Financial Performance - The group recorded a revenue of approximately HKD 44,423,000 for the fiscal year, an increase of about 8.0% compared to HKD 41,118,000 in the previous fiscal year[10]. - The group's loss before tax was approximately HKD 79,057,000, a decrease of about 67.3% from HKD 241,945,000 in the previous fiscal year[10]. - The group's revenue for the year was approximately HKD 44,423,000, an increase of about 8.0% compared to the previous fiscal year's revenue of HKD 41,118,000[18]. - The group's loss before tax was approximately HKD 79,057,000, a decrease of about 67.3% from the previous fiscal year's loss of HKD 241,945,000[18]. - Total assets as of June 30, 2025, were HKD 1,685,093,000, a decrease of 1.9% from HKD 1,717,068,000 in the previous year[156]. - The total liabilities increased to HKD 358,476,000 from HKD 331,153,000, reflecting a rise of 8.0%[156]. - The net asset value decreased to HKD 1,326,617,000 from HKD 1,385,915,000, a decline of 4.2%[156]. - The group made charitable donations of approximately HKD 2,175,000 in the current year, compared to HKD 1,374,000 in the previous year, representing a 58.3% increase[155]. - Revenue from the top five customers accounted for approximately 42.4% of total revenue, up from 36.2% in the previous year[163]. - The largest customer contributed approximately 9.9% of total revenue, a slight decrease from 10.8% in the prior year[163]. - The group’s available reserves for distribution to shareholders were approximately HKD 1,224,958,000, down from HKD 1,323,835,000 in the previous year[162]. - The company did not recommend a final dividend for the current year, consistent with the previous year[153]. Property Market Insights - The local GDP grew by 3.1% compared to the previous year, supported by improved export performance and domestic demand[14]. - The total number of residential property sale agreements received by the Land Registry decreased by 7% to approximately 16,574 contracts compared to the previous year, indicating cautious market sentiment[14]. - Average prices and rents for Grade A office space decreased by 48% and 20%, respectively, compared to the peaks in 2018 and 2019[15]. - The average rental yield for office space increased from 3.8% in March to 4.0% in June, primarily due to further price declines[15]. - The group holds a cautious optimistic outlook on the property market despite current market uncertainties[11]. - The group is involved in a property development project in the UK and owns ten commercial and residential properties for investment purposes in Hong Kong, the UK, and Japan[14]. - The UK housing market is experiencing cautious buyer sentiment, with a 15% decline in the housing price index compared to May 2019[16]. - The Hong Kong government has relaxed mortgage limits to stabilize the property market, increasing the loan-to-value ratio to 70% for residential properties[17]. Investment Strategy - The group plans to adopt a prudent approach to property acquisitions and sales to maintain stable income amidst market challenges[11]. - The group aims to diversify its property and investment portfolio and actively seek suitable investment opportunities through various real estate-linked structured products[11]. - The group plans to sell all units of the UK property project and is looking for new property development opportunities[19]. - The UK property project is expected to enhance the overall property portfolio and provide valuable experience in property development[20]. - The investment property at 19 Hong Kong Kowloon Bay has a total floor area of approximately 16,500 sq ft, with all units leased this year, providing stable income and long-term appreciation potential[26]. - The investment property in Cardiff, UK, has a total floor area of approximately 41,000 sq ft, with 40% of the area leased as of June 30, 2025, despite macroeconomic uncertainties[27]. - The group has invested approximately HKD 589,920,000 in its investment portfolio, an increase from HKD 495,517,000 in the previous year[38]. - The group’s investment strategy includes a significant portion in property-related financial instruments, primarily non-listed structured products[37]. - The group has adopted a non-recourse financing structure to protect shareholders from downside risks in its investment strategy[37]. Financial Management - The group maintains a cautious financial policy, focusing on credit assessments to mitigate credit risk and closely monitoring liquidity to meet funding needs[60]. - As of June 30, 2025, the net current assets of the group are approximately HKD 35,345,000, down from HKD 120,600,000 in 2024[49]. - The capital-to-debt ratio increased to approximately 20% as of June 30, 2025, compared to 17% in 2024, primarily due to increased borrowings[49]. - The expected credit loss provision for the loan financing business is approximately HKD 630,000 for the year ending June 30, 2025, compared to HKD 7,681,000 for 2024[45]. - The group has secured bank borrowings of approximately HKD 330,390,000, an increase from HKD 292,593,000 in 2024[49]. Corporate Governance - The company has established principles for reviewing the remuneration of executive and non-executive directors annually[86]. - The company has arranged appropriate insurance to cover directors against liabilities arising from corporate activities[83]. - All independent non-executive directors confirmed their independence, ensuring compliance with listing rules[77]. - The board consists of 5 male directors and 1 female director, achieving gender diversity[95]. - The board has adopted measurable targets under the diversity policy, including at least one member with accounting or other professional qualifications[93]. - The company’s auditor, Hong Kong Shinewing Certified Public Accountants Limited, received approximately HKD 620,000 for statutory audit services this year[104]. - The nomination committee held three meetings this year to review the board's structure and diversity[96]. - The board aims to gradually increase the proportion of female members in its composition[91]. - The nomination committee is responsible for monitoring the effectiveness of the board diversity policy and reporting on measurable targets[94]. - The board has achieved its measurable targets under the diversity policy this year[93]. - The company maintains high standards of corporate governance, focusing on long-term financial performance rather than short-term gains[197]. Shareholder Communication - The company values communication with shareholders and investors, providing information through various formal channels including interim and annual reports[126]. - Shareholders have the right to request special general meetings and propose agenda items, provided they hold at least 10% of the paid-up capital[128]. - The company encourages shareholders to attend annual general meetings, ensuring that external auditors are present to address questions regarding audit practices[128]. - The company has established a website to facilitate effective communication and provide the latest information related to its business[129]. - The company aims to promote effective communication with shareholders through its updated shareholder communication policy[130]. - The board encourages shareholder participation in annual general meetings, ensuring attendance of key committee chairs[132]. Stock Options and Shareholding - The old share option plan, adopted on November 1, 2011, expired on October 31, 2021, allowing the company to grant options to selected individuals as a reward for their contributions[177]. - The new share option plan was adopted on November 26, 2021, and options granted under this plan are still valid and can be exercised according to the rules of the plan[177]. - The total number of stock options granted under the old stock option plan is 10,788,000, with 400,000 options expired and 10,388,000 options remaining as of June 30, 2025[179]. - The new stock option plan allows for the issuance of options to all directors and employees, with a maximum of 1% of the issued shares exercisable within any 12-month period[184]. - The exercise price for options under the new plan will be determined by the board, with a minimum set at the higher of the closing price on the offer date or the average closing price over the preceding five trading days[190]. - The new stock option plan is effective for a period of 10 years starting from November 26, 2021[188]. - The total number of stock options granted during the year was 1,060,000, with a remaining balance of 2,120,000 options[191].

