香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之 任 何 損 失 承 擔 任 何 責 任。 Kingwisoft Technology Group Company Limited 金慧科技集團股份有限公司 （於 司） 開 曼 群 島 註 冊 成 立 的 有 限 公 （股 份 代 號：08295） 截 至2025年9月30日止六個月之 中期業績公告 香 港 聯 合 交 易 所 有 限 公 司（「聯 交 所」）GEM的特色 GEM的 定 位，乃 為 中 小 型 公 司 提 供 一 個 上 市 的 市 場，此 等 公 司 相 比 起 其 他 在 聯 交 所 上 市 的 公 司 帶 有 較 高 投 資 風 險。有 意 投 資 的 人 士 應 了 解 投 資於該等公司的潛在風險，並應經過審慎周詳的考慮後方作出投資決定。 由 於GEM上 市 公 司 普 遍 為 中 小 型 公 司，在GEM買賣的證券可能會較於 聯 交 所 主 板 買 賣 ...

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 29,010,000, a decrease of 22.4% compared to HKD 37,412,000 in the same period of 2024[5] - The net loss for the period was HKD 2,469,000, an improvement of 42.5% from a loss of HKD 4,302,000 in the prior year[8] - Basic and diluted loss per share improved to HKD 0.15 from HKD 0.27 year-on-year[5] - Total revenue for the six months ended September 30, 2025, was approximately HKD 29,000,000, a decrease of 22.5% compared to HKD 37,400,000 in the same period of 2024[50] - The group reported a pre-tax loss of HKD 4,305,000 for the six months ended September 30, 2025, compared to a pre-tax loss of HKD 2,473,000 for the same period in 2024[26] - The total net loss decreased from approximately HKD 4,300,000 in the same period last year to about HKD 2,500,000 this period, primarily due to an increase in gross profit to approximately HKD 9,300,000, a reduction in sales commissions by about HKD 1,200,000, and a decrease in employee costs by about HKD 1,300,000[53] Revenue Breakdown - Revenue from the circuit board business was approximately HKD 8,500,000, down 32.0% from HKD 12,500,000 in the previous year[50] - Revenue from the printing business was approximately HKD 20,500,000, a decrease of 17.7% from HKD 24,900,000 in the same period last year[50] - The group’s revenue from customers in Hong Kong decreased to HKD 14,971,000 for the six months ended September 30, 2025, down from HKD 22,077,000 in 2024[23] Asset Management - Total assets decreased to HKD 70,946,000 from HKD 73,519,000 as of March 31, 2025[10] - Non-current assets decreased to HKD 70,088,000 from HKD 48,409,000, indicating a significant increase in long-term investments[9] - Trade receivables increased to HKD 8,814,000 from HKD 6,343,000, indicating a potential increase in sales or credit terms[9] - Trade receivables from third parties increased to HKD 8,902,000 as of September 30, 2025, compared to HKD 6,512,000 as of March 31, 2025[36] - The provision for trade receivables decreased to HKD 88,000 as of September 30, 2025, from HKD 169,000 as of March 31, 2025[38] Cost and Expenses - Total administrative expenses increased to HKD 4,114,000 for the six months ended September 30, 2025, from HKD 2,257,000 in 2024[21] - The total employee cost, including directors' remuneration, was approximately HKD 12,500,000 for the period, down from approximately HKD 15,100,000 for the six months ended September 30, 2024[61] Investments and Acquisitions - The company completed the acquisition of approximately 15.12% equity interest in Beijing Weihang Yining Health Management Group for approximately HKD 30,495,000[35] - The company provided a loan of approximately HKD 19,800,000 to Noricap Fund for investment purposes[52] - The company entered a joint venture agreement to acquire 40% equity in Noricap Fund, providing approximately HKD 19,800,000 for stable return investments[74] Corporate Governance - The company has complied with all applicable corporate governance codes, except for the separation of roles between the chairman and CEO[77] - The company has not appointed a CEO, with daily operations managed by executive directors and senior management[78] - The board of directors includes a mix of executive, non-executive, and independent non-executive directors[88] Shareholder Information - As of September 30, 2025, the company has issued a total of 1,613,287,570 shares[80] - Spring Global Enterprises Limited holds 280,000,000 shares, representing 17.36% of the total issued shares[82] - Wu Wencan holds a total of 420,988,000 shares, accounting for 26.1% of the total issued shares[82] - The