Financial Performance - Revenue for the six months ended August 31, 2025, was RMB 95.8 million, a decrease of 36.0% compared to RMB 149.6 million for the same period in 2024[4] - Gross profit for the same period was RMB 55.6 million, down 30.0% from RMB 79.4 million year-on-year[4] - The company reported a loss attributable to equity holders of RMB 31.4 million, compared to a loss of RMB 38.0 million in the previous year[4] - Basic loss per share was RMB 4.44, an improvement from RMB 5.39 in the prior period[4] - The reported loss for the six months ending August 31, 2025, was RMB 31,356,000, compared to a loss of RMB 39,618,000 for the same period in 2024, indicating an improvement of about 21%[16][17] - The consolidated gross profit fell by 30.0% to RMB 55.6 million, down from RMB 79.4 million in the previous year, while the overall gross margin increased by 4.9 percentage points to 58.0%[40] - The company recorded a comprehensive loss attributable to equity holders of RMB 31,400,000, an improvement from a comprehensive loss of RMB 38,000,000 in the previous year[43] Assets and Liabilities - Total assets as of August 31, 2025, were RMB 526.2 million, down from RMB 574.2 million as of February 28, 2025[8] - Total liabilities decreased to RMB 81.4 million from RMB 90.8 million in the previous reporting period[9] - Total assets as of August 31, 2025, amounted to RMB 526,154,000, with RMB 252,579,000 from mainland China and RMB 237,625,000 from other regions[20] - The total liabilities as of August 31, 2025, were RMB 81,380,000, with RMB 62,490,000 from mainland China and RMB 4,845,000 from other regions[20] - Total assets as of February 28, 2025, amounted to RMB 574,245,000, with liabilities totaling RMB 90,838,000[21] Cash Flow and Financial Position - The company’s cash and bank balances were RMB 308.99 million, a decrease from RMB 327.91 million[8] - Cash and bank balances stood at RMB 309,000,000, down from RMB 327,900,000 earlier in the year, maintaining a healthy liquidity position with a quick ratio of 4.8 times[47] - The company has not utilized any revolving loans or trade financing during the review period, indicating a stable financial situation[47] - The company has provided a bank guarantee for a maximum credit limit of RMB 92,000,000 as of August 31, 2025, with no utilization reported[65] Operational Highlights - The company is primarily engaged in the trade and sale of footwear and accessories, mainly operating in mainland China[10] - The company continues to evaluate its store network, closing underperforming stores to reduce fixed sales and distribution costs[41] - The group closed 134 self-operated stores and opened 1 franchised store, resulting in a net reduction of 133 stores in mainland China[51] - The retail network in mainland China now consists of 91 physical stores, a net decrease of 133 stores compared to the previous year[51] Market Conditions - The overall economic environment remains weak, with consumer confidence low, contributing to uncertainty in future growth potential[49] - Despite challenges, China's GDP grew by 5.3%, reflecting stable economic operations and steady production demand[49] - The overall retail sales in mainland China grew by 4.6% year-on-year, with clothing and footwear sales only increasing by 2.9%[52] E-commerce and Sales Strategy - E-commerce revenue decreased by 5.4% during the review period, reflecting a decline in consumer spending sentiment[55] - The group maintains investment in online resources and implements effective online brand management strategies, enhancing cooperation with major e-commerce platforms[57] - To reduce customer acquisition costs, the group utilizes mini-programs and private domain systems, which are independent of traditional e-commerce platforms, helping to lower overall e-commerce operating expenses[58] Employee and Governance - As of August 31, 2025, the group has a total of 379 employees, a decrease from 595 employees as of February 28, 2025[67] - Employee benefits expenses for the six months ending August 31, 2025, totaled RMB 40,200,000, down from RMB 59,300,000 in the previous year[67] - The audit committee consists of four independent non-executive directors, ensuring compliance with the relevant listing rules[69] - The company is committed to maintaining high standards of corporate governance and transparency to protect shareholder interests[71] Future Outlook - The group is cautiously optimistic about the medium to long-term outlook for the Chinese retail market, despite current consumer confidence needing recovery, believing that market growth potential will continue to expand[59] - The group plans to collaborate with influential celebrities and social media influencers to amplify brand presence and attract a younger customer demographic[61]

Financial Performance - The company achieved revenue of AUD 34.3 million for the fiscal year 2025, an increase of 18% driven by a 28.7% growth in student enrollment[13]. - Gross profit grew by 21.7% to AUD 15.5 million, with a gross margin improvement to 45.3%[13]. - Revenue increased by approximately 18.0% from about AUD 29.0 million for the year ending June 30, 2024, to about AUD 34.3 million for the year ending June 30, 2025[46]. - Gross profit rose by 21.7% from AUD 12.8 million for the year ending June 30, 2024, to AUD 15.5 million for the year ending June 30, 2025, with gross margin increasing from approximately 43.9% to 45.3%[49]. - Net profit increased by approximately 74.3% from about AUD 1.9 million for the year ending June 30, 2024, to about AUD 3.3 million for the year ending June 30, 2025[55]. - Interest income grew by 37.0% from about AUD 2.0 million for the year ending June 30, 2024, to about AUD 2.7 million for the year ending June 30, 2025, primarily due to an increase in term deposit amounts[50]. - Operating costs increased by approximately 