Financial Performance - Total revenue for the six months ended September 30, 2025, was HK$320,296,000, representing an increase of 8.9% compared to HK$294,175,000 for the same period in 2024[16]. - Profit attributable to shareholders increased by 7.9% to HK$45,739,000 compared to HK$42,393,000 in the prior year[16]. - Revenue for the Group increased by 8.9% to HKD 320.3 million for the reporting period[24]. - Net profit for the Group rose by 7.9% to HKD 45.7 million[24]. - Profit before tax rose to HK$53,813,000, an increase of 7.4% from HK$49,992,000 in the previous year[183]. - Profit for the period increased by HK$3.3 million (7.9%) to HK$45.7 million, with a net profit margin of 14.3%[60]. - Total comprehensive income for the period was HK$45,935,000, up from HK$43,506,000 in the previous year, reflecting a growth of 5.6%[191]. Revenue Breakdown - Media Content Distribution Business revenue decreased by 6.7% to HK$165,197,000, while Brand Licensing Business revenue increased by 32.3% to HK$155,099,000[16]. - Media Content Distribution Business generated revenue of HKD 165.2 million, reflecting a growth of 6.7%[24]. - Revenue from the Brand Licensing Business surged by 32.3% to HK$155.1 million, driven by a HK$35.2 million (55.2%) increase in sub-licensing revenue[46]. Profitability Metrics - Gross profit margin for the period was 47.6%, down from 50.2% in the previous year[16]. - Gross profit rose by HK$4.7 million (3.1%) to HK$152.4 million, but the gross profit margin contracted from 50.2% to 47.6%[48]. - Basic and diluted earnings per share increased to HK$2.4 cents, compared to HK$2.2 cents in the same period last year[183]. Dividends and Shareholder Returns - The interim dividend per share was declared at HK$1.20 cent, up from HK$1.09 cent in the previous year[16]. - Total comprehensive income attributable to shareholders was HK$45,935,000, compared to HK$43,506,000 in 2024[184]. Assets and Liabilities - The company reported total equity of HK$615,000,000 as of March 31, 2025, compared to HK$655,000,000 as of September 30, 2025[19]. - Cash and cash equivalents as of September 30, 2025, amounted to HK$360,374,000, an increase from HK$326,393,000 as of March 31, 2025[186]. - Trade receivables rose by 8.8% during the reporting period, indicating expanded business activity and sales growth[70]. - The company did not have any interest-bearing bank and other borrowings, making the debt to equity ratio not applicable[16]. Operational Highlights - The number of active media content titles increased by 5.2% to 791 as of September 30, 2025, from 752 as of March 31, 2025[18]. - The number of active brand licensing titles rose by 4.5% to 444 as of September 30, 2025, compared to 425 as of March 31, 2025[18]. - Total subscriptions for Ani-One® YouTube channels in Asia exceeded 9.3 million, with cumulative views surpassing 2.1 billion[27]. Strategic Initiatives - The Group plans to expand its regional presence and monetization efforts to strengthen revenue streams[44]. - Ani-One® will establish more localized channels in different regions to enhance audience engagement[44]. - The Group aims to explore strategic investment opportunities in anime and movie production to add value for shareholders[44]. - The Linku® business will be expanded to other territories to capture new market opportunities[44]. Corporate Governance - The company has complied with the Corporate Governance Code provisions, except for code provision C.2.1[144]. - The company has adopted the Model Code for Securities Transactions by Directors and confirmed compliance by all directors for the six months ended September 30, 2025[157]. - The company has established written guidelines for employee securities transactions that are at least as stringent as the Model Code[158]. Share Award Scheme - The share incentive plan was adopted by the Board on February 6, 2020, and was amended on September 25, 2024, to be funded solely by existing shares[100]. - No award shares were granted under the plan during the reporting period[100]. - A total of 62,561,000 Shares have been awarded under the Share Award Scheme, representing approximately 3.1% of the total number of issued Shares as of the adoption date[139]. - The remaining life of the Share Award Scheme is approximately 4 years[139]. Audit and Compliance - The company's Audit Committee has reviewed the unaudited consolidated interim results for the six months ended September 30, 2025[166]. - Ernst & Young has conducted a review of the unaudited interim financial information for the same period in accordance with relevant standards[167]. - The company has complied with all relevant laws and regulations that significantly impact its business and operations[164].

