - The classic sequel "Sword of the Knight: Zero" is planned for release in Q2 2023, inheriting the essence of the IP[38]. - The gaming business will deepen flagship IP ecosystem operations, focusing on new tracks such as anime and sci-fi, enhancing content innovation capabilities[38]. Strategic Focus - The CEO highlighted the growth in WPS personal business and the strategic focus on increasing AI active user numbers to drive user base and paid user growth[37]. - The growth in office software revenue was driven by an increase in user base and paid users, supported by an operational strategy focused on enhancing AI active users[19]. - Sales and distribution expenses rose to RMB 340.5 million, a 30% year-on-year increase, primarily due to higher promotional and advertising investments[23]. - Capital expenditures for Q1 2025 amounted to RMB 121.2 million, compared to RMB 114.6 million in Q1 2024[36].

Financial Performance - The total revenue for the year was approximately RMB 99,700,000, a decrease of 59.9% compared to RMB 248,399,000 for the previous year[15]. - The loss attributable to the company's owners for the year was RMB 852,224,000, compared to a loss of RMB 489,482,000 in the previous year[16]. - Basic and diluted loss per share for the year was RMB 0.5999, compared to RMB 0.7167 in the previous year[16]. - Property sales revenue was approximately RMB 99,123,000, a decrease of 60.0% from RMB 247,785,000 in the previous year[17][18]. - Rental income for the year was approximately RMB 577,000, down from approximately RMB 614,000 in the previous year[19]. - The group recorded a net loss of RMB 1.0376 billion for the year ending December 31, 2024[151]. - The company reported a net loss of RMB 1,037.6 million for the year, significantly higher than the net loss of RMB 686.7 million in 2023[163]. - The company’s equity attributable to owners showed a loss of RMB 1,873.3 million, compared to a loss of RMB 1,013.3 million in 2023[168]. - The company faced significant challenges in revenue recognition due to the loss of control over two subsidiaries, impacting financial reporting[157]. Financial Position - The group’s total liabilities increased by approximately 153.5% to RMB 1,806,734,000 as of December 31, 2024, compared to RMB 712,778,000 in the previous year[30]. - As of December 31, 2024, total liabilities exceeded current assets by RMB 1.8178 billion[151]. - The group had total borrowings of RMB 1.939 billion classified as current liabilities, with approximately RMB 1.515 billion secured against development properties[151]. - The company’s total liabilities increased, leading to a total equity attributable to non-controlling interests of RMB 66,563,000 as of December 31, 2024[169]. - The company had unrestricted cash and cash equivalents totaling only RMB 3.9 million as of December 31, 2024[178]. Operational Challenges - The operating environment remains challenging due to liquidity constraints, weak domestic demand, and unclear policies in the real estate sector[12]. - The expected credit loss provision for the year was approximately RMB 1,192,774,000, significantly up from RMB 607,950,000 in the previous year, primarily due to a provision for financial guarantees provided to a former subsidiary[21]. - The company is negotiating with lenders to secure new or renewed loans to improve liquidity[179]. - Management has implemented plans to enhance the group's liquidity and financial position[179]. Strategic Focus - The company aims to focus on high-potential real estate and land development projects in China and Japan, including undervalued urban redevelopment projects and logistics hubs[12]. - The group plans to prioritize investments in high-potential real estate and land development projects in China, while seeking strategic opportunities in Japan[28]. - The group continues to evaluate complementary opportunities in high-potential markets, including Malaysia and France, as part of its global growth strategy[29]. Corporate Governance - The company emphasizes the importance of high standards of corporate governance to manage business risks and enhance transparency[97]. - The board has implemented various governance policies and systems to ensure ethical conduct and best practices across the organization[97]. - The company has adopted the standard code of conduct for securities trading by directors, confirming compliance throughout the year[100]. - The company has a whistleblowing policy to protect whistleblowers from retaliation and ensure confidentiality of reported information[135]. - The company has established procedures for shareholders to request special general meetings if they hold at least 10% of the paid-up capital[140]. Audit and Compliance - The independent auditor for the group's consolidated financial statements is Deloitte Touche Tohmatsu, which will retire at the upcoming annual general meeting but is eligible and willing to be reappointed[82]. - The audit committee consists of three independent non-executive directors, responsible for reviewing financial information and monitoring internal controls and risk management[115]. - The company has not identified any violations of relevant laws and regulations that would have a significant impact during the year[75]. - The financial statements have been prepared on a going concern basis, contingent on the success of management's plans[154]. Shareholder Relations - The company emphasizes the importance of effective communication with shareholders to enhance investor relations[144]. - The group does not recommend any final dividend for the year, consistent with the previous year[27]. - The company has confirmed that at least 25% of its issued shares are held by the public at all times during the year[81]. Environmental Commitment - The company is committed to environmental sustainability and has implemented measures to promote energy conservation and reduce emissions[74]. - The company plans to publish a detailed independent environmental, social, and governance report available for public access[77].

