Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 22,774,000, representing a 1.98% increase from HKD 22,334,000 in the same period of 2024[4] - The company reported a pre-tax profit of HKD 35,000 compared to a pre-tax loss of HKD 2,038,000 in the previous year, indicating a significant turnaround[4] - Basic earnings per share improved to HKD 0.01 from a loss of HKD 0.51 per share in the prior year[5] - Total comprehensive income for the period was HKD 36,000, compared to a loss of HKD 2,048,000 in the same period last year[4] - The pre-tax profit for the six months ended September 30, 2025, was HKD 11,238,000, a decrease of 7.8% from HKD 12,188,000 in 2024[21] - The group recorded a profit attributable to the owners of the company of HKD 35,000 for the six months ended September 30, 2025, compared to a loss of HKD 2.0 million for the same period in 2024[41] Assets and Liabilities - Non-current assets decreased to HKD 19,098,000 from HKD 20,298,000 as of March 31, 2025[6] - Current assets decreased to HKD 30,905,000 from HKD 37,145,000, primarily due to a reduction in cash and cash equivalents[6] - The company’s total liabilities decreased from HKD 43,313,000 to HKD 38,754,000, reflecting improved financial stability[6] - The group reported a net current liability of HKD 7,849,000 as of September 30, 2025, primarily due to contract liabilities amounting to HKD 20,897,000[13] - The group’s total equity as of September 30, 2025, was HKD 4.2 million, unchanged from March 31, 2025[53] - The group’s debt-to-asset ratio as of September 30, 2025, was 39.8%, slightly up from 39.7% on March 31, 2025[54] Cash Flow - Cash used in operating activities was HKD 1,372,000, a decline from cash generated of HKD 982,000 in the previous year[8] - The company incurred a net cash outflow of HKD 4,853,000 in the six months ended September 30, 2025, compared to an inflow of HKD 6,017,000 in the same period last year[8] - The group expects to generate sufficient cash flow in the next twelve months to meet its obligations, with available undrawn bank loan facilities of HKD 18,000,000[13] Revenue Breakdown - The revenue breakdown includes HKD 462,000 from medical consultation services, HKD 3,797,000 from prescription and dispensing services, and HKD 18,515,000 from treatment services[16] - The group's revenue for the six months ended September 30, 2025, increased by approximately HKD 0.4 million or 2.0% to HKD 22.8 million, compared to HKD 22.3 million for the same period in 2024[43] - The number of customers for treatment services increased, contributing to the revenue growth[43] Other Income and Expenses - Other income for the six months ended September 30, 2025, totaled HKD 797,000, compared to HKD 634,000 for the same period in 2024, reflecting an increase of 25.8%[20] - Employee costs decreased by approximately HKD 1.0 million or 7.8% to HKD 11.2 million for the six months ended September 30, 2025[46] - Depreciation of right-of-use assets decreased by approximately HKD 1.0 million or 26.9% to HKD 2.7 million for the six months ended September 30, 2025, due to reduced rental expenses[47] Share Capital and Dividends - The company has maintained its share capital at HKD 3,967,000 with reserves increasing to HKD 264,000 from HKD 228,000[6] - The total number of issued shares remained at 396,736,000 as of September 30, 2025, with a par value of HKD 0.01 per share[33] - The company did not declare an interim dividend for the six months ended September 30, 2025, consistent with 2024[25] Strategic Initiatives - The company’s management discussed the strategic positioning of its Medicskin and facematter brands, focusing on medical skin care and aesthetic treatments[38] - The group plans to enhance resilience and competitiveness by continuing operational optimization and improving marketing strategies[42] - The group aims to expand brand awareness and identify new business opportunities through strategic initiatives[42] Market Environment - The global business environment remains uncertain due to geopolitical tensions and high tariffs imposed by the U.S., impacting business confidence in Hong Kong[39] - The company’s management noted a shift in consumer behavior, with local residents increasingly opting for overseas travel and spending in the Greater Bay Area, affecting local market consumption[39] Share Option Scheme - The company