香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告 全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 截至二零二五年九月三十日止六個月 | | | 截至九月三十日止六個月 | | | --- | --- | --- | --- | | | | 二零二五年 | 二零二四年 | | | 附註 | 千港元 | 千港元 | | | | （未經審核） | （未經審核） | | 收益 | 4 | 21,694 | 20,736 | | 銷售成本 | | (10,522) | (9,561) | | 毛利 | | 11,172 | 11,175 | | 其他收入、收益及虧損 | 5 | 1,284 | 369 | | 投資物業之重估虧損 | | (17,825) | (14,334) | | 其他應收款項在預期信貸虧損模式下之 | | | | | 減值虧損，淨額 | | – | (5,440) | | 銷售開支 | | (2,879) | (5,252) | | 行政開支 | | (17,629) | (20,41 ...

Financial Performance - For the six months ended September 30, 2025, the company reported revenue of HKD 487,143 thousand, a decrease of 71.3% compared to HKD 169,763 thousand in the same period last year[3]. - The gross profit for the same period was HKD 52,077 thousand, representing a gross margin of approximately 10.7%[3]. - Operating profit decreased to HKD 6,105 thousand, down 36.4% from HKD 9,564 thousand in the previous year[3]. - The net profit attributable to the company's owners was HKD 680 thousand, a decline of 40.4% compared to HKD 1,143 thousand in the prior year[3]. - Basic earnings per share for the period was HKD 0.88, down from HKD 1.45 in the same period last year[3]. - The company recorded a profit of HKD 1,143,000 for the six months ended September 30, 2025, compared to a profit of HKD 2,709,000 for the same period in the previous year, representing a decrease of about 58%[8]. - The total comprehensive income for the period was HKD 3,877,000, down from HKD 3,852,000 in the previous period, showing a slight increase of 0.65%[8]. - The profit attributable to the company's owners for the six months ended September 30, 2025, was HKD 680,000, while for the same period in 2024, it was HKD 1,143,000, representing a decrease of approximately 40.5%[31]. - Basic earnings per share for the six months ended September 30, 2025, was HKD 0.88, compared to HKD 1.45 for the same period in 2024, reflecting a decline of about 39.3%[31]. Assets and Liabilities - Total assets as of September 30, 2025, amounted to HKD 734,061 thousand, an increase from HKD 559,694 thousand as of March 31, 2025[7]. - The company's total liabilities increased to HKD 523,028 thousand from HKD 361,560 thousand in the previous period[7]. - The company reported a total equity of HKD 211,033 thousand, up from HKD 198,134 thousand[6]. - The company reported a total equity of HKD 279,110,000 as of September 30, 2025, reflecting a decrease from HKD 282,974,000 as of March 31, 2025, indicating a decline of approximately 1%[8]. - The company’s accumulated losses amounted to HKD 368,148,000 as of September 30, 2025, compared to HKD 369,291,000 as of March 31, 2025, indicating a reduction in losses by approximately 0.3%[8]. - The company’s total liabilities decreased to HKD 449,564,000 as of September 30, 2025, from HKD 445,385,000 as of March 31, 2025, indicating a slight increase in liabilities by about 0.5%[9]. - The company’s share capital remained unchanged at HKD 7,742,000 as of September 30, 2025[9]. Revenue Breakdown - Total revenue for the six months ended September 30, 2025, was HKD 87,143,000, a decrease of 48.7% compared to HKD 169,763,000 for the same period in 2024[15]. - Revenue from customer contracts amounted to HKD 83,717,000, down 50.4% from HKD 168,714,000 year-over-year[16]. - The revenue breakdown from customer contracts included sales of goods at HKD 43,498,000, a decline of 64.9% from HKD 123,862,000 in the previous year[16]. - The financial services segment generated HKD 26,536,000 in revenue, representing a significant increase compared to HKD 1,741,000 in the prior year[19]. - The company recognized revenue at a point in time for HKD 82,423,000 and over time for HKD 1,294,000[16]. Operational Segments - The group has identified four operational segments: Computer and Electronic Products Trading, Food Trading, Financial Services, and Family Office Services[17]. - The revenue from the computer and electronic products trading segment was approximately HKD 2,800,000, accounting for about 3.3% of the group's total revenue[49]. - The food trading segment's revenue increased to approximately HKD 40,700,000, representing about 46.7% of the group's total revenue, with a significant rise in gross profit from HKD 2,300,000 to HKD 8,300,000, resulting in a gross margin increase of approximately 13.7%[57]. - The financial services sector is experiencing internal optimization and upgrades due to ongoing global economic uncertainties, geopolitical adjustments, and fluctuating interest rates, reinforcing Hong Kong's position as an international financial hub[60]. Cash Flow and Investments - Cash and cash equivalents rose significantly to HKD 102,345 thousand from HKD 21,898 thousand[6]. - The total amount of cash deposits, prepayments, and other receivables as of September 30, 2025, was HKD 28,674,000, compared to HKD 13,031,000 as of March 31, 2025, indicating a substantial increase[38]. - The company acquired property, plant, and equipment amounting to approximately HKD 4,108,000 during the period, an increase from HKD 2,102,000 in the same period last year[34]. - The net amount of loans receivable as of September 30, 2025, was HKD 84,400,000, a significant increase from HKD 38,736,000 as of March 31, 2025[36]. Market Expansion and Strategy - The company has plans for market expansion and new product development, although specific details were not disclosed in the earnings call[2]. - The company established Shanghai Henry Technology Co., Ltd. to expand its electronic trading business in mainland China[46]. - The electronic trading business aims to cover the Yangtze River Delta economic zone and broader inland markets, enhancing cross-border operations with existing Hong Kong business[48]. - The group plans to strengthen long-term relationships with suppliers and customers through better negotiation terms and cost control measures[49]. - The food trading segment aims to expand its product offerings by obtaining certifications from the Marine Stewardship Council (MSC) and the Aquaculture Stewardship Council (ASC) to ensure sustainable sourcing[57]. Compliance and Governance - The Audit Committee has been established to review and supervise the group's financial reporting, risk management, and internal control procedures[167]. - The Audit Committee consists of three independent non-executive directors, including Mr. Lu Kang Cheng as the chairman[167]. - The company has engaged external auditors to review the provisioning methods used for expected credit losses[78]. - The board has not been made aware of any contingent liabilities during the due diligence period[79]. Future Outlook - The group is adjusting its product portfolio and optimizing its supply chain to enhance long-term competitiveness by 2025[51]. - The family office services market in Hong Kong is transitioning to stable growth and deeper integration, reflecting a mature market characteristic[113]. - The family office services team intends to capture emerging market opportunities to provide comprehensive and forward-looking services for family clients[124].

