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，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該等內容 而引致的任何損失承擔任何責任。 XINYI ENERGY HOLDINGS LIMITED 信義能源控股有限公司 （於英屬處女群島註冊成立之有限公司） 中期業績公告 信義能源控股有限公司（「本公司」或「信義能源」，連同其附屬公司，「本集團」）董事 （「董事」）會（「董事會」）宣佈本集團截至二零二五年六月三十日止六個月（「二零二五 年上半年」）之未經審核中期簡明綜合業績，連同截至二零二四年六月三十日止六個 月（「二零二四年上半年」）之比較數字： 簡明綜合收益表 截至六月三十日止六個月 | | | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | | | 附註 | 人民幣千元 | 人民幣千元 | | | | （未經審核） | （未經審核） | | | | | （經重列） | | | | | （附註2(c)） | | 收益 | 3 | 1,210,234 | 1,124,053 | | 銷售成本 | | (4 ...

辰罡科技有限 公 司* 股份代號:8131 （於百慕達註冊成立之有限公司） 2025 中期報告 * 僅供識別 2025 Stock code:8131 abc Multiactive Limited (Incorporated in Bermuda with limited liability) 香港聯合交易所有限公司（「聯交所」）GEM 之特色 GEM 的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市的 公司帶有較高投資風險。有意投資的人士應了解投資於該等公司之潛在風險，並應經過審 慎周詳之考慮後方作出投資決定。 由於GEM 上市公司普遍為中小型公司，在GEM 買賣的證券可能會較於聯交所主板買賣之 證券承受較大的市場波動風險，同時無法保證在GEM 買賣的證券會有高流通量的市場。 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報告之內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示概不就因本報告全部或任何部分內容而產生 或因倚賴該等內容而引致之任何損失承擔任何責任。 本報告乃根據聯交所《GEM 證 券 上 市 規 則》（「GEM 上市規則」）之 規 定 提 供 有 關 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 （於香港註冊成立的有限公司） （股份代號：3360） 截至二零二五年六月三十日止六個月中期業績公告 遠東宏信有限公司（「本公司」）董事局（「董事局」）謹此公布本公司及其附屬公司 （「本集團」）截至二零二五年六月三十日止六個月的未經審核中期業績，連同截至 二零二四年六月三十日止六個月的比較數字。本公告列載本公司二零二五年中期 報告全文，並符合香港聯合交易所有限公司證券上市規則有關中期業績初步公告 附載的資料之要求。 承董事局命 遠東宏信有限公司 主席、行政總裁及執行董事 孔繁星 香港，二零二五年八月一日 於本公告日期，本公司的執行董事為孔繁星先生（主席）、王明哲先生及曹健先 生；本公司非執行董事為陳樹民先生、衛濛濛女士、劉海峰先生、郭明鑑先生及 羅強先生；以及本公司獨立非執行董事為韓小京先生、劉嘉凌先生、葉偉明先生 及黃家輝先生。 | 企 目 業 信 錄 息 | 公 司 簡 介 | 業 績 概 覽 | 管 ...

GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市的公司帶有較 高投資風險。有意投資的人士應了解投資於該等公司的潛在風險，並應經過審慎周詳的考慮後方作出 投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於主板買賣之證券承受較大的市 場波動風險，同時無法保證在GEM買賣的證券會有高流通量的市場。 WLS Holdings Limited 滙隆控股有限公司* （於開曼群島註冊成立並於百慕達存續之有限公司） （股份代號：8021） 截至二零二五年四月三十日止年度業績公佈 香港聯合交易所有限公司（「聯交所」）GEM的特色 香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部分內容而產生或因依賴該等內容而引 致之任何損失承擔任何責任。 本公佈（滙隆控股有限公司（「本公司」或「滙隆」）各董事（「董事」）願共同及個別對此負全責）乃遵照 聯交所GEM證券上市規則（「GEM上市規則」）的規定而提供有關本公司的資料。各董事經作出一切合 理查詢後，確認就彼等所知及所信：(1) 本公佈所 ...

2025 Annual Report Annual Report 2025 2025 年 報 年報 聯交所GEM的特色 GEM的定位，乃為較其他於聯交所上市的公司帶有更高投資風險的中小型公司提供一個上市的市場。有意投資 者應瞭解投資於該等公司的潛在風險，並應經過審慎周詳考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，於GEM買賣的證券可能會承受較於聯交所主機板買賣的證券更高的市 場波動風險，同時無法保證於GEM買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明 確表示，概不對因本報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。 本報告的資料乃遵照GEM上市規則而刊載，旨在提供有關本公司的資料；NIU Holdings Limited（前稱「飲食天王 （環球）控股有限公司」）（「本公司」）董事（「董事」）願就本報告的資料共同及個別地承擔全部責任。各董事在 作出一切合理查詢後，確認就其所知及所信，本報告所載資料在各重要方面均屬準確完備，並無誤導或欺詐成 分，且並無遺漏任何其他事項，足以令致本報告所載 ...

本公告的資料乃遵照GEM上市規則而刊載，旨在提供有關本公司的資料；NIU Holdings Limited（前稱「飲食天王（環球）控股有限公司」）（「本公司」）董事（「董 事」）願就本公告的資料共同及個別地承擔全部責任。各董事在作出一切合理 查詢後，確認就其所知及所信，本公告所載資料在各重要方面均屬準確完備， 並無誤導或欺詐成分，且並無遺漏任何其他事項，足以令致本公告所載任何 陳述或本公告產生誤導。 香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公告 的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不 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。 NIU HOLDINGS LIMITED （前稱飲食天王（環球）控股有限公司） （股份代號：8619） （於開曼群島註冊成立之有限公司） 截至2025年3月31日止年度之年度業績公告 聯交所GEM的特色 GEM的定位，乃為較其他於聯交所上市的公司帶有更高投資風險的中小型公 司提供一個上市的市場。有意投資者應了解投資於該等公司的潛在風險，並 應經過審慎周詳考慮後方作出投資決定。 由於GEM上市 ...

