Financial Performance - For the fiscal year ending September 30, 2025, the group's revenue was approximately HKD 12.2 million, representing a 22.0% increase from HKD 10.0 million in 2024[9][13]. - The loss attributable to equity shareholders for the same period was approximately HKD 6.5 million, a reduction of 27.0% compared to HKD 8.9 million in 2024[9][13]. - The group's revenue for the year ending September 30, 2025, was approximately HKD 12.2 million, an increase of about HKD 2.2 million or 22.0% compared to HKD 10.0 million in the same period last year[19]. - The corporate services division generated revenue of approximately HKD 2.0 million, accounting for about 16.4% of the group's total revenue for the year ending September 30, 2025[16]. - Other income for the year included approximately HKD 0.3 million in bank interest income and HKD 0.6 million in recovered bad debts[20]. - The group reported a net loss of approximately HKD 6.5 million for the year ending September 30, 2025, a decrease from a net loss of approximately HKD 8.9 million in the previous year[24]. Business Segments - The institutional financing advisory services segment saw a slight revenue increase of about 4.1% to approximately HKD 10.2 million for the fiscal year ending September 30, 2025[14]. - The asset management advisory services segment did not record any revenue during the fiscal year, with the group actively seeking new clients[15]. - The company is expanding its financial advisory services through a joint venture with China Housing Group International Investment Co., Ltd., focusing on fund and real estate asset projects, particularly in Belt and Road countries[15]. Market Environment - The overall business environment remains severe, with significant challenges due to international political situations and U.S.-China trade tensions affecting investor confidence[11]. - The board believes that market sentiment in Hong Kong remains weak, impacting major clients, primarily small and medium-sized enterprises listed in Hong Kong[11]. Corporate Governance - The company is committed to ensuring the accuracy and completeness of the information presented in its annual report, with the board taking full responsibility for its contents[2]. - The board consists of five executive directors and three independent non-executive directors, maintaining a balance of independent oversight[42]. - The company emphasizes the importance of good corporate governance practices and compliance with increasingly complex regulatory requirements[40]. - The board regularly reviews corporate governance policies and practices to ensure compliance with legal and regulatory requirements[59]. - The company has adopted a code for securities trading by its directors, ensuring compliance with GEM listing rules[65]. Risk Management - The company acknowledges several significant risks, including reliance on key authorized personnel and potential adverse economic conditions affecting financial service transactions[37]. - The company has established a risk management system to balance client interests with the safety and stability of the group, covering various risk areas such as credit, market, and operational risks[70]. - The audit committee reviews the risk management and internal control reports annually, communicating with external auditors to identify any major control deficiencies[74]. Employee and Training - As of September 30, 2025, the company employed 20 staff members, an increase from 17 in 2024[36]. - Employee benefit expenses for the year were approximately HKD 12.0 million, an increase of about HKD 1.0 million compared to HKD 11.0 million in the previous year[21]. - The company has a comprehensive training program for employees, supporting their participation in various job-related training courses[36]. - Training hours increased to a total of 9.0 hours for employees in the reporting period, compared to 11.0 hours in 2024[180]. Environmental, Social, and Governance (ESG) - The company has implemented various energy-saving measures to reduce energy consumption and enhance efficiency, contributing to its environmental responsibility[157]. - The total greenhouse gas emissions for the reporting period are 14.5 tons of CO2 equivalent, a decrease of approximately 7.6% from 15.7 tons in the previous year, primarily due to reduced local business travel[157]. - The company has identified significant environmental, social, and governance issues, including employee welfare and development, which are considered high importance[151]. - The group has implemented a green procurement policy to minimize waste and reduce carbon emissions[184]. Shareholder Communication - The board has implemented a shareholder communication policy to maintain ongoing dialogue with shareholders and investment groups, ensuring timely access to publicly available information[76]. - The company will hold its annual general meeting within the statutory period following the fiscal year-end[139]. Compliance and Legal - The group has complied with all relevant laws and regulations that have a significant impact on its business and operations during the year[113]. - The company adheres to labor laws prohibiting child and forced labor, ensuring compliance with relevant regulations[183]. - The group has not reported any violations of personal data privacy regulations during the reporting period[187].