Economic Overview - Hong Kong's real GDP increased by 3.1% year-on-year in the second quarter of 2025, indicating economic recovery post-COVID-19[18]. - The construction industry remains a vital pillar of Hong Kong's economy, with the government emphasizing housing and land supply as top priorities[22]. - The construction industry is expected to have ample room for growth in the upcoming years due to the introduction of the Enhanced Supplementary Labour Scheme, which has approved tens of thousands of quotas for importing workers[19]. Financial Performance - The Group's revenue from continuing operations decreased by approximately HK$215.8 million or 72.2% to approximately HK$83.0 million for the Reporting Period[26]. - The overall gross profit decreased from approximately HK$13.5 million for the six months ended 30 September 2024 to a gross loss of approximately HK$10.9 million for the Reporting Period, representing a decrease of approximately 180.7%[28]. - The Group recorded a loss attributable to owners of the Company from continuing operations of approximately HK$24.9 million for the Reporting Period, compared to a loss of approximately HK$4.8 million for the six months ended 30 September 2024[36]. - The company reported a loss before income tax of HK$24,871,000 for the period, compared to a loss of HK$3,507,000 in 2024[76]. - The total comprehensive loss for the period was HK$24,871,000, compared to HK$4,828,000 in the same period last year[76]. - The company reported a loss attributable to owners of the Company of HK$24,854,000 for the six months ended 30 September 2025, compared to a loss of HK$4,828,000 for the same period in 2024, representing an increase in loss of approximately 415%[79]. Revenue Breakdown - For the six months ended September 30, 2025, the company's revenue was HK$83,014,000, a decrease of 72.2% compared to HK$298,860,000 for the same period in 2024[76]. - Revenue from residential construction services dropped significantly to HK$2,546,000 from HK$135,497,000, while non-residential services decreased to HK$80,468,000 from HK$163,363,000[125]. - Major customer A contributed HK$80,462,000 to the revenue, down from HK$134,697,000 in the previous year, while customers B and C contributed less than 10% of the Group's revenue[116]. Cash Flow and Liquidity - As of September 30, 2025, the Group had total cash and cash equivalents of approximately HK$20.6 million, down from approximately HK$33.9 million as of March 31, 2025[44]. - The current ratio increased to approximately 4.7 times as of September 30, 2025, from approximately 4.3 times as of March 31, 2025, primarily due to a decrease in accrued staff costs[47]. - The Group maintained a conservative treasury policy, ensuring a healthy liquidity position throughout the reporting period[49]. Share Capital and Financing - The total number of issued shares increased from 1,200,000,000 to 1,400,000,000 following the successful placing of new shares on September 26, 2025[48]. - The net proceeds from the placing of new shares on August 30, 2024, amounted to approximately HK$35.6 million, which have been fully utilized as per the proposed applications[41]. - A placing agreement was entered into for up to 200,000,000 new ordinary shares at a price of HK$0.063 per share, with estimated net proceeds of approximately HK$12.1 million intended for general working capital[42]. Expenses and Cost Management - Administrative expenses increased from approximately HK$16.3 million to approximately HK$17.9 million, representing an increase of approximately 9.8%[33]. - Finance costs decreased from approximately HK$801,000 to approximately HK$143,000, representing a decrease of approximately 82.1%[34]. - Employee benefit expenses (excluding directors' remuneration) decreased to HK$22,981,000 in 2025 from HK$89,410,000 in 2024, a decline of 74.3%[137]. Assets and Liabilities - Total non-current assets decreased to HK$27,072,000 as of 30 September 2025, down from HK$30,294,000 as of 31 March 2025, reflecting a decline of approximately 10%[80]. - Current assets totaled HK$248,171,000 as of 30 September 2025, a decrease from HK$268,319,000 as of 31 March 2025, indicating a reduction of about 7.5%[80]. - Total current liabilities decreased to HK$53,122,000 as of 30 September 2025, down from HK$62,155,000 as of 31 March 2025, representing a decline of approximately 14.5%[80]. Corporate Governance - The Board resolved not to recommend the declaration of an interim dividend for the reporting period[58]. - The company will hold an extraordinary general meeting on December 12, 2025, to consider the appointment of a new auditor and the implementation of a share consolidation[68]. - The share consolidation will involve consolidating every five existing shares into one consolidated share, changing the par value from HK$0.01 to HK$0.05[68].

