香港交易及結算所有限公司和香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 GOLDEN LEAF INTERNATIONAL GROUP LIMITED 金葉國際集團有限公司 ( 於開曼群島註冊成立的有限公司 ) ( 股份代號: 8549) 截至二零二五年九月三十日止六個月的 中期公告 金葉國際集團有限公司（本公司）董事會（董事會）欣然宣佈本公司及其附屬 公司（本集團）截至二零二五年九月三十日止六個月的未經審核中期財務業績。本公 告載有本公司截至二零二五年九月三十日止六個月的中期報告全文，連同二零二四年 同期的比較數字，符合聯交所 GEM 證券上市規則關於中期業績初步公告所附資料的相 關規定。 承董事會命 金葉國際集團有限公司 主席、行政總裁及執行董事 葉金弋先生 香港，二零二五年十一月二十七日 於本公告日期，本公司執行董事為葉金弋先生（主席）、呂國傑先生及葉芷筠女士；以 及本公司獨立非執行董事為王振吉先生、林偉昶先生及張廣達先生。 本公告的資料乃遵照 GEM 證券上市規則而 ...

Financial Performance - For the six months ended September 30, 2025, the company's revenue was approximately HKD 106.0 million, a decrease of about 13.9% compared to HKD 123.1 million for the same period in 2024[8]. - The gross profit decreased from approximately HKD 21.0 million in the first half of 2024 to about HKD 14.8 million in the first half of 2025[8]. - The profit attributable to equity holders increased by approximately 9.7% to HKD 3.4 million, compared to HKD 3.1 million in the first half of 2024[12]. - The company recorded a total comprehensive income of approximately HKD 3.4 million for the first half of 2025, compared to HKD 3.0 million for the same period in 2024[8]. - The total comprehensive income attributable to equity holders for the first half of 2025 was approximately HKD 3.4 million, compared to HKD 3.0 million in the first half of 2024[17]. - The company reported a net profit of HKD 3,396,853 for the current period, an increase from HKD 3,180,353 in the previous year[87]. - Basic and diluted earnings per share increased to HKD 3.4, compared to HKD 3.1 in the previous year[72]. - The total amount raised from the rights issue was approximately HKD 34.4 million, with a net amount of about HKD 32.7 million after expenses[49]. Revenue Sources - The company continues to focus on its core business of general printing services and the sale of printing equipment and consumables, contributing significantly to diversified revenue sources[9]. - Revenue from general printing services was HKD 98,269,858, up 5.0% from HKD 93,420,881 in the previous year[82]. - Revenue from the sale of printing equipment and consumables dropped significantly to HKD 7,776,267 from HKD 29,680,744, a decline of 73.8%[82]. - Major customer A contributed HKD 48,375,029 to revenue, while major customer B contributed HKD 47,989,220 in the previous year[89]. - Revenue by region showed HKD 30,529,690 from Hong Kong, HKD 21,073,848 from Mainland China, and HKD 54,231,207 from the USA for the current period[88]. Cost Management - The company has implemented strict cost control measures and streamlined operations in Hong Kong to mitigate the adverse impact of competitive pressures on overall profit margins[10]. - Sales costs for the first half of 2025 were about HKD 91.3 million, compared to HKD 102.1 million in the same period of 2024, primarily due to a decline in sales of printing-related raw materials and equipment[15]. - Administrative and other expenses decreased to approximately HKD 10.9 million in the first half of 2025, down about 33.1% from HKD 16.3 million in the first half of 2024, mainly due to reduced bad debt provisions and rental expenses[16]. Strategic Expansion - Strategic expansion into mainland China, Taiwan, and the United States has shown resilience, effectively offsetting the weak performance of the Hong Kong printing business[11]. - The ongoing strategic expansion has become a cornerstone of the company's diversified revenue base, significantly reducing reliance on the local market[11]. - The company’s operational adjustments include relocating certain production and procurement activities to low-cost jurisdictions to alleviate competitive pressures[10]. Financial Position - As of September 30, 2025, total assets decreased to HKD 61,126,516 from HKD 109,352,988 as of March 31, 2025, representing a decline of approximately 44%[73]. - Current liabilities increased significantly to HKD 41,216,723 from HKD 91,263,587, indicating a decrease in net current liabilities from HKD 7,980,974 to HKD 2,334,165[73]. - Total liabilities as of September 30, 2025, included lease liabilities of approximately HKD 13.0 million, down from HKD 17.0 million on March 31, 2025, due to regular lease payments[28]. - Cash and cash equivalents decreased from approximately HKD 1.8 million on March 31, 2025, to about HKD 0.8 million on September 30, 2025, primarily due to loan repayments[22]. Shareholder Information - As of September 30, 2025, the company's issued share capital was HKD 998,000, with 99,800,000 shares outstanding after a share consolidation on March 18, 2025[33]. - The company implemented a capital reduction on May 29, 2025, reducing the par value of shares from HKD 0.25 to HKD 0.01, alongside a share split[34]. - The largest customer accounted for approximately 45.6% of total revenue in the first half of 2025, indicating a reliance on a single client[42]. - The company’s major shareholders include Mr. Lin Cheng Tai, who holds approximately 59.45% of the shares[55]. Corporate Governance - The company has complied with all applicable corporate governance code provisions, except for a deviation regarding the separation of the roles of Chairman and CEO[63]. - The Chairman and CEO roles are held by Mr. Lin Chengda, which deviates from the corporate governance code that recommends these roles be separate[64]. - The board consists of five executive directors and three independent non-executive directors, ensuring a high level of independence[64]. - The company will continue to review and monitor its practices to comply with the corporate governance code and maintain high standards of governance[64]. Risks and Challenges - The group faces risks related to raw material supply and subcontractor performance, which could adversely affect operations and profitability[43][44]. - The business is sensitive to economic fluctuations in key markets, including Hong Kong, mainland China, Taiwan, and the United States[46].

