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 就 因 本 公 告 全 部 或 任 何 部 分 內 容 所 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 瑞森生活服務有限公司 RUISEN LIFE SERVICE CO, LIMITED （於開曼群島註冊成立的有限公司） （ 股 份 代 號：1922） 截至2024年12月31日止年度 年度業績公告 及 繼續暫停買賣 業績摘要 1 • 於2024年的收益約為人民幣1,955.7百 萬 元，較2023年約人民幣1,973.2 百萬元減少約0.9%。 • 於2024年的毛利約為人民幣272.0百 萬 元，較2023年約人民幣311.3百 萬 元減少約12.6%。於2024年的毛利率約為13.9%，較2023年 約15.8%減 少 1.9個 百 分 點。 • 於2024年的虧損約為人民幣20.6百 萬 元，較2023年溢利約人民幣97.0百 萬元減少約121.2%。2024年的淨虧損率約為1. ...

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 就 因 本 公 告 全 部 或 任 何 部 分 內 容 所 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 瑞森生活服務有限公司 RUISEN LIFE SERVICE CO, LIMITED （於開曼群島註冊成立的有限公司） 中期業績 瑞 森 生 活 服 務 有 限 公 司（「本公司」）之 董 事（「董 事」，各「董 事」）會（「董事會」）欣 然 公 佈 本 公 司 及 其 附 屬 公 司（「本集團」）截 至2024年6月3 0日止六個月之未經審 核 中 期 簡 明 綜 合 財 務 資 料，連 同 截 至2023年6月3 0日 止 六 個 月 之 比 較 數 字。 中期簡明綜合損益及其他全面收益表 | | | 截 至6月3 | 0日止六個月 | | --- | --- | --- | --- | | | 附 註 | 2024年 | 2023年 | | | | 人民幣千元 | 人民幣千元 | ...

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的任何損失承擔任何責任。 Litian Pictures Holdings Limited 力 天 影 業 控 股 有 限 公 司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股 份 代 號：9958） 2024年1月1日至2025年6月30日期間的 末期業績公告 財務摘要 力天影業控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此公佈2024年 1月1日至2025年6月30日期間（「報告期」）的本公司及其附屬公司（統稱「本集團」） 經審核綜合財務業績，連同截至2023年12月31日止年度的比較數字。本集團的末期 業績已由董事會審核委員會（「審核委員會」）審閱。 1 • 2024年1月1日至2025年6月30日期間的收益為約人民幣132.8百萬元，而截至 2023年12月31日止年度為約人民幣113.4百萬元。 • 2024年1月1日至2025年6月30日期間的毛損為約人民幣394.2百萬元，而截至 ...

2025/2026年度之中期業績公告 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。 （於香港註冊成立之有限公司） （股份代號：1711） 歐化國際有限公司 2025/2026年度之中期業績公告 – 1 – 業務回顧 本集團乃一家主要由歐洲進口優質傢俬的領先零售商。本公司自2018年1月起在香港 聯合交易所有限公司主板上市。 由於本集團實施了有效的成本節省措施，其於本期間的淨虧損大幅收窄至2,700,000 港元（2024年：11,100,000港元）。每股基本虧損為0.33港仙（2024年：1.39港仙）。 歐化國際有限公司（「本公司」）之董事會（「董事會」或「董事」）宣佈本公司及其附屬公 司（統稱「本集團」）截至2025年9月30日止六個月（「本期間」）之未經審核簡明綜合業 績。 管理層討論及分析 於本期間，經營環境仍然充滿挑戰且複雜多變，因此本集團的總收入減少至66,800,000 港元（2024年：79,400,000港元）。毛利為37,20 ...