Financial Performance - For the six months ended September 30, 2025, NIU Holdings Limited reported revenue of HKD 47,622,000, a decrease of 20% compared to HKD 59,455,000 for the same period in 2024[9] - Gross profit for the same period was HKD 13,637,000, significantly up from HKD 4,516,000 in 2024, indicating a gross margin improvement[9] - The company achieved a profit before tax of HKD 12,366,000, down from HKD 19,292,000 in the previous year, reflecting a decrease of approximately 36%[9] - Net profit for the period was HKD 11,988,000, compared to HKD 19,247,000 in 2024, representing a decline of about 38%[9] - Basic and diluted earnings per share decreased to HKD 8.8 from HKD 14.4, a drop of approximately 39% year-over-year[9] - The total comprehensive income for the six months ended September 30, 2025, was HKD 11,988,000, reflecting a decrease from the previous period's comprehensive income[12] - The group recorded a profit of approximately HKD 12.0 million for the six months ended September 30, 2025, compared to a profit of approximately HKD 19.2 million for the same period in 2024[45] Assets and Equity - Total assets as of September 30, 2025, were HKD 221,696,000, an increase from HKD 205,090,000 as of March 31, 2025[10] - The company's cash and cash equivalents rose to HKD 27,726,000 from HKD 16,358,000, reflecting a significant increase in liquidity[10] - Non-current assets increased to HKD 136,312,000 from HKD 112,230,000, indicating growth in long-term investments[10] - NIU Holdings Limited's total equity increased to HKD 211,733,000 from HKD 197,320,000, indicating a strengthening balance sheet[10] - The total equity attributable to owners as of September 30, 2025, was HKD 211,733,000, an increase from HKD 153,043,000 as of September 30, 2024[11] Cash Flow - The net cash generated from operating activities for the six months ended September 30, 2025, was HKD 11,851,000, compared to a net cash used of HKD 28,126,000 in 2024[12] - The financing activities generated a net cash inflow of HKD 5,725,000 for the six months ended September 30, 2025, compared to HKD 15,318,000 in 2024[12] Revenue and Costs - The company's revenue from customer contracts for the six months ended September 30, 2025, was HKD 47,622,000, a decrease of 20% from HKD 59,455,000 in the same period of 2024[17] - The company's revenue decreased by approximately HKD 11.9 million or about 20.0% to approximately HKD 47.6 million for the six months ended September 30, 2025, primarily due to a reduction in the number of projects, impacting structural and geotechnical engineering consulting services for new property construction and renovation/maintenance[35] - Service costs decreased from approximately HKD 54.9 million to approximately HKD 34.0 million, a reduction of HKD 20.9 million or about 38.1%[38] - Employee costs for the six months ended September 30, 2025, totaled HKD 38,631,000, down from HKD 48,241,000 in the same period of 2024, indicating a reduction of approximately 20%[20] - General and administrative expenses decreased from approximately HKD 21.7 million to approximately HKD 19.0 million, a reduction of about HKD 2.6 million or 12.1%[42] Shareholder Information - The company completed a share consolidation on June 9, 2025, reducing the total number of issued shares from 1,445,450,000 to 144,545,000[33] - As of September 30, 2025, the company had 144,545,000 shares issued, with Mr. Yuan Zhiping holding 21,823,600 shares, representing 15.10% of the total issued share capital[56] - No other directors or key executives held any shares or related securities that required disclosure as of September 30, 2025[57] Corporate Governance - The audit committee, consisting of two independent non-executive directors, reviewed and approved the unaudited condensed consolidated financial statements for the six months ending September 30, 2025[68] - The company has complied with the applicable corporate governance code provisions, except for certain deviations noted in the report[61] - The board will continue to review corporate governance practices to meet increasing regulatory requirements and stakeholder expectations[62] Tax and Dividends - The income tax expense for the six months ended September 30, 2025, was HKD 378,000, compared to HKD 45,000 in 2024[21] - The company did not recommend the payment of an interim dividend for the six months ended September 30, 2025, consistent with the previous period[26] - The group has no tax provisions for corporate income tax in China and Macau due to estimated tax losses for the six months ended September 30, 2025[23][24] Employment and Operations - The group employed a total of 159 employees as of September 30, 2025, down from 172 employees a year earlier, with employee costs amounting to approximately HKD 38.6 million[55] - The company operates primarily in Hong Kong, with almost all external revenue generated from services provided within the region[19]

Financial Performance - For the six months ended September 30, 2025, the company reported revenue of HKD 20,343,000, an increase of 19.5% compared to HKD 16,980,000 for the same period in 2024[4] - The gross profit for the same period was HKD 2,137,000, down 22.2% from HKD 2,746,000 in 2024[4] - The company incurred a loss from continuing operations of HKD 23,089,000, compared to a loss of HKD 25,304,000 in the previous year, representing a 8.8% improvement[4] - The total comprehensive loss for the period was HKD 29,624,000, compared to HKD 21,243,000 in 2024, indicating a decline of 39.5%[4] - The company reported a net loss attributable to shareholders of HKD 22,798,000, compared to HKD 24,573,000 in 2024, a reduction of 7.2%[5] - The group recorded a net loss of HKD 23,250,000 for the six months ended September 30, 2025[10] - The total comprehensive loss before tax for the six months ended September 30, 2025, was HKD 23,049,000, slightly improved from a loss of HKD 25,129,000 in the same period of 2024[22] - The company reported a loss of HKD 161,000 from discontinued operations for the six months ending September 30, 2025, compared to a profit of HKD 459,000 in the previous year[42] Assets and Liabilities - The company's total assets decreased to HKD 100,348,000 from HKD 123,240,000, a decline of 18.5%[6] - Current liabilities rose significantly to HKD 226,408,000 from HKD 199,510,000, an increase of 13.5%[7] - Current liabilities exceeded current assets by HKD 126,060,000 as of September 30, 2025[10] - The group’s total liabilities exceeded total assets by HKD 94.32 million, indicating financial distress[54] - The company’s total non-current assets, excluding financial instruments and deferred tax assets, were HKD 24,091,000 as of September 30, 2025, compared to HKD 107,580,000 as of March 31, 2025[24] - As of September 30, 2025, the group's current assets were approximately HKD 100.3 million, significantly up from HKD 26.3 million as of March 31, 2025, while current liabilities increased to HKD 226.4 million from HKD 199.5 million[64] Cash Flow and Liquidity - The company's cash and cash equivalents increased to HKD 11,919,000 from HKD 10,701,000, reflecting a growth of 11.4%[6] - The group has implemented several plans to improve liquidity and financial condition, ensuring sufficient working capital to meet financial obligations[12] - A loan agreement was established with Ms. Chuang Shun-er for a principal amount of HKD 80,000,000, with an unused credit line of HKD 75,000,000 as of September 30, 2025[13] - The group completed the sale of a 70% economic interest in Shenyang Golden Ant E-commerce Co., Ltd. for a total consideration of HKD 27,500,000, enhancing liquidity[13] - The group repaid HKD 5 million of loans from the ultimate holding company ahead of schedule on October 24, 2025[49] Revenue Segmentation - The group operates in two segments: Dairy Products Business and Service Business, with revenue primarily from milk powder and logistics services[19] - Revenue from dairy products for the six months ended