has adopted a new share option scheme on September 27, 2024, allowing eligible employees to subscribe for shares[62] - The old share option scheme was terminated at the annual general meeting held on September 27, 2024[74] - The new share option plan has been approved by shareholders at the 2024 Annual General Meeting to attract and retain top talent, effective from September 27, 2024, for a duration of 10 years[75] - No share options were granted, exercised, vested, lapsed, or cancelled for the six months ending September 30, 2025[76] - The new share option plan allows for the grant of options involving 39,673,600 shares and 7,934,720 shares under specific limits for service providers[76] - The remaining term of the new share option plan is approximately 9 years[76] Governance and Compliance - The Audit Committee, consisting of three independent non-executive directors, has reviewed the unaudited interim financial statements for the six months ending September 30, 2025, ensuring compliance with applicable accounting standards and GEM listing rules[77]

Financial Performance - Herald Holdings Limited reported a revenue of HKD 425,046,000 for the six months ended September 30, 2025, representing an increase of 8.4% compared to HKD 392,170,000 in the same period of 2024[2] - The gross profit for the same period was HKD 125,081,000, up 8.8% from HKD 114,989,000 year-on-year[2] - Operating profit increased significantly to HKD 55,745,000, a rise of 82.9% compared to HKD 30,483,000 in the previous year[2] - The net profit attributable to shareholders was HKD 44,236,000, which is a 62.9% increase from HKD 27,189,000 in the prior period[3] - Basic and diluted earnings per share rose to HKD 7.32, compared to HKD 4.50 in the same period last year, marking a 62.7% increase[3] - Total comprehensive income for the period was HKD 53,238,000, up 41.2% from HKD 37,645,000 in the previous year[4] - Profit before tax for the six months ended September 30, 2025, was HKD 55,695,000, compared to HKD 30,359,000 in 2024, reflecting an increase of 83.5%[18] Revenue Breakdown - The toy segment generated HKD 277,899,000 in revenue, up 22.3% from HKD 227,268,000 in 2024[16] - The revenue from North America increased to HKD 217,279,000, a rise of 14.6% from HKD 189,599,000 in 2024[14] - The toys segment revenue increased by 22% to HKD 278,000,000, compared to HKD 227,000,000 in the previous year, with operating profit rising from HKD 15,500,000 to HKD 20,900,000[31] - The computer products segment experienced a 40% decline in revenue to HKD 36,000,000, down from HKD 60,000,000, resulting in an operating loss of HKD 4,700,000[32] - The watch segment's revenue increased by 7% to HKD 111,000,000, compared to HKD 104,000,000 last year, although operating profit slightly decreased to HKD 6,800,000 from HKD 7,000,000[34] Assets and Liabilities - Current assets increased to HKD 691,961,000, compared to HKD 596,344,000 as of March 31, 2025, reflecting a growth of 16.0%[5] - Total assets as of September 30, 2025, amounted to HKD 916,144,000, an increase from HKD 826,822,000 in 2024[18] - Total liabilities as of September 30, 2025, were HKD 291,001,000, up from HKD 236,782,000 in 2024[18] - As of September 30, 2025, the group's current liabilities amounted to HKD 262 million, an increase from HKD 208 million as of March 31, 2025[37] - The group's debt-to-asset ratio was 32% as of September 30, 2025, up from 29% on March 31, 2025[37] Dividends and Gains - The company declared an interim dividend of HKD 18,135,000 for the six months ended September 30, 2025, consistent with the previous year[23] - The group recognized a one-time pre-tax gain of HKD 21,343,000 from the sale of two properties in Shanghai during the reporting period[19] - Net profit attributable to shareholders rose to HKD 44,200,000, up from HKD 27,200,000, primarily due to a one-time after-tax gain of approximately HKD 14,900,000 from the sale of two plots of land in Shanghai[31] Employee and Operational Costs - The total employee cost for the period was HKD 164.37 million, compared to HKD 146.44 million in the previous year[42] - The number of employees as of September 30, 2025, was 2,624, an increase from 2,282 in the previous year[42] Risk Management - The group faced foreign exchange risks primarily from transactions in RMB, USD, and GBP, with management monitoring