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 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 HSC Resources Group Limited 鴻盛昌資源集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：1850） 截 至2025年4月30日止年度之全年業績公佈 財務摘要 截 至2025年4月30日 止 年 度，鴻 盛 昌 資 源 集 團 有 限 公 司（「本公司」）及 其 附 屬 公 司（以 下 統 稱 為「本集團」）的 經 營 業 績 如 下： – 1 – • 收益達到約374.3百 萬 港 元（2024年：約394.5百 萬 港 元），較 去 年 減 少 約 5.1%； • 年度溢利約為0.7百 萬 港 元（2024年：約2.2百 萬 港 元），主 要 由 於 年 內 毛 利 率 下 降，以 及 其 他 收 益 及 虧 損 減 少 所 致； • 根據已發行 ...

[Company Information](index=3&type=section&id=Company%20Information) The report details core company information including executive and non-executive directors, committee members, legal advisors, auditors, and principal places of business, noting changes in the board of directors during the period - The report provides detailed core company information, including executive and non-executive directors, committee members, legal advisors, auditors, and principal places of business, with changes in board members during the reporting period, as Mr. Xu Xinyu and Mr. Zhang Quan resigned, and Mr. Tan Ning and Mr. Hao Qinggui were appointed[6](index=6&type=chunk)[7](index=7&type=chunk)[9](index=9&type=chunk) [Financial Summary](index=5&type=section&id=Financial%20Summary) This section provides an overview of the company's financial performance and key ratios, highlighting net revenue, profit, assets, liabilities, and equity changes [Performance Overview](index=5&type=section&id=Performance%20Overview) For the six months ended June 30, 2025, the company reported a slight decrease in net revenue and profit, with minor declines in total assets and liabilities Financial Performance (Thousand Euro) | Metric | Six Months Ended June 30, 2025 (Thousand Euro) | Six Months Ended June 30, 2024 (Thousand Euro) | Change | | :--- | :--- | :--- | :--- | | Net Revenue | 638,269 | 646,416 | (1.3)% | | Profit Before Tax | 63,350 | 63,835 | (0.8)% | | Profit for the Period | 43,569 | 44,047 | (1.1)% | Financial Position (Thousand Euro) | Metric | As of June 30, 2025 (Thousand Euro) | As of December 31, 2024 (Thousand Euro) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 1,643,284 | 1,661,444 | (1.1)% | | Total Liabilities | (739,400) | (763,208) | (3.1)% | | Equity Attributable to Company Shareholders | 902,717 | 897,155 | 0.6% | [Key Financial Ratios](index=5&type=section&id=Key%20Financial%20Ratios) The company's profitability ratios, including return on equity and total asset return, slightly decreased, while the quick ratio declined and the debt-to-capital ratio marginally increased Key Financial Ratios | Ratio Category | Metric | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | :--- | | Profitability Ratios | Return on Equity | 9.7% | 10.2% | | | Return on Total Assets | 5.3% | 5.4% | | Liquidity Ratios | Current Ratio | 1.3 | 1.3 | | | Quick Ratio | 0.6 | 0.7 | | Capital Adequacy Ratios | Debt-to-Capital Ratio | 4.0% | 3.7% | [Chairman's Report](index=6&type=section&id=Chairman's%20Report) The Chairman's report reviews the group's operational performance, strategic initiatives, and future outlook, emphasizing growth drivers and ESG commitments [Operational Review](index=6&type=section&id=Operational%20Review) In H1 2025, the group achieved growth in new yacht net revenue and adjusted EBITDA, driven by custom-made and superyachts, alongside strong ESG commitments - New yacht net revenue increased by **1.5%** year-on-year to approximately **€620.4 million**; adjusted EBITDA grew by **2.5%** year-on-year to **€99.1 million**, with the margin improving from **15.8%** to **16.0%**[15](index=15&type=chunk) H1 2025 New Yacht Net Revenue by Type (Million Euro) | Yacht Type | H1 2025 New Yacht Net Revenue (Million Euro) | Y-o-Y Change | | :--- | :--- | :--- | | Composite Yachts | 234.4 | -11.6% | | Custom-Made Yachts | 253.1 | +8.6% | | Superyachts | 104.4 | +26.6% | - The group emphasizes its ESG commitments, including collaboration with Rolls-Royce on hybrid solutions, launching the first full-electric Riva El-Iseo speedboat, and exploring hydrogen energy applications in yachts with Weichai Group[20](index=20&type=chunk)[21](index=21&type=chunk) [Outlook and Prospects](index=8&type=section&id=Outlook%20and%20Prospects) The group remains optimistic about the luxury yacht industry's resilience and plans to strengthen its market position through five strategic pillars, focusing on product expansion, sustainable innovation, and service growth - The group's future plans are based on five strategic pillars: - **Product Expansion**: Consolidating leadership in composite and custom-made yachts - **Sustainable Innovation**: Investing in eco-friendly materials and processes - **Superyacht Development**: Developing new alloy-bodied superyachts under brands like Riva and Pershing - **Service Expansion**: Expanding yacht brokerage, charter, management, and after-sales services - **Vertical Integration**: Investing in the internalization of high-value-added activities to support growth[22](index=22&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a detailed review of the group's business operations, significant events, and financial performance, including order trends, revenue drivers, cost management, and financial position [Principal Activities and Business Review](index=9&type=section&id=Principal%20Activities%20and%20Business%20Review) Ferretti Group, a global leader in luxury yachts with seven iconic brands, achieved strong H1 2025 results with increased net revenue and adjusted EBITDA, driven by successful commercial strategies and pricing power - The group is a recognized global leader in the luxury yacht industry, owning seven major brands including Riva, Wally, Ferretti Yachts, Pershing, Itama, CRN, and Custom Line, designing, producing, and selling luxury yachts from **8 to 95 meters**[23](index=23&type=chunk) - In H1 2025, new yacht net revenue increased by **1.5%** year-on-year to **€620.4 million**, adjusted EBITDA grew by **2.5%** year-on-year to **€99.1 million**, and the adjusted EBITDA margin improved by **20 basis points** to **16.0%**[24](index=24&type=chunk) [Significant Events in H1 2025](index=10&type=section&id=Significant%20Events%20in%20H1%202025) In H1 2025, the group actively participated in major international boat shows, launched a new interior design project, and distributed a dividend of €0.10 per share - From January to May 2025, the group actively participated in several major international boat shows held in Düsseldorf, Miami, Dubai, Palm Beach, Singapore, and Venice[27](index=27&type=chunk)[28](index=28&type=chunk) - On June 18, 2025, the company distributed a dividend of **€0.10 per share**, totaling **€33,848,265.40**[26](index=26&type=chunk) [Financial Review](index=11&type=section&id=Financial%20Review) Despite macroeconomic uncertainties, the group maintained robust financial performance with stable order backlog, increased new yacht net revenue, improved adjusted EBITDA margin, and a strong net cash position [New Orders](index=11&type=section&id=New%20Orders) New orders for the six months ended June 30, 2025, decreased by 9.2% to €467.3 million, primarily due to fewer custom-made and superyacht orders, despite strong growth in the Asia Pacific region New Orders by Product Type (Million Euro) | Product Type | H1 2025 New Orders (Million Euro) | Y-o-Y Change | | :--- | :--- | :--- | | Composite Yachts | 160.9 | -0.4% | | Custom-Made Yachts | 237.8 | -7.2% | | Superyachts | 64.9 | -32.7% | | **Total** | **467.3** | **-9.2%** | New Orders by Region (Million Euro) | Region | H1 2025 New Orders (Million Euro) | Y-o-Y Change | | :--- | :--- | :--- | | Europe | 181.1 | -0.5% | | Middle East & Africa | 130.6 | -21.9% | | Asia Pacific | 12.8 | +82.9% | | Americas | 142.8 | -9.7% | | **Total** | **467.3** | **-9.2%** | [Order Backlog](index=13&type=section&id=Order%20Backlog) As of June 30, 2025, the group's order backlog slightly decreased by 3.3% to €1,446 million, with superyachts becoming the most significant segment due to a 32.0% increase Order Backlog by Product Type (Million Euro) | Product Type | Order Backlog (Million Euro) | Share | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Composite Yachts | 225.2 | 15.6% | -31.5% | | Custom-Made Yachts | 490.8 | 33.9% | -16.7% | | Superyachts | 689.0 | 47.7% | +32.0% | | Other Businesses | 41.0 | 2.8% | -26.5% | | **Total** | **1,446.0** | **100.0%** | **-3.3%** | [Net Revenue](index=15&type=section&id=Net%20Revenue) Total net revenue for H1 2025 slightly decreased by 1.3% to €638.3 million, mainly due to lower pre-owned yacht sales, while new yacht net revenue grew, driven by custom-made and superyachts H1 2025 New Yacht Net Revenue by Product Type (Thousand Euro) | Product Type | H1 2025 New Yacht Net Revenue (Thousand Euro) | Y-o-Y Change | | :--- | :--- | :--- | | Composite Yachts | 234,403 | -11.6% | | Custom-Made Yachts | 253,134 | +8.6% | | Superyachts | 104,444 | +26.6% | | **Total New Yacht Net Revenue** | **620,439** | **+1.5%** | H1 2025 New Yacht Net Revenue by Region (Million Euro) | Region | H1 2025 New Yacht Net Revenue (Million Euro) | Y-o-Y Change | | :--- | :--- | :--- | | Europe | 250.7 | -19.9% | | Middle East & Africa | 219.9 | +94.9% | | Asia Pacific | 9.7 | -59.4% | | Americas | 140.1 | -13.1% | [Cost and Expense Analysis](index=17&type=section&id=Cost%20and%20Expense%20Analysis) During the reporting period, the group effectively managed costs, with decreases in raw material consumption and significant reductions in provisions and impairments, while contractor and personnel costs saw moderate increases - Raw materials and consumables used decreased by **13.3%** year-on-year to **€288.8 million**, primarily due to adjustments in procurement volumes for production needs[58](index=58&type=chunk) - Contractor costs increased by **8.1%** year-on-year to **€142.4 million**, mainly due to a different mix of raw material purchases[59](index=59&type=chunk) - Personnel costs increased by **4.1%** year-on-year to **€77.5 million**, primarily due to an increase in average employee headcount to support business growth[63](index=63&type=chunk) [Non-IFRS Measures](index=19&type=section&id=Non-IFRS%20Measures) The group's adjusted EBITDA increased by 2.5% to €99.1 million, with the adjusted EBITDA margin improving by 20 basis points to 16.0%, indicating enhanced profitability Non-IFRS Measures (Thousand Euro) | Metric (Thousand Euro) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Profit After Tax | 43,569 | 44,047 | | EBITDA | 99,458 | 96,997 | | **Adjusted EBITDA** | **99,073** | **96,716** | | **Adjusted EBITDA Margin** | **16.0%** | **15.8%** | [Selected Balance Sheet Items](index=22&type=section&id=Selected%20Balance%20Sheet%20Items) As of June 30, 2025, the group's balance sheet remained robust, with a slight increase in inventories to support deliveries and reductions in trade and other receivables and payables - Inventories slightly increased from **€443.6 million** to **€453.9 million** to build sufficient stock for deliveries[74](index=74&type=chunk) - Trade and other receivables decreased by **20.5%** from **€74.6 million** to **€59.3 million**[75](index=75&type=chunk) - Trade and other payables decreased by **8.6%** from **€479.1 million** to **€438.2 million**[78](index=78&type=chunk) [Other Financial Information](index=24&type=section&id=Other%20Financial%20Information) The group maintains a healthy financial position with €76.7 million in cash flow from operations and a net cash position of €101.6 million as of June 30, 2025, despite dividend payouts and capital investments - Cash flow generated from operating activities was **€76.7 million**, an increase year-on-year (compared to **€58.6 million** in H1 2024)[80](index=80&type=chunk) - Capital expenditure amounted to **€42.3 million**, with **€25.4 million** allocated to business expansion[81](index=81&type=chunk) - The net financial position was a net cash of **€101.6 million**, remaining robust despite **€33.8 million** in dividends paid and **€51.4 million** in investments[82](index=82&type=chunk) [Capital Structure](index=25&type=section&id=Capital%20Structure) The group's capital structure is robust with