Revenue Performance - For the six months ended September 30, 2025, the group's revenue increased by approximately HKD 25.8 million or 12.6% to approximately HKD 230.6 million from approximately HKD 204.8 million for the same period in 2024[11]. - The revenue from the security services segment rose by approximately HKD 13.0 million or 6.8% to approximately HKD 205.5 million, driven by increases in general security services, event and crisis security services, and manpower support services[12]. - Facility management services revenue increased by approximately HKD 0.7 million or 5.9% to approximately HKD 13.0 million, primarily due to overall price increases in contract renewals[13]. - Revenue for the six months ended September 30, 2025, was HKD 230,609,000, representing a 12.6% increase from HKD 204,819,000 in the same period of 2024[76]. - The group’s external revenue from security services was HKD 205,530,000, while facility management services generated HKD 13,045,000, and security system services contributed HKD 12,034,000[88]. Profitability and Expenses - The total profit and comprehensive income for the period decreased by approximately HKD 2.4 million or 46.3% to approximately HKD 2.8 million, with the net profit margin dropping from approximately 2.6% to approximately 1.2%[23]. - Employee benefits expenses rose by approximately HKD 18.4 million or 9.9% to approximately HKD 204.5 million, mainly due to a 5.25% increase in the statutory minimum wage and an increase in total employees from new service contracts[16]. - Other operating expenses increased by approximately HKD 2.7 million or 34.6% to approximately HKD 10.7 million, attributed to higher legal and professional fees for security services and IT expenses[21]. - The income tax expense increased by approximately HKD 0.2 million or 12.4% to approximately HKD 1.7 million, mainly due to an increase in taxable profits[22]. - Sales and marketing expenses decreased by approximately HKD 0.2 million or 21.5% to approximately HKD 0.8 million, primarily due to a reduction in security personnel dispatched to the private sector[18]. - Subcontracting costs increased by approximately HKD 2.0 million or 67.6% to approximately HKD 5.0 million, mainly due to an increase in subcontracted services for security systems[19]. Financial Position - As of September 30, 2025, the group's bank balance and cash amounted to approximately HKD 46.0 million, a decrease of about HKD 8.7 million or 15.8% from HKD 54.7 million on March 31, 2025[24]. - The current ratio as of September 30, 2025, was approximately 3.8 times, down from 4.5 times on March 31, 2025[24]. - Trade receivables and unverified income as of September 30, 2025, were approximately HKD 156.0 million, an increase from HKD 146.2 million on March 31, 2025[29]. - As of September 30, 2025, the group had a total borrowing of approximately HKD 2.7 million, with a debt-to-equity ratio of 1.3%[24]. - Total assets as of September 30, 2025, were HKD 252,049,000, an increase from HKD 237,965,000 as of March 31, 2025[77]. - Current liabilities rose to HKD 66,786,000 from HKD 52,776,000, indicating a 26.6% increase[77]. - Cash and cash equivalents at the end of the period were HKD 46,029,000, down from HKD 54,696,000, a decrease of 16.4%[80]. - The company’s total equity increased to HKD 202,973,000 from HKD 202,820,000, reflecting a slight growth[77]. Shareholder Information - International Yongsheng BVI holds 70.0% of the company's shares, with 560,000,000 shares outstanding as of September 30, 2025[51]. - The company is owned 33.33% by Senye, which is fully owned by Mr. Ma Qiaosheng, indicating a significant ownership structure[55]. - The major shareholders include International Yongsheng BVI, Senye, Wenhua, and Jianqiao, each holding 560,000,000 shares, representing 70.0% of the issued share capital[51]. - The spouses of the major shareholders are also considered to have interests in the shares held by their respective partners[55]. Corporate Governance - The company has adopted the principles and code provisions of the Corporate Governance Code as the basis for its corporate governance practices[61]. - The company maintained the required public float as per the listing rules as of September 30, 2025[66]. - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited condensed consolidated financial statements for the six months ending September 30, 2025[69]. Dividends and Proceeds - The company did not declare an interim dividend for the six months ending September 30, 2025[59]. - The company declared dividends amounting to HKD 2,700,000 during the period[79]. - The total net proceeds from the GEM listing amounted to approximately HKD 32.0 million, with HKD 27.3 million already utilized[58]. - The company plans to delay the use of unutilized proceeds of HKD 4.1 million for purchasing machinery and equipment, and HKD 3 million for IT infrastructure upgrades by 12 months, now expected to be fully utilized by March 31, 2026[58]. Cash Flow and Investments - Operating cash flow before changes in working capital was HKD 6,288,000, compared to HKD 8,249,000 in the previous year[80]. - The company reported a net cash outflow from operating activities of HKD 5,276,000, a significant improvement from HKD 53,735,000 in the prior year[80]. - The company invested HKD 1,062,000 in property, plant, and equipment, and HKD 2,035,000 in right-of-use assets during the period, compared to HKD 109,000 and zero respectively in the previous year[95]. Trade Receivables and Payables - Trade receivables from third parties increased to HKD 109,815,000 as of September 30, 2025, compared to HKD 94,094,000 as of March 31, 2025, reflecting a growth of approximately 16.7%[96]. - Total trade and other receivables and deposits amounted to HKD 202,405,000 as of September 30, 2025, up from HKD 180,196,000 as of March 31, 2025, indicating an increase of about 12.3%[96]. - The aging analysis of trade receivables shows that amounts overdue by more than 120 days rose to HKD 49,262,000 as of September 30, 2025, compared to HKD 24,420,000 as of March 31, 2025, representing a significant increase of 101.5%[98]. - Trade payables increased significantly to HKD 16,441,000 as of September 30, 2025, from HKD 2,756,000 as of March 31, 2025, reflecting a growth of approximately 493.5%[99].

