香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈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。 KEYNE LTD 金奧國際股份有限公司* （於百慕達註冊成立之有限公司） （股份代號：00009） - 2 - 截至2023年12月31日止年度之年度業績 金奧國際股份有限公司（「本公司」）董事（「董事」）局（「董事局」）公佈本公司及其附屬公司 （統稱「本集團」）截至2023年12月31日止年度的綜合業績連同比較數據如下： 綜合損益表 截至2023年12月31日止年度 | | | 2023年 | 2022年 | | --- | --- | --- | --- | | | 附註 | 千港元 | 千港元 | | 收益 | 5 | 38,768 | 17,186 | | 銷售成本 | | (18,224) | (2,396) | | 毛利 | | 20,544 | 14,790 | | 其他收入及收益 | 5 | 138 | 2,564 | | 投資物業之公平值虧損 | | – | (10,696) | | ...

[Definitions](index=6&type=section&id=Definition) This section provides definitions for key terms and abbreviations used throughout the report to ensure clear understanding - The report defines key terms including 'Board', 'China', 'Company', 'Directors', 'Group', 'HKD', 'Hong Kong', 'Listing Rules', 'Model Code', 'RMB', 'SFO', 'Shares', 'Shareholders', 'Stock Exchange', and 'USD' to ensure clear understanding of the report content[7](index=7&type=chunk)[8](index=8&type=chunk)[11](index=11&type=chunk) [Corporate Information](index=8&type=section&id=Corporate%20information) This chapter outlines the company's board members, committee structures, key personnel, and principal places of business - The Board of Directors includes executive directors Mr. Jin Jianxin (Chairman) and Mr. Tian Dong, and independent non-executive directors Mr. Li Zhenyu, Ms. Xu Qiong, and Mr. Zhou Kai. Mr. Shao Ping resigned as a non-executive director on July 7, **2025**[13](index=13&type=chunk)[14](index=14&type=chunk) - Mr. Li Zhenyu chairs the Audit Committee, Ms. Xu Qiong was appointed as a member on July 7, **2025**, and Mr. Shao Ping resigned on the same day. Mr. Zhou Kai chairs the Remuneration Committee, and Ms. Xu Qiong chairs the Nomination Committee[13](index=13&type=chunk)[14](index=14&type=chunk)[15](index=15&type=chunk) - Mr. Liu Zhongwei serves as Company Secretary, and PricewaterhouseCoopers is the external auditor. The company has its registered office in the Cayman Islands and principal places of business in Hong Kong and China[13](index=13&type=chunk)[14](index=14&type=chunk)[16](index=16&type=chunk)[17](index=17&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=Management%20discussion%20and%20analysis) This chapter analyzes the Group's business performance, recent developments, financial position, and changes in key financial indicators [Business Review](index=10&type=section&id=BUSINESS%20REVIEW) The Group designs and manufactures home decor and fragrance products, expanding production capacity in China and overseas to enhance efficiency - The Group provides design and manufacturing solutions for home decor and home fragrance products, with core offerings being scented candles and diffusers[20](index=20&type=chunk)[24](index=24&type=chunk) - The Yinzhou plant has been operational since **2020**, equipped with advanced automation and implementing 'informatization' to enhance production efficiency and shorten lead times[21](index=21&type=chunk)[24](index=24&type=chunk) - The Wuhu production base became operational in the first half of **2025** with a building area of approximately **87,000 square meters**. Additionally, Vietnam production facilities are in use, and new facilities in Thailand are under construction, indicating active overseas capacity expansion[22](index=22&type=chunk)[23](index=23&type=chunk)[24](index=24&type=chunk) [Recent Developments](index=11&type=section&id=RECENT%20DEVELOPMENT) The EU imposed a **70.9% provisional anti-dumping duty** on Chinese candles, significantly impacting the Group's revenue and profit, with legal advice being sought - The European Commission announced on August 13, **2025**, the imposition of a **70.9% provisional anti-dumping duty** on candle products originating from China[26](index=26&type=chunk)[30](index=30&type=chunk) - Given that over **50% of the Group's sales** are from candle product orders by customers in EU member states, the Board believes the provisional duty may significantly impact the Group's overall revenue and profit[26](index=26&type=chunk)[30](index=30&type=chunk) - The European Commission stated that the findings on the provisional duty rate are temporary and may be revised during the final stage of the anti-dumping investigation. The Group is seeking legal advice regarding the provisional duty[26](index=26&type=chunk)[30](index=30&type=chunk) [Financial Review](index=11&type=section&id=FINANCIAL%20REVIEW) The Group's H1 **2025** financial performance showed modest revenue growth, declining profitability, and shifts in key balance sheet items [Revenue](index=11&type=section&id=Revenue) The Group's revenue grew by **6.7%** in H1 **2025**, mainly due to organic growth from existing customer orders Revenue Overview | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Change (RMB million) | Growth Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 356.6 | 334.2 | 22.4 | 6.7% | - Revenue growth was primarily attributable to increased purchase orders from existing customers, leading to organic business growth[28](index=28&type=chunk)[31](index=31&type=chunk) [Gross Profit and Gross Profit Margin](index=11&type=section&id=Gross%20profit%20and%20gross%20profit%20margin) Gross profit margin slightly decreased from **24.4% to 23.3%**, primarily due to the diminishing positive impact of RMB depreciation in the prior period Gross Profit Margin Change | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Gross Profit Margin | 23.3% | 24.4% | - The decrease in gross profit margin was mainly due to the positive impact of RMB depreciation against the USD in H1 **2024** no longer being significant in the current period[29](index=29&type=chunk)[32](index=32&type=chunk) [Other Income](index=12&type=section&id=Other%20income) Other income primarily includes tax incentives for high-tech enterprises, government grants, and net income from bulk raw material sales - Other income primarily includes tax incentives for high-tech enterprises in China, government grants, and net income from bulk sales of raw materials to other market participants[34](index=34&type=chunk)[40](index=40&type=chunk) [Administrative Expenses](index=12&type=section&id=Administrative%20expenses) Administrative expenses increased by **17.9%** to **RMB 51.2 million**, driven by higher staff and payroll costs for business growth and Wuhu operations Administrative Expenses Change | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Change (RMB million) | Growth Rate | | :--- | :--- | :--- | :--- | :--- | | Administrative Expenses | 51.2 | 43.4 | 7.8 | 17.9% | - The increase in administrative expenses was mainly due to higher staff numbers and payroll costs required to support business growth and the operation of the Wuhu production base[36](index=36&type=chunk)[41](index=41&type=chunk) [Selling and Marketing Expenses](index=12&type=section&id=Selling%20and%20marketing%20expenses) Selling and marketing expenses decreased by **10.4%** to **RMB 17.1 million**, primarily due to effective cost-saving measures implemented by the Group