Financial Performance - The company reported unaudited revenue of HKD 31,992,000 for the six months ended September 30, 2025, compared to HKD 9,209,000 for the same period in 2024, representing a significant increase of 247%[10]. - The net loss for the period was HKD 5,412,000, an improvement from a net loss of HKD 6,740,000 in the previous year, indicating a reduction in losses by approximately 20%[10]. - The company reported a pre-tax loss of HKD 4,803,000 for the six months ended September 30, 2025, compared to a pre-tax loss of HKD 6,493,000 in the same period of 2024, showing an improvement of 26%[25]. - The group recorded a loss before tax of approximately HKD 4.8 million for the six months ended September 30, 2025, a decrease of about HKD 1.7 million or 26.0% from HKD 6.5 million in 2024[88]. - The loss attributable to owners for the six months ended September 30, 2025, was approximately HKD 5.4 million, a decrease of about HKD 1.3 million or 19.7% from a loss of approximately HKD 6.7 million for the same period in 2024[72]. Revenue Breakdown - For the six months ended September 30, 2025, the company reported total contract revenue of HKD 31,992,000, a significant increase from HKD 9,209,000 in the same period of 2024, representing a growth of 248%[19]. - Revenue from licensing and maintenance services reached HKD 17,070,000, up from HKD 5,092,000, marking a 235% increase year-over-year[19]. - The company generated HKD 11,646,000 from initial setup and customization services, compared to HKD 495,000 in the previous year, reflecting a growth of 2240%[19]. - The geographical breakdown of revenue shows that revenue from mainland China surged to HKD 24,459,000 from HKD 782,000, indicating a growth of 3030%[19]. - The e-commerce segment generated HKD 22,149,000 in revenue, while the financial trading solutions segment contributed HKD 6,567,000, with total segment revenue amounting to HKD 31,592,000[25]. Assets and Liabilities - Total assets increased to HKD 124,596,000 as of September 30, 2025, compared to HKD 70,052,000 as of March 31, 2025, reflecting a growth of 78%[11][12]. - The company reported a total equity of HKD 89,906,000 as of September 30, 2025, up from HKD 61,578,000, representing a growth of 46%[12]. - The company’s total liabilities increased to HKD 34,690,000 from HKD 8,474,000, reflecting a rise of 309%[12]. - The company’s cash and cash equivalents rose to HKD 20,070,000 from HKD 18,232,000, marking an increase of 10%[12]. - The group’s net current assets were approximately HKD 45.0 million as of September 30, 2025, compared to HKD 19.7 million as of March 31, 2025[92]. Corporate Governance - The company has adopted high standards of corporate governance and has complied with all applicable code provisions during the reporting period[115]. - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited interim results for the six months ending September 30, 2025[116]. - The company has adopted a code of conduct for securities transactions by directors, adhering to the standards set forth in the GEM Listing Rules[124]. - The company established an audit committee on March 29, 2019, in accordance with GEM Listing Rules, with responsibilities including reviewing financial reporting and internal controls[129]. - The company has not been aware of any violations of the securities trading code by any directors during the relevant period[126]. Shareholder Information - The company’s major shareholder, Ms. Di, holds 249,396,000 shares, representing approximately 51.96% of the issued shares[119]. - The company received notification that its major shareholder sold a total of 81,396,000 shares in the open market, retaining rights to 168,000,000 shares, which is 35% of the issued shares[122]. - The board of directors did not recommend an interim dividend for the six months ended September 30, 2025[110]. - The company did not declare any interim dividends for the six months ended September 30, 2025, consistent with the previous year[41]. Employee and Compensation - The company employed 48 full-time employees as of September 30, 2025, an increase from 31 employees as of March 31, 2025[109]. - The total management compensation for the six months ended September 30, 2025, was HKD 1,750,000, compared to HKD 1,652,000 for the same period in 2024[67]. - The total employee benefits expenses for the six months ended September 30, 2025, amounted to approximately HKD 9.2 million, compared to HKD 10.1 million for the same period in 2024[109]. Financial Reporting Standards - The company has adopted new and revised Hong Kong Financial Reporting Standards effective from April 1, 2025, which are not expected to have a significant impact on the financial performance and position[18]. - The company is currently evaluating the potential impacts of newly issued Hong Kong Financial Reporting Standards that have not yet become effective[18]. - The company has adopted accounting policies and practices in line with the GEM Listing Rules[129]. Other Financial Information - The company raised approximately HKD 33.7 million from a share placement completed on July 22, 2025, increasing the issued share capital from 400 million to 480 million shares[102][103]. - The expected use of the net proceeds from the placement includes HKD 13.1 million for business development and marketing activities, with only HKD 0.3 million actually utilized as of September 30, 2025[105]. - The company has no pledged assets as of September 30, 2025[106]. - There were no significant investments or acquisitions made by the company during the six months ended September 30, 2025[107].

