Fund Allocation - The net proceeds from the subscription amount to approximately HKD 19,400,000, with 60% allocated for expanding existing longevity science and new biopharmaceutical product trading businesses [4] - 11,640 thousand HKD (60%) of the net proceeds has been fully utilized for business expansion, while 7,760 thousand HKD (40%) has been allocated to general working capital [5] Stock Options and Incentives - No stock options were granted under the 2022 stock option plan during the fiscal year 2024 [6] - The total number of shares available for grant under the stock incentive plan and the 2022 stock option plan is 38,701,026 shares as of January 1, 2024, and December 31, 2024 [8] - The company clarified that the number of shares that could be issued for stock options and incentives during the fiscal year 2024 is zero, contrary to the previously reported 16.02% [9]

ANNUAL REPORT 2024/2025 年 報 Contents 目錄 | Corporate Information | 2 | | --- | --- | | 公司資料 | | | Financial Summary | 4 | | 財務概要 | | | Management Discussion and Analysis | 5 | | 管理層討論及分析 | | | Biographies of Directors and Senior Management | 17 | | 董事及高級管理人員之簡歷 | | | Report of the Directors | 20 | | 董事局報告 | | | Corporate Governance Report | 45 | | 企業管治報告 | | | Environmental, Social and Governance Report | 64 | | 環境、社會及管治報告 | | | Independent Auditor's Report | 79 | | 獨立核數師報告 | | | Consolidated Statement of Pr ...

Financial Performance - For the third quarter of 2025, the company reported operating revenue of RMB 8,875,503,365, a decrease of 0.17% year-on-year[8]. - The total profit for the same period was RMB 1,910,412,608, reflecting an increase of 4.89% compared to the previous year[8]. - Net profit attributable to shareholders was RMB 1,370,027,359, which represents a year-on-year growth of 1.62%[8]. - The weighted average return on net assets was 4.47%, a decrease of 0.16 percentage points compared to the previous year[8]. - The total assets at the end of the reporting period were RMB 51,390,464,744, a slight decrease of 0.06% from the previous year[8]. - The equity attributable to shareholders increased by 7.82% year-on-year, reaching RMB 31,333,133,632[8]. Sales and Market Performance - The company achieved a cumulative product sales volume of 6.894 million kiloliters, an increase of 1.6% year-on-year, with the main brand Tsingtao Beer growing by 4.1%[9]. - The online business has been continuously strengthened, contributing to the overall growth in consumer engagement and product consumption[9]. - The company plans to continue optimizing its product structure and expanding its market presence both domestically and internationally[9]. - The company is focused on enhancing consumer experience through innovative marketing strategies and multi-scenario marketing practices[9]. Shareholder Information - The largest shareholder, Hong Kong Central Clearing (Agent) Co., Ltd., holds 614,017,236 shares, representing 45.01% of total shares[15]. - Qingdao Beer Group Co., Ltd. owns 443,467,655 shares, accounting for 32.51% of total shares, with 405,132,055 shares being RMB ordinary shares[16]. - The top ten shareholders do not have any known relationships or act in concert[17]. - The company has not disclosed any participation in margin financing or securities lending by the top ten shareholders[18]. Corporate Governance - As of September 30, 2025, the company will provide unaudited financial statements on its website and the Shanghai Stock Exchange[19]. - The board of directors includes key members such as Chairman Jiang Zongxiang and Executive Director Hou Qiuyan[20].