Revenue Performance - For the six months ending September 30, 2025, the group's revenue increased by approximately HKD 25.8 million or 12.6% to approximately HKD 230.6 million from approximately HKD 204.8 million for the same period in 2024[12]. - The revenue from the security services segment rose by approximately HKD 13.0 million or 6.8% to approximately HKD 205.5 million, driven by increases in general security services, event and crisis security services, and manpower support services[13]. - Facility management services revenue increased by approximately HKD 0.7 million or 5.9% to approximately HKD 13.0 million, primarily due to overall price increases in contract renewals[14]. - The new security systems service segment generated revenue of approximately HKD 12.0 million for the six months ending September 30, 2025[15]. - Revenue for the six months ended September 30, 2025, was HKD 230,609,000, an increase of 12.6% compared to HKD 204,819,000 for the same period in 2024[77]. - The general security services segment generated revenue of HKD 94,344,000, up from HKD 85,192,000 in 2024, marking a growth of 13.5%[86]. - The company provided security system services for the first time, generating revenue of HKD 12,034,000[86]. - Total revenue for the six months ended September 30, 2025, was HKD 230,609,000, an increase from HKD 204,819,000 for the same period in 2024, representing a growth of approximately 12.6%[89]. Profit and Income - Total profit and comprehensive income decreased by approximately HKD 2.4 million or 46.3% to about HKD 2.8 million for the six months ending September 30, 2025, with a net profit margin dropping from approximately 2.6% to 1.2%[24]. - The pre-tax profit for the period was HKD 4,560,000, down 33.1% from HKD 6,819,000 in the previous year[77]. - Total comprehensive income for the period was HKD 2,853,000, a decrease of 46.0% compared to HKD 5,290,000 in the same period last year[77]. - Basic earnings per share for the period was HKD 0.57, down from HKD 0.67 in the previous year, representing a decline of 14.9%[77]. - Basic earnings attributable to the company's owners for the six months ended September 30, 2025, were HKD 4,593,000, compared to HKD 5,349,000 in 2024, a decrease of about 14.1%[95]. - The company declared dividends of HKD (2,700,000) for the period ended September 30, 2025, compared to HKD (9,600,000) in the same period of 2024, reflecting a reduction in dividend payouts[86]. Expenses and Costs - Employee benefits expenses rose by approximately HKD 18.4 million or 9.9% to approximately HKD 204.5 million, mainly due to a 5.25% increase in the statutory minimum wage and an increase in the total number of employees from new service contracts[17]. - Sales and marketing expenses decreased by approximately HKD 0.2 million or 21.5% to approximately HKD 0.8 million, attributed to a reduction in security personnel dispatched to the private sector[19]. - Subcontracting costs increased by approximately HKD 2.0 million or 67.6% to approximately HKD 5.0 million, mainly due to a decrease in the number of subcontracted security services and an increase in subcontracted services for security systems[20]. - Other operating expenses rose by approximately HKD 2.7 million or 34.6% to approximately HKD 10.7 million, primarily due to increased legal and professional fees for security and safety services[22]. Financial Position - Cash and bank balances decreased by approximately HKD 8.7 million or 15.8% to about HKD 46.0 million as of September 30, 2025[25]. - The current ratio decreased from approximately 4.5 times as of March 31, 2025, to about 3.8 times as of September 30, 2025[25]. - Trade receivables and unbilled revenue increased to approximately HKD 156.0 million as of September 30, 2025, from HKD 146.2 million as of March 31, 2025[30]. - Non-current assets increased to HKD 18,499,000 as of September 30, 2025, compared to HKD 18,119,000 as of March 31, 2025[78]. - Current assets rose to HKD 252,049,000 from HKD 237,965,000, reflecting an increase of 5.9%[78]. - Total liabilities increased to HKD 66,786,000 from HKD 52,776,000, marking a rise of 26.6%[78]. - The company's equity attributable to owners increased to HKD 205,320,000 from HKD 203,416,000, a growth of 0.9%[78]. - The company reported a net cash position of HKD 46,029,000 as of September 30, 2025, down from HKD 54,696,000[78]. Shareholding and Corporate Governance - As of September 30, 2025, the company has a total of 800,000,000 shares issued[45]. - Mr. Ma Qiaosheng, Mr. Ma Qiaowu, and Mr. Ma Qiaowen each hold 560,000,000 shares, representing 70.0% of the company's issued share capital[44]. - International Yongsheng BVI, owned by the company, holds 560,000,000 shares, also accounting for 70.0% of the issued share capital[52]. - The company has three controlled corporations: Senye, Wenhua, and Jianqiao, each holding 560,000,000 shares, which is 70.0% of the issued share capital[52]. - All major shareholders, including