extremely low debt levels, evidenced by total bank and other borrowings of approximately €36 million and a debt-to-capital ratio of only 4.0% as of June 30, 2025 - Total bank and other borrowings amounted to approximately **€36 million**[84](index=84&type=chunk) - The debt-to-capital ratio was **4.0%** (3.7% at year-end 2024), indicating extremely low debt levels and a robust financial position[85](index=85&type=chunk) [Risk Factors](index=26&type=section&id=Risk%20Factors) The group continuously monitors various risks, including competition, regulatory changes, and market developments, while managing Euro-USD exchange rate exposure through hedging strategies - The group identifies and assesses risks arising from competition, regulatory changes, personnel changes, and market developments[89](index=89&type=chunk)[90](index=90&type=chunk) - The group primarily faces Euro-USD exchange rate fluctuation risk and uses foreign currency forward contracts for hedging, though no such contracts were held at the end of the reporting period[92](index=92&type=chunk) [Human Resources](index=26&type=section&id=Human%20Resources) As of June 30, 2025, the group had 2,127 employees, a slight increase from year-end 2024, with total staff costs rising by 4.1% due to increased average headcount supporting business growth Employee Statistics and Costs (Million Euro) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Employees | 2,127 | 2,118 | | H1 Staff Costs (Million Euro) | 77.5 | 74.4 (H1 2024) | [Events After Reporting Period](index=26&type=section&id=Events%20After%20Reporting%20Period) Subsequent to the reporting period, the group increased its stake in Sea Lion S.r.l. to 100% in July 2025, achieving full control of the "Wally" brand, and also divested its entire equity in Ferretti Tech S.r.l. - In July 2025, the group increased its equity interest in Sea Lion S.r.l. (the "Wally" brand) to **100%**[95](index=95&type=chunk) - In July 2025, the group disposed of its entire equity interest in Ferretti Tech S.r.l[96](index=96&type=chunk) [Outlook](index=27&type=section&id=Outlook) The group believes the global yachting industry remains resilient despite uncertainties and will continue executing its strategic pillars to enhance its market leadership, value proposition, and overall resilience - The group reiterates its five strategic pillars for future development, aiming to consolidate market leadership, enhance value proposition, and strengthen overall resilience[98](index=98&type=chunk) [Corporate Governance and Other Information](index=28&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section outlines the company's adherence to corporate governance codes in Hong Kong and Italy, including compliance with listing rules and the audit committee's review of interim financial statements [Corporate Governance](index=28&type=section&id=Corporate%20Governance) The company is committed to complying with corporate governance codes in Hong Kong and Italy, having adhered to relevant HKEX Listing Rules provisions during the reporting period, with the audit committee reviewing interim financial statements - The company has been listed on the Hong Kong Stock Exchange since **March 31, 2022**, and dual-listed on Euronext Milan since **June 27, 2023**[99](index=99&type=chunk) - During the reporting period, the company complied with the Corporate Governance Code provisions set out in Appendix C1 to the Hong Kong Listing Rules[101](index=101&type=chunk) [Disclosure of Interests](index=29&type=section&id=Disclosure%20of%20Interests) As of June 30, 2025, Director Piero Ferrari held approximately 4.63% of the company's shares, while Shandong Heavy Industry Group held 37.54% and Azúr a.s. and its associates held 14.07% Shareholder Interests | Shareholder Name | Capacity | Number of Shares Held | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Mr. Piero Ferrari | Controlled Corporations and Beneficial Owner | 15,680,983 | 4.63% | | Shandong Heavy Industry Group | Interest in Controlled Corporations | 127,070,120 | 37.54% | | Azúr a.s. | Beneficial Owner | 47,625,748 | 14.07% | [Use of Net Proceeds from HK Listing](index=32&type=section&id=Use%20of%20Net%20Proceeds%20from%20HK%20Listing) As of June 30, 2025, the group fully utilized the HK$1.863 billion net proceeds from its Hong Kong global offering, primarily for product portfolio expansion, operational efficiency, enhanced ancillary services, and brand promotion Use of Net Proceeds (Million HKD) | Purpose | Net Proceeds Available (Million HKD) | Net Proceeds Utilized (Million HKD) | Net Proceeds Unutilized (Million HKD) | | :--- | :--- | :--- | :--- | | Expanding Product Portfolio and Enhancing Operational Excellence | 1,266.7 | 1,853.0 | (586.2) | | Strengthening Ancillary Services Portfolio | 447.1 | 0 | 447.1 | | Brand Promotion and General Corporate Purposes | 149.0 | 9.9 | 139.1 | | **Total** | **1,862.9** | **1,862.9** | **0** | - The group has fully utilized the net proceeds from the Hong Kong global offering for the purposes stated in the prospectus[113](index=113&type=chunk) [Independent Auditor's Review Report](index=32&type=section&id=Independent%20Auditor's%20Review%20Report) This section presents the independent auditor's review report on the interim condensed consolidated financial statements, confirming no material issues were found in their preparation [Review Conclusion](index=33&type=section&id=Review%20Conclusion) Independent auditor EY S.p.A. reviewed the group's interim condensed consolidated financial statements for the six months ended June 30, 2025, concluding that no matters indicated non-compliance with IAS 34 - Auditor EY S.p.A. issued a review conclusion on the interim condensed consolidated financial statements, finding no material issues[114](index=114&type=chunk)[116](index=116&type=chunk) [Interim Condensed Consolidated Financial Statements](index=33&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) This section presents the group's interim condensed consolidated financial statements, including the statement of profit or loss, financial position, and cash