15.0% from AUD 16.3 million for the year ending June 30, 2024, to AUD 18.7 million for the year ending June 30, 2025, in line with the increase in student enrollment[48]. - Administrative expenses rose by about 12.2% from AUD 8.3 million for the year ending June 30, 2024, to AUD 9.4 million for the year ending June 30, 2025[52]. - Marketing expenses increased by approximately 8.8% from about AUD 3.1 million for the year ending June 30, 2024, to about AUD 3.4 million for the year ending June 30, 2025[53]. Student Enrollment and Academic Programs - Student enrollment numbers reached a record high, with Perth becoming the largest campus, accounting for over half of the postgraduate population[13]. - The total number of students at the Australian National Institute of Management and Commerce (IMC) increased by 17% to 1,558 in the first semester of 2025 compared to the first semester of 2024[34]. - The full-time equivalent student load (EFTSL) for higher education services increased by approximately 28.7% for the fiscal year ending June 30, 2025[37]. - The Perth campus accounted for 54% of total enrollment in the first semester of 2025, with 93% of students being postgraduates[34]. - The company is actively pursuing new professional-oriented courses to ensure alignment with workplace demands and attract both local and international students[17]. - The group is focusing on developing new courses in response to market demand, which are pending accreditation from the higher education quality and standards agency[24]. - The law degree program received a five-year re-accreditation without conditions, maintaining the company's status as the only private, non-university institution offering a professionally recognized law degree[15]. - The group has submitted a proposal for a Doctoral program to the higher education quality and standards agency, with the Master of Business Research serving as the standard pathway to the Doctorate[33]. Strategic Initiatives and Partnerships - The company is expanding its global footprint with its first overseas partnership in Singapore, launching an MBA program through a local college[18]. - A new AI-supported micro-credential course focused on ESG will be launched in 2026, highlighting the company's commitment to digital transformation and sustainable education[18]. - The company aims to achieve university college status within the next five years, supported by a robust financial foundation and diverse academic offerings[19]. - The group has signed a memorandum of understanding with a private college in Singapore to offer its MBA programs, marking its first authorization of MBA courses to a third party[28]. - The group is exploring international partnerships, particularly in the Asia-Pacific region, to ensure sustainable growth and reduce reliance on students studying in Australia[41]. Governance and Compliance - The establishment of a Risk and Compliance Committee enhances the company's risk oversight capabilities and transparency[18]. - The group has established a risk and compliance committee to oversee risk management and compliance frameworks, meeting quarterly or more frequently as needed[32]. - The company faces risks related to brand reputation, regulatory compliance for student enrollment, and dependency on tuition fee levels[90]. - Independent non-executive directors have confirmed their independence in accordance with listing rules, and the company believes they maintain this independence[103]. Financial Position and Shareholder Information - The company has no debt and maintains a strong balance sheet with ample cash reserves, providing flexibility to pursue new initiatives[13]. - As of June 30, 2025, the group has cash on hand of approximately AUD 49.1 million, an increase from AUD 44.1 million as of June 30, 2024, with no bank borrowings reported[57]. - The debt-to-equity ratio as of June 30, 2025, is 0%, consistent with the previous year[58]. - The company proposed a final dividend of HKD 0.6 per share for the year ending June 30, 2025, compared to HKD 0.2 in 2024, pending shareholder approval[91]. - As of June 30, 2025, the company's distributable reserves amounted to AUD 17.9 million[97]. - The company has a diverse board with members possessing significant experience in finance, education, and corporate governance[84]. Employee and Share Incentive Plans - The company has established service contracts with executive directors for an initial term of three years, terminable with three months' written notice[100]. - The company has adopted a pre-IPO performance rights plan, stock option plan, and share incentive plan to motivate eligible participants for future contributions[112]. - The employee share incentive plan allows for a maximum of 1.5% of the total shares issued as rewards, equating to 38,828,220 shares[170]. - The maximum number of shares any selected employee can receive under the plan is capped at 0.5% of the total shares issued, which is 12,942,740 shares[170]. - The stock option plan must comply with the listing rules, and any discrepancies will be resolved in favor of the listing rules[158]. Future Outlook and Investments - The company plans to expand its academic offerings to meet the evolving needs of students and the industry, with new programs currently undergoing accreditation[41]. - The company allocated 41.0% of the total funds, amounting to HKD 70.4 million, for acquisitions or investments in education groups/institutions in China and Australia, with an expected completion by the end of 2025[200]. - 27.8% of the total funds, equivalent to HKD 47.8 million, is dedicated to developing "smart education" through digital education solutions in curriculum content and campus infrastructure[200]. - The company will expand TOP's marketing activities with 4.4% of the total funds, amounting to HKD 7.6 million, fully utilized[200].