Business Model and Strategy - The Group focuses on sourcing and selling Integrated Circuit (IC) products, emphasizing environmentally-friendly and energy-saving solutions[13]. - Revenue is derived from a "mark-up" or "margin" on ICs sold, which includes the cost of value-added services[20]. - The Group provides IC application solutions and value-added services without charging a separate fee, enhancing customer support[21]. - The business model caters to both consumer and industrial product sectors, offering tailored solutions to meet specific customer needs[15]. - The Group's pricing strategy considers factors such as IC costs, market conditions, and customer purchase volume[20]. - The management discussion highlights a focus on fast-growing and emerging market categories[13]. - The Group aims to assist customers in selecting and sourcing appropriate ICs, providing comprehensive support throughout the process[15]. - The company adopts a market-oriented approach with a responsive business model, focusing on application development and regularly engaging with suppliers and customers to stay updated on market demands[31]. - The company has its own in-house design and R&D team, which collaborates closely with sales and marketing teams to bridge the functionality gap between suppliers' products and customer requirements[34][35]. - The company believes that maintaining close relationships with suppliers allows it to anticipate market trends and obtain the latest product and technology information[37]. - The company integrates suppliers' products into its IC application solutions, facilitating demand for suppliers and developing distribution channels[36]. - The company provides value-added services, including concept consulting and technical feasibility studies, to meet specific customer needs[24]. Product Categories and Innovations - Major product categories include mobile devices and smart charging, motor control, sensors and automation, LED lighting, RF power, and XMC[14]. - The mobile devices category focuses on low power radio frequency connectivity, improving wireless functions for various devices including cars and smartphones[60]. - Smart charging ICs reduce power delivery when batteries are nearly full or overheating, enhancing safety and efficiency in charging[65]. - The motor control solutions include applications for various devices, from household fans to industrial equipment, utilizing variable-frequency drives (VFDs) for energy savings[66]. - The company is at the forefront of the energy transition, providing high-power semiconductors critical for solar, wind energy systems, and EV charging infrastructure[71]. - The sensor ICs are integrated with automation solutions for applications in automotive, drones, security systems, traffic monitoring, and smart lighting[73]. - The portfolio includes power management ICs (PMICs) and a wide range of sensors, integral to modern consumer and IoT devices[67]. - The company assists customers in developing application solutions for ICs to match their product requirements and restrictions[60]. - The smart charging technology significantly shortens charging times for devices, improving user experience[62]. - The company’s motor control applications focus on energy efficiency and performance control, extending the lifespan of machines[68]. Financial Performance - Total revenue decreased by approximately US$7.4 million, or 20.7%, from approximately US$35.8 million for the six months ended 30 September 2024 to approximately US$28.4 million for the six months ended 30 September 2025[88]. - Revenue from mobile control products declined significantly from approximately US$14.1 million in the preceding period to about US$9.3 million in the current period, accounting for roughly 32.9% of total revenue compared to 39.5% in the preceding period[89]. - IC products remained the largest revenue source, representing approximately 69.5% of total revenue in the current period, down from 64.0% in the preceding period, with revenue declining from approximately US$20.1 million to US$18.2 million[92]. - Average selling prices were reduced to accelerate inventory turnover, resulting in an increase in inventory turnover days from approximately 40.6 days to approximately 42.5 days[93]. - The Group's revenue breakdown for the six months ended 30 September 2025 included mobile devices and smart charging at US$18.2 million (64.0%), motor control at US$9.3 million (32.9%), sensors and automation at US$61, LED lighting at US$8, and RF power at US$89[87]. - The decline in total revenue was primarily due to weaker contributions across all product categories[92]. - The Group's motor control revenue accounted for a significant portion of the decline, primarily driven by a reduction in average selling prices[89]. - The Group's strategy to manage stock levels amid softer market demand included implementing reductions in average selling prices[93]. - The total revenue for the current period was approximately US$28.4 million, reflecting a challenging market environment[88]. - The Group's revenue from sensors and automation was minimal, contributing only US$61, or 0.2% of total revenue[87]. Expenses and Losses - Gross profit decreased by approximately US$0.2 million or 28.0%, from approximately US$0.9 million to approximately