CONTENTS 目錄 02 China Investment and Finance Group Limited 中國投融資集團有限公司 CORPORATE INFORMATION 公司資料 中國投融資集團有限公司 China Investment and Finance Group Limited (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立之有限公司) (Stock Code 股份代號:1226) 2025 26 INTERIM REPORT中期報告 01 Interim Report 2025/26 中期報告 CONTENTS 目錄 | | | Pages 頁次 | | --- | --- | --- | | CORPORATE INFORMATION | 公司資料 | 2 | | STATEMENT FROM THE MANAGEMENT | 管理層報告書 | 4 | | CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS | 簡明綜合損益及其他全面收益表 ...

Financial Performance - Revenue for the six months ended September 30, 2025, was HK$139,649,000, a decrease of 7.3% compared to HK$150,671,000 in 2024[13] - Gross profit for the same period was HK$40,208,000, down 2.1% from HK$41,079,000[13] - EBITDA increased by 32% to HK$2,742,000 from HK$2,078,000 year-over-year[13] - Loss attributable to equity holders of the company improved by 40.4%, from HK$4,985,000 in 2024 to HK$2,971,000 in 2025[13] - Basic loss per share decreased from HK$0.025 to HK$0.015, a reduction of 40%[13] - Operating profit for the Period was approximately HK$0.4 million, compared to an operating loss of HK$1.3 million in the Corresponding Period[57] - The loss attributable to equity holders of the Company for the Period was approximately HK$3 million, with a basic loss per share of HK$0.015[59] - The company reported a loss for the period of HK$2,722,000, an improvement from a loss of HK$4,833,000 in the same period last year, representing a reduction of approximately 43.5%[108] Assets and Liabilities - Total assets as of September 30, 2025, increased by 1.7% to HK$267,527,000 from HK$263,127,000[13] - Total liabilities as of September 30, 2025, were HK$102,443,000, compared to HK$103,987,000 as of March 31, 2025[145] - The net gearing ratio decreased to 23.3% as of September 30, 2025, down from 25% as of March 31, 2025, reflecting improved financial stability[90] - Current assets rose to HK$209,385,000, up from HK$206,766,000, marking an increase of about 0.8%[109] - Net current assets improved to HK$109,964,000 from HK$106,138,000, showing an increase of approximately 3.4%[110] Cash Flow - Net cash generated from operating activities decreased to HK$3,705,000 for the six months ended 30 September 2025, down 21.9% from HK$4,740,000 in the same period of 2024[112] - The Group recorded a net operating cash inflow of approximately HK$3.7 million during the period, compared to HK$4.7 million in the corresponding period[87] - The Group's cash and bank balances amounted to approximately HK$28 million, with a current ratio of approximately 2.1, indicating stable liquidity[85] - The total cash and cash equivalents at the end of the period stood at HK$27,669,000, slightly up from HK$27,662,000 year-over-year[112] Dividends - The interim dividend declared was HK$0.0025 per share, a reduction of 50% from HK$0.005 per share in 2024[15] - The Board declared an interim dividend of HK$0.25 cents per ordinary share, totaling HK$0.5 million, down from HK$0.5 cents per share in the Corresponding Period[59] Shareholding Structure - As of September 30, 2025, Dr. Hung Kim Fung and Ms. Yeung Man Yi each hold 90,000,000 shares, representing 45% of the total shares[22] - Mr. Yeung Kwok Leung holds 30,000,000 shares, accounting for 15% of the total shares[34] - Mr. Hung Ying Fung has a personal interest of 26,990,000 shares, which is 13.5% of the total shares[22] Business Segments - The Group's core business operations accounted for approximately 70% of total revenue from the Electronic and Electrical Trading Business, 18% from the Computer