Financial Performance - Revenue for the fiscal year ending June 30, 2025, reached RMB 63,240.5 million, representing a 6.3% increase from RMB 59,496.4 million in 2024[13] - Gross profit increased by 26.9% to RMB 7,245.1 million, up from RMB 5,711.5 million in the previous year[13] - Operating profit rose by 48.8% to RMB 3,936.6 million, compared to RMB 2,645.1 million in 2024[13] - Profit attributable to equity holders surged by 135.4% to RMB 1,767.1 million, up from RMB 750.7 million in 2024[13] - Basic and diluted earnings per share increased by 135.6% to RMB 37.7, compared to RMB 16.0 in 2024[13] - Net profit surged by 177.3% to RMB 2.2 billion, with profit per ton of paper at approximately RMB 102.5[44] - Revenue from the Chinese market accounted for 88.7% of total sales revenue in fiscal year 2025, with the remaining 11.3% from other countries[61] Production and Capacity - The company achieved a record sales volume of 21.5 million tons, an increase of 9.6% year-on-year[44] - The total designed annual production capacity for fiber raw materials is approximately 7.5 million tons, with paper production capacity at approximately 23.5 million tons, and downstream packaging plants at approximately 2.9 billion square meters[55] - The total designed annual production capacity for packaging paperboard, cultural paper, high-end specialty paper, and pulp products is approximately 28.9 million tons as of June 30, 2025[60] - The company plans to enhance its raw material self-sufficiency, targeting an annual design capacity of 10.2 million tons, including 7.4 million tons of wood pulp and 0.7 million tons of recycled pulp[45] - New production lines at Beihai and Hubei bases are expected to increase the high-end paper product ratio, contributing to the company's profitability[46] Cost Control and Efficiency - The company is focusing on cost control by optimizing procurement strategies and maximizing the reduction of raw material prices, including waste paper and wood chips[49] - The strategic focus on vertical integration of the wood pulp supply chain is expected to enhance cost control and product quality[45] - The company aims to enhance cost control and increase the proportion of high-value-added products while optimizing production and sales relationships[78] Environmental Initiatives - The introduction of environmentally friendly products aligns with market demands and regulatory standards, enhancing the company's competitive edge[37] - The company has implemented a waste water recycling rate of approximately 97.2% in the fiscal year 2020, aiming to maintain it above 97.5% by 2030[99] - The company has recycled over 14 million tons of waste paper in the fiscal year 2020, with a target to maintain this level through 2030[99] - The company has established a comprehensive governance framework to address climate change risks[96] - The company has been recognized with multiple environmental certifications, including ISO 14001 and "Green Factory" status[114] Risk Management - The company has established a robust risk management system to control operational capital, cash flow, and exchange rate fluctuations, ensuring sustainable high-quality development[54] - The company has established emergency management protocols to quickly respond to public health emergencies, such as the COVID-19 pandemic[94] - The company has established a list of alternative suppliers to mitigate supply chain disruptions caused by extreme weather events[167] Employee Welfare and Development - The company employs 27,453 full-time employees as of June 30, 2025, with 90% based in China[174] - Employee turnover rates are 13% in China, 18% in Vietnam, 44% in the United States, and 22% in Malaysia[180] - The average monthly overtime for employees this year is 9 hours, promoting a work-life balance[173] - The group reported a total of 70 work-related accidents in FY2025, an increase from 55 in FY2024 and 36 in FY2023[185] - The average training hours per employee increased to 18.1 hours in FY2025 from 18.0 hours in FY2024 and 17.1 hours in FY2023[192] Safety and Compliance - The group strictly adheres to labor laws in China, ensuring no child or forced labor is used, with the youngest employee being over 18 years old[194] - The group has implemented the SA 8000 social responsibility management system since 2013 and received certification in February 2015[194] - The group has established a union to represent the interests of employees from various departments, emphasizing humane management practices[197] Future Outlook - The company anticipates opportunities and challenges in fiscal year 2026, with support from government policies but potential impacts from international relations and new capacity additions[78] - The company is actively implementing digital transformation through the introduction of big data and artificial intelligence to improve management decision-making efficiency[48]

Financial Performance - Total revenue for Q3 2025 reached RMB 2,844,001,646.29, an increase of 1.60% compared to the same period last year[6] - Net profit attributable to shareholders decreased by 5.73% to RMB 473,012,359.77 for Q3 2025[6] - Basic earnings per share for Q3 2025 was RMB 0.52, down 3.70% year-on-year[6] - For the first nine months of 2025, the company reported operating revenue of RMB 9,115,914,290.40, a slight increase from RMB 9,081,603,788.36 in the same period of 2024, representing a growth of approximately 0.38%[28] - The operating profit for the same period was RMB 2,510,927,913.36, compared to RMB 2,315,421,100.65 in 2024, indicating an increase of about 8.44%[28] - The net profit attributable to shareholders of the parent company for the first nine months of 2025 was RMB 1,754,100,316.30, up from RMB 1,672,733,989.63 in 2024, reflecting a growth of approximately 4.86%[28] - Total comprehensive income for the period (January to September 2025) reached RMB 2,071,231,848.52, an increase from RMB 1,896,000,641.95 in the same period of 2024, representing a growth of approximately 9.2%[29] - Basic and diluted earnings per share for the period were both RMB 1.96, up from RMB 1.81 in the same period last year, representing an increase of about 8.3%[29] Assets and Liabilities - Total assets as of the end of Q3 2025 amounted to RMB 24,537,984,410.75, reflecting a 0.34% increase from the previous year[8] - Total assets as of September 30, 2025, amounted to RMB 24,537,984,410.75, slightly up from RMB 24,455,825,697.18 at the beginning of the year[26] - Current assets totaled RMB 16,572,128,734.92, compared to RMB 16,419,980,644.30 at the start of the year, showing an increase of about 0.92%[26] - Total liabilities decreased to RMB 9,170,977,356.02 from RMB 9,550,079,103.14, a reduction of approximately 3.96%[27] - The company’s total equity attributable to shareholders increased by 0.73% to RMB 13,962,841,806.50[8] - The company’s total equity attributable to shareholders increased to RMB 13,962,841,806.50 from RMB 13,862,334,189.33, reflecting a growth of about 0.72%[27] Cash Flow - Cash flow from operating activities for the year-to-date period increased by 9.42% to RMB 2,525,421,252.84[6] - Net cash flow from operating activities for the period was RMB 2,525,421,252.84, compared to