Financial Performance - The Group's revenue for the financial period amounted to approximately HK$3.2 million, representing an increase of approximately 5.8% compared to HK$3.0 million in the previous financial period[11]. - The Group recorded a loss attributable to the owners of the Company of approximately HK$116.1 million, compared to a profit of HK$101.7 million in the previous financial period[11]. - Revenue from the trading of beauty and health products was approximately HK$3.2 million, reflecting a 5.8% increase from the previous financial period[12]. - For the six months ended September 30, 2025, the company reported revenue of HK$3,206,000, an increase from HK$3,029,000 in the same period of 2024, representing a growth of approximately 5.85%[85]. - The gross profit for the period was HK$447,000, compared to HK$307,000 in the previous year, indicating a significant increase of 45.6%[85]. - The company incurred a loss before tax of HK$119,304,000, a decline from a profit of HK$100,966,000 in the same period last year[85]. - The total comprehensive income for the period was a loss of HK$119,246,000, compared to a profit of HK$100,994,000 in the previous year[85]. - For the six months ended September 30, 2025, the consolidated loss for the period was HK$119,304,000, compared to a profit of HK$100,966,000 for the same period in 2024[128]. Research and Development - The Group launched its health supplement product "Pancreon PRO" in September 2025, aimed at insulin health and blood sugar management[12]. - The in-process research and development project for an oral insulin product has a net carrying value of HK$1,076 million recorded as an intangible asset[14]. - Approximately 405 patients have been enrolled in the clinical trial testing for the oral insulin product, which commenced in July 2020[20]. - The oral insulin product is expected to be launched in the market by the third quarter of 2028, with significant demand anticipated due to the growing diabetic population in China[21]. - The product is expected to be the first oral insulin drug available in the market and will be protected for a period of 5 years under current regulations in China[21]. - The Group plans to inject additional resources into the clinical trial of the in-process R&D to facilitate its development[13]. - The Group has entered into a Preliminary Partnership Agreement with Johns Hopkins University School of Medicine to collaborate on research related to diabetes and cardiovascular disease[27]. - The Group's core mission is to provide reliable health supplement solutions for the diabetic population, with several insulin-related health products planned for launch in Hong Kong[25]. Financial Position - As of September 30, 2025, the Group's bank and cash balances were approximately HK$18.1 million, up from HK$3.7 million as of March 31, 2025[38]. - Total borrowings as of September 30, 2025, were approximately HK$1,143.0 million, an increase from HK$1,049.2 million as of March 31, 2025[39]. - As of September 30, 2025, the Group's current assets to current liabilities ratio was 0.02, up from 0.01 as of March 31, 2025[42]. - The Group's gearing ratio increased to 1.07 as of September 30, 2025, compared to 0.98 as of March 31, 2025, with total liabilities of approximately HK$1,191.1 million and total assets of approximately HK$1,110.7 million[42]. - The Group's cash and cash equivalents at the end of the period amounted to approximately HK$18,071,000, with a net increase of HK$14,404,000 during the six months[98]. - The Group's bank balances and cash are significantly lower than the liabilities due, indicating potential liquidity issues[105]. - The Group's major asset, the development of an oral insulin product, is currently in Phase III clinical trials, with future cash flow dependent on successful trial outcomes and regulatory approvals[105]. Staff and Administrative Expenses - The total staff costs, including Directors' remuneration, for the Financial Period amounted to approximately HK$3.6 million, an increase from approximately HK$2.9 million in the previous Financial Period[53]. - As of September 30, 2025, the Group had 29 full-time employees, an increase from 20 as of March 31, 2025[52]. - Administrative expenses rose to HK$12,386,000 from HK$6,683,000, reflecting an increase of 85.5% year-over-year[85]. - Total short-term employment benefits for key management personnel were HK$1,874,000 for the six months ended September 30, 2025, an increase from HK$1,754,000 in the prior year[185]. Financing and Capital Structure - The Company completed the placing of 23,555,000 shares at a price of HK$0.175 per share, generating gross proceeds of approximately HK$4,122,000, with net proceeds of approximately HK$4,000,000 fully utilized for general working capital[44]. - The company issued convertible bonds worth HK$48,212,000 during the period, contributing to changes in equity[94]. - The Company is in the final stages of negotiating the extension and restructuring of Convertible Bonds due on 28 July 2025, which is expected to alleviate short-term debt pressure[110]. - The company recognized new Convertible Bonds I after substantial modification, with a liability component of approximately HK$31,709,000 and an equity component of HK$281,320,000[156]. - The maturity date of Convertible Bonds III has been extended to July 28, 2025, as per the third amendment agreed with Extrawell[169]. Risk Management and Future Outlook - The Group maintained a prudent strategy in foreign exchange risk management, balancing foreign currency assets against liabilities without using financial instruments for hedging during the Financial Period[51]. - The Company has not established a dividend policy, considering it more appropriate to determine dividend payments based on financial performance and market conditions[61]. - Significant uncertainties exist regarding the successful implementation of the Company's plans, particularly the completion of the Clinical Trial and product launch[113]. - The financial statements have been prepared on a going concern basis, assuming the Group can meet its financial obligations in the next 12 months[106]. - The Company received financial support from a substantial shareholder, confirming that repayment of approximately HK$8,190,000 will not be demanded for at least 12 months from the date of the financial statements[108].