Selling and Marketing Expenses Change | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Change (RMB million) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Selling and Marketing Expenses | 17.1 | 19.0 | (2.0) | -10.4% | - The decrease in selling and marketing expenses was attributable to effective cost-saving measures implemented by the Group[38](index=38&type=chunk)[42](index=42&type=chunk) [Other Net Gains](index=12&type=section&id=Other%20gain) Other net gains significantly decreased by **85.8%** to **RMB 4.3 million**, mainly due to a one-off gain from subsidiary disposal in H1 **2024** Other Net Gains Change | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Change (RMB million) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Other Net Gains | 4.3 | 30.0 | (25.7) | -85.8% | - The decrease in balance was mainly due to a one-off gain of approximately **RMB 21.7 million** from the disposal of a subsidiary in H1 **2024**[45](index=45&type=chunk)[51](index=51&type=chunk) - Other income for the period primarily included fair value gains on fund investments of approximately **RMB 3.4 million** and foreign exchange gains of approximately **RMB 0.9 million**[39](index=39&type=chunk)[43](index=43&type=chunk) [Finance Income and Finance Costs](index=13&type=section&id=Finance%20income%20and%20finance%20costs) Finance income decreased due to lower deposit rates, while finance costs increased as the Group secured more cost-effective borrowings amid falling interest rates - The decrease in finance income was mainly due to financial institutions lowering interest rates on deposits placed with them[47](index=47&type=chunk)[52](index=52&type=chunk) - The increase in finance costs was mainly due to the Group arranging more borrowings from financial institutions at lower interest rates, making the financial arrangements more cost-effective[47](index=47&type=chunk)[52](index=52&type=chunk) [Income Tax Expenses](index=13&type=section&id=Income%20tax%20expenses) Income tax expenses decreased by **51.9%** to **RMB 3.7 million**, consistent with the Group's decline in profit before tax Income Tax Expenses Change | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Change (RMB million) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Income Tax Expenses | 3.7 | 7.7 | (4.0) | -51.9% |

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，並表明概不會就因本公告全部或任何部 分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 SHIFANG HOLDING LIMITED 截至二零二五年六月三十日止年度 全年業績公告 財務摘要 十方控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事會（「董事 會」）謹此宣佈本集團截至二零二五年六月三十日止年度的全年業績連同截至二 零二四年六月三十日止十八個月的比較數字。 1 • 於截至二零二五年六月三十日止年度，本集團收入為人民幣71.3百萬元，而 於截至二零二四年六月三十日止十八個月則為人民幣24.6百萬元。 • 於截至二零二五年六月三十日止年度，本集團毛利為人民幣12.9百萬元，而 於截至二零二四年六月三十日止十八個月則為人民幣5.4百萬元。 • 於截至二零二五年六月三十日止年度，本集團錄得虧損淨額人民幣42.3百萬 元，而於截至二零二四年六月三十日止十八個月則為人民幣18.2百萬元，主 要歸因於無形資產減值虧損。 • 於截至二零二五年六月三十日止年度，本集團錄得每股基本虧損人民幣 ...

[Annual Results Announcement](index=1&type=section&id=Annual%20Results%20Announcement) [Consolidated Financial Results](index=2&type=section&id=Consolidated%20Financial%20Results) The Group's consolidated financial results for the year ended June 30, 2025, reveal significant declines in revenue and gross profit, a substantial increase in net loss, and deteriorating financial health, raising material uncertainty about its going concern ability [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 55,409 | 73,811 | -24.9% | | Gross Profit | 9,501 | 14,764 | -35.6% | | Net Other Gains and Losses | 511 | 7,236 | -92.9% | | Finance Costs | (11,498) | (9,169) | +25.4% | | Loss for the Year and Attributable to Owners of the Company | (28,211) | (13,044) | +116.3% | | Basic and Diluted Loss Per Share (HK cents) | (16.82) | (9.74) | +72.7% | [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current Assets | 8,466 | 10,310 | -17.9% | | Current Assets | 58,727 | 53,303 | +10.2% | | Total Assets | 67,193 | 63,613 | +5.6% | | Current Liabilities | 125,470 | 72,276 | +73.6% | | Net Current Liabilities | (66,743) | (18,973) | +251.8% | | Total Liabilities | 132,871 | 108,040 | +23.0% | | Capital Deficiency | (65,678) | (44,427) | +47.8% | - The Group's revenue, gross profit, and net loss all showed unfavorable changes in FY2025, with revenue decreasing by **24.9%** year-on-year, gross profit by **35.6%**, and net loss expanding by **116.3%**[3](index=3&type=chunk)[4](index=4&type=chunk)[21](index=21&type=chunk) Consolidated Financial Performance Summary | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 55,409 | 73,811 | -24.9% | | Direct Costs | (45,908) | (59,047) | -22.3% | | Gross Profit | 9,501 | 14,764 | -35.6% | | Loss Before Income Tax | (27,899) | (13,044) | +113.9% | | Loss for the Year and Attributable to Owners of the Company | (28,211) | (13,044) | +116.3% | | Basic and Diluted Loss Per Share (HK cents) | (16.82) | (9.74) | +72.7% | | Total Assets | 67,193 | 63,613 | +5.6% | | Net Current Liabilities | (66,743) | (18,973) | +251.8% | | Total Liabilities | 132,871 | 108,040 | +23.0% | | Capital Deficiency | (65,678) | (44,427) | +47.8% | | Cash and Cash Equivalents | 9,718 | 16,765 | -42.0% | [Notes to the Consolidated Financial Statements](index=4&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) This section details the basis of preparation, accounting policies, principal business segments, revenue composition, breakdown of expenses and liabilities, as well as subsequent events and share capital changes, providing supplementary information for understanding the company's financial position and operating performance [1. General Information](index=4&type=section&id=1.%20General%20Information) - The Company was incorporated in the Cayman Islands on March 18, 2016, and its shares are listed on the Main Board of the Hong Kong Stock Exchange[5](index=5&type=chunk) - The Group's principal businesses include providing integrated interior solutions services and online game integrated services[5](index=5&type=chunk) - The consolidated financial statements are presented in Hong Kong dollars, with all values rounded to the nearest thousand[5](index=5&type=chunk) [2. Basis of Preparation and Going Concern Assumption](index=4&type=section&id=2.