Financial Performance - For the fiscal year ending March 31, 2025, revenue was approximately HKD 227.6 million, a decrease of about 46.0% compared to HKD 421.3 million in 2024[3] - The company reported a loss of approximately HKD 32.0 million for the fiscal year ending March 31, 2025, compared to a profit of approximately HKD 28.8 million in 2024[3] - Basic loss per share for the fiscal year ending March 31, 2025, was approximately HKD 0.028, while basic earnings per share for 2024 was approximately HKD 0.025[3] - The company reported a net loss of HKD 141,000 from other gains or losses, compared to a gain of HKD 7,789,000 in 2024[23] - The group reported a net loss of approximately HKD 32.0 million for the year ended March 31, 2025, compared to a profit of approximately HKD 29.0 million for the year ended March 31, 2024, representing a decrease of approximately 60.8 million HKD[52] Revenue and Income - The revenue from Chinese restaurant operations was HKD 226,631,000, down 46.1% from HKD 419,730,000 in the previous year[21] - Other income for the year was HKD 4,367,000, a decline of 16.0% compared to HKD 5,191,000 in 2024[21] - The company recognized government subsidies of HKD 90,000 under the anti-epidemic fund, significantly lower than HKD 454,000 in the previous year[24] - The group's revenue decreased by 46.0% from approximately HKD 421.3 million for the year ended March 31, 2024, to approximately HKD 227.6 million for the year ended March 31, 2025[44] Assets and Liabilities - Total assets less current liabilities as of March 31, 2025, were HKD 14.7 million, down from HKD 56.6 million in 2024[6] - The company’s net assets decreased to HKD 8.7 million as of March 31, 2025, compared to HKD 40.8 million in 2024[6] - The company’s current liabilities exceeded current assets by approximately HKD 15.9 million as of March 31, 2025, compared to HKD 23.1 million in 2024[9] - As of March 31, 2025, trade receivables aged within 30 days amounted to HKD 1,251 thousand, a decrease from HKD 2,602 thousand in 2024[31] - Trade payables aged within 30 days were HKD 3,454 thousand in 2025, compared to HKD 6,666 thousand in 2024[33] Cost Management - The company is implementing cost control measures to generate cash flow from operations[11] - The total employee costs for the fiscal year 2025 amounted to HKD 115,748 thousand, down from HKD 146,614 thousand in 2024, reflecting a reduction of approximately 21.0%[8] - Employee costs decreased by approximately 21.0% from approximately HKD 146.6 million for the year ended March 31, 2024, to approximately HKD 115.7 million for the year ended March 31, 2025[48] Governance and Management - The company has not appointed a CEO, as the role is collectively fulfilled by all executive directors, allowing for swift decision-making in a changing environment[82] - The audit committee, consisting of four independent non-executive directors, assists the board in monitoring audit procedures and reviewing financial reporting policies[81] - The company is continuously evaluating the need for changes in its governance structure to enhance decision-making efficiency[82] Legal and Compliance Issues - The independent auditor's report indicates that the company could not provide sufficient appropriate audit evidence due to missing records, impacting the audit opinion on the consolidated financial statements[86] - The company is facing legal claims totaling approximately HKD 13,804,000 related to a settlement to dismiss a winding-up petition[38] - The company reported a loss provision of approximately HKD 13,804,000 related to a legal claim from creditors, which was settled on July 10, 2024[91] - The independent auditor could not determine the potential impact of missing documents on the financial statements, affecting the integrity of the reported figures[94] Future Plans and Strategies - The group plans to open two new Eastern and Western concept restaurants by March 2025, aiming to attract younger consumers and improve cash flow cycles[42] - The group will explore strategic partnerships with third-party restaurant operators to