these risks closely[39] - Management expresses concern over the performance of the toys and computer products segments in the second half of the fiscal year due to geopolitical tensions and intense price competition[35] Cash and Liquidity - As of September 30, 2025, the group had cash and cash equivalents totaling HKD 248,000,000, down from HKD 273,000,000 as of March 31, 2025[36] - The current ratio, representing liquidity, was 2.64 times as of September 30, 2025, down from 2.87 times on March 31, 2025[37] - The quick ratio decreased from 1.77 times on March 31, 2025, to 1.70 times as of September 30, 2025[37] Other Information - The company has not adopted any new standards or interpretations that have a significant impact on its financial performance during the current accounting period[11] - The group had no significant contingent liabilities as of September 30, 2025[38] - The company did not purchase, sell, or redeem any of its listed securities during the six-month period ending September 30, 2025[43]

Financial Performance - For the six months ending September 30, 2025, the group's revenue was HKD 973.34 million, an increase of 1.2% compared to HKD 961.81 million in the same period last year[3] - Net profit attributable to equity shareholders was HKD 150.03 million, up 14% from HKD 131.59 million in the previous year[10] - Total revenue for the six months ended September 30, 2025, was HKD 973,354,000, an increase from HKD 961,807,000 in the same period of 2024, representing a growth of approximately 1.4%[24] - The company reported a profit of HKD 150,034,000 for the six months ended September 30, 2025, compared to HKD 131,590,000 in the same period of 2024, indicating a growth of about 14%[21] - Basic and diluted earnings per share for the period were HKD 150,034,000, compared to HKD 131,590,000 for the same period in 2024, reflecting an increase of about 14%[29] Dividends - The group declared an interim dividend of HKD 0.10 per ordinary share and a special dividend of HKD 0.20 per ordinary share[3] - The company declared an interim dividend of HKD 0.10 per share, consistent with the previous year, while a special dividend of HKD 0.20 was proposed for the current period[30] - The company declared an interim dividend of HKD 0.10 per share and a special dividend of HKD 0.20 per share, totaling HKD 0.30 per share, which is a 200% increase from the previous year[42] - The total dividend payout ratio was 77.19%, significantly higher than 29.96% in 2024, with a total dividend amounting to approximately HKD 115.82 million[42] Revenue Breakdown - Sales revenue in Hong Kong decreased by approximately 1.3% during the review period due to weak consumer confidence[4] - In Taiwan, sales revenue in local currency decreased by 12.5% due to deteriorating market conditions and consumer behavior[4] - In China, sales revenue in local currency grew by 28.3% as the group continued to expand its retail network[4] - Revenue from luxury goods sales amounted to HKD 893,140,000, a slight decrease from HKD 902,856,000 in the previous year, reflecting a decline of about 1.9%[21] - Revenue from Hong Kong was HKD 566,670,000, while Taiwan contributed HKD 251,984,000, showing a decline of 1.1% and 6.7% respectively compared to the previous year[24] Investment and Financial Position - The group achieved a profit of HKD 29 million from prudent management of its investment portfolio during the review period[5] - The group holds net cash of HKD 2.72 billion, positioning it well to navigate the challenging retail environment and potential economic downturns[7] - The net asset value as of September 30, 2025, was HKD 3,723,302,000, up from HKD 3,533,811,000 as of March 31, 2025, indicating an increase of about 5.4%[12] - Current assets increased to HKD 4,522,135,000 from HKD 4,313,977,000, reflecting a growth of about 4.8%[12] - The total liabilities as of September 30, 2025, were HKD 1,289,875,000, slightly up from HKD 1,089,620,000, representing an increase of approximately 18.3%[12] - Cash and bank balances stood at HKD 3,338,778,000, an increase from HKD 3,275,825,000, reflecting a growth of approximately 1.9%[12] - The group's net current financial resources stood at HKD 2.72 billion, an increase from HKD 2.67 billion as of March 31, 2025, with cash and bank balances of HKD 3.338 billion[39] Market Outlook and Strategy - The