Business, and 12% from the Cosmetic and Online Retail Business[64] - The Electronic and Electrical Trading Business generated revenue of approximately HK$98 million, a decrease of about 2% compared to HK$100 million in the corresponding period, primarily due to softer demand in the local China market[65][67] - Revenue from cosmetic products fell to HK$16,915,000, down 21.6% from HK$21,581,000[139] Expenses - Total operating expenses for the Period were approximately HK$41 million, a decrease from approximately HK$44 million in the Corresponding Period[57] - General and administrative expenses decreased by approximately 9.1% to approximately HK$27.1 million from HK$29.8 million in the Corresponding Period[58] - Total employee benefit expense decreased to HK$24,268,000 in 2025 from HK$26,105,000 in 2024, indicating a reduction of approximately 7.05%[172] Corporate Governance - The Company has complied with the Corporate Governance Code throughout the period, with a noted deviation regarding the retirement of directors[40] - The Audit Committee has reviewed the accounting principles and practices adopted by the Group during the period[41] - The Remuneration Committee is responsible for recommending remuneration policies for all Directors and senior management[42] Future Outlook - The Group remains optimistic about future performance, citing improving global economic conditions and ongoing initiatives to enhance operational efficiency and cost management[78][80] - The Group expects to achieve stronger financial results and sustainable growth in the coming year, supported by a more favorable external environment[81]

目錄 | 公司資料 | 2 | | --- | --- | | 投資者資訊 | 4 | | 業績摘要 | 5 | | 主席報告 | 6 | | 管理層討論及分析 | 8 | | 其他資料 | 30 | | 中期簡明綜合財務報表審閱報告 | 39 | | 中期簡明綜合財務報表 | 40 | | 中期簡明綜合財務報表附註 | 46 | 中國動向（集團）有限公司 • 二零二五╱二六年中期報告 公司資料 | 執行董事 | 陳義紅先生（主席） | | --- | --- | | | 陳晨女士（首席執行官、總裁兼聯席主席） | | | 呂光宏先生（首席財務官） | | 獨立非執行董事 | 高煜先生 | | | 劉曉松先生 | | | 唐松蓮女士 | | 核數師 | 德勤 • 關黃陳方會計師行 | | | 執業會計師及註冊公眾利益實體核數師 | | 法律顧問 | 諾頓羅氏富布萊特香港 | | | Conyers Dill & Pearman (Cayman) Limited | | | 北京市中倫（上海）律師事務所 | | 授權代表 | 高煜先生 | | | 衛佩雯女士 | | 公司秘書 | 衛佩雯女士 | | 主要股份過 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 NetDragon Websoft Holdings Limited 網龍網絡控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：777） 有關二零二四年年報的補充公佈 就二零二四年購股權計劃而言，倘承授人於要約日期後28日或之前接納購股權， 須就此支付1港元。 除董事會全權酌情按個別情況另行決定外，該等獎勵將無償授予入選參與者，以 符合獎勵已經或將對本集團作出貢獻的合資格參與者的目的。董事會可視乎股份 現行市價、股份獎勵的目的以及相關入選參與者的特徵及情況，全權酌情決定股 份獎勵（如有）的購買價及任何有關款項的付款期限。 向合資格參與者要約的每份購股權的行使價由董事會全權酌情釐定，惟在任何情 況下不得低於以下三者中的最高者：(a)授出當日聯交所每日報價表所列的股份正 式收市價；(b)緊接授出日期前五個營業日聯交所每日報價表所列的股份正式收市 價平均數；及(c)股份面值。 1 上述補充資料不會影響 ...

2025/2026中期報告 INTERIM REPORT Stock Code : 1929 Chow Tai Fook Jewellery Group Limited Interim Report 2025/2026 中期報告 目錄 CONTENTS Glossary 詞彙 103 Corporate Profile 企業簡介 2 Vision and Values 願景與價值 3 A Snapshot of Chow Tai Fook Jewellery Group 周大福珠寶集團簡況 4 Interim Results at a Glance 中期業績概覽 5 Financial and Operational Highlights 財務及營運摘要 8 Chairman's Statement 主席報告書 10 Strategic Report 策略報告 13 Management Discussion and Analysis 管理層討論與分析 26 Report on Review of Interim Financial Information 中期財務資料審閱報告 61 Condensed Co ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 Dalipal Holdings Limited 達力普控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1921） 有關截至2019年 至2022年12月31日止年度年報的 補充公告 | | | 薪 金、 | | | 以股份 | | | --- | --- | --- | --- | --- | --- | --- | | | | 津貼及 | 酌 情 | 退休計劃 | 為基礎的 | | | | 袍 金 | 實物利益 | 花 紅 | 供 款 | 付款 | 總計 | | | 人民幣千元 | 人民幣千元 | 人民幣千元 | 人民幣千元 | 人民幣千元 | 人民幣千元 | | 行政總裁 | | | | | | | | 白功利先生 | | | | | | | | 2019 | – | 681 | – | 61 | ...