September 30, 2025, was HKD 6,217,000, a decrease from HKD 6,694,000 in the same period of 2024, representing a decline of approximately 7.1%[21] - Revenue from service operations for the six months ended September 30, 2025, was HKD 14,126,000, an increase from HKD 10,286,000 in the same period of 2024, representing a growth of approximately 37.5%[21] - For the six months ended September 30, 2025, the service segment generated revenue of approximately HKD 14.1 million, up from HKD 10.3 million in 2024, with adjusted EBITDA of HKD 7.9 million compared to HKD 0.8 million in 2024[61] Employee and Operational Costs - The company’s employee benefits expenses, including director remuneration, increased to HKD 8,817,000 for the six months ended September 30, 2025, compared to HKD 8,395,000 in the same period of 2024[29] - Total employee costs for the six months ended September 30, 2025, were approximately HKD 8.8 million, compared to HKD 8.4 million for the same period in 2024[92] - As of September 30, 2025, the group had 35 employees, down from 104 employees as of March 31, 2025[92] Strategic Initiatives and Market Position - The group has not disclosed any new product developments or market expansion strategies in the current report[3] - The group is taking a more cautious approach to manage project progress and related costs to improve profitability and cash flow[13] - The group has entered into an exclusive distribution agreement with a New Zealand supplier to distribute certain adult formula products in China and Hong Kong, which is anticipated to positively contribute to future sales[93] - The group has been impacted by increasing competition in the Chinese infant formula market, prompting a strategic shift towards adult formula products[93] - The company plans to launch its own cleaning services business in September 2025, aiming to enter the integrated facilities management sector[95] Legal and Compliance Matters - The group is subject to arbitration regarding unpaid debts amounting to approximately AUD 3.7 million for Veles Trade and AUD 23.0 million for Alice Trade[86] - The group has initiated legal proceedings to recover long-term outstanding trade receivables starting from October 2025[69] - The group is seeking legal advice to address issues arising from the arbitration and to protect its interests[91] - The group expressed regret over the arbitration ruling from the Australia International Commercial Arbitration Centre on April 28, 2025, which negatively impacted its business reputation[93] Corporate Governance - The board did not recommend an interim dividend for the six months ending September 30, 2025, consistent with the previous year[102] - The company has complied with corporate governance codes, addressing board diversity following the resignation of a director[98] - The audit committee reviewed the accounting principles and interim financial reports for the six months ending September 30, 2025[100]

Financial Performance - For the six months ended September 30, 2025, the group recorded revenue of approximately HKD 7,854,000, an increase of about 88.4% compared to HKD 4,167,000 for the same period in 2024[9]. - The unaudited consolidated net profit for the six months ended September 30, 2025, was approximately HKD 2,700,000, compared to a net loss of HKD 4,133,000 for the same period in 2024[9]. - The profit attributable to owners of the company for the six months ended September 30, 2025, was approximately HKD 1,932,000, compared to a loss of HKD 4,301,000 for the same period in 2024[9]. - The basic and diluted earnings per share for the period was HKD 0.19, compared to a loss per share of HKD 0.43 for the same period in 2024[10]. - The total comprehensive income for the period was HKD 2,524,000, compared to a total comprehensive loss of HKD 5,096,000 for the same period in 2024[11]. - The group did not recommend the payment of any dividend for the six months ended September 30, 2025[9]. - Other income and other losses for the six months ended September 30, 2025, amounted to HKD 4,411,000, compared to HKD 1,603,000 for the same period in 2024[10]. - The group reported a segment profit of HKD 4,602,000 for the six months ended September 30, 2025, compared to a segment loss of HKD 4,023,000 in the same period of 2024[25][26]. Assets and Liabilities - As of September 30, 2025, total assets amounted to HKD 64,642,000, a slight decrease from HKD 64,774,000 as of March 31, 2025[12]. - Current assets increased to HKD 40,018,000 from HKD 38,166,000, primarily driven by a rise in trade receivables, which grew to HKD 5,223,000 from HKD 1,808,000[12]. - The company's net current asset value improved to HKD 34,359,000 compared to HKD 29,846,000 in the previous period[13]. - Total equity increased to HKD 43,348,000 from HKD 40,824,000, reflecting a rise in reserves from HKD 35,108,000 to HKD 36,864,000[13]. - Total liabilities were HKD 21,294,000 as of September 30, 2025[28]. - The company’s borrowings remained stable at HKD 10,135,000 for non-current liabilities, with a slight increase in current borrowings to HKD 393,000 from HKD 385,000[13]. Cash Flow - The net cash used in operating activities for the six months ended September 30, 2025, was HKD 152,000, a significant improvement from a net cash outflow of HKD 4,251,000 in the same period last year[15]. - Cash and cash equivalents decreased to HKD 7,121,000 from HKD 9,199,000, influenced by financing activities that used HKD 2,457,000[15]. - The company recorded cash and cash equivalents of HKD 7,121,000 as of September 30, 2025, compared to HKD 9,199,000 as of March 31, 2025[37]. Business Operations - The company is focused on expanding its business in Hong Kong and China, providing financial information and technology solutions to corporate and retail clients[16]. - The group has terminated its loan business segment as of March 31, 2025, focusing on financial information, advertising, investor relations, securities, talent search, and property investment services[23]. - The group plans to focus on strengthening and expanding four major business segments: media, brokerage, talent search services, and property investment, anticipating increased demand for high-quality financial content and investor relations solutions[56]. - The advertising and investor relations business is expected to become profitable in the coming years, supported by a strong production team and strategic partnerships with local consultants and marketing firms[57]. - The group aims to fully restart its brokerage business by January 2026, enhancing its service offerings in portfolio management and private fund investment consulting[57]. Employee and Corporate Governance - The total employee cost for the six months was approximately HKD 5,534,000, a decrease from HKD 5,971,000 for the same period in 2024[65]. - The company had 49 full-time employees in Hong Kong and China as of September 30, 2025, up from 40 on March 31, 2025[65]. - The company’s audit committee, consisting of three independent non-executive directors, reviewed the unaudited condensed consolidated financial statements for the six months ending September 30, 2025[77]. - The company has complied with the GEM Listing Rules Appendix C1 on corporate governance, with the exception of the separation of the roles of Chairman and CEO, which are held by Ms. Lau Yu-yee since 2011[81]. - The board believes that having Ms. Lau serve as both Chairman and CEO provides excellent and consistent leadership for the group's management and business development[81]. Market Outlook - The demand for professional talent familiar with the regulatory and business environment in China and Hong Kong is expected to continue growing, driven by ongoing IPO activities and cross-border enterprises entering Hong Kong[58]. - The group maintains confidence in achieving stable and sustainable growth for the second half of the fiscal year ending March 31, 2026, through business diversification and prudent risk management[59].