outlook for the Hong Kong retail market remains weak due to structural changes in consumer behavior and competition from mainland China[6] - The group plans to actively seek new strategic investments to pursue business growth amid changing retail environments[7] Assets and Liabilities - Non-current assets totaled HKD 491,042,000 as of September 30, 2025, down from HKD 569,760,000, a decrease of approximately 13.7%[12] - The company reported a total of HKD 1,097,880,000 in total assets as of September 30, 2025, compared to HKD 1,078,495,000 as of March 31, 2025, showing a slight increase[30] - The effective borrowing interest rate as of September 30, 2025, was 4.21%, up from 3.88% as of March 31, 2025[33] - Commercial payables amounted to HKD 101,193,000, a decrease from HKD 107,676,000 in the previous period, reflecting a decline of approximately 6%[34] - The company has capital commitments of HKD 247,000 as of September 30, 2025, significantly reduced from HKD 7,386,000 as of March 31, 2025[36] - As of September 30, 2025, the company's contingent liabilities amounted to HKD 555.76 million, down from HKD 723.39 million as of March 31, 2025[37] Employee Costs - The total employee cost, including directors' remuneration, was HKD 116.6 million, compared to HKD 114.9 million in 2024, with a workforce of 590 employees[38] Corporate Governance - The company has been adhering to high standards of corporate governance, which is crucial for managing business risks and enhancing shareholder value[45] - The proposal for privatization was not approved and will not be implemented, ensuring the company's continued listing on the stock exchange[47] Accounting and Compliance - The company has not adopted any new accounting standards or interpretations that have not yet come into effect during the reporting period[16] - No share buybacks or redemptions occurred during the review period, and the company does not hold any treasury shares[44] - The company maintained a zero debt-to-capital ratio, indicating no reliance on bank loans after accounting for cash reserves[41] - The current ratio was 4.1 times as of September 30, 2025, compared to 4.0 times as of March 31, 2025[41]

Financial Performance - Revenue for the six months ended September 30, 2025, increased to HK$823,159,000, up 9.7% from HK$750,422,000 in the same period of 2024[12] - Gross profit for the same period rose to HK$160,197,000, representing a 12.6% increase compared to HK$142,234,000 in 2024[12] - Operating profit surged to HK$18,896,000, a significant increase from HK$1,115,000 in the previous year, marking a growth of 1,594%[12] - Profit for the period reached HK$15,337,000, compared to HK$1,214,000 in 2024, reflecting a growth of 1,166%[12] - Basic earnings per share increased to 3.4 HK cents, up from 0.3 HK cents in the same period last year[12] - Total comprehensive income for the period ended September 30, 2025, was HK$15,635,000, a significant increase from HK$4,439,000 for the same period in 2024[20] - The Group's unaudited consolidated net profit was approximately HK$15,337,000, an increase of approximately 1,163.3% from HK$1,214,000 in the corresponding period last year[126] Assets and Liabilities - Total assets as of September 30, 2025, amounted to HK$2,118,693,000, an increase from HK$1,957,197,000 as of March 31, 2025[16] - Total liabilities increased to HK$740,127,000 as of September 30, 2025, up from HK$594,266,000 as of March 31, 2025, representing a growth of 24.6%[18] - Total equity attributable to shareholders rose to HK$1,378,566,000, compared to HK$1,362,931,000 at the end of the previous fiscal year[16] - The company's total equity as of September 30, 2025, was HK$1,378,566,000, slightly up from HK$1,373,738,000 as of April 1, 2024[20] - The Group's total assets as of 30th September 2025 were HK$2,118,693,000, reflecting a strong financial position[55] - The Group's gearing ratio increased to 34.9% as of September 30, 2025, compared to 30.4% as of March 31, 2025, indicating a rise in total liabilities relative to total assets[175] Cash Flow and Investments - Net cash flows from operating activities for the six months ended September 30, 2025, were HK$47,715,000, compared to a cash outflow of HK$39,809,000 for the same period in 2024[22] - Cash flows used in investing activities for the six months ended September 30, 2025, were