%20Basis%20of%20Preparation%20and%20Going%20Concern%20Assumption) - The Group recorded a loss of approximately **HK$28.2 million**, net current liabilities of approximately **HK$66.7 million**, a capital deficiency of approximately **HK$65.7 million**, and cash and cash equivalents of approximately **HK$9.7 million** in FY2025, which constitute a material uncertainty regarding its ability to continue as a going concern[7](index=7&type=chunk) - The Board has prepared cash flow forecasts up to December 2026, considering the effectiveness of shareholder-guaranteed loan financing and operating cash flow generation ability to support the going concern assumption[8](index=8&type=chunk) - The Group has entered into subscription agreements with HIL and MKI to issue convertible bonds totaling **HK$95.5 million** to discharge part of its loan obligations and secured an additional **HK$20 million** financing facility from shareholders[9](index=9&type=chunk) [2.1 Application of New and Revised Hong Kong Financial Reporting Standards](index=6&type=section&id=2.1%20Application%20of%20New%20and%20Revised%20Hong%20Kong%20Financial%20Reporting%20Standards) - The Group first applied several new and revised Hong Kong Financial Reporting Standards this year, including amendments to HKFRS 16, HKAS 1, HKAS 7, and HKFRS 7[10](index=10&type=chunk) - The application of these revised standards had no significant impact on the Group's financial position and performance for the current and prior years[10](index=10&type=chunk) - The Board anticipates that new and revised Hong Kong Financial Reporting Standards effective in the future will not have a significant impact on the consolidated financial statements[11](index=11&type=chunk) [3. Revenue and Segment Information](index=7&type=section&id=3.%20Revenue%20and%20Segment%20Information) Revenue by Category | Revenue Category | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Integrated Interior Solutions Project Revenue | 49,513 | 61,408 | -19.4% | | Maintenance Services Revenue | 18 | 366 | -95.1% | | Design and Project Consultancy Services Revenue | 25 | 23 | +8.7% | | Online Game Integrated Services | 4,066 | 0 | N/A | | Sales of Wood Products and Furniture | 1,787 | 12,014 | -85.2% | | **Total Revenue** | **55,409** | **73,811** | **-24.9%** | - The Group commenced online game integrated services in FY2025, contributing **HK$4.1 million** in revenue[14](index=14&type=chunk)[44](index=44&type=chunk) Revenue by Region | Region | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Hong Kong | 18,697 | 32,296 | -42.1% | | China (excluding Hong Kong) | 32,796 | 37,871 | -13.4% | | Australia | 3,916 | 3,644 | +7.5% | | **Total** | **55,409** | **73,811** | **-24.9%** | [4. Other Income and Net Other Gains and Losses](index=11&type=section&id=4.%20Other%20Income%20and%20Net%20Other%20Gains%20and%20Losses) Other Income and Net Other Gains and Losses Summary | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | **Other Income** | **316** | **225** | **+40.4%** | | Bank Interest Income | 19 | 166 | -88.6% | | Rental Income | 0 | 24 | -100.0% | | Miscellaneous Income | 297 | 35 | +748.6% | | **Net Other Gains and Losses** | **511** | **7,236** | **-92.9%** | | Gain on Early Termination of Leases | 606 | 4,645 | -86.9% | | Gain on Forgiveness of Trade Payables | 0 | 2,006 | -100.0% | | Net Exchange (Loss)/Gain | (95) | 585 | -116.2% | - Gain on early termination of leases was **HK$4.6 million** in FY2024, related to office property lease termination, with a significant reduction in FY2025[24](index=24&type=chunk) - Gain on forgiveness of trade payables of **HK$2.0 million** was recognized in FY2024, with no such gain in FY2025[24](index=24&type=chunk) [5. Finance Costs](index=12&type=section&id=5.%20Finance%20Costs) Finance Costs Summary | Category | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Interest on Other Borrowings | 6,925 | 5,112 | +35.5% | | Interest on Shareholder Loans | 4,500 | 3,890 | +15.7% | | Interest on Lease Liabilities | 73 | 167 | -56.3% | | **Total** | **11,498** | **9,169** | **+25.4%** | [6. Loss Before Income Tax](index=13&type=section&id=6.%20Loss%20Before%20Income%20Tax) Loss Before Income Tax Adjustments | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Reversal of Expected Loss on Onerous Contracts | 0 | (6,366) | -100.0% | | Reversal of Accumulated Contract Costs | 0 | (5,760) | -100.0% | | Depreciation of Property, Plant and Equipment | 666 | 494 | +34.8% | | Depreciation of Right-of-Use Assets | 169 | 12 | +1308.3% | | Amortisation of Intangible Assets | 783 | 0 | N/A | | Auditor's Remuneration | 730 | 580 | +25.9% | | Total Employee Benefit Expenses | 13,406 | 11,015 | +21.7% | - In FY2024, a reversal of accumulated contract costs of approximately **HK$5.8 million** and a reversal of expected loss on onerous contracts of approximately **HK$6.4 million** were recognized due to project termination, with no such items in FY2025[25](index=25&type=chunk)[45](index=45&type=chunk) [7. Income Tax Expense](index=14&type=section&id=7.%20Income%20Tax%20Expense) Income Tax Expense Breakdown | Category | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Hong Kong Current Tax | 41 | 0 | | PRC Enterprise Income Tax | 271 | 0 | | **Total** | **312** | **0** | - The Company is incorporated in the Cayman Islands and exempt from income tax, with no provision made in FY2024 due to no assessable profits in Hong Kong[26](index=26&type=chunk) [8. Loss Per Share](index=14&type=section&id=8.%20Loss%20Per%20Share) Loss Per Share Calculation | Metric | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Loss for Calculation of Basic and Diluted Loss Per Share (HK$ thousand) | (28,211) | (13,044) | +116.3% | | Weighted Average Number of Ordinary Shares (thousand shares) | 167,706 | 133,933 | +25.2% | | **Basic and Diluted Loss Per Share (HK cents)** | **(16.82)** | **(9.74)** | **+72.7%** | - The Group had no ordinary shares with potential dilutive effects outstanding in both reporting years[28](index=28&type=chunk) [9. Dividends](index=15&type=section&id=9.%20Dividends) - The Company neither paid nor declared any dividends for the year ended June 30, 2025 (2024: nil)[31](index=31&type=chunk) [10. Trade and Other Receivables](index=15&type=section&id=10.%20Trade%20and%20Other%20Receivables) Trade and Other Receivables Aging Analysis | Aging | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Within 1 month | 1,438 | 797 | +80.4% | | 1 to 3 months | 1,298 | 379 | +242.5% | | 3 to 6 months | 257 | 0 | N/A | | Over 6 months but within 1 year | 48 | 0 | N/A | | Over 1 year | 80 | 172 | -53.5% | | **Total** | **3,121** | **1,348** | **+131.5%** | - Credit terms for integrated interior solutions services are generally **30-60 days**, and for online game integrated services, **150 days**[32](index=32&type=chunk) [11. Trade and Other Payables](index=16&type=section&id=11.%20Trade%20and%20Other%20Payables) Trade and Other Payables Aging Analysis | Aging | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Within 1 month | 0 | 1,433 | -100.0% | | 1 to 3 months | 1,087 | 0 | N/A | | 3 to 6 months | 820 | 137 | +498.5% | | Over 6 months but within 1 year | 1,648 | 659 | +150.1% | | Over 1 year | 2,986 | 2,622 | +13.9% | | **Total** | **6,541** | **4,851** | **+34.8%** | - The Group's trade payables are non-interest bearing, with repayment terms typically ranging from **31 to 90 days**[33](index=33&type=chunk) [12. Other Borrowings and Shareholder Loans](index=16&type=section&id=12.%20Other%20Borrowings%20and%20Shareholder%20Loans) Borrowings Breakdown | Category | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | **Other Borrowings** | **55,000** | **53,450** | **+2.9%** | | Current | 50,000 | 48,450 | +3.2% | | Non-current | 5,000 | 5,000 | 0.0% | | **Shareholder Loans** | **30,000** | **30,000** | **0.0%** | | Current | 30,000 | 0 | N/A | | Non-current | 0 | 30,000 | -100.0% | | **Total** | **85,000** | **83,450** | **+1.9%** | - In FY2025, **HK$30.0 million** of shareholder loans were reclassified from non-current to current, leading to a significant increase in current liabilities[34](index=34&type=chunk) [13. Share Capital](index=17&type=section&id=13.