Financial Performance - Revenue for the six months ended September 30, 2025, was SGD 44,211,022, a decrease of 9.8% compared to SGD 48,578,720 for the same period in 2024[10] - Gross profit increased to SGD 7,921,257, representing a gross margin of 17.9%, compared to SGD 6,446,672 and a margin of 13.3% in the previous year[10] - The company reported a net loss of SGD 1,580,457 for the period, an improvement from a loss of SGD 3,043,504 in the prior year[11] - Total comprehensive loss for the period was SGD 996,538, compared to SGD 2,385,269 in the same period last year, indicating a significant reduction in losses[11] - The company reported a loss attributable to shareholders of SGD 1,270,226 for the six months ended September 30, 2025, compared to a loss of SGD 2,874,000 for the same period in 2024, representing a 55.8% improvement in losses year-over-year[36] Cash Flow and Assets - For the six months ended September 30, 2025, the company reported a net cash generated from operating activities of SGD 2,913,662, compared to a cash used of SGD (1,348,678) in the same period of 2024[16] - The company’s cash and cash equivalents stood at SGD 10,574,952, a slight decrease from SGD 11,861,692 as of March 31, 2025[12] - The company reported a decrease in cash and cash equivalents of SGD (1,213,521) for the six months ended September 30, 2025, compared to a decrease of SGD (3,408,794) in the same period of 2024[17] - The company incurred a loss of SGD (1,270,226) during the six months ended September 30, 2025, reflecting ongoing operational challenges[16] - The company’s total assets as of September 30, 2025, were not explicitly stated but can be inferred from the equity and cash flow data presented[14] Revenue Breakdown - Revenue from Integrated Building Services was SGD 31,341,086, up 9.5% from SGD 28,632,220 in 2024[24] - Revenue from Building Construction decreased significantly to SGD 9,749,145 from SGD 19,454,827, a decline of 50.1%[24] - Revenue from Information Technology Development and Application increased to SGD 588,027 from SGD 57,911, a growth of 908.5%[24] - Revenue from other sources in Information Technology Development and Application reached SGD 2,532,764, compared to SGD 433,762 in 2024, marking a significant increase[24] - Revenue from external customers in Singapore was SGD 41,090,231, down 14.6% from SGD 48,087,047 in 2024[27] Expenses and Costs - The total employee costs, including salaries and benefits, increased to SGD 7,762,162 for the six months ended September 30, 2025, up from SGD 6,927,770 in the previous year, reflecting an increase of 12.0%[36] - The cost of inventory recognized as cost of sales and services was SGD 4,199,469 for the six months ended September 30, 2025, compared to SGD 3,449,584 in the previous year, indicating a 21.7% increase[36] - Administrative expenses rose from approximately SGD 7.7 million to about SGD 8.4 million, an increase of about SGD 0.7 million or approximately 9.1%[75] - Financing costs increased from approximately SGD 20,000 to about SGD 47,000, mainly due to higher interest on other borrowings[76] Investments and Future Outlook - The company has continued to invest in new technologies and product development, although specific figures were not disclosed in the report[10] - Future outlook remains cautious, with management indicating a focus on cost control and operational efficiency to navigate market challenges[10] - The company plans to expand into broader internet technology-related businesses, including e-commerce and artificial intelligence, beyond just blockchain technology[69] - The company anticipates total construction demand in Singapore for 2025 to be between 47 billion SGD and 53 billion SGD, driven by several large development projects[67] Shareholder Information - Morgan Hill holds 365,175,000 shares, representing 30.56% of the company's issued share capital[95] - Great Scenery, Emperor Grand International Limited, and Mr. Zhu Guangping also hold 365,175,000 shares each, accounting for 30.56%[95] - Mr. Leung Sik-Kwong directly owns 66,665,000 shares, which is 5.58% of the total[95] - The total number of options available under the share option scheme is 103,054,000 shares, representing approximately 8.62% of the company's issued shares[101] Corporate Governance - The company has complied with the corporate governance code, except for the separation of roles between the chairman and the CEO[108] - Mr. Li Kanlin resigned as an independent non-executive director effective August 15, 2025, and Ms. Liu Zhi was appointed to the position on the same date[104] - The company did not purchase, sell, or redeem any of its securities during the review period[110]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 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的任何損失承擔任何責 任。 PROSPEROUS INDUSTRIAL (HOLDINGS) LIMITED 其利工業集團有限公司 承董事會命 其利工業集團有限公司 主 席 楊樹堅 截至二零一八年至二零二一年十二月三十一日止年度的年報 的補充公佈 茲 提 述 其 利 工 業 集 團 有 限 公 司（「本公司」）截 至 二 零 一 八 年 至 二 零 二 一 年 十 二 月 三 十 一 日 止 年 度 的 年 報（「年 報」）。除 另 有 說 明 外，本 公 佈 所 用 詞 彙 與 年 報 所 界 定 者 具 有 相 同 涵 義。 本 公 司 謹 此 提 供 有 關 本 公 司 行 政 總 裁 楊 樹 雄 先 生 薪 酬 的 補 充 資 料 如 下： | | | | | | | | 截至十二月三十一日止年度 | | | | --- | --- | --- | --- | --- ...