company did not purchase, sell, or redeem any of its listed securities during the reporting period[84] Future Outlook - The PCB business segment showed improved sales trends compared to Q1 2025, but overall consumer spending remains under pressure due to geopolitical tensions and inflation[69] - The printing business segment experienced a rebound in sales compared to Q1 2025, yet demand continues to face challenges amid a complex macroeconomic environment[70] - The company is actively seeking trade opportunities with reliable partners in the oil and energy products trading segment, aiming to restore trading operations[73] - There are no major investments or capital asset acquisitions planned for the next twelve months[63] Miscellaneous - The group did not declare any interim dividend for the six months ended September 30, 2025[28] - The interim results for the period have not been audited by external auditors but have been reviewed by the audit committee[86] - The interim report for the six months ending September 30, 2025, will be distributed to shareholders and published on the company's website[87]

目錄 | 公司資料 | 2 | | --- | --- | | 財務摘要 | 3 | | 首席執行官報告書 | 4 | | 管理層討論及分析 | 13 | | 中期財務資料的審閱報告 | 19 | | 簡明綜合損益表 | 20 | | 簡明綜合全面收益表 | 21 | | 簡明綜合資產負債表 | 22 | | 簡明綜合權益變動表 | 24 | | 簡明綜合現金流量表 | 25 | | 簡明綜合中期財務資料附註 | 26 | | 一般資料 | 39 | 公司資料 董事會 執行董事 于武先生 （主席兼首席執行官） 梁錦坤先生 非執行董事 盛放先生 翁婉菁女士 胡曉玲女士 獨立非執行董事 林耀堅先生 華彬先生 黃偉德先生 授權代表 梁錦坤先生 翁婉菁女士 審核委員會 林耀堅先生 （主席） 華彬先生 黃偉德先生 薪酬委員會 華彬先生 （主席） 于武先生 林耀堅先生 提名委員會 黃偉德先生 （主席） 于武先生 林耀堅先生 公司秘書 梁錦坤先生， 資深會計師 註冊辦事處 P.O. Box 309 Ugland House Grand Cayman KY1-1104 Cayman Islands 總辦事處及香港主要 營業地 ...

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 823,159,000, representing a 9.7% increase from HKD 750,422,000 in the same period of 2024[4] - Gross profit increased to HKD 160,197,000, up 12.6% from HKD 142,234,000 year-on-year[4] - Operating profit surged to HKD 18,896,000, compared to HKD 1,115,000 in the previous year, marking a significant improvement[4] - Net profit for the period was HKD 15,337,000, a substantial increase from HKD 1,214,000 in the prior year[5] - Basic and diluted earnings per share rose to HKD 3.4, compared to HKD 0.3 in the same period last year[4] - The company reported a total comprehensive income of HKD 15,635,000 for the period, compared to HKD 4,439,000 in the previous year[5] - For the six months ended September 30, 2025, the company reported a net cash inflow from operating activities of HKD 47,715,000, compared to a net outflow of HKD 39,809,000 for the same period in 2024[9] - The company reported a profit before tax of HKD 21,163,000 for the period, compared to a loss in the previous year[21] - The company recorded unaudited consolidated revenue of approximately HKD 823,159,000 for the six months ended September 30, 2025, representing a 9.7% increase from HKD 750,422,000 in the same period last year[53] - The company reported an unaudited net profit of approximately HKD 15,337,000, a significant increase of about 1,163.3% compared to HKD 1,214,000 in the previous year[54] - The unaudited basic earnings per share for the interim period was approximately HKD 0.034, an increase of 1,033.3% from HKD 0.003 in the same period last year[54] Revenue Breakdown - Revenue from sales of goods was HKD 726,292,000, up from HKD 695,706,000, reflecting a growth of 4.3%[17] - The electronic payment services revenue increased to HKD 1,424,000 from HKD 1,337,000, marking a growth of 6.5%[17] - The company’s revenue from the leasing business was HKD 19,898,000, down from HKD 31,086,000, indicating a decline of 36.3%[17] - Revenue from a major customer in the high-tech products distribution and services segment was HKD 83,860,000, accounting for more than 10% of total revenue[29] - The electronic payment solutions segment's revenue increased by 6.5%, benefiting from the expansion of offline payment services since December 2024[53] - Revenue from sales support services and other services increased by 301.2% to approximately HKD 70,988,000, up from HKD 17,693,000 in the same period last year[56] - Parts