US$0.7 million, primarily due to a decrease in average selling price, with gross profit margin dropping from approximately 2.5% to 2.3%[96]. - Selling and distribution expenses increased by approximately US$0.3 million from approximately US$0.8 million to approximately US$1.1 million, mainly due to the effect of amortization of development costs[98]. - General and administrative expenses decreased by approximately US$0.8 million, from about US$2.8 million to around US$2.0 million, primarily due to a significant reduction in staff numbers[104]. - Finance costs amounted to approximately US$1.3 million, representing a decrease of approximately US$0.4 million from the preceding period, in line with the decrease in interest rates[105]. - The net loss for the period remained approximately US$3.9 million, consistent with previous periods[107]. - Employee benefit expenses amounted to approximately US$1.1 million, accounting for approximately 3.9% of total revenue for the period, up from approximately 2.5% in the previous year[108]. Shareholder Information and Equity - The company did not declare any interim dividend for the six months ended 30 September 2025, consistent with the previous year[125]. - The company entered into a placing agreement to issue a maximum of 219,624,476 placing shares at a price of HK$0.065 per share, completed on 10 October 2025[126]. - The company agreed to place up to 219,624,476 shares at a price of HKD 0.065 per share, with completion on October 10, 2025[129]. - As of September 30, 2025, the board proposed a share consolidation of every ten existing shares into one share with a par value of HKD 0.1, pending shareholder approval[129]. - As of September 30, 2025, Mr. Lam and Mr. Qing each hold 746,746,000 shares, representing 68.00% of the company's shareholding[145]. - As of September 30, 2025, P. Grand (BVI) Ltd. holds 662,746,000 shares, representing a 60.35% shareholding[151]. - Ms. Feng Tao has an interest in a controlled corporation with 746,746,000 shares, equating to a 68.00% shareholding[151]. - Kingtech (BVI) Ltd. holds 84,000,000 shares, which is 7.65% of the total shares[151]. - No share options were granted, exercised, lapsed, or cancelled under the Share Option Scheme as of September 30, 2025[152]. - The Company maintained sufficient public float as required under the listing rules throughout the period[155]. Cash Flow and Assets - Net cash from operating activities for the six months ended September 30, 2025, was US$9,402,000, a decrease of 51% compared to US$19,242,000 in the same period of 2024[168]. - Cash and cash equivalents at the end of the period were US$1,101,000, down from US$2,795,000 at the end of September 2024, reflecting a decrease of 60.6%[170]. - The company recorded a net cash used in financing activities of US$13,676,000 for the six months ended September 30, 2025, compared to US$15,595,000 in the same period of 2024[170]. - The company received US$2,045,000 from life insurance policy deposits during the six months ended September 30, 2025, significantly higher than US$209,000 in the prior year[170]. - The company reported a decrease in trade receivables of US$6,579,000 for the six months ended September 30, 2025, compared to a decrease of US$1,386,000 in the same period of 2024[168]. - The company experienced a fair value loss on investments amounting to US$1,747,000 during the period, contributing to the overall comprehensive loss[167]. - Non-current assets decreased to $4,931,000 from $10,059,000, primarily due to a reduction in financial assets at fair value[164]. - Current liabilities decreased to $15,745,000 from $27,774,000, reflecting improved liquidity management[164]. - Net assets as of September 30, 2025, were $5,255,000, down from $11,306,000 as of March 31, 2025[165]. - Total equity decreased to $5,255,000 from $11,306,000, indicating a significant reduction in shareholder value[165]. Market Performance and Challenges - The overall performance indicates challenges in market conditions, particularly in the PRC, necessitating strategic reassessment[200]. - Revenue for the six months ended September 30, 2025, was $28,414,000, a decrease of 20.5% from $35,766,000 in the same period of 2024[161]. - Revenue from sales of IC products and electronic components accounted for the entirety of the Group's turnover during the period[200]. - Revenue from Hong Kong was $27,571,000, while revenue from the PRC was $843,000, indicating a significant decline in the PRC market[198]. - The decline in revenue from the PRC market was particularly sharp, dropping from $5,076,000 in 2024 to $843,000 in 2025, a decrease of 83.4%[198]. - The Group's revenue from contracts with customers is recognized at a point in time, aligning with HKFRS 15 standards[199].

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 之 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之任何損失承擔任何責任。 CHINA HONGBAO HOLDINGS LIMITED 中 國 紅 包 控 股 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：8316） 於本公佈日期，董事會成員包括執行董事程俊先生及于華先生；及獨立非執行董 事鄒振濤先生、張嘉裕教授及黃志恩女士。 截至2025年9月30日止六個月之 中期業績公佈 中國紅包控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司及 其 附 屬 公 司 截 至 2 0 2 5 年 9 月 3 0 日 止 六 個 月 之 未 經 審 核 簡 明 綜 合 業 績（「 中 期 業 績 」）。 本 公 告 載 有 本 公 司 2025 年 中 期 報 告 全 文 ， 符 合 香 港 聯 合 交 易 所 有 限 公 司 （「聯 交 所」）GEM 證 券上 市 規 則（「GEM 上 ...