Financial Performance - As of June 30, 2025, the company's net asset value was HKD 157 million, a slight decrease from HKD 165 million the previous year, primarily due to fluctuations in the fair value of listed investments and initial investments in non-listed clean energy projects[11]. - The company recorded a net loss of HKD 8.81 million for the year, compared to a profit of HKD 27.9 million in the previous year, mainly due to losses from listed investments and ongoing investments in clean energy projects that have not yet generated significant revenue[11]. - The group recorded a net loss of HKD 8,809,000 for the year, compared to a net profit of HKD 27,897,000 for the previous year, primarily due to a fair value loss of HKD 9,284,000 from non-listed investments[18]. - Dividend income from non-listed investments decreased by 86.60% to HKD 164,000, down from HKD 1,224,000 in the previous year[18]. - The group's non-listed investment portfolio recorded a total loss of HKD 10,631,000 for the year ended June 30, 2025, compared to a profit of HKD 23,181,000 in 2024, marking a significant decline[22]. - The fair value of the group's non-listed investments decreased by 20.39% from HKD 52,339,000 last year to HKD 41,667,000 as of June 30, 2025[22]. - The company reported a one-time fair value gain of HKD 53,525,000 from the sale of Jilin Jusheng Light Alloy Co., Ltd. last year, which was not repeated this year[22]. Investment Strategy - The clean energy sector, particularly bioethanol and biodiesel, is experiencing rapid growth supported by national policies, aligning with the company's strategic focus on clean energy investments[10]. - The group plans to focus on the bioethanol industry while exploring opportunities in the global virtual asset market, ensuring compliance with regulatory requirements[14]. - The company is exploring opportunities in the virtual asset market, which is developing under a more regulated framework, presenting new growth prospects for financial investments[9]. - The company plans to exit the micro-lending industry due to declining performance and increasing operational risks, focusing instead on investments in the bioenergy sector[23]. - The total investment cost in the bioenergy sector amounted to HKD 503,581,000, with a fair value of HKD 27,888,000 as of June 30, 2025[25]. Cost Management - Administrative and other expenses decreased by 6.3% from HKD 7.59 million to HKD 7.11 million, reflecting effective cost control measures[11]. - Administrative expenses decreased by 6.29% to HKD 7,112,000, primarily due to reduced employee costs and director remuneration[18]. - The total employee cost for the year was HKD 1,920,000, a decrease from HKD 3,498,000 in 2024[33]. Market Conditions - The overall market sentiment remains volatile, influenced by macroeconomic uncertainties and geopolitical factors, impacting the fair value of investments[8]. - The company has made significant progress in recovering investment prepayments and selling receivables, improving liquidity for future business expansion[11]. - The company has fully impaired its investments in microloans, effectively mitigating industry downturn risks[12]. Corporate Governance - The board aims to achieve a performance rebound in the fiscal year 2026 through portfolio optimization and improved operational efficiency[17]. - The company has adopted the corporate governance code principles as per the listing rules, with a deviation regarding the roles of the chairman and CEO being held by the same individual[102]. - The board of directors consists of both executive and non-executive members, ensuring a balanced composition with at least three independent non-executive directors[108]. - The company has established frameworks and formal communication channels to maintain good relationships with employees and stakeholders, despite having no major customers or suppliers this year[53]. - The company has a shareholder communication policy to maintain ongoing dialogue with shareholders and encourage active communication[137]. Environmental and Social Responsibility - The company is committed to promoting environmental and social sustainability, adhering to all relevant laws and regulations in Hong Kong[80]. - The company has committed to sustainable development policies, as outlined in the annual environmental, social, and governance report[143]. - The company aims to reduce energy consumption and paper usage, promoting responsible behavior among employees[159]. - The company has implemented various measures to minimize environmental impact, including energy conservation and encouraging recycling of office supplies[160]. - The company has identified climate-related risks, including rising average temperatures and extreme weather events, as significant operational risks[163]. Risk Management - The group aims to enhance its risk management framework and optimize capital allocation to ensure stable operations[15]. - The company has established a risk management and internal control system to provide reasonable assurance against material misstatements or losses[135]. - The audit committee reviewed the effectiveness of the risk management and internal control systems, concluding that they are effective and adequate[135]. Shareholder Information - The board did not recommend a final dividend for the year, consistent with the previous year[29]. - The company reported no dividend distribution for the fiscal year ending June 30, 2025, consistent with the previous year[52]. - The company has maintained its charter documents without any changes during the year[140]. - Public float exceeds 25% of the company's issued share capital as of the report date[98]. Audit and Compliance - The company has engaged Ernst & Young Hong Kong as its auditor for the financial year ending June 30, 2025, and will propose their reappointment at the upcoming annual general meeting[99]. - The independent auditor's report provides a basis for the opinion on the consolidated financial statements, ensuring compliance with the relevant auditing standards[192]. - The audit aimed to obtain reasonable assurance that the consolidated financial statements are free from material misstatement due to fraud or error[200].