Financial Performance - For the six months ended September 30, 2025, the company reported a total revenue of HKD 5,202, a decrease of 31.8% compared to HKD 7,629 in the same period of 2024[6] - The company incurred an operating loss of HKD 46,298, compared to an operating loss of HKD 10,074 in the previous year, reflecting a significant increase in losses[6] - The net loss attributable to the owners of the company for the period was HKD 50,134, compared to a loss of HKD 10,597 in the same period last year, representing a 373.5% increase in losses[6] - The company reported a basic and diluted loss per share of HKD 0.57 for the current period, compared to HKD 0.25 in the previous year, reflecting a worsening financial performance[7] - The company recognized a fair value loss of HKD 45,388 on financial assets measured at fair value through profit or loss, which was a new entry in the current period[6] Assets and Liabilities - The company's total assets as of September 30, 2025, amounted to HKD 207,231, an increase from HKD 167,878 as of March 31, 2025[8] - The company's total liabilities increased significantly to HKD 116,741 from HKD 37,603, indicating a rise in financial obligations[8] - The company’s net asset value per share increased to HKD 1.753 as of September 30, 2025, up from HKD 0.253 on March 31, 2025[49] - The total outstanding bonds payable as of September 30, 2025, amounted to approximately HKD 17,122,000, with an interest rate of 5%[44] Cash Flow - The company’s cash and cash equivalents decreased to HKD 1,662 from HKD 2,222, indicating a decline in liquidity[8] - The net cash used in operating activities was HKD 22,270,000, compared to a net cash used of HKD 17,953,000 in the same period of 2023[10] - The net cash used in investing activities for the six months ended September 30, 2024, was HKD 50,038,000, with no cash inflow reported[10] - The net cash from financing activities for the six months ended September 30, 2024, was HKD (31,267,000), a decrease from HKD 67,889,000 in the previous year[10] - Total cash and cash equivalents as of September 30, 2024, amounted to HKD 7,169,000, up from HKD 2,222,000 as of the same date in 2023[10] Shareholder Information - Major shareholders include individuals holding over 5% of the company's shares, with the largest being He Jun at 20,530,000 shares, representing approximately 9.89%[69] - The company has issued a maximum of 155,659,455 rights shares at a subscription price of HKD 1.00 per share, aiming to raise approximately HKD 155.7 million before expenses[48] - The new share scheme adopted on September 30, 2024, will remain effective for ten years, allowing the company to issue a total of 4,323,948 shares, representing 2.1% of the total issued shares (excluding treasury shares) as of April 1, 2025, and September 30, 2025[73] Governance and Compliance - The company has complied with the corporate governance code, with exceptions regarding the insurance for directors and the separation of roles between the chairman and CEO[77] - The audit committee, composed entirely of independent non-executive directors, is responsible for reviewing the group's financial information and overseeing the financial reporting system and internal controls[79] - The interim results for the period have been reviewed by the audit committee before being recommended for approval to the board[81] Operational Highlights - The company aims to integrate IT resources and build a high-quality professional IT service team in Guangdong Province[43] - The company aims to implement effective and compliant internal controls and to pragmatically deploy investment strategies to enhance financial conditions and provide substantial returns to shareholders[66] Other Financial Metrics - Other income decreased by approximately 31.8% from HKD 7,629,000 for the six months ended September 30, 2024, to HKD 5,202,000 for the six months ended September 30, 2025, primarily due to a decrease in foreign exchange gains of about HKD 2,915,000[52] - Fair value losses on financial assets measured at fair value through profit or loss were approximately HKD 309,000 for the six months ended September 30, 2025, a significant decrease of 98.47% compared to losses of approximately HKD 20,220,000 for the same period in 2024[53] - The net realized loss on financial assets measured at fair value through profit or loss increased by 100% to HKD 45,388,000 for the current period compared to the six months ended September 30, 2024[54] - Administrative expenses decreased by approximately 29.69% from HKD 8,253,000 for the six months ended September 30, 2024, to HKD 5,803,000 for the six months ended September 30, 2025, mainly due to reductions in employee benefits and rental expenses[56] - Financial costs increased by approximately 633.46% from HKD 523,000 for the six months ended September 30, 2024, to HKD 3,836,000 for the six months ended September 30, 2025, primarily due to increased interest expenses on other borrowings[57]