RMB 2,307,915,362.28 in the previous year, indicating an increase of about 9.5%[30] - Cash inflow from investment activities skyrocketed by 993.72% to 4,935,250,581.28 RMB, primarily from the maturity of structured deposits[16] - Cash outflow from investment activities increased by 508.37% to 6,561,574,810.45 RMB, mainly due to new structured deposits[16] - The net cash flow from investment activities was -1,626,324,229.17 RMB, a decrease of 159.25% compared to the previous period[16] - Net cash flow from financing activities showed a decrease, with a net outflow of RMB 1,750,752,190.63 compared to RMB 1,912,251,596.10 in the previous year, reflecting a reduction of approximately 8.4%[31] Expenses and Investments - Development expenses rose by 61.40% to RMB 355,884,300.38, mainly due to increased investment in clinical trials for the JP1366 tablet[14] - Financial expenses increased by 244.07% to -189,000,313.28 RMB due to higher interest income from deposits[15] - Investment income rose by 88.08% to 48,706,390.01 RMB, primarily from changes in the profit and loss of associated companies[15] - Fair value changes in investment income improved by 144.49% to 2,447,091.77 RMB, reflecting fluctuations in the market value of held securities[15] - Credit impairment losses surged by 2317.48% to -7,890,079.59 RMB, mainly due to increased expected credit losses on receivables[15] - Research and development expenses for the first nine months of 2025 were RMB 683,264,467.54, compared to RMB 734,493,897.75 in 2024, indicating a decrease of approximately 6.96%[28] Shareholder Information - The total number of common shareholders at the end of the reporting period was 47,362, with 47,343 being A-share shareholders[19] - The company repurchased a total of 15,376,845 A-shares, accounting for 1.70% of the total share capital, with a total expenditure of 570,228,471.25 RMB[24] - As of September 30, 2025, the company has not repurchased any H-shares[25] Cash and Cash Equivalents - The company’s cash and cash equivalents were RMB 9,918,953,931.89, down from RMB 10,827,146,984.92 at the beginning of the year, a decrease of about 8.39%[26] - The total cash and cash equivalents at the end of the period stood at RMB 9,909,534,008.29, down from RMB 10,723,355,139.50 at the end of the previous year, a decrease of approximately 7.6%[31] - Cash received from sales of goods and services was RMB 9,744,458,934.54, slightly down from RMB 9,877,413,424.19 in the previous year, a decrease of about 1.3%[30] - The company received RMB 28,799,064.00 from investments during the period, a decrease from RMB 161,751,999.95 in the previous year, reflecting a decline of approximately 82.2%[31] - The impact of exchange rate changes on cash and cash equivalents was a decrease of RMB 56,627,486.05, compared to a decrease of RMB 21,353,488.46 in the previous year, indicating a worsening of approximately 165.7%[31]

Financial Performance - The Group recorded revenue of approximately RMB 655,074,000 for the year ended 30 June 2025, representing a decrease of approximately 21% compared to RMB 831,793,000 for the eighteen months ended 30 June 2024[19]. - Revenue from the financial services business segment was approximately RMB 494,771,000, accounting for approximately 76% of total revenue for the Reporting Period[19]. - The loss attributable to owners of the Company for the Reporting Period was approximately RMB 71,152,000, a decrease from RMB 158,347,000 in the previous period[20]. - Gross profit for the Reporting Period was RMB 75,922,000, down from RMB 102,403,000 in the previous period[13]. - The adjusted loss before tax for the Reporting Period was RMB (67,952,000), an improvement from RMB (90,061,000) in the previous period[13]. - The cost of services for the Reporting Period was approximately RMB 579,152,000, a decrease of approximately 21% compared to RMB 729,390,000 in the Corresponding Period[73]. - Gross profit margin slightly dropped to approximately 11.6% from approximately 12.3% in the Corresponding Period, mainly due to the higher proportion of revenue from the lower-margin financial services business[76]. - Selling and marketing expenses decreased by approximately 30% to approximately RMB 47,251,000 from RMB 67,731,000 in the Corresponding Period[77]. - Administrative expenses decreased by approximately 41% to approximately RMB 71,600,000 from RMB 121,078,000 in the Corresponding Period[78]. Asset Management - Non-current assets decreased to RMB 135,871,000 as of 30 June 2025, down from RMB 244,445,000 as of 30 June 2024[16]. - Current assets were RMB 175,565,000 as of 30 June 2025, compared to RMB 222,700,000 as of 30 June 2024[16]. - The Group's net current assets were RMB 33,610,000 as of 30 June 2025, a decrease from RMB 69,947,000 in the previous period[16]. - As of 30 June 2025, the Group had bank balances and cash of approximately RMB 102,230,000, down from approximately RMB 109,509,000 as of 30 June 2024[96]. - The current ratio as of 30 June 2025 was approximately 1.24 times, compared to approximately 1.46 times as of 30 June 2024[96]. - The gearing ratio was approximately 55.6% as of 30 June 2025, slightly up from approximately 54.3% as of 30 June 2024[96]. - The group's total borrowings were approximately RMB 13,348,000, down from RMB 17,677,000 as of June 30, 2024[98]. - The debt-to-asset ratio was approximately 55.6%, an increase from 54.3% as of June 30, 2024[98]. Strategic Initiatives - The Group aims to expand its domestic market presence in various cities, driven by increasing demand for education and financial services in the PRC[33]. - The Group has strategically expanded into vocational education and is leveraging AI-powered platforms to enhance user experience and service models[27]. - The Group plans to deepen the combination of online and offline service solutions in continuing education, aiming to increase market share[57]. - The Group intends to expand vocational skills training for professional staff in response to government policy changes and market demands[58]. - The Group will allocate more resources to develop the business-to-consumer model to enhance consumer loyalty to its training platforms[59]. - The establishment of training centers geographically aims to improve post-sales services and increase average revenue per user[59]. - The Group has executed a series of strategic mergers and acquisitions since 2017 to enhance its financial services portfolio[49][50]. - The Group's vision includes integrating education and financial services to create a dual-track development model[41]. Market Trends - China's online education market grew from approximately RMB 122.5 billion in 2015 to RMB 419.1 billion in 2024, with a compound annual growth rate of over 14.6%[27]. - The total insurance premium revenue in 2023 and 2024 was approximately RMB 5.125 trillion and RMB 5.670 trillion, respectively, representing a growth rate of 10.6%[28]. - The insurance brokerage business has become one of the core businesses of the Group, contributing sustainably to revenue growth[29]. - RuiLian Financial Group manages approximately HK$2 billion in assets across several funds, reflecting its strong position in the financial services sector[52][54]. Contractual