Financial Performance - Total revenue for the six months ended September 30, 2025, was approximately HKD 658.8 million, a decrease of about HKD 61.9 million or 8.6% compared to HKD 720.7 million for the previous period[9]. - Gross profit for the same period was approximately HKD 74.6 million, an increase of about HKD 7.9 million or 11.8% from HKD 66.7 million in the previous period, primarily due to reduced sales costs[11]. - Profit and total comprehensive income for the period was approximately HKD 3.1 million, a decrease of about HKD 10.4 million or 77.0% from HKD 13.5 million in the previous period[13]. - Revenue from the IT infrastructure solutions segment was approximately HKD 591.1 million, a decrease of about HKD 58.0 million or 8.9% compared to HKD 649.1 million in the previous period, contributing approximately 89.7% to total revenue[9]. - Revenue for the six months ended September 30, 2025, was HKD 658,833,000, a decrease of 8.6% compared to HKD 720,738,000 for the same period in 2024[50]. - Gross profit increased to HKD 74,594,000, up 11.3% from HKD 66,717,000 year-over-year[50]. - The company reported a net profit attributable to shareholders of HKD 2,432,000, a significant decline of 80% from HKD 12,181,000 in the previous year[50]. - Total comprehensive income for the period was HKD 3,055,000, down from HKD 13,454,000 in the prior year[50]. Operating Expenses and Costs - Operating expenses totaled approximately HKD 77.8 million, an increase of about HKD 20.7 million or 36.3% compared to HKD 57.1 million in the previous period, driven by increased operational costs related to business development in China[12]. - The cost of inventory recognized as an expense was HKD 487,011,000 for the six months ending September 30, 2025, down from HKD 543,450,000 in 2024, indicating a reduction of 10.4%[76]. - The group incurred depreciation expenses of HKD 6,739,000 for the six months ending September 30, 2025, slightly down from HKD 6,987,000 in 2024[76]. - The group reported a provision for inventory of HKD 3,532,000 for the six months ending September 30, 2025, compared to HKD 1,386,000 in 2024, indicating an increase of 154.5%[76]. Assets and Liabilities - Total bank borrowings as of September 30, 2025, amounted to approximately HKD 76.9 million, up from HKD 22.5 million as of March 31, 2025[14]. - Net current assets were approximately HKD 105.9 million as of September 30, 2025, down from approximately HKD 148.9 million as of March 31, 2025[16]. - Total assets decreased to HKD 472,187,000 from HKD 630,059,000, a decline of 25.1%[52]. - Current liabilities decreased to HKD 366,294,000 from HKD 481,136,000, a reduction of 24%[52]. - The company’s equity attributable to shareholders decreased to HKD 191,089,000 from HKD 222,617,000, a decline of 14.2%[52]. - Cash and cash equivalents were approximately HKD 66.0 million as of September 30, 2025, down from approximately HKD 160.9 million as of March 31, 2025[16]. - Trade receivables as of September 30, 2025, amounted to HKD 163,061,000, a decrease from HKD 189,344,000 as of March 31, 2025, representing a decline of approximately 13.9%[88]. - Trade payables as of September 30, 2025, were HKD 134,474,000, significantly lower than HKD 248,769,000 as of March 31, 2025, indicating a reduction of approximately 46%[90]. Shareholder Information - A total of 29,998,000 shares, representing approximately 10% of the company's issued shares, were granted under the share incentive plan on January 3, 2025[37]. - The company granted a total of 15,000,000 options under the share option plan on August 15, 2025, with an exercise price of HKD 1.67 per share[39]. - Major shareholder Weiye Holdings holds 120,189,400 shares, accounting for 40.06% of the total shares issued, which is 300,000,000 shares[45]. - The company’s chairman, Mr. Wang Guangbo, has a controlled interest in Weiye Holdings and has transferred 47,000,000 shares to it, resulting in a total indirect ownership of 55.73% of the issued share capital[46]. - As of September 30, 2025, Mr. Wang Guangbo holds an additional 47,000,000 shares directly, representing 15.67% of the total shares issued[42]. - The total number of stock options available for grant decreased from 30,000,000 shares to 15,000,000 shares during the period[41]. Dividends and Investments - The board has decided not to declare an interim dividend for this period, consistent with the previous period[25]. - The group did not hold any significant investments during this period[26]. - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during this period, and no future major investment plans as of September 30, 2025[27]. - The group declared a special dividend of HKD 0.10 per share for the year ending March 31, 2025, while no special dividend was declared for the previous year[77]. Future Outlook and Strategy - The group remains confident about the future and will continue to provide quality IT services and products while steadily developing its AI business[30]. - The company plans to continue expanding its IT infrastructure solutions and management services in both public and private sectors[68]. - The company will continue to focus on core business and partnerships with key suppliers to enhance competitiveness and maintain industry leadership[30]. Risk Management and Compliance - The audit committee has reviewed the unaudited interim results and found no objections to the accounting policies adopted by the company[48]. - The audit committee is responsible for overseeing the financial reporting process and risk management systems of the company[47]. - The company confirmed that the application of new accounting standards did not have a significant impact on its financial position or performance[60]. - The company has not reported any significant impacts from the application of the revised Hong Kong Financial Reporting Standards on its financial statements[61]. - The group has no significant claims expected against it, as assessed by the board of directors as of September 30, 2025[103].