Financial Performance - The group reported a consolidated revenue of HKD 51 million for the six months ended September 30, 2025, compared to HKD 73 million for the same period in 2024, reflecting a decrease of approximately 30.14%[8]. - The group recorded a gross loss of HKD 27 million for the six months ended September 30, 2025, compared to a gross profit of HKD 9 million for the same period in 2024[8]. - The loss attributable to the company's owners for the six months ended September 30, 2025, was HKD 46 million, a decrease from HKD 89 million for the same period in 2024[8]. - Basic loss per share for the six months ended September 30, 2025, was HKD 0.122, down from HKD 0.236 for the same period in 2024[9]. - The group reported an operating loss of HKD 44,698,000 for the six months ending September 30, 2025, compared to an operating loss of HKD 5,263,000 for the same period in 2024[38]. - The company reported a loss of HKD 25,142,000 for the six months ended September 30, 2025, compared to a loss of HKD 91,084,000 for the same period in 2024, representing a 72.4% improvement in losses[41]. - Total comprehensive income for the period was HKD (20,579,000), significantly better than HKD (89,599,000) in the previous year, indicating a 77% reduction in comprehensive losses[41]. Asset Management - As of September 30, 2025, the total asset value of the group was HKD 709 million, down from HKD 813 million as of March 31, 2025[7]. - The group has accelerated asset realization and streamlined non-core assets to enhance cash flow resilience amid a challenging market environment[6]. - The company completed the acquisition of Cosmo Kingdom Holdings Limited for approximately HKD 57.57 million, approved by independent shareholders[11]. - The group received HKD 120 million from the sale of its 50% stake in Quarella Holdings Limited's subsidiary, which was sold for HKD 240 million[12]. - The company holds a 100% interest in the completed Hongjiwei project, which has five units and several parking spaces for sale[19]. - The company completed the sale of its property investment business for approximately HKD 159,451,000 on April 30, 2025[70]. Cash Flow and Liquidity - As of September 30, 2025, the group's bank deposits and cash amounted to HKD 97 million, representing 13.6% of total assets, up from 7.8% on March 31, 2025[16]. - The company's cash and cash equivalents increased to HKD 96,739,000 as of September 30, 2025, up from HKD 63,598,000 as of March 31, 2025, reflecting a 52% increase in liquidity[43]. - The net cash generated from investing activities was HKD 215,700,000, a significant increase from HKD 12,700,000 in the previous year[49]. - The net cash used in operating activities was HKD (90,638,000), compared to HKD 45,138,000 for the same period in 2024[49]. - The net cash used in financing activities was HKD (92,072,000), compared to HKD (63,198,000) in the prior year[49]. Debt and Liabilities - The total debt as of September 30, 2025, was 21.4% of total assets, down from 26.8% as of March 31, 2025[29]. - The net asset liability ratio was 10.2% as of September 30, 2025, significantly reduced from 26.7% as of March 31, 2025, with net debt amounting to HKD 55 million[29]. - Current liabilities decreased to HKD 81,401,000 from HKD 113,363,000, a reduction of 28.1%, indicating improved financial stability[44]. - The total liabilities increased to HKD 173,257,000 from HKD 256,611,000 during the same period[65]. - The company’s total liabilities related to bank financing were HKD 119,699,000 as of March 31, 2025, indicating a decrease in utilization of bank financing[105]. Market Outlook and Strategy - The group maintains a cautiously optimistic outlook on the real estate market, anticipating support from potential further interest rate cuts and improved financial market sentiment[26]. - The group is focused on developing and managing a portfolio of value-added projects with a long-term strategy to realize investments within three to five years[6]. - The company maintains a cautious investment approach in the U.S., focusing on long-term potential projects while evaluating monetization opportunities[22]. - The group plans to continue prioritizing high-return projects while maintaining financial flexibility and ensuring timely delivery of ongoing projects[27]. Corporate Governance - The audit committee consists of three independent non-executive directors, ensuring proper oversight of the group's interim performance[122]. - The company has adhered to the corporate governance code principles throughout the reporting period, despite some deviations[116]. - The chairman and CEO roles are held by the same individual, which deviates from the corporate governance code, but the board believes this arrangement serves the company's best interests[117]. - The company is committed to maintaining corporate governance and enhancing shareholder interests through transparent procedures[117]. Segment Performance - The company operates in three segments: property development, asset investment and fund management, and distribution of construction and interior decoration materials[58]. - The operating loss for the distribution construction segment was HKD 29,894,000, compared to a profit of HKD 3,907,000 in the previous year[59][61]. - The property development segment's assets increased to HKD 467,942,000 from HKD 338,394,000[64]. Shareholder Information - The ownership of shares by major shareholders includes 97,104,000 shares held by Tiger Crown Limited, representing approximately 25.86% of the issued share capital[111]. - The company did not recommend an interim dividend for the six months ended September 30, 2025, consistent with the previous period[92].

香港聯合交易所有限公司（「聯交所」）GEM 的特色 GEM 的定位，乃為相比其他在聯交所上市的公司帶有較高投資風險的中小型公司提供一個上市的市場。 有意投資的人士應留意投資於該等公司的潛在風險，並應經過審慎及周詳的考慮後方作出投資決定。 由於 GEM 上市公司一般為中小型公司，在 GEM 買賣的證券可能較在聯交所主板買賣的證券承受更大的 市場波動風險，同時亦無法保證在 GEM 買賣的證券能擁有高市場流通量。 董事會 執行董事 香港交易及結算所有限公司及聯交所對本中期報告（「本報告」）之內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本報告全部或任何部份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。 孫久勝先生 （主席） 張葉生先生 （行政總裁） 李德文先生 楊成偉先生 本報告的內容乃遵照聯交所 GEM 證券上市規則（「 GEM 上市規則」）而編製，旨在提供有關百能國際能源 控股有限公司（「本公司」）的資料；本公司董事（「董事」）願就本報告共同及個別地承擔全部責任。董事 在作出一切合理查詢後，確認就其深知及確信，本報告的資料在所有重要方面均屬準確及完整，並無誤導 或欺詐成份， ...