Financial Performance - Total revenue for the six months ended September 30, 2025, was HKD 4,925,100, compared to HKD 4,449,517 for the same period in 2024, representing an increase of approximately 10.7%[2] - The net profit attributable to shareholders for the period was HKD 61,184, a significant recovery from a loss of HKD 264,089 in the previous year[4] - Basic earnings per share improved to HKD 3.31 from a loss of HKD 14.89 per share in the prior year[4] - The total comprehensive income for the period was HKD 82,261, compared to a loss of HKD 243,292 in the previous year, indicating a strong turnaround[4] - The company reported a profit before tax of HKD 91,247 for the six months ended September 30, 2025, compared to a loss before tax of HKD 244,295 for the same period in 2024[12] - The group achieved a net profit attributable to shareholders of approximately HKD 61,200,000, compared to a loss of HKD 264,100,000 in 2024, indicating improved financial performance[39] Profitability and Margins - The gross profit margin for the period was approximately 11.2%, compared to 1.2% in the same period last year, indicating a substantial improvement in profitability[3] - The construction segment reported a revenue of HKD 4,310,000,000, a 12% increase from HKD 3,850,000,000 in the same period last year, with a segment profit of HKD 152,100,000, compared to a loss of HKD 98,900,000 in 2024[41] - The professional services segment recorded a revenue of HKD 586,500,000, up from HKD 575,100,000 in 2024, with a profit of HKD 24,600,000, compared to HKD 8,300,000 in 2024, demonstrating successful dual-track strategies[45] Assets and Liabilities - Total assets as of September 30, 2025, amounted to HKD 14,681,432, compared to HKD 14,937,199 as of March 31, 2025, reflecting a decrease of about 1.7%[5] - As of September 30, 2025, total current liabilities amounted to HKD 6,205,470,000, a decrease from HKD 6,519,875,000 as of March 31, 2025[6] - Total non-current liabilities were HKD 55,043,000, a decrease from HKD 63,141,000 as of March 31, 2025[6] - The total equity attributable to shareholders was HKD 2,295,816,000, up from HKD 2,228,007,000 as of March 31, 2025[6] - The company's financial guarantees for construction and professional service contracts amounted to HKD 883,641,000 as of September 30, 2025, an increase from HKD 854,265,000 as of March 31, 2025[33] Cash Flow and Investments - Cash and cash equivalents stood at HKD 1,485,955 as of September 30, 2025, compared to HKD 1,189,972 at the end of March 2025, showing an increase of approximately 24.9%[5] - The company reported a net income from other income and gains of HKD 27,628 for the six months ended September 30, 2025, compared to HKD 32,624 in 2024, a decrease of about 15.3%[17] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[2] Shareholder Returns - The company declared an interim dividend of HKD 0.83 per share for the period[2] - The interim dividend declared for the six months ended September 30, 2025, is HKD 0.83 per share, compared to no dividend in the same period of 2024[22] - The company believes that the share repurchase is aimed at enhancing the net asset value per share and earnings per share[74] Operational Highlights - The company operates in five main segments: construction services, property development and leasing, professional services, non-franchised bus services, and medical technology and health[10] - The group secured five new projects during the review period, including maintenance contracts for the Buildings Department and a primary school construction project with 30 classrooms[42] - The group completed 12 projects during the review period, including a primary school and a kindergarten construction project, showcasing its operational capabilities[43] Strategic Initiatives - The group is committed to sustainable development goals (SDGs) and is closely monitoring technological advancements in property management, such as IoT technology, to enhance service quality and reduce operational costs[47] - The group aims to diversify its business and expand revenue sources through strategic partnerships and investments[59] - The group plans to actively pursue opportunities in key sectors such as infrastructure, healthcare, and finance to boost Hong Kong's competitiveness[60] Corporate Governance - The Audit Committee has reviewed and agreed with the accounting principles and practices adopted by the company during the review period[79] - The company has complied with all corporate governance codes as per the listing rules during the review period[76] - The Executive Directors of the company include Mr. Peng Yiting, Mr. Xu Jianhua, and Dr. Peng Yibang[81]

