Financial Performance - The company reported revenue of HKD 112,626,000 for the six months ended September 30, 2025, a decrease of 7.7% compared to HKD 121,928,000 in the same period of 2024[5]. - Operating profit for the same period was HKD 77,131,000, down 12% from HKD 87,565,000 year-on-year[5]. - The net loss for the period was HKD 25,688,000, significantly improved from a loss of HKD 83,401,000 in the previous year, representing a reduction of 69%[6]. - The company reported a loss attributable to shareholders of HKD 85,847,000 for the period, compared to a profit of HKD 2,446,000 in the previous year[10]. - The group reported a net loss of HKD 25,700,000 for the six months ended September 30, 2025, compared to a loss of HKD 83,400,000 in the previous year[49]. - The company reported a pre-tax loss of HKD 28,970,000 for the six months ended September 30, 2025, compared to a loss of HKD 85,847,000 in 2024, indicating a significant reduction in losses[27]. Assets and Liabilities - The company’s total assets as of September 30, 2025, were HKD 10,860,738,000, slightly down from HKD 10,871,083,000 as of March 31, 2025[7]. - Total liabilities decreased to HKD 2,414,658,000 as of September 30, 2025, from HKD 2,434,883,000 as of March 31, 2025, showing a reduction of 0.8%[22]. - The company’s total equity as of September 30, 2025, was HKD 8,545,210,000, down from HKD 8,586,077,000[10]. - The company’s equity increased to HKD 8,446,080,000 from HKD 8,436,200,000, reflecting a stable financial position[8]. - The company’s cash flow from investment activities was HKD 16,203,000, a decrease from HKD 63,549,000 year-over-year[12]. Cash and Liquidity - Cash and bank balances increased to HKD 407,531,000 from HKD 389,634,000, indicating improved liquidity[7]. - Cash and cash equivalents at the end of the period increased to HKD 403,531,000 from HKD 385,692,000, showing a growth of about 4.3%[12]. - The company’s financial expenses decreased to HKD 47,475,000 from HKD 60,911,000, contributing to the overall improvement in financial results[5]. - Total bank borrowings amounted to HKD 2,257,000,000 as of September 30, 2025, down from HKD 2,281,000,000 as of March 31, 2025, with an average effective interest rate of 4.12% compared to 5.29% in 2024[60]. Investment Properties - The fair value of investment properties as of September 30, 2025, was HKD 7,848,447,000, reflecting a decrease from HKD 7,857,288,000 as of March 31, 2025[29]. - The fair value change of investment properties resulted in a loss of HKD 8,841,000, compared to a loss of HKD 7,346,000 in the previous year[18]. - The rental income from the property at 68 Yee Wo Street, Causeway Bay, was HKD 45,200,000, down from HKD 48,700,000 year-on-year, despite an increase in occupancy rate to 83%[51]. - The rental income from the property at 80,140 square feet in Central was HKD 22,900,000, a decrease from HKD 25,200,000 year-on-year, with an occupancy rate of 90%[51]. - The group’s property in Kwun Tong had a rental contribution of HKD 21,600,000, down from HKD 22,100,000 year-on-year, with a fair value decrease of HKD 2,000,000[50]. Corporate Governance - The company is committed to maintaining a high level of corporate governance to protect shareholder interests and enhance corporate value and accountability[77]. - The company has adopted the principles and corporate governance code as outlined in Appendix C1 of the listing rules, and has complied with all provisions of the corporate governance code for the six months ending September 30, 2025[77]. - The company has adopted the Standard Code for Securities Transactions by Directors as per Appendix C3 of the listing rules, confirming that all directors complied with the code throughout the period ending September 30, 2025[78]. - The board of directors consists of four independent non-executive directors who reviewed and recommended the approval of the unaudited consolidated interim financial statements for the six months ended September 30, 2025[75]. Shareholder Information - Major shareholders include Forward Investments Inc. with 283,200,215 shares (24.54%) and Intercontinental Enterprises Corp. with 215,768,260 shares (18.70%) as of September 30, 2025[71]. - The company did not recommend any interim dividend for the six months ended September 30, 2025, consistent with the previous year[74]. - The company had no purchases, sales, or redemptions of its listed shares during the six months ended September 30, 2025[76]. - The company has no unexercised share options granted under the share option scheme as of September 30, 2025[73].

(Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock code 股份代號 : 3638) HUNLICAR GROUP LIMITED 亨利加集團有限公司 INTERIM REPORT 2025 中期報告 INTERIM REPORT 中期報告 2025 CONTENTS 目 錄 Hunlicar Group Limited 亨利加集團有限公司 Interim Report 中期報告 2025 | CORPORATE INFORMATION | 2 | | --- | --- | | 公司資料 | | | CONDENSED CONSOLIDATED INCOME STATEMENT | 6 | | 簡明合併收益表 | | | CONDENSED CONSOLIDATED STATEMENT OF | | | COMPREHENSIVE INCOME | 7 | | 簡明合併綜合收益表 | | | CONDENSED CONSOLIDATED STATEMENT OF | | | FINANCIA ...

Financial Performance - For the six months ended September 30, 2025, the revenue decreased to HK$51,320,000 from HK$185,663,000 in the same period of 2024, representing a decline of approximately 72.5%[13]. - Gross profit for the period was HK$955,000, down from HK$10,365,000, indicating a decrease of about 90.8%[13]. - The loss before tax for the period was HK$8,193,000 compared to a profit of HK$2,303,000 in the previous year, marking a significant turnaround[13]. - The total comprehensive loss for the period was HK$8,231,000, compared to a comprehensive income of HK$2,036,000 in the same period last year[13]. - Basic loss per share for the period was HK$0.97, compared to earnings of HK$0.26 per share in the same period last year[13]. - The Group recorded a loss of approximately HK$8.2 million for the six months ended 30 September 2025, compared to a profit of approximately HK$2.1 million for the same period in 2024, primarily due to a significant reduction in gross income from approximately HK$10.0 million to HK$1.0 million[154]. Assets and Liabilities - As of September 30, 2025, total assets less current liabilities amounted to HK$65,468,000, a decrease from HK$57,898,000 as of March 31, 2025[14]. - Current liabilities increased to HK$226,096,000 from HK$271,081,000, reflecting a reduction of approximately 16.6%[14]. - The company's net current liabilities stood at HK$66,866,000, compared to HK$58,002,000 in the previous reporting period[14]. - Non-current assets increased to HK$1,398,000 from HK$104,000, indicating a significant growth in long-term investments[14]. - The company's total equity as of September 30, 2025, was negative HK$66,129,000, compared to negative HK$57,898,000 as of March 31, 2025[16]. - The Group's financial liabilities at amortized cost total HK$226,568,000 as of September 30, 2025, compared to HK$270,913,000 as of March 31, 2025[120]. Cash Flow and Financing - Cash generated from operations for the six months ended September 30, 2025, was HK$3,151,000, a significant decrease from HK$23,857,000 in the prior year, reflecting a decline of approximately 86.8%[20]. - The Company had cash and cash equivalents of HK$899,000 at the end of the period, down from HK$5,420,000 at the end of September 30, 2024, indicating a decrease of approximately 83.4%[20]. - The Group's outstanding borrowings decreased to approximately HK$94.4 million as of 30 September 2025, down from HK$135.0 million as of 31 March 2025, all repayable on demand or within one year[156]. - The secured bank loans decreased from HK$110,344,000 as of March 31, 2025, to HK$70,768,000 as of September 30, 2025, representing a reduction of approximately 36%[99]. - The effective interest rates for secured bank loans ranged from 3.00% to 6.83% as of September 30, 2025, compared to 6.31% to 7.43% as of March 31, 2025[106]. Revenue and Contracts - For the six months ended September 30, 2025, the Group's revenue from construction services for residential properties was HK$50,429,000, a decrease of 72.7% compared to HK$184,871,000 for the same period in 2024[41]. - Revenue from contracts with customers totaled HK$51,320,000, down 72.5% from HK$185,663,000 in the previous year[41]. - Major customers included Customer A, contributing HK$31,957,000 (62.2% of total revenue) and Customer B, contributing HK$18,471,000 (36.0% of total revenue) for the period[49]. - The Group had two ongoing projects with a total contract value of HK$572.9 million, with approximately HK$50.4 million recognized as revenue during the reporting period[130]. - The Group was awarded three new