enhance market penetration and competitive differentiation[42] - The company plans to allocate approximately HKD 5 million to open a new restaurant offering different cuisines to attract new customers[72] Shareholder Information - The board of directors did not recommend the payment of a final dividend for the fiscal year ending March 31, 2025[3] - The company did not declare or recommend any dividends for the fiscal years ending March 31, 2025, and 2024[27] - The company did not recommend a final dividend for the fiscal year ending March 31, 2025, due to challenging business conditions and cash flow assessments[74] - The annual performance announcement will be published on the Hong Kong Stock Exchange and the company's website[95] - Trading of shares will be suspended starting from November 28, 2023, at 9:00 AM[96] - Shares will remain suspended until further notice[97] - The annual report for the year ending March 31, 2025, will be sent to shareholders in due course[95] Miscellaneous - The company has not identified any significant impact from the newly adopted Hong Kong Financial Reporting Standards on its financial statements[15] - The company has been unable to locate certain financial records and documents from previous directors, which may affect future reporting[14] - The company has no individual external customer revenue exceeding 10% of total revenue for the two years reported[20] - The company’s non-current assets are all located in Hong Kong, with no significant geographical revenue diversification[19] - The company has maintained a sufficient public float of at least 25% of issued shares since its listing[70] - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the reporting period[67] - The company has not issued any stock options since the plan's effective date, and there were no unexercised options as of March 31, 2025[64] - The company has complied with the corporate governance code, with some deviations noted[76] - The independent auditor's inability to obtain sufficient evidence may lead to significant impacts on the financial statements for the fiscal year ending March 31, 2025[94] - The company has received ongoing financial support from a shareholder, ensuring the ability to meet its obligations[10]

Financial Performance - The total revenue for the year was approximately RMB 99,700,000, a decrease of 59.9% compared to RMB 248,399,000 for the previous year[11]. - The loss attributable to the owners of the company for the year was RMB 852,224,000, compared to a loss of RMB 489,482,000 in the previous year, with basic and diluted loss per share at RMB 0.5999[12]. - Property sales revenue was approximately RMB 99,123,000, a decrease of 60.0% from RMB 247,785,000 in the previous year, primarily from projects in Hunan and Fujian provinces[13][14]. - Rental income for the year was approximately RMB 577,000, down from RMB 614,000 in the previous year, with a fair value loss of approximately RMB 500,000 on the investment property portfolio[15]. - The group reported a loss of approximately RMB 39,476,000 from the deemed disposal of a subsidiary in China, with no losses recorded in previous years[19]. - The group recorded a net loss of RMB 1.0376 billion for the year ending December 31, 2024[147]. - The total comprehensive loss for the year was RMB 1,045,493,000, compared to RMB 690,999,000 in 2023, reflecting a worsening financial position[161]. - The company reported a basic and diluted loss per share of RMB 59.99 for 2024, an improvement from RMB 71.67 in 2023[161]. - The company reported a pre-tax loss of RMB 1,047,890,000 for the year ending December 31, 2024, compared to a loss of RMB 675,593,000 in 2023, indicating a significant increase in losses[168]. Operating Expenses and Financial Management - Operating expenses included sales and distribution costs of approximately RMB 1,981,000, with a cost-to-revenue ratio of 2.0%, and administrative expenses of approximately RMB 28,461,000, with a cost-to-revenue ratio of 28.5%[16]. - The company recognized an expected credit loss provision of approximately RMB 1,192,774,000, significantly