flows [Interim Condensed Consolidated Statement of Profit or Loss](index=34&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the group reported net revenue of €638 million, profit before tax of €63.35 million, and profit for the period of €43.57 million, with basic and diluted earnings per share at €0.13 Interim Condensed Consolidated Statement of Profit or Loss (Thousand Euro) | Metric (Thousand Euro) | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Revenue | 638,269 | 646,416 | | Profit Before Tax | 63,350 | 63,835 | | Profit for the Year | 43,569 | 44,047 | | Profit Attributable to Company Shareholders | 43,454 | 43,859 | | Earnings Per Share (Euro) | 0.13 | 0.13 | [Interim Condensed Consolidated Statement of Financial Position](index=36&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the group's total assets were €1.643 billion, total liabilities €739 million, and total equity €904 million, indicating a sound financial position with good liquidity Interim Condensed Consolidated Statement of Financial Position (Thousand Euro) | Metric (Thousand Euro) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 1,643,284 | 1,661,444 | | Total Liabilities | 739,400 | 763,208 | | Total Equity | 903,884 | 898,236 | [Interim Condensed Consolidated Statement of Cash Flows](index=38&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) In H1 2025, net cash inflow from operating activities significantly improved to €76.67 million, with net cash outflows from investing and financing activities, resulting in €134 million cash and cash equivalents at period-end Interim Condensed Consolidated Statement of Cash Flows (Thousand Euro) | Cash Flow Activities (Thousand Euro) | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Cash Flow from Operating Activities | 76,667 | 58,615 | | Cash Flow Used in Investing Activities | (52,645) | (58,651) | | Cash Flow (Used in)/from Financing Activities | (41,258) | (40,499) | | **Net Decrease in Cash and Cash Equivalents** | **(17,236)** | **(40,535)** | | **Cash and Cash Equivalents at End of Period** | **133,982** | **273,657** | [Notes to the Interim Condensed Consolidated Financial Statements](index=40&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes to the interim condensed consolidated financial statements, covering financial risk management, net revenue breakdown, intangible assets, and related party transactions [Note 4. Financial Risk Management](index=44&type=section&id=Note%204.%20Financial%20Risk%20Management) The group manages liquidity, market (currency and interest rate), and credit risks through cash flow planning, fair sales policies, and monitoring, with credit risk deemed immaterial due to customer types and commercial policies - The group primarily faces exchange rate risk related to the US Dollar and conducted a sensitivity analysis on Euro/USD exchange rate changes, where a **-5%** change would increase profit before tax by **€0.812 million** and equity by **€14.07 million**[167](index=167&type=chunk)[168](index=168&type=chunk) - Credit risk is considered immaterial as commercial policy requires payment of the balance before or upon vessel delivery; as of June 30, 2025, approximately **€10.72 million** of the **€35.33 million** in trade receivables were overdue by more than **90 days**[172](index=172&type=chunk)[173](index=173&type=chunk) - The group manages liquidity risk by weekly planning of expected cash flows, with most transactions requiring full payment upon delivery and advance payments collected based on production progress[161](index=161&type=chunk) [Note 5. Net Revenue](index=56&type=section&id=Note%205.%20Net%20Revenue) This note details the composition of net revenue, with H1 2025 total net revenue at €638 million, primarily from new yacht sales, with custom-made yachts contributing the most by product and Europe by region Net Revenue by Product Type (Thousand Euro) | Product Type (Thousand Euro) | H1 2025 Net Revenue | H1 2024 Net Revenue | | :--- | :--- | :--- | | Composite Yachts | 234,403 | 265,048 | | Custom-Made Yachts | 253,134 | 233,144 | | Superyachts | 104,444 | 82,496 | | Other Businesses | 28,458 | 30,352 | | Pre-owned Yachts | 17,829 | 35,376 | | **Total Net Revenue** | **638,269** | **646,416** | - As of June 30, 2025, the transaction price allocated to unsatisfied performance obligations (i.e., net order backlog) was **€761 million**, of which **€469 million** is expected to be recognized as revenue within one year[196](index=196&type=chunk) [Note 29. Intangible Assets](index=75&type=section&id=Note%2029.%20Intangible%20Assets) As of June 30, 2025, the group's intangible assets had a net book value of €282 million, with trademarks, including core brands like Ferretti Yachts and Riva, being the largest component at €245 million Key Intangible Assets (Thousand Euro) | Key Intangible Assets (Thousand Euro) | Net Book Value as of June 30, 2025 | | :--- | :--- | | Trademarks | 245,045 | | Concessions | 14,350 | | Intellectual Property Rights | 15,257 | | Goodwill | 7,097 | | **Total Intangible Assets** | **282,406** | [Note 45. Related Party Transactions](index=93&type=section&id=Note%2045.%20Related%20Party%20Transactions) The group engages in related party transactions on fair terms with entities like Weichai Power (sponsoring Ferrari F1 team helmets) and Shandong Weichai Import & Export (yacht sales), as well as other affiliates for design services and brand sponsorship - The balance of payables to fellow subsidiary Weichai Power Co., Ltd. was **€0.645 million**, related to sponsoring the "Riva" brand helmet for the Ferrari F1 team[307](index=307&type=chunk)[308](index=308&type=chunk) - Receivables from Shandong Weichai Import & Export Co., Ltd. amounted to **€1.4 million**, related to the sale of a yacht[309](index=309&type=chunk) [Declaration on Interim Condensed Consolidated Financial Statements as per Article 154-BIS, Paragraph 5 of Legislative Decree 58/98 (as amended and supplemented) concerning the Interim Condensed Consolidated Financial Statements as of June 30, 