projects during the reporting period, with a total contract sum of approximately HK$17.8 million[130]. Expenses and Costs - The Group's cost of services for the same period was approximately HK$50.4 million, down from HK$175.3 million in the corresponding period in 2024[140]. - Total staff costs decreased significantly to HK$2,517,000 in 2025 from HK$23,386,000 in 2024, reflecting a reduction of approximately 89.3%[64]. - Directors' remuneration was HK$735,000 for the period, down from HK$3,004,000 in 2024, indicating a decrease of about 75.6%[64]. - Finance costs decreased to approximately HK$2.6 million for the six months ended 30 September 2025, down from HK$5.0 million for the same period in 2024, due to the full settlement of loans totaling HK$44.5 million[152]. Management and Governance - The Group emphasizes the importance of risk management practices to mitigate operational and financial risks effectively[181]. - The Group has not disclosed any other interests or short positions in shares, convertible notes, or debentures by Directors or chief executives as of September 30, 2025[190]. - There are no competing business interests reported among Directors and their associates for the six months ended September 30, 2025[200]. Market Outlook and Strategy - The forecast for residential building completions in Hong Kong is 20,862 new units in 2025 and 20,098 new units in 2026, indicating a slight decline in demand for façade and curtain wall works[131]. - The Company plans to diversify operations by expanding into complementary sectors, including interior decoration, electrical and drainage works, and logistics and frozen storage warehouse[136].

(於開曼群島註冊成立的有限公司) 股份代號: 1773 2025 年度報告 目錄 | 公司資料 | 2 | | --- | --- | | 公司簡介 | 4 | | 財務摘要 | 5 | | 主席報告 | 7 | | 財務總結 | 9 | | 管理層討論與分析 | 11 | | 財政回顧 | 16 | | 董事及高級管理層 | 26 | | 董事報告 | 30 | | 企業管治報告 | 71 | | 獨立核數師報告 | 85 | | 綜合財務報表 | 91 | | 環境、社會及管治報告 | 183 | | 釋義 | 217 | 天立國際控股有限公司 二零二五年年報 公司資料 董事會 執行董事 頁次 羅實先生 （主席） 王銳先生 非執行董事 潘平先生 章文藻先生 李曉梅女士 獨立非執行董事 廖啟宇先生 （主席） 程益群先生 楊東先生 薪酬委員會 廖啟宇先生 楊東先生 程益群先生 董事委員會 審核委員會 程益群先生 （主席） 王銳先生 楊東先生 提名委員會 羅實先生 （主席） 李曉梅女士 程益群先生 廖啟宇先生 楊東先生 核數師 安永會計師事務所 執業會計師 註冊公眾利益實體核數師 香港鰂魚涌 英皇道979 號 ...

Financial Performance - The group's revenue increased by 24.4% to approximately HKD 67,359,000 for the six months ending September 30, 2025, compared to HKD 54,164,000 for the same period in 2024[9]. - Gross profit rose by 30.1% to approximately HKD 14,938,000, with a gross margin improvement from 21.2% to 22.2%[10]. - The group reported a loss of approximately HKD 1,707,000 for the period, compared to a profit of HKD 1,071,000 in the same period last year[14]. - The company incurred a loss before tax of HKD 303,000, compared to a profit of HKD 1,150,000 in the previous year[52]. - The total comprehensive income for the period was HKD 1,097,000, down from HKD 2,580,000 in the same period last year[52]. - The company reported a net loss of HKD 1,707,000 for the period, compared to a profit of HKD 1,071,000 in the previous year[52]. - The company reported a basic loss per share of approximately HKD 1,707,000 for the period, compared to a profit of HKD 1,071,000 for the same period last year, with a weighted average of 1,323,968,128 shares outstanding[75]. Expenses and Cost Management - Sales and distribution expenses decreased by 22.7% to approximately HKD 7,636,000, attributed to budget control measures[12]. - Administrative expenses fell by 12.6% to approximately HKD 7,708,000, mainly due to reduced employee and professional costs[13]. - The total remuneration paid to directors and key management personnel for the six months ended September 30, 2025, was HKD 1,998,000, down from HKD 2,291,000 in the same period last year[85]. Revenue Segmentation - The sales of beauty and health products surged from approximately HKD 11,365,000 to HKD 56,960,000, significantly contributing to revenue growth[9]. - The fashion accessories platform's sales declined from approximately HKD 42,799,000 to HKD 10,399,000, offsetting some of the gains from the beauty and health segment[9]. - Total revenue