Financial Performance - The company's revenue reached HKD 447,000,000, an increase of 38.4% compared to HKD 322,900,000 in the same period last year[10] - The company achieved a core profit of HKD 15,300,000, reversing a loss of HKD 1,200,000 from the previous year[10] - The company recorded a net revaluation loss of investment properties amounting to HKD 245,300,000, significantly higher than HKD 68,100,000 from the previous year[20] - The net loss attributable to shareholders was HKD 230,000,000, compared to HKD 69,300,000 in the previous year, with a basic loss per share of HKD 0.417[20] - The group reported a total revenue of HKD 447.032 million for the six months ended September 30, 2025, compared to HKD 322.921 million in 2024, reflecting a significant increase[45] - The group incurred a loss before tax of HKD 274.145 million for the six months ended September 30, 2025, compared to a loss of HKD 30.005 million in 2024[45] - The total comprehensive loss for the period was HKD 104.054 million, compared to a comprehensive income of HKD 454.865 million in 2024[46] - The company reported a significant increase in revenue from mainland China, rising to HKD 340,729,000 from HKD 226,192,000, marking a growth of 50.6%[68] Property Development - The residential project "港匯臺" contributed an operating profit of HKD 56,600,000, with total contracted sales amounting to HKD 640,000,000 as of November 25, 2025[19] - Property development revenue surged 258.7% to HKD 188,700,000 for the six months ending September 30, 2025, compared to HKD 52,600,000 in 2024, with operating profit increasing 197.2% to HKD 94,800,000 from HKD 31,900,000[21] - As of November 25, 2025, 68 residential units of the "港匯臺" project have been sold, generating contracted sales of approximately HKD 640,000,000[23] - Revenue from external customers for property development, investment, and management totaled HKD 447,032,000 for the six months ended September 30, 2025, compared to HKD 322,921,000 in 2024, representing a year-over-year increase of approximately 38.5%[61][63] Investment Properties - Rental income from investment properties decreased by 3.3% to HKD 238,000,000 for the six months ending September 30, 2025, down from HKD 246,000,000 in 2024, with an operating loss of HKD 232,200,000 compared to an operating profit of HKD 78,800,000 in 2024[24] - The fair value of the investment property portfolio as of September 30, 2025, was HKD 15,205,000,000, down from HKD 15,391,000,000 on March 31, 2025, reflecting a fair value decrease of HKD 245,300,000 after tax adjustments[30] - The company’s investment properties recorded a loss of HKD 370,010 thousand, compared to a loss of HKD 65,674 thousand in the previous year[52] - The company’s investment properties amounted to HKD 15,870,296,000 as of September 30, 2025[64] Financial Position - As of September 30, 2025, the company's equity attributable to shareholders was HKD 7,006,000,000, with a net asset value per share of HKD 12.71[20] - The total equity attributable to shareholders was approximately HKD 7.006 billion as of September 30, 2025, a decrease from HKD 7.118 billion on March 31, 2025, primarily due to net losses during the period[38] - The total assets of the company as of September 30, 2025, were HKD 19,850,455,000, with liabilities totaling HKD 9,153,754,000[64] - The total liabilities to equity ratio as of September 30, 2025, was approximately 0.85, indicating a stable leverage position[49] Debt and Cash Flow - As of September 30, 2025, the total interest-bearing debt was approximately HKD 7.512 billion, with about 15% classified as current liabilities, including HKD 238 million related to refinancing projects due within the next twelve months[36] - The group's cash and cash equivalents totaled approximately HKD 903 million as of September 30, 2025, down from HKD 1.106 billion on March 31, 2025[36] - Cash flow from operating activities was HKD 51,856 thousand for the six months ended September 30, 2025, a significant decrease from HKD 299,308 thousand in the previous year[52] - The company’s cash and bank balances were HKD 849,983,000, down from HKD 1,152,066,000 in the previous year[55] Employee and Management - The group employed approximately 300 employees as of September 30, 2025, down from 330 employees on March 31, 2025[41] - The group reported a significant increase in short-term employee benefits, totaling HKD 16,015,000 for the six months ended September 30, 2025, compared to HKD 9,986,000 for the same period in 2024, a 60% rise[92] - The company’s management compensation is currently reviewed by the executive directors rather than a remuneration committee, which the board believes is more appropriate[100] Corporate Governance - The company has adopted the standard code of conduct for securities trading by directors as per the listing rules, confirming compliance for the six months ending September 30, 2025[99] - The company has established an audit committee that meets at least twice a year to review and monitor the financial reporting process and internal controls[101] - The company’s board believes that the continuity of the chairman and CEO is crucial for consistent leadership and smooth operations, thus they will not rotate out as per governance code[100]