%20Share%20Capital) Share Capital Summary | Metric | 2025 (thousand shares) | 2024 (thousand shares) | Change (%) | | :--- | :--- | :--- | :--- | | Number of Issued and Fully Paid Shares | 186,624 | 155,520 | +20.0% | | Issued and Fully Paid Share Capital (HK$ thousand) | 1,866 | 1,555 | +20.0% | - A placing of **31,104,000** ordinary shares at **HK$0.20** per share was completed in February 2025, raising net proceeds of approximately **HK$6.01 million**[36](index=36&type=chunk)[51](index=51&type=chunk) - Approximately **HK$3.0 million** of the net proceeds from the placing was used to pay for integrated interior solutions project subcontracting expenses, with the remaining approximately **HK$3.01 million** for general working capital[51](index=51&type=chunk) [14. Events After the Reporting Period](index=19&type=section&id=14.%20Events%20After%20the%20Reporting%20Period) - Subsequent to the reporting period, the Company entered into subscription agreements with Hexing Investment Limited (HIL) and MK Investment Group Limited (MKI) for the issuance of convertible bonds with principal amounts of **HK$57.1 million** and **HK$38.4 million**, respectively[37](index=37&type=chunk) - These convertible bonds will be settled by discharging part of the Company's obligations to pay loans and related interest to HIL and MKI[37](index=37&type=chunk) - The subscription agreements were completed on September 22, 2025[38](index=38&type=chunk) [Summary of Independent Auditor's Report](index=20&type=section&id=Summary%20of%20Independent%20Auditor's%20Report) The independent auditor believes the consolidated financial statements fairly present the Group's financial position, performance, and cash flows in accordance with HKFRS and the Hong Kong Companies Ordinance, while highlighting a material uncertainty regarding the Group's going concern ability, but without modifying their opinion [Opinion](index=20&type=section&id=Opinion) - The auditor believes the consolidated financial statements fairly present the Group's consolidated financial position, performance, and cash flows as at June 30, 2025[39](index=39&type=chunk) - The financial statements have been properly prepared in accordance with the disclosure requirements of the Hong Kong Companies Ordinance[39](index=39&type=chunk) [Material Uncertainty Related to Going Concern](index=20&type=section&id=Material%20Uncertainty%20Related%20to%20Going%20Concern) - The Group recorded a loss of approximately **HK$28.2 million**, net current liabilities of approximately **HK$66.7 million**, a capital deficiency of approximately **HK$65.7 million**, and cash and cash equivalents of approximately **HK$9.7 million** in FY2025[40](index=40&type=chunk) - These conditions indicate a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern[40](index=40&type=chunk) - The auditor's opinion on this matter is not modified[40](index=40&type=chunk) [Management Discussion and Analysis](index=21&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the Group's FY2025 business performance, highlighting decreased revenue and gross profit, and expanded net loss, while outlining future strategies including market focus, online gaming expansion, and potential acquisitions for strategic growth, alongside details on capital liquidity, borrowings, human resources, and risk management [Business Review](index=21&type=section&id=Business%20Review) - The Group's principal businesses are integrated interior solutions services and online game integrated services, with operations expanded to China, Australia, the US, Europe, the Middle East, and other Asian countries[41](index=41&type=chunk) Key Financial Highlights | Metric | 2025 (HK$ million) | 2024 (HK$ million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 55.4 | 73.8 | -24.9% | | Gross Profit | 9.5 | 14.8 | -35.6% | | Net Loss | 28.2 | 13.0 | +116.3% | - The increase in consolidated net loss is primarily attributable to a **HK$5.3 million** decrease in gross profit, a **HK$4.0 million** reduction in gain on early termination of leases, the absence of a **HK$2.0 million** gain on forgiveness of trade payables from FY2024, and a **HK$2.3 million** increase in finance costs[42](index=42&type=chunk) [Business Strategies and Outlook](index=22&type=section&id=Business%20Strategies%20and%20Outlook) - The Group will intensify efforts to restore business development in China and overseas, while expanding local competitive advantages, particularly exploring integrated interior solutions project opportunities in China, Hong Kong, and Australia[43](index=43&type=chunk) - The Group has established new business relationships with internationally renowned brands and property owners to drive its expansion projects[43](index=43&type=chunk) - The Group launched its online gaming business this year and plans to identify suitable business partners for strategic collaborations and seek potential acquisition targets that can generate synergies with existing businesses for sustained growth[43](index=43&type=chunk) [Financial Performance Review](index=23&type=section&id=Financial%20Performance%20Review) [Revenue](index=23&type=section&id=Revenue) - The Group's revenue decreased by approximately **24.9%** from approximately **HK$73.8 million** in FY2024 to approximately **HK$55.4 million** in FY2025[44](index=44&type=chunk) - The decrease in revenue was primarily due to fewer large-scale projects undertaken during the year[44](index=44&type=chunk) [Direct Costs](index=23&type=section&id=Direct%20Costs) - Direct costs decreased by approximately **22.3%** from approximately **HK$59.0 million** in FY2024 to approximately **HK$45.9 million** in FY2025[45](index=45&type=chunk) - The primary reason was the reversal of accumulated contract costs of approximately **HK$5.8 million** and reversal of expected loss on onerous contracts of approximately **HK$6.4 million** in FY2024[45](index=45&type=chunk) [Gross Profit and Gross Margin](index=23&type=section&id=Gross%20Profit%20and%20Gross%20Margin) | Metric | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Gross Profit (HK$ million) | 9.5 | 14.8 | -35.8% | | Gross Margin | 17.1% | 20.0% | -14.5% | - The decrease in gross profit and gross margin was mainly related to the reversal of accumulated contract costs and expected loss on onerous contracts in FY2024[46](index=46&type=chunk) [Net Other Gains and Losses](index=23&type=section&id=Net%20Other%20Gains%20and%20Losses) - Net other gains and losses were approximately **HK$0.6 million** in FY2025, compared to approximately **HK$4.6 million** in FY2024, primarily due to a reduction in gain on early termination of leases[47](index=47&type=chunk) [Administrative Expenses](index=24&type=section&id=Administrative%20Expenses) | Metric | 2025 (HK$ million) | 2024 (HK$ million) | Change (%) | | :--- | :--- | :--- | :--- | | Administrative Expenses | 22.1 | 21.2 | +4.2% | - Administrative expenses, primarily comprising employee benefits, marketing expenses, and legal and professional fees, remained stable during the year[48](index=48&type=chunk) [Income Tax Expense](index=24&type=section&id=Income%20Tax%20Expense) - Income tax expense primarily refers to current tax paid/payable for Hong Kong and PRC profits tax[49](index=49&type=chunk) [Capital Liquidity, Financial Resources, and Capital Structure](index=24&type=section&id=Capital%20Liquidity,%20Financial%20Resources,%20and%20Capital%20Structure) - The Group's cash inflows primarily stem from operating activities in integrated interior solutions services and online game integrated services, as well as financing activities such as borrowings and equity fundraising[50](index=50&type=chunk) Cash and Bank Balances | Metric | 2025 (HK$ million) | 2024 (HK$ million) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 9.7 | 16.8 | -42.3% | - The 2025 placing raised net proceeds of approximately **HK$6.01 million**, with approximately **HK$3.0 million** used for integrated interior solutions project subcontracting expenses and the remaining approximately **HK$3.01 million** for general working capital[51](index=51&type=chunk) [Borrowings and Gearing Ratio](index=24&type=section&id=Borrowings%20and%20Gearing%20Ratio) Total Borrowings | Category | 2025 (HK$ million) | 2024 (HK$ million) | Change (%) | | :--- | :--- | :--- | :--- | | Other Borrowings | 55.0 | 53.5 | +2.8% | | Shareholder Loans | 30.0 | 30.0 | 0.0% | | **Total Borrowings** | **85.0** | **83.5** | **+1.8%** | - As at June 30, 2025, and 2024, the gearing ratio was negative due to the Group's equity being in a deficit position[53](index=53&type=chunk) [Pledge of Assets](index=25&type=section&id=Pledge%20of%20Assets) - As at June 30, 2025, a subsidiary provided a corporate guarantee to an independent lender for **HK$5.0 million** in borrowings, pledging buildings valued at approximately **HK$5.0 million**[54](index=54&type=chunk) [Contingent Liabilities](index=25&type=section&id=Contingent%20Liabilities) - As at June 30, 2025, and 2024, the Group had no significant contingent liabilities[55](index=55&type=chunk) [Material Investments Held and Future Plans for Material Investments or Capital Assets](index=25&type=section&id=Material%20Investments%20Held%20and%20Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) - As at June 30, 2025, the Group held no material investments and had no plans for material investments or capital assets[56](index=56&type=chunk) [Material Acquisitions and Disposals](index=25&type=section&id=Material%20Acquisitions%20and%20Disposals) - On June 19, 2024, the Group obtained a five-year exclusive license to reproduce, distribute, and publish a licensed game in China, involving a minimum guarantee of **US$500,000**[57](index=57&type=chunk) - The Group did not undertake any material acquisitions or disposals of subsidiaries, associates, or joint ventures during the year[58](index=58&type=chunk) [Share Option Scheme](index=25&type=section&id=Share%20Option%20Scheme) - The Company adopted a share option scheme on August 22, 2016[59](index=59&type=chunk) - As at June 30, 2025, the Company had not granted any share options under the share option scheme[59](index=59&type=chunk) [Human Resources and Employee Remuneration](index=26&type=section&id=Human%20Resources%20and%20Employee%20Remuneration) Employee Statistics | Metric | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Number of Employees | 35 | 30 | +16.7% | | Total Employee Benefits (HK$ million) | 13.4 | 11.0 | +21.8% | - The Group offers competitive remuneration packages, including salaries, medical insurance, discretionary bonuses, and MPF schemes, and encourages employees to attend training courses[60](index=60&type=chunk) [Capital Commitments](index=26&type=section&id=Capital%20Commitments) - As at June 30, 2025, and 2024, the Group had no significant capital commitments[61](index=61&type=chunk) [Foreign Exchange Risk](index=26&type=section&id=Foreign%20Exchange%20Risk) - The Group's foreign exchange risk primarily arises from sales and purchases denominated in Thai Baht, Singapore Dollars, US Dollars, Renminbi, Euros, Australian Dollars, and British Pounds[62](index=62&type=chunk) - Management will closely monitor the impact of RMB and AUD fluctuations and will adopt hedging policies when appropriate, with no hedging policies currently in place[62](index=62&type=chunk) [Events After Reporting Period](index=26&type=section&id=Events%20After%20Reporting%20Period) - Details of events after the reporting period are provided in Note 14 to this announcement[63](index=63&type=chunk) [Other Information](index=26&type=section&id=Other%20Information) This section covers other important information regarding the Group's corporate governance, securities transactions, auditor's scope of work, audit committee operations, dividend policy, and the publication of annual results and reports [Compliance with Corporate Governance Code](index=26&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) - The Group has adopted and fully complied with the Corporate Governance Code in Appendix 14 of the Listing Rules during the year, except for code provision C.2.1 where the roles of Chairman and Chief Executive Officer are combined[64](index=64&type=chunk)[65](index=65&type=chunk) - The Board believes Mr. Wang Rong's dual role as Chairman and Chief Executive Officer benefits the Group's business prospects, provides strong and consistent leadership, and enables more effective planning and management[65](index=65&type=chunk) - The Board believes the balanced composition of executive and independent non-executive directors and the oversight of various committees provide sufficient safeguards to ensure a balance of power and authority[65](index=65&type=chunk) [Standard Code for Securities Transactions](index=27&type=section&id=Standard%20Code%20for%20Securities%20Transactions) - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers in Appendix C3 of the Listing Rules as its code of conduct for directors' dealings in company securities[67](index=67&type=chunk) - All Directors confirmed compliance with the required standards set out in the Model Code during the year[67](index=67&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=27&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) - During the year, neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities[68](index=68&type=chunk) [Scope of Work of Rongcheng (Hong Kong) CPA Limited](index=28&type=section&id=Scope%20of%20Work%20of%20Rongcheng%20(Hong%20Kong)%20CPA%20Limited) - The figures in the Group's annual results announcement for the year, as agreed with the auditor Rongcheng (Hong Kong) CPA Limited, are consistent with the amounts set out in the consolidated financial statements[69](index=69&type=chunk) - The work performed by the auditor in this regard does not constitute an assurance engagement, and