for the six months ended September 30, 2025, was HKD 67,359 thousand, with external sales from the fashion accessories segment at HKD 10,399 thousand and from the beauty and health products segment at HKD 56,960 thousand[66]. Cash Flow and Assets - As of September 30, 2025, the company's cash and cash equivalents amounted to approximately HKD 20,280,000, a decrease from approximately HKD 53,346,000 as of March 31, 2025[18]. - The company's cash and bank balances decreased to HKD 20,280,000 from HKD 53,346,000 in the previous period[54]. - The company experienced a decrease in cash and cash equivalents, with a net decrease of HKD (36,201) thousand for the six months ended September 30, 2025, compared to HKD (21,284) thousand in 2024[57]. - As of September 30, 2025, the company had total assets of HKD 178,629,000, slightly down from HKD 178,881,000 as of March 31, 2025[54]. Debt and Liabilities - The company's debt-to-equity ratio as of September 30, 2025, was approximately 9.9%, down from 11.6% as of March 31, 2025[18]. - The company’s total liabilities for the beauty and health products segment were HKD (8,399) thousand, while the fashion accessories segment had total liabilities of HKD (5,835) thousand as of September 30, 2025[66]. - Total liabilities for trade payables decreased to HKD 1,322,000 as of September 30, 2025, from HKD 2,456,000 as of March 31, 2025[81]. Strategic Initiatives - The company plans to optimize marketing strategies and expand physical locations while integrating online channels to enhance customer engagement and loyalty[15]. - The group is focusing on product development and technology to strengthen competitive advantages and align with emerging trends in the beauty and health sectors[17]. - The company aims to explore both horizontal and vertical integration opportunities to enhance operational efficiency and profitability[17]. Shareholder Information - As of September 30, 2025, Chen Long holds 712,791,525 shares, representing 53.84% of the issued share capital of the company[37]. - Global Venture Capital Limited directly holds 125,000,000 shares, accounting for 9.44% of the company's issued shares[40]. - Shenzhen Hexin Gongsheng Investment Partnership holds 125,000,000 shares, also representing 9.44% of the issued shares[40]. - Shenzhen Xinglongtian Technology Co., Ltd. holds 125,000,000 shares, equivalent to 9.44% of the issued shares[40]. Dividends and Share Options - The company did not declare any interim dividends for the six months ending September 30, 2024[19]. - The company did not declare an interim dividend for the six months ending September 30, 2025[75]. - The 2008 Share Option Scheme was adopted to reward participants for their contributions and expired on April 22, 2018, with no unexercised options remaining[43]. - The company has no outstanding options under the 2019 Share Option Scheme, and no shares were granted or exercised during the reporting period[46]. - The 2024 Share Option Scheme allows for the issuance of 110,396,812 shares, but no options were granted or exercised as of the reporting date[50]. Impairment and Receivables - The company recognized a loss of HKD (1,473) thousand for impairment losses on trade receivables and contract assets for the six months ended September 30, 2025, compared to HKD (767) thousand in 2024[70]. - Trade receivables increased to HKD 70,290,000 as of September 30, 2025, up from HKD 53,858,000 as of March 31, 2025, with a net amount of HKD 65,192,000 after provisions[76]. - The aging analysis of trade receivables shows that HKD 32,485,000 is overdue between 91 to 180 days, significantly higher than HKD 11,530,000 in the previous period[77]. - The company has no overdue or impaired other receivables, indicating stable credit quality and expected recoverability of outstanding amounts[79]. - The average credit period granted to customers remains between 30 to 180 days, consistent with the previous period[77]. Government Grants - The company received government grants totaling HKD 1,088 thousand during the six months ended September 30, 2025[69].