spouses of directors, hold 560,000,000 shares, equating to 70.0% of the company's issued share capital[52]. - The company is subject to the Securities and Futures Ordinance, which governs the disclosure of interests and short positions[44]. - The directors and senior management have no other disclosed interests in the company's shares or related securities as of September 30, 2025[51]. - The company is recognized as a concert party under the Securities and Futures Ordinance, which affects the ownership disclosure of shares held through controlled corporations[48]. - The ownership structure indicates a significant concentration of control among the three directors, each holding substantial shares through their respective controlled entities[45]. - The company maintains compliance with the listing rules and regulations regarding the disclosure of interests and shareholdings[51]. - The company adopted a share option scheme on September 20, 2019, with no options granted or agreed to be granted as of September 30, 2025[55]. - The company has complied with the corporate governance code during the six months ended September 30, 2025[63]. Future Plans and Investments - The group aims to expand its security services and enhance facility management capabilities while selectively seeking strategic acquisition and investment opportunities[42]. - The company plans to utilize unutilized net proceeds for purchasing machinery and upgrading IT infrastructure by March 31, 2026[59]. - The company has plans to enhance its facility management service capabilities, with HKD 4.1 million of equipment purchases expected to be utilized by March 31, 2026[59]. - The company has utilized HKD 14.2 million for expanding security services, with all funds fully utilized[57]. - The company plans to continue expanding its service offerings in security and facility management sectors to enhance revenue growth[83]. Cash Flow and Operating Activities - The operating cash flow before changes in working capital was HKD 6,288,000 for the six months ended September 30, 2025, down from HKD 8,249,000 in 2024, indicating a decrease of 11.6%[81]. - The net cash used in operating activities was HKD (5,276,000) for the six months ended September 30, 2025, compared to HKD (53,735,000) in 2024, showing a significant improvement[81]. - The company’s cash and cash equivalents decreased by HKD 8,678,000, ending at HKD 46,029,000 as of September 30, 2025, compared to HKD 19,315,000 in 2024[81].

Financial Performance - For the six months ended September 30, 2025, the company reported revenue of HKD 228,330,000, a decrease of 26.5% compared to HKD 310,905,000 for the same period in 2024[3] - The gross profit for the same period was HKD 13,563,000, down 47.5% from HKD 25,782,000 in 2024[3] - The operating loss for the six months was HKD 10,123,000, compared to an operating profit of HKD 1,577,000 in the previous year[3] - The net loss attributable to shareholders was HKD 11,523,000, compared to a profit of HKD 70,000 in 2024[3] - Revenue for the six months ended September 30, 2025, was HKD 228,330,000, a decrease of 26.5% compared to HKD 310,905,000 for the same period in 2024[14] - The pre-tax loss for the six months ended September 30, 2025, was HKD 11,523,000, compared to a profit of HKD 70,000 in 2024, resulting in a basic loss per share of HKD (0.12)[26] - The group reported a decrease in non-current lease liabilities from HKD 42,011,000 as of March 31, 2025, to HKD 21,191,000 as of September 30, 2025[31] - Gross profit fell by approximately 47.4% from about HKD 25.8 million to approximately HKD 13.6 million, with a gross margin of about 5.9%, down 2.4 percentage points from 8.3% in the same period last year[50] - The group recorded a loss attributable to shareholders of approximately HKD 11.6 million, a significant decline from a profit of approximately HKD 70,000 in the same period last year[55] Assets and Liabilities - The company's total assets decreased to HKD 281,620,000 from HKD 319,981,000 as of March 31, 2025[4] - Current liabilities decreased to HKD 108,987,000 from HKD 135,657,000[5] - The company’s equity attributable to shareholders decreased to HKD 172,801,000 from HKD 184,324,000[4] - The group's current assets net value was approximately HKD 121.1 million as of September 30, 2025, compared to approximately HKD 132.6 million on March 31, 2025[56] - Trade payables as of September 30, 2025, were HKD 21,566,000, with the aging analysis showing HKD 18,182,000 due within 30 days[39] Cash Flow - Cash and cash equivalents at the end of the period were HKD 58,428,000, down from HKD 79,225,000 at the beginning of the period[9] - The net cash generated from operating activities was HKD 443,000, a significant decline from HKD 36,379,000 in the previous year[9] - The group's cash balance decreased from HKD 79,225,000 as of March 31, 2025, to HKD 58,428,000 as of September 30, 2025, reflecting a decline of approximately 26.2%[36] - The