Financial Performance - Total revenue for the year ended September 30, 2025, was HKD 12,235,000, an increase of 22.5% compared to HKD 9,987,000 in 2024[3] - Other income and gains for the same period amounted to HKD 1,054,000, recovering from a loss of HKD 1,484,000 in the previous year[3] - The net loss before tax decreased to HKD 6,483,000 from HKD 8,851,000, representing a reduction of 26.7%[3] - Basic and diluted loss per share improved to HKD 0.55 from HKD 0.81, indicating a 32.1% reduction in loss per share[3] - The pre-tax loss for the year 2025 was HKD 6,481,000, an improvement from a loss of HKD 8,857,000 in 2024, indicating a reduction of 26.7%[21] - The net loss for the year ended September 30, 2025, decreased by approximately 27.0% to about HKD 6.5 million from HKD 8.9 million in the previous year[37] Assets and Liabilities - Total assets as of September 30, 2025, were HKD 23,468,000, up from HKD 21,173,000 in 2024, reflecting an increase of 10.8%[4] - The total liabilities for the year 2025 were HKD 1,348,000, compared to HKD 1,170,000 in 2024, indicating an increase of 15.2%[23] - The company’s financial assets measured at fair value through profit or loss increased to HKD 116,000 in 2025 from HKD 44,000 in 2024, reflecting a growth of 163.6%[22] - As of September 30, 2025, the company had no pledged assets, maintaining a consistent position from 2024[43] - The company has no significant capital commitments or contingent liabilities as of September 30, 2025[46] Cash and Receivables - Cash and cash equivalents increased to HKD 18,168,000 from HKD 17,665,000, showing a growth of 2.8%[4] - Trade receivables rose to HKD 4,513,000 from HKD 3,084,000, marking a significant increase of 46.3%[4] - Trade receivables increased to HKD 10,100,000 in 2025 from HKD 7,809,000 in 2024, representing a growth of 29.3%[22] - The group's cash and cash equivalents as of September 30, 2025, were approximately HKD 18.2 million, compared to HKD 17.7 million as of September 30, 2024[39] Employee Expenses - Employee benefits expenses rose to HKD 12,021,000 from HKD 11,016,000, an increase of 9.1%[3] - Employee benefit expenses for the year ended September 30, 2025, were approximately HKD 12.0 million, an increase of about HKD 1.0 million compared to HKD 11.0 million in 2024[34] - The company employed 20 staff members as of September 30, 2025, an increase from 17 in 2024[48] Revenue Segments - The company's equity increased to HKD 22,637,000 from HKD 21,486,000, a growth of 5.4%[4] - The group's revenue from institutional financing advisory services increased to HKD 10,241,000 in 2025 from HKD 9,827,000 in 2024, representing a growth of 4.2%[15] - Company secretary service revenue surged to HKD 1,994,000 in 2025, up from HKD 160,000 in 2024, marking a significant increase of 1,143.8%[15] - The corporate services segment generated revenue of approximately HKD 2 million, accounting for about 16.4% of the group's total revenue for the year ended September 30, 2025[28] - The asset management advisory services did not record any revenue for the year ended September 30, 2025, as the group is actively seeking new clients[27] Dividends and Tax - The company did not declare any dividends for the year, consistent with the previous year[20] - The board does not recommend the declaration of a final dividend for the year ended September 30, 2025[38] - The group has not recognized any tax provision for the year 2025 due to the absence of taxable profits[19] Corporate Governance and Strategy - The company is primarily engaged in investment holding and provides institutional financing advisory services, investment advisory services, and company secretarial services[5] - The group is focusing on developing recurring contracts to mitigate risks associated with one-off transactions in the institutional financing sector[30] - The board is committed to maintaining high standards of corporate governance and has complied with all applicable codes throughout the year[51] Capital and Investments - The company raised approximately HKD 5.96 million through the issuance of 104,700,000 new shares at a subscription price of HKD 0.057 per share[50] - The net proceeds of approximately HKD 5.96 million have been fully utilized for general operating funds as of September 30, 2025[50] - The company has not made any significant investments or acquisitions during the fiscal year ending September 30, 2025[47] - The company has no foreign currency hedging arrangements but closely monitors its foreign currency risk exposure[45] - The company’s treasury activities are centrally coordinated to control costs and minimize funding costs[41] - The company has not introduced any new products or technologies during the reporting period[44]

Financial Performance - For the six months ended September 30, 2025, the group recorded revenue from continuing operations of approximately HKD 1,236 million, a slight increase of about 1% compared to HKD 1,225 million in the same period last year[9]. - The gross profit from continuing operations decreased from approximately HKD 11.3 million in the previous interim period to about HKD 1.6 million in the current period[9]. - The group reported a loss of approximately HKD 8.1 million from discontinued operations, compared to a profit of about HKD 0.6 million in the previous interim period[11]. - The profit attributable to the company's owners was approximately HKD 4.7 million, an increase of about HKD 2.5 million from HKD 2.2 million in the previous interim period[11]. - Earnings per share for the period were approximately HKD 0.75, compared to HKD 0.41 in the previous interim period[12]. - The total comprehensive income for the period was HKD 7,798,000, up from HKD 5,666,000 in the previous year, representing an increase of approximately 37.6%[51]. - The net profit from continuing operations for the period was HKD 12,750,000, compared to HKD 1,566,000 in 2024, marking an increase of approximately 715%[50]. - The company reported a significant increase in bank interest received, amounting to HKD 3,238,000 for the six months ended September 30, 2025, compared to HKD 2,995,000 in the previous year, marking an 8.1% increase[57]. - The company reported a loss of HKD 8,899,000 for the six months ending, compared to a loss of HKD 8,973,000 for the same period in 2024[108]. Revenue Breakdown - The supply chain management segment recorded revenue of approximately HKD 1,236 million, including material trading revenue of HKD 1,232 million and transportation service revenue of HKD 3.98 million[13]. - Revenue from external customers for the six months ended September 30, 2025, was HKD 