Financial Performance - For the six months ending September 30, 2025, the group's revenue decreased by approximately HKD 28.4 million or 20.5% to about HKD 110.1 million, compared to HKD 138.5 million for the same period in 2024[12][13] - The group's gross profit slightly decreased by approximately HKD 0.1 million or 3.0% to about HKD 5.1 million, with a gross profit margin of approximately 4.6%, up from 3.8% in the previous period[14] - For the six months ended September 30, 2025, the group recorded a net loss of approximately HKD 3.7 million, a decrease of about HKD 6.8 million or 64.8% compared to the net loss of approximately HKD 10.5 million for the same period in 2024[18] - The company's financing activities generated a net cash inflow of HKD 2,513,000, compared to a cash outflow of HKD 500,000 in the previous year[36] - The company reported a loss attributable to equity holders of HKD 3,746,000 for the six months ended September 30, 2025, compared to a loss of HKD 10,465,000 in the same period of 2024, indicating an improvement of approximately 64.1%[55] - Basic loss per share for the six months ended September 30, 2025, was HKD 0.78, compared to HKD 2.18 for the same period in 2024, reflecting a significant reduction in losses[55] Revenue and Expenses - The decrease in revenue was primarily due to the completion of large projects and a reduction in the number of large projects available in the market[13] - Administrative and other operating expenses, along with expected credit loss provisions, amounted to approximately HKD 9.4 million, a reduction of HKD 3.5 million or 27.0% from approximately HKD 12.9 million in the same period of 2024[16] - Financial costs decreased to approximately HKD 2.1 million, down by HKD 0.7 million or 23.4% from approximately HKD 2.8 million for the same period in 2024, primarily due to a reduction in the average interest rate on borrowings[17] - The total employee costs for the six months ended September 30, 2025, were approximately HKD 8.9 million, a decrease from approximately HKD 12.2 million for the same period in 2024[28] - Employee costs, including directors' emoluments, totaled HKD 8,935,000 for the six months ended September 30, 2025, down from HKD 12,161,000 in the same period of 2024, a decrease of approximately 26.5%[51] Cash Flow and Liquidity - The total cash and cash equivalents as of September 30, 2025, were approximately HKD 44.3 million, an increase from approximately HKD 43.1 million as of March 31, 2025, due to a net cash inflow of approximately HKD 1.2 million from operating and financing activities[19] - The company reported a net cash outflow from operating activities of HKD 1,332,000 for the six months ended September 30, 2025, an improvement from HKD 10,362,000 in the same period last year[36] - Cash and bank balances reached HKD 44,270,000 as of September 30, 2025, compared to HKD 43,089,000 as of March 31, 2025[65] Assets and Liabilities - The group's debt-to-equity ratio increased from approximately 82.8% as of March 31, 2025, to approximately 93.5% as of September 30, 2025, mainly due to an increase in borrowings[19] - The total liabilities increased from HKD 63,313,000 to HKD 67,903,000, marking an increase of approximately 7.5%[34] - The total assets minus current liabilities amounted to HKD 140,717,000, compared to HKD 139,873,000 as of March 31, 2025, reflecting a slight increase of 0.6%[33] - The company's non-current assets decreased from HKD 1,625,000 to HKD 1,160,000, representing a decline of approximately 28.5%[33] - Trade and other receivables decreased from HKD 25,541,000 to HKD 17,691,000, a reduction of about 30.8%[33] Business Outlook and Strategy - The economic outlook for Hong Kong in the second half of 2025 is expected to remain stable with a GDP growth rate projected between 2% and 3%[12] - The company is actively exploring new business opportunities, particularly in the Web3.0 and new energy sectors, which are strongly supported by government policies[12] - The group aims to maintain flexibility and enhance resilience to thrive in the changing economic environment in mainland China and Hong Kong[12] Shareholder Information - Major shareholders include China Sports Asset Management Co., Ltd., holding 360,000,000 shares, representing 75% of the total issued share capital[77] - The company has adopted a share option scheme allowing for a maximum of 48,000,000 shares to be granted, which is 10% of the issued shares as of the report date[80] - The company has not purchased, sold, or redeemed any of its securities during the six months ending September 30, 2025[88] - The company has maintained sufficient public float as required by listing rules as of September 30, 2025[91] Corporate Governance - The company has adopted and complied with the Corporate Governance Code during the reporting period[93] - The Audit Committee, consisting of three independent non-executive directors, reviewed and approved the interim financial statements for the six months ending September 30, 2025[96]