2025](index=97&type=section&id=Declaration%20on%20Interim%20Condensed%20Consolidated%20Financial%20Statements%20as%20per%20Article%20154-BIS%2C%20Paragraph%205%20of%20Legislative%20Decree%2058%2F98%20(as%20amended%20and%20supplemented)%20concerning%20the%20Interim%20Condensed%20Consolidated%20Financial%20Statements%20as%20of%20June%2030%2C%202025) This section contains the management's declaration affirming that the interim condensed consolidated financial statements were prepared in accordance with IFRS and accurately reflect the company's financial position and operating results [Management Declaration](index=97&type=section&id=Management%20Declaration) CEO Alberto Galassi and Financial Reporting Officer Marco Zammarchi jointly declared that the interim condensed consolidated financial statements were prepared following appropriate administrative and accounting procedures, comply with IFRS, and fairly represent the company's financial position and operating results - The Chief Executive Officer and the Financial Reporting Officer certified that the interim condensed consolidated financial statements comply with International Financial Reporting Standards, correspond to the accounting records, and truly and fairly represent the company's financial position[320](index=320&type=chunk) [Definitions](index=98&type=section&id=Definitions) This section provides clear definitions for key terms and abbreviations used throughout the report, ensuring consistent understanding for readers [Key Term Definitions](index=98&type=section&id=Key%20Term%20Definitions) This section provides detailed definitions for key terms and abbreviations used in the report, such as "the Company," "the Group," "Controlling Shareholder" (Shandong Heavy Industry Group), "Dual Listing" (HKEX and Euronext Milan), and various geographical regions, ensuring consistent reader understanding - Clear definitions are provided for professional terms, company entities, regulatory rules, and currency units used in the report[322](index=322&type=chunk)[324](index=324&type=chunk)[326](index=326&type=chunk)[327](index=327&type=chunk)

CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "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 Exchange. Prospective investors should be aware of the potential risks of investing in such companies and should make the decision to invest only after due and careful consideration. Given that the companies listed on GEM are generally small and mid-size ...

Performance Overview [Financial Highlights](index=1&type=section&id=%E8%8B%A5%E5%B9%B2%E8%B4%A2%E5%8A%A1%E6%91%98%E8%A6%81) For FY2025, the Group's revenue grew 4.2% to HK$213 million, while annual profit fell 6.4% to HK$16 million FY2025 Key Financial Data Summary | Metric | FY2025 | FY2024 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | **Revenue** | HK$213,116,000 | HK$204,545,000 | +4.2% | | **Technology-related Revenue** | HK$206,776,000 | HK$197,368,000 | +4.8% | | **Profit for the Year** | HK$15,954,000 | HK$17,051,000 | -6.4% | | **Total Assets** | HK$624,905,000 | HK$620,828,000 | +0.7% | | **Net Assets** | HK$562,100,000 | HK$546,512,000 | +2.9% | | **Gearing Ratio** | 0.08 | 0.10 | -20% | [Company Profile and Strategy](index=1&type=section&id=%E5%85%AC%E5%8F%B8%E7%B0%A1%E4%BB%8B) The company is a global technology firm providing integrated software, platforms, and IT services to bridge business goals with tech execution - The company provides integrated software, business technology platforms, IT services, and strategic consulting to optimize operations and accelerate digital adoption[7](index=7&type=chunk) - The company's strategy is evolving from "Business-led Technology" to "Business Hyper-intelligence" by integrating AI for smarter, autonomous business outcomes[8](index=8&type=chunk) Industry Overview and Strategic Focus [Industry Overview](index=2&type=section&id=%E8%A1%8C%E4%B8%9A%E6%A6%82%E5%86%B5) The global tech services industry is driven by BI, AI integration, and cloud migration, with strong investment in foundational capabilities expected to persist - Key industry trends for 2024-2025 are **AI-driven operating models**, cloud ecosystems, and digital proficiency, sustaining robust enterprise digital spending[11](index=11&type=chunk) - AI's business applications center on data analysis, automation, predictive analytics, and enhanced customer experiences for faster, more accurate decision-making[12](index=12&type=chunk)[13](index=13&type=chunk)[14](index=14&type=chunk)[17](index=17&type=chunk) - Despite economic headwinds, **investment in AI-related infrastructure remains strong** as enterprises view AI as a key competitive differentiator[50](index=50&type=chunk)[51](index=51&type=chunk) [Strategic Priorities and Product Layout](index=12&type=section&id=%E6%88%98%E7%95%A5%E9%87%8D%E7%82%B9%E4%B8%8E%E4%BA%A7%E5%93%81%E5%B8%83%E5%B1%80) The company is transitioning to "Business Hyper-intelligence" by upgrading capabilities in data, software, AI, and human roles while expanding internationally [Business Hyper-intelligence Transformation](index=12&type=section&id=%E4%B8%9A%E5%8A%A1%E8%B6%85%E6%99%BA%E8%83%BD%E5%8C%96%E8%BD%AC%E5%9E%8B) The company is shifting from providing "Business-led Technology" to enabling "intelligent business outcomes" through strategic investments in AI and data science - The technology business is advancing to a **"Business Hyper-intelligence" phase**, merging human expertise with AI agents, software, and data to drive superior business results[52](index=52&type=chunk) - To lead this transformation, the company is refining its product framework, evaluating strategic investments, and innovating delivery models aligned with client outcomes[55](index=55&type=chunk) [Core Technology Framework](index=13&type=section&id=%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E6%A1%86%E6%9E%B6) The technology framework is being upgraded across four core domains: data, software, AI roles, and human roles to enable more adaptive and autonomous systems - The technology framework covers four domains: **data** (multi-modal integration), **software** (adaptive systems), **AI roles** (strategic