Financial Performance - For the six months ended September 30, 2025, the group recorded unaudited revenue of approximately HKD 19,300,000, an increase of about HKD 7,700,000 or 66.4% compared to HKD 11,600,000 for the same period in 2024[9] - The loss attributable to owners of the company for the six months ended September 30, 2025, was approximately HKD 1,000,000, a significant improvement from a loss of HKD 6,400,000 for the same period in 2024[9] - Basic and diluted loss per share for the six months ended September 30, 2025, was HKD 0.04, compared to HKD 0.24 for the same period in 2024[9] - The group reported a gross profit of HKD 5,882,000 for the six months ended September 30, 2025, compared to HKD 8,128,000 in the same period of 2024[10] - Operating profit for the six months ended September 30, 2025, was HKD 184,000, a recovery from an operating loss of HKD 5,089,000 in the same period of 2024[10] - The group recorded a pre-tax loss of HKD 5,280,000 for the six months ended September 30, 2025, compared to a loss of HKD 6,398,000 for the same period in 2024, indicating an improvement in performance[37][40] - The group recorded a loss of approximately HKD 1,200,000 for the six months ending September 30, 2025, a reduction from a loss of approximately HKD 5,300,000 for the same period in 2024[80] Dividends and Shareholder Returns - The board of directors decided not to recommend the payment of an interim dividend for the six months ended September 30, 2025, consistent with the previous year[9] - The group did not declare any dividends for the six months ended September 30, 2025, consistent with the previous year[42] Assets and Liabilities - Total assets less current liabilities as of September 30, 2025, were HKD (15,028,000), compared to HKD (13,850,000) as of March 31, 2025[13] - The group’s total liabilities increased to HKD 53,454,000 as of September 30, 2025, compared to HKD 30,341,000 as of March 31, 2025[13] - The company’s equity attributable to owners decreased to HKD (13,950,000) as of September 30, 2025, from HKD (12,998,000) as of March 31, 2025[16] - The group’s current liabilities exceeded total assets by approximately HKD 15,028,000 as of September 30, 2025[23] - The group reported accounts receivable of HKD 28,684,000, an increase from HKD 15,288,000 as of March 31, 2025, indicating improved sales or credit terms[48] Cash Flow and Financial Management - Cash and cash equivalents increased significantly to HKD 8,985,000 as of September 30, 2025, from HKD 300,000 as of March 31, 2025[13] - Cash and cash equivalents increased by HKD 8,701,000 during the reporting period, compared to a decrease of HKD 8,455,000 in the same period last year[20] - The company’s operating cash flow for the six months ended September 30, 2025, was HKD 135,000, down from HKD 596,000 in the previous year[20] - The group’s bank borrowings amounted to approximately HKD 4,293,000 as of September 30, 2025[23] - The total borrowings of the group as of September 30, 2025, were approximately HKD 4,500,000, down from HKD 5,000,000 as of March 31, 2025, with approximately HKD 4,300,000 in outstanding bank financing commitments[87] Operational Highlights - The group recorded segment revenue of HKD 19,293,000 from the distribution of food and beverages, with a segment profit of HKD 1,974,000[29] - The company has expanded its business scope to include online food sales and distribution, enhancing its market presence in the food and beverage sector[61] - The company is optimistic about the sales and distribution of food and beverage products in China, driven by a 5.3% GDP growth in the first half of 2025[60] - The company has established a wine supply department and is developing brewing formulas to become a recognized wine supplier in China[61] - The company is focused on enhancing its sales and distribution capabilities in the food and beverage sector through strategic acquisitions and partnerships[63] Cost Management - The cost of goods sold for the six months ended September 30, 2025, was HKD 13,411,000, up from HKD 3,465,000 in 2024, reflecting increased operational activity[37] - The group incurred total employee benefits expenses of HKD 1,777,000 for the six months ended September 30, 2025, a decrease from HKD 10,195,000 in 2024, suggesting a reduction in workforce or salary adjustments[37] - Employee costs decreased by approximately 82.4% to about HKD 1,800,000 for the six months ending September 30, 2025, from HKD 10,200,000 for the same period in 2024, with the number of employees reduced from 44 to 17[71] - Administrative expenses decreased by approximately 35.2% to about HKD 3,500,000 for the six months ending September 30, 2025, from HKD 5,400,000 for the same period in 2024[77] Strategic Acquisitions - The company completed the acquisition of a 55% stake in Nanjing Zerui Longxiang Supply Chain Management Co., Ltd., which provides platform services for product sales and distribution, aligning with the company's strategic plan for vertical integration[63] - The company has signed a share transfer agreement to acquire a 52% stake in Guizhou Yijinzhe Liquor Industry Co., Ltd., further expanding its portfolio in the liquor business[58] - The group has entered into an agreement to acquire 52% of Menghai Longpu Tea Industry Co., Ltd. for a nominal price of RMB 1, aiming to enhance its business operations in tea and related products[64] Governance and Compliance - The company has adopted high standards of corporate governance to maintain transparency and protect shareholder interests, complying with all applicable codes[106] - The stock option plan adopted on July 21, 2016, allows for the exercise of 60,000,000 shares at an exercise price of HKD 0.163, with 140,000,000 options available for grant as of the report date[117] - The Audit Committee, established on July 21, 2016, consists of three independent non-executive directors and is responsible for reviewing financial statements and internal control effectiveness[120] - The interim financial statements for the six months ending September 30, 2025, have been reviewed by the Audit Committee but not yet audited by external auditors[120] Risks and Challenges - The company faces risks related to labor costs in China, which may increase due to wage fluctuations[107] - The company reported significant reliance on reliable supply of ingredients and alcoholic beverages, with potential price volatility impacting costs[107] - The group’s operations are solely dependent on the sales and distribution of food and beverages in China, which may be subject to seasonal and other cyclical fluctuations[104]

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之任何損失承擔任何責任。 SOUTH CHINA FINANCIAL HOLDINGS LIMITED 南 華 金 融 控 股 有 限 公 司 – 1 – 王維新先生（「王先生」）自二零一六年五月三日起獲委任為行政總裁，其後自二零 一 七 年 三 月 二 十 八 日 起 獲 委 任 為 執 行 董 事 。 據 董 事 經 作 出 一 切 合 理 查 詢 後 所 深 知、盡悉及確信，王先生於二零一六財政年度擔任行政總裁之酬金如下： （於香港註冊成立之有限公司） （股份代號：00619） 有關截至二零一四年、二零一五年及二零一六年 十二月三十一日止財政年度年報之 補充公告 茲提述South China Financial Holdings Limited南華金融控股有限公司（「本公司」） 分別截至二零一四年十二月三十一日（「二零一四財政年度」）、二零一五年十二月 三 ...