Financial Performance - The total revenue for the period was approximately HKD 658.8 million, a decrease of about HKD 61.9 million or 8.6% compared to the previous period's revenue of HKD 720.7 million[2]. - The profit and total comprehensive income for the period was approximately HKD 3.1 million, a decrease of about HKD 10.4 million or 77.0% from the previous period's HKD 13.5 million, primarily due to increased administrative expenses[2]. - Basic earnings per share for the period was HKD 0.01, down from HKD 0.04 in the previous period[3]. - The group reported a gross profit of HKD 74.6 million, an increase from HKD 66.7 million in the previous period, indicating a positive trend in gross margin despite the decline in total revenue[3]. - The net profit before tax for the six months ended September 30, 2025, was HKD 5,289,000, down from HKD 15,186,000 in 2024, indicating a decline of 65.1%[14]. - The basic earnings per share for the six months ended September 30, 2025, was HKD 0.008, a decrease of 80% from HKD 0.045 in 2024[22]. - Profit and total comprehensive income for the period was approximately HKD 3.1 million, a decrease of about HKD 10.4 million or 77.0% from HKD 13.5 million in the previous period[34]. Expenses and Liabilities - Administrative expenses increased significantly to HKD 41.1 million from HKD 21.6 million in the previous period, contributing to the decline in overall profit[3]. - Operating expenses totaled approximately HKD 77.8 million, an increase of about HKD 20.7 million or 36.3% compared to HKD 57.1 million in the previous period, driven by increased operational costs related to business development in China[33]. - The total employee cost, including directors' remuneration, reached approximately HKD 73.1 million, an increase from HKD 64.8 million in the previous period[43]. - Total bank borrowings as of September 30, 2025, amounted to approximately HKD 76.9 million, up from HKD 22.5 million as of March 31, 2025[35]. Assets and Equity - The group’s cash and cash equivalents decreased to HKD 66.0 million from HKD 160.9 million, reflecting a significant reduction in liquidity[4]. - The net asset value decreased to HKD 191.1 million from HKD 222.6 million, reflecting a decline in overall equity[5]. - Net current assets were approximately HKD 105.9 million as of September 30, 2025, down from HKD 148.9 million as of March 31, 2025[36]. - The total trade receivables as of September 30, 2025, amounted to HKD 163,061,000, down from HKD 189,344,000 as of March 31, 2025, reflecting a decrease of 13.8%[23]. - The total trade and other payables as of September 30, 2025, were HKD 209,546,000, a decrease of 31.1% from HKD 304,568,000 as of March 31, 2025[25]. Dividends - The group has not declared an interim dividend for the period, consistent with the previous period[2]. - The company declared a special dividend of HKD 0.10 per share for the year ended March 31, 2025, compared to no special dividend in 2024[20]. - The company has not declared an interim dividend for the six months ended September 30, 2025, consistent with the previous year[21]. - The company did not declare an interim dividend for this period, compared to none in the previous period[44]. Business Operations - The company continues to focus on providing IT infrastructure solutions and IT management services, with no new product launches or significant market expansions reported during this period[6]. - The group plans to enhance competitiveness by actively seeking new market opportunities and supply and demand[48]. - The company remains confident about the future, focusing on providing quality IT services and steadily developing its AI business[48]. - The group did not engage in any major acquisitions or disposals of subsidiaries, associates, or joint ventures during this period[46]. - There were no significant investments held by the group during this period[45]. Governance and Compliance - The company has complied with all applicable corporate governance codes, except for the separation of the roles of Chairman and CEO[50][51]. - The audit committee reviewed the interim results and found no issues with the accounting policies adopted by the company[53]. Employee Initiatives - The company has implemented employee education subsidy programs and health check plans to improve employee loyalty and retention[43]. - The group has adopted a share option plan and a share award plan to incentivize eligible employees[43].