Arrangements and Compliance - The Group relies on Contractual Arrangements to conduct its online training and education services in China, which may not be as effective as direct ownership[123]. - The risks associated with the Contractual Arrangements include potential non-compliance with PRC laws and the possibility of adverse tax consequences[123]. - The Group has implemented internal control measures to mitigate risks associated with the Contractual Arrangements, including regular compliance reporting to senior management[125]. - The Company will monitor relevant PRC laws and regulations to ensure compliance and protect its interests in Beijing Chuanglian Education[126]. - The Group's operational agreements include a Business Operation Agreement, Share Disposal Agreement, and Equity Pledge Agreement, all established to control the business of Beijing Chuanglian Education[131]. Shareholder and Capital Structure - The company issued 470,000,000 new shares at a price of HK$0.102 per share, raising net proceeds of approximately HK$47,790,000[106]. - The total principal amount of convertible bonds placed was HK$40,000,000, which was fully converted into 320,000,000 new shares[105]. - The intended use of net proceeds includes potential investments in the education and finance market, with HK$42,000,000 utilized out of an intended HK$60,050,000[108]. - The company has not changed its capital structure, maintaining 6,752,210,578 issued shares as of June 30, 2025[99]. - Mr. Lu abstained from voting on the agreements due to his material interest in the New Contractual Arrangements[146]. Continuing Connected Transactions - The independent non-executive Directors confirmed that all continuing connected transactions were conducted in the ordinary course of business and on normal commercial terms[195]. - The auditor issued an unqualified letter regarding the continuing connected transactions, confirming compliance with the Listing Rules[196]. - The company has obtained waivers for annual cap requirements under Chapter 14A of the Listing Rules for fees payable under the Consultancy and Services Agreement[199]. - The actual amounts of transactions under the New Contractual Arrangements for the year ended June 30, 2025, are detailed in the report[170].

Financial Performance - The company reported a total revenue of 1,000 million JPY for the fiscal year ending June 30, 2025, reflecting a year-over-year increase of 10%[11] - Total revenue for the fiscal year 2025 decreased slightly by approximately 87 million JPY or about 1.3% to approximately 6,396 million JPY from 6,483 million JPY in fiscal year 2024[19] - Profit before tax decreased by approximately 618 million JPY or about 32.5% to approximately 1,286 million JPY in fiscal year 2025, primarily due to the absence of lease liability gains recorded in fiscal year 2025[19] - The annual profit attributable to the company's shareholders decreased from approximately ¥2,044 million in FY2024 to about ¥1,342 million in FY2025, a reduction of approximately ¥702 million or 34.3%[49] - Revenue from the Japanese pachinko and slot machine business decreased by approximately 1.8% to about 5,880 million JPY in fiscal year 2025, down from 5,989 million JPY in fiscal year 2024[30] - Other income decreased by approximately ¥176 million or about 38.5%, from approximately ¥457 million in FY2024 to about ¥281 million in FY2025, mainly due to a reduction in sales of second-hand machines[35] User Engagement and Market Expansion - User data indicated a growth in active users by 15%, reaching a total of 500,000 users by the end of the fiscal year[11] - The company is expanding its market presence in Southeast Asia, aiming for a 20% market share by 2026[11] - The company is exploring partnerships with technology firms to enhance digital capabilities and improve customer engagement[11] - The company anticipates stable customer traffic in its gaming halls for fiscal year 2025, supported by the introduction of new gaming machines[18] - The company observed a steady increase in customer traffic in its pachinko and slot machine halls due to the popularity of smart machines, which are more convenient for customers[24] Product Development and Innovation - New product launches are expected to contribute an additional 200 million JPY in revenue, with a focus on eco-friendly technology[11] - The company launched several new gaming machines, including the "6.5 model slot machine" in June 2022, the "smart slot machine" in November 2022, and the "smart pachinko machine" in April 2023, which are expected to maintain customer traffic[18] - The company plans to introduce new pachinko machines with "Lucky Trigger" and "Lucky Trigger 3.0+" features, and new slot machines with "Bonus Trigger" functionality in March 2024, July 2025, and June 2025, aiming to increase overall usage rates[18] - The Lucky Trigger 3.0+ machine has been well received by customers, outperforming the previous Lucky Trigger model[24] Financial Management and Investments - The company has established agreements to subscribe to two series of bonds totaling 1,000 million JPY, extending the maturity dates and increasing interest rates to secure stable income streams[21] - The company has completed necessary capital investments to update its machines to be compatible with new banknotes by the end of fiscal year 2024[27] - The company expects that investments in bonds will provide a stable source of cash flow and income due to extended maturity dates and potential interest rate changes[71] - The company has maintained a prudent financial management policy, ensuring a stable liquidity position throughout FY2025[53] Operational Efficiency and Cost Management - Operating expenses for gaming halls decreased by approximately 740 million JPY in fiscal year 2025 compared to fiscal year 2024[19] - Administrative and other operating expenses decreased by approximately ¥67 million or about 8.6%, from approximately ¥776 million in FY2024 to about ¥709 million in FY2025[39] - The introduction of the self-service point system in several game halls aims to reduce staff-customer interaction and improve operational efficiency[26] - The company is committed to exploring new measures and opportunities to enhance operational performance and diversify income sources[19] Corporate Governance and Compliance - The company has established corporate governance procedures to ensure independent assessment and review of business opportunities and performance[138] - The board of directors includes three independent non-executive directors, whose opinions are crucial for decision-making[138] - The company has maintained compliance with all listing rules and is not aware of any significant legal or regulatory non-compliance issues[102] - The company has obtained all necessary licenses, approvals, and permits from regulatory authorities for its pachinko game halls this year[101] Employee and Director Information - The company has 357 employees as of June 30, 2025, an increase from 352 employees in the previous year[73] - Total employee costs for FY2025 are approximately 1,003 million JPY, accounting for about 19.1% of the total operating expenses, compared to 17.0% in FY2024[73] - Masaaki AYRES resigned as an