group's cash and bank balances as of September 30, 2025, totaled HKD 58,428,000, after accounting for pledged deposits of HKD 3,066,000[36] Operational Highlights - The company reported a significant reduction in air freight forwarding ground service revenue to HKD 121,768,000, down 42.5% from HKD 212,082,000 in 2024[14] - Direct labor costs for the six months ended September 30, 2025, were HKD 51,393,000, a decrease of 17.2% from HKD 62,021,000 in 2024[20] - The company’s total direct costs for the six months ended September 30, 2025, were HKD 183,217,000, down from HKD 245,918,000 in 2024, reflecting a cost reduction strategy[20] - Employee costs totaled approximately HKD 59.2 million during the review period, down from approximately HKD 69.9 million in the same period last year[61] - The group employed 324 employees as of September 30, 2025, down from 363 employees on March 31, 2025[61] Corporate Governance - The company is committed to maintaining high standards of corporate governance, which is essential for gaining and maintaining stakeholder trust[92] - The audit committee, established on February 21, 2018, is chaired by an independent non-executive director and includes three independent non-executive directors[94] - The audit committee's primary duties include reviewing financial information, overseeing the financial reporting system, and ensuring compliance with applicable accounting standards[95] - The company has complied with the corporate governance code during the review period and up to the date of this announcement[93] Shareholder Information - As of September 30, 2025, Mr. Luo Guoliang and Mr. Luo Guohao each hold 750,000,000 shares, representing 75.0% ownership in the company[76] - Dynamic Victor, the beneficial owner, also holds 750,000,000 shares, equating to 75.0% of the company's shares[78] - No shares were bought, sold, or redeemed by the company or its subsidiaries during the review period, and the company held no treasury shares as of September 30, 2025[79] - There were no reported conflicts of interest or competitive activities involving directors or controlling shareholders during the review period[80] Future Outlook - The management remains cautiously optimistic about the medium to long-term development of the industry, focusing on diversifying business models and enhancing revenue sources[48] - The company plans to fully utilize the remaining net proceeds within nine months from the announcement date, subject to market conditions[75]

Business Development and Orders - The company achieved progress in its semiconductor equipment business, securing 7 new orders for semiconductor cleaning equipment, including a high-temperature sulfuric acid cleaning (HTSPM) device [3]. - The company received 4 new orders for CUBE cleaning equipment, including repeat orders from existing customers in the power device sector [4]. - The company obtained 4 new orders for OCTOPUS cleaning equipment, with two units designated for a 12-inch wafer foundry customer, focusing on critical cleaning processes for 28nm technology [5]. - The company is actively expanding its market presence to secure more new orders and maintain a positive business development trend [9]. - The company is committed to continuous technological innovation and market expansion, aiming for improved profit performance in the future [9]. - The company continues to develop and manufacture innovative wafer fabrication equipment (WFE) and solar cell production equipment, including high-end single-wafer cleaning and LPCVD equipment [11]. - The company is focusing on market expansion and new product development as part of its strategic initiatives moving forward [25]. - The semiconductor cleaning equipment business is focusing on expanding market share in wafer thinning and enhancing operational efficiency through new customer development [69]. Financial Performance - Total revenue for the six months ended September 30 was approximately HKD 161.99 million, with sales from equipment at HKD 77.57 million and oil sales at HKD 68.44 million [14]. - The company reported a gross profit of HKD 29.75 million for the six months, compared to a gross profit of HKD 9.75 million in the previous period [14]. - The company incurred a net loss of HKD 93.28 million for the six months, compared to a net loss of HKD 165.12 million in the previous period [14]. - The company’s EBITDA for the six months was a loss of HKD 30.9 million, compared to a loss of HKD 100.8 million in the previous period [14]. - The company reported a net loss primarily due to R&D and administrative expenses of approximately HKD 93.5 million related to the semiconductor and solar energy business [4]. - The company recognized an impairment loss of approximately HKD 40.4 million on investments in associates during the reporting period [3]. - The company reported a total of HKD 464,690,000 in inventories, up from HKD 437,883,000, marking an increase of about 6.13% [27]. - The