Financial Performance - Revenue for the six months ended 31 October 2025 amounted to approximately HK$75.40 million, representing a decrease of approximately 53.30% compared to HK$161.44 million for the same period in 2024[14]. - Loss attributable to owners of the Company for the Reporting Period was approximately HK$2.26 million, compared to a loss of HK$0.046 million in 2024[14]. - Basic loss per share for the Reporting Period was approximately HK0.143 cents, compared to HK0.003 cents in 2024[14]. - The Group faced a decrease in revenue and gross profit margin, alongside an increase in net loss for the six months ended 31 October 2025 compared to the same period in 2024[17]. - The Group's overall revenue decreased by approximately HK$86.04 million or approximately 53.30%, from approximately HK$161.44 million for the six months ended 31 October 2024 to approximately HK$75.40 million for the six months ended 31 October 2025[22]. - Gross profit for the same period was HK$1,104,000, down 68.6% from HK$3,512,000 in 2024[93]. - Loss before taxation was HK$2,255,000, compared to a profit of HK$353,000 in the previous year[93]. - Loss before income tax for the period was HK$2,255,000 in 2025 compared to HK$46,000 in 2024[149]. Revenue Breakdown - Revenue from undertaking slope works decreased from approximately HK$161.15 million to approximately HK$64.46 million, representing a decrease of approximately 60.00% due to a reduction in the number of slope works projects[23]. - Revenue from foundation works increased from approximately HK$0.29 million to approximately HK$10.95 million, representing an increase of approximately 3,675.86% attributed to an increase in the number of foundation works projects[24]. - Revenue from slope works was HK$64,458,000, a decrease of 60% compared to HK$161,148,000 for the same period in 2024[123]. - Revenue from foundation works was HK$10,945,000, significantly up from HK$291,000 in the same period last year[123]. - Revenue from Customer B for the six months ended 31 October 2025 was HK$39,307,000, while in 2024 it was HK$88,828,000[133]. - Customer C contributed HK$18,040,000 in 2025 and HK$25,007,000 in 2024, while Customer D's revenue decreased from HK$20,578,000 in 2024 to HK$7,228,000 in 2025[138]. Dividends and Share Capital - The Board does not recommend the payment of an interim dividend for the Reporting Period, consistent with the previous year[14]. - The company did not recommend any payment of dividends for the six months ended 31 October 2025, consistent with the previous year[84]. - As of October 31, 2025, the company's issued share capital was 1,577,200,000 shares with a par value of HK$0.01 each[46]. - The weighted average number of ordinary shares for calculating basic and diluted loss per share remained at 1,577,200 for both periods[149]. - The number of ordinary shares remained at 1,577,200, with a carrying amount of HK$15,772,000 as of both October 31, 2025, and April 30, 2025[169]. Financial Position - As at 31 October 2025, the equity attributable to owners of the Company amounted to approximately negative HK$23.89 million, compared to approximately negative HK$21.63 million as at 30 April 2025[40]. - The Group's gearing ratio was negative approximately 151.90% as at 31 October 2025, improving from negative approximately 257.37% as at 30 April 2025[43]. - The net equity attributable to owners was approximately negative HK$23.89 million as of October 31, 2025, compared to negative HK$21.63 million as of April 30, 2025[46]. - The group's debt-to-equity ratio was approximately negative 151.90% as of October 31, 2025, improving from negative 257.37% as of April 30, 2025[49]. - The total deficit as of 31 October 2025 was HK$23,888,000, compared to HK$21,633,000 as of 30 April 2025, reflecting an increase of 10.4%[98]. Cash Flow and Liquidity - Cash at banks and in hand decreased by approximately HK$16.15 million, from approximately HK$36.04 million as at 30 April 2025 to approximately HK$19.89 million as at 31 October 2025[41]. - Net cash generated from operating activities for the six months ended 31 October 2025 was HK$4,081,000, compared to HK$1,278,000 for the same period in 2024, showing a significant increase of 219.4%[102]. - Net cash used in financing activities was HK$20,229,000 for the six months ended 31 October 2025, compared to a net cash generated of HK$2,525,000 in the previous year[102]. - Cash and cash equivalents at the end of the reporting period were HK$19,893,000, down from HK$36,041,000 at the beginning of the period, a decrease of 44.2%[102]. - The group's cash and cash equivalents were approximately HK$19.89 million as of October 31, 2025, a decrease of about HK$16.15 million from HK$36.04 million as of April 30, 2025[47]. Operational Challenges - The operating environment remains challenging due