Financial Performance - Revenue for the six months ended 30 September 2025 was approximately HK$15,126,000, down from approximately HK$21,722,000 for the same period last year, representing a decrease of about 30%[8]. - Profit attributable to owners of the Company was approximately HK$37,251,000 for the six months ended 30 September 2025, compared to a loss of approximately HK$2,557,000 for the same period last year[8]. - No interim dividend was recommended for the six months ended 30 September 2025, consistent with the previous year[8]. - As of September 30, 2025, the Group recorded total revenue of approximately HK$15,126,000, representing a decrease of approximately 30.37% compared to HK$21,722,000 for the same period last year, primarily due to a decline in revenue from the intelligent advertising business[56][60]. - The company reported a profit of HK$35,830,000 for the six months ended September 30, 2025, compared to a loss of HK$3,800,000 in the same period of 2024, indicating a significant turnaround in performance[66]. - Total comprehensive loss for the period was HK$37,691,000, compared to a loss of HK$1,333,000 in the previous year, with the loss attributable to owners of the company amounting to HK$37,980,000[66]. Revenue Sources - Revenue from intelligent advertising services amounted to approximately HK$14,818,000 for the six months ended 30 September 2025[22]. - The Group generated no revenue from agricultural, forestry, and consumer products during the six months ended 30 September 2025[23]. - The supply-chain business also reported no revenue for the six months ended 30 September 2025, as the Group paused non-strategic commodity flows[25]. - Revenue from short-term leasing of the commercial portion of the property amounted to approximately HK$308,000 for the six months ended 30 September 2025, prior to the disposal of the property[29]. - Revenue from mobile advertising media services decreased to HK$14,818,000 for the six months ended September 30, 2025, down 29% from HK$20,943,000 in 2024[81]. - Rental income for the six months ended September 30, 2025, was HK$308,000, down from HK$777,000 in the same period of 2024[81]. Cash Flow and Liquidity - The Group's cash and bank deposits decreased by approximately 63.56% to approximately HK$2,573,000 as of 30 September 2025, down from HK$7,061,000 as of 31 March 2025[42]. - The Group's net current assets improved to approximately HK$3,762,000 as of 30 September 2025, compared to net current liabilities of HK$63,951,000 as of 31 March 2025[42]. - Cash and bank deposits decreased significantly from HK$7,061,000 to HK$2,573,000, highlighting potential cash flow issues[68]. - Net cash used in operating activities for the six months ended September 30, 2025, was HK$33,230,000, compared to a net cash used of HK$3,180,000 in the same period of 2024[72]. - The Group reported a net cash used in investing activities of HK$36,078,000 for the six months ended September 30, 2025, compared to HK$342,000 in 2024[72]. - Total cash and cash equivalents at September 30, 2025, were HK$2,573,000, a significant decrease from HK$5,929,000 at the same date in 2024[72]. Asset Management - Non-current assets decreased from HK$69,089,000 as of March 31, 2025, to HK$32,767,000 as of September 30, 2025, reflecting a significant reduction in asset value[68]. - Current assets also saw a decline from HK$96,968,000 to HK$43,556,000 during the same period, indicating liquidity challenges[68]. - The total equity attributable to owners of the company increased to HK$17,311,000 from a deficit of HK$27,773,000, indicating a recovery in shareholder value[69]. - The carrying amount of right-of-use assets decreased from HK$6,284,000 at 1 April 2025 to HK$5,851,000 at 30 September 2025[112]. - Trade receivables increased to HK$31,105,000 as of September 30, 2025, up from HK$28,041,000 as of March 31, 2025, representing an increase of approximately 7.4%[122]. Investment and Strategic Focus - The Group is actively pursuing investment opportunities in the New Energy Vehicles (NEV) industry and high-tech consumer products[24]. - The Group is evaluating higher-value opportunities in food and home supply sectors, leveraging its data analytics capabilities[25]. - The Group is actively seeking new property investment opportunities that offer attractive risk-adjusted returns once market conditions stabilize[31]. - Management maintains a conservative approach to new investments, proceeding only with opportunities that demonstrate clear strategic fit and attractive risk-adjusted returns[31]. - The Group's treasury policy is conservative, maintaining cash necessary for anticipated expenditures and emergencies, with almost all bank deposits in Hong Kong dollars[43]. Corporate Governance - The Company has complied with the Corporate Governance Code throughout the six months ended September 30, 2025[187]. - The Company is in the process of locating a new Chief Executive Officer, as there was no CEO during the six months ended September 30, 2025[191]. - The Board members share responsibilities to ensure effective corporate governance practices and procedures are established[198]. - The executive Directors are responsible for encouraging all directors to contribute actively to the Board's affairs[199]. - Non-executive Directors hold at least one meeting annually to discuss significant issues without influence from executive Directors[200]. Share Options and Employee Compensation - The 2012 Share Option Scheme allows eligible participants to subscribe for shares at a price of HK$10 per lot of share options granted[171]. - The maximum number of shares that can be issued upon exercise of options granted to each eligible person in any twelve-month period is limited to 1% of the shares in issue at the date of grant[173]. - The total number of shares that may be issued under the 2012 Share Option Scheme is capped at 236,893,600 shares, representing 10% of the shares in issue on the adoption date[174]. - The maximum number of shares that may be issued under all share option schemes must not exceed 30% of the Company's shares in issue at any time[177]. - The grant of options is intended to align the interests of employees and shareholders, promoting the Company's continuous growth[185].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部 分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Sang Hing Holdings (International) Limited 1 業績 生興控股（國際）有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈，本公司 及其附屬公司（統稱為「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 期業績，連同截至二零二四年九月三十日止六個月的比較數字如下： 簡明綜合損益及其他全面收益表 截至二零二五年九月三十日止六個月 | | | 截至九月三十日止六個月 | | | --- | --- | --- | --- | | | | 二零二五年 | 二零二四年 | | | 附註 | 千港元 | 千港元 | | | | （未經審核） | （未經審核） | | 收益 | 3 | 132,880 | 89,731 | | 服務成本 | | (129,504) | (87,103) | | 毛利 | | 3,376 | 2,628 | | 其他收入及其他收 ...