independent non-executive director effective June 9, 2025[127] - Hiroshi Matsuzaki appointed as an independent non-executive director effective June 9, 2025[127] Shareholder and Dividend Information - The board has approved a dividend payout of 50 million JPY, representing a 5% increase from the previous year[11] - The company does not recommend any final dividend payment for the current fiscal year[108] - There are no shareholders who have waived or agreed to waive any proposed dividend distribution for the current fiscal year as of June 30, 2025[109] - The company has no distributable reserves or profits available for distribution as of June 30, 2025[113] Risk Management and Internal Controls - The Risk Management Committee conducted 12 meetings this year, assessing the effectiveness of the group's risk management and internal control systems[190] - The company’s internal control and risk management details can be found in the report section on risk management, internal control, and anti-money laundering[190] - The independent non-executive directors have reviewed the compliance of the controlling shareholder with the non-competition agreement during the year[160]

Financial Performance - The Group achieved a revenue growth of 146.4% to approximately HK$566.2 million for the year ended June 30, 2025, compared to approximately HK$229.8 million in the previous year[14]. - Gross profit surged by approximately 106.3% to approximately HK$273.2 million, up from approximately HK$132.4 million in the previous year[14]. - Revenue from gaming operations surged by 200.0%, rising from approximately HK$170.0 million to approximately HK$509.9 million[34]. - The Group reported a gross profit of approximately HK$273.2 million, compared to approximately HK$132.4 million in the Previous Year, with a gross profit margin of approximately 48.3%[35]. - Other income for the Year was approximately HK$44.3 million, representing an increase of approximately 147.3% compared to approximately HK$17.9 million in the Previous Year[39]. - The Group recorded a net loss of approximately HK$82.6 million for the Year, a significant increase from approximately HK$15.5 million in the Previous Year, primarily due to a one-off write-off of property, plant, and equipment[40]. - Selling and marketing expenses increased by approximately 1,665.3% to approximately HK$74.5 million, up from approximately HK$4.2 million in the Previous Year, due to higher costs for marketing campaigns[45]. - The Group recorded a net loss of approximately HK$282.1 million for the Year, compared to a loss of approximately HK$132.0 million in the Previous Year, with a loss per share of approximately 20.61 HK cents, up from 9.64 HK cents[50][55]. - General and administrative expenses increased by approximately 59.6% to approximately HK$326.6 million, with staff costs rising by around 77.6% to approximately HK$152.9 million due to recruitment for casino operations[48][51]. - Finance costs for the Year amounted to approximately HK$91.8 million, an increase of approximately 30.0% from approximately HK$70.6 million in the Previous Year, primarily due to new bank borrowings[49][52]. Market and Industry Outlook - The Philippines' gross gaming revenue increased by 26% year-on-year to PHP214.8 billion in the first half of 2025, according to PAGCOR data[17]. - The World Travel & Tourism Council projects that the tourism sector will contribute PHP5.9 trillion to the Philippine economy in 2025, representing 21% of the national GDP[17]. - The Philippine casino gambling market is projected to reach USD3,749.4 million by 2033, growing at a compound annual growth rate of 9.2% from 2023 to 2033[32]. - The tourism sector in the Philippines is projected to generate PHP2.7 trillion for the economy in 2025, compared to PHP2.35 trillion in 2024[33]. - The Philippines' exit from the FATF Grey List in 2025 has enhanced investor confidence and is expected to signal a transformative outlook for the gaming industry[17]. - The company is strategically positioned to capitalize on favorable conditions in Asia's dynamic gaming and entertainment market[18]. - The government’s proactive policies, including streamlined regulations and investment incentives, foster a secure and dynamic business environment for the gaming industry[16]. - The company’s long-term growth strategy aligns with the government's vision to establish the Philippines as a leading global destination[18]. Investments and Financing - The Group is required to commit a total investment of no less than USD1.0 billion (approximately HK$7.82 billion) for the establishment and operation of the Casino and a Group hotel in Manila City[69]. - The Group has been granted a provisional license to establish and operate a casino, with a total investment commitment of no less than USD 1.0 billion and up to USD 1.2 billion[71]. - A bank loan of approximately HK$393.1 million was obtained for establishing and operating a casino, with an interest rate of 3.75% per annum[91]. - The Group plans to explore various financing methods, including bank borrowing and equity financing, to support business expansion and maintain liquidity[74]. - Unutilized net proceeds from a previous placing agreement, amounting to approximately HK$117.4 million, will be reallocated to the construction contract payment, expected to be fully utilized by the end of 2025[84]. - Approximately HK$150,000,000 is allocated for hotel renovations, while HK$100,000,000 is designated for the development of new hotel land, including construction of parking facilities[86]. Operational Challenges - The transition to managing its own casino led to a greater net loss of HKD 282.1 million due to higher operating costs, including increased staff costs and marketing expenses[23]. - The Group's hotel operation revenue decreased by 6.1% to approximately HK$56.2 million due to the temporary closure of certain hotel rooms for renovation[34]. - The Group continues to face significant risks and uncertainties from market competition and regulatory changes affecting its casino and hotel operations[105][106]. - The company faces significant risks due to intense market competition and potential regulatory changes affecting its operations[99][100]. - Uncertainties exist regarding tax disputes between certain subsidiaries operating in the Philippines and the Bureau of Internal Revenue[101]. Shareholder Information - The Group did not recommend the payment of any dividend for the year, consistent with the previous year[122]. - The distributable reserves available for distribution to shareholders as of June 30, 2025, amounted to approximately HK$1,249.3 million, an increase from HK$979.9 million in 2024[168][176]. - The total number of shares in issue as of June 30, 2025, is 1,369,157,235[189]. - The Company has not been notified of any interests or short positions in shares that would require disclosure under the SFO provisions as of June 30, 2025[194]. - The interests of Glorious Future Fund SPC and AG Investment Management Company Limited are also linked to the shares held by Excite Opportunity Fund L.P.[199]. - The Company’s share capital structure indicates significant concentration of ownership among a few substantial shareholders[191].