Revenue Breakdown - For the six months ended September 30, 2025, the interior design and project management business accounted for 80.4% of total revenue[16] - Leasing activities generated 19.6% of total revenue for the six months ended September 30, 2025[17] - The agricultural products trading segment accounted for 0% of total revenue for the six months ended September 30, 2025, due to significantly increased costs[18] - For the six months ended September 30, 2025, the company reported revenue of RMB 6,146,000, a decrease of 63.0% compared to RMB 16,584,000 for the same period in 2024[44] - The company reported total revenue of RMB 6,146,000 for the six months ended September 30, 2025, with contributions of RMB 4,942,000 from Thailand and RMB 1,204,000 from China[80] Profit and Loss - The group's consolidated revenue for the six months ended September 30, 2025, was approximately RMB 6.1 million, a decrease of about 62.9% compared to RMB 16.6 million for the same period in 2024[19] - The consolidated gross profit for the six months ended September 30, 2025, was approximately RMB 5.2 million, down about 48.9% from RMB 10.1 million for the same period in 2024, with a gross margin of 84.2% compared to 61.1% in 2024[19] - The group recorded a profit before tax of approximately RMB 1.4 million for the six months ended September 30, 2025, down from RMB 3.0 million for the same period in 2024, primarily due to the recovery of the plywood business[20] - The company recorded a profit before tax of RMB 1,368,000 for the same period, with no income tax expenses reported[81] - The company reported a net loss of RMB 1,581,000, resulting in total comprehensive income of RMB 1,368,000[47] Cash Flow and Assets - As of September 30, 2025, the group's current assets were approximately RMB 31.3 million, down from RMB 36.3 million as of March 31, 2025[23] - The group's cash and cash equivalents decreased from approximately RMB 9.5 million as of March 31, 2025, to approximately RMB 0.1 million as of September 30, 2025, primarily due to the settlement of other payables and repayment of loans[23] - The company's cash and cash equivalents decreased significantly to RMB 122,000 from RMB 9,489,000, a drop of 98.7%[46] - Operating cash flow for the six months was negative at RMB (4,067,000), compared to a positive RMB 904,000 in the same period last year[49] - Total assets as of September 30, 2025, were RMB 93,995,000, down from RMB 99,408,000 as of March 31, 2025[46] Liabilities and Equity - As of September 30, 2025, the group's total borrowings were approximately RMB 29.1 million, down from RMB 34.4 million as of March 31, 2025[25] - The company has a net current liability of RMB 51,300,000, with current borrowings amounting to RMB 29,118,000, raising concerns about its ability to continue as a going concern[52] - The company's total equity increased to RMB 11,215,000 from RMB 9,847,000, indicating a growth of 13.9%[46] - The company's total liabilities included RMB (39,421,000) in plywood and related services, indicating a diversified liability structure across different segments[84] Business Operations and Strategy - The company is actively seeking opportunities to acquire or collaborate with other plywood companies that have higher profit margins and overseas networks[12] - The company is developing new wood products with higher profit margins compared to traditional plywood products[12] - The referral business, initiated in 2023, aims to create stable and profitable income sources beyond plywood sales[13] - The company is modernizing its production base in Heze City to potentially produce high-quality wood products for overseas customers[12] - The group plans to resume plywood production and sell products overseas to achieve higher profit margins, utilizing the factory's capacity effectively[27] Credit Risk Management - The concentration of credit risk in Thailand accounted for 69% of total receivables as of September 30, 2025, up from 54% as of March 31, 2025[67] - The expected credit loss provision for trade receivables was RMB 165,998,000 as of September 30, 2025, unchanged from March 31, 2025[72] - The expected loss rates for overdue trade receivables were 0.32% for those overdue within 6 months and 5.65% for those overdue over 1 year as of September 30, 2025[70] - The credit risk management policy ensures that credit terms granted to customers do not exceed 90 days, with ongoing assessments of their creditworthiness[63] - The total loss provision for trade receivables as of September 30, 2025, includes RMB 270,000 for overdue amounts and RMB 165,728,000 for individually assessed receivables[70] Administrative and Employee Costs - Total sales and distribution expenses and administrative expenses amounted to approximately RMB 3.1 million, a decrease from RMB 7.7 million for the same period in 2024[19] - The company reported employee costs, including director remuneration, of RMB 511,000 for the six months ended September 30, 2025, significantly lower than RMB 1,379,000 in the previous year[85] - Total compensation for key management personnel for the six months ended September 30, 2025, was RMB 166,000, a decrease of 67.4% from RMB 509,000 for the same period in 2024[102] Investment and Property - The company has changed its investment property measurement policy to fair value, which is expected to better reflect its operational performance[56] - Investment properties located in China are valued at RMB 51,900,000, remaining unchanged since March 31, 2025[100] - The total assets pledged as collateral amount to RMB 58,375,000 as of September 30, 2025, slightly down from RMB 58,494,000 as of March 31, 2025[100] Other Financial Information - The company did not declare any interim dividend for the six months ended September 30, 2025[40] - The company has no outstanding share options under the share option scheme as of September 30, 2025[38] - The company faced foreign exchange risks primarily due to fluctuations between RMB and HKD, but reported no significant impact on its operations during the reporting period[42] - The company has not recognized any deferred tax liabilities due to the expectation that its subsidiaries in China will not distribute retained earnings in the foreseeable future[88] - There were no major acquisitions or disposals of subsidiaries and associates during the six months ended September 30, 2025[30]