Financial Performance - For the six months ended September 30, 2025, the revenue was approximately HKD 15,126,000, a decrease of 30% compared to HKD 21,722,000 in the same period last year[4]. - The profit attributable to the owners of the company for the same period was approximately HKD 37,251,000, compared to a loss of HKD 2,557,000 in the previous year[4]. - The company did not recommend the payment of an interim dividend for the six months ended September 30, 2025, consistent with the previous year[4]. - The overall digital advertising market in China faced significant headwinds, with weak consumer spending and economic uncertainty impacting marketing budgets[6]. - The real estate market in China continued to show negative growth, affecting the company's advertising revenue from property-related clients[9]. - The company expects a challenging operating environment for the remainder of 2025 and into 2026, with weak consumer confidence and geopolitical risks impacting traditional business sectors[16]. - The company reported a profit of HKD 35,830,000 for the six months ended September 30, 2025, compared to a loss of HKD 3,800,000 in the previous period[32]. - Total comprehensive loss for the period amounted to HKD 37,691,000, a significant increase from a loss of HKD 1,333,000 in the prior year[32]. - The company reported a total comprehensive loss of HKD (1,887,000) for the six months ended September 30, 2024, compared to a loss of HKD (234,000) for the same period in 2025, reflecting a year-over-year improvement[48]. Revenue Segments - The smart advertising segment generated revenue of approximately HKD 14,818,000 for the six months ended September 30, 2025[10]. - The agricultural products and consumer goods segment did not generate any revenue during the same period[11]. - The supply chain business did not generate any revenue for the six months ended September 30, 2025[13]. - Revenue for mobile advertising media services decreased to HKD 14,818 thousand in the six months ended September 30, 2025, down from HKD 20,943 thousand in the same period of 2024, representing a decline of approximately 29.5%[40]. - Total revenue for the six months ended September 30, 2025, was HKD 15,126 thousand, compared to HKD 21,722 thousand in 2024, indicating a decrease of about 30.4%[40]. Asset Management - As of September 30, 2025, the company's cash and bank deposits were approximately HKD 2,573,000, a decrease of about 63.56% from HKD 7,061,000 on March 31, 2025[21]. - The company maintains a prudent treasury policy to ensure sufficient cash for expected expenditures and to provide reasonable buffers for emergencies[22]. - The company's asset-to-equity ratio as of September 30, 2025, was 56.88%[25]. - Non-current assets totaled HKD 32,767,000, while current assets were HKD 43,556,000, indicating a decrease in total assets from HKD 96,968,000[33]. - Current liabilities decreased to HKD 39,794,000 from HKD 160,919,000, reflecting improved liquidity management[33]. - The company has a net current asset/liability position of HKD 3,762,000, a significant improvement from a net liability of HKD 63,951,000[33]. - The company’s equity attributable to owners was HKD 17,311,000, a decrease from HKD 27,773,000, indicating a decline in shareholder value[34]. Strategic Initiatives - The company is actively seeking investment opportunities in the NEV (New Energy Vehicle) industry and high-tech consumer products[12]. - The company is evaluating strategic opportunities in traditional Chinese medicine and health products[11]. - The successful sale of the property has strengthened the company's financial position and provided additional flexibility to explore new investment opportunities[16]. - The company is focusing on improving operational efficiency and exploring new market opportunities to enhance future growth prospects[34]. - The sale of subsidiaries is part of the company's strategy to streamline operations and focus on core business areas[80]. - The company aims to enhance shareholder value through strategic divestitures and effective management of its asset portfolio[82]. Employee and Governance - The company employed approximately 70 staff members as of September 30, 2025, down from 91 employees as of March 31, 2025[27]. - The company plans to continue investing in employee welfare, including medical insurance and retirement benefits[27]. - The company has applied the corporate governance code as per