Financial Performance - Total revenue for the six months ended September 30, 2025, was HKD 5,183,257, a decrease of 12.9% compared to HKD 5,952,633 in 2024[9] - Gross profit for the same period was HKD 1,827,001, down 20.1% from HKD 2,286,230 in 2024[9] - Profit for the period was HKD 955,561, reflecting a decline of 22.8% from HKD 1,238,001 in 2024[9] - Operating profit for the six months was HKD 1,608,686, compared to HKD 2,019,134 in 2024, reflecting a decline of approximately 20.4%[33] - Profit attributable to the company's owners for the period was HKD 571,251, down from HKD 755,649 in 2024, a decrease of about 24.4%[35] - Basic and diluted earnings per share for the period were both HKD 35.12, compared to HKD 46.29 in 2024, a decline of approximately 24.0%[35] - Total comprehensive income for the period was HKD 1,283,533, down from HKD 1,574,104 in 2024, representing a decrease of about 18.5%[37] - The company reported a net decrease in cash and cash equivalents of HKD 757,998 for the period, with a closing balance of HKD 4,042,256[42] - The net cash flow from operating activities for the six months ended September 30, 2025, was HKD 390,607, down from HKD 715,128 in the previous year[42] Assets and Liabilities - The company’s net assets increased by 10.8% to HKD 24,226,275 from HKD 21,872,686 in the previous year[9] - The total assets rose by 2.9% to HKD 67,826,821 compared to HKD 65,891,643 as of March 31, 2025[9] - As of September 30, 2025, total liabilities amounted to HKD 43,938,423, a decrease from HKD 44,482,219 as of March 31, 2025[39] - Non-current assets as of September 30, 2025, totaled HKD 49,912,466, an increase from HKD 48,271,896 as of March 31, 2025[38] - Current assets amounted to HKD 17,914,355, slightly up from HKD 17,619,747 as of March 31, 2025[38] - The total outstanding borrowings decreased to HKD 24,456,400,000 as of September 30, 2025, from HKD 25,185,200,000 as of March 31, 2025, primarily due to debt repayments[113] Dividends and Shareholder Returns - The company maintained an interim dividend of HKD 0.13 per share, unchanged from the previous year[9] - The proposed interim dividend was HKD 212,202 thousand, reflecting the company's commitment to returning value to shareholders[44] - The board declared an interim dividend of HKD 0.13 per ordinary share for the six months ended September 30, 2025, consistent with the previous year[96] Segment Performance - Revenue from urban water supply operations was HKD 1,801,219, an increase from HKD 1,724,342, reflecting a growth of about 4.5%[55] - The environmental business, including wastewater treatment, showed a revenue increase of 8.7% to HKD 832,400 compared to HKD 765,600 in 2024[24] - Revenue from the Urban Water Supply segment was HKD 3,270,800,000, down 13.1% from HKD 3,765,200,000 in the previous year, with profit decreasing by 17.4% to HKD 941,300,000[99] - Revenue from the Direct Drinking Water Supply segment was HKD 263,200,000, a decrease of 28.3% from HKD 367,100,000, with profit declining by 55.2% to HKD 74,600,000[100] - The environmental segment reported revenue of HKD 832,400,000, an increase of 8.7% compared to HKD 765,600,000 in the previous year, with profit rising by 29.7% to HKD 366,600,000 from HKD 282,700,000[101] Financial Management and Strategy - The company continues to assess the impact of new accounting standards on its financial position and performance, with no significant effects reported so far[47] - The company is focused on enhancing its digital capabilities and financial strategies to manage foreign exchange risks effectively[117] - The company plans to leverage government-issued long-term bonds and special bonds to promote a light asset development strategy, aiming to enhance operational flexibility and cash flow generation[111] - The company aims to deepen smart water management by integrating AI, IoT, and big data technologies to improve operational efficiency and service resilience[110] Shareholder Information - The total number of issued and fully paid ordinary shares as of September 30, 2025, was 1,632,322,000, with a par value of HKD 0.01 per share[84] - The company has a total of 447,311,901 shares held by Mr. Duan Chuanliang, representing approximately 27.40% of the issued share capital[125] - Asset Full Resources Limited, wholly owned by Mr. Duan, holds 218,044,301 shares, accounting for 13.36% of the issued share capital[125] - ORIX Corporation holds 445,136,277 shares, which is about 27.27% of the issued share capital[125] Governance and Compliance - The company has complied with all applicable provisions of the Corporate Governance Code, except for certain deviations regarding the roles of the Chairman and CEO[127] - The audit committee, composed of four independent non-executive directors, has reviewed the accounting principles and practices adopted by the group[133] - The interim financial statements for the six months ending September 30, 2025, have been reviewed by Ernst & Young according to the relevant Hong Kong standards[134]