autonomy), and **human roles** (strategic coordination)[54](index=54&type=chunk) - In AI roles, the company is developing autonomous workflows and hyper-personalization engines to enable AI to handle more complex strategic tasks[56](index=56&type=chunk) [Key Solutions](index=14&type=section&id=%E5%85%B3%E9%94%AE%E8%A7%A3%E5%86%B3%E6%96%B9%E6%A1%88) The company delivers solutions through three core products: FringeBacker Events, TeamSoft for mobile enterprise, and Greenie EdTech for corporate training - Subsidiary Claman Global's **FringeBacker Events** platform provides SaaS, EventTech, and FinTech solutions for large-scale events, integrating BI, VR, and AR[57](index=57&type=chunk) - Subsidiary TeamTech's **TeamSoft** platform is evolving into an AI-powered enterprise SaaS platform for mobile teams in industries like construction and logistics[58](index=58&type=chunk) - The **Greenie EdTech** division is integrating AI into its remote learning platforms to offer personalized corporate training and develop a future-ready workforce[59](index=59&type-chunk)[62](index=62&type=chunk) [International Market Expansion](index=15&type=section&id=%E5%9B%BD%E9%99%85%E5%B8%82%E5%9C%BA%E6%89%A9%E5%BC%A0) The company is accelerating growth in the UK, EU, and other international markets, leveraging the UK as a strategic hub for European operations - The company is accelerating growth in international markets, including the **UK and EU**, with the UK serving as a strategic hub for European clients[63](index=63&type=chunk) - The expansion strategy includes cross-border expertise transfer, localized innovation, regulatory compliance, and customer-centric engagement models[66](index=66&type=chunk) Financial Performance [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=%E7%BB%BC%E5%90%88%E6%8D%9F%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) Revenue for the year ended April 30, 2025, rose 4.2% to HK$213 million, but profit for the year declined 6.4% to HK$16 million due to valuation losses Consolidated Statement of Profit or Loss Highlights (Year ended April 30) | Item | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Revenue | 213,116 | 204,545 | | Profit before income tax | 15,506 | 21,126 | | Profit for the year | 15,954 | 17,051 | | Profit attributable to owners of the Company | 10,524 | 21,123 | | Basic and diluted earnings per share | 3.89 HK cents | 8.21 HK cents | - The decline in profit was mainly due to an increased **fair value loss on investment properties** (to HK$17.7 million) and a higher **impairment loss on financial assets** (to HK$5.1 million)[19](index=19&type=chunk) [Consolidated Statement of Financial Position](index=4&type=section&id=%E7%BB%BC%E5%90%88%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5%E8%A1%A8) As of April 30, 2025, total assets were stable at HK$625 million, while net assets grew 2.9% to HK$562 million with reduced debt levels Consolidated Statement of Financial Position Highlights (As of April 30) | Item | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | **Non-current Assets** | 334,996 | 355,090 | | Investment properties | 210,620 | 228,330 | | **Current Assets** | 289,909 | 265,738 | | **Total Assets** | 624,905 | 620,828 | | **Current Liabilities** | 56,392 | 66,481 | | Interest-bearing borrowings | 42,825 | 53,012 | | **Non-current Liabilities** | 6,413 | 7,835 | | **Net Assets (Total Equity)** | 562,100 | 546,512 | [Notes to the Financial Statements](index=5&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%99%84%E6%B3%A8) The financial statements are prepared under HKFRS, with the technology segment being the primary revenue source and no dividends declared for the year [Segment Information](index=5&type=section&id=3.%20%E5%88%86%E7%B1%BB%E8%B5%84%E6%96%99) The Group operates three segments: Technology, Property, and Financial, with Technology contributing the vast majority of revenue and operating profit - The Group has three reportable operating segments: **Technology** (technology and related business), **Property** (real estate), and **Financial** (consumer finance, securities trading)[25](index=25&type=chunk)[27](index=27&type=chunk) Performance by Business Segment (Year ended April 30) | Segment (HK$'000) | Revenue (2025) | Revenue (2024) | Segment Results (2025) | Segment Results (2024) | | :--- | :--- | :--- | :--- | :--- | | **Technology** | 206,776 | 197,368 | 44,686 | 42,938 | | **Property** | 4,614 | 5,499 | (13,617) | (820) | | **Financial** | 1,726 | 1,678 | 195 | 97 | | **Consolidated** | 213,116 | 204,545 | 31,264 | 42,215 | Revenue and Non-current Assets by Geography | Region (HK$'000) | Revenue (2025) | Revenue (2024) | Non-current Assets (2025) | Non-current Assets (2024) | | :--- | :--- | :--- | :--- | :--- | | **Hong Kong** | 180,719 | 166,951 | 315,244 | 334,108 | | **Mainland China** | 2,920 | 4,560 | 5,960 | 6,390 | | **Others** | 29,477 | 33,034 | 12,200 | 13,000 | | **Total** | 213,116 | 204,545 | 333,404 | 353,498 | [Revenue Analysis](index=8&type=section&id=4.%20%E6%94%B6%E7%9B%8A) Total revenue reached HK$213 million, with technology and related services accounting for 97% of the total at HK$207 million, a 4.8% increase Revenue Composition (Year ended April 30) | Revenue Source (HK$'000) | 2025 | 2024 | | :--- | :--- | :--- | | Provision of technology and related services | 206,776 | 197,368 | | Provision of property leasing services | 4,614 | 5,499 | | Provision of financial and related services | 1,726 | 1,678 | | **Total** | **213,116** | **204,545** | [Key Expense Items](index=9&type=section&id=6.%20%E9%99%A4%E6%89%80%E5%BE%97%E7%A8%85%E5%89%8D%E6%BA%A2%E5%88%A9) R&D expenses decreased to HK$22.8 million, while impairment losses on financial assets, primarily from receivables, increased significantly to HK$5.1 million Major Expenses and Impairment Items (Year ended April 30) | Item (HK$'000) | 2025 | 2024 | | :--- | :--- | :--- | | R&D expenses | 22,780 | 29,000 | | Engagement fees | 125,665 | 122,329 | | Staff costs | 8,837 | 8,530 | | Net impairment losses on financial assets | 5,083 | 30 | [Dividend Policy](index=10&type=section&id=8.