therefore no assurance is provided on this announcement[69](index=69&type=chunk) [Audit Committee](index=28&type=section&id=Audit%20Committee) - The Audit Committee was established on August 22, 2016, comprising three independent non-executive directors: Mr. Xie Guoxing (Chairman), Ms. Li Gui Chang, and Mr. Ma Jian[70](index=70&type=chunk) - The Committee's primary responsibilities include reviewing and monitoring the Group's financial reporting process, risk management, and internal control systems[70](index=70&type=chunk) - The Audit Committee has reviewed the consolidated annual results for the year and considers their preparation to be in compliance with applicable accounting standards and Listing Rules requirements[70](index=70&type=chunk) [Dividends](index=28&type=section&id=Dividends) - The Board resolved not to recommend the payment of any dividends for the year (2024: nil)[71](index=71&type=chunk) [Publication of Annual Results and Annual Report](index=28&type=section&id=Publication%20of%20Annual%20Results%20and%20Annual%20Report) - This announcement has been published on the HKEX website (www.hkexnews.hk) and the Company's website (www.crosstec.com.hk)[72](index=72&type=chunk) - The Company's annual report for the year, containing all information required by the Listing Rules, will be dispatched to shareholders and published on the HKEX website and the Company's website in due course[72](index=72&type=chunk) [Acknowledgements and Board Composition](index=29&type=section&id=Acknowledgements%20and%20Board%20Composition) The Company expresses gratitude to shareholders, stakeholders, and all employees for their support and contributions, with the Board of Directors comprising an executive director and three independent non-executive directors as of the announcement date - The Company extends its gratitude to all shareholders, stakeholders, and employees for their support and contributions[73](index=73&type=chunk) - As of the announcement date, the Board of Directors comprises Mr. Wang Rong (Executive Director), Ms. Li Gui Chang (Independent Non-executive Director), Mr. Xie Guoxing (Independent Non-executive Director), and Mr. Ma Jian (Independent Non-executive Director)[74](index=74&type=chunk)

Financial Performance - Revenue for the year ended June 30, 2025, was HKD 81,240,000, a decrease of 27% compared to HKD 111,160,000 in 2024[3] - Gross profit for the same period was HKD 51,844,000, down 27.7% from HKD 71,657,000 in 2024[3] - The company reported a profit from continuing operations of HKD 45,000,000, a significant recovery from a loss of HKD 270,792,000 in 2024[4] - Total comprehensive income for the year was HKD 40,354,000, compared to a loss of HKD 273,691,000 in the previous year[4] - Basic earnings per share from continuing and discontinued operations was HKD 1.56, a turnaround from a loss of HKD 10.07 in 2024[5] - Total revenue from continuing operations was HKD 81,240,000 in 2025, down from HKD 111,160,000 in 2024, reflecting a decline of approximately 26.9%[26] - The company reported a profit of HKD 45,000,000 from continuing operations for the year ending June 30, 2025, compared to a loss of HKD 270,792,000 in 2024[26] - The group reported total revenue of HKD 140,350,000 for the year ending June 30, 2025, with a single customer contributing 10% or more, compared to no such contributions in 2024[31] - Other income for the year 2025 was HKD 100,765,000, a significant increase from HKD 54,951,000 in 2024[32] - The group reported a total loss attributable to owners from discontinued operations of HKD 3,047,000 for 2025, with a basic and diluted loss per share of HKD 0.0011[40] - The group generated a profit of approximately HKD 39,027,000 for the year ending June 30, 2025, compared to a loss of HKD 270,792,000 in 2024, resulting in a profit margin of approximately 48.0%[78] Assets and Liabilities - Non-current assets decreased to HKD 533,141,000 from HKD 622,755,000 in 2024, reflecting a decline of 14.4%[6] - Current liabilities increased to HKD 175,483,000 from HKD 139,553,000, representing a rise of 25.7%[6] - The company has a net current liability of approximately HKD 103,396,000 as of June 30, 2025, indicating significant uncertainty regarding its ability to continue as a going concern[14] - Total assets for the property operations segment decreased to HKD 547,396,000 in 2025 from HKD 652,213,000 in 2024, a reduction of about 16.1%[29] - Total liabilities for the property operations segment decreased to HKD 545,299,000 in 2025 from HKD 701,161,000 in 2024, a decline of approximately 22.3%[29] - The group reported a net current liability of approximately HKD 103,396,000 as of June 30, 2025, compared to HKD 51,194,000 in 2024, indicating a significant increase in liabilities[94] - Total assets minus current liabilities were approximately HKD 429,745,000 as of June 30, 2025, down from HKD 571,561,000 in 2024, reflecting a decrease in asset value[94] - The group’s lease liabilities as of June 30, 2025, total HKD 447,380,000, a decrease from HKD 630,994,000 in the previous year, with current liabilities at HKD 72,637,000 and non-current liabilities at HKD 374,743,000[52] Equity and Shareholder Information - The company's total equity attributable to owners was HKD 35,279,000, recovering from a deficit of HKD 7,938,000 in 2024[7] - The total equity of the group was approximately HKD 32,529,000 as of June 30, 2025, compared to a total loss of HKD 7,938,000 in 2024[94] - The company does not recommend a final dividend for the year ending June 30, 2025, consistent with the previous year[89] Operational Changes and Business Focus - The company is focusing on property operations and has classified its air cargo charter business as discontinued operations[8] - The company has classified its air cargo charter segment as discontinued operations due to ongoing uncertainties in U.S. tariff policies affecting global economic conditions[25] - The group has entered into a lease agreement for the Longhu Shopping Center in Zhengzhou, China, with a total floor area of approximately 62,583 square meters, expected to enhance asset operational capacity and cash flow stability[16] - The group has expanded its property management business through Zhengzhou Yingrui Property Service Co., Ltd., leasing 42 units in Zhiyun City with a total floor area of approximately 130,873 square meters, achieving about 69.7% occupancy as of June 30, 2025[71] - The group plans to adjust rental levels in response to leasing data to improve occupancy rates and increase property operating income[75] - Future plans include expanding property operations and air cargo charter services, with a focus on leasing and management services for various properties[91] Financial Reporting and Standards - The company has applied new Hong Kong Financial Reporting Standards, which did not have a significant impact on financial performance[9] - The new Hong Kong Financial Reporting Standard No. 18 will impact the presentation and disclosure of the income statement in future financial reports, effective