and software sales rose by 124.8% to approximately HKD 94,685,000, compared to HKD 42,124,000 in the same period last year[56] - The leasing business recorded an overall revenue of HKD 53,917,000, a decrease of 23.7% from HKD 70,652,000 in the same period last year[58] - Operating lease revenue was approximately HKD 19,898,000, down 36.0% from HKD 31,086,000 in the same period last year, indicating a significant decline in the leasing business[58] Assets and Liabilities - Total assets increased to HKD 2,118,693,000 from HKD 1,957,197,000 as of March 31, 2025[6] - Total equity rose to HKD 1,378,566,000, up from HKD 1,362,931,000 at the end of the previous reporting period[6] - Current liabilities increased to HKD 715,722,000 from HKD 562,288,000, indicating a rise in short-term obligations[7] - Cash and cash equivalents increased to HKD 353,292,000 from HKD 321,450,000, reflecting improved liquidity[6] - As of September 30, 2025, trade receivables amounted to HKD 352,931,000, an increase from HKD 316,336,000 as of March 31, 2025, representing a growth of 11.5%[38] - The net amount of trade receivables and notes receivable was HKD 357,353,000 as of September 30, 2025, compared to HKD 349,004,000 as of March 31, 2025, indicating a slight increase of 2.7%[39] - Trade payables and notes payable totaled HKD 235,841,000 as of September 30, 2025, an increase from HKD 206,493,000 as of March 31, 2025, representing a growth of 14.2%[43] - Contract liabilities rose to HKD 290,102,000 as of September 30, 2025, compared to HKD 244,883,000 as of March 31, 2025, indicating an increase of 18.4%[43] - As of September 30, 2025, the group's debt-to-asset ratio was 34.9%, up from 30.4% on March 31, 2025[69] Capital Expenditure and Investments - The company’s capital expenditure for the period was HKD 40,797,000, a decrease from HKD 87,225,000 in the previous year[9] - The total capital expenditure for the period ending September 30, 2025, was HKD 747,262,000, a decrease from HKD 770,410,000 as of April 1, 2024, reflecting a decline of 3%[8] - The company’s total assets include significant investments in property, plant, and equipment, as well as intangible assets and trade receivables[18] Corporate Governance and Compliance - The company maintains high corporate governance standards in compliance with GEM Listing Rules, with no known deviations from the code during the reporting period[81] - All directors confirmed compliance with the required standards for securities trading during the six months ending September 30, 2025[82] - An Audit Committee has been established, consisting of three independent non-executive directors, to ensure adequate financial controls and monitor the integrity of financial reporting[83] Market Outlook and Strategy - The company plans to strengthen and expand its business layout in Southeast Asia to provide better regional support for customers amid ongoing geopolitical dynamics[63] - The high-tech product distribution and services segment expects continued order growth, driven by the rapid development of AI laptops, AI-enabled smartphones, electric vehicle production, and the Internet of Things[66] - By 2025, the flagship surface mount technology (SMT) module NXT III will transition to the next-generation model NXT-R, which is expected to significantly increase orders for upgrades and replacements in the coming months[66] - The leasing segment aims to strengthen customized service capabilities and focus on parts and domestic alternatives to help customers reduce costs and enhance service value amid increased competition and pricing pressure[67] Employee and Shareholder Information - As of September 30, 2025, the group employed 369 staff, with total employee costs for the six months ending September 30, 2025, amounting to approximately HKD 72.22 million[72] - The major shareholder, Sky Virtue Holdings Limited, holds approximately 56.55% of the company's shares as of September 30, 2025[74] - As of September 30, 2025, the total number of issued ordinary shares is 454,509,311[77] - The 2023 Share Option Scheme was approved by shareholders on September 7, 2023, allowing the board to grant options to eligible participants for a period of ten years[78] - No share options were granted under the 2023 Scheme as of September 30, 2025, with a total of 45,450,931 options available for grant[78] - The company did not purchase, sell, or redeem any of its listed securities during the six months ending September 30, 2025[80]