HK$25,048,000, a decrease from HK$54,002,000 in the same period of 2024[24] - Capital expenditure for the period totaled HK$40,797,000, with HK$9,449,000 allocated to hi-tech distribution, HK$31,078,000 to leasing, and HK$270,000 to electronic payment solutions[47] - Total capital expenditure for the six months ended 30th September 2025 was HK$40,797,000, compared to HK$87,530,000 in 2024, indicating a decrease of 53.5%[87] Revenue Breakdown - Revenue from sales of goods was HK$726,292,000, up from HK$695,706,000, reflecting a growth of 4.5%[37] - Revenue from the hi-tech distribution and services segment was HK$678,433,000, contributing significantly to the overall revenue[62] - The hi-tech distribution and services segment generated HK$767,818,000 in revenue, while the leasing segment contributed HK$53,917,000[47] - Revenue from the PRC, including Hong Kong, was HK$746,219,000, showing growth from HK$718,135,000 in 2024[62] - The electronic payment solution segment reported a revenue of HK$1,424,000, with a segment loss of HK$2,135,000[47] Segment Performance - The hi-tech distribution and services division reported a 13.2% revenue increase year-over-year, driven by demand in mobile phones, automotive electronics, drones, and home appliances[125] - The leasing division experienced a 23.7% revenue decline due to reduced leasing needs from customers who purchased their own equipment[125] - The electronic payment solution division recorded a 6.5% revenue rise, supported by the expansion of offline payment services since December 2024[125] - The segment results for hi-tech distribution and services showed a profit of HK$24,885,000, while electronic payment solutions reported a loss of HK$2,350,000[62] Shareholder Information - The total share capital of the company as of September 30, 2025, was HK$45,450,000, unchanged from the previous periods[105] - Zhang Yifan holds a controlling interest of 56.55% in the company, with 257,003,901 shares[188] - The total number of ordinary shares issued is 454,509,311[193] - Lu Ying holds 51,752,205 shares, representing 11.39% of the total shares[193] Employee and Management Costs - Total staff costs for the six months ended September 30, 2025, amounted to approximately HK$72,220,000, slightly up from HK$71,845,000 for the same period in 2024[180] - The group employed 369 staff as of September 30, 2025, an increase from 331 staff a year earlier[180] - Key management compensation for the six months ended September 30, 2025, was HK$8,217,000, consistent with the previous year[113] Economic Outlook - Global GDP growth is projected to ease to 3.0% in 2025 and stabilize at 3.1% in 2026 according to the IMF[150] - Global electric vehicle sales are forecast to exceed 20 million units in 2025, representing a 25% market share of all new light-duty passenger vehicles sold worldwide[155] - The Group expects the global smartphone shipment volume to maintain moderate growth, reaching 1.3 to 1.35 billion units by 2028, supported by the integration of AI features in mid-range smartphones[156] Corporate Governance - The company has a share option scheme in place to reward participants who contribute to the Group, which is valid for ten years from its adoption date[106] - The company is committed to aligning the interests of eligible participants with those of shareholders[195] - No share options were exercised during the six months ended September 30, 2025 and 2024[109]

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。 GOLDEN RESOURCES DEVELOPMENT INTERNATIONAL LIMITED 金 源 發 展 國 際 實 業 有 限 公 司 （於百慕達註冊成立之有限公司） (股份代號： 677) 2025∕2026 年 度 中 期 業 績 公 告 截 至 2025 年 9 月 30 日 止 6 個 月 中期業績概要 Golden Resources Development International Limited（金源發展國際實業有限公司）（「本公 司」）董事會公佈本公司及其附屬公司（「本集團」）截至 2025 年 9 月 30 日止 6 個月之未經 審核綜合業績如下： 簡明綜合損益表 | | | 截至 9 月 | 30 | 日止 6 個月 | | | --- | --- | --- | --- | --- | --- | | | | 2025 年 | | 2024 | 年 | | | | ...

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。 (於香港註冊成立的有限公司) (股份代號︰266) 截至二零二五年九月三十日止六個月 中期業績之初步公告 (以港幣列示) | | | 於二零二五年 | | 於二零二五年 | | | --- | --- | --- | --- | --- | --- | | | 附註 | 九月三十日 | | 三月三十一日 | | | | | 千元 | 千元 | 千元 | 千元 | | 非流動資產 | | | | | | | 固定資產 | | | | | | | — 投資物業 | | | 7,027,240 | | 7,250,030 | | — 其他物業、廠房及設備 | | | 42,967 | | 44,462 | | | | | 7,070,207 | | 7,294,492 | | 遞延稅項資產 | | | 311 | | 226 | | | | | 7,070,518 | | 7,294,718 | | 流動資產 ...