company reported a total comprehensive income for the six months ended September 30, 2025, was a loss of HKD 94,619,000, compared to a loss of HKD 156,539,000 for the same period in 2024 [26]. Assets and Liabilities - The company’s total assets amounted to HKD 2.33 billion, with total liabilities of HKD 960.34 million [15]. - The company’s net asset value attributable to equity shareholders was HKD 1.4 billion [15]. - The company’s total liabilities included interest expenses of HKD 5,341 thousand for the period [19]. - The company’s total liabilities decreased to HKD 1,548,624,000 from HKD 1,576,348,000, indicating a reduction of about 1.8% [28]. - The company has ongoing investments in construction projects valued at HKD 9,739,000, compared to HKD 8,278,000 previously, reflecting an increase of approximately 17.65% [27]. - The company has a significant amount of restricted cash totaling HKD 261,969,000, which is an increase from HKD 211,781,000, representing a growth of about 23.66% [27]. Market Trends and Projections - The global semiconductor market is projected to reach $697.1 billion by 2025, with a CAGR of 8% until 2030 [59]. - The semiconductor equipment sales are expected to grow by 9% by 2025, reaching $128 billion [59]. - The wafer cleaning equipment market is estimated to reach $7.6 billion by 2025, accounting for 6% of the global market [60]. - The domestic semiconductor cleaning equipment market in China is valued at over $2.4 billion, representing 32% of the global market [60]. - The LPCVD equipment market is expected to account for 8% of the global WFE market by 2025, approximately $10 billion [65]. - The domestic LPCVD equipment market in China is about $3.2 billion, with a localization rate of only 20% [65]. Research and Development - The LPCVD equipment platform has successfully completed major development engineering and is entering the industrialization phase, offering higher performance compared to domestic competitors [7]. - The company is developing innovative and cost-effective wet process equipment to address industry pain points and enhance customer efficiency [6]. - The company has a strong R&D team of approximately 140 personnel, with an average industry experience of over 20 years [61]. - Research and development expenses totaled HKD 53,919,000, up from HKD 33,635,000, highlighting the company's commitment to innovation [25]. Oil Production and Sales - The subsidiary Hong Bo Mining reported total oil sales of 162,861 barrels, generating total revenue of approximately HKD 85.6 million during the reporting period [13]. - The upstream oil asset acquired in 2016 continues to be influenced by geopolitical tensions and global supply-demand fluctuations, with oil prices showing less volatility compared to the previous year [70]. - Crude oil production slightly decreased by approximately 3.5% to 163,999 barrels, while total crude oil sales and net crude oil sales decreased by about 3.8% to 162,861 barrels and 130,289 barrels, respectively [74]. - Due to a decline in average crude oil prices, total crude oil sales revenue decreased by approximately 19.2% to about HKD 85.5 million, and net income decreased to HKD 68.4 million [74]. Corporate Governance and Compliance - The financial report is prepared in accordance with the applicable disclosure requirements of the Stock Exchange of Hong Kong [31]. - The company has adopted corporate governance principles to ensure high standards and transparency, aligning with shareholder interests [140]. - The board of directors has confirmed compliance with all applicable corporate governance rules during the reporting period, except for rule C.2.1 regarding the separation of roles of the chairman and CEO [141]. - The audit committee has reviewed the company's accounting principles and practices, and has no objections to the accounting treatment adopted by the company [137].

Financial Performance - The company's revenue for the six months ended September 30, 2025, was HKD 12,208,000, a decrease of 88.5% compared to HKD 105,944,000 for the same period in 2024[5]. - The cost of sales for the same period was HKD 26,353,000, resulting in a gross loss of HKD 14,145,000, compared to a gross profit of HKD 23,370,000 in 2024[5]. - Operating loss for the six months was HKD 8,031,000, a significant decline from an operating profit of HKD 1,504,000 in the previous year[5]. - The net loss attributable to the company's owners was HKD 8,319,000, compared to a loss of HKD 1,397,000 in the same period last year[5]. - The company reported a basic and diluted loss per share of HKD 1.1, compared to HKD 0.3 in the previous year[5]. - The company incurred a total comprehensive loss of HKD (7,862,000) for the six months ended September 30, 2025, compared to a loss of HKD (1,397,000) in the previous period[7]. - The company reported a loss attributable to shareholders of HKD 8,318,000 for the six months ended September 30, 2025, compared to a loss of