Revenue Performance - For the third quarter of 2025, the total operating revenue decreased by 1.4% year-on-year to RMB 823.9 million, while the total operating revenue for the nine months ended September 30, 2025, increased by 0.2% to RMB 2,786.7 million[4]. - The total sales revenue (including VAT) for the third quarter was RMB 1,634.8 million, and for the nine months, it was RMB 5,790.1 million, reflecting declines of 9.8% and 11.0% year-on-year, respectively[9]. - Total revenue for the nine months ended September 30, 2025, increased by 0.2% to RMB 2,786.7 million compared to the same period last year[10]. - The total sales amount for 2025 was RMB 4,117.9 million, a decrease of 16.6% compared to RMB 4,935.9 million in 2024[10]. - Revenue from customer contracts accounted for 59.3% of total operating revenue, a decrease of RMB 205.9 million compared to the same period last year[11]. Sales Performance - Same-store sales declined by 13.8% in the third quarter of 2025 and decreased by 17.2% for the nine months ended September 30, 2025[4]. - The sales from franchised counters in 2025 were RMB 2,873.3 million, accounting for 69.8% of total sales, down from 72.1% in 2024[10]. - Direct sales for 2025 were RMB 1,244.6 million, representing 30.2% of total sales, compared to 27.9% in 2024[10]. Profitability - Operating profit for the third quarter was RMB 117.6 million, and for the nine months, it was RMB 375.2 million, representing an increase of 32.4% compared to RMB 283.4 million in the same period last year[4]. - The profit attributable to the owners of the company for the nine months ended September 30, 2025, was RMB 23.4 million, compared to a loss of RMB 29.3 million in the same period last year[4]. - The profit attributable to the owners of the company for the third quarter of 2025 was RMB 0.9 million, and for the nine months ended September 30, 2025, it was RMB 23.4 million[14]. - The increase in operating profit was primarily due to increased other income from lease modifications and terminations, offset by a decrease in self-operated sales and franchised counter commissions[10]. Cash Flow and Assets - Cash flow from operating activities for the nine months ended September 30, 2025, was RMB 331.1 million[8]. - Non-current assets as of September 30, 2025, totaled RMB 8,220.5 million, down from RMB 8,500.3 million as of December 31, 2024[6]. - Current liabilities as of September 30, 2025, were RMB 2,481.0 million, compared to RMB 2,538.9 million as of December 31, 2024[7]. - The net cash and cash equivalents at the end of the period were RMB 1,452.2 million, down from RMB 1,530.5 million at the beginning of the period[8]. - The company reported a net decrease in cash and cash equivalents of RMB 78.3 million for the nine months ended September 30, 2025[8]. Operational Overview - The group operates 41 stores across 25 cities in China and Laos, including department stores, shopping plazas, and supermarkets[14]. - Total operating expenses for the nine months ended September 30, 2025, recorded RMB 1,326.2 million, a decrease of 1.8% from RMB 1,303.2 million in the previous year[12].

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）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，並明確表示概不會就本公 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。 NetEase, Inc. （於開曼群島註冊成立的有限責任公司） （股份代號：9999） 2025 年 9 月 30 日止第三季度未經審計的財務業績公告及 第三季度股息公告 網易股份有限公司（「公司」）在此公佈 2025 年第三季度的季度股息及業績公告，其 中包含截至 2025 年 9 月 30 日的三個月未經審計的財務業績。本業績公告可於香港聯交所 網站 www.hkexnews.hk 及公司網站 http://ir.netease.com 閱覽。 承董事會命 NetEase, Inc. 丁磊 董事 中國杭州，2025年 11 月 20 日 於本公告日期，本公司董事會包括董事丁磊先生；以及獨立董事唐徽女士、鄭玉芬女 士、唐子期先生、梁民傑先生及陳覺忠先生。 媒體和投資者請聯繫: 郵箱：ir@service.netease.com 電話：(+86) 571-8985-3378 網易公佈 ...

