Electricity Consumption and Market Trends - For the first half of 2025, the total electricity consumption in China reached 7.77 trillion kilowatt-hours, representing a year-on-year increase of 4.6%[13]. - The national power trading centers completed 4.92 trillion kilowatt-hours of market-traded electricity, a year-on-year increase of 7.2%, accounting for 63.4% of the country's total electricity consumption[13]. - The peak-valley electricity price mechanism has improved, with the price difference exceeding 0.6 yuan per kilowatt-hour in 16 provinces and autonomous regions[13]. - The fluctuation of electricity prices has increased due to further market-oriented reforms, impacting the power system's consumption capacity for new energy[14]. Digital Economy and Technological Integration - The added value of the digital economy is expected to reach approximately 49 trillion yuan by the end of 2025, accounting for about 35% of GDP[15]. - The integration of power energy and digital technology is generating new productivity through innovation, significantly improving energy efficiency[8]. - Smart energy systems are increasingly in demand, driven by the need for new generation information technologies[9]. - The Group aims to deepen the digital transformation plan for state-owned enterprises in the power sector by 2025, focusing on the value of power data and building a grid structure featuring "large power grids + microgrids"[18]. Financial Performance - The Group's revenue for the six months ended 30 September 2025 was approximately RMB 129,140,000, a decrease of about RMB 55,491,000 compared to RMB 184,631,000 for the same period in 2024[24]. - Revenue from the sale of software and solutions decreased by approximately RMB 38,453,000, while revenue from the provision of technical services decreased by approximately RMB 27,922,000 due to a reduction in the number of projects[25]. - The Group's overall gross profit margin fell from approximately 9.7% to approximately 3.0%, primarily due to intensified market competition[28]. - The total revenue for the six months ended September 30, 2025, was RMB 129,140,000, a decrease of 30% compared to RMB 184,631,000 for the same period in 2024[147]. - Gross profit for the same period was RMB 3,922,000, down from RMB 17,830,000, indicating a significant decline in profitability[147]. - Loss from operations increased to RMB 68,647,000, compared to a loss of RMB 13,740,000 in the previous year, reflecting operational challenges[147]. - Loss before taxation for the period was RMB 71,478,000, compared to RMB 16,683,000 in the prior year, highlighting worsening financial performance[147]. - The loss attributable to equity shareholders of the Company was RMB 71,313,000, compared to RMB 13,988,000 in the same period last year[149]. Assets and Liabilities - As of September 30, 2025, total assets amounted to RMB 464,772,000, a decrease of 14.7% from RMB 544,993,000 as of March 31, 2025[151]. - Current liabilities decreased to RMB 295,338,000 from RMB 308,337,000, reflecting a reduction of 4.0%[151]. - Net current assets increased to RMB 169,434,000, up 11.5% from RMB 151,932,000 as of March 31, 2025[151]. - Total equity decreased to RMB 168,317,000, down 29.7% from RMB 239,634,000 as of March 31, 2025[152]. - The company reported a loss of RMB 71,317,000 for the six months ended September 30, 2025, compared to a profit of RMB 32,346,000 for the same period in the previous year[157]. Share Capital and Governance - As of September 30, 2025, the total issued share capital of the Company was 503,927,177 Shares[70]. - Directors Wang Dongbin, Li Kangying, and Wu Zhanjiang each held 60,000,000 Shares, representing approximately 11.91% of the total shareholding[67]. - The Company has adopted the Corporate Governance Code to enhance shareholder value and ensure effective risk management and internal controls[63]. - The Company continues to optimize its governance practices to foster a culture of high integrity[63]. - All disclosures regarding interests and short positions were made in accordance with the Securities and Futures Ordinance[72]. Employee and Operational Metrics - The total number of employees decreased to 176 as of September 30, 2025, from 319 as of March 31, 2025[54][59]. - Total employee benefit expenses for the reporting period were approximately RMB 29,637,000, down from approximately RMB 43,734,000 for the same period last year[54][59]. - The Group's net cash used in operating activities was RMB 37,956,000, an increase from RMB 14,238,000 in the prior year[162]. - The Group aims to improve operating cash flows by accelerating billings and collections, actively participating in bidding, and reducing operational expenses[162]. Share Option and Award Schemes - The Company has adopted a Share Option Scheme to incentivize selected participants for their contributions[90]. - The total number of awards available for issue under the Share Award Scheme is 8,512,000 Shares, representing approximately 1.7% of the total issued Shares (excluding treasury shares) as of September 30, 2025[122]. - The maximum number of Shares awarded to a selected participant under the Share Award Scheme shall not exceed 1% of the issued share capital of the Company (excluding treasury shares) at any time[123]. - The Share Award Scheme is valid for a period of ten years, commencing from July 27, 2018, with approximately three years remaining as of the report date[132].