higher than RMB 607,950,000 in the previous year, mainly due to guarantees provided for a former subsidiary[17]. - Financing costs for the year amounted to approximately RMB 213,484,000, a significant decrease from RMB 492,057,000 in the previous year, primarily due to the cancellation of subsidiary consolidations[21]. - The company has taken multiple measures to improve liquidity and financial conditions, with plans to remove the disclaimer of opinion from the auditor's report if these measures are effective[121]. - The management has implemented plans to enhance the group's liquidity and financial position[175]. Strategic Focus and Future Plans - The company aims to focus on high-potential real estate and land development projects in China and Japan, including undervalued urban redevelopment projects and logistics hubs[8]. - The company plans to optimize its investment portfolio by seeking investment opportunities in stable revenue environments in China, Japan, and other countries[8]. - The group plans to prioritize investments in high-potential real estate and land development projects in China while seeking strategic opportunities in Japan, particularly in the tourism and hotel sectors[24]. - The group continues to evaluate complementary opportunities in high-potential markets, including Malaysia and France, as part of its global growth strategy[25]. Governance and Compliance - The company has implemented various governance policies and systems to ensure high standards of business conduct and ethical behavior[93]. - The board of directors is responsible for ensuring compliance with corporate governance codes and maintaining high standards of business ethics and governance[117]. - The company has established reporting channels for stakeholders to raise concerns about potential misconduct confidentially or anonymously[93]. - The company has adopted a board diversity policy to enhance diversity across various dimensions, including gender, age, cultural and educational background, and professional experience[105]. - The company has not entered into any management or administrative contracts concerning the overall business or any significant part of the business during the year[56]. Shareholder Information - As of December 31, 2024, the total number of issued shares was 1,420,673,262, with major shareholders holding approximately 69.97% of the issued share capital[64]. - The top five customers accounted for approximately 11.39% of the group's total revenue, an increase from 9.14% in the previous year[42]. - The company maintains a shareholder communication policy to ensure that shareholder opinions and concerns are properly addressed[140]. - The company’s website serves as an effective communication platform for shareholders and the public[141]. Risk Management - The company has established procedures to identify, assess, and manage significant risks, including risk identification and prioritization based on potential impact and likelihood[127]. - The board has engaged Riskory Consultancy Limited for an annual review of the risk management and internal control systems, with no significant deficiencies reported[131]. - The internal audit function within the finance department is responsible for reviewing the effectiveness of internal controls, providing reasonable assurance against significant misstatements or losses[131]. Tax and Liabilities - The group has incurred tax liabilities of RMB 1.840 billion and RMB 2.406 billion as of December 31, 2024, related to property sales and profits in China[152]. - As of December 31, 2024, the total liabilities exceeded current assets by RMB 1.8178 billion[147]. - The group is facing overdue borrowings totaling approximately RMB 1.515 billion and interest payable of about RMB 30.2 million[149]. Changes in Corporate Structure - The company changed its name from "Fullsun International Holdings Group Co., Limited" to "Japan Kyosei Group Company Limited" effective November 30, 2023[79]. - The company’s shares abbreviation changed from "FULLSUN INT'L" to "JAPAN KYOSEI" effective January 23, 2024[79].