Financial Performance - Revenue for the six months ended 30 September 2025 was HK$29,241,000, a decrease of 15.5% compared to HK$34,436,000 for the same period in 2024[11]. - Gross profit increased to HK$757,000 from HK$45,000, marking a significant improvement[11]. - Compensation income for the period was HK$9,370,000, slightly down from HK$9,978,000, representing a decrease of 6.1%[11]. - Loss before tax narrowed to HK$12,825,000 from HK$15,974,000, indicating a reduction of 19.5%[11]. - Total comprehensive income for the period was HK$12,447,000, up from HK$10,971,000, reflecting an increase of 13.4%[13]. - Loss attributable to owners of the Company was HK$12,881,000, an improvement from HK$15,973,000[12]. - Basic and diluted loss per share attributable to ordinary equity holders of the Company for the period was HK4.43 cents, an improvement from HK5.50 cents in the previous period[15]. - The company reported a total comprehensive loss for the period of HK$10,971,000, compared to a loss of HK$15,974,000 in the previous period, indicating an improvement of about 31.5%[21]. - The Group recorded a revenue of approximately HK$29,241,000 for the Reporting Period, a decrease from HK$34,436,000 in the previous period[113][116]. - Gross profit for the Reporting Period was approximately HK$757,000, with a gross profit margin of 2.58%, compared to HK$45,000 and 0.13% in the previous period[114][118]. - The Group's loss for the Reporting Period was approximately HK$12,825,000, an improvement from a loss of HK$15,974,000 in the previous period[133][137]. Expenses and Costs - Administrative expenses decreased to HK$7,550,000 from HK$8,345,000, a reduction of 9.5%[11]. - Finance costs decreased to HK$15,402,000 from HK$17,653,000, a decline of 12.8%[11]. - Total employee benefit expenses increased from HK$4,031,000 to HK$4,400,000, with wages and salaries rising from HK$3,953,000 to HK$4,331,000[69]. - Depreciation for the period was HK$745,000, with HK$740,000 attributed to right-of-use assets[69]. - Interest expenses on other borrowings decreased from HK$16,264,000 to HK$14,254,000 year-over-year[67]. Assets and Liabilities - Total non-current assets as of 30 September 2025 amounted to HK$1,701,346,000, up from HK$1,668,142,000 as of 31 March 2025, reflecting a growth of 2.0%[17]. - Current assets increased to HK$150,355,000 as of 30 September 2025, compared to HK$142,757,000 as of 31 March 2025, representing a rise of 5.6%[17]. - Total current liabilities rose to HK$610,755,000 as of 30 September 2025, compared to HK$587,253,000 as of 31 March 2025, indicating an increase of 4.0%[17]. - Net current liabilities as of 30 September 2025 were HK$(460,400,000), worsening from HK$(444,496,000) as of 31 March 2025[17]. - Total non-current liabilities increased to HK$187,309,000 as of 30 September 2025, compared to HK$182,456,000 as of 31 March 2025, marking a rise of 2.3%[19]. - Net assets as of 30 September 2025 were HK$1,053,637,000, an increase from HK$1,041,190,000 as of 31 March 2025, reflecting a growth of 1.2%[19]. - Total equity attributable to the owners of the Company was HK$883,660,000 as of 30 September 2025, up from HK$874,664,000 as of 31 March 2025, indicating an increase of 1.0%[19]. - The accumulated losses as of September 30, 2025, amounted to HK$1,171,376,000, which is an increase from HK$1,158,495,000 as of April 1, 2025[21]. - Total trade receivables as of September 30, 2025, amounted to HK$3,198,000, an increase from HK$54,000 as of March 31, 2025, primarily due to new transactions[81]. - Trade deposits and other receivables from Energy Technology increased to HK$144,307,000 as of September 30, 2025, compared to HK$139,820,000 as of March 31, 2025, reflecting a growth of approximately 3.5%[83]. - Other payables and accrued charges rose to HK$33,081,000 as of September 30, 2025, up from HK$27,847,000 as of March 31, 2025, indicating an increase of approximately 18.5%[85]. - Interest payable increased to HK$117,732,000 as of September 30, 2025, compared to HK$103,478,000 as of March 31, 2025, representing a rise of approximately 13.8%[85]. Cash Flow and Financing - Net cash generated from operating activities for the six months ended September 30, 2025, was HK$1,312,000, a significant increase from HK$411,000 in the same period last year[23]. - Cash and cash equivalents at the end of the period stood at HK$749,000, slightly up from HK$704,000 at the same time last year, showing a growth of approximately 6.4%[23]. - The company experienced a net decrease in cash and cash equivalents of HK$572,000 