Financial Performance - The group's unaudited revenue from continuing operations for the nine months ended September 30, 2025, was HKD 14,280.95 million, an increase of 1.3% compared to HKD 14,098.89 million in 2024[4] - The group's unaudited profit before tax from continuing operations increased by 9.5% to HKD 6,241.14 million, up from HKD 5,697.17 million in 2024[7] - The unaudited profit attributable to owners of the company from continuing operations was HKD 4,083.69 million, a 12.4% increase from HKD 3,632.77 million in 2024[7] - The unaudited equity attributable to owners of the company was HKD 41,762.33 million, a slight increase of 0.3% from HKD 41,658.02 million as of December 31, 2024[4] - The group distributed a special dividend of HKD 2,335 million in the form of shares of Yuehai Land Holdings Limited[8] Water Supply Operations - The group achieved a total water supply of 1.67 billion tons for the period, generating revenue of HKD 5,242 million, which is a 1.6% increase from HKD 5,159 million in 2024[10] - The pre-tax profit from the Dongshen Water Supply Project was HKD 3,596 million, reflecting a 3.9% increase from HKD 3,461 million in 2024[10] - The total water supply capacity of the group's subsidiaries and joint ventures is 8,886,800 tons per day, with wastewater treatment capacity at 2,297,900 tons per day as of September 30, 2025[14] - The total water supply capacity of ongoing water resource projects is 1,187,000 tons per day as of September 30, 2025[15] - Revenue from other water resource projects increased by 5.8% to HKD 5,611,484,000 for the period, compared to HKD 5,305,151,000 in 2024[15] - The pre-tax profit from other water resource projects decreased by 2.6% to HKD 1,601,407,000, down from HKD 1,644,176,000 in 2024[15] - The construction service revenue for other water resource projects was HKD 304,103,000, up from HKD 211,304,000 in 2024[15] Property Investment - Property investment income from Guangdong Tianhe City increased by 4.8% to HKD 1,261,736,000, compared to HKD 1,204,167,000 in 2024[16] - The pre-tax profit from property investment activities rose by 11.3% to HKD 767,178,000, up from HKD 689,281,000 in 2024[16] - The average rental rate for Tianhe City shopping centers showed a mixed performance, with some centers experiencing increases while others saw declines[17] - The total revenue from the Hong Kong investment building increased by 2.6% to HKD 35,984,000, compared to HKD 35,057,000 in 2024[18] Hotel and Management Services - The average room rate for the Sheraton Hotel was HKD 1,174, a decrease from HKD 1,217 in 2024, while the average occupancy rate increased to 93.5% from 92.7% in 2024[21] - The hotel management business revenue increased by 7.3% to HKD 504,805,000, compared to HKD 470,543,000 in 2024, but the pre-tax profit decreased by 20.3% to HKD 68,930,000[22] Energy and Transportation - The electricity sales volume of the Guangdong Energy Project increased by 24.0% to 2.594 billion kWh, but the revenue decreased by 3.5% to HKD 1,173,074,000 due to lower electricity prices[23] - The revenue from Guangdong Electric Power decreased by 21.4% to HKD 4,161,390,000, with a pre-tax profit of HKD 189,347,000, down from HKD 426,959,000 in 2024[24] - The average daily toll traffic for the Xingliu Expressway decreased by 7.1% to 24,472 vehicles, resulting in a toll revenue of HKD 445,555,000, down 7.0%[25] Economic Outlook and Strategic Plans - The global economic downturn risk is increasing, with major international organizations lowering global growth forecasts by an average of 0.4 percentage points[30] - The company aims to maintain steady improvement in core business operations while optimizing governance and risk management mechanisms[30] - The company plans to extend its water resource segment into high value-added areas, promoting business structure transformation and upgrading[30] - The company is focusing on the potential development opportunities brought by the "Guangdong-Hong Kong-Macao Greater Bay Area Development Plan" and is actively seeking market investment and acquisition opportunities[30] - The company aims to achieve new breakthroughs in profit growth and enhance overall operational performance and value[30] Audit and Financial Reporting - The unaudited financial data for the nine months ending September 30, 2025, has been reviewed by the company's audit committee[31] - Shareholders and potential investors are advised that the information provided is unaudited and should not be considered as an indicator of the company's financial performance[32]

Financial Performance - Total operating revenue for Q3 2025 reached RMB 7,426,888,299.87, representing a year-on-year increase of 12.72%[9] - Net profit attributable to shareholders for the same period was RMB 1,301,063,153.19, reflecting a growth of 9.53% compared to the previous year[9] - The company reported a net profit excluding non-recurring gains and losses of RMB 1,316,501,209.75, which is a 16.89% increase year-on-year[9] - Operating profit for the first three quarters of 2025 reached ¥6.62 billion, a 24.3% increase from ¥5.35 billion in the same period of 2024[29] - Net profit for the first three quarters of 2025 was ¥5.76 billion, up 24.7% compared to ¥4.62 billion in 2024[29] - The company reported a total comprehensive income of ¥5.78 billion for the first three quarters of 2025, compared to ¥4.60 billion in 2024, reflecting a 25.6% increase[30] Cash Flow - The net cash flow from operating activities surged to RMB 4,809,977,038.87, marking a significant increase of 209.78% year-to-date[10] - Cash flow from operating activities for the first three quarters of 2025 was ¥9.11 billion, significantly higher than ¥4.59 billion in 2024, representing a 98.5% increase[34] - The company’s operating cash inflow totaled ¥26.97 billion in the first three quarters of 2025, up from ¥20.55 billion in 2024, marking a 31.5% increase[34] - Cash and cash equivalents as of September 30, 2025, were CNY 40.36 billion, significantly higher than CNY 24.82 billion at the end of 2024, representing a growth of 62.5%[24] - Total cash and cash equivalents at the end of the first three quarters of 2025 amounted to ¥39.77 billion, compared to ¥21.46 billion at the end of 2024, indicating a 85.5% increase[35] - Cash inflow from financing activities in the first three quarters of 2025 was ¥10.78 billion, compared to ¥799 million in 2024, showing a substantial increase[35] Assets and Liabilities - Total assets as of the end of the reporting period amounted to RMB 68,327,540,485.78, up 36.29% from the previous year[13] - Total assets as of September 30, 2025, were CNY 68.33 billion, up from CNY 50.14 billion at the end of 2024, marking an increase of 36.2%[25] - Total liabilities as of September 30, 2025, were CNY 8.30 billion, compared to CNY 4.05 billion at the end of 2024, reflecting a growth of 105.5%[25] - The company's equity attributable to shareholders increased to CNY 59.50 billion as of September 30, 2025, from CNY 45.52 billion at the end of 2024, an increase of 30.7%[25] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 397,258, with no preferred shareholders reported[19] - The number of shareholders holding ordinary shares totaled 397,258, with 397,246 being A-share holders as of the report date[21] - The company has no related party relationships or concerted actions among the top ten shareholders[21] Expenses - Total operating costs for the first three quarters of 2025 were CNY 16.92 billion, up from CNY 15.09 billion in 2024, reflecting a growth of 12.1%[28] - Research and development expenses for the first three quarters of 2025 amounted to CNY 4.95 billion, compared to CNY 4.55 billion in 2024, indicating an increase of 8.9%[28] Investment Activities - The company reported a net investment loss of CNY 40.82 million for the first three quarters of 2025, compared to a loss of CNY 31.42 million in the same period of 2024[28] - The company received cash from investment activities totaling ¥188 million in the first three quarters of 2025, down from ¥251 million in 2024[34] Earnings Per Share - Basic earnings per share for the reporting period were RMB 0.20, up 5.26% year-on-year[10] - Basic and diluted earnings per share for the first three quarters of 2025 were both ¥0.89, an increase from ¥0.73 in 2024[30] Return on Equity - The weighted average return on equity decreased by 0.24 percentage points to 2.51% for the reporting period[10]