Financial Performance - Revenue decreased by 62.9% to HKD 253.5 million compared to HKD 683.7 million in the same period last year[4] - The company reported a loss of HKD 26.1 million, compared to a profit of HKD 52.6 million in the previous year, resulting in a basic loss per share of HKD 1.8 cents[4] - Total comprehensive loss for the period amounted to HKD 27.8 million, compared to a total comprehensive income of HKD 53.1 million last year[6] - Operating profit for the period was HKD 25.3 million, down from HKD 118.5 million in the previous year[5] - The group recorded a net loss of HKD 26,052,000 for the period ending September 30, 2025, with current net liabilities amounting to HKD 4,095,689,000[12] - The company reported a loss attributable to equity shareholders of HKD 26,052,000 for the six months ended September 30, 2025, compared to a profit of HKD 52,600,000 in 2024[30] - Basic and diluted loss per share for the period was HKD (1.9), compared to earnings of HKD 1.9 per share in the previous year[31] - The consolidated gross profit decreased by 71.3% to HKD 87.9 million, down from HKD 305.9 million in the previous year[53] Revenue Breakdown - Revenue from external customers for the six months ending September 30, 2025, totaled HKD 253,504,000, with segment performance showing a loss of HKD 18,403,000 before tax[18] - Revenue from property sales was HKD 131,132,000, down 75.3% from HKD 532,214,000 in the previous year[24] - Rental income decreased to HKD 90,555,000, a decline of 17.0% from HKD 109,159,000 in the prior year[25] - The group's data center leasing revenue decreased by 17.1% year-on-year to HKD 115.2 million, primarily due to the expiration of a lease for one data center during the review period[48] - Construction revenue from external clients for the first half of 2025/26 was HKD 2.9 million, a decrease of 66.3% compared to the first half of 2024/25[50] Assets and Liabilities - Net asset value as of September 30, 2025, was HKD 2.693 billion[8] - Non-current assets increased to HKD 7.632 billion from HKD 7.338 billion[7] - Current assets slightly increased to HKD 1.774 billion from HKD 1.759 billion[7] - Current liabilities rose to HKD 5.870 billion from HKD 5.530 billion, leading to a current net liability of HKD 4.096 billion[8] - As of September 30, 2025, the group had bank loans of HKD 5,382,890,000 due within twelve months, while holding only HKD 42,626,000 in cash and bank balances[12] - The group had outstanding bank loans of approximately HKD 5.526 billion as of September 30, 2025, an increase from HKD 5.229 billion on March 31, 2025[55] Financial Management and Compliance - The group failed to comply with certain financial covenants on bank financing, with outstanding loans of HKD 4,724,268,000, which may become immediately due[12] - The group has successfully obtained waivers from banks for non-compliance on loans amounting to HKD 4,141,599,000[12] - The group is actively monitoring compliance with bank loan covenants and will renegotiate terms if potential non-compliance arises[15] - The effective tax rate for the period was 16.5%, consistent with the previous year, with current tax expense of HKD 7,649,000 compared to HKD 15,142,000 in 2024[27] Dividends and Shareholder Returns - The board has decided not to declare any interim dividend for the first half of 2025/26[4] - The company did not declare any interim dividends for the six months ended September 30, 2025, consistent with the previous year[29] - The company and its subsidiaries did not purchase, sell, or redeem any listed securities in the first half of 2025/26, and held no treasury shares as of September 30, 2025[64] Projects and Future Plans - The company continues to engage in building construction, property leasing, and property development activities[10] - The group is considering the sale of several assets, including a portfolio of four data center projects, to improve liquidity and reduce debt[15] - The group has entered into a non-binding indicative term sheet with a potential buyer for the sale of its four data center projects, which is expected to improve the group's financial position and reduce overall debt levels[52] - The group has initiated the pre-sale of the "North View" project, which has received a positive market response and is expected to sell out completely by the first quarter of 2026[51] Employee and Governance - As of September 30, 2025, the group had a total of 168 employees, with total employee compensation for the first half of 2025/26 amounting to approximately HKD 61.2 million[63] - An audit committee has been established, consisting of four independent non-executive directors, and has reviewed the unaudited condensed consolidated interim financial statements for the first half of 2025/26 without any disagreements with management[67] - The interim results announcement and report for the first half of 2025/26 have been published on the company's website and the Hong Kong Stock Exchange website, containing all required information[68]

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. 香港交易及結算所有限公司及香港聯合交易所有限公 司對本公佈的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公佈全部或任 何部分內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 NEW CONCEPTS HOLDINGS LIMITED 創業集團（控 ...