during the period, contrasting with a decrease of HK$283,000 in the previous year[23]. - The Group's cash and bank balances decreased to approximately HK$749,000 as of 30 September 2025, down from HK$1,675,000 as of 31 March 2025[148]. - The Group's financial assets at amortised cost, including cash and cash equivalents, amounted to HK$150,355,000[99]. - The Group's financial liabilities at amortised cost as of 30 September 2025 totaled HK$432,117,000[99]. - The Group's interest rate risk is managed by maintaining fixed-rate borrowings to minimize fair value interest rate risk[151]. - The Group incurred a loss attributable to owners of approximately HK$12,881,000 for the six months ended 30 September 2025, with net current liabilities of approximately HK$460,400,000 as of the same date[26]. Business Strategy and Operations - The Company continues to explore market expansion opportunities and new product development strategies[9]. - The Company is actively seeking business expansion opportunities and evaluating potential mergers and acquisitions within the industry[109][111]. - The Group did not generate revenue from the Coke Production Segment for two consecutive reporting periods due to the disposal of GRG Huscoke (Shanxi) Limited and construction delays of production supporting equipment[126]. - The overall strategy includes maintaining sustainable operations through processing and production before the coking ovens officially commence operation[110][112]. - The Group has entered into a framework agreement with Energy Technology to conduct coke production through leasing existing facilities[106]. Corporate Governance and Compliance - The interim financial statements have been prepared in accordance with Hong Kong Accounting Standard 34, ensuring compliance with applicable disclosure requirements[24]. - The financial statements have been prepared on a historical cost basis, except for certain financial instruments measured at fair value[32]. - The Group has applied amendments to HKFRS Accounting Standards, which had no material impact on its financial positions and performance[34]. - The Company has complied with the Corporate Governance Code provisions during the reporting period, except as disclosed[184]. - The roles of Chairman and Chief Executive Officer are held by Mr. Zhao Xu Guang, which the Board believes ensures consistent leadership and effective strategic planning[185]. - The Company has adopted the Model Code for Securities Transactions by Directors, and all Directors confirmed compliance during the reporting period[190]. Shareholder Information - The company did not recommend any interim dividend for the six months ended 30 September 2025, consistent with the previous year[71]. - The Company did not declare any interim dividend for the six months ending September 30, 2025[8]. - The Group's issued and fully paid ordinary shares remained at 290,373,235 shares as of both 30 September 2025 and 31 March 2025[90]. - As of September 30, 2025, Mr. Zhao Xu Guang holds 146,841,904 shares, representing approximately 50.57% of the issued share capital of the Company[170]. - Shun Wang Investments Limited, a subsidiary of Whole Advance Limited, also holds 146,841,904 shares, equating to 50.57% of the issued share capital[176]. - Rontac Resources Company Limited holds 14,718,922 shares, which is about 5.07% of the issued share capital[176]. - The Company did not have any share scheme in effect or any outstanding share options during the reporting period[179]. - The 2013 share option plan expired on March 28, 2023, with no active share plans or unexercised options during the reporting period[181]. - As of September 30, 2025, Mr. Li Hongwei is deemed to be interested in 14,718,922 shares of the Company, representing a significant ownership stake[182]. Legal and Regulatory Matters - The Group has received statutory demands and a winding-up petition from a major creditor, indicating material uncertainty regarding its ability to continue as a going concern[26]. - The hearing for a winding-up petition was adjourned to 24 November 2025 at the request of the major creditor[164]. - The winding-up petition hearing originally scheduled for August 25, 2025, has been postponed to November 24, 2025, at the request of the Petitioner[166]. - The settlement agreement regarding the winding-up petition will be formally signed after the completion of the adjustment of preference shares[165]. - The Company will inform shareholders and potential investors of any significant developments related to the petition as appropriate[165].