Financial Performance - The total revenue for the fiscal year ending June 30, 2025, was approximately HKD 578.82 million, a decrease of 27.3% compared to HKD 795.70 million in the previous year[6]. - The loss attributable to the company's owners for the fiscal year was approximately HKD 142.31 million, compared to a loss of HKD 88.52 million in the previous year, resulting in a loss per share of HKD 1.20[6]. - Revenue from the wire and cable business was approximately HKD 187.09 million, down 24.6% from HKD 248.14 million in the previous year, accounting for 32.3% of total revenue[7]. - Revenue from the copper rod business was approximately HKD 376.94 million, a decrease of 29.8% from HKD 537.06 million in the previous year, representing 65.1% of total revenue[7]. - Rental income increased by 40.8% to approximately HKD 14.79 million from HKD 10.50 million in the previous year, accounting for 2.6% of total revenue[12]. - Revenue from the Americas decreased by 10.9% to approximately HKD 27.11 million, while revenue from mainland China and Hong Kong fell by 31.5% to approximately HKD 472.63 million, representing 81.6% of total revenue[8]. Business Strategy and Operations - The company is focusing on maintaining compliance with mining rights in Mongolia and has not initiated large-scale capital investments due to economic volatility and regulatory risks[15]. - The company plans to adjust its market strategy for the copper rod business in response to changes in copper prices and the operating environment[11]. - The group will focus on its core business, consolidating its traditional advantages in power and appliance cables while actively expanding into electric vehicle, robotics, and new energy application cable sectors[16]. - The company plans to enhance its core competitiveness by strengthening its technical team and increasing investment in independent research and development[16]. - Future strategies include optimizing and integrating existing businesses, actively seeking potential business partners, and exploring new business opportunities with growth potential[16]. - The company aims to leverage opportunities in new energy and smart development while maintaining its traditional advantages to create new growth points[16]. - The group will implement a major customer strategy to deepen cooperation with core customers and explore industry transformation paths together[16]. - The company will optimize its management system and improve operational efficiency through lean management to reduce resource waste[16]. Financial Position and Assets - The company recorded a net current liability of approximately HKD 46,000,000 as of June 30, 2024, and is pursuing various avenues to improve its financial position, including the sale of non-core assets[53]. - The estimated cost for the construction of the second phase of the industrial complex is approximately RMB 260,000,000, which poses a financial burden on the company[54]. - The net proceeds from the sale of the property amounted to approximately RMB 68,500,000 (equivalent to HKD 75,350,000) after deducting transaction costs[60]. - RMB 60,000,000 of the proceeds will be used to repay bank loans maturing in April and August 2025, while RMB 8,500,000 will be allocated for general operating funds[60]. - The company has a cash and bank balance of approximately HKD 109,000,000 as of June 30, 2025, compared to HKD 103,000,000 as of June 30, 2024[77]. - The company's capital debt ratio is 0.29 as of June 30, 2025, down from 0.33 as of June 30, 2024, indicating improved financial stability[77]. Risk Management - The group has identified key risks and uncertainties that may directly or indirectly affect its financial condition and operational performance[28]. - The mining business is primarily concentrated in Mongolia, with no large-scale capital investments planned due to market uncertainties[29]. - The group will continue to monitor foreign exchange risks, particularly fluctuations in the Renminbi exchange rate, as most of its business is located in China[30]. - The board ensures robust risk management and internal controls to protect shareholder investments and company assets, reviewing the effectiveness of these systems annually or as needed[199]. - The company has established a risk management framework involving the board, audit committee, and senior management to oversee risk management and internal control systems[200]. - An external independent consultant was hired to review the effectiveness of the risk management and internal control systems in financial, operational, and compliance matters[200]. Corporate Governance - The company has maintained a commitment to corporate governance principles and has adhered to all applicable codes, with some deviations noted[147][150]. - The company’s board consists of seven members, including three executive directors and four independent non-executive directors[163]. - The board is responsible for strategic policy formulation and oversight of management, including monitoring significant transactions[164]. - The chairman and CEO roles are currently held by the same individual, Mr. Zhou, which is noted as a deviation from governance code C.2.1[159]. - The board will continue to review its governance structure to assess the need for separating the roles of chairman and CEO[160]. - The audit committee conducted four meetings in the same fiscal year, with all members present, and reviewed the financial statements ensuring compliance with applicable accounting standards[178]. - The company has implemented a board independence assessment mechanism to ensure independent viewpoints and improve board performance[174][175]. - All independent non-executive directors confirmed their independence in accordance with listing rules[165]. Share Options and Employee Incentives - The company has adopted a share option scheme to reward eligible individuals, including directors and qualified employees, for their contributions[136]. - The total number of shares available for issuance under the stock option plan as of June 30, 2025, is 22,562,661, which is about 19.004% of the total issued shares[120]. - The stock option plan aims to incentivize qualified participants for their contributions to the group's benefits[102]. - The company has received approval from the stock exchange for the listing and trading of shares to be issued upon the exercise of stock options[101]. - The total number of stock options granted under the plan is 11,870,000, with 10,690,000 remaining unexercised after accounting for the lapsed options[114]. Employee and Management Information - The company employed approximately 350 employees as of June 30, 2025, consistent with the previous year[134]. - The company provides continuous professional development for all directors, covering business changes and legal updates[167]. - The Remuneration Committee reviewed the compensation packages for all executive directors and senior management, with no stock options granted under the stock option plan for the year ending June 30, 2025[188]. - The Company Secretary attended multiple professional seminars to update skills and knowledge, ensuring compliance with listing rules by participating in at least 15 hours of relevant professional training[196].