Financial Performance - The group's revenue for the six months ended September 30, 2025, was approximately HKD 11,264,000, a decrease of about 27% compared to HKD 15,524,000 for the same period last year[8] - The gross profit for the same period was approximately HKD 6,633,000, compared to HKD 3,148,000 in the previous fiscal year[9] - The loss attributable to owners of the company for the six months was approximately HKD 17,104,000, an improvement from a loss of HKD 21,532,000 in the same period last year[9] - The total comprehensive loss for the period was HKD 15,536,000, compared to HKD 18,427,000 in the previous year[13] - The basic and diluted loss per share for the period was HKD 0.77, compared to HKD 0.96 in the previous year[13] - For the six months ended September 30, 2025, the company reported a net loss of approximately HKD 17,981,000, compared to a net loss of HKD 22,342,000 for the same period in 2024, indicating an improvement of about 19.5%[22] - The company recorded a total comprehensive loss of HKD 15,536,000 for the six months ended September 30, 2025[22] - The company reported a loss of approximately HKD 18,000,000 for the six months ended September 30, 2025, an improvement of about HKD 4,300,000 compared to a loss of approximately HKD 22,300,000 in the previous period[60] - The loss attributable to the company's owners was approximately HKD 17,100,000, compared to approximately HKD 21,500,000 in the previous period[61] Assets and Liabilities - The company's non-current assets as of September 30, 2025, amounted to HKD 4,760,000, an increase from HKD 2,622,000 as of March 31, 2025[14] - Current assets totaled HKD 84,542,000, a decrease from HKD 87,279,000 as of March 31, 2025[14] - Current liabilities were HKD 96,297,000, significantly reduced from HKD 171,001,000 as of March 31, 2025[14] - As of September 30, 2025, the company recorded current liabilities net worth of approximately HKD 6,995,000, a decrease from HKD 83,772,000 as of March 31, 2025[22] - The total liabilities net worth as of September 30, 2025, was approximately HKD 97,473,000, compared to HKD 81,937,000 as of March 31, 2025, reflecting an increase of about 19%[22] - The company's equity attributable to owners decreased to approximately HKD 92,865,000 as of September 30, 2025, from HKD 78,206,000 as of March 31, 2025[17] - The group’s total liabilities and financial costs were reported at HKD 8,501,000 for the current period[32] - The group's net liabilities as of September 30, 2025, were approximately HKD 97,473,000, an increase from HKD 81,937,000 as of March 31, 2025, reflecting a significant rise in financial obligations[64] Cash Flow - The company generated a net cash outflow of HKD 5,127,000 from operating activities for the six months ended September 30, 2025, compared to a net cash outflow of HKD 9,037,000 for the same period in 2024[20] - The company had cash and cash equivalents of approximately HKD 28,516,000 as of September 30, 2025, down from HKD 58,077,000 at the end of the previous period[20] - Cash and bank balances as of September 30, 2025, were approximately HKD 28,516,000, a decrease of about 3.4% from the balance as of March 31, 2025[64] Revenue Breakdown - Cryptocurrency business revenue was HKD 1,220,000, down 74.9% from HKD 4,850,000 in the previous year[30] - Financial services revenue amounted to HKD 5,393,000, while the group incurred a segment loss of HKD 2,459,000 in this category[32] - The group reported total revenue of HKD 11,264,000 for the six months ended September 30, 2025, a decrease of 27.5% from HKD 15,524,000 in the same period of 2024[30] Operational Strategies - The company plans to implement strict monitoring procedures for receivables to improve cash flow and financial condition[22] - The group plans to implement various strategies to enhance revenue and control costs to improve profitability and operational cash flow[26] - The group is actively negotiating with creditors to extend debt maturities and seeking alternative debt or equity financing to meet cash flow needs[26] Corporate Governance - The board confirmed that the information provided in the report is accurate and complete, with no misleading elements[6] - The Audit Committee was established on November 29, 2000, and is responsible for reviewing the financial reporting process and internal control mechanisms[82] - The Remuneration Committee, formed on March 18, 2005, consists of three independent non-executive directors, with specific responsibilities for recommending policies regarding executive compensation[83] - The company has adopted a code of conduct for securities trading by directors, ensuring compliance with GEM Listing Rules[85] - The company has applied and complied with all provisions of the corporate governance code as per GEM Listing Rules, with one exception regarding the attendance of the chairman at the annual general meeting[86] - The board of directors includes four executive directors and three independent non-executive directors as of the report date[88] Employee Information - Employee benefits expenses totaled HKD 7,540,000, an increase from HKD 7,090,000 in the previous year[43] - The total number of employees as of September 30, 2025, was 21, down from 31 in the previous year, with total compensation amounting to approximately HKD 7,540,000[69] Dividends - The company did not recommend the payment of an interim dividend for the six months ended September 30, 2025[9] - The company did not declare or recommend any interim dividend for the six months ended September 30, 2025, consistent with the previous year[42] Business Activities - The company continues to engage in various business activities, including lending, securities, futures brokerage, asset management, and cryptocurrency investments[21] - The group commenced its Bitcoin mining business in April 2021 and remains confident in its future development despite recent market price fluctuations[63] - The group anticipates a decline in revenue from its horse breeding segment in the upcoming fiscal year due to aging breeding stock and has no intention to further invest in this segment[63] Other Information - The company acquired property, plant, and equipment at a cost of approximately HKD 980,000 during the six months ended September 30, 2025[47] - Trade receivables amounted to HKD 1,729,000 as of September 30, 2025, with an expected credit loss provision of HKD 309,000[48] - Trade payables increased to HKD 4,277,000 as of September 30, 2025, compared to HKD 3,492,000 as of March 31, 2025[51] - Administrative expenses for the six months ended September 30, 2025, were HKD 16,300,000, nearly unchanged from HKD 13,900,000 in the previous year[57] - Major shareholders include Fresh Success Investment Limited, holding 143,791,404 shares, representing 61.61% of the issued share capital[70] - The group has not engaged in any significant acquisitions or disposals during the reporting period[68] - The group has not adopted any share option schemes during the six months ending September 30, 2025[74] - The group has no significant contracts in which any director or executive officer has a direct or indirect interest as of the end of the reporting period[76] - The group has not established any foreign exchange hedging arrangements and closely monitors foreign currency exchange rate fluctuations to manage foreign exchange risk[66] - The group has recognized a net foreign exchange gain of HKD 21,000 for the current period, compared to a loss of HKD 281,000 in the previous year[37]