from January 1, 2027, or thereafter[11] - The group is evaluating the specific impact of the new Hong Kong Financial Reporting Standard No. 18 on its consolidated financial statements[11] - The financial statements are prepared based on historical cost, except for certain investment properties measured at fair value[18] Legal and Compliance - The company has adhered to the corporate governance code as per Appendix C1 of the listing rules for the year ending June 30, 2025, to enhance accountability and transparency[109] - All directors have confirmed compliance with the standards set forth in the standard code for securities trading as per Appendix C3 of the listing rules for the year ending June 30, 2025[110] - The company has established strict written guidelines for employees who may hold unpublished price-sensitive information, with no violations reported[111] Market Conditions and Future Outlook - The group anticipates a GDP growth of approximately 5.3% in the first half of 2025, with a projected GDP of RMB 660,536 billion[93] - The company anticipates financial benefits from improved macroeconomic conditions in China, particularly in consumer spending recovery[91] - The group will continue to implement strict cost control policies to manage operational costs and capital expenditures effectively[93]

Financial Performance - For the fiscal year ending June 30, 2025, the company reported a basic loss per share of RMB 1.611, compared to a loss of RMB 1.858 in the previous year, representing a decrease of 13.3%[4]. - The company recorded revenue of approximately RMB 75.4 million this year, a decrease of about 55.3% compared to last year's revenue of approximately RMB 168.6 million[13]. - The net loss attributable to the company was approximately RMB 24.0 million, a decrease of about RMB 1.6 million compared to the previous year's net loss[13]. - The group recorded a loss attributable to owners of the company of approximately RMB 24.0 million this year, compared to RMB 25.6 million last year, influenced by the absence of impairment losses on property, plant, and equipment[41]. - The company incurred a net loss of RMB 28,442,000 for the year, compared to a net loss of RMB 25,608,000 in the previous year, reflecting a deterioration in financial performance[65]. - Other comprehensive loss for the year amounted to RMB 29,069,000, compared to RMB 25,517,000 in the previous year, indicating an increase in overall losses[66]. Revenue Breakdown - Revenue from the passion fruit segment increased compared to the previous year, despite a decrease in quantity sold due to improved quality[9]. - The fruit distribution business generated revenue of approximately RMB 28.7 million this year, down approximately 73.0% from last year's revenue of approximately RMB 106.5 million[22]. - The air conditioning distribution business contributed revenue of approximately RMB 42.3 million, down 30.5% from RMB 60.8 million in the previous year[29]. - The planting business contributed revenue of approximately RMB 1.6 million this year, compared to RMB 1.3 million last year[20]. - The consumables and other products sales and distribution business generated revenue of approximately RMB 1.5 million, with no revenue recorded in the previous year[24]. Asset and Liability Changes - Total assets decreased by 9.7% to RMB 144.6 million from RMB 160.1 million in the previous year[5]. - Cash and cash equivalents dropped by 43.5% to RMB 9.5 million, down from RMB 16.8 million[5]. - The company's bank borrowings and other related liabilities amount to approximately RMB 10.8 million, down from RMB 12.0 million in 2024[53]. - Current liabilities increased from RMB 32,458,000 to RMB 43,986,000, an increase of about 35.7% year-over-year[70]. - Total equity decreased from RMB 136,981,000 to RMB 110,852,000, a decline of approximately 19.1% year-over-year[70]. Strategic Focus and Market Outlook - The company remains cautiously optimistic about China's economic recovery and long-term growth potential despite facing challenges in the past year[7]. - The company continues to focus on passion fruit as its main product, improving planting strategies to enhance overall yield and production[8]. - The company is exploring the feasibility of planting watermelon and cantaloupe to expand its revenue sources, although these have not yet generated significant income[8]. - The company plans to cautiously expand its air conditioning distribution business into more regions in China, focusing on potential new locations and market conditions[19]. - The company will continue to explore and seize market opportunities across different business segments while maintaining prudent financial and operational management[14]. Cost and Expense Management - Employee costs increased to approximately RMB 16.8 million this year from RMB 11.3 million last year, an increase of about RMB 5.5 million, primarily due to the establishment of new sales and distribution divisions[36]. - Distribution and other operating expenses rose to approximately RMB 1.6 million this year from RMB 0.5 million last year, attributed to significant logistics costs and after-sales service expenses related to the new consumer product sales[37]. - General and administrative expenses were approximately RMB 17.1 million this year, slightly down from RMB 17.7 million last year, despite one-time consulting fees for establishing an online platform[38]. Shareholder and Capital Management - The board does not recommend a final dividend for the current year[47]. - The company announced a rights issue at a subscription price of HKD 0.035 per share, representing a discount of approximately 33.96% from the last trading price[48]. - A total of 480,467,975 shares were issued through the rights issue, increasing the total number of shares from 2,499,637,884 to 2,980,105,859[48]. - The company has completed a share consolidation, merging every 200 shares with a par value of HKD 0.01 into 1 consolidated share with a par value of HKD 2.00[50]. - Following the share consolidation, the company's issued share capital will be reduced from approximately HKD 29,801,000 to approximately HKD 149,000[50]. Risk Management and Governance - The board acknowledges the need to remain vigilant regarding potential risks due to global political instability and domestic economic challenges in China[14]. - The company has adhered to corporate governance rules and procedures throughout the year[134]. - The audit committee consists of three independent non-executive directors, ensuring effective financial control and risk management[139]. Future Developments - The company is currently assessing the impact of IFRS 18 on its consolidated financial statements, with no significant effects identified so far[81]. - The group is in the early stages of developing a new line of consumer products and services, which has not yet significantly impacted this year's revenue[30]. - The company plans to expand its market presence through strategic acquisitions and partnerships in the upcoming fiscal year[1].