to increasing operational costs, particularly higher subcontracting rates and general operation costs[17]. - Competition in the market remains intense, impacting the Group's performance[17]. - The Directors remain cautiously optimistic about the slope works industry in Hong Kong due to the Government's commitment to a rolling Landslip Prevention and Mitigation Programme[18]. - The Hong Kong Government's ongoing major construction and infrastructure projects are expected to increase demand for slope works related to public safety[18]. Administrative and Other Expenses - Administrative expenses increased slightly to HK$3,452,000 from HK$3,385,000 in 2024, reflecting a 2% rise[93]. - Finance costs for the period were HK$850,000, an increase of 9.7% from HK$775,000 in 2024[93]. - Total staff costs for the period amounted to HK$1.82 million, with remuneration based on market terms and individual performance[56]. - Total staff costs for the six months ended 31 October 2025 were HK$1,815,000, a decrease from HK$1,881,000 in 2024[141]. - Key management personnel remuneration for the six months ended 31 October 2025 was HK$1,201,000, unchanged from the same period in 2024[178]. Assets and Liabilities - As of 31 October 2025, the company's non-current assets amounted to HK$283,000, down from HK$374,000 as of 30 April 2025, representing a decrease of 24.4%[96]. - Current assets decreased to HK$32,144,000 from HK$62,324,000, a decline of 48.6%[96]. - Current liabilities decreased to HK$56,315,000 from HK$84,331,000, a reduction of 33.2%[96]. - The net current liabilities increased to HK$24,171,000 from HK$22,007,000, indicating a rise of 9.8%[96]. - Trade receivables from customers decreased from HK$11,910,000 as of 30 April 2025 to HK$8,566,000 as of 31 October 2025[155]. - Prepayments and deposits also decreased from HK$2,444,000 to HK$1,056,000 during the same period[155]. - Trade payables as of October 31, 2025, were HK$10,628,000, significantly lower than HK$20,984,000 as of April 30, 2025, reflecting a decrease of approximately 49.3%[162]. - Accruals and other payables decreased to HK$23,616,000 from HK$42,994,000, a reduction of about 45.0%[162]. - Borrowings increased to HK$19,293,000 as of October 31, 2025, compared to HK$16,872,000 as of April 30, 2025, representing an increase of approximately 14.3%[165]. - The outstanding loan principal borrowed from Emperor Prestige Credit Limited was approximately HK$14,911,000, with an interest rate of 12% per annum[167]. Compliance and Governance - The Audit Committee reviewed the unaudited condensed consolidated results and confirmed compliance with applicable accounting standards and GEM Listing Rules[91]. - The company has complied with the Corporate Governance Code, except for the absence of a chairman during the period, which prevented the arrangement of required meetings[77]. - There were no significant events that took place subsequent to the end of the reporting period[179].

Financial Performance - For the six months ended September 30, 2025, Chinlink International Holdings Limited recorded total revenue of HK$35.7 million, a decrease of 19.6% compared to the previous period[10]. - The net loss for the period was HK$120.6 million, a reduction of 47.7% from the previous period[10]. - The Group's unaudited consolidated revenue for the Period was HK$35.7 million, a decrease of 19.6% from HK$44.4 million in the Previous Period[24]. - Gross profit decreased to HK$23.5 million, down 20.3% from HK$29.5 million in the Previous Period, with a slight decline in gross profit margin to 65.7% from 66.4%[25]. - The Group recorded a loss of HK$120.6 million for the Period, a decrease from a loss of HK$230.6 million in the Previous Period, mainly due to reduced losses on investment properties and lower finance costs[36]. - Loss before tax for the six months was HK$128,930,000, compared to a loss of HK$254,845,000 in the prior year, indicating an improvement of 49.6%[138]. - The total comprehensive expense for the period attributable to owners of the company was HK$92,486,000, down 48.9% from HK$181,027,000 in 2024[140]. - The basic loss per share for the period was HK$10.28, an improvement from HK$19.58 in the previous year[141]. Revenue Breakdown - Revenue from the property investment business was HK$34.9 million, down HK$7.4 million or 17.5% from HK$42.3 million in the previous period[18]. - Rental and management services income from the Commercial Complex amounted to RMB32.0 million (equivalent to HK$34.9 million), a decline of 17.7% from RMB38.9 million (equivalent to HK$42.3 million) in the previous period[18]. - Income from financial services, including fees and interest, shrank by 59.1% from HK$2.2 million in the previous period to HK$0.9 million due to reduced portfolio size[19]. - Revenue from financial guarantee services