%20%E8%82%A1%E6%81%AF) The Board does not recommend the payment of a final dividend for the year ended April 30, 2025, consistent with the prior year - The Board of Directors **does not recommend a final dividend** for the year ended April 30, 2025, consistent with the previous year's policy[41](index=41&type=chunk) [Trade Receivables](index=10&type=section&id=10.%20%E6%87%89%E6%94%B6%E8%B3%AC%E6%AC%BE) Net trade receivables increased to HK$145 million, with a notable rise in balances aged over 180 days, indicating extended collection cycles Ageing Analysis of Trade Receivables (by invoice date) | Ageing | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Within 90 days | 39,335 | 35,050 | | 91 to 180 days | 33,238 | 43,926 | | Over 180 days | 72,784 | 47,016 | | **Total** | **145,357** | **125,992** | Business Review and Outlook [Business Review](index=15&type=section&id=%E4%B8%9A%E5%8A%A1%E5%9B%9E%E9%A1%BE) The Group's revenue grew 4.2% to HK$213 million, driven by a 4.8% increase in the technology business, while the property segment faced market headwinds - Total revenue for the year **grew 4.2% to HK$213 million**, driven by demand for technology platforms and core business resilience[65](index=65&type=chunk) Performance by Business Segment (Year ended April 30) | Segment | Revenue (HK$'000) | Profit/(Loss) (HK$'000) | Key Dynamics | | :--- | :--- | :--- | :--- | | **Technology Business** | 206,776 (+4.8%) | 44,686 | Stable growth with continued investment in platform innovation and AI integration | | **Property Business** | 4,614 (-16.1%) | (13,617) | Rental income and property valuation declined due to high interest rates and market weakness | | **Financial Services** | 1,726 (+2.9%) | 195 | Recorded modest growth | [Future Growth Prospects](index=15&type=section&id=%E6%9C%AA%E6%9D%A5%E5%A2%9E%E9%95%B7%E5%89%8D%E6%99%AF) Future growth will be pursued through strategic investments and partnerships focused on AI, enterprise automation, and vertical SaaS to build a robust ecosystem - The company will accelerate its transformation through **strategic investments, acquisitions, and technology partnerships** focusing on AI, enterprise automation, and vertical SaaS platforms[64](index=64&type=chunk)[69](index=69&type=chunk) - The company aims to drive **ecosystem-led growth** to expand its market footprint, integrate next-gen AI tools, accelerate product innovation, and deliver localized services globally[67](index=67&type=chunk) Risk Management and Financial Position [Risks and Uncertainties](index=17&type=section&id=%E9%A3%8E%E9%99%A9%E5%8F%8A%E4%B8%8D%E6%98%8E%E6%9C%97%E5%9B%A0%E7%B4%A0) The Group faces risks from economic volatility and market uncertainties, which could adversely impact revenue and asset valuations - The Group's primary risks include **economic fluctuations and financial and property market uncertainty**, which could negatively affect revenue and asset valuations[73](index=73&type=chunk) - The Group is exposed to foreign exchange risk as its assets, liabilities, and cash flows are mainly denominated in HKD, USD, and RMB, with no current hedging[81](index=81&type=chunk) [Liquidity and Financial Resources](index=17&type=section&id=%E6%B5%81%E5%8A%A8%E8%B5%84%E9%87%91%E4%B8%8E%E8%B4%A2%E5%8A%A1%E8%B5%84%E6%BA%90) The Group maintained a sound financial position, with the current ratio improving to 5.1 and the gearing ratio decreasing to 0.08 Key Financial Ratios (As of April 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Cash and bank balances | HK$23,176,000 | HK$53,104,000 | | Current ratio | 5.1 | 4.0 | | Gearing ratio | 0.08 | 0.10 | [Treasury Policy and Pledge of Assets](index=18&type=section&id=%E5%BA%93%E5%8A%A1%E6%94%BF%E7%AD%96%E4%B8%8E%E8%B5%84%E4%BA%A7%E6%8A%B5%E6%8A%BC) The Group funds its operations through internal resources and bank facilities, with investment properties and land pledged as collateral for borrowings - The Group relies on internal resources and bank financing, with total bank borrowings and overdraft facilities of approximately **HK$42.9 million** as of April 30, 2025[82](index=82&type=chunk) - Bank facilities are secured by **investment properties** (net book value of HK$168 million), **leasehold land and buildings** (HK$9.5 million), and an unlimited corporate guarantee[84](index=84&type=chunk)[89](index=89&type=chunk) Other Disclosures [Material Acquisitions and Investments](index=17&type=section&id=%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B4%AD%E5%8F%8A%E5%87%BA%E5%94%AE) The proposed acquisition of a 40% stake in Rosarini International Limited, initiated in May 2021, remains uncompleted as of the reporting date - In May 2021, the company agreed to acquire a **40% stake in Rosarini International Limited for HK$22 million**, with an option to increase to 51%; the transaction is not yet complete[75](index=75&type=chunk)[76](index=76&type=chunk) - As of the reporting date, the Group had **no significant investments** accounting for 5% or more of its total assets[78](index=78&type=chunk) [Employees and Remuneration Policy](index=18&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E9%85%AC%E9%87%91%E6%94%BF%E7%AD%96) As of April 30, 2025, the Group employed 34 staff, with total employee costs for the year amounting to approximately HK$8.8 million Employee Data | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Number of employees | 34 | 38 | | Total staff costs | Approx. HK$8,800,000 | Approx. HK$8,500,000 | [Corporate Governance](index=18&type=section&id=%E4%BC%81%E4%B8%9A%E7%AE%A1%E6%B2%BB%E6%8A%A5%E5%91%8A) The company complied with most Corporate Governance Code provisions but deviated on three points, including the combined role of Chairman and CEO - The company complied with the Corporate Governance Code during the reporting period, with **three noted deviations**[88](index=88&type=chunk) - Deviations include: **no directors' liability insurance** (C.1.7), the **Chairman and CEO roles are held by the same individual** (C.2.1), and **no specific term for INEDs** (B.2.2)[88](index=88&type=chunk)[90](index=90&type=chunk)