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 30,040,000, a decrease of 15.0% compared to HKD 35,644,000 for the same period in 2024[7]. - Gross profit for the same period was HKD 9,250,000, down 24.0% from HKD 12,188,000 in 2024[7]. - Operating loss for the six months was HKD 22,214,000, an improvement from a loss of HKD 29,904,000 in the previous year, indicating a 25.0% reduction in operating losses[8]. - The total comprehensive loss for the period was HKD 23,720,000, compared to a loss of HKD 10,309,000 in 2024, reflecting a significant increase in losses[8]. - The company reported a basic and diluted loss per share of HKD 0.57, an improvement from HKD 0.74 in the previous year[8]. - The company experienced a total comprehensive loss of HKD 23,623,000 for the period, compared to a loss of HKD 30,677,000 in the prior period[11]. - The company reported a total loss of HKD 23,623,000 for the six months ended September 30, 2025, compared to a loss of HKD 30,677,000 in 2024, indicating a decrease of approximately 23.0%[28]. - The company reported a loss attributable to shareholders of HKD 23,623,000 for the six months ended September 30, 2025, compared to a loss of HKD 30,677,000 for the same period in 2024, representing a 23.4% improvement[38]. Assets and Liabilities - Non-current assets increased to HKD 103,942,000 as of September 30, 2025, compared to HKD 91,051,000 as of March 31, 2025, representing a growth of 14.2%[9]. - Current assets decreased to HKD 557,692,000 from HKD 586,355,000, a decline of 4.9%[9]. - Total liabilities increased to HKD 45,713,000 from HKD 37,765,000, marking a rise of 21.0%[10]. - The company's equity decreased to HKD 615,921,000 from HKD 639,641,000, a reduction of 3.7%[10]. - The total assets as of September 30, 2025, amounted to HKD 661,634,000, while total liabilities were HKD 45,713,000, resulting in a net asset position[29]. - Total accounts receivable as of September 30, 2025, amounted to HKD 222,622,000, down from HKD 242,184,000 as of March 31, 2025, reflecting a decrease of 8.1%[47]. - The company’s total equity attributable to owners decreased to HKD 615,921,000 from HKD 723,785,000 as of September 30, 2024[11]. Cash Flow and Financing - The net cash used in operating activities for the six months ended September 30, 2025, was HKD 14,229,000, an improvement from HKD 23,276,000 in the previous year[13]. - The cash and cash equivalents at the end of the period were HKD 55,155,000, down from HKD 98,159,000 at the end of September 2024[13]. - The company’s financing activities used HKD 2,665,000 in cash, an improvement from HKD 5,555,000 in the prior year[13]. - Total borrowings increased to approximately HKD 14,800,000 as of September 30, 2025, compared to HKD 2,000,000 as of March 31, 2025[87]. - The debt ratio was 2.41% as of September 30, 2025, up from 0.32% as of March 31, 2025, primarily due to new lease contracts[88]. - The current ratio was 15.89 as of September 30, 2025, slightly down from 16.91 as of March 31, 2025[87]. Revenue Sources - The company’s interest income from lending, factoring, and finance leasing was HKD 8,830,000, down from HKD 10,318,000 in the previous year[22]. - The company’s trading segment in China and Hong Kong generated revenue from goods sales of HKD 20,959,000, a decline from HKD 24,513,000 in the same period last year[22]. - The company’s financial services business generated revenue of approximately HKD 1,000,000 during the period, with a loss of about HKD 14,300,000[82]. - The company is actively exploring the development of its financial services business to increase revenue sources in the capital markets[83]. - The trading business generated revenue of about HKD 21,000,000 with a loss of approximately HKD 5,600,000, compared to HKD 23,700,000 in revenue and a loss of HKD 11,700,000 in the same period last year[72]. Impairment and Provisions - The company confirmed an impairment loss of HKD 21,000,000 on intangible assets as of September 30, 2025, consistent with the previous period[45]. - The impairment provision for accounts receivable increased to HKD 72,957 as of September 30, 2025, from HKD 63,097 as of March 31, 2025[53]. - The company made an impairment provision of approximately HKD 2,200,000 for loans and interest during the period, reflecting a cautious approach to credit risk[76]. - The impairment provision for loans and interest increased to HKD 29,383 as of September 30, 2025, from HKD 27,221 as of March 31, 2025[61]. Corporate Governance and Shareholder Information - The audit committee consists of four independent non-executive directors, ensuring compliance with accounting principles and internal controls[119]. - The company has fully complied with the corporate governance code as of September 30, 2025[115]. - The company does not recommend the distribution of an interim dividend for the six months ending September 30, 2025[90]. - As of September 30, 2025, the total number of shares issued by the company is 4,120,600,000[91]. - Major shareholder Zheng Juhua holds 834,767,140 shares, representing 20.26% of the voting rights[104]. - Director Zheng Juhua holds 834,767,140 shares, representing 20.26% of the company[101]. - Director Liu Haijie holds 194,872,000 shares, representing 4.73% of the company[101]. - The stock option plan allows for a maximum of 412,060,000 shares to be issued, which is 10% of the total shares issued as of September 28, 2023[109]. Employee and Training Information - The group employed 52 employees as of September 30, 2025, and continues to provide suitable and regular training[99].