Revenue Performance - The group's revenue for the reporting period was approximately HKD 90.2 million, an increase of about 14.4% from HKD 78.8 million in the same period last year [6]. - Revenue from steel and metal engineering services increased by approximately HKD 13.7 million or 18.5% to about HKD 87.7 million [8]. - Revenue from the sale of steel and metal products decreased by approximately HKD 2.3 million or 47.9% to about HKD 2.5 million [9]. - Revenue for the six months ended September 30, 2025, was HKD 90,156,000, an increase of 14.5% compared to HKD 78,794,000 for the same period in 2024 [44]. - Revenue for the six months ended September 30, 2025, was HKD 90,156,000, an increase of 14.4% compared to HKD 78,794,000 for the same period in 2024 [56]. - Revenue from steel and metal engineering services was HKD 87,650,000, up 18.5% from HKD 74,016,000 in the previous year [56]. Financial Performance - The group reported a loss of approximately HKD 5.7 million for the reporting period, compared to a loss of approximately HKD 10.7 million in the same period last year [15]. - The company reported a loss before tax of HKD 5,592,000, an improvement from a loss of HKD 10,368,000 in the previous year, indicating a 46.1% reduction in losses [44]. - The company reported a loss attributable to shareholders of HKD 5,727,000 for the six months ended September 30, 2025, compared to a loss of HKD 10,661,000 for the same period in 2024 [64]. - Gross profit for the same period was HKD 372,000, representing a decrease of 11.0% from HKD 418,000 in 2024 [44]. - The company recorded a tax expense of HKD 135,000, which includes current and deferred tax liabilities [61]. Cash and Liquidity - As of September 30, 2025, the group's total cash and cash equivalents amounted to approximately HKD 45.8 million, up from HKD 31.1 million as of March 31, 2025 [16]. - Cash and cash equivalents increased to HKD 45,798,000 from HKD 17,116,000, showing a significant improvement in liquidity [50]. - Operating cash flow for the six months was HKD 29,728,000, a turnaround from a cash outflow of HKD 26,023,000 in the prior year [50]. - The unutilized proceeds have been deposited in licensed banks in Hong Kong and China as of September 30, 2025 [29]. Assets and Liabilities - Total assets decreased slightly to HKD 134,345,000 from HKD 137,851,000, reflecting a 2.0% decline [46]. - The company’s net assets amounted to HKD 138,075,000, down from HKD 144,508,000, a decrease of 4.5% [47]. - Trade receivables as of September 30, 2025, totaled HKD 15,938,000, a decrease from HKD 23,182,000 as of March 31, 2025 [67]. - Trade payables amounted to HKD 3,327,000 as of September 30, 2025, down from HKD 3,923,000 as of March 31, 2025 [68]. - The aging analysis of trade receivables shows that HKD 6,654,000 is overdue between 31 to 60 days, a significant decrease from HKD 18,678,000 as of March 31, 2025 [67]. - The company’s employee costs payable were HKD 11,644,000 as of September 30, 2025, slightly down from HKD 12,161,000 as of March 31, 2025 [68]. Corporate Governance - The company is committed to appointing a female director within three months following the resignation of a previous board member to comply with listing rules [35]. - The company has adhered to all applicable corporate governance code provisions during the reporting period [38]. - The audit committee, composed entirely of independent non-executive directors, reviewed and approved the financial statements for the reporting period [42]. - The company maintained its public float as per listing rules, ensuring compliance with regulatory requirements [41]. Dividends and Share Capital - The board has resolved not to declare an interim dividend for the reporting period [23]. - No dividends were declared or paid during the reporting period, consistent with the previous period where no dividends were issued [65][66]. - The total issued and paid-up share capital increased to 921,120,000 shares as of September 30, 2025, following the issuance of 153,520,000 shares at a subscription price of HKD 0.054 per share [72]. Other Financial Information - Direct costs for the group were approximately HKD 89.8 million, an increase of about 14.5% from HKD 78.4 million in the same period last year [11]. - Other income and gains increased from approximately HKD 0.1 million to about HKD 4.9 million, mainly due to the reversal of expected credit losses on long-aged trade receivables [14]. - Other income decreased to HKD 485,000 from HKD 644,000, primarily due to a drop in bank interest income [58]. - The company has not adopted any new accounting standards that would significantly impact its financial performance for the reporting period [55]. - The group operates under a fixed-price contract model, primarily serving construction companies and contractors in Hong Kong [56]. - The company has no significant contingent liabilities as of September 30, 2025 [22]. - The company has no unexercised share options remaining as of September 30, 2025, following the cancellation of 6,710,000 options [31]. - The company has a fixed-rate other loan of HKD 1,000,000 with an interest rate of 18%, due for repayment on April 23, 2026 [71].