and other financial services dropped to HK$0.9 million, down 59.1% from HK$2.2 million in the Previous Period[24][26]. - Revenue from property management services was HK$25,461,000, down from HK$30,947,000, representing a decline of 17.9% year-over-year[182]. - The geographical market revenue from China was HK$25,461,000, down from HK$31,362,000, indicating a decrease of 18.8%[182]. - Segment revenue from property investment was HK$34,852,000 for the six months ended September 30, 2025, compared to HK$42,267,000 in 2024, a decline of 17.5%[198]. Economic Environment - The general economic environment in China showed cautious consumer spending, with retail sales growth at 8.5% in Q2 2025, but the home furnishings sector stagnated at around 2%[12]. - The property sector, which once accounted for 25% of China's GDP, remains in a deep slump, posing challenges for economic recovery[100]. - The Chinese government's efforts to stimulate demand and tackle the liquidity crisis in the property sector have yet to show significant effects at the local level[103]. - The Group's market operates under conditions of low property demand and cautious consumer behavior, hindering the shift to a consumption-driven economy[102]. Financial Position - As of 30 September 2025, bank balances and cash totaled HK$26.6 million, a slight decrease of HK$0.2 million from HK$26.8 million as of 31 March 2025[37]. - The Group's bank and other borrowings increased to HK$1,712.6 million, up HK$71.2 million from HK$1,641.4 million as of 31 March 2025[38]. - As of 30 September 2025, the Group had net current liabilities of HK$1,622.8 million, resulting in a current ratio of 0.29, down from 0.54 as of 31 March 2025[56]. - The Group's gearing ratio as of 30 September 2025 was 0.89, calculated based on total liabilities of HK$2,762.8 million and total assets of HK$3,108.6 million[60]. - The total gross carrying amount of factoring receivables as of 30 September 2025 was HK$51.077 million, with a net carrying amount of HK$15.205 million[78]. - The total number of issued ordinary shares of the Company is 1,169,287,752[111]. - The company's equity attributable to owners decreased to HK$341,350,000 from HK$433,836,000, indicating a decline in shareholder value[147]. Operational Challenges - The average occupancy rate declined, leading to lower rental rates and extended rent-free periods as incentives to retain tenants[10]. - Tenant turnover has contributed to declining occupancy rates and lower rental rates in the shopping mall[12]. - The Group temporarily ceased acquiring new financial guarantee businesses due to a challenging credit environment in China, resulting in no guarantee sums provided as of September 30, 2025[70][73]. - The Group's investment property rental incomes and pre-sale of Phase II have been unsatisfactory due to the poor property market, with low demand and flat prices persisting[103]. - The Group will not engage in any new financing guarantee business in China or money lending business in Hong Kong until there is a substantial improvement in credit markets[104]. Management and Governance - The Company did not purchase, sell, or redeem any of its listed securities during the Period[121]. - The Company has complied with all provisions of the Corporate Governance Code except for the appointment of a new independent non-executive Director, which is expected before March 31, 2026[127]. - The Audit Committee consists of three independent non-executive directors and one non-executive director, ensuring compliance with the Listing Rules[132]. - The company has adopted the Model Code for securities transactions, with all directors confirming compliance during the reporting period[130]. Future Outlook - The recovery of consumer confidence and the property market in China are crucial for the Group's future business performance[103]. - The Group is seeking additional banking facilities to support funding needs if operating cash inflows are lower than forecasted[171]. - The Group's refinancing plans are crucial for maintaining sufficient working capital to meet financial obligations[168]. - The Group is accelerating the construction of Phase Two Development, which includes two loft apartment towers and a commercial corridor, with completion scheduled for next year[164].

立德教育股份有限公司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） 股份代號：1449 2025 年 報 LEADER EDUCATION LIMITED 立德教育股份有限公司 ANNUAL REPORT 2025 年 報 | 目錄 | | | --- | --- | | 2 | 公司概況 | | 4 | 主席報告 | | 6 | 財務摘要 | | 7 | 管理層討論及分析 | | 19 | 董事及高級管理層簡介 | | 24 | 董事會報告 | | 51 | 企業管治報告 | | 63 | 獨立核數師報告 | | 68 | 綜合損益及其他全面收益表 | | 70 | 綜合財務狀況表 | | 72 | 綜合權益變動表 | | 73 | 綜合現金流量表 | | 75 | 綜合財務報表附註 | 148 釋義 目錄 公司概況 董事會 執行董事 劉來祥先生 （主席兼行政總裁） 董玲女士 王雲福先生 車文閣先生 獨立非執行董事 張甦先生 曹少山先生 陳毅奮先生 授權代表 劉來祥先生 張世澤先生 公司秘書 張世澤先生 審核委員會 陳毅奮先生 （主席） 張甦先生 曹少山先生 薪酬委員會 張甦先生 （主席） ...