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 123,889,000, a significant increase from HKD 49,113,000 in the same period of 2024, representing a growth of 152%[4] - The cost of sales for the same period was HKD 121,681,000, compared to HKD 48,993,000 in 2024, indicating a rise of 148%[4] - The net loss for the period was HKD 4,634,000, an improvement from a loss of HKD 5,345,000 in the previous year, reflecting a reduction of 13%[4] - The group reported a total loss before tax of HKD 4,397,000 for the six months ended September 30, 2025, compared to a loss of HKD 5,477,000 for the same period in 2024, showing an improvement in financial performance[25] - The group reported a loss of approximately HKD 4,634,000 for the six months ended September 30, 2025, a 13% decrease from a loss of HKD 5,345,000 in the same period of 2024, attributed to improved performance in the mining and metals business and profitability in the software segment[66] Assets and Liabilities - Total assets as of September 30, 2025, amounted to HKD 157,874,000, up from HKD 86,489,000 as of March 31, 2025, showing an increase of 83%[5] - Current liabilities increased to HKD 94,224,000 from HKD 18,026,000, representing a rise of 422%[5] - The company’s total liabilities increased to HKD 889,166,000 as of September 30, 2025, compared to HKD 877,806,000 at the end of the previous period, reflecting an increase of approximately 1.5%[6] - The group’s total liabilities increased to HKD 98,702,000 as of September 30, 2025, compared to HKD 22,416,000 as of March 31, 2025, indicating a rise in financial obligations[19] Cash Flow and Investments - The company reported a net cash outflow from operating activities of HKD 12,236,000, compared to a net outflow of HKD 1,342,000 for the same period in 2024[8] - Cash inflow from customers increased significantly to HKD 105,234,000, up from HKD 47,592,000 in the previous year, indicating a growth of approximately 121%[8] - The company incurred a total of HKD 231,000 related to the share options granted during the six months ended September 30, 2024[46] - The company’s investment activities resulted in a net cash outflow of HKD 11,344,000 for the six months ended September 30, 2025, compared to a net inflow of HKD 32,921,000 in the same period of 2024[8] Equity and Shareholder Information - The company's equity attributable to owners was HKD 54,624,000, down from HKD 57,041,000, reflecting a decrease of 4%[5] - The company reported a total equity attributable to owners of HKD 36,533,000 as of September 30, 2025, compared to HKD 40,054,000 at the end of the previous period, indicating a decline of approximately 9%[6] - The issued and fully paid ordinary shares remained at 505,932,270 shares as of both September 30, 2025, and March 31, 2025[39] - As of September 30, 2025, the total shares held by executive director Chen Yihui amount to 148,302,360, representing 29.31% of the company's total shares[82] Segment Performance - The mining and metals segment generated external sales of HKD 88,608,000, while the software segment contributed HKD 35,281,000, indicating a diversified revenue stream[16] - The mining and metals segment reported a loss of HKD 1,443,000, while the software segment achieved a profit of HKD 131,000, highlighting the contrasting performance of the segments[16] - The software business generated segment revenue of HKD 35,281,000 for the six months ended September 30, 2025, compared to no revenue in the same period last year, with a segment profit of approximately HKD 131,000[60] Future Plans and Developments - The company plans to issue up to approximately HKD 30,000,000 through a rights issue at a subscription price of HKD 0.178 per share, issuing 168,644,090 shares[45] - The company completed the feasibility study report for the development of the Baishiquan copper-nickel mine phase II, obtaining preliminary verbal approval from relevant government departments for the report, pending finalization of the social stability report[51] - The company anticipates obtaining approval from the National Development and Reform Commission for the development of the second phase of the Baishiquan copper-nickel mine by the end of 2025, with construction expected to commence in the second half of 2026[54] - The company has initiated plans to tokenize silver bars to meet increasing market demand, with a formal application submitted to the Securities and Futures Commission on November 3, 2025, aiming for issuance by the end of the fiscal year ending March 31, 2026[55] Corporate Governance and Compliance - The company has complied with the corporate governance code as per GEM listing rules during the reporting period[95] - The audit committee consists of three independent non-executive directors who oversee financial reporting and internal controls[97] - The company has confirmed compliance with the trading regulations for directors during the reporting period[96]