Financial Performance - For the nine months ended September 30, 2025, the company reported total revenue of RMB 3,724.6 million, representing a year-on-year increase of 13.6% compared to RMB 3,278.9 million in 2024[4] - Net profit for the same period was RMB 183.8 million, a significant increase of 72.6% from RMB 106.5 million in 2024[4] - Adjusted net profit reached RMB 216.1 million, up 45.7% from RMB 148.3 million in the previous year[4] Business Growth - The company's F-end and B-end corporate health management business revenue grew by 21.5% year-on-year, with over 4,500 corporate clients served by the end of the reporting period[5] - The number of B-end paying users increased by 30.6% compared to the same period last year[5] - Home elderly care service users increased by 41% compared to the end of 2024, reflecting the company's focus on integrated health services[5] User Experience and Service Improvement - The company’s family doctor service covered over 40 million users by the end of the reporting period, enhancing user experience through AI and medical data capabilities[5] - The accuracy of complex disease MDT treatment plans improved to nearly 90%, while the average service cost per family doctor user decreased by approximately 52% year-on-year[5] Future Plans and Considerations - The company plans to continue strengthening collaboration with Ping An Group and enhance digital and AI capabilities to improve user satisfaction and service efficiency[6] - The financial data presented is unaudited and subject to change, as it is based on preliminary internal reviews by the board of directors[6]

Financial Performance - For the fiscal year ended June 30, 2025, the Group reported revenue of approximately S$23.0 million, a gross profit of approximately S$9.2 million, and a loss before taxation of approximately S$13.5 million[12]. - The Group's revenue for the Review Year was approximately S$23.0 million, representing an increase of approximately S$4.5 million, or 24.6%, compared to approximately S$18.4 million for the year ended June 30, 2024[43]. - Revenue from integrated designs and building services was approximately S$20.5 million, an increase of approximately S$4.4 million, or 27.0%, compared to approximately S$16.1 million for the year ended June 30, 2024[44]. - Revenue from trading of derivatives and asset management services was approximately S$1.4 million, representing an increase of approximately S$0.5 million, or 48.4%, compared to approximately S$1.0 million for the year ended June 30, 2024[47]. - The Group's gross profit was approximately S$9.2 million for the Review Year, with a gross profit margin of approximately 39.9%, down from 47.9% in the previous year[48]. - Administrative expenses increased by approximately S$0.5 million or 2.2% to approximately S$23.0 million, which was 100.0% of the revenue for the Review Year[54]. - The Group recorded a loss of approximately S$13.6 million for the Review Year, compared to a loss of approximately S$12.6 million for the year ended June 30, 2024[56]. - The Group's other income was approximately S$0.4 million, or 1.8% of revenue for the Review Year, down from 3.1% in the previous year[49]. - The Group has not generated any revenue from virtual assets custodian solutions services for the Review Year, compared to S$0.3 million in the previous year[46]. Market Position and Strategy - The Group aims to strengthen its market position in the medical and healthcare construction sectors in Singapore and diversify into financial technology (FinTech) areas[13]. - The Group is cautiously optimistic about the economic prospects in 2025, despite external uncertainties affecting the market[15]. - The development of the FinTech service platform and potential acquisitions are seen as opportunities to diversify revenue sources for the Group[18]. - The Group aims to maintain its market position in the medical and healthcare construction sectors despite competitive pressures and rising costs[33]. - The Group anticipates that the evolving financial landscape and increasing interest in virtual assets will create more investment opportunities for users[34]. - The Group aims to expand its participation in trading various financial instruments and increase the scale of assets under management[39]. FinTech Development - The Group has established a competent FinTech team focused on developing trading systems, custody infrastructure, and risk management, and has obtained regulatory licenses for virtual asset trading in Hong Kong[14]. - The Group has developed a user-centric FinTech trading service platform, focusing on compliance and user experience, to cater to global users interested in various asset classes[28]. - On June 17, 2025, the Group obtained virtual asset trading platform operator licenses from the Securities and Futures Commission, emphasizing its commitment to regulatory compliance[29]. - The Group is preparing a new platform to facilitate the sale of hashrate for cryptocurrency mining equipment owners, aiming to capitalize on the growing virtual asset market[33]. - The Group has adopted a prudent financial management approach, maintaining a healthy financial position throughout the Review Year[75][78]. Governance and Management - The Company is committed to high standards of corporate governance, adopting all mandatory disclosure requirements and code provisions in the Corporate Governance Code[152]. - The Board currently comprises three executive directors, two non-executive directors, and four independent non-executive directors, ensuring a diverse range of experience and professionalism[163]. - The Company has established a clear process for the appointment and re-election of directors, enhancing corporate governance[175]. - The independent non-executive directors contribute positively to the company's strategy and policies through informed comments[169]. - The Company adheres to the Corporate Governance Code in its committee structures and operations[197]. Human Resources - The Group employed a total of 113 full-time employees as of June 30, 2025, down from 149 in 2024, with total staff costs amounting to approximately S$20.7 million[89]. - The Group's employee performance is reviewed annually to attract and retain valuable employees, with potential salary increases and discretionary bonuses based on individual performance[92]. - Continuous professional development activities were recorded for Directors, including training and seminars on corporate governance[181]. Financial Position - As of June 30, 2025, total shareholders' funds decreased to approximately S$13.0 million from approximately S$26.8 million as of June 30, 2024[61][67]. - Current assets as of June 30, 2025, were approximately S$36.9 million, down from S$49.9 million in 2024, while current liabilities decreased to S$18.2 million from S$30.1 million, resulting in a current ratio of 2.0 compared to 1.7 in 2024[62][68]. - The gearing ratio increased significantly to 31.2% as of June 30, 2025, from 1.2% in 2024, primarily due to new interest-bearing borrowings from a controlling shareholder[63][68]. - Cash and cash equivalents increased to approximately S$18.5 million as of June 30, 2025, compared to S$15.7 million in 2024[66][71]. Shareholder and Investment Activities - The net proceeds from the Listing were approximately HK$74.0 million, intended for various applications including property acquisition and manpower strengthening[94]. - By June 30, 2025, HK$29.623 million of the planned HK$34 million for property acquisition had been utilized, leaving a balance of HK$4.377 million[97]. - The 2023 Placing generated gross proceeds of approximately HK$94.50 million, with net proceeds of approximately HK$93.56 million, fully utilized by June 30, 2025[98]. - The 2024 Placing raised gross proceeds of HK$51.10 million and net proceeds of approximately HK$50.59 million, also fully utilized by June 30, 2025[100]. - The Convertible Bond issuance resulted in gross proceeds of HK$26 million and net proceeds of approximately HK$25.8 million, with intended uses including 80% for Fintech Platform development[104].