Financial Performance - The group's revenue for the six months ended September 30, 2025, was HKD 43,883,000, a decrease of 10.5% compared to HKD 48,980,000 in the same period of 2024[6]. - The group reported a net loss of HKD 9,287,000 for the period, an improvement from a net loss of HKD 10,889,000 in the previous year, representing a reduction of 14.7%[7]. - The company reported a net loss attributable to owners of approximately HKD 9.29 million for the six months ended September 30, 2025, compared to a loss of HKD 10.89 million in the same period last year, indicating a reduction in losses[62]. - The company reported a pre-tax loss of HKD (9,462,000) for the six months ended September 30, 2025, compared to a loss of HKD (10,855,000) in the same period of 2024[26][33]. Assets and Liabilities - The total assets less current liabilities as of September 30, 2025, amounted to HKD 17,100,000, down from HKD 27,687,000 as of March 31, 2025[10]. - Total assets as of September 30, 2025, amounted to HKD 71,209,000, a decrease from HKD 74,095,000 as of March 31, 2025[27][28]. - Total liabilities as of September 30, 2025, were HKD 62,991,000, compared to HKD 56,590,000 as of March 31, 2025, indicating an increase of approximately 11.5%[28]. - The group’s total equity attributable to owners decreased to HKD 8,251,000 as of September 30, 2025, from HKD 17,538,000 as of March 31, 2025, indicating a decline of 53%[16]. Cash Flow and Financing - The group’s cash and cash equivalents increased to HKD 8,904,000 from HKD 6,728,000, reflecting a growth of 32.4%[9]. - Cash generated from operating activities for the six months ended September 30, 2025, was HKD 11,248,000, an increase from HKD 9,745,000 in the previous year, reflecting a 15.4% growth[13]. - The company’s financing activities resulted in a net cash outflow of HKD 4,750,000 for the six months ended September 30, 2025, compared to HKD 1,261,000 in the previous year, highlighting increased financing needs[13]. - The company has secured a loan facility of HKD 20,000,000 with an independent financial institution, which is intended to support its operational needs over the next 18 months[18]. Operational Costs - The group’s employee costs decreased to HKD 7,778,000 from HKD 11,487,000, a reduction of 32.5%[6]. - The cost of materials and consumables increased by 35.36% to approximately HKD 33.84 million, up from HKD 25.00 million in the previous year, primarily due to rising operational costs in the construction business[53]. - Rental and related expenses increased by approximately 36.89% to HKD 1.67 million from HKD 1.22 million in the previous year, primarily due to an increase in short-term leases[58]. Strategic Initiatives - The company is actively considering fundraising activities, including rights issues and public offerings, to improve its cash flow situation[16]. - The board plans to implement cost control measures to reduce discretionary spending and administrative costs to enhance financial performance[17]. - The company plans to adopt a conservative approach to business operations, including reducing restaurant staff and negotiating rent discounts with landlords[49]. - The company’s operational strategy includes expanding its restaurant operations and enhancing service offerings to improve revenue streams[23]. Shareholder Information - Major shareholders Smarty Task Limited and Smarty Gain Limited each held approximately 5.76% of the company's shares as of September 30, 2025[78]. - The company has established a share option plan aimed at attracting, retaining, and motivating outstanding participants for future development and expansion[83]. - The share option plan was terminated on January 18, 2024, with 4,000,000 options granted under the previous plan remaining unexercised as of September 30, 2025[85]. Compliance and Governance - The company has complied with all applicable provisions of the corporate governance code as per GEM listing rules as of the report date[86]. - An audit committee has been established, consisting of three independent non-executive directors, to assist the board in reviewing internal audit functions and financial reporting processes[89]. - The interim financial statements have been reviewed by the audit committee and deemed compliant with applicable accounting standards and GEM listing rules[89].

目錄 | | | | | | | | | | | | | | | | | 司 明 明 明 明 明 理 業 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 損 財 權 現 中 論 及 | | | | | | | 6 7 18 24 | | | | | | | | | | | | | | | | | | | | | | | | | | | | 益 務 益 金 期 及 其 | | | | | | 及 狀 變 流 財 分 | | | | | | | | | 他 | | | | | | | | | | | | 其 況 動 量 務 析 資 | | | | | | | | | | | | | | | | | | | | | 他 表 表 表 報 料 | | | | | | | | | | | | | | | | | | | | | 全 表 | 面 附 | | 4 5 | | | | | | | | | | | | | ...