Financial Performance - For the six months ended September 30, 2025, the group recorded total revenue of approximately HKD 10,500,000, compared to HKD 10,435,000 for the same period in 2024, indicating a stable revenue level [4]. - The gross profit margin for the six months ended September 30, 2025, was approximately 79.37%, an increase from 78.40% in the same period of 2024 [4]. - The group reported a loss attributable to owners of the company of approximately HKD 2,671,000 for the six months ended September 30, 2025, compared to a profit of HKD 7,602,000 in the same period of 2024, primarily due to the absence of one-time gains from the sale of subsidiaries [4]. - The company reported a basic and diluted loss per share of HKD 0.237 for the six months ended September 30, 2025, compared to earnings per share of HKD 1.349 in the same period of 2024 [6]. - The company reported a net profit of HKD 7,602,000 for the six months ended September 30, 2025, compared to a net loss of HKD 2,671,000 for the same period in 2024 [9]. - The total comprehensive income for the period was HKD 7,265,000 after accounting for total expenses [9]. - The company incurred a loss attributable to owners of approximately HKD 2,671,000 for the six months ended September 30, 2025, compared to a profit of HKD 7,602,000 for the same period in 2024, marking a significant decline [30]. Assets and Liabilities - Total assets as of September 30, 2025, amounted to HKD 20,706,000, compared to HKD 9,832,000 as of March 31, 2025, reflecting significant growth in asset value [7][8]. - Current assets increased to HKD 19,183,000 as of September 30, 2025, from HKD 8,559,000 as of March 31, 2025, indicating improved liquidity [7]. - The company's equity attributable to owners increased to HKD 19,076,000 as of September 30, 2025, compared to a negative equity of HKD 6,509,000 as of March 31, 2025 [7]. - Current liabilities decreased significantly to HKD 1,868,000 as of September 30, 2025, from HKD 16,587,000 as of March 31, 2025, improving the company's financial position [8]. - The current ratio as of September 30, 2025, was approximately 9.26, a substantial increase from 0.52 as of March 31, 2025 [38]. - The debt-to-equity ratio was not applicable as of September 30, 2025, compared to 99.19% as of March 31, 2025 [39]. Cash Flow - Cash and cash equivalents at the end of the period rose to HKD 7,519,000, up from HKD 1,630,000 at the end of September 2024 [11]. - The company experienced a cash outflow of HKD 14,463,000 from operating activities for the six months ended September 30, 2025, compared to a cash inflow of HKD 476,000 in the previous year [11]. - The company reported a net cash inflow from the rights issue amounting to approximately HKD 26,700,000 [26]. Expenses - Sales and distribution expenses increased by approximately 66.69% to HKD 2,582,000 for the current period, up from HKD 1,549,000 in the previous year, primarily due to higher spending on online promotion and marketing services [30]. - Administrative expenses decreased by approximately 7.79% to HKD 8,722,000 for the current period, compared to HKD 9,459,000 in the previous year, indicating improved cost management [30]. - The total employee cost for the review period was approximately HKD 4,154,000, down from HKD 6,699,000 in the previous year [47]. Dividends - The board of directors did not recommend the distribution of dividends for the six months ended September 30, 2025, consistent with the previous year [4]. - The company did not declare any dividends for the six months ended September 30, 2025, consistent with the previous year [27]. - The company did not recommend any dividend for the six months ended September 30, 2025, consistent with the previous year [44]. Corporate Governance - The company has complied with the corporate governance code as per GEM listing rules during the review period [63]. - The audit committee, consisting of independent non-executive directors, has reviewed the unaudited condensed consolidated results, ensuring compliance with applicable accounting standards and GEM listing rules [67]. - The company has established a remuneration committee responsible for determining the specific remuneration packages of all executive directors, including benefits and compensation [64]. - The company has a nomination and corporate governance committee that reviews the board's structure and recommends suitable candidates for board membership [65]. Strategic Developments - The company continues to focus on providing comprehensive hospital services in China, with all revenues generated from this segment [18]. - The company is strategically optimizing regional resource allocation to focus on markets with clearer long-term growth attributes, particularly in advanced medical procedures and specialized treatments [34]. - The company has submitted an application for a tertiary specialized hospital in Hainan, significantly upgrading from the previously planned secondary classification, reflecting its commitment to meet increasing clinical and comprehensive medical service demands in China [34]. - The company has signed a five-year lease for a property of 13,800 square meters in Hainan for the operation of the Hainan hospital, with an additional two-year lease for a 340 square meter medical facility [36]. - The expected issuance of the medical institution license for the Hainan hospital is anticipated in December 2025, with the operational license expected in the first half of 2026 [36]. - The company aims to leverage favorable policies and strategic advantages in Hainan to capture significant growth potential in the local healthcare market [35]. - The company is open to exploring suitable opportunities in Beijing and other regions if market conditions become more favorable, despite the ongoing contraction of its Beijing business [33]. - The company is adjusting its business deployment in response to structural changes in patient demand and service preferences in the Chinese healthcare market [33]. - The company has appointed Mr. Wang Haitao as the CEO of the Hainan hospital, bringing extensive experience in hospital management and healthcare investment [36]. Share Capital - The company issued shares during the rights issue, resulting in an increase of HKD 28,183,000 in equity [9]. - The company issued 563,649,988 new shares through a rights issue at a subscription price of HKD 0.05 per share, increasing the total issued share capital to 1,146,999,976 shares [26]. - The weighted average number of ordinary shares for calculating basic loss per share was approximately 