the GEM Listing Rules during the six months ending September 30, 2025[93]. - The board consists of three executive directors and three independent non-executive directors, responsible for reviewing and implementing the company's strategies and policies[102]. - The audit committee, composed of three independent non-executive directors, regularly meets with senior management to review the effectiveness of internal control systems and financial reporting[104]. Stock Options and Share Capital - The company has a stock option plan that allows for the issuance of up to 236,893,600 shares, equivalent to 10% of the issued shares as of the adoption date[86]. - The stock option plan is effective for a period of ten years from August 3, 2012, and allows for the granting of options to eligible participants[84]. - The maximum number of shares that can be issued under the stock option plan after the share consolidation is capped at 23,689,360 shares[86]. - The company’s stock options can be granted to senior management, employees, business partners, contractors, and consultants[87]. - As of September 30, 2025, the company has 11,700,000 stock options that remain unexercised and are set to expire on May 13, 2025[88]. - The weighted average exercise price for the stock options granted in the fiscal year 2022 is HKD 0.23549, with a total of 400,000 options granted[89]. - The company’s issued and fully paid ordinary shares remained at 332,270,000 as of September 30, 2025[76]. Cash Flow and Investments - Net cash used in operating activities for the six months ended September 30, 2025, was HKD 33,230 thousand, compared to a net cash outflow of HKD 3,180 thousand in 2024[36]. - The net cash used in investing activities was HKD 36,078 thousand for the six months ended September 30, 2025, compared to HKD 342 thousand in 2024[36]. - The company reported a gain from the sale of subsidiaries amounting to HKD 36,117,000 for the six months ended September 30, 2025, compared to HKD 408,000 for the same period in 2024[48]. - The company agreed to sell its subsidiary, 金略集团, for a cash consideration of HKD 1.00, with net liabilities of HKD 43,467,000 at the time of sale[80]. - The sale of 飞邁国际控股有限公司 was completed for a cash consideration of HKD 22,500,000, with net assets of HKD 52,000 at the time of sale, resulting in a loss of HKD 29,000[82]. - The company sold 萃和集团 for HKD 80,000,000, with net cash and cash equivalents of HKD 21,000 and other liabilities of HKD 18,000, resulting in a net cash inflow of HKD 79,000[83]. Shareholder Information - As of September 30, 2025, Zhao Xinyan holds 1,750,000 shares, representing 14.78% of total shares[109]. - Wu Meiqi owns 33,792,000 shares, accounting for 10.17% of total shares[109]. - The total number of shares held by Zhao Xinyan through Zansheng Limited is 47,378,000, which is 14.25% of the issued share capital[113]. - Gold City Assets Holdings Ltd., beneficially owned by Wu Meiqi, holds 33,792,000 shares, also 10.17% of the total[113]. - Lin Shunping holds 19,900,000 shares, representing 5.99% of the total issued shares[113]. - The company did not repurchase any shares during the six months ending September 30, 2025[115]. - There are no reported conflicts of interest among directors or major shareholders as of September 30, 2025[114]. - The company maintains sufficient public float as required by GEM listing rules[117].

（股份代號：00126） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公 告全部或任何部份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。 佳寧娜集團控股有限公司 CARRIANNA GROUP HOLDINGS COMPANY LIMITED （於百慕達註冊成立之有限公司） 截至二零二五年九月三十日止六個月之中期業績公佈 未經審核中期業績 佳寧娜集團控股有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司及 其附屬公司（統稱「本集團」）截至二零二五年九月三十日止六個月之未經審核 中期簡明綜合財務業績載列如下。此中期簡明綜合報表未經審核，但已由本 公司之審核委員會審閱。 簡明綜合損益表 截至二零二五年九月三十日止六個月 | | | 截至九月三十日止六個月 | | | --- | --- | --- | --- | | | | 二零二五年 | 二零二四年 | | | 附註 | 千港元 | 千港元 | | | | （未經審核） （未經審核） | | | 收入 | 4 | 324,560 | 324,050 | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部份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。 波司登國際控股有限公司 Bosideng International Holdings Limited （於開曼群島註冊成立之有限責任公司） （股份代號：3998） 截至2025年9月30日止六個月之中期業績 • 收入增加1.4%至約人民幣8,927.6百萬元。 中期業績 波司登國際控股有限公司（「本公司」或「波司登」）的董事（「董事」）會（「董事會」）謹此公佈本公 司及其附屬公司（統稱「本集團」或「波司登集團」）截至2025年9月30日止六個月的未經審核綜合 中期業績連同2024年同期的未經審核比較數據。該等中期財務報表未經審核，但已由本公司審 計委員會審閱並經董事會批准。中期業績亦已由本公司核數師畢馬威會計師事務所根據香港會 計師公會頒佈的香港審閱準則第2410號 實體的獨立核數師對中期財務資料的審閱 進行審閱，其 審閱中期財務報告的報告將載於 中期報告2025/26 。 1 摘要 • 毛利率小幅上 ...