Financial Performance - For the six months ended September 30, 2025, the company reported revenue of approximately HKD 8,044,781, a decrease of about 3.1% year-on-year[6]. - Total revenue for the six months ended September 30, 2025, was HKD 8,240,757, a decrease of 2.73% compared to HKD 8,471,446 in the same period of 2024[71]. - Gross profit for the same period was HKD 3,250,161, down 0.93% from HKD 3,280,649 year-over-year[71]. - Net profit for the period was HKD 1,206,334, representing a slight increase of 0.67% from HKD 1,194,555 in the previous year[72]. - Net profit attributable to equity holders increased by about 0.6% to HKD 1,145,578,000, with a net profit margin of approximately 14.2%, up from 13.7% in the previous year[27]. - Total comprehensive income for the period was HKD 1,471,225, an increase of 9.68% from HKD 1,341,679 in the same period last year[72]. - The profit attributable to the company's owners for the six months ended September 30, 2025, was HKD 1,145,578,000, a slight increase from HKD 1,138,925,000 in the same period of 2024, representing a growth of approximately 0.3%[106]. Revenue Breakdown - Sofa sales in the Chinese market generated revenue of approximately HKD 3,083,855, down 6.1% from HKD 3,285,505 in the previous year[11]. - Revenue from the North American market was approximately HKD 2,160,622, a slight increase of 0.3% year-on-year[8]. - Revenue from bedding and related products was approximately HKD 1,119,060,000, a decrease of about 7.4% compared to HKD 1,208,846,000 in the same period last year, primarily due to significant consumption downgrade in the Chinese market[12]. - Revenue from other products reached approximately HKD 930,789,000, an increase of about 11.4% from HKD 835,902,000 in the previous year, driven by sales growth of metal frames and smart furniture in overseas markets[13]. - Revenue from the Home Group was approximately HKD 379,665,000, up about 2.2% from HKD 371,313,000 in the same period last year, mainly due to increased demand in the European market[14]. - Revenue from real estate, hotels, and other property leasing was approximately HKD 65,038,000, a decline of about 10.1% from HKD 72,338,000 in the previous year, primarily due to a decrease in real estate income[15]. Cost and Expenses - Cost of goods sold decreased by about 4.6% to HKD 4,794,620,000 from HKD 5,024,724,000, with raw material costs declining more than revenue due to lower unit costs[17]. - Selling and distribution expenses increased by about 1.7% to HKD 1,539,021,000, with the percentage of revenue rising from approximately 18.2% to 19.1%[21]. - Administrative and other expenses rose by about 16.8% to HKD 364,089,000, with the percentage of revenue increasing from approximately 3.8% to 4.5%[23]. - Financial costs decreased by about 45.0% to HKD 40,184,000 from HKD 73,114,000 in the previous year, primarily due to lower loan interest expenses[25]. Assets and Liabilities - Non-current assets increased to HKD 12,042,145 as of September 30, 2025, from HKD 11,690,989 as of March 31, 2025[74]. - Current assets rose to HKD 8,950,908, compared to HKD 8,332,603 at the end of the previous reporting period[74]. - Total liabilities remained stable with current liabilities at HKD 6,111,866, slightly down from HKD 6,114,040[74]. - The company's equity increased to HKD 14,661,001 as of September 30, 2025, from HKD 13,649,166 as of March 31, 2025[75]. Cash Flow and Financing - Operating cash flow for the six months was HKD 1,685,877,000, an increase from HKD 1,584,455,000 in the prior year, representing a growth of about 6.4%[80]. - The company incurred a net cash outflow from investing activities of HKD 1,089,500,000, compared to HKD 1,682,535,000 in the previous year, showing a reduction in cash outflow by approximately 35.3%[80]. - New bank borrowings amounted to HKD 2,583,826,000, an increase from HKD 1,591,460,000 in the previous year, indicating a significant rise in financing activities[80]. - The company paid dividends to equity holders totaling HKD 465,370,000, down from HKD 581,662,000 in the previous year, reflecting a decrease of approximately 20%[80]. Shareholder Information - The company has issued a total of 3,878,083,200 shares as of September 30, 2025[44]. - Min Wah Investment Limited holds 2,426,692,800 shares, representing approximately 62.57% of the company's issued share capital[46]. - Mr. Huang Min Li owns 80% of Min Wah Investment Limited, which translates to a beneficial ownership of 1,941,353,440 shares[44]. - Ms. Xu Hui Qing owns 20% of Min Wah Investment Limited, equating to a beneficial ownership of 485,338,560 shares[44]. - The company declared an interim dividend of HKD 0.12 per ordinary share for the six months ended September 30, 2025, down from HKD 0.15 per share in 2024, resulting in total dividends of HKD 465,370,000 compared to HKD 581,662,000 in the previous year[104]. Corporate Governance - The audit committee consists of three independent non-executive directors, and the interim financial information for the six months ending September 30, 2025, has been reviewed by Ernst & Young[54]. - The company has complied with the corporate governance code, with a noted deviation regarding the separation of the roles of chairman and CEO[61]. - All directors confirmed compliance with the standards of conduct for securities trading during the six-month period ending September 30, 2025[63]. Future Plans and Strategies - The company plans to continue its "smart home" strategy and enhance product innovation and brand building to solidify its market leadership[37]. - The group is exploring potential overseas acquisition targets to respond to changes in the international trade environment[37]. - The group has submitted an application for its subsidiary, Ruimai Technology, to be listed on the National Equities Exchange and Quotations[38].