Financial Performance - For the fiscal year ending September 30, 2025, the total revenue was HKD 78,222,000, a decrease of 8.3% from HKD 85,475,000 in the previous year[4]. - The net loss from continuing operations for the year was HKD 48,723,000, compared to a loss of HKD 73,104,000 in the prior year, representing a 33.3% improvement[4]. - The total comprehensive loss for the year was HKD 46,104,000, down from HKD 77,156,000, indicating a 40.3% reduction in losses[5]. - The company reported a basic and diluted loss per share from continuing operations of HKD 50.04, compared to HKD 186.84 in the previous year, showing an improvement of 73.3%[5]. - The group incurred a pre-tax loss of HKD 47,806,000, with allocated corporate income of HKD 2,492,000 and unallocated corporate expenses of HKD 43,601,000[20]. - The group incurred a pre-tax loss of HKD 8,633,000 in 2025, compared to a loss of HKD 19,824,000 in 2024, indicating an improvement in financial performance[28]. - The company reported a pre-tax loss of HKD 77,898 thousand, compared to a loss of HKD 9,455 thousand in the previous year, indicating a significant increase in losses[21]. - The group recorded a loss from continuing operations of approximately HKD 48,700,000, an improvement from a loss of approximately HKD 73,100,000 in the previous year[86]. Revenue Breakdown - The group reported total segment revenue of HKD 100,426,000 for the year ended September 30, 2025, with licensed business contributing HKD 12,587,000 and non-licensed business contributing HKD 84,592,000[20]. - Revenue from licensed business was HKD 78,222 thousand, down from HKD 85,475 thousand, indicating a decrease of about 8.8% year-over-year[24]. - Revenue from non-licensed business was HKD 65,635 thousand, an increase from HKD 61,380 thousand, reflecting a growth of approximately 7.4%[26]. - Revenue from major client A increased to HKD 15,823 thousand from HKD 14,740 thousand, showing a growth of approximately 7.3%[25]. - Revenue from non-licensed businesses increased by approximately HKD 4,200,000 or 6.8% to about HKD 65,600,000, driven mainly by increases in business consulting and human resources services[80]. Asset and Liability Management - The company's cash and cash equivalents increased to HKD 63,530,000 from HKD 36,766,000, marking a growth of 72.6%[6]. - Non-current assets decreased to HKD 44,600,000 from HKD 75,815,000, a decline of 41.2%[6]. - The net asset value decreased to HKD 118,189,000 from HKD 132,180,000, a reduction of 10.6%[7]. - The group has clarified that liabilities must be classified based on rights existing at the end of the reporting period, regardless of future compliance with covenants[11]. - The total liabilities classified as current liabilities included bank borrowings with repayment terms due within one year amounting to HKD 1,087,000 in 2025[50]. - The non-current liabilities increased significantly to HKD 1,296,000 in 2025 from HKD 150,000 in 2024, reflecting a growth of 764%[46]. - The group's bank borrowings decreased to HKD 10,480,000 in 2025 from HKD 16,322,000 in 2024, representing a reduction of 35.3%[47]. Goodwill and Impairment - The impairment loss on goodwill decreased to HKD 26,241,000 from HKD 37,943,000, reflecting a reduction of 30.9%[4]. - The company recognized an impairment loss of HKD 37,943,000 for goodwill related to ongoing operations during the year[42]. - The group recognized goodwill impairment losses of approximately HKD 26,200,000, attributed mainly to the Greater Bay Area business cash-generating unit, due to unforeseen factors in the business environment[81]. Employee and Operational