1,236,227,000, compared to HKD 1,224,709,000 for the same period in 2024, reflecting a year-over-year increase[71]. - The group’s revenue from material trading in Hong Kong was HKD 117,775,000 for the six months ended September 30, 2025, down from HKD 240,097,000 in 2024[71]. - Revenue from mainland China (excluding Hong Kong) increased to HKD 1,118,452,000 in 2025 from HKD 984,612,000 in 2024, indicating a growth of approximately 13.6%[71]. Operational Strategy - The group has established solid business relationships with a diversified customer base in the supply chain management sector since its inception in 2019[15]. - The group’s procurement strategy involves bulk purchasing of iron ore products at competitive prices to ensure sufficient inventory at ports to meet customer demand[16]. - The group plans to continue developing its supply chain management business, focusing on value-added services such as price monitoring and proactive procurement planning[15]. - The company has signed long-term storage agreements with major ports in China, significantly reducing overall storage and logistics costs, allowing for more competitive pricing for customers[18]. - The company typically pays suppliers a deposit of up to 15% of the purchase price for iron ore products, while offering customers a credit period of up to one month, improving their cash flow and liquidity[19]. - The company maintains a robust supply chain network, ensuring stable and reliable supply of various grades of iron ore products, which supports growth in supply chain management operations[20]. Financial Position - As of September 30, 2025, the group's current assets and current liabilities were approximately HKD 736.4 million and HKD 589.2 million, respectively, resulting in a current ratio of 1.25[28]. - The total cash and bank deposits amounted to approximately HKD 201.6 million as of September 30, 2025, up from HKD 144.1 million as of March 31, 2025[28]. - The group's total interest-bearing loans were approximately HKD 219.0 million as of September 30, 2025, compared to HKD 207.3 million as of March 31, 2025[28]. - The capital debt ratio was approximately 29.6% as of September 30, 2025, down from 31.1% as of March 31, 2025[29]. - The total amount of credit financing obtained from various banks was approximately HKD 69.5 million and USD 50 million as of September 30, 2025[29]. - The company has sufficient liquidity and financial resources to meet its current business financial needs[29]. Shareholder Information - The company did not recommend any dividends for the six months ended September 30, 2025, consistent with the previous year[81]. - The company issued new shares amounting to HKD 25,972,000 in the previous year, which is not repeated in the current period, indicating a shift in financing strategy[57]. - As of September 30, 2025, Mr. Zhu Feng holds 174,797,650 shares, representing 28.11% of the company's issued share capital[122]. - Ensure Prestige Limited owns 96,276,700 shares, accounting for 15.48% of the company's issued share capital[126]. - Mega Start Limited holds 46,912,500 shares, which is 7.54% of the company's issued share capital[126]. - The total number of issued shares as of September 30, 2025, is 621,876,317[124]. Corporate Governance - The company has complied with all corporate governance codes as per the listing rules during the reporting period[130]. - The audit committee, consisting of three independent non-executive directors, reviewed the group's interim performance[133]. - The company has not received any notifications regarding interests in shares from any parties other than those disclosed[126]. Discontinued Operations - The company reported a profit from discontinued operations of HKD 6,086,000 for the six months ended September 30, 2025, down from HKD 16,505,000 in the prior year[79]. - The company completed the sale of Prosper Ace Investments Limited for HKD 1, with a settlement amount of HKD 15 million to clear outstanding debts[77][78]. - The financial performance of the target company has been classified as discontinued operations, with its assets and liabilities categorized as held for sale as of September 30, 2025[25]. - The sale of the target company was completed on October 22, 2025[26]. - The company reported a total revenue of HKD 125,203,000 from discontinued operations, a decrease of 42% from HKD 214,777,000 in the previous year[79]. - The loss per share from discontinued operations for the six months ended September 30, 2025, was HKD 1.305, compared to a profit of HKD 0.114 per share in 2024, with a total loss of approximately HKD 8,113,000[85]. Employee Compensation - The total employee compensation for the period was approximately HKD 18.9 million, a decrease from HKD 25.1 million in the previous interim period[46]. - The total remuneration for directors and key management personnel for the six months ending September 30, 2025, was HKD 5,873,000, down from HKD 8,488,000 in 2024, indicating a decrease of approximately 30%[111]. New Initiatives - The company has adopted a new share option scheme to attract and retain talent, which is effective for ten years[95]. - As of September 30, 2025, the company granted a total of 3,332,278 stock options, representing approximately 0.5% of the issued share capital[96]. - The new share option plan allows for a total of 37,499,999 options, which is about 6.03% of the total issued shares as of September 30, 2025[119].

Contents 目錄 | Corporate Information | 2 | | --- | --- | | 公司資料 | | | Financial Highlights | 6 | | 財務摘要 | | | Management Discussion and Analysis | 8 | | 管理層討論與分析 | | | Disclosure of Interests | 17 | | 權益披露 | | | Other Information | 26 | | 其他資料 | | | Condensed Consolidated Statement of Profit or Loss and | | | Other Comprehensive Income | 33 | | 簡明綜合損益及其他全面收益表 | | | Condensed Consolidated Statement of Financial Position | 34 | | 簡明綜合財務狀況表 | | | Condensed Consolidated Statement of Changes in Equity | 36 | | 簡明 ...