Financial Performance - Operating revenue for the reporting period was CNY 60,123,601, a decrease of 4.66% compared to the same period last year[8] - Total profit for the reporting period reached CNY 7,527,729, an increase of 64.76% year-on-year[8] - Net profit attributable to shareholders was CNY 3,801,332, reflecting a significant increase of 90.31% compared to the previous year[8] - Basic earnings per share for the reporting period was CNY 0.222, representing a 91.38% increase compared to the same period last year[8] - Net profit attributable to shareholders increased by 64.76% in the reporting period, driven by effective operational strategies and cost control[16] - The total profit for the reporting period reached a growth of 90.31%, reflecting improved sales volume and profitability[16] Cash Flow and Liquidity - The net cash flow from operating activities was CNY 11,115,473, up by 10.42% year-on-year[8] - Cash and cash equivalents increased to CNY 30,331,630 as of September 30, 2025, up from CNY 22,210,452 at the end of 2024, showing improved liquidity[28] - Cash flow from operating activities for the first three quarters of 2025 was CNY 25,380,218, an increase from CNY 23,613,076 in 2024, showing a rise of about 7.5%[35] - The net increase in cash and cash equivalents for the first three quarters of 2025 was CNY 8,166,338 thousand, compared to CNY 3,098,348 thousand in the same period of 2024, indicating a growth of 163.5%[40] - Cash inflow from financing activities totaled CNY 11,209,982 thousand in the first three quarters of 2025, compared to CNY 9,525,439 thousand in the same period of 2024, representing an increase of 17.7%[39] - Net cash flow from financing activities was negative CNY 9,164,513 thousand in the first three quarters of 2025, an improvement from negative CNY 19,260,772 thousand in the same period of 2024[39] Assets and Liabilities - Total assets at the end of the reporting period amounted to CNY 230,398,939, an increase of 6.70% from the previous year[10] - Total liabilities increased to CNY 106,853,962 in 2025 from CNY 103,886,153 in 2024, suggesting a rise in financial obligations[30] - Total assets as of September 30, 2025, amounted to CNY 136,249,718 thousand, up from CNY 132,702,435 thousand at the end of 2024, reflecting a growth of 2.1%[42] - Total liabilities reached CNY 81,870,137 thousand as of September 30, 2025, compared to CNY 78,729,409 thousand at the end of 2024, representing a rise of 2.9%[43] - The company’s total liabilities to equity ratio improved to 1.51 as of September 30, 2025, compared to 1.46 at the end of 2024, indicating a slight increase in leverage[43] Shareholder Information - Equity attributable to shareholders increased to CNY 73,406,524, up by 6.09% year-on-year[10] - The total number of common shareholders at the end of the reporting period was 356,252[18] - The largest shareholder, China Aluminum Group, holds 5,235,235,416 shares, accounting for 30.52% of total shares[19] - The company plans to increase its shareholding by no less than RMB 1 billion and no more than RMB 2 billion within 12 months[24] - As of the end of the reporting period, the cumulative increase in shares by China Aluminum Group and its concerted actions amounted to 193,029,583 shares, approximately 1.13% of total shares[24] Production and Sales - The production of metallurgical-grade alumina was 1,304,000 tons, a year-on-year increase of 3.74%[17] - The output of primary aluminum (including alloys) was 600,000 tons, representing a 6.76% increase compared to the previous year[17] - The external sales volume of self-produced metallurgical alumina reached 491,000 tons, up by 2.94% year-on-year[17] - The power generation from external sales reached 128 billion kWh, marking a 7.56% increase compared to the previous year[17] - The company reported a total revenue from sales of goods and services of CNY 153,151,695 for the first three quarters of 2025, slightly up from CNY 152,480,509 in 2024[35] Research and Development - Research and development expenses rose to CNY 2,821,906 in 2025, compared to CNY 2,486,695 in 2024, reflecting a focus on innovation[32] - Research and development expenses for the first three quarters of 2025 were CNY 81,787 thousand, down 25% from CNY 108,920 thousand in 2024[46] Financial Management - The company reported a decrease in financial expenses to CNY 1,660,836 in 2025 from CNY 2,106,391 in 2024, indicating improved cost management[32] - The company reported a decrease in financial expenses to CNY 932,456 thousand in 2025 from CNY 1,007,250 thousand in 2024, indicating improved cost management[46] - The company’s investment income increased to CNY 981,897 in 2025, up from CNY 739,514 in 2024, highlighting better returns on investments[32] - The company achieved investment income of CNY 3,405,757 thousand in the first three quarters of 2025, a decrease of 9.52% from CNY 3,764,595 thousand in 2024[46]

Financial Performance - For the three months ended September 30, 2025, the operating revenue was CNY 1,598,088,948.43, a decrease of 10.99% compared to the same period last year[4] - The net profit attributable to shareholders of Jiuyang was CNY 854,630.27, a significant increase of 101.11% year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 5,429,104.05, up 106.67% from the previous year[4] - The basic earnings per share for the nine months ended September 30, 2025, was CNY 0.0011, reflecting a 101.10% increase compared to the same period last year[4] - The net cash flow from operating activities for the nine months ended September 30, 2025, was CNY 347,031,788.32, down 16.77% year-on-year[4] - The weighted average return on equity increased to 0.02%, up 2.22 percentage points from the previous year[4] - The net assets attributable to shareholders as of September 30, 2025, were CNY 3,466,752,351.70, a slight decrease of 0.55% from the previous year[4] Assets and Business Model - The total assets as of September 30, 2025, amounted to CNY 6,911,931,604.39, a decrease of 8.89% from December 31, 2024[4] - The company plans to collaborate with Jiuyang to shift its overseas business model to a licensing distribution model, effective from November 1, 2025, to October 31, 2028[6][7] - The estimated transaction amount for the collaboration is approximately USD 1.5 million by the end of the year[7]