1,127,299,976 shares for the current period, compared to 563,649,988 shares for the previous year [23]. - The company has not established any preferential rights for existing shareholders regarding the issuance of new shares [61]. - The company has not granted any stock options that remain unexercised as of the six months ending September 30, 2025 [58]. Other Information - The company has not applied any new accounting standards that have been issued but not yet effective, which would have a significant impact on its financial statements [15]. - There were no significant acquisitions or disposals of subsidiaries or associates during the review period [48]. - The company had no contingent liabilities or significant litigation as of September 30, 2025 [42]. - There were no major capital commitments as of September 30, 2025, remaining unchanged from March 31, 2025 [40]. - There were no purchases, sales, or redemptions of the company's listed securities by the company or any of its subsidiaries during the six months ending September 30, 2025 [59]. - As of September 30, 2025, there are no interests held by directors or their associates in any business that competes directly or indirectly with the group [60].

Financial Performance - The company reported a revenue of HKD 28,008,000 for the six months ended September 30, 2025, a decrease of 9.1% compared to HKD 30,792,000 in the same period last year[5]. - The gross profit for the same period was HKD 12,270,000, representing a gross margin of approximately 43.8%[5]. - The company incurred a loss from continuing operations of HKD 459,709,000, compared to a profit of HKD 100,978,000 in the previous year[6]. - The company reported a total comprehensive loss of HKD 456,863,000 for the period, compared to a comprehensive income of HKD 103,910,000 in the previous year[6]. - The basic and diluted loss per share from continuing operations was HKD (19.09), compared to earnings of HKD 4.22 in the same period last year[6]. - The company reported a net loss of HKD 459,319,000 for the six months ended September 30, 2025, compared to a profit of HKD 101,459,000 in the same period of 2024[29]. - The company did not declare an interim dividend for the six months ending September 30, 2025, compared to no dividend declared for the same period in 2024[36]. Assets and Liabilities - Total assets decreased to HKD 1,098,039,000 from HKD 1,526,352,000 as of March 31, 2025, reflecting a decline of 28%[4]. - Current assets dropped significantly to HKD 641,436,000 from HKD 1,062,791,000, a decrease of 39.5%[4]. - The company's equity attributable to owners decreased to HKD 892,643,000 from HKD 1,334,542,000, a decline of 33.1%[4]. - The company’s total liabilities as of September 30, 2025, included trade payables of HKD 4,633,000, an increase from HKD 4,427,000 as of March 31, 2025[25]. - The total debt to total assets ratio was 0.14 as of September 30, 2025, compared to 0.09 on March 31, 2025[59]. Business Operations - The company has ceased its gene development business, focusing on its manufacturing and trading operations[8]. - The group operates in three main segments: manufacturing, trade, and gene development[10]. - Revenue from the manufacturing of pharmaceuticals for the six months ended September 30, 2025, was HKD 28,000,000, a decrease of 9.1% from HKD 30,772,000 in the same period of 2024[26]. - The company’s external customer revenue from the trading of pharmaceuticals was HKD 8,000 for the six months ended September 30, 2025, down from HKD 20,000 in 2024[26]. Investments and Financial Instruments - The convertible bond investment from Star Chain Group, originally issued at HKD 715,000,000, has been reclassified as other receivables due to non-conversion[15][20]. - The fair value of the convertible bond investment was HKD 915,436,000 as of March 31, 2025, but was reclassified to zero as of September 30, 2025[16][20]. - The fair value change of convertible bonds investment for the six months ended September 30, 2025, was a loss of HKD 442,729,000, compared to a gain of HKD 111,229,000 in the same period of 2024[30]. - The company recorded an unrealized loss of approximately HKD 442.7 million related to the fair value changes of the convertible bond investment during the first half of 2025[53]. Shareholder Activities - The company issued 160,000,000 new ordinary shares at a subscription price of HKD 0.097 per share, raising a total of HKD 15,520,000[23]. - Approximately 70% of the net proceeds will be allocated to startup costs in the healthcare sector, including product development and marketing, while the remaining 30% will be reserved for working capital[62]. - As of September 30, 2025, the net proceeds from the subscription had not yet been utilized[63]. - The number of share options available under the share option scheme as of September 30, 2025, was 239,000,000, representing about 10% of the issued shares prior to the recent subscription[66]. Employee and Operational Costs - The total employee costs for the six months ending September 30, 2025, amounted to HKD 9,848,000, a decrease of 9.9% from HKD 10,936,000 in the previous year[31]. - Sales costs for the same period were HKD 15,738,000, down 17.8% from HKD 18,980,000 in the prior year[31]. - The group’s administrative, sales, and distribution expenses totaled approximately HKD 16,400,000, an increase of about HKD 1,700,000 or 11.3% compared to HKD 14,800,000 in the prior period, driven by increased marketing and promotional expenses[42]. - Employee costs for the mid-year period amounted to approximately HKD 9,800,000, a decrease from HKD 10,900,000 in the previous period, primarily due to reduced performance-related bonuses[65]. Future Outlook and Strategic Plans - The company plans to commercialize its product in Q1 2026, but has revised the timeline to around Q3 2028 due to delays in patient recruitment and clinical trials[50]. - The company aims to explore new business opportunities in the healthcare sector, driven by factors such as an aging population and increasing consumer focus on preventive healthcare[64]. - The company plans to enter two new markets by the end of 2024, targeting a 30% market share[75]. Compliance and Governance - The interim financial data was approved for publication by the board on November 28, 2025[8]. - The audit committee has reviewed the unaudited interim financial information and confirmed compliance with current accounting practices in Hong Kong[72]. - The interim results announcement has been published on the Hong Kong Stock Exchange website and the company's website[73].