Financial Performance - For the six months ended September 30, 2025, the Group turned around from a loss of HK$7.4 million to a profit of HK$0.4 million[16]. - Total revenue decreased by approximately HK$26.2 million, or 23.6%, from approximately HK$110.8 million to approximately HK$84.6 million for the six months ended 30 September 2024[20]. - The company reported a profit for the year of HK$396,000, compared to a loss of HK$7,367,000 in the previous year[102]. - Total comprehensive income for the period was HK$6,040,000, compared to a loss of HK$4,494,000 in 2024[95]. - Basic and diluted earnings per share for the period was HK$0.06, compared to a loss of HK$1.19 per share in the previous year[95]. - The profit for the period was HK$396,000, a significant improvement from a loss of HK$7,367,000 in the same period of 2024[94]. - The company recorded a profit from operations of HK$366,000, compared to a loss of HK$9,671,000 in the previous year[94]. Revenue Breakdown - Revenue from leasing of construction machinery decreased by approximately HK$15.7 million, or 52.0%, from approximately HK$30.2 million to approximately HK$14.5 million due to a conservative approach in acquiring new business[21]. - Revenue from trading of construction machinery decreased by approximately HK$2.0 million, or 71.3%, from approximately HK$2.9 million to approximately HK$0.8 million due to slower demand in the real estate market[22]. - Revenue from property management services increased by approximately HK$1.2 million, or 2.7%, from approximately HK$44.6 million to approximately HK$45.8 million, aligning with stable market conditions[23]. - Revenue from property leasing, subletting, retail, and other businesses decreased by approximately HK$10.2 million, or 32.5%, from approximately HK$31.4 million to approximately HK$21.2 million due to intense competition[28]. - Money lending revenue rose to HK$2,295,000, an increase of 31.6% from HK$1,745,000 in the prior year[123]. Cost Management - Cost control measures contributed to the Group's ability to achieve profitability despite challenging market conditions[16]. - Administrative expenses decreased by approximately HK$7.8 million, or 23.0%, from approximately HK$34.1 million to approximately HK$26.2 million due to better cost-saving measures[38]. - Staff costs, including directors' emoluments, decreased to HK$21,089,000 in 2025 from HK$31,652,000 in 2024, a reduction of about 33.3%[137]. - Cost of inventories sold decreased to HK$33,560,000 in 2025 from HK$42,119,000 in 2024, reflecting a reduction of approximately 20.5%[137]. Balance Sheet and Cash Flow - The Group maintains a healthy balance sheet with net cash and no material debt[16]. - Cash and cash equivalents as of 30 September 2025 were approximately HK$24.0 million, down from approximately HK$28.9 million[48]. - Current ratio increased to approximately 3.1 times as of 30 September 2025, up from 2.7 times[50]. - Total liabilities decreased to HK$87,531,000 from HK$98,604,000, representing a reduction of approximately 11.3%[99]. - Net current assets increased to HK$172,337,000 from HK$154,634,000, reflecting a growth of approximately 11.0%[99]. - Net cash generated from operating activities for the six months ended September 30, 2025, was HK$29,991,000, down from HK$45,260,000 in the same period of 2024, indicating a decline of about 33.5%[104]. Strategic Initiatives - The Company plans to diversify its business into financial services in the second half of the year[17]. - On November 13, 2025, the Company signed a sale and purchase agreement to conditionally acquire a securities company, pending regulatory approval[17]. - The Group is conducting due diligence on an asset management company and an insurance brokerage company, with total investment costs expected to not exceed HK$6 million[17]. - The Board expects the acquisitions to enable the Group to become a diversified financial platform offering differentiated products[17]. Market Conditions - Overall market conditions in Hong Kong and the PRC were challenging due to higher interest rates and a stagnant real estate market[16]. - The Group aims to maintain a stable business scale and higher profitability for its existing operations[17]. Shareholder Information - The Group did not recommend the payment of any interim dividend to shareholders for the period[69]. - The company has not granted any share options under its Share Option Scheme since its adoption on January 23, 2017, with 120,000,000 options available for grant[90][91]. - As of September 30, 2025, Boardwin Resources Limited holds 2,328,960,000 shares, representing 37.60% of the company's issued share capital of 6,195,000,000 shares[86][89]. Financial Risks - The Group's financial risk management policies have not undergone significant changes during the reporting period[117]. - The Group's activities expose it to various financial risks, including foreign currency risk, credit risk, liquidity risk, and interest rate risk[116].