Financial Performance - For the six months ended September 30, 2025, the company's revenue was RMB 29,782,000, a decrease of 75.7% compared to RMB 122,497,000 for the same period in 2024[4] - The gross profit for the same period was RMB 3,208,000, down 72.1% from RMB 11,525,000 year-over-year[4] - The loss before tax from continuing operations was RMB 29,938,000, significantly improved from a loss of RMB 669,227,000 in the previous year[4] - The total comprehensive loss for the period was RMB 31,394,000, compared to RMB 593,936,000 for the same period in 2024, indicating a substantial reduction in losses[6] - The company reported a basic loss per share of RMB 9.21 for the period, compared to RMB 166.90 in the previous year, reflecting a significant improvement[5] - For the six months ended September 30, 2025, the group recorded a net loss from continuing operations of RMB 30,100,000[11] - The group reported a total loss before tax of RMB 33,014,000 for the six months ended September 30, 2025[19] - The company reported a basic and diluted loss per share of RMB 0.092 for the six months ended September 30, 2025, compared to RMB 1.670 for the same period in 2024, indicating a substantial improvement[28] - The total income tax expense for the six months ended September 30, 2025, was RMB 150,000, compared to a tax benefit of RMB 70,709,000 for the same period in 2024, reflecting a shift in tax position[24] - The company did not declare any interim dividends for the six months ended September 30, 2025, consistent with the previous year[29] Assets and Liabilities - As of September 30, 2025, total assets amounted to RMB 1,034,242,000, down from RMB 1,324,633,000 as of March 31, 2025[7] - Current liabilities totaled RMB 1,337,622,000, a decrease from RMB 1,856,925,000 at the end of the previous reporting period[8] - The net current liabilities were RMB 627,501,000, improved from RMB 942,524,000 in the previous period[8] - The group's current liabilities and total liabilities were RMB 627,500,000 and RMB 654,700,000, respectively[11] - The total value of development properties and properties held for sale decreased from RMB 382,908,000 as of March 31, 2025, to RMB 263,871,000 as of September 30, 2025[35] - The company has pledged investment properties valued at RMB 216,980,000 as collateral for bank loans as of March 31, 2025[33] - The company’s total liabilities decreased significantly from RMB 243,090,000 to RMB 128,182,000 over the six-month period[47] - As of September 30, 2025, the company's total liabilities were approximately RMB 1,374,400,000, with net debt at about RMB 654,700,000[83] Cash Flow and Financing - The net cash flow from operating activities for the six months ended September 30, 2025, was RMB 5,820,000, down from RMB 7,459,000 in 2024[71] - The company reported a net cash outflow from operating activities of RMB 55,400,000, compared to RMB 34,100,000 for the same period in 2024[111] - The company plans to explore financing options, including discussions with major shareholders for financial support and seeking professional advice on alternative strategies to improve financial conditions[82] - The company issued convertible bonds totaling HKD 60,000,000 (approximately RMB 55,734,000) on June 23, 2023, with a maturity date of June 22, 2026, and an annual interest rate of 6%[48] - The estimated effective interest rate for the convertible bonds is 16.23% as of September 30, 2025, compared to 4.61% to 16.23% as of March 31, 2025[53] Property and Development - The company continues to focus on property development and management in China, with ongoing projects in planning and design stages[9] - The group anticipates selling properties in Baishan and Yanji in the near future[15] - The company completed the sale of the Fushun property project for a total consideration of RMB 18,698,000, which was recognized as other income and gains[56] - The sale of the Dunhua project resulted in a gain of RMB 123,000, recognized in other income and gains[60] - The company is actively seeking potential properties for rental income or capital appreciation, focusing on resource allocation in other regions[63] - The company has classified certain investment properties as discontinued operations under Hong Kong Financial Reporting Standards No. 5[63] - The company’s management believes that exiting the Fushun and Dunhua businesses will allow for a more focused approach on other commercial opportunities[63] Operational Metrics - The company has reclassified certain property investment segments as discontinued operations, impacting the overall financial presentation[9] - The company has not adopted new or revised Hong Kong Financial Reporting Standards that would have a significant impact on its financial performance[13] - The group’s financing costs for the six months ended September 30, 2025, amounted to RMB 34,079,000[19] - Financing costs for continuing operations totaled RMB 33,402,000 for the six months ended September 30, 2025, compared to RMB 19,634,000 for the same period in 2024, reflecting a significant increase of 70.5%[22] - The group recorded a gross loss margin of 22.3% for property sales in the six months ended September 30, 2025[92] Employee and Administrative Costs - The total employee costs for the six months ended September 30, 2025, were approximately RMB 8,500,000, a decrease from RMB 8,700,000 for the same period in 2024[117] - Administrative expenses decreased from RMB 17,300,000 for the six months ended September 30, 2024, to RMB 10,800,000 for the same period in 2025, due to ongoing cost control measures[94] - As of September 30, 2025, the company had 163 full-time employees, down from 178 as of March 31, 2025[117] Directors and Governance - The executive directors of China Changbaishan International Holdings Limited include Xu Yingchuan (acting chairman), Li Junjie, and Cong Peifeng[123] - The non-executive directors consist of Cui Mindong and Zhao Shanneng, while the independent non-executive directors are Zeng Hongji, Wang Xiaochu, and Wang Meirong[123]