Financial Performance - The company's operating revenue for Q3 2025 was RMB 24,515,087,883.37, a decrease of 16.91% compared to the same period last year[8]. - The total profit for the period was RMB 993,893,581.80, reflecting a decline of 13.19% year-on-year[8]. - Net profit attributable to shareholders was RMB 732,347,717.52, down 16.79% from the previous year[8]. - The net profit after deducting non-recurring gains and losses was RMB 685,536,530.09, a decrease of 13.46% compared to the same period last year[8]. - The basic earnings per share for Q3 2025 was RMB 0.1007, down 16.90% year-on-year[8]. - Total operating revenue for the first three quarters of 2025 was CNY 75.04 billion, a decrease of 12.6% compared to CNY 85.87 billion in the same period of 2024[26]. - Net profit for the first three quarters of 2025 was CNY 2.91 billion, down 4.1% from CNY 3.04 billion in 2024[27]. - Basic earnings per share for 2025 was CNY 0.3684, compared to CNY 0.3891 in 2024, indicating a decline of 5.5%[27]. - Net profit for the first three quarters of 2025 reached CNY 2,112,563,579.87, compared to CNY 2,518,502,828.00 in the first three quarters of 2024, reflecting a decline of 16.06%[34]. Cash Flow - The cash flow from operating activities for the year-to-date was RMB 582,310,190.23, showing a significant increase of 40.24%[8]. - Cash flow from operating activities generated a net amount of CNY 582.31 million in 2025, an increase of 40.2% from CNY 415.24 million in 2024[30]. - Cash inflow from operating activities for the first three quarters of 2025 was approximately $3.60 billion, compared to $4.06 billion in the same period of 2024, representing a decrease of about 11.4%[36]. - Net cash flow from operating activities was negative at approximately -$375.67 million for the first three quarters of 2025, compared to -$255.96 million in 2024, indicating a worsening cash flow situation[36]. - Cash inflow from investment activities increased to approximately $3.68 billion in 2025 from $4.66 billion in 2024, showing a decline of about 21.1%[36]. - Net cash flow from investment activities was approximately $1.05 billion in 2025, contrasting sharply with a negative cash flow of about -$1.52 billion in 2024[36]. - Cash inflow from financing activities was approximately $2.36 billion in 2025, down from $5.98 billion in 2024, reflecting a decrease of about 60.6%[37]. - Net cash flow from financing activities was negative at approximately -$1.71 billion in 2025, compared to -$473.63 million in 2024, indicating increased financial strain[37]. Assets and Liabilities - The total assets at the end of the reporting period were RMB 81,765,947,044.82, an increase of 5.92% from the end of the previous year[8]. - The company's current assets totaled RMB 40,202,593,834.29, up from RMB 35,634,997,641.75, indicating an increase of about 14.5% year-over-year[22]. - The total liabilities reached RMB 39,262,803,232.26, compared to RMB 35,154,821,919.36 in the previous period, reflecting an increase of approximately 11.9%[23]. - The total equity attributable to shareholders increased to RMB 39,778,730,271.54 from RMB 39,567,594,762.30, a growth of about 0.5%[23]. - The total assets as of September 30, 2025, amounted to CNY 46,500,230,337.20, an increase from CNY 45,890,225,038.10 at the end of 2024[32]. - Total liabilities increased to CNY 19,435,181,859.80 as of September 30, 2025, compared to CNY 18,494,574,084.54 at the end of 2024[32]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 43,483[19]. - The largest shareholder, China Foreign Trade Group Corporation, holds 2,525,339,831 shares, accounting for 34.73% of total shares[19]. - The top ten shareholders collectively hold a significant portion of the company’s shares, with the largest three shareholders accounting for over 83% of total shares[19]. Operational Metrics - Contract logistics volume reached 38.24 million tons, up from 37.47 million tons year-on-year, representing a growth of 2.06%[15]. - Sea freight agency volume increased to 11.79 million TEUs, compared to 10.96 million TEUs in the same period last year, reflecting a growth of 7.52%[16]. - Cross-border e-commerce logistics volume decreased to 0.46 billion parcels, down from 1.60 billion parcels year-on-year, a decline of 71.25%[17]. - The company’s air freight channel business volume was 664,000 tons, down from 753,000 tons year-on-year, a decrease of 11.83%[16]. - The logistics e-commerce platform handled 2.917 million TEUs, an increase from 1.877 million TEUs year-on-year, representing a growth of 55.38%[17]. - The railway agency volume was 392,000 TEUs, down from 448,000 TEUs year-on-year, a decline of 12.50%[16]. - The company’s warehouse service volume reached 21.55 million tons, up from 20.16 million tons year-on-year, an increase of 6.89%[16]. Government Subsidies - The company received government subsidies totaling RMB 1.259 billion for the period from January to September 2025, primarily related to its logistics operations[12]. Research and Development - Research and development expenses decreased to CNY 78.26 million in 2025 from CNY 124.34 million in 2024, a reduction of 37.0%[26]. - Research and development expenses for the first three quarters of 2025 were CNY 21,834,683.52, down from CNY 28,206,435.04 in the same period of 2024, a decrease of 22.67%[34]. Investment Income - The company reported an increase in investment income to CNY 1.63 billion in 2025, up from CNY 1.47 billion in 2024, representing an increase of 11.2%[26]. - The company reported investment income of CNY 2,336,630,253.82 for the first three quarters of 2025, compared to CNY 2,828,177,264.63 in the same period of 2024, a decrease of 17.43%[34]. Financial Position - The company's cash and cash equivalents decreased to RMB 12,932,251,478.54 from RMB 13,467,664,505.98, a decline of about 4.0%[22]. - The company's inventory stood at RMB 54,771,976.07, slightly down from RMB 56,259,409.64, a decrease of approximately 2.6%[22]. - The total non-current assets remained stable at RMB 41,563,353,210.53, showing a marginal increase from RMB 41,560,502,496.10[22]. - The company reported a decrease in short-term borrowings to RMB 1,424,248,561.73 from RMB 3,294,191,564.22, a reduction of approximately 56.7%[23]. - The long-term borrowings decreased to RMB 2,576,652,353.70 from RMB 3,268,291,437.12, indicating a decline of about 21.2%[23]. - The company’s short-term borrowings decreased to CNY 350,615,864.26 from CNY 1,981,557,305.56 at the end of 2024, a decline of 82.32%[32]. - The company did not apply new accounting standards or interpretations for the year 2025, indicating continuity in financial reporting practices[38].