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 9,271,000, a decrease of 87.8% compared to HKD 76,124,000 for the same period in 2024[5] - Gross profit for the same period was HKD 3,967,000, down 35.8% from HKD 6,182,000 in 2024[5] - Operating loss increased to HKD 14,904,000, compared to HKD 13,759,000 in the previous year, reflecting a 8.3% increase in losses[5] - The company reported a net loss of HKD 14,947,000 for the period, slightly improved from HKD 14,948,000 in 2024[6] - The total comprehensive loss for the period was HKD 14,910,000, which includes a loss attributable to owners of the company of HKD 12,374,000[9] - The company reported a pre-tax consolidated loss of HKD 14,940,000 for the six months ending September 30, 2025, compared to a loss of HKD 14,948,000 in the same period of 2024[22] - The company reported a net loss of HKD 12,374,000 for the six months ended September 30, 2025, compared to a net loss of HKD 13,319,000 for the same period in 2024, indicating a slight improvement in financial performance[37] Cash Flow and Liquidity - The company reported a net cash outflow from operating activities of HKD 9,369,000 for the six months ended September 30, 2025, compared to HKD 25,617,000 for the same period in 2024, indicating an improvement[10] - Cash and cash equivalents dropped to HKD 3,669,000 from HKD 11,030,000, a decrease of 66.7%[7] - The cash and cash equivalents decreased by HKD 7,431,000 during the period, with an ending balance of HKD 3,669,000[12] - The financing activities resulted in a net cash outflow of HKD 538,000, compared to HKD 3,394,000 in the prior year, reflecting reduced financing costs[10] Assets and Liabilities - Total assets decreased to HKD 125,828,000 from HKD 147,341,000, representing a decline of 14.5%[7] - Current liabilities increased to HKD 73,222,000 from HKD 113,728,000, indicating a significant reduction of 35.6%[7] - The company’s equity attributable to owners decreased to HKD 102,191,000 from HKD 107,992,000, a decline of 5.4%[8] - Total assets for the group as of September 30, 2025, amounted to HKD 174,192,000, down from HKD 221,444,000 as of March 31, 2025[24] - The total liabilities for the group as of September 30, 2025, were HKD 73,370,000, compared to HKD 113,728,000 as of March 31, 2025, indicating a reduction in liabilities[24] Revenue Breakdown - The revenue breakdown for the six months ending September 30, 2025, included HKD 841,000 from smart building solutions, HKD 8,385,000 from control systems, and HKD 45,000 from smartphone distribution[25] - The smart building segment's revenue from external customers decreased from HKD 861,000 in 2024 to HKD 841,000 in 2025, reflecting a decline of approximately 2.3%[25] - Control systems revenue saw a significant drop from HKD 15,560,000 in 2024 to HKD 8,385,000 in 2025, a decrease of about 46.1%[25] - The smartphone distribution business recorded revenue of HKD 45 million with a segment loss of HKD 3.9 million, a significant decline from HKD 59.7 million in revenue in the previous period[64] Expenses and Cost Management - Research and development expenses were HKD 1,090,000, a decrease of 25.2% from HKD 1,459,000 in the previous year[5] - Employee costs, including directors' remuneration, totaled HKD 7,836,000 for the six months ended September 30, 2025, down from HKD 9,536,000 in 2024, a decrease of about 17.8%[30] - Administrative and other operating expenses decreased by approximately 3.1 million HKD or 21.4% to about 11.4 million HKD, mainly due to reduced employee costs and legal fees[78] - Selling and distribution expenses increased by approximately 37,000 HKD or 25.9% to about 180,000 HKD, attributed to increased marketing expenses[77] - Financing costs for the six months ended September 30, 2025, were HKD 36,000, significantly lower than HKD 1,188,000 in 2024, reflecting a reduction of approximately 96%[29] Shareholder Information - The company proposed a rights issue to issue up to 897,482,880 shares at a subscription price of HKD 0.135 per share, with a special shareholders' meeting scheduled for December 15, 2025, to approve the resolution[61] - As of September 30, 2025, the company’s major shareholder, Han Wei Ning, holds 43,414,331 shares, representing approximately 9.67% of the equity[96] - Infinity Holding and Nan Yu hold 16.53% of the issued shares, totaling 74,176,000 shares each[101] - Lin Shao Xin holds 7.67% of the issued shares, totaling 34,409,280 shares[101] Corporate Governance - The chairman position has been vacant since January 3, 2020, and the CEO position has been vacant since March 18, 2025[110] - The company is actively seeking suitable candidates to fill the vacancies of chairman and CEO[110] - The company has adopted the Corporate Governance Code and believes it has complied with all applicable code provisions, except for certain provisions due to the vacant positions[108] - The audit committee, consisting of three independent non-executive directors, is responsible for reviewing the financial reporting system, risk management, and internal control systems[118] Future Outlook - The company plans to relocate its production facility to Australia to serve the Australian and Western markets, aiming to revitalize its building intelligence business[70] - The market environment remains challenging, with persistent inflation and high interest rates suppressing consumer demand and business investment in China[70] - The company will maintain a cautious approach with strict cost control while leveraging its expertise in fintech and artificial intelligence to seize opportunities[70]

Contents 目 錄 | 2 | Corporate Information | 公司資料 | | --- | --- | --- | | 4 | Report on Review of Interim Financial Statements | 中期財務報表審閱報告 | | 6 | Condensed Consolidated Statement of Profi t or Loss | 簡明綜合損益表 | | 8 | Condensed Consolidated Statement of Comprehensive Income | 簡明綜合全面收入報表 | | 9 | Condensed Consolidated Statement of Financial Position | 簡明綜合財務狀況報表 | | 11 | Condensed Consolidated Statement of Changes in Equity | 簡明綜合權益變動表 | | 13 | Condensed Consolidated Statement of Cash Flows | 簡明綜合現金流量表 | | 14 ...