Financial Performance - The total revenue for the six months ended September 30, 2025, was approximately HKD 174.2 million, representing an increase of about 17.8% compared to HKD 147.97 million for the same period in 2024[3]. - The profit attributable to the owners of the company for the six months ended September 30, 2025, was approximately HKD 27.0 million, an increase of about 5.1% from HKD 25.66 million in the previous period[3]. - The basic and diluted earnings per share for the six months ended September 30, 2025, were both HKD 2.70, compared to HKD 2.57 for the same period in 2024[4]. - For the six months ended September 30, 2025, the company's profit attributable to owners was HKD 26,976,000, compared to HKD 25,664,000 for the same period in 2024, representing an increase of 5.1%[36]. - Basic earnings per share for the six months ended September 30, 2025, was HKD 2.70, up from HKD 2.57 in 2024, reflecting a growth of 5.1%[36]. - Profit for the period increased by approximately 7.3% to about HKD 27.4 million from approximately HKD 25.5 million in the previous period[54]. Revenue Breakdown - The revenue from elderly care services was HKD 131,720,000, up from HKD 109,503,000 in the previous year, reflecting a growth of 20.3%[27]. - Revenue from elderly home services accounted for 92.9% of total revenue, with HKD 73.1 million from the Social Welfare Department's purchase of beds under the Improvement Purchase Scheme and HKD 58.6 million from individual customers[51]. - Revenue from community care services increased to HKD 7.2 million, up from HKD 1.6 million in the previous period, representing a growth of 359%[51]. Assets and Liabilities - The total assets as of September 30, 2025, amounted to HKD 791.44 million, a decrease from HKD 809.57 million as of March 31, 2025[7]. - The total liabilities as of September 30, 2025, were HKD 339.75 million, down from HKD 367.34 million as of March 31, 2025[8]. - Non-current assets totaled HKD 698.92 million as of September 30, 2025, compared to HKD 716.80 million as of March 31, 2025[7]. - Current assets were HKD 92.53 million as of September 30, 2025, slightly down from HKD 92.77 million as of March 31, 2025[7]. - The total trade receivables as of September 30, 2025, amounted to HKD 20,836,000, an increase from HKD 16,001,000 as of March 31, 2025, indicating a growth of 30.0%[38]. - The total liabilities were HKD 339,747,000 as of September 30, 2025, compared to HKD 367,338,000 as of March 31, 2025, showing a reduction of 7.5%[25]. Dividends and Shareholder Information - The company did not recommend the payment of an interim dividend for the six months ended September 30, 2025, consistent with the previous period where no dividend was declared[3]. - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period, and holds no treasury shares[74]. - As of September 30, 2025, a total of 60 million share options were granted under the share option scheme, representing 6% of the company's issued share capital[78]. Employee and Operational Metrics - The net employee benefits expenses for the six months ended September 30, 2025, were HKD 71,079,000, compared to HKD 58,496,000 in 2024, representing a significant increase of 21.5%[35]. - Total full-time and part-time employees increased to 594 as of September 30, 2025, from 585 as of March 31, 2025[70]. - Employee benefits expenses increased from approximately HKD 58.5 million to about HKD 71.1 million, primarily due to the full operation of two nursing homes in Lam Tin starting in June and September 2024, which increased the workforce[52]. Capital Expenditure and Commitments - The capital expenditure for the six months ended September 30, 2025, was HKD 11,823,000, compared to HKD 3,646,000 in the same period last year, indicating a significant increase[22]. - The capital commitments for property and equipment as of September 30, 2025, were approximately HKD 7.0 million, slightly down from HKD 7.4 million as of March 31, 2025[40]. Future Plans and Market Position - The company aims to solidify its market position as a long-established private elderly care operator in Hong Kong and plans to expand its network of elderly care homes strategically[72]. - The group completed the acquisition of a nursing home in Tsuen Wan for HKD 2 million, which began operations in August 2025, providing approximately 192 beds[63]. - The group has plans to establish a new nursing home in Yuen Long, expected to start operations by the end of 2026, providing around 250 beds[65]. - A new elderly care home with 192 beds in Tsuen Wan commenced operations in August 2025, and a second phase with 146 beds in Lam Tin is expected to start operations in November 2025[72]. - The company completed the acquisition of four plots of land in Yuen Long in July 2021 to establish a new elderly care home, projected to provide around 250 beds and begin operations by the end of 2026[72]. Governance and Compliance - The company has adopted a code of conduct for directors' securities transactions, ensuring compliance with the standards set by the Hong Kong Stock Exchange[75]. - The company has adhered to all corporate governance code provisions during the reporting period, with a noted deviation regarding the separation of roles between the Chairman and CEO[79][80]. - The Audit Committee was established on May 20, 2019, consisting of three independent non-executive directors, with Mr. Ko Yan Fung as the chairman[81]. Market Trends - The government projects that by 2046, over one-third of Hong Kong residents will be aged 65 or older, totaling approximately 2.7 million people, leading to increased demand for elderly care services[71].