Financial Performance - For the year ending December 31, 2024, the group's revenue was approximately MOP 8.8 million, a decrease of about 91.7% compared to MOP 105.8 million in 2023[5] - The loss for the year ending December 31, 2024, was approximately MOP 48.9 million, an increase of about 76.1% from a loss of MOP 27.8 million in 2023[5] - Basic loss per share for the year ending December 31, 2024, was approximately 8.1 Macanese cents, compared to 5.5 Macanese cents in 2023[5] - Total revenue for the year ended December 31, 2023, was MOP 105,848,000, with a loss before tax of MOP 26,828,000[27] - Revenue for the year 2024 was MOP 8,830,000, a decrease of 91.66% from MOP 105,848,000 in 2023, primarily from renovation services[16] - The group recorded a net loss of approximately 48,923,000 MOP as of December 31, 2024, with total borrowings amounting to about 57,646,000 MOP, all of which are current borrowings[43] Assets and Liabilities - Total assets less current liabilities amounted to MOP (64.5 million) for the year ending December 31, 2024, compared to MOP (15.9 million) in 2023[7] - The group's total liabilities increased to MOP 202.3 million in 2024 from MOP 184.5 million in 2023[7] - Trade receivables decreased to MOP 78.85 million in 2024 from MOP 95.1 million in 2023[7] - The group's cash and cash equivalents decreased to MOP 0.83 million in 2024 from MOP 4.52 million in 2023[7] - Total borrowings amounted to MOP 57,646,000, a decrease from MOP 62,675,000 in the previous year, while cash and cash equivalents dropped to MOP 833,000 from MOP 4,523,000[12] Operational Highlights - The group completed 42 renovation projects and was awarded 29 renovation projects during the fiscal year ending December 31, 2024[51] - The group’s renovation services generated MOP 8,595,000 in revenue, while maintenance services contributed MOP 235,000[25] - The group anticipates recognizing revenue from unfulfilled contracts amounting to MOP 883,000 for renovation services by December 31, 2025[22] - The group is actively negotiating with financial institutions to extend existing bank financing to support operational funding in the foreseeable future[17] - The group aims to expand its business into China and diversify into anti-counterfeiting technology to generate sufficient operating cash flow[17] Expenses and Costs - The group's administrative expenses were MOP 19.11 million for the year ending December 31, 2024, down from MOP 42.36 million in 2023[6] - The total subcontracting costs decreased by approximately 87.8% to about 13.6 million MOP from approximately 111.1 million MOP in the previous year, reflecting a reduction in costs associated with the decrease in revenue[53] - The group incurred an operating loss of MOP 48,923,000 before tax, with administrative expenses totaling MOP 19,114,000 and financing costs of MOP 7,668,000[25] - Other income decreased to MOP 79,000 in 2024 from MOP 373,000 in 2023, primarily due to a drop in bank interest income[30] - Financing costs rose to MOP 7,668,000 in 2024 from MOP 3,634,000 in 2023, reflecting increased borrowing[30] Corporate Governance and Future Plans - The group plans to change its name to "Zhongke Weidian (Group) Limited" to improve its corporate image and future growth prospects, pending shareholder and regulatory approval[50] - The board believes that with the implementation of the planned measures, the group will have sufficient working capital to meet its current needs until December 31, 2025[49] - The group is facing significant uncertainties regarding its ability to continue as a going concern due to its financial situation and the need to repay borrowings[44] - The group has taken measures to alleviate liquidity pressure, including optimizing human resources and controlling capital expenditures[17] - The group plans to adopt more aggressive measures to collect long-term overdue trade receivables, including seeking professional advice for claims or liquidation petitions[48] Dividend and Shareholder Information - The group did not recommend the payment of a final dividend for the year ending December 31, 2024[5] - The company did not recommend any dividends for the year ended December 31, 2024, consistent with 2023[33] - The board does not recommend the payment of a final dividend for the year ending December 31, 2024, with future dividends subject to the company's profitability and operational needs[77] Employee and Human Resources - As of December 31, 2024, the group had 20 employees, a decrease from 48 employees in 2023, resulting in total employee costs of approximately 14.5 million Macanese Patacas compared to 27.3 million Macanese Patacas in the previous year[73] - The group has cash and cash equivalents of approximately 833,000 MOP and pledged bank deposits of about 15,340,000 MOP as of December 31, 2024[43] Audit and Compliance - The audit committee, consisting of five independent non-executive directors, reviewed the audited annual results and discussed internal controls and financial reporting matters[84] - The company has adopted the Corporate Governance Code and complies with the relevant rules, except for the separation of the roles of Chairman and CEO, which is being addressed with the appointment of a new CEO[80][81]