Financial Performance - For the six months ended September 30, 2025, the company's revenue increased to HKD 8,953,000 from HKD 7,792,000, representing a growth of 14.9% year-over-year[2] - The gross profit for the same period was HKD 3,694,000, compared to HKD 3,527,000 in 2024, reflecting a gross margin improvement[2] - The company reported a net loss of HKD 32,099,000 for the six months ended September 30, 2025, compared to a loss of HKD 11,620,000 in the previous year, indicating a significant increase in losses[2] - Basic and diluted loss per share for the period was HKD 1.8, compared to HKD 0.7 in the prior year[3] - Other comprehensive income for the period was HKD 578,000, down from HKD 1,211,000 in the previous year[3] - The company reported a basic and diluted loss per share of HKD 30,703,000 for the six months ending September 30, 2025, compared to HKD 11,384,000 for the same period in 2024[29] - The net loss attributable to the owners of the company increased by approximately 169.7% to HKD 30,703,000, or HKD 0.018 per share, compared to a loss of HKD 11,384,000, or HKD 0.007 per share in the same period last year[38] Revenue Breakdown - Total revenue for the six months ended September 30, 2025, was HKD 8,953,000, with HKD 7,783,000 from publishing and intellectual property licensing and HKD 1,170,000 from retail and wholesale[10] - For the six months ended September 30, 2024, total revenue was HKD 7,792,000, comprising HKD 7,680,000 from publishing and intellectual property licensing and HKD 112,000 from digital marketing[15] - Revenue from the publishing and intellectual property licensing business was HKD 7,783,000 in 2025, compared to HKD 7,680,000 in 2024[52] - The digital marketing division's revenue dropped from HKD 112,000 in 2024 to HKD 0 in 2025 due to voluntary liquidation[53] Asset and Liability Changes - Total assets decreased to HKD 60,201,000 as of September 30, 2025, down from HKD 61,226,000 as of March 31, 2025[4] - The company's non-current assets decreased to HKD 14,714,000 from HKD 36,635,000, primarily due to a reduction in intangible assets[4] - Current liabilities increased to HKD 19,612,000 from HKD 17,379,000, indicating a rise in short-term financial obligations[5] - The company's equity attributable to owners decreased to HKD 61,875,000 from HKD 85,484,000, reflecting a decline in overall financial health[5] - As of September 30, 2025, the company's net assets amounted to approximately HKD 54,792,000, down from HKD 80,119,000 as of March 31, 2025[45] - The total liabilities of the company as of September 30, 2025, were approximately HKD 20,123,000, compared to HKD 17,742,000 as of March 31, 2025[46] Impairment and Losses - The company recognized impairment losses of HKD 21,172,000 for the six months ended September 30, 2025, primarily related to intangible assets[19] - A loss of impairment amounting to approximately HKD 16,313,000 has been recognized in the income statement for the six months ending September 30, 2025[20] - The impairment loss recognized for deposits related to intangible assets was approximately HKD 4,859,000 as of September 30, 2025[32] - The company recorded an impairment loss of HKD 16,313,000 related to intangible assets in the natural language processing division[55] Operational Highlights - The segment performance for publishing and intellectual property licensing reported a pre-tax loss of HKD 1,501,000 for the six months ended September 30, 2025[13] - The company incurred a pre-tax loss of HKD 31,799,000 for the six months ended September 30, 2025, compared to a pre-tax loss of HKD 11,933,000 for the same period in 2024[13][15] - The company reported a significant pre-tax loss in the natural language processing segment of HKD 24,058,000 for the six months ended September 30, 2025[13] - Net operating expenses for the AI voice technology segment were approximately HKD 24,058,000, primarily due to personnel and business promotion costs[55] Employee and Cost Management - Employee costs, including directors' remuneration, decreased to HKD 7,119,000 for the six months ending September 30, 2025, compared to HKD 8,369,000 in the same period of 2024[23] - Employee costs for the six months ended September 30, 2025, totaled approximately HKD 7,119,000, down from HKD 8,369,000 in the previous year[48] - The total number of employees increased from 45 to 46 as of September 30, 2025[56] Strategic Focus and Market Conditions - The company is facing challenges in the competitive AI product market, leading to a reassessment of future market share and expected profits[19] - The company is focusing on expanding its copyright activation business through AI technology, aiming to transform over 200 intellectual property works into various content formats[56] - The company has not disclosed any new product developments or market expansion strategies during this reporting period[2] Compliance and Governance - The company has complied with all provisions of the corporate governance code during the reporting period[58] - The company has no significant capital commitments or contingent liabilities as of September 30, 2025[50] - No buybacks, sales, or redemptions of listed securities occurred during the six months ending September 30, 2025[57]