Financial Performance - Total revenue for Q3 2025 reached CNY 10,774,405,920.94, an increase of 21.11% compared to the same period last year[7] - Net profit attributable to shareholders was CNY 1,129,793,824.82, reflecting a growth of 25.93% year-over-year[7] - Basic earnings per share for the quarter were CNY 0.648, up 29.08% compared to the same quarter last year[7] - Total operating revenue for the first three quarters of 2025 increased by RMB 291,067.37 million, a growth of 10.45% compared to the same period last year[14] - Net profit for the first three quarters of 2025 increased by RMB 38,909.88 million, a growth of 11.74% compared to the previous year[17] - Net profit attributable to the parent company increased by RMB 58,628.37 million, a rise of 19.17%, benefiting from revenue growth in the coal machinery segment and improved profitability of SEG[17] - Net profit for the first three quarters of 2025 was ¥3.70 billion, up 11.69% from ¥3.32 billion in the first three quarters of 2024[29] - Operating profit for the first three quarters of 2025 was ¥4.36 billion, compared to ¥3.99 billion in the same period of 2024, reflecting a 9.15% increase[29] Revenue Segmentation - The coal machinery segment generated total revenue of CNY 1,607,530.84, a 10.66% increase from the previous year[13] - The automotive parts segment reported revenue of CNY 1,469,185.91, marking a 10.22% increase year-over-year[13] - The coal machinery segment's operating revenue rose by RMB 154,873.45 million, an increase of 10.66%, driven by steady growth in hydraulic support business and the implementation of a complete set strategy[14] - The automotive parts segment's revenue increased by RMB 136,193.92 million, a growth of 10.22%, with significant contributions from the rapid growth of the shock absorber business[14] Asset and Liability Management - The company's total assets at the end of the reporting period were CNY 47,963,503,839.41, a decrease of 1.24% from the previous year[8] - Total current assets amounted to ¥33,918,879,963.28, down from ¥35,051,947,991.74, reflecting a decrease of about 3.2%[24] - Total liabilities decreased to ¥24,085,679,311.84 from ¥25,820,425,035.10, a decline of approximately 6.7%[25] - The company's total assets were reported at ¥47,963,503,839.41, down from ¥48,566,133,402.60, indicating a decrease of about 1.2%[26] - The company's total liabilities decreased to 12,047,213,619.10 CNY from 17,506,286,425.66 CNY, representing a decline of about 31.1%[35] Cash Flow Analysis - The cash flow from operating activities showed a significant decline of 62.71% year-to-date, primarily due to increased cash payments for goods and services[12] - The net cash flow from operating activities decreased to ¥877.67 million in 2025 from ¥2.35 billion in 2024, indicating a decline of 62.80%[31] - The company reported a total cash inflow from operating activities of ¥25.92 billion for the first three quarters of 2025, compared to ¥25.89 billion in 2024[31] - Cash flow from operating activities generated a net amount of CNY 114.70 million, significantly lower than CNY 527.68 million in the same period last year[37] - Cash flow from investing activities showed a net inflow of CNY 850.36 million, down from CNY 1.52 billion in the previous year[38] - Cash flow from financing activities resulted in a net outflow of CNY 1.96 billion, an improvement compared to a net outflow of CNY 3.41 billion in the same period of 2024[38] Investment and Income Changes - Investment income from the coal machinery segment decreased by 61.16% to CNY 5,224.67[13] - Investment income decreased by RMB 11,568.84 million, a decline of 66.34% year-on-year, primarily due to reduced financial product returns in the coal machinery segment[15] - Fair value changes in income increased by RMB 28,759.35 million, a growth of 418.66%, mainly due to the recovery of previously recognized losses from trust financial products[16] - The company recorded investment income of ¥58.69 million for the first three quarters of 2025, down from ¥174.38 million in the same period of 2024[28] - The company reported a significant decline in investment income, which fell to CNY 535.98 million from CNY 1.88 billion in the previous year[36] Shareholder and Equity Information - The number of ordinary shareholders at the end of the reporting period was 64,166[19] - The company's equity attributable to shareholders increased to ¥23,158,669,924.33 from ¥21,950,799,519.54, reflecting a growth of about 5.5%[26] - The total owner's equity decreased to 22,837,911,855.65 CNY from 23,335,697,341.99 CNY, a decline of about 2.1%[35] Restructuring and Future Plans - The company has undergone a restructuring of its coal machinery business, transferring related assets and liabilities to a wholly-owned subsidiary, which significantly impacted the financial statements[22] - The company plans to disclose further details regarding the restructuring in an announcement on April 29, 2025[22] - The company plans to continue focusing on cost control and efficiency improvements in response to the declining revenue trend[39]