Financial Performance - For the first half of the fiscal year 2026, the company's revenue decreased by 9.0% to $999.1 million, down from $1.0897 billion in the same period last year[3]. - The profit attributable to shareholders fell by 14.5% to $74.7 million, primarily due to the decrease in revenue and an increase in operating expenses as a percentage of revenue[3]. - The gross profit margin improved slightly to 31.9%, compared to 31.5% in the same period last year, mainly due to a decrease in material costs[4]. - Operating profit decreased to $92.9 million, down $11.3 million or 10.8%, with the operating margin declining from 9.6% to 9.4%[41]. - Net profit attributable to shareholders was $74.7 million, a decrease of $12.7 million or 14.5%, with a net profit margin dropping from 8.0% to 7.5%[43]. - For the six months ended September 30, 2025, total revenue was $991.1 million, a decrease of 9.0% from $1,089.7 million in the same period of the previous fiscal year[37]. - Gross profit for the same period was $315.8 million, down $27.7 million or 8.1%, with a gross margin increase from 31.5% to 31.9%[40]. - The company reported a total comprehensive income of $83.6 million for the six months, compared to $103.5 million for the same period last year[54]. Revenue Breakdown - In North America, revenue decreased by 12.1% to $398.3 million, with electronic learning products experiencing a significant decline of 25.4% to $167 million[5][6]. - North America revenue for the six months ended September 30, 2025, totaled $398.3 million, with e-learning products contributing 41.9% ($167 million), contract manufacturing services 36.8% ($146.5 million), and telecommunications products 21.3% ($84.8 million)[15]. - In Europe, revenue decreased by 7.2% to $429 million, with e-learning products increasing by 5.5% to $144.6 million, while contract manufacturing services fell by 25.5% to $179.2 million[16][22]. - Telecommunications products in Europe saw a revenue increase of 24.5% to $105.2 million, driven by sales of home phones and smartphones, particularly the Gigaset product line[19][23]. - The Asia-Pacific region experienced a revenue decline of 5.6% to $150.4 million, with all three product categories reporting decreases[24]. - Revenue in other regions, including Latin America, the Middle East, and Africa, fell by 11.3% to $13.4 million, with electronic learning products increasing by 5.3% to $8 million, offset by a 28.0% decline in telecommunications products to $5.4 million[28]. Product Development and Launches - The company launched several new products during the first half of the fiscal year, including the VTech Baby® 4-in-1 Steps & Stages Activity Center™ and LeapFrog's Strum & Count Wooden Guitar™[7]. - LeapFrog brand sales in Europe were boosted by new product launches, including LeapMove and LeapStart Reading Buddies, while the VTech brand saw declines in certain categories[17]. - The company is launching new core learning products in the U.S. to capitalize on the upcoming holiday season, supported by strong marketing initiatives[31]. Dividends and Shareholder Returns - The board declared an interim dividend of $0.17 per share, consistent with the dividend paid in the first half of the previous fiscal year[3]. - The company declared an interim dividend of 17.0 cents per share for the six months ending September 30, 2025, to be paid on December 19, 2025[137]. - The company has proposed a final dividend of $0.44 per share for the fiscal year ending March 31, 2025, down from $0.48 per share in the previous year, with a total estimated payout of $111.4 million[77]. Operational Efficiency - Research and development expenses decreased to $41.4 million, down 9.8% year-over-year, maintaining a ratio of 4.2% of total revenue[42]. - Cash and cash equivalents as of September 30, 2025, were $147.9 million, a decrease of $2.3 million from the previous year[46]. - Inventory increased to $451.0 million, with turnover days rising from 129 to 138 days compared to the same period last year[47]. - The average number of employees decreased to approximately 20,440, with employee-related costs around $198.6 million, down from $204.4 million in the previous year[52]. Future Outlook - The company expects a decline in overall revenue for the fiscal year 2026, but anticipates improved sales in the second half driven by growth in electronic learning and telecommunications products[30]. - Despite an expected annual decline in electronic learning product sales, the second half is projected to show improvement, supported by a rebound in the U.S. and continued growth in Europe[31]. - The telecommunications segment is expected to see revenue growth in fiscal year 2026, driven by new product launches in Europe and the U.S.