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 34,935,000, compared to HKD 1,585,000 for the same period in 2024, representing a significant increase of 2,103%[8] - The company reported a profit of HKD 16,745,000 for the period, a turnaround from a loss of HKD 36,925,000 in the previous year[9] - Basic and diluted earnings per share for the period were HKD 4.04, compared to a loss per share of HKD 8.90 in the prior year[9] - The total comprehensive income for the period was HKD 15,198,000, which includes other comprehensive income of HKD 30,849,000[13] - The group reported a pre-tax loss of HKD 16,446,000 for the six months ended September 30, 2025, compared to a loss of HKD 37,133,000 in the same period of 2024[25] - The group recorded a net loss attributable to shareholders of HKD 16,746,000 for the six months ended September 30, 2025, compared to a profit of HKD 36,924,000 in the same period of 2024[26] Assets and Liabilities - Total non-current assets decreased to HKD 107,765,000 from HKD 203,670,000 as of March 31, 2025[10] - Current assets increased to HKD 1,217,954,000 from HKD 1,192,747,000, indicating a growth of 2.1%[11] - Total liabilities decreased from HKD 558,663,000 to HKD 462,767,000, reflecting a reduction of approximately 17.2%[11] - Net assets increased to HKD 852,952,000 from HKD 837,754,000, showing a growth of 1.4%[11] - The company had a total equity of HKD 1,258,645,000 as of September 30, 2025, down from HKD 1,320,847,000 in the previous year[13] - The total borrowings as of September 30, 2025, amounted to HKD 142,153,000, down from HKD 224,215,000 as of March 31, 2025, indicating a decrease of about 37%[35] Cash Flow and Financial Position - As of September 30, 2025, the company reported a net cash flow from operating activities of HKD 85,144,000, compared to a net cash outflow of HKD 8,517,000 for the same period in 2024[14] - The company experienced a decrease in cash and cash equivalents, with a net decrease of HKD 5,061,000 for the six months ended September 30, 2025, compared to a decrease of HKD 11,213,000 in the prior year[15] - The company has maintained a strong cash position with cash and bank balances of HKD 1,014,000 as of September 30, 2025[10] - The net debt as of September 30, 2025, was approximately HKD 408.5 million, down from HKD 489.9 million as of March 31, 2025, with a net debt to total equity ratio decreasing from 58% to 48%[57] Operational Insights - The company plans to continue its market expansion and product development strategies in the upcoming periods[8] - Future guidance indicates a focus on improving operational efficiency and exploring potential mergers and acquisitions to enhance growth prospects[8] - The company did not report any new bank borrowings for the six months ended September 30, 2025, compared to HKD 77,546,000 in the same period of 2024[15] - The company’s cash flow from investing activities was minimal, with only HKD 1,000 reported for the period[14] - The group did not generate any taxable profits in Hong Kong, resulting in no provision for Hong Kong profits tax[24] Shareholder Information - As of September 30, 2025, Mr. Jiang Ming holds 153,126,197 shares, representing 36.93% of the company's issued shares[65] - Mr. Lin Zhenxin holds 372,000 shares, contributing to a total of 153,126,197 shares held by CIH, which accounts for 37.02% of the company's issued shares[65] - Major shareholder Yang Xunxin owns 153,126,197 shares, equivalent to 36.93% of the company's issued shares[68] - Shenzhen Holdings Limited holds 63,109,285 shares, representing 15.22% of the company's issued shares[68] Corporate Governance - The company did not recommend the distribution of an interim dividend for the six months ending September 30, 2025[71] - The board of directors confirmed compliance with the standard code for securities trading throughout the period[70] - The company maintains high standards of corporate governance, regularly reviewing its governance practices to ensure compliance with regulatory requirements[69] - The board believes that the current structure, with Mr. Jiang serving as both Chairman and CEO, does not impair the balance of power and authority within the board[69] - The audit committee reviewed the accounting policies and practices, including internal controls and financial reporting matters[73]