Financial Performance - Total revenue for the reporting period reached RMB 310,238,146.22, representing a year-on-year increase of 17.67%[6] - Net profit attributable to shareholders was RMB 27,925,556.13, showing an impressive increase of 842.01% compared to the same period last year[6] - Basic and diluted earnings per share were both RMB 0.11, reflecting a significant increase of 1,000% from RMB 0.06 in the previous year[7] - The total profit for the period was RMB 27,790,806.52, a remarkable increase of 695.73% compared to the same period last year[6] - The total profit for the reporting period reached RMB 842.01 million, representing a year-on-year increase of 695.73%[13] - The net profit attributable to shareholders for the reporting period was RMB 27.93 million, with a significant year-on-year increase[14] - Other income recognized during the reporting period amounted to RMB 91.60 million, reflecting a year-on-year growth of 233.63%[13] - The comprehensive gross profit margin for the reporting period was 80.67%, an increase of 6.47 percentage points year-on-year[17] Research and Development - Research and development expenses totaled RMB 90,547,462.82, a decrease of 16.10% year-on-year, accounting for 29.19% of total revenue, down 11.74 percentage points[7] - Research and development expenses for the first three quarters of 2025 amounted to ¥224,666,107.48, down from ¥272,272,224.71 in 2024, reflecting a decrease of approximately 17.5%[35] Cash Flow and Operating Activities - The company reported a net cash flow from operating activities of RMB 33,494,897.39 for the reporting period[6] - The net cash flow from operating activities for the reporting period was RMB 22.22 million, reversing from a net outflow in the previous year[18] - The net cash flow from operating activities for the year-to-date period was RMB 33.49 million, also showing a reversal from the previous year's outflow[18] - Cash flow from operating activities generated a net cash inflow of ¥33,494,897.39 in the first three quarters of 2025, compared to a net cash outflow of ¥287,414,483.35 in the same period of 2024[42] Assets and Liabilities - Total assets at the end of the reporting period were RMB 7,301,190,997.13, a decrease of 8.25% from the previous year[7] - The company's total assets as of September 30, 2025, were ¥7,301,190,997.13, a decrease from ¥7,958,132,235.38 at the end of 2024[30] - Current assets totaled ¥3,939,112,041.80 as of September 30, 2025, down from ¥4,282,490,715.65 at the end of 2024, representing a decline of about 8.0%[29] - Total liabilities decreased to ¥2,369,829,747.59 as of September 30, 2025, from ¥3,048,260,581.65 at the end of 2024, indicating a reduction of approximately 22.3%[31] Equity and Shareholder Information - The return on equity increased to 0.57%, up 0.51 percentage points from the previous year[7] - The total equity attributable to shareholders was ¥4,931,361,249.54 as of September 30, 2025, up from ¥4,909,871,653.73 at the end of 2024, showing a slight increase of approximately 0.4%[32] - The company reported a net loss of ¥(1,922,857,713.42) for the equity attributable to shareholders as of September 30, 2025, compared to a loss of ¥(1,937,297,858.98) at the end of 2024, indicating a slight improvement[32] Operational Efficiency - The company achieved a significant improvement in operational efficiency through resource integration[14] - The company continues to enhance its accounts receivable management, leading to improved cash collection in its vaccine-related business[18] Future Outlook - The company will implement new accounting standards starting from 2025, which may affect the financial statements[44]

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

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

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