Financial Performance - For the year ended June 30, 2025, the Group's revenue was approximately HK$451.2 million, representing an increase of approximately 63.9% compared to HK$275.2 million for the year ended June 30, 2024[32][35]. - The Group recorded a loss attributable to owners of approximately HK$314.0 million for the year ended June 30, 2025, an increase of approximately 71.8% from the loss of approximately HK$182.8 million for the year ended June 30, 2024[33][36]. - The basic loss per share for the year ended June 30, 2025, was approximately HK38.04 cents, compared to approximately HK23.37 cents for the previous year[34][37]. - Operating expenses for the year were approximately HK$825.2 million, reflecting an increase of approximately 44.6% from HK$570.6 million in 2024[55][59]. - Finance costs increased to approximately HK$116.1 million, representing a rise of approximately 215.3% compared to HK$36.8 million in 2024[72]. - The Group recorded other gains, net of approximately HK$33.7 million, compared to other losses of approximately HK$54.1 million in 2024[57][61]. - The Group's total borrowings as of June 30, 2025, were approximately HK$1,072.0 million, compared to approximately HK$532.8 million in 2024, with a significant portion repayable after two years[87]. - The current ratio decreased to approximately 75.9% in 2025 from 129.5% in 2024, while the gearing ratio increased to approximately 74.7% from 53.8%[86]. - The Group's bank balances and cash as of June 30, 2025, were approximately HK$242.4 million, up from approximately HK$145.3 million in 2024[87]. - The Group's net current liabilities and net liabilities were approximately HK$188.7 million and HK$89.6 million, respectively, as of June 30, 2025[93]. - The Group's total liabilities to total assets ratio was approximately 104.5% in 2025, compared to 83.6% in 2024[86]. Electric Vehicles and Sustainability - The Group is focused on addressing climate change and meeting "zero carbon" or "carbon neutrality" targets through the promotion of electric commercial vehicles[15]. - The penetration rate of electric commercial vehicles is rapidly increasing, with successful deployment in various scenarios such as mining, ports, and urban freight[16]. - The transition from fuel-powered to electric commercial vehicles represents a disruptive replacement of a multi-trillion-dollar existing market[16]. - Advancements in battery and charging technologies, along with improved infrastructure, are expected to enhance the advantages of electric commercial vehicles[16]. - The shift to electric vehicles will create a new industrial chain ecosystem, including complete vehicles, battery spare parts, and charging infrastructure[16]. - The Group aims to provide innovative electric mobility solutions to contribute to global environmental protection and greenhouse gas emission control[26]. - The electric commercial vehicle market is projected to disrupt a multi-trillion dollar existing market, with a focus on replacing traditional fuel vehicles in logistics[19]. - The Group aims to enhance brand influence and expand its product portfolio in the new energy automobiles sector while building a green energy ecosystem for electric vehicles[45][49]. Market Expansion and Investments - The Group plans to expand into Southeast Asian markets, including Singapore, Malaysia, Thailand, and Vietnam, to enhance its market presence[20]. - The Group has invested in several residential and commercial properties in Phnom Penh, Cambodia, providing a stable income stream despite a challenging investment environment[24]. - The management remains optimistic about Cambodia's economic prospects and aims for steady growth in property investments[24]. Football Club Performance - The football club segment recorded a loss of approximately HK$409 million, representing a year-on-year increase of approximately 44.4%[21]. - The football club segment generated revenue of approximately HK$299.3 million, a year-on-year increase of approximately 24.9%, but recorded a segment loss of approximately HK$409.0 million, up approximately 44.4%[39][43]. - The football club is set to compete in the EFL Championship for the 2025/26 season after being promoted from EFL League One[39]. Management and Governance - The management team emphasizes strategic flexibility and commitment to core missions to navigate market cycles and seize opportunities[26]. - The company has a diverse board with members possessing expertise in various sectors, including finance, education, and corporate governance[141][144][145][147][152]. - The board includes independent non-executive directors who contribute to the company's governance and strategic oversight[145][147][152]. - The company emphasizes the importance of corporate governance and strategic development through its experienced leadership team[138][144][145]. - The leadership team is well-equipped to navigate market challenges and drive the company's growth strategy[138][144][145][152]. Financial Risks and Challenges - The Group's financial condition may be influenced by fluctuations in the global economy and specific market conditions, posing business risks[115]. - The Group is exposed to financial risks including interest rate, foreign currency, credit, and liquidity risks in its ordinary course of business[116]. - The Group acknowledges the potential adverse effects of international political risks on trade and economic activities, which could impact its business operations[122]. - The Group's financial performance may be affected by global economic conditions and market instability, highlighting the importance of monitoring economic trends[119]. Compliance and Regulations - The Group has complied with all relevant laws and regulations during the year ended June 30, 2025, with no material breaches reported[123]. - The Group is committed to environmental sustainability and complies with local environmental protection laws and regulations[129]. - The Group actively monitors cash flows to ensure sufficient liquidity to meet operational needs and commitments, reducing liquidity risk[121]. Shareholder Information - The Board does not recommend the payment of a final dividend for the year ended June 30, 2025, consistent with the previous year[159][165]. - As of June 30, 2025, the Company's distributable reserves amounted to approximately HK$135,749,000, an increase from approximately HK$123,451,000 in 2024[170][176]. - The Company operates in sectors including a professional football club in the UK, new energy automobiles, and property investment in Cambodia[157][164].