Revenue and Profitability - The revenue from the procurement and sale of cassava chips increased to approximately HKD 836 million, a rise of about 90.6% compared to HKD 438.7 million in the same period last year[7]. - Revenue for the six months ended September 30, 2025, was HKD 848,398,000, a 89% increase from HKD 449,210,000 in the same period of 2024[40]. - Gross profit for the same period was HKD 93,708,000, compared to HKD 34,046,000 in 2024, reflecting a significant improvement[40]. - The company reported a profit of HKD 9,172,000 for the six months ended September 30, 2025, compared to a loss of HKD 14,984,000 in the previous year[41]. - Basic and diluted earnings per share for the period were HKD 1.7, a recovery from a loss of HKD 1.5 per share in 2024[40]. - The pre-tax profit for the six months ended September 30, 2025, was HKD 10,022,000, compared to a pre-tax loss of HKD 17,971,000 in the same period of 2024[61]. Costs and Expenses - The gross profit for the period rose to approximately HKD 81.8 million from HKD 24.7 million in the previous year, with a gross margin of approximately 9.8%, up from 5.6%[9][10]. - The cost of sales and distribution increased to approximately HKD 39.8 million, compared to HKD 16.1 million in the same period last year, primarily due to higher procurement and sales volumes[11]. - The administrative expenses for the period were approximately HKD 32.9 million, up from HKD 25.8 million in the previous year[12]. - The financing costs increased to approximately HKD 28.9 million from HKD 15.1 million, mainly due to interest on amounts payable to non-controlling interests[13]. Assets and Liabilities - Current assets as of September 30, 2025, were approximately HKD 214.5 million, a decrease from HKD 712.4 million as of March 31, 2025[15]. - The current liabilities decreased to approximately HKD 521.7 million from HKD 1,044.6 million as of March 31, 2025[16]. - Total assets less current liabilities amounted to HKD 660,220,000 as of September 30, 2025, compared to HKD 652,093,000 as of March 31, 2025[42]. - Non-current assets totaled HKD 967,426,000 as of September 30, 2025, down from HKD 984,372,000 as of March 31, 2025[42]. - The total liabilities as of September 30, 2025, were HKD 824,717,000, down from HKD 1,347,244,000 as of March 31, 2025[55]. Cash Flow - The net cash inflow from operating activities for the six months ended September 30, 2025, was HKD 425.763 million, compared to HKD 226.821 million for the same period in 2024, representing an increase of approximately 88%[46]. - The net cash outflow from financing activities for the six months ended September 30, 2025, was HKD 478.474 million, compared to HKD 156.145 million in the previous year, indicating a significant increase in financing activities[46]. - The company’s investment activities generated a net cash inflow of HKD 41.748 million for the six months ended September 30, 2025, compared to a net cash outflow of HKD 3.500 million in the previous year[46]. Equity and Reserves - The company reported a net profit of HKD 10.072 million for the six months ended September 30, 2025, compared to a net loss of HKD 9.038 million in the previous period[44]. - As of September 30, 2025, total equity attributable to the owners of the company was HKD 463.428 million, down from HKD 483.951 million as of April 1, 2024[44]. - The company’s total reserves decreased to HKD 454.742 million as of September 30, 2024, from HKD 539.767 million in the previous year[45]. Operational Highlights - The total number of employees was approximately 220, with total employee costs for the period around HKD 10.1 million[18]. - The group has a total storage capacity of approximately 600,000 tons for cassava chips, enhancing market coverage and business growth[24]. - The construction of a factory in Laos for producing and selling cassava starch is nearing completion, expected to start production within the year[25]. - The group aims to reduce unit costs and increase gross margins through expanded procurement networks in Thailand, Laos, and Cambodia[24]. - The company operates in three segments: procurement and sales of cassava chips, property investment, and hotel and serviced apartment operations in mainland China and Hong Kong[52]. Shareholder Information - Major shareholder Mr. Zhu holds a total of 360,520,715 shares, representing 61.66% of the company's issued share capital[28]. - The company has maintained at least 25% of its issued share capital held by the public as of the report date[34]. Compliance and Governance - The group has adopted a code of conduct regarding securities trading by directors, ensuring compliance with the listing rules[37]. - The board approved the financial statements for publication on November 28, 2025[71]. Market Performance - Revenue from sales to external customers for tapioca chips was HKD 835,982,000, representing a 90% increase from HKD 438,684,000 in the previous year[59]. - Revenue from the mainland China market reached HKD 837,082,000, a substantial increase from HKD 440,884,000 in the previous year[56]. - Total rental income increased to HKD 3,139,000 from HKD 2,300,000, marking a growth of 36.5%[59]. - The company reported a significant increase in other income to HKD 23,663,000, up from HKD 10,710,000 in the previous year[60]. Other Financial Metrics - The fair value loss on investment properties was HKD 5,745,000, slightly lower than the loss of HKD 5,780,000 in the previous year[40]. - Other comprehensive income for the period totaled HKD 7,743,000, a significant recovery from a loss of HKD 20,523,000 in 2024[41]. - The company’s foreign exchange loss from operations was HKD 345,000 for the six months ended September 30, 2025[44]. - The depreciation of property, plant, and equipment for the period was HKD 9,520,000, compared to HKD 6,980,000 in the previous year[61].