Financial Performance - The company reported a net profit attributable to shareholders of HKD 243,862,000 for the fiscal year ending June 30, 2025, down from HKD 390,031,000 in the previous fiscal year, representing a decrease of approximately 37.5%[12] - The total net profit attributable to the company's associates, including Mount Gibson, Tanami Gold, Metals X, Long Resources, and Prodigy Gold, was HKD 38,097,000 for the fiscal year, slightly down from HKD 38,101,000 in the previous year[13] - The company plans to distribute a final dividend of HKD 0.11 per share, reflecting its commitment to shareholder returns amidst changing market conditions[10] - As of June 30, 2025, the company's distributable reserves amounted to HKD 678,730,000, a decrease of 36% from HKD 1,058,322,000 in 2024[90] - The company proposed a final dividend of HKD 0.11 per share for the year ending June 30, 2025, compared to HKD 0.10 for the previous year, pending shareholder approval[80] Investment and Portfolio Performance - The resource investment segment generated a segment profit of HKD 342,743,000, contributing significantly to the overall profit[12] - The company emphasizes a diversified investment portfolio and a rigorous investment approach to navigate uncertainties and seize emerging opportunities[9] - The small-cap mining investment portfolio achieved a return of 751% over 8.75 years, significantly outperforming the benchmark return of 27%[27] - The small-cap mining portfolio's cumulative performance reached 750.8% compared to the benchmark's 27.2% as of June 30, 2025[29] - The energy investment portfolio generated a 140% return from February 2020 to August 2025, following an expansion into renewable energy investments[32] Market Conditions and Economic Outlook - The company remains optimistic about the long-term outlook for commodities, driven by global green energy transitions and increasing demand for critical mineral resources[9] - The geopolitical tensions, particularly the ongoing Russia-Ukraine conflict, continue to impact global supply chains and energy pricing, which the company is monitoring closely[9] - The company acknowledges the uncertain economic growth prospects in China, with GDP growth at 5.1% in Q2 2025, and the potential risks associated with ongoing trade tensions with the U.S.[8] Operational Performance - Mount Gibson recorded a net loss after tax of AUD 82.2 million for the fiscal year 2025, despite selling 2.6 million tons of iron ore[15] - The sales guidance for the fiscal year ending June 30, 2026, is set between 3 million tons and 3.2 million tons[16] - Mount Gibson's cash and investment reserves were AUD 484.6 million at the end of the fiscal year 2025[16] - The company plans to improve production following the completion of the Koolan Island restart project, which has a reserve of 21 million tons of iron ore at 65.5% grade[15] - Mount Gibson's operational costs and production were slightly below the fiscal year 2025 guidance due to temporary shutdowns and weather-related interruptions[15] Risk Management and Governance - The company has established a comprehensive risk management framework to address market, credit, and liquidity risks[51][52] - The company is committed to regularly reviewing its investment strategy to mitigate risks associated with market fluctuations[59] - The company has established appropriate liability insurance for directors facing potential legal actions[104] - The company has a strong management team with extensive experience in resource investment and financial management[74][75] Corporate Governance - The board consists of seven members, including one executive director, three non-executive directors, and three independent non-executive directors[130] - The board held a total of 8 meetings during the fiscal year ending June 30, 2025, with all executive directors attending every meeting[131] - The board has established a whistleblower policy to allow employees and business associates to report potential misconduct confidentially[162] - The company has implemented a mechanism for directors to seek independent professional advice at the company's expense[133] Shareholder Information - Major shareholders include Union Group with 52.42% ownership, holding 666,802,851 shares and 71,794,303 warrants[106] - The top five customers accounted for 89% of the group's revenue, with the largest customer contributing approximately 42%[110] - The only supplier accounted for 100% of the group's procurement amount[111] Financial Position - The group's non-current assets amounted to HKD 1,563,400,000 as of June 30, 2025, compared to HKD 1,633,082,000 as of June 30, 2024, while current assets net value increased to HKD 2,467,308,000[47] - The group's borrowings (excluding lease liabilities) increased to HKD 468,457,000 as of June 30, 2025, from HKD 280,105,000 as of June 30, 2024[47] - The total fees paid or payable to the external auditor for the year ending June 30, 2025, amounted to HKD 1,610,000, including HKD 1,230,000 for audit services and HKD 380,000 for non-audit services[163] Employee and Director Information - Total employee count as of June 30, 2025, is 16, down from 25 in the previous year, with total compensation and pension contributions amounting to HKD 47,550,000, an increase from HKD 36,344,000 in the previous fiscal year[50] - The company has adopted a compensation model for directors based on their roles, responsibilities, and current market conditions[113] - The company has no arrangements for directors to gain benefits through the purchase of shares or securities of the company[96]