Financial Performance - For the six months ended September 30, 2025, the revenue was approximately HKD 55,993,000, a decrease of about 22% compared to HKD 72,141,000 in the same period last year[4] - The loss attributable to equity holders of the company for the six months ended September 30, 2025, was approximately HKD 5,801,000, compared to a net loss of approximately HKD 480,000 in the same period last year[4] - The operating loss for the six months ended September 30, 2025, was HKD 5,711,000, compared to an operating loss of HKD 288,000 in the same period last year[6] - The company reported a gross profit of HKD 4,726,000 for the six months ended September 30, 2025, down from HKD 8,579,000 in the same period last year[6] - Reported segment profit for the six months ended September 30, 2025, was HKD 5,022,000, down from HKD 8,926,000 in 2024, indicating a decrease of about 43.5%[17] - The company reported a loss before tax of HKD 5,801,000 for the six months ended September 30, 2025, compared to a loss of HKD 480,000 in the same period of 2024[17] - The basic and diluted loss per share for the six months ended September 30, 2025, was HKD 1.78, compared to HKD 0.15 in the same period last year[6] - Basic loss per share for the six months ended September 30, 2025, was HKD 0.0177, compared to HKD 0.0015 for the same period in 2024[21] Cash Flow and Assets - The net cash used in operating activities for the six months ended September 30, 2025, was HKD 5,819,000, compared to HKD 2,077,000 in the same period last year[8] - The total assets less current liabilities as of September 30, 2025, amounted to HKD 73,677,000, compared to HKD 77,145,000 as of March 31, 2025[7] - The cash and cash equivalents as of September 30, 2025, were HKD 84,947,000, a decrease from HKD 87,196,000 as of March 31, 2025[8] - The company’s total equity attributable to equity holders decreased to HKD 71,275,000 as of September 30, 2025, from HKD 77,145,000 as of March 31, 2025[7] - Trade receivables as of September 30, 2025, amounted to HKD 30,405,000, significantly reduced from HKD 60,824,000 as of March 31, 2025, reflecting a decrease of approximately 50%[23] - The group’s total cash and bank balances amounted to approximately HKD 84,947,000 as of September 30, 2025[33] - The net current assets of the group were approximately HKD 69,821,000 as of September 30, 2025, with total borrowings of approximately HKD 9,278,000[35] Revenue Breakdown - Revenue from the rail transit business was approximately HKD 28,254,000, a decrease of about 29% from HKD 39,583,000 in the same period last year[28] - Revenue from the CRM business was approximately HKD 27,739,000, a decrease of about 15% from HKD 32,558,000 in the previous year[29] - The company’s segment revenue from China for the six months ended September 30, 2025, was HKD 54,598,000, down from HKD 70,428,000 in 2024, a decline of approximately 22.5%[16] - The company’s segment revenue from Hong Kong for the same period was HKD 3,089,000, down from HKD 3,536,000 in 2024, a decrease of about 12.7%[16] Expenses - Sales expenses were approximately HKD 3,573,000, a decrease of about 25% compared to HKD 4,742,000 in the previous year[29] - Administrative expenses increased by approximately 49% to HKD 8,512,000, primarily due to impairment losses on trade receivables and office relocation costs[29] - The company’s financial costs for the six months ended September 30, 2025, were HKD 90,000, down from HKD 192,000 in 2024, indicating a reduction of approximately 53.1%[17] - The employee costs for the six months ended September 30, 2025, were approximately HKD 9,582,000, a decrease from HKD 9,848,000 in the previous year[34] Corporate Governance - The company has adopted a code of conduct for securities trading for its directors, ensuring compliance with GEM Listing Rules from September 30, 2025[42] - The company has consistently applied and adhered to the principles and provisions of the corporate governance code as per GEM Listing Rules Appendix C1 during the review period[43] - There are no conflicts of interest reported among directors, controlling shareholders, or their associates in any business that directly or indirectly competes with the company[44] - No shares of the company were purchased, sold, or redeemed by any member of the group during the review period[45] - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited performance for the six months ending September 30, 2025, and confirmed compliance with applicable accounting standards and regulations[46] Shareholder Information - The major shareholder, Li Jiancheng, held 50.52% of the company's ordinary shares, with additional interests through related entities[39] - The group had a total of 147 employees as of September 30, 2025, down from 154 employees in the previous year[34] Investment and Future Strategy - The company is investing heavily in R&D, utilizing AI technology to enhance operational safety and reduce costs[26] - The CRM business is expanding in the Greater Bay Area, with significant growth opportunities in finance, e-commerce, and government sectors[26] - The company is adapting its business strategy to address increased competition and changing market demands in the rail transit and CRM sectors[26] - The total amount raised from the subscription was HKD 80.0 million, with a net amount of approximately HKD 79.0 million after expenses and professional fees[32] - As of September 30, 2025, the actual use of the funds from the 2016 subscription included HKD 30.0 million for existing vehicle information systems and HKD 41.1 million for the development of smart city projects[32] - The company has utilized all funds from the 2016 subscription according to the originally disclosed purposes[32]

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。 China Sinostar Group Company Limited 中國華星集團有限公司 （ 於 百 慕 達 註 冊 成 立 之 有 限 公 司 ） （股份代號：485） 截至二零二五年九月三十日止六個月之中期業績 中期業績 中 國 華 星 集 團 有 限 公 司（「本公司」）董 事（「董 事」，各 自 為「董 事」）局（「董事局」）欣 然 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 簡 明 綜 合 中 期 業 績（已 由 董 事 局 審 核 委 員 會（「審核委員會」）審 閱）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 | | | --- ...