HKD 1,397,000 for the same period in 2024, indicating a significant increase in losses[19]. - The basic and diluted loss per share for the six months ended September 30, 2025, was HKD 1.1, compared to HKD 0.3 for the same period in 2024, reflecting a worsening financial performance[19]. - The gross loss for the six months ended September 30, 2025, was approximately HKD 14.1 million, compared to a gross profit of approximately HKD 23.4 million for the same period in 2024, resulting in a gross margin decline from approximately 22.1% to a gross loss margin of about 115.9%[47]. Assets and Liabilities - The company's total assets as of September 30, 2025, were HKD 118,468,000, an increase from HKD 115,575,000 as of March 31, 2025[6]. - The company's cash and bank balances decreased to HKD 9,863,000 from HKD 13,597,000 in the previous period[6]. - The company's equity total increased to HKD 118,119,000 from HKD 115,526,000[6]. - Non-current assets totaled HKD 29,871,000, up from HKD 27,605,000[6]. - The company had total liabilities of approximately HKD 0.2 million, a decrease from approximately HKD 1.3 million as of March 31, 2025[51]. - The group's debt-to-equity ratio as of September 30, 2025, was approximately 0.2%, down from 1.1% as of March 31, 2025[59]. Cash Flow - The net cash outflow from operating activities for the six months ended September 30, 2025, was HKD (15,493,000), compared to HKD (6,356,000) in 2024, indicating a worsening cash flow situation[8]. - The company reported a net cash inflow from financing activities of HKD 9,247,000 for the six months ended September 30, 2025, compared to an outflow of HKD (1,503,000) in the previous year[8]. - The company’s cash and cash equivalents decreased by HKD 3,734,000, ending at HKD 9,863,000 as of September 30, 2025, down from HKD 41,512,000 at the beginning of the period[8]. Revenue Sources - The construction contract revenue for the six months ended September 30, 2025, was HKD 10,639,000, a decline of 89.8% from HKD 104,224,000 in 2024[12]. - Revenue for the six months ended September 30, 2025, was approximately HKD 12.2 million, a decrease of about 88.5% from approximately HKD 105.9 million for the same period in 2024, mainly due to a reduction in the number of awarded projects[45]. Operational Changes - The company plans to invest in human resources and information systems to enhance operational capabilities and efficiency in foundation and site leveling works, as well as drilling pile engineering[43]. - The company has entered into a brand collaboration with Hong Kong Wah Wei Da Enterprises Ltd. and Philippine TEADAYE CORP. to expand into the Southeast Asian tea beverage market, with new stores planned to open in July and August 2025[44]. - The company aims to acquire at least 51% equity in four "Tea Da Ye" stores located in Sheung Wan, Tseung Kwan O, Tsim Sha Tsui, and Tsuen Wan, marking a strategic move to enhance market position in the evolving beverage market[44]. - The company plans to maintain prudent financial management in project selection and cost control to improve operational efficiency and profitability[44]. Administrative and Employee Costs - Administrative expenses for the six months ended September 30, 2025, were approximately HKD 9.3 million, a decrease of about 22.0% from approximately HKD 11.9 million for the same period in 2024, primarily due to reductions in employee salaries and legal and professional fees[48]. - The total employee costs for the six months ending September 30, 2025, amounted to approximately HKD 7.2 million, a decrease from HKD 33.5 million for the same period in 2024[69]. 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 year[18]. - As of September 30, 2025, Ms. Wang Feixiang holds 47,875,000 shares, representing 5.87% of the company's total issued shares[72]. - Tibet Water Resources Co., Ltd. owns 44,000,000 shares, accounting for 5.39% of the company's total issued shares[72]. - No individuals or entities, apart from those disclosed, hold or are deemed to hold any interests or short positions in the company's shares that require disclosure under the Securities and Futures Ordinance as of September 30, 2025[73]. Corporate Governance - The company has adhered to the corporate governance code principles and rules during the reporting year, with a noted deviation regarding the separation of roles between the chairman and the CEO[80]. - The company is currently seeking a suitable candidate to fill the vacant chairman position following the resignation of Mr. Tang Guiliang on December 29, 2023[81]. - The audit committee was established on September 22, 2017, chaired by Mr. He Dingding, with members Ms. Chen Zixin and Mr. Wu Jianlong, all independent non-executive directors[82]. - The audit committee reviewed the unaudited condensed consolidated financial statements for the six months ending September 30, 2025, and found them compliant with applicable accounting standards and GEM listing rules[83].