Financial Performance - For the fiscal year ending June 30, 2025, the company's revenue was approximately RMB 90.2 million, a significant increase from RMB 47.6 million in the previous fiscal year[3] - The profit attributable to the owners for the fiscal year 2025 was approximately RMB 22.7 million, down from RMB 200 million in fiscal year 2024[4] - The total comprehensive income attributable to the owners for fiscal year 2025 was approximately RMB 28.2 million, compared to RMB 204 million in fiscal year 2024[4] - Basic earnings per share for fiscal year 2025 were RMB 2.75, a decrease from RMB 29.79 in fiscal year 2024[4] - The company reported a gross profit of RMB 8.2 million for fiscal year 2025, compared to RMB 1.9 million in fiscal year 2024[4] - The group reported a total profit of RMB 30,197,000 for the year ending June 30, 2025, compared to RMB 11,705,000 in the previous year, marking an increase of 157.5%[19] - The company reported a net profit of RMB 22,711,000 for 2025, a significant decrease from RMB 200,013,000 in 2024[31] Revenue Breakdown - Revenue from the timber-related products was RMB 36,633,000, up from RMB 32,521,000, indicating an increase of 34.5% year-over-year[15] - Revenue from ginseng-related products surged to RMB 39,467,000 from RMB 15,085,000, reflecting a growth of 161.5%[15] - The company’s total revenue from external customers in China reached RMB 76,100,000 in 2025, up from RMB 47,606,000 in 2024, an increase of 59.8%[25] - Ginseng business revenue reached approximately RMB 39.5 million in the 2025 fiscal year, with RMB 25 million from supplier purchases and RMB 14.5 million from self-cultivated ginseng[39] - Health product manufacturing and trading business generated revenue of approximately RMB 14.1 million in the 2025 fiscal year[40] Assets and Liabilities - The total assets less current liabilities increased to RMB 162.3 million in fiscal year 2025, up from RMB 128.9 million in fiscal year 2024[5] - The net assets of the company increased to RMB 46.7 million in fiscal year 2025, compared to RMB 12.9 million in fiscal year 2024[6] - Total assets increased to RMB 205,417,000 in 2025 from RMB 178,166,000 in 2024, representing a growth of 15.3%[22] - Total liabilities decreased to RMB 158,697,000 in 2025 from RMB 165,203,000 in 2024, a reduction of 3.1%[22] Capital Structure - The capital-to-debt ratio improved to approximately 77.3% in fiscal year 2025, down from 92.7% in fiscal year 2024, representing a decrease of 15.4 percentage points[3] - The capital-to-debt ratio as of June 30, 2025, was approximately 77.3%, a decrease from 92.7% as of June 30, 2024[57] Dividends and Share Structure - The company did not recommend any dividend distribution for fiscal year 2025, consistent with fiscal year 2024[3] - No final dividend has been recommended for the fiscal year 2025, consistent with the previous fiscal year[64] - A share consolidation was approved on July 4, 2025, reducing the total number of issued shares from 859,242,204 to 85,924,220[60] - The total number of issued shares has been adjusted from 859,242,204 to 85,924,220 following the share consolidation effective July 8, 2025[62] - The company announced a conditional placement of up to 17,000,000 new shares at a price of HKD 0.28 per share, aiming to raise approximately HKD 4.63 million, which represents an increase of about 16.52% in the enlarged issued share capital[63] Operational Developments - The company began operations in the health product trading business in November 2024, indicating a strategic expansion into new markets[8] - The group obtained harvesting permits for 18,016 cubic meters for the 2025 calendar year, an increase from the previous year's harvesting volume[41] - The group plans to gradually reduce reliance on suppliers for aged ginseng as it builds sufficient inventory of self-cultivated ginseng[41] - The group successfully planted the first batch of Epimedium on its owned land in June 2024, with an additional 28 acres planted in July 2024[42] Financial Reporting Standards - The group anticipates the adoption of new Hong Kong Financial Reporting Standards will impact its accounting policies starting from the first period after their effective date[13] - The new Hong Kong Financial Reporting Standard No. 18 will introduce new presentation and disclosure requirements in the consolidated income statement, effective from January 1, 2027[13] - The group is currently assessing the detailed impact of the new standards on its consolidated financial statements[13] - The group expects that other amendments to the Hong Kong Financial Reporting Standards will not have a significant impact on its consolidated financial statements[13] Expenses and Costs - Administrative expenses decreased by approximately 27.0% to RMB 15.7 million in fiscal year 2025, down from RMB 21.5 million in fiscal year 2024, mainly due to a reduction in legal expenses[47] - Financing costs increased by approximately 8.5% to RMB 3.5 million in fiscal year 2025, compared to RMB 3.2 million in fiscal year 2024[49] - The company incurred a total cost of RMB 36,633,000 for harvested timber in 2025, compared to RMB 32,522,000 in 2024, an increase of 12.9%[29] Trade Receivables and Payables - Trade receivables increased to RMB 33,796,000 in 2025 from RMB 17,343,000 in 2024, representing a growth of 95.5%[32] - Trade payables increased to RMB 29,029,000 in 2025 from RMB 16,304,000 in 2024, reflecting a growth of 77.6%[32] - The average credit period granted to trade customers remains at 120 days for both 2024 and 2025[32] - The average credit period for purchasing goods is maintained at 90 days[32] Audit and Compliance - The audit committee, consisting of three independent non-executive directors, reviewed the financial reporting process and internal control systems, and has no objections to the group's consolidated financial performance as reported[71]

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. 香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，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佈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。 (Stock code: 1676) （股份代號：1676） ANNUAL R ...

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之任何損失承擔任何責任。 | | | 截至 | 截至 | | --- | --- | --- | --- | | | | 二零二五年 | 二零二四年 | | | | 六月三十日 | 六月三十日 | | | | 止年度 | 止年度 | | | 附註 | 千港元 | 千港元 | | 收益 | 5 | 103,781 | 84,738 | | 收益成本 | | (77,285) | (78,427) | | 毛利 | | 26,496 | 6,311 | | 其他收入 | 6 | 1,077 | 33,526 | | 行政及其他經營開支 | | (27,663) | (32,434) | | 多項資產減值虧損 | | (21,249) | (7,838) | | 經營虧損 | | (21,339) | (435) | | 出售附屬公司收益 | | 31 | – | | 按公平值計入損益之金融負債之公平值虧損 | | (19,892) ...

Annual R e p ort 2 0 2 4 Interim Report 2025 中期報告 阜博集團有限公司 執行董事 王揚斌先生（「王先生」） （主席兼行政總裁） 王偉軍先生（「王偉軍先生」） 非執行董事 鄧以海先生（「鄧先生」） （副主席） 陳筠霖女士（「陳女士」） J David WARGO先生（「Wargo先生」） （已於2025年6月27日退任） 獨立非執行董事 Vobile Group Limited 目 錄 公司資料 02 業務回顧及展望 04 管理層討論及分析 11 企業管治摘要 20 其他資料 22 中期簡明綜合損益表 30 中期簡明綜合全面收益表 31 中期簡明綜合財務狀況表 32 中期簡明綜合權益變動表 34 中期簡明綜合現金流量表 35 中期簡明綜合財務報表附註 37 釋義 53 公司資料 Alfred Tsai CHU先生（「Chu先生」） Charles Eric EESLEY先生（「Eesley先生」） 關毅傑先生（「關先生」） 公司秘書 何世康先生（「何先生」） 審核委員會 關毅傑先生 （主席） Alfred Tsai CHU先生 Charles Eric EESLEY ...