Financial Performance - The total revenue for the year was approximately RMB 99,700,000, a decrease of 59.9% compared to RMB 248,399,000 for the previous year[15]. - The loss attributable to the company's owners for the year was RMB 852,224,000, compared to a loss of RMB 489,482,000 in the previous year[16]. - Basic and diluted loss per share for the year was RMB 0.5999, compared to RMB 0.7167 in the previous year[16]. - Property sales revenue was approximately RMB 99,123,000, a decrease of 60.0% from RMB 247,785,000 in the previous year[17][18]. - Rental income for the year was approximately RMB 577,000, compared to RMB 614,000 in the previous year[19]. - The group recorded a net loss of RMB 1.0376 billion for the year ending December 31, 2024[151]. - The company reported a net loss of RMB 1,037.6 million for the year, significantly higher than the net loss of RMB 686.7 million in 2023[163]. - The company’s equity attributable to owners showed a loss of RMB 1,873.3 million, compared to a loss of RMB 1,013.3 million in 2023[168]. - The company incurred financing costs of RMB 213.5 million, down from RMB 492.1 million in 2023[163]. - The company recognized a gain of RMB 782.4 million from the disposal of subsidiaries, contrasting with a loss of RMB 69.1 million in 2023[163]. Financial Position - As of December 31, 2024, total liabilities exceeded current assets by RMB 1.8178 billion[151]. - The group had total borrowings of RMB 1.939 billion classified as current liabilities, with approximately RMB 1.515 billion secured against development properties[151]. - The company’s cash and cash equivalents decreased to RMB 3.9 million from RMB 44.0 million in 2023[166]. - The company had overdue borrowings totaling approximately RMB 1.515 billion and interest payable of about RMB 30.2 million[153]. - The company’s total liabilities increased, leading to a total loss attributable to non-controlling interests of RMB 1,873,297,000 as of December 31, 2024[169]. - The company’s total equity attributable to owners decreased to RMB 300,524,000 as of December 31, 2024, down from RMB 900,579,000 at the beginning of the year[169]. Operational Challenges - The operating environment remains challenging due to liquidity issues, weak domestic demand, and unclear policies in the real estate sector[12]. - The group recognized an expected credit loss provision of approximately RMB 1,192,774,000, significantly up from RMB 607,950,000 in the prior year, primarily due to a provision for financial guarantees provided to a former subsidiary[21]. - The company is currently negotiating with lenders to secure new or renewed loans to improve liquidity[179]. - Management has implemented plans to enhance the company's liquidity and financial condition, which are critical for ongoing operations[179]. Corporate Governance - The company emphasizes the importance of high standards of corporate governance to manage business risks and enhance transparency, ensuring stakeholder interests are protected[97]. - The board has implemented various governance policies and systems to support high standards of business conduct and ethical behavior, with regular reviews planned[97]. - The company has established reporting channels for external parties to confidentially raise concerns regarding potential misconduct by the group, its employees, or directors[97]. - The board is committed to maintaining a strong independent element, with at least three independent non-executive directors, ensuring effective independent judgment[102]. - The company has adopted the standard code of conduct for securities trading by directors, confirming compliance throughout the year[100]. Strategic Focus - The company aims to focus on high-potential real estate and land development projects in China and Japan, including undervalued urban redevelopment projects and logistics hubs[12]. - The group plans to prioritize investments in high-potential real estate and land development projects in China while seeking strategic opportunities in Japan[28]. - The group continues to evaluate complementary opportunities in high-potential markets, including Malaysia and France, as part of its global growth strategy[29]. Compliance and Regulations - The company has not been aware of any violations of relevant laws and regulations that would have a significant impact during the year[75]. - The company has confirmed that at least 25% of its issued shares are held by the public, in compliance with listing rules[81]. - The company has complied with the disclosure requirements for related and continuing connected transactions as per the listing rules[63]. Environmental and Social Responsibility - The company is committed to environmental sustainability and has implemented measures to promote energy conservation and reduce emissions[74]. - The company plans to publish a detailed independent environmental, social, and governance report available for public access[77]. Shareholder Relations - The company maintains a shareholder communication policy to ensure effective engagement and feedback from investors[144]. - The board does not recommend the payment of any final dividends for the year[27].