Financial Performance - Revenue for the year ended June 30, 2025, was HK$57,311,000, a significant decrease of 72.6% compared to HK$208,612,000 in 2024[5] - Attributable loss for 2025 was HK$44,226,000, compared to a loss of HK$12,420,000 in 2024, indicating a worsening financial position[5] - Total revenue for the year was approximately HK$57 million, a decrease of approximately 72.7% compared to HK$209 million in 2024, primarily due to a significant reduction in the smart city solution business[63] - Loss attributable to owners of the Company was approximately HK$44.2 million, up from approximately HK$12.4 million in 2024, driven by reduced contributions from the smart city solution and renewable energy businesses[64] - Gross profit ratio increased from 5.5% to 7.4%, mainly due to a decrease in lower margin from the smart city solution business[64] - General and administrative expenses rose by approximately 65.5% to approximately HK$37.6 million, attributed to higher research and administrative costs related to the new green energy business[66] Asset Management - Total assets as of June 30, 2025, increased to HK$302,180,000 from HK$262,389,000 in 2024, reflecting a growth of 15.5%[5] - The current assets to current liabilities ratio improved slightly to 1.41 in 2025 from 1.39 in 2024, indicating better liquidity management[5] - The gearing ratio (Total borrowings/Equity) stood at 0.09 in 2025, suggesting a low level of debt relative to equity[5] Green Energy Initiatives - The Group allocated approximately RMB25 million to support the initial phase of the Oxyhydrogen Project, a key component of its Green Energy Business in the PRC[15] - The Group's management is confident that the hydrogen business will generate significant revenue streams in the coming years[15] - The Group plans to redeploy funds from loan repayments to fuel growth in its Green Energy and Renewable Energy businesses[16] - The group has strategically allocated approximately RMB 25 million to support the initial capital-intensive phase of the hydrogen project, which is a cornerstone of its green energy business in China[19] - The innovative Ecoglory Oxyhydrogen Gas can replace existing fossil fuels, achieving near-zero emissions and offering advantages such as cleanliness, high efficiency, safety, and low cost[40] - The Group has strategically shifted its investment focus towards green energy, achieving significant breakthroughs in Oxyhydrogen production technology, with manufacturing costs substantially lower than traditional methods[41] - The Group aims to promote the practical application of Ecoglory Oxyhydrogen Gas across multiple industries, aligning with national "Dual Carbon" goals[46] Market Expansion and Contracts - A major steam supply contract was signed on September 28, 2025, with a leading textile enterprise, involving an initial daily steam supply of 600 tonnes, priced between RMB180 to 300 per tonne, potentially increasing to approximately 100,000 tonnes[45] - This single contract is expected to generate no less than RMB10 million in stable annual cash flow for the Group[45] - The Group has established a solid foundation for rapid expansion in its green energy business, driven by market feedback and operational experience[49] Technological Advancements - The group achieved a significant technological breakthrough in the production of Oxyhydrogen Gas at a reduced cost compared to conventional methods, with plans for industrial use by Q4 2025[32] - The Group designs and installs Oxyhydrogen Gas Generation Systems, generating steam for various applications, while maintaining ownership of the machines and software[79] - The Group is focused on technological advancements in hydrogen production, with innovations in electrolyzer efficiency and integration with renewables[178] Renewable Energy Sector - The renewable energy sector continues to dominate electricity generation, with solar and wind leading efficiency breakthroughs, and market projections indicate robust growth through 2030[22] - The Group has successfully launched sales, design, and installation of solar photovoltaic (SPV) systems in Southeast Asia, enhancing its market presence and product offerings[23] - The Group is exploring non-FiT SPV projects in Hong Kong and Southeast Asia to generate electricity for customers' own use, following the expiry of the FiT scheme[22] - The Group's Renewable Energy team successfully completed a trial SPV project in Vietnam and is negotiating for long-term large-scale SPV projects in the region[195] Investment and Financial Strategy - The Company completed the disposal of its entire interest in Honest City Enterprises Limited for HK$45.9 million on October 30, 2023, to improve liquidity and financial position[168] - The net proceeds from the disposal, approximately HK$44.9 million, are intended for general working capital and development of existing projects[169] - The Company has maintained minimal investment in refurbishing the property associated with the Dongguan Hotel Project, leading to stable but not remarkable returns[168] Market Trends and Projections - The global hydrogen market demand reached 97 million tonnes (Mt) in 2023, projected to grow with low-emission production hitting 49 Mt per annum (Mtpa) by 2030[179] - The green hydrogen segment was valued at HKD 71 billion in 2024, expected to reach HKD 1,050 billion by 2030 at a compound annual growth rate (CAGR) of 56.75%[179] - Renewable energy continues to dominate electricity generation, with significant growth expected across all sectors through 2030 due to policy support and technological maturity[175] - The overall hydrogen market revenue is forecasted to grow from HKD 1,750 billion in 2025 to HKD 2,440 billion by 2030[179] Challenges and Risks - The interplay of geopolitical tensions and protectionist policies is shaping the economic landscape of the Asia-Pacific region, prompting countries to adopt strategic policies for resilience and sustainable growth[24] - The overall repayment capacity of some state-owned enterprises and central enterprises in China is under scrutiny, but government support and reforms are expected to mitigate risks[54] - The Hong Kong Government's unexpected reduction in Feed-in Tariff (FiT) rates has deterred some customers from proceeding with their orders, indicating a diminishing return phase for the SPV renewable energy business[90]