Financial Performance - The company's revenue for the six months ended September 30, 2025, was HKD 148,202,000, a decrease of 2.4% compared to HKD 151,747,000 for the same period in 2024[4] - Gross profit for the same period was HKD 99,785,000, down 3.4% from HKD 103,318,000 year-on-year[4] - The operating loss after investment property valuation changes was HKD 131,575,000, significantly improved from a loss of HKD 472,005,000 in the previous year[4] - The company reported a pre-tax loss of HKD 134,848,000, compared to a pre-tax loss of HKD 477,501,000 in the prior period, indicating a reduction in losses[4] - Basic and diluted loss per share was HKD 0.41, an improvement from HKD 1.36 in the same period last year[4] - For the six months ended September 30, 2025, the company's operating profit before changes in investment property valuation was HKD 89.7 million, a decrease of approximately 7.3% compared to the same period last year[23] - The company's loss attributable to equity shareholders for the six months ended September 30, 2025, was HKD 148.4 million, significantly improved from a loss of HKD 490.9 million in the same period last year[23] Assets and Equity - Total assets as of September 30, 2025, were HKD 7,266,433,000, a decrease from HKD 7,479,067,000 as of March 31, 2025[5] - The total equity of the company as of September 30, 2025, was HKD 6,931.3 million, down from HKD 7,148.1 million as of March 31, 2025[23] Cash Flow and Financing - The company’s cash and cash equivalents increased to HKD 555,358,000 from HKD 510,838,000, reflecting improved liquidity[5] - Financing costs decreased to HKD 3,273,000 from HKD 5,496,000, indicating a reduction in interest expenses[15] - The company has a bank credit utilization of HKD 200 million as of September 30, 2025, with a capital debt ratio of 2.9%[23] Income and Revenue Sources - Other income for the period was HKD 8,561,000, down 25.1% from HKD 11,438,000 in the previous year[14] - The rental income from the International Plaza for the same period was approximately HKD 147 million, down about 2.3% year-on-year, with an occupancy rate of 74.8% as of September 30, 2025, compared to 77.0% a year earlier[23] - The company has a diversified customer base, with one customer contributing approximately HKD 19,395,000, representing over 10% of total revenue[11] Dividends and Shareholder Information - The interim dividend declared is HKD 0.14 per share for the six months ended September 30, 2025, compared to HKD 0.16 per share for the same period last year, totaling HKD 50.4 million[17] Employee and Governance - The company employed 34 staff members as of September 30, 2025, with related expenses of approximately HKD 13.5 million for the period[23] - The company has complied with the Corporate Governance Code as per the Hong Kong Stock Exchange rules, except for the lack of insurance arrangements for directors facing legal actions[29] - The board has reviewed the need for an internal audit function and determined that the current risk management and internal control systems are sufficient, thus no immediate need for such a function exists[30] - The company has not disclosed the remuneration details of senior management by salary band in the annual report, believing that such disclosure could lead to inappropriate comparisons among employees[30] - All directors have confirmed compliance with the Standard Code for Securities Transactions during the six months ending September 30, 2025[31] Future Outlook - The company anticipates that rental income and operating performance for the second half of the year will be negatively impacted despite interest rate cuts and government measures to boost the economy[24] Reporting - The interim report for the six months ending September 30, 2025, will be published on the Hong Kong Stock Exchange and the company's website at an appropriate time[32] Securities Transactions - The company has not repurchased, sold, or redeemed any of its listed securities during the six months ended September 30, 2025[28]

2025 中期報告 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市的公 司帶有較高投資風險。有意投資者應了解投資於該等公司的潛在風險，並應經過審慎周詳的 考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於主板買賣的證券承受 較大的市場波動風險，同時無法保證在GEM買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告之內容概不負責，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報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。 本報告的資料乃遵照《聯交所的GEM證券上市規則》（「GEM上市規則」）而刊載，旨在提供有關 禮建德集團控股有限公司（「本公司」，連同其附屬公司「本集團」）的資料。本公司的董事（「董 事」）願就本報告的資料共同及個別地承擔全部責任。各董事在作出一切合理查詢後，確認就 其所知及所信，本報告所載資料在各重要方面均屬準確完備，沒有誤導或欺詐成分，且並無 遺漏其他事項，足以令致本報告或其所載任何陳述產生誤導。 1 禮建德集 ...