Revenue and Profitability - Total revenue increased by approximately 6.7% from about HKD 24.0 million for the six months ended September 30, 2024, to about HKD 25.6 million for the six months ended September 30, 2025[4] - Revenue from financial advisory and independent financial advisory services amounted to approximately HKD 10.3 million and HKD 8.2 million respectively, together accounting for about 72.3% of total revenue[4] - The group recorded a profit before tax of approximately HKD 0.2 million for the period, a significant improvement from a loss of approximately HKD 11.7 million in the previous year[4] - The corporate finance advisory segment generated revenue of approximately HKD 25.6 million, up from HKD 24.0 million in the previous year, with a profit before tax of approximately HKD 2.4 million compared to a loss of HKD 10.4 million[6] - The group recorded a pre-tax profit of approximately HKD 0.2 million in 2025, a significant improvement from a pre-tax loss of approximately HKD 11.7 million in 2024[19] - The total comprehensive income for the period was HKD 193,000, compared to a loss of HKD 11.7 million in 2024[32] - The company reported a profit of HKD 210,000 for the six months ended September 30, 2025, compared to a loss of HKD 11,698,000 in the previous period[36] - Total comprehensive income for the period was HKD 212,000, a significant recovery from a loss of HKD 11,695,000 in the prior period[36] Asset and Liability Management - The net asset value decreased from approximately HKD 62.5 million as of March 31, 2025, to about HKD 60.2 million as of September 30, 2025, primarily due to the approval of a final dividend of approximately HKD 2.9 million[4] - As of September 30, 2025, total non-current assets decreased to HKD 13,841,000 from HKD 16,028,000 as of March 31, 2025, representing a decline of approximately 13.6%[34] - Current assets decreased slightly to HKD 64,160,000 from HKD 65,067,000, a reduction of about 1.4%[34] - Total liabilities decreased from HKD 9,997,000 to HKD 7,957,000, reflecting a decrease of approximately 20.5% in non-current liabilities[35] - The company's net asset value as of September 30, 2025, was HKD 60,155,000, down from HKD 62,537,000, indicating a decline of about 3.8%[35] - The total equity attributable to owners decreased to HKD 60,118,000 from HKD 62,481,000, a decline of approximately 3.8%[35] - The group maintained a cash and cash equivalents balance of approximately HKD 36.8 million as of September 30, 2025, with no bank financing or borrowings[20] - The company's cash and cash equivalents stood at HKD 50,779,000, slightly down from HKD 51,624,000, indicating a decrease of about 1.6%[34] Expenses and Cost Management - Employee benefit costs decreased by approximately 28.1% from about HKD 26.3 million in 2024 to about HKD 18.9 million in 2025[13] - Depreciation and other operating expenses decreased by approximately 13.9% from about HKD 7.9 million in 2024 to about HKD 6.8 million in 2025[18] - The group incurred total employee benefits costs of HKD 18,945,000 in 2025, down from HKD 26,256,000 in 2024, indicating a reduction of 27.7%[50] - Depreciation of property and equipment was HKD 246,000 for the six months ended September 30, 2025, compared to HKD 301,000 in 2024, a decrease of 18.3%[50] Investment and Income - Investment income decreased primarily due to a decline in interest income from bank deposits, aligning with current interest rate trends[9] - Other income and net gains decreased mainly due to foreign exchange losses from bank deposits denominated in currencies other than HKD[10] - Investment income decreased to HKD 679,000 in 2025 from HKD 937,000 in 2024, reflecting a decline of 27.5%[49] Dividend and Shareholder Returns - The board does not recommend any dividend payment for the period, consistent with the previous year[4] - The company declared dividends amounting to HKD 2,934,000 during the period, reflecting a commitment to returning value to shareholders[36] - The final dividend for the year ending March 31, 2025, is set at HKD 0.02 per share, totaling approximately HKD 2,934,000, down from HKD 3,679,000 in 2024[56] - No interim dividend was recommended for the period[57] Share Options and Employee Incentives - The 2023 Share Option Scheme aims to reward and retain top talent within the group, providing additional incentives to qualified employees to enhance the company's value for shareholders[72] - A total of 11,700,000 share options were granted under the 2023 Share Option Scheme on December 18, 2023, with an exercise price of HKD 0.72 per share[77] - The exercise period for the 2023 share options is set for five years, starting from December 18, 2023, and options cannot be exercised within the first 12 months[78] - The maximum number of options granted to any participant in a 12-month period cannot exceed 1% of the issued shares, with a reduced limit of 0.1% for major shareholders and their associates[74] - The total number of options available for exercise as of September 30, 2025, is 9,348,500 after accounting for cancellations[79] - The vesting schedule for the options includes three tranches, with the first 33% vesting from December 18, 2023, to December 17, 2024[78] - The exercise price is determined by the board and must be at least the higher of the closing price on the grant date or the average closing price over the preceding five trading days[75] - The 2023 Share Option Scheme will remain effective for a period of 10 years, expiring on September 14, 2033[76] - The scheme is designed to align the interests of employees with those of shareholders, promoting overall business success[72] - The options granted do not have performance targets or clawback mechanisms attached[77] - The total number of shares available for issuance under the 2023 share option plan is 14,319,029 shares, representing approximately 9.8% of the issued shares as of the announcement date[80] - No share options were granted under the 2023 share option plan during the period[80] - The number of share options available for grant under the 2023 share option plan as of April 1, 2025, September 30, 2025, and the announcement date are 4,670,529, 4,970,529, and 5,320,529 shares, representing approximately 3.2%, 3.4%, and 3.6% of the issued shares respectively[80] Audit and Compliance - The audit committee consists of three independent non-executive directors, with Mr. Zheng Yuhua serving as the chairman[82] - The external auditor, Guo Fu Hao Hua, did not find any issues that would lead them to believe the unaudited condensed consolidated financial statements were not prepared in accordance with the relevant accounting standards[83] - The interim report for the six months ending September 30, 2025, will be sent to shareholders and published on the company's website[84]