Costs - Employee costs for continuing operations rose to HKD 69,396,000 in 2025, up from HKD 59,942,000 in 2024, reflecting increased employee welfare expenses[31]. - The group employed a total of 105 employees as of September 30, 2025, down from 144 in 2024, with employee benefits costs approximately HKD 70.6 million compared to HKD 62.4 million in 2024[104]. - The group's administrative and other operating expenses slightly decreased by about HKD 1,300,000 to approximately HKD 95,600,000[83]. Strategic Initiatives and Future Plans - The company plans to continue focusing on investment holding and providing various financial services, including corporate finance advisory and asset management[8]. - The company plans to expand its market presence in Hong Kong, China, and Canada, focusing on enhancing service offerings and client engagement strategies[24]. - The group plans to invest in the gaming and entertainment industry and explore acquisition opportunities in the Greater Bay Area to enhance shareholder returns[99]. - The company entered a strategic partnership with Esperanza Fintech, gaining exclusive rights to market digital gold-backed instruments and securities tokens in Hong Kong[62]. - The partnership with Esperanza aims to expand the company's presence in the growing digital asset market, leveraging its expertise in financial services[63]. Shareholder Actions - The company issued 128,452,080 shares through a rights issue at a price of HKD 0.25 per share, raising approximately HKD 32,113,000[53]. - The total amount raised from the share subscription was approximately HKD 11,376,000, with a net estimated amount of about HKD 11,276,000, resulting in a net price per new share of approximately HKD 1.19[67]. - The company successfully placed 18,000,000 shares at a price of HKD 1.65 per share, raising a total of approximately HKD 29,700,000[73]. - The board believes that the share sale and subscription will enhance the company's shareholder and capital base, promoting future growth and development[67]. Compliance and Governance - The audit committee, consisting of three independent non-executive directors, reviewed the financial reporting process and confirmed compliance with applicable accounting principles and regulations[113]. - The financial statements for the year have been agreed upon by the auditor, but no formal verification was conducted according to the relevant auditing standards[114]. - The annual performance announcement is available on the Hong Kong Stock Exchange website and the company's website[115].

香港交易及結算所有限公司、香港聯合交易所有限公司及新加坡證券交易所有限 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依賴該等內容而引致之任何 損失承擔任何責任。 星謙發展控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此公佈本公司 及其附屬公司（統稱「本集團」）截至二零二五年九月三十日止年度之經審核綜合 年度業績，連同截至二零二四年九月三十日止年度之比較數字。本公司審核委員 會（「審核委員會」）已審閱本集團截至二零二五年九月三十日止年度之年度業績。 1 綜合損益及其他全面收益表 INFINITY DEVELOPMENT HOLDINGS COMPANY LIMITED 星 謙 發 展 控 股 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （香港股份代號：640） （ 公司註冊編號：234794 ） （新加坡股份代號：ZBA） 截至二零二五年九月三十日止年度之年度業績公告 截至二零二五年九月三十日止年度 | | | | | 增加╱ | | --- | --- | --- | --- | --- ...

2025/26 INTERIM REPORT 中期報告 Contents 目錄 | GLOSSARY | 詞 彙 | 2 | | --- | --- | --- | | CORPORATE INFORMATION | 公司資料 | 5 | | MANAGEMENT DISCUSSION AND ANALYSIS | 管理層討論與分析 | 7 | | CONDENSED CONSOLIDATED STATEMENT OF | 簡明綜合全面收益表 | 16 | | COMPREHENSIVE INCOME | | | | CONDENSED CONSOLIDATED STATEMENT OF | 簡明綜合財務狀況表 | 18 | | FINANCIAL POSITION | | | | CONDENSED CONSOLIDATED STATEMENT OF | 簡明綜合權益變動表 | 20 | | CHANGES IN EQUITY | | | | CONDENSED CONSOLIDATED STATEMENT OF | 簡明綜合現金流量表 | 22 | | CASH FLOWS | | | | NOTES T ...