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 279.607 million, a decrease of 13.5% compared to HKD 323.320 million for the same period in 2024[3] - Gross profit for the same period was HKD 54.217 million, representing a gross margin of 19.4%[3] - The net loss for the six months ended September 30, 2025, was HKD 8.134 million, an improvement from a net loss of HKD 15.367 million in the prior year[3] - The group experienced a pre-tax loss of HKD 7.303 million for the six months ended September 30, 2025, compared to a pre-tax loss of HKD 15.202 million for the same period in the previous year[15][18] - For the six months ended September 30, 2025, the company reported a loss attributable to shareholders of HKD 7,624,000, compared to a loss of HKD 14,785,000 for the same period in 2024[22] - Revenue decreased compared to the same period last year, but the pre-tax loss reduced by 52.0% to HKD 7,300,000 due to improved operational efficiency and cost control[38] Assets and Liabilities - Total assets as of September 30, 2025, were HKD 438.418 million, down from HKD 468.428 million as of March 31, 2025[7] - Current liabilities decreased to HKD 151.837 million from HKD 174.245 million as of March 31, 2025[7] - As of September 30, 2025, the company's trade receivables amounted to HKD 65,141,000, a decrease from HKD 104,196,000 as of March 31, 2025[25] - As of September 30, 2025, the company's trade payables amounted to HKD 56,320,000, slightly down from HKD 57,487,000 as of March 31, 2025[26] - Cash level as of September 30, 2025, was HKD 252,400,000, up from HKD 240,500,000 on March 31, 2025, with bank borrowings totaling HKD 53,300,000[43] - The asset-to-liability ratio as of September 30, 2025, was 14.5%, indicating a stable financial position[43] Operational Efficiency - The company plans to focus on improving operational efficiency and exploring new market opportunities to enhance future performance[3] - The group focused on improving production efficiency and controlling operational costs, leading to a reduction in operational losses compared to the same period last year[31] - The company is enhancing its flexible manufacturing platform in Vietnam to alleviate supply chain pressures and adapt to changing demand[39] Market Performance - For the six months ended September 30, 2025, total revenue from Asia was HKD 162.839 million, North America HKD 101.087 million, and Europe & Others HKD 15.681 million, totaling HKD 279.607 million[15] - Sales in the North American market decreased by 23.3% to HKD 101,100,000, accounting for 36.2% of the group's total revenue, with sales in the U.S. market representing 73.7% of this segment[32] - Sales in the Asian market decreased by 8.4% to HKD 162,800,000, contributing 58.2% to the group's total revenue, primarily due to an 8% decline in sales to the Chinese market, which generated HKD 151,300,000[35] - Sales to domestic brand customers in China decreased by 11.5% to HKD 43,000,000, reflecting the impact of the ongoing economic slowdown and low consumer confidence[35] - The group's retail sales in China slightly declined by 6.4% to HKD 108,100,000, but the operating profit from its own retail business increased by 31.3% to HKD 4,200,000[36] Employee and Administrative Expenses - Employee benefits expenses totaled HKD 63.797 million for the six months ended September 30, 2025, an increase from HKD 53.631 million in the previous year[18] - Administrative expenses increased by 5.4% to HKD 38,800,000, mainly due to unfavorable foreign exchange movements amounting to approximately HKD 1,900,000 compared to the same period last year[38] - The group employed approximately 1,400 employees as of September 30, 2025, down from 1,500 on March 31, 2025[49] Corporate Governance - The company’s auditor issued a report with an unqualified opinion for the financial statements for the year ending March 31, 2025[10] - The audit committee, including three independent non-executive directors, reviewed the group's accounting policies and financial reporting matters[51] - The company adhered to all corporate governance codes as stipulated by the Hong Kong Stock Exchange during the period[52] - All directors confirmed compliance with the standards for securities trading throughout the period[53] Sustainability and Compliance - The group implemented sustainable development practices and ensured compliance with environmental regulations across its manufacturing and retail operations[30] - The company maintains a prudent financial policy to hedge against currency and interest rate risks, considering foreign exchange impacts in its contracts[46] Dividends and Shareholder Information - The company did not declare an interim dividend for the six months ended September 30, 2025, consistent with the previous year[21][28] - The average number of ordinary shares in issue for the calculation of basic and diluted loss per share remained at 451,067,557 shares[22]