Financial Performance - Revenue for the year ended June 30, 2025, was HK$151.28 million, slightly down from HK$152.28 million in 2024, but up from HK$128.74 million in 2023, reflecting three years of strong sales performance[6]. - Adjusted profit for 2025 was HK$27.06 million, a significant increase from HK$5.72 million in 2024 and HK$9.69 million in 2023[6]. - The Group reported total revenue of approximately HK$151 million for the twelve months ended June 30, 2025, a decrease of approximately 0.7% compared to HK$152 million for fiscal year 2024[42]. - Profit attributable to owners of the Group increased to approximately HK$27.1 million, compared to HK$5.7 million in the prior period, reflecting a significant improvement in profitability[46]. - The gross margin percentage remained stable, indicating consistent profitability from core operations throughout the year[47]. - Distribution costs decreased to approximately HK$25.9 million from HK$27.5 million, attributed to reduced sales[48]. - General and administrative expenses rose by 4.6% to approximately HK$56.9 million, compared to HK$54.4 million in the previous period[49]. - Finance costs decreased to approximately HK$0.3 million from HK$0.5 million in the previous fiscal year[50]. Financial Position - Cash and cash equivalents increased from approximately HK$109.3 million in 2024 to approximately HK$138.7 million in 2025, indicating a strong cash position[17]. - Total assets increased to HK$307.58 million in 2025 from HK$242.42 million in 2024, reflecting growth in the company's financial position[6]. - Equity attributable to owners of the Company rose to HK$222.11 million in 2025, up from HK$165.41 million in 2024[6]. - As of June 30, 2025, the company had approximately HK$138.7 million in liquid assets, up from HK$109 million in 2024, indicating a healthy financial position[123]. - The Group maintained a strong financial position with a net current asset value of approximately HK$135.4 million, up from HK$98 million in 2024, and had no borrowings as of June 30, 2025[127]. - The Group's current assets were approximately HK$217.3 million, compared to HK$172 million in 2024, while current liabilities were about HK$82 million, an increase from HK$74 million in 2024[127]. - The financial cost for the year ended June 30, 2025, was approximately HK$334,000, a decrease from HK$505,000 in 2024[128]. Market and Growth Strategy - The market growth is driven by the modernization of outdated communication systems, with over 80% of critical communicators expected to adopt advanced LTE and 5G technologies by the end of 2025[20]. - The Group continues to invest in new technologies and platforms to position itself as a leader in critical messaging solutions despite facing domestic and international challenges[18]. - The Group's strategic investments in technology, branding, and market expansion position it for growth despite a challenging economic environment[28]. - The company aims to enhance its market presence through the development of innovative products and solutions[167]. - The company targets growth in core markets of Healthcare and Emergency Services in the UK while exploring new markets[101]. Product Development and Innovation - The Group's Research and Development Team is focused on delivering enhanced, secure digital solutions to replace outdated systems, improving efficiency and ensuring secure communication[19]. - The launch of the Multitone Nucleus™ cloud-based messaging solution, developed in partnership with AWS, enhances the Group's market position and offers a resilient, device-agnostic critical messaging application[25]. - The upcoming Multitone Evolve™ device will support critical messaging solutions in healthcare markets, with additional investment in Project Aura to develop successors to the EkoTek® product family[27]. - The recent product launch, Multitone NucleusTM, is positioned as a central hub for real-time communication in critical industries, representing a significant development for the company[102]. - The Multitone Nucleus™ platform is positioned as a comprehensive integrated safety solution for emergency communication, targeting healthcare and public safety sectors, with a subscription model creating stable revenue sources[109]. Rebranding and Market Presence - A group-wide rebranding initiative was launched to strengthen the company's market presence and build trust with stakeholders[18]. - The rebranding initiative aims to build trust and credibility among customers, partners, and stakeholders, amplifying marketing effectiveness[40]. - The company is actively seeking new partners in the US market to re-establish sales during the new fiscal year[121]. - The company is focusing on expanding its reach in Poland through a new distributor, Pewna Lacznosc, to grow international sales revenue[115]. Economic Environment and Challenges - The economic environment remains challenging, with high interest rates and geopolitical tensions impacting growth and business costs[37]. - The economic outlook indicates modest but slowing growth, with persistent inflation and uncertainties due to geopolitical tensions and trade policy changes[95][99]. Governance and Management - The management team includes professionals with strong backgrounds in finance, accounting, and investment banking, ensuring robust governance and strategic direction[163][164]. - The board comprises experienced independent non-executive directors who contribute to the company's strategic oversight[159][163]. - The company secretary has over 17 years of experience in auditing and financial management, ensuring compliance and governance[164]. Environmental and Social Responsibility - The Group emphasizes environmental protection and energy conservation, achieving significant accomplishments in environmental management[178][183]. - The Company is committed to maintaining good relationships with employees, customers, and business partners to ensure sustainable development[185][191].

Financial Reports - The company has published its annual reports for the fiscal years ending June 30, 2024, and June 30, 2025[3] - The additional information provided does not affect other data disclosed in the annual reports for 2023/2024 and 2024/2025[6] Stock Option Plan - The stock option plan remains effective for a total of ten years from October 9, 2017, to October 8, 2027, with 39 months and 7 days remaining as of June 30, 2024, and 27 months and 7 days remaining as of June 30, 2025[5]