[32]. Corporate Governance and Compliance - The board of directors has confirmed that they have dedicated sufficient time and attention to the company's affairs during the six months ending September 30, 2025[132]. - The company has adhered to all corporate governance codes as of September 30, 2025, except for a deviation regarding the separation of the roles of Chairman and CEO[130]. - The risk management and internal control mechanisms have been deemed effective and adequate as of September 30, 2025[134]. - The audit committee has reviewed the unaudited interim financial report for the six months ending September 30, 2025[131]. Share-Based Compensation - The company has adopted a new stock option plan to attract and retain employees, replacing the previous plan established in 2021[86]. - The total number of shares available for issuance under the share option and share award plans as of September 30, 2025, is 25,061,579 shares, representing 9.9% of the company's issued shares[89]. - The maximum entitlement for any participant under the share option plan is capped at 1% of the company's issued shares within any twelve-month period[90]. - The fair value of stock options granted is estimated using the Black-Scholes option pricing model, with significant assumptions affecting the valuation[98]. - The total expense related to share-based compensation for the six months ending September 30, 2025, was $1,900,000[112]. Legal and Regulatory Matters - The company has ongoing litigation related to intellectual property infringement and product liability, but the board believes it will not have a significant adverse impact on the financial position[122]. - The company has received a tax reassessment notice from the Hong Kong tax authority amounting to $8.8 million, of which $4.4 million has been deferred pending further legal review[75].

(Incorporated in the Cayman Islands with limited liability) Stock Code （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） 股 份 代 號 ： 8023 INTERIM REPORT 中期報告 2025/26 鄺文記集團有限公司 中期報告 2025/26 CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of ...

Financial Performance - Total revenue for Johnson Electric Holdings Limited was $1,833 million, a decrease of 1% compared to the same period last year[8]. - Gross profit amounted to $441 million, representing 24.0% of total revenue, up from 23.6% in the previous year[8]. - Adjusted EBITDA was $159 million, or 8.7% of total revenue, down from 9.5% in the previous year[8]. - Net profit attributable to shareholders increased by 3% to $133 million, or $0.1421 per share[8]. - Basic net profit decreased by 8% to $123 million after excluding unrealized gains or losses related to exchange rate fluctuations and restructuring costs[8]. - Free cash flow from operations was $174 million, compared to $144 million in the previous year[8]. - For the first half of the 25/26 fiscal year, total revenue decreased by $20.7 million or 1% to $1,833.5 million compared to the previous year[24]. - Adjusted EBITDA margin decreased from 9.5% to 8.7%, with adjusted EBITDA of $158.7 million for the first half of the fiscal year[23]. - For the six months ended September 30, 2025, the company reported revenue of $1,833,483 thousand, a decrease of 1.1% compared to $1,854,168 thousand for the same period in 2024[116]. - The operating profit was $156,235 thousand, down from $157,854 thousand, reflecting a decrease of 1.0% year-over-year[116]. - Net profit attributable to shareholders for the period was $133,263 thousand, an increase of 2.0% from $129,613 thousand in the previous year[116]. - Basic earnings per share for the period was 14.40 cents, compared to 14.05 cents for the same period last year, showing a growth of 2.5%[116]. Segment Performance - The automotive products segment accounted for 84% of total revenue, with a revenue decline of 3% at constant exchange rates[10]. - The industrial products segment represented 16% of total revenue, with stable sales compared to the previous year[13]. - Automotive product segment revenue decreased by 3% to $1,542 million, maintaining an 84% share of total revenue[28]. - For the industrial products segment, revenue remained flat compared to the first half of the 24/25 fiscal year, accounting for 16% of total group revenue[33]. - The industrial products segment saw a 5% revenue decline in the Asia-Pacific region, attributed to intense price competition[37]. - In Europe, the industrial products segment experienced a 7% revenue increase due to replenishment orders and new product launches[37]. - In the Americas, the industrial products segment's revenue decreased by 3%, mainly due to weak customer demand and the end of life cycle for certain projects[37]. Cash Flow and Liquidity - Free cash flow from operations rose from $144 million to $174 million, driven by a decline in working capital, which outweighed the increase in capital expenditures[16]. - The company