Financial Performance - For the six months ended 30 September 2025, the Group recorded revenue from property management contracts of approximately HK$150.4 million, stable compared to approximately HK$148.4 million for the same period in 2024[17]. - Revenue for the six months ended September 30, 2025, was HK$163,736,000, a decrease of 3.0% from HK$168,758,000 in the same period of 2024[111]. - Profit from operations increased to HK$26,879,000, up 5.1% from HK$25,569,000 year-over-year[111]. - Profit for the period from continuing operations was HK$18,041,000, representing an increase of 7.6% compared to HK$16,775,000 in the previous year[112]. - Basic and diluted earnings per share from continuing operations rose to 3.7 cents, up from 3.4 cents in the prior year[112]. - Total comprehensive income for the period was HK$22,361,000, down from HK$25,133,000 in the same period last year[114]. - The profit for the period ended September 30, 2025, was HK$18,041,000, compared to HK$14,309,000 for the same period in 2024, indicating a year-over-year increase of approximately 26.5%[121]. - Consolidated profit before taxation increased to $26,677,000 in 2025, up from $24,955,000 in 2024, reflecting a growth of 6.9%[160]. Revenue and Contracts - Revenue from property management services experienced a modest decrease due to the adjustment from product-oriented services to service-based value-added services[13]. - The Group's revenue from property management contracts in Mainland China for the six months ended September 30, 2025, was HK$150,363,000, compared to HK$148,431,000 for the same period in 2024, reflecting a growth of 1.3%[145]. - Revenue from property management related value-added services in Mainland China decreased to HK$13,373,000 in 2025 from HK$20,327,000 in 2024, representing a decline of 34.2%[145]. - Total revenue from contracts with customers for the six months ended September 30, 2025, was HK$163,736,000, compared to HK$168,758,000 in 2024, indicating a decrease of 3.0%[145]. Cost Management - The Group emphasized cost control and operational streamlining to navigate the challenging operating landscape in the property management industry[12]. - Staff costs decreased by approximately 3.8% or HK$2.4 million to approximately HK$60.6 million for the six months ended 30 September 2025, down from approximately HK$63.0 million for the same period in 2024[27][30]. - Utilities and repair and maintenance expenses decreased by 12.5% or HK$2.0 million to approximately HK$14.0 million for the six months ended 30 September 2025, down from approximately HK$16.0 million for the same period in 2024[31][33]. - Other operating expenses increased by approximately 11.8% or HK$2.3 million to approximately HK$21.8 million for the six months ended 30 September 2025, compared to approximately HK$19.5 million for the same period in 2024[32][34]. Assets and Liabilities - As of 30 September 2025, the Group's total current assets were approximately HK$409.8 million, while current liabilities were approximately HK$198.7 million, resulting in a current ratio of 2.1 times[35]. - The Group's total current assets and current liabilities were approximately HK$409.8 million and HK$198.7 million, respectively, leading to a current ratio of approximately 2.1, up from 1.5[38]. - The Group's equity increased to approximately HK$273.1 million as of 30 September 2025, compared to HK$250.7 million as of 31 March 2025[39][41]. - As of 30 September 2025, total interest-bearing borrowings decreased to approximately HK$3.1 million from HK$56.9 million as of 31 March 2025, resulting in a gearing ratio of 0.01 compared to 0.2 previously[37][39]. - The Group's net current assets improved to HK$211,076,000, up from HK$132,444,000 as of March 31, 2025[117]. Employee and Operational Changes - The Group had 818 employees as of 30 September 2025, a decrease from 873 employees as of 31 March 2025[49][52]. - The Group's resilience is reflected in its disciplined cost control and selective project expansion despite market challenges[12]. - The Group's strategic focus has shifted towards maintaining and optimizing existing projects due to the downturn in China's real estate sector and increasing market competition[16]. Corporate Governance and Compliance - The company has adopted the standard code of conduct for securities trading as per the listing rules, confirming full compliance by all directors as of September 30, 2025[62]. - The company has adopted the Corporate Governance Code and believes it has complied with the code provisions during the six months ended September 30, 2025[89]. - The Audit Committee reviewed the interim financial report for the six months ended September 30, 2025, with no disagreements noted[91]. Shareholder Information - As of September 30, 2025, Zheng Jian Jiang holds 337,950,000 shares, representing approximately 68.55% of the issued share capital of the company[66]. - The company has issued a total of 492,984,000 shares as of September 30, 2025[78]. - The board does not recommend the payment of an interim dividend for the six months ending September 30, 2025, with a proposed amount of zero[61]. Future Outlook - The Group remains cautiously optimistic about profitability in its property management business despite challenges in China's real estate sector[50][53]. - The Group is open to evaluating potential business and investment opportunities that align with its core competencies and financial objectives[55].