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 46,076,000, a decrease of 27% compared to HKD 63,144,000 for the same period in 2024[4] - Gross profit margin decreased to 38.5% in 2025 from 34.5% in 2024, reflecting a reduction in cost of sales to HKD 28,439,000 from HKD 41,798,000[4] - The company reported a profit from continuing operations of HKD 181,000 for the six months ended September 30, 2025, compared to a loss of HKD 10,463,000 in the same period of 2024[4] - Total comprehensive income for the period was HKD 316,000, a significant improvement from a total comprehensive loss of HKD 22,669,000 in 2024[5] - Basic and diluted earnings per share from continuing operations was HKD 0.02, compared to a loss per share of HKD 1.00 in 2024[7] - The company reported a net loss of HKD 16,588,000 for the period, contributing to a total comprehensive loss of HKD 22,165,000[9] - The company’s total comprehensive income for the period was HKD 316,000, compared to a total comprehensive income of HKD 0 in the previous year[9] - Operating profit from continuing operations decreased from approximately HKD 21,346,000 for the six months ended September 30, 2024, to approximately HKD 17,637,000 for the six months ended September 30, 2025, a decrease of about HKD 3,709,000[53] Assets and Liabilities - Non-current assets decreased slightly to HKD 74,024,000 as of September 30, 2025, from HKD 75,583,000 as of March 31, 2025[8] - Current assets decreased to HKD 71,079,000 from HKD 75,910,000, with a notable reduction in trade receivables and contract assets[8] - Current liabilities decreased to HKD 25,841,000 from HKD 32,547,000, indicating improved liquidity management[8] - The company maintained a stable equity position with total equity of HKD 117,526,000 as of September 30, 2025, compared to HKD 117,210,000 as of March 31, 2025[8] - As of September 30, 2025, the net trade receivables and contract assets amounted to approximately HKD 16,227,000, a decrease of 20.3% from HKD 20,330,000 as of March 31, 2025[35] - The total trade payables as of September 30, 2025, were HKD 8,922,000, down from HKD 9,212,000 as of March 31, 2025, reflecting a decrease of 3.2%[36] - Bank borrowings decreased to HKD 8,191,000 as of September 30, 2025, from HKD 10,239,000 as of March 31, 2025, representing a reduction of 19.9%[40] - The group's debt-to-equity ratio as of September 30, 2025, was approximately 5.6%, down from 6.8% as of March 31, 2025[63] Cash Flow - Net cash generated from operating activities was HKD 3,660,000, a decrease of 56% from HKD 8,324,000 in the prior year[10] - Cash and cash equivalents at the end of the period increased to HKD 50,520,000, up from HKD 41,427,000 year-over-year[10] - The company incurred financing costs of HKD 170,000 for the six months ended September 30, 2025, down 57.1% from HKD 396,000 in 2024[20] - The total income tax expense for the six months ended September 30, 2025, was HKD 4,000, significantly lower than HKD 243,000 in 2024, reflecting a decrease of 98.4%[21] - The company’s financing activities resulted in a net cash outflow of HKD 2,218,000, an improvement from HKD 2,690,000 in the prior year[10] Operational Efficiency - The company is focusing on enhancing operational efficiency and exploring new market opportunities to drive future growth[4] - Employee costs for continuing operations decreased by approximately HKD 4,392,000 or 25.2%, from approximately HKD 17,422,000 for the six months ended September 30, 2024, to approximately HKD 13,030,000 for the six months ended September 30, 2025[54] - Other operating expenses decreased by approximately HKD 2,656,000 or 48.1%, from approximately HKD 5,519,000 for the six months ended September 30, 2024, to approximately HKD 2,863,000 for the six months ended September 30, 2025[57] Shareholder Information - The total number of issued and fully paid shares as of September 30, 2025, was 1,050,500, with a total capital of HKD 10,505,000[47] - Major shareholders include Luxurious Bay Capital Limited, Newmark Group Limited, and Knight Sky Holdings Limited, each holding 602,100,000 shares (57.32%) as of September 30, 2025[82] - As of September 30, 2025, Dr. Huang Jingqiang holds 602,100,000 shares (57.32%) through Luxurious Bay Capital Limited, and an additional 108,300,000 shares (10.30%) as a beneficial owner[80] Corporate Governance - The audit committee, composed of three independent non-executive directors, has reviewed the unaudited consolidated performance for the period and confirmed compliance with applicable accounting standards and disclosure requirements[89] - The board is not aware of any significant matters that require disclosure after the reporting period up to the report date[91] - The company maintains a sufficient level of public float as required by the listing rules as of the report date[90]

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 SA SA INTERNATIONAL HOLDINGS LIMITED 莎莎國際控股有限公司 （於 開 曼 群 島 註 冊 成 立 之 有 限 公 司） （股 份 代 號：178） 截 至2025年9月30日止六個月中期業績 股息及暫停辦理股份過戶登記手續 2025年10月1日 至11月16日之營運最新情況 莎莎國際控股有限公司（「本公司」）之 董 事 會 宣 佈，本 公 司 與 其 附 屬 公 司（「集 團」）截 至 2025年9月30日止六個月（「期 內」或「本財政年度上半年」）之未經審核簡明綜合中期財 務 資 料。未 經 審 核 簡 明 綜 合 中 期 財 務 資 料 已 經 由 本 公 司 審 核 委 員 會 ...