Financial Performance - The group's revenue for the six months ended September 30, 2025, was approximately HKD 12.8 million, an increase of about 2.2% compared to the same period in 2024[15] - The loss attributable to the owners of the company for the six months ended September 30, 2025, was approximately HKD 1.9 million, a decrease of about 45.5% compared to the same period in 2024[15] - The company's basic and diluted loss per share for the six months ended September 30, 2025, was HKD 0.98, compared to HKD 1.80 for the same period in 2024[16] - The total comprehensive loss for the six months ended September 30, 2025, was HKD 1.879 million, compared to HKD 3.591 million in 2024[16] - The company incurred a loss of HKD 1,883,000 during the six months ended September 30, 2025, compared to a loss of HKD 3,456,000 for the same period in the previous year, showing a reduction in losses by approximately 45.5%[21] - The group recorded a net loss of approximately HKD 1,886,000 for the six months ended September 30, 2025, with current liabilities netting around HKD 1,121,000[30] - The group recorded a loss attributable to shareholders of approximately HKD 1.9 million for the six months ending September 30, 2025, down from HKD 3.5 million in 2024[63] Expenses and Costs - The cost of goods sold for the six months ended September 30, 2025, was HKD 3.626 million, slightly decreased from HKD 3.661 million in 2024[16] - Employee costs for the six months ended September 30, 2025, were HKD 2.942 million, significantly reduced from HKD 4.654 million in 2024[16] - Depreciation expenses for the six months ended September 30, 2025, increased to HKD 3.140 million from HKD 1.669 million in 2024[16] - Other operating expenses for the six months ended September 30, 2025, were HKD 3.493 million, down from HKD 4.474 million in 2024[16] - The group reported a total employee cost of HKD 2,942,000, down from HKD 4,654,000 in the previous year, reflecting a reduction in salaries and bonuses[41] - Employee costs decreased by approximately 36.8% from about HKD 4.7 million for the six months ending September 30, 2024, to about HKD 2.9 million for the same period in 2025, representing about 23.0% of revenue[58] - Other operating expenses decreased by approximately HKD 1.0 million or 21.9% to about HKD 3.5 million for the six months ending September 30, 2025, from about HKD 4.5 million for the same period in 2024[61] Assets and Liabilities - As of September 30, 2025, the company's total assets minus current liabilities amounted to HKD 14,925,000, an increase from HKD 14,279,000 as of March 31, 2025, reflecting a growth of approximately 4.5%[19] - The company's total liabilities increased to HKD 14,876,000 as of September 30, 2025, compared to HKD 14,743,000 as of March 31, 2025, marking a rise of approximately 0.9%[19] - The company has a current liabilities net worth of (HKD 1,121,000) as of September 30, 2025, an improvement from (HKD 2,126,000) as of March 31, 2025, indicating a positive trend in managing current liabilities[19] - The total equity attributable to the owners of the company decreased to HKD 14,261,000 as of September 30, 2025, down from HKD 16,317,000 as of March 31, 2025, reflecting a decline of about 12.6%[21] - The company's non-current assets totaled HKD 16,046,000 as of September 30, 2025, slightly down from HKD 16,405,000 as of March 31, 2025, indicating a decrease of about 2.2%[19] - The group's non-current assets as of September 30, 2025, were HKD 13,414,000, a decrease from HKD 14,362,000 as of March 31, 2025[38] Cash Flow - The company reported a net cash inflow from operating activities of HKD 1,393,000 for the six months ended September 30, 2025, compared to a cash outflow of HKD 4,773,000 for the same period in 2024, indicating a significant improvement[24] - The company's cash and cash equivalents increased to HKD 8,990,000 as of September 30, 2025, up from HKD 6,804,000 at the beginning of the period, representing a growth of approximately 32%[24] - The company reported a net cash outflow from investing activities of HKD 671,000 for the six months ended September 30, 2025, compared to an outflow of HKD 38,000 in the previous period, highlighting increased investment activity[24] Dividends and Shareholder Information - The board of directors does not recommend the payment of any dividends for the six months ended September 30, 2025 (2024: none)[15] - The company has not declared or proposed any dividends for the six months ended September 30, 2025[45] - Major shareholders include the Jinshi No. 1 Limited Partnership Fund, which holds 21,155,000 shares, representing 10.99% of the company[81] Governance and Compliance - The company has established an audit committee to review financial information and internal controls, ensuring compliance with applicable accounting standards and GEM listing rules[88] - The company has maintained compliance with the corporate governance code as per GEM listing rules during the reporting period[86] - The company has confirmed that there were no conflicts of interest or competitive business activities involving directors or major shareholders during the reporting period[84] Future Plans and Strategies - The group plans to enhance cost control on inventory and operational expenses to improve operational efficiency and cash flow generation[32] - The group aims to expand its restaurant network in Hong Kong, seeking suitable locations to open new restaurants and diversify revenue sources despite facing challenges in the dining industry[64] - The group may seek additional financing resources, including issuing shares or obtaining other credit financing, to meet its obligations[32] Taxation - The estimated taxable profit for one of the subsidiaries in Hong Kong is subject to a tax rate of 8.25% for the first HKD 2,000,000, while profits exceeding this amount are taxed at 16.5%[8] - No tax provisions were made for the Hong Kong subsidiary as it did not generate any taxable profits for the six months ended September 30, 2025[8] - The company has no tax liabilities in other jurisdictions[44]