Financial Performance - For the six months ended September 30, 2025, the revenue from continuing operations was approximately HKD 47.0 million, a decrease of 15.3% compared to HKD 55.5 million for the same period in 2024[8]. - The gross profit from continuing operations for the same period was approximately HKD 1.1 million, down from HKD 3.9 million in 2024[8]. - The loss attributable to owners of the company from continuing operations was approximately HKD 18.9 million, an improvement from a loss of HKD 34.4 million in the previous year[8]. - The company reported a total segment loss (LBITDA) of HKD 13,928,000 for the six months ending September 30, 2025, compared to a loss of HKD 28,895,000 for the same period in 2024[72]. - The total comprehensive loss attributable to the company's owners for the period was HKD 184,000, compared to a loss of HKD 33,326,000 in the same period last year[55]. - The company incurred a loss before tax of HKD 18,911,000, an improvement from a loss of HKD 34,350,000 in the prior year[55]. Revenue Breakdown - The revenue breakdown for the six months ended September 30, 2025, included HKD 401,000 from building construction services, HKD 39.1 million from renovation and building services, and HKD 6.9 million from maintenance of historical buildings[10]. - Revenue from the construction and engineering business slightly decreased from approximately HKD 49.9 million to approximately HKD 46.4 million[20]. - The construction and engineering services segment generated revenue of HKD 46,434,000, while the sales of consumer products segment contributed HKD 571,000 for the six months ending September 30, 2025[72]. - Revenue related to the consumer products business significantly dropped from approximately HKD 5.7 million to approximately HKD 0.6 million, primarily due to reduced advertising[20]. Expenses and Cost Management - Administrative expenses for the six months ended September 30, 2025, were approximately HKD 15.0 million, slightly reduced from HKD 15.7 million in 2024[8]. - Sales and marketing expenses for the six months ended September 30, 2025, were approximately HKD 0.4 million, a significant decrease from HKD 16.0 million for the same period in 2024, primarily due to reduced online advertising spending[23]. - The pre-tax loss from continuing operations for the six months ended September 30, 2025, included construction costs recognized in cost of sales amounting to HKD 45,138,000, down from HKD 47,934,000 in 2024, a decrease of 5.8%[85]. Dividends and Shareholder Returns - The company decided not to declare any interim dividend for the six months ended September 30, 2025[8]. - The company did not recommend any dividend for the six months ended September 30, 2025, consistent with the previous year[95]. Asset and Liability Management - Total borrowings as of September 30, 2025, amounted to approximately HKD 103.3 million, down from HKD 154.1 million as of March 31, 2025[26]. - The current ratio as of September 30, 2025, was 2.2, down from 2.4 as of March 31, 2025, while the debt-to-capital ratio was 85%, down from 91%[28]. - The group had cash and bank balances of approximately HKD 7.1 million as of September 30, 2025, compared to HKD 7.5 million as of March 31, 2025[28]. - Trade receivables as of September 30, 2025, amounted to HKD 15,053,000, with a provision for impairment of HKD 2,501,000, resulting in a net trade receivables of HKD 12,552,000[106]. - Trade payables increased to HKD 52,683,000 as of September 30, 2025, from HKD 49,417,000 as of March 31, 2025[107]. Strategic Decisions and Business Focus - The company completed the sale of its 100% equity interest in Top Table Investment Limited and its subsidiary, marking the termination of its property development and investment business in Japan[9]. - The company is reallocating resources to markets and business segments where it has a stronger competitive advantage and local expertise[9]. - The company aims to focus on markets and business segments where it has a competitive advantage and local expertise[19]. - The company plans to continue focusing on property development and investment in Japan, as well as expanding its smart consumer products in mainland China[64]. Future Outlook and Challenges - The board anticipates challenges due to global political and economic factors but believes the group can leverage future opportunities through strategies such as low-risk bidding and strict cost control[30]. - The company is assessing its future cash flow needs and operational performance to ensure sufficient working capital for the next twelve months[65]. Discontinued Operations - The company completed the sale of its entire 100% equity in Top Table Investment Limited for a total consideration of HKD 48,230,000 and HKD 21,995,000 for the land in Japan[91]. - The profit from discontinued operations for the six months ended September 30, 2025, was HKD 17,987,000, compared to a loss of HKD 609,000 in the same period of 2024[92]. - The total revenue from discontinued operations 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 4.0%[92]. - The company has reclassified the performance of its Japanese subsidiary's hotel holdings to discontinued operations, with no impact on the group's assets and liabilities as of March 31, 2025[69].