maintains a strong financial position with net cash of $572.8 million as of September 30, 2025[23]. - Cash and cash equivalents increased by $141.9 million to $932.5 million as of September 30, 2025, compared to $790.6 million on March 31, 2025[62]. - Operating cash flow for the six months ended September 30, 2025, was $317,906 thousand, compared to $262,094 thousand in 2024, representing a 21.3% increase[123]. - Net cash from operating activities increased to $290,001 thousand in 2025 from $222,780 thousand in 2024, reflecting a growth of 30.2%[125]. Debt and Financing - As of September 30, 2025, the total debt-to-capital ratio was 11%, with cash reserves of $932 million[8]. - The company's total debt-to-capital ratio remains stable at 11%, with cash reserves of $932 million as of September 30, 2025[17]. - The total loan amount as of September 30, 2025, was $359,683 thousand, slightly up from $359,335 thousand on March 31, 2025, indicating a marginal increase of 0.1%[169]. - The company secured a $400 million financing agreement in August 2023, which includes $200 million in term loan financing and $200 million in revolving credit financing[170]. Shareholder Returns - The board declared an interim dividend of HKD 0.17 per share, equivalent to USD 0.0218, to be distributed on January 6, 2026[18]. - The company announced an interim dividend of HKD 0.17 per share, equivalent to USD 0.0218, to be paid on January 6, 2026[109]. - The company distributed cash dividends amounting to $52.086 million for the fiscal year 2023/24, reflecting its commitment to returning value to shareholders[121]. Governance and Compliance - The company continues to comply with corporate governance standards as outlined in its annual report[91]. - The board of directors remains unchanged except for the resignation of a non-executive director on July 17, 2025[94]. - The company has complied with the standard code of conduct as per the listing rules, confirming adherence for the six months ending September 30, 2025[96]. - The interim performance report for the six months ending September 30, 2025, has been reviewed by the audit committee and the company's auditor[97]. Market and Economic Conditions - The company expects moderate revenue growth in the second half of the fiscal year, despite uncertainties in the macroeconomic outlook[19]. - In the Asia-Pacific region, revenue decreased by 6%, primarily due to a decline in demand for non-local automotive brands and pricing measures to maintain competitiveness[32]. - Revenue in Europe, the Middle East, and Africa slightly decreased by 1%, with declines in cooling management and closure systems offset by growth in brake systems and oil pumps[32]. - In the Americas, revenue also slightly decreased by 1%, driven by weak demand from several customers, although this was offset by growth in powder metal components and cooling management products[32]. Asset Management - Inventory increased by $63.9 million to $595.7 million as of September 30, 2025, with inventory days rising to 78 days from 67 days[49]. - Accounts receivable remained stable at $816.9 million, with days sales outstanding decreasing to 68 days from 70 days[51]. - Accounts payable increased by $75.2 million to $807.1 million, with days payable outstanding rising to 100 days from 86 days[53]. - The company reported a total of $36,554 thousand in other non-current assets as of September 30, 2025, an increase from $26,961 thousand as of March 31, 2025[142]. Risks and Hedging - The company faces commodity price risk primarily from fluctuations in copper, steel, silver, and aluminum prices, which can be managed through appropriate contract terms[88]. - The company has implemented cash flow hedging contracts to mitigate copper price risk where feasible[89]. - The company reported a fair value change of $22.9 million in derivative instruments designated as cash flow hedges during the period[150]. - The net gain from commodity and foreign exchange contracts recognized in the income statement for the first half of the fiscal year 25/26 was $14.6 million, compared to $15.6 million for the same period in the previous fiscal year[154]. Employee Compensation and Share Plans - The total remuneration for directors was $5,180 thousand for the six months ended September 30, 2025, compared to $3,297 thousand in 2024, reflecting a significant increase of 57%[199]. - Senior management compensation totaled $9,359 thousand for the same period, up from $5,689 thousand in 2024, marking a rise of 64%[199]. - The company approved a new restricted and performance-linked share unit plan on July 13, 2023, replacing the previous plan from July 9, 2015, to enhance employee incentives[179]. - The total number of unvested shares granted under the share unit plan is 16,951,000, representing 1.81% of the issued shares[105].