Financial Performance - Revenue from continuing operations for the six months ended September 30, 2025, was approximately HKD 47.0 million, a decrease of 15.3% compared to HKD 55.5 million for the same period in 2024[3] - Gross profit from continuing operations for the six months ended September 30, 2025, was approximately HKD 1.1 million, down from HKD 3.9 million in the prior year[3] - Loss attributable to owners of the company from continuing operations for the six months ended September 30, 2025, was approximately HKD 18.9 million, an improvement from a loss of HKD 34.4 million in the previous year[3] - The company reported a net loss before tax from continuing operations of approximately HKD 18.9 million for the six months ended September 30, 2025[4] - The group reported a pre-tax loss from continuing operations of HKD 45,138,000 for the six months ended September 30, 2025, compared to HKD 47,934,000 for the same period in 2024, reflecting a decrease of approximately 3.75%[32] - The group recorded a loss before tax of approximately HKD 18.9 million for the six months ended September 30, 2025, an improvement from a loss of approximately HKD 34.4 million for the same period in 2024[69] Revenue Breakdown - Customer contract revenue for the six months ended September 30, 2025, totaled HKD 47,005,000, a decrease of 15.4% from HKD 55,524,000 in the same period of 2024[23] - Revenue from construction and engineering services was HKD 46,434,000, accounting for 98.8% of total customer contract revenue, while sales of consumer products contributed HKD 571,000[24] - The total revenue from all segments for the current period was HKD 50,132,000, compared to HKD 58,531,000 in the previous year, marking a decrease of approximately 14.3%[20] - Revenue from the Top Table Group for the six months ended September 30, 2025, was HKD 3,127,000, an increase from HKD 3,007,000 in 2024, representing a growth of about 4%[37] Expenses and Costs - Administrative expenses for the six months ended September 30, 2025, were approximately HKD 15.0 million, slightly reduced from HKD 15.7 million for the same period in 2024[3] - Selling and marketing expenses significantly reduced to approximately HKD 0.4 million for the six months ended September 30, 2025, compared to approximately HKD 16.0 million for the same period in 2024[67] - Financial costs for the six months ended September 30, 2025, amounted to HKD 3,951,000, a decrease of 17.3% from HKD 4,777,000 in the previous year[31] - The group has a total employee cost of approximately HKD 10.0 million for the six months ended September 30, 2025, compared to HKD 14.6 million for the same period in 2024[81] Assets and Liabilities - As of September 30, 2025, total non-current assets amounted to HKD 51,663,000, while total current assets were HKD 198,452,000[6] - The company's total liabilities increased to HKD 183,564,000 from HKD 154,586,000 as of March 31, 2025, indicating a rise of approximately 18.7%[7] - The net asset value stood at HKD 16,665,000, compared to HKD 14,428,000 as of March 31, 2025, reflecting an increase of about 15.5%[7] - The total current liabilities increased to HKD 87,957,000 from HKD 82,293,000, representing a growth of approximately 6.5%[6] - The company’s total non-current liabilities decreased to HKD 95,607,000 from HKD 153,394,000, indicating a significant reduction of about 37.5%[7] - Total borrowings amounted to approximately HKD 103.3 million as of September 30, 2025, down from approximately HKD 154.1 million as of March 31, 2025[70] Cash Flow and Financing - Cash and bank balances were recorded at HKD 7,118,000, a decrease from HKD 7,475,000 as of March 31, 2025[6] - The group recorded a net cash inflow of HKD 25,216,000 from the sale of discontinued operations during the six months ended September 30, 2025[38] - The company reported a cash inflow of HKD 3,653,000 from the sale of subsidiaries after deducting expenses[51] - The company’s loans from a shareholder-controlled company increased to approximately HKD 19,461,000 as of September 30, 2025, from HKD 11,131,000 as of March 31, 2025[47] Discontinued Operations - The company completed the sale of 100% equity in Top Table Investment Limited, which is classified as discontinued operations[10] - The group has reclassified its hotel operations in Japan as discontinued operations, which will not affect the current and comparative periods' losses and assets[16] - The group reported a pre-tax profit from discontinued operations of HKD 18,130,000 for the six months ended September 30, 2025, compared to a loss of HKD 609,000 in 2024[37] - The basic and diluted earnings per share from discontinued operations for the six months ended September 30, 2025, was HKD 1.87, compared to a loss of HKD 0.06 in 2024[38] Future Outlook and Strategy - The group plans to continue developing and marketing smart consumer products in mainland China, focusing on the personal care industry[18] - The group aims to expand its service scope to maintain competitiveness amid global political and economic uncertainties[74] - The group has implemented strict cost control measures as part of its low-risk competitive strategy[76] - The company plans to refocus resources on markets and business segments with stronger competitive advantages following the sale of its Japanese property development business[54] Corporate Governance - The board has resolved not to declare any interim dividend for the six months ended September 30, 2025[3] - The group has not proposed any dividend for the six months ended September 30, 2025, consistent with the previous year[38] - The group has no issued ordinary shares with potential dilution effects as of September 30, 2025[40] - There have been no significant events occurring after September 30, 2025, up to the date of this announcement[80]