Financial Performance - Revenue for the six months ended September 30, 2025, was HK$1,770,284, an increase of 3.2% from HK$1,716,129 in the same period of 2024[6] - Gross profit for the period was HK$416,092, slightly up from HK$413,499, reflecting a gross margin of approximately 23.5%[6] - Profit before tax decreased to HK$24,921, down 16.5% from HK$29,681 in the previous year[6] - Profit for the period was HK$11,188, a decline of 38.7% compared to HK$18,274 in the same period last year[8] - Earnings per share attributable to ordinary equity holders decreased to HK3.4 cents from HK5.3 cents[6] - Total comprehensive income for the period was HK$22,678, down from HK$30,669 in the previous year[8] - The company reported total comprehensive income for the period of HK$24,457,000 for the six months ended September 30, 2025[14] - Profit before tax for the six months ended September 30, 2025, was HK$24,921,000, a decrease of 16.5% compared to HK$29,681,000 for the same period in 2024[17] - Profit attributable to ordinary equity holders for the six months ended 30 September 2025 is HK$13,080,000, a decrease of 36.1% from HK$20,462,000 in 2024[72] - Profit attributable to equity holders for the same period was HK$13,080,000, down from HK$20,462,000 in 2024, reflecting a challenging business environment[105] Assets and Liabilities - Non-current assets totaled HK$1,360,512 as of September 30, 2025, a decrease from HK$1,372,507 as of March 31, 2025[10] - Current assets amounted to HK$1,764,950, down from HK$1,800,258 as of March 31, 2025[10] - Total current liabilities increased to HK$1,621,796,000 as of September 30, 2025, compared to HK$1,558,899,000 as of March 31, 2025, reflecting a rise of 4.0%[12] - Net current assets decreased to HK$143,154,000 from HK$241,359,000, indicating a decline of 40.7%[12] - Total non-current liabilities decreased to HK$286,449,000 from HK$393,995,000, representing a reduction of 27.2%[12] - Total equity attributable to equity holders of the Company was HK$1,196,714,000 as of September 30, 2025, slightly down from HK$1,197,129,000 as of March 31, 2025[12] - Total assets as of September 30, 2025, amounted to HK$3,125,462,000, with segment assets of HK$1,431,703,000 for Hong Kong, HK$717,784,000 for Mainland China, and HK$450,647,000 for Japan[37] - The total liabilities as of September 30, 2025, were HK$1,908,245,000, with segment liabilities of HK$477,626,000 for Hong Kong, HK$279,908,000 for Mainland China, and HK$277,929,000 for Japan[37] Cash Flow and Liquidity - Cash and cash equivalents decreased to HK$524,044 from HK$631,977, indicating a reduction in liquidity[10] - Cash generated from operations increased to HK$59,820,000, up 38.5% from HK$43,194,000 year-over-year[17] - Net cash flows from operating activities rose to HK$44,546,000, compared to HK$31,023,000 in the previous year, reflecting a 43.8% increase[17] - Net cash flows used in investing activities improved to HK$26,395,000, a reduction of 39.5% from HK$43,613,000 in the prior period[19] - Cash and cash equivalents at the end of the period decreased to HK$524,044,000 from HK$569,875,000, reflecting a decline of 8.0%[19] - Interest received decreased to HK$1,481,000 from HK$3,318,000, a drop of 55.5% year-over-year[17] - Dividends paid remained stable at HK$24,705,000 compared to HK$24,974,000 in the previous year[19] Segment Performance - Segment revenue for Hong Kong was HK$855,306,000, for Mainland China was HK$295,484,000, and for Japan was HK$619,494,000, totaling HK$1,770,284,000 for the six months ended September 30, 2025[32] - The Hong Kong segment reported a profit before tax of HK$48,658,000, while the Mainland segment incurred a loss of HK$2,939,000, and Japan contributed HK$1,642,000, leading to a total profit before tax of HK$24,921,000[32] - Revenue from contracts with customers for the six months ended September 30, 2025, was HK$1,770,284,000, an increase from HK$1,716,129,000 in 2024, representing a growth of 3.2%[41] - Revenue from Hong Kong for the same period was HK$855,306,000, up from HK$838,566,000, indicating a growth of 2.0%[41] - Revenue from the Chinese Mainland increased to HK$295,484,000 from HK$294,368,000, a slight increase of 0.4%[41] Dividends and Share Repurchase - The final dividend declared for 2025 was HK$24,705,000, consistent with the company's dividend policy[14] - The interim dividend declared remained at HK3.0 cents per ordinary share, totaling HK$11,401,000, slightly down from HK$11,526,000 in 2024[62] - The Company repurchased 66,000 ordinary shares during the six months ended September 30, 2025, compared to 34,000 shares in 2024[63] - The company repurchased a total of 72,000 shares from August to October 2025, with an aggregate consideration of HK$181,800[178] - The repurchase of shares aimed to enhance the net asset value per share and earnings per share for shareholders[181] Corporate Governance and Compliance - The Company has maintained high standards of corporate governance, meeting the code provisions of the Corporate Governance Code for the six months ended 30 September 2025[183] - All directors confirmed compliance with the Model Code for securities transactions throughout the six months ended 30 September 2025[184] - No incidents of non-compliance with the Employees Code were noted during the six months ended 30 September 2025[185] - The Audit Committee reviewed the unaudited condensed consolidated interim financial statements for the six months ended 30 September 2025[189] - The interim results announcement for 2025 was published on the Hong Kong Exchanges and Clearing Limited website and the Company's website[190] Market Strategy and Expansion - The Group aims to expand its product offerings by sourcing high-quality Japanese food items, including eggs and dairy products, to meet changing consumer preferences[114] - The Group plans to continue expanding its market presence and product offerings in the snack food and beverage sectors across all regions[32] - The Group's innovative approach in the retail market has positioned it as a leader in the food industry, with a business footprint extending to developed economies like the US, UK, France, and Canada[123][126] - The Group is collaborating with Guangzhou Hua Shang College to launch an online sales program for students, promoting entrepreneurship through e-commerce[137] - The Japanese market is a key driver of the Group's growth, with significant partnerships with major supermarket and convenience store chains[139] Employee and Management Information - The total number of employees as of September 30, 2025, was approximately 2,500, with remuneration packages structured based on market terms and individual qualifications[154] - Total compensation for key management personnel was HK$6,332,000 for the six months ended September 30, 2025, down from HK$6,891,000 in 2024[101] Risk Management - The Group's foreign currency exposure mainly arises from transactions in Japanese yen and Renminbi, which may impact operating results due to currency fluctuations[152] - The Group does not currently maintain a foreign currency hedging policy to mitigate the impact of unfavorable currency fluctuations[153] - The Group's foreign exchange position is monitored continuously to minimize the impact of currency fluctuations[153]