Revenue Performance - For FY2024, the total revenue decreased by approximately RMB365.4 million or 58.0%, from approximately RMB629.5 million in FY2023 to approximately RMB264.1 million in FY2024[22]. - Revenue from the provision of interior design and building engineering services increased by approximately RMB46.9 million or 100.0%, reaching RMB46.9 million in FY2024[21]. - Revenue from the sale and distribution of merchandise decreased by approximately RMB365.4 million or 58.0%, from approximately RMB629.5 million in FY2023 to approximately RMB264.1 million in FY2024[24][48]. - Revenue from bulk commodity trading decreased by approximately RMB385.8 million during the Reporting Period[22]. - Revenue from the sale of building materials increased by approximately RMB20.5 million or 653.7% from approximately RMB3.1 million in FY2023 to approximately RMB23.7 million in FY2024[53]. Gross Profit and Margins - The gross profit margin for the interior design and building engineering services segment increased from approximately 0% in FY2023 to 15.1% in FY2024[21]. - The gross profit from the sale and distribution of merchandise increased by approximately RMB9.6 million or 1,553%, from approximately RMB0.6 million in FY2023 to approximately RMB10.2 million in FY2024[22]. - The gross profit margin for the sale and distribution of merchandise increased from approximately 0.1% in FY2023 to approximately 1.2% in FY2024[22][61]. - The Group recorded an increase in gross profit of approximately RMB7.1 million or 100.0% from the interior design and building engineering services segment[21]. Strategic Focus and Management Actions - The Group's management focused on restoring the interior design and building engineering services segment while reducing low-margin bulk commodity trading[17]. - The overall strategy included a shift towards higher-margin services and a reduction in low-margin trading activities[17]. - The management team focused on restoring the original engineering and building materials sales business while reducing the lower-margin commodity trading segment[26][29]. - The Group diversified its sales and distribution channels and secured new engineering and procurement projects in multiple cities within the Guangdong Hong Kong Macao Greater Bay Area[27]. Financial Loss and Expenses - The Group recorded a consolidated net loss of approximately RMB330.0 million for FY2024, a decrease of approximately RMB169.2 million or 33.9% compared to a loss of RMB499.2 million in FY2023[25][28]. - Administrative expenses decreased by approximately RMB1.8 million or 11.3% from approximately RMB16.1 million in FY2023 to approximately RMB14.3 million in FY2024[68]. - Finance costs increased by approximately RMB2.8 million or 29.1% from approximately RMB9.8 million in FY2023 to approximately RMB12.7 million in FY2024[69]. Liquidity and Financial Ratios - The current ratio decreased to 0.99 in 2024 from 1.58 in 2023, indicating a decline in short-term liquidity[84]. - The gearing ratio increased significantly to 12.41% in 2024 from 1.37% in 2023, reflecting a higher level of debt relative to equity[84]. - The net debt to equity ratio rose to 12.30% in 2024 compared to 1.36% in 2023, suggesting increased leverage[84]. Legal and Compliance Matters - The company has provided for estimated liabilities of pending litigation totaling RMB 44.7 million for 2024, an increase from RMB 28.0 million in 2023, impacting net profit by RMB 16.7 million[95]. - The Group had no significant contingent liabilities or outstanding capital commitments as of December 31, 2024[88][89]. - The Company has engaged an external professional company secretarial services provider to assist with compliance and regulatory changes[127][128]. Share Capital and Ownership - As of December 31, 2024, the company had a total of 263,765,522 ordinary shares issued[189]. - Ms. Hou Wei holds 89,819,673 shares through a controlled corporation, representing approximately 34.06% of the issued share capital[181]. - The Company’s share capital structure includes ordinary shares with a par value of HK$0.01 each[189]. - The controlling shareholders have provided an annual declaration confirming compliance with the non-competition deed established on October 6, 2015[172]. Risk Management and Future Outlook - The Group's financial condition is exposed to risks related to currency, interest rates, credit, impairment assessment, and liquidity[111]. - The Group's business performance is significantly influenced by the growth of the real estate market and relevant government policies in China[110]. - The management anticipates that the global economy will continue to face challenges, with a gradual recovery expected in the real estate market supported by government policies[31][32]. - The Group aims to adopt a cautious and proactive approach to business development, seeking investment opportunities in markets with stable economic prospects[33][34].

Financial Performance - The company reported a consolidated comprehensive income of $X million for the fiscal year ending September 30, 2025, representing a Y% increase compared to the previous year[92]. - The company has provided a revenue guidance of $B million for the next fiscal year, indicating a projected growth of C%[54]. - New product launches contributed to a D% increase in sales, with the introduction of E new products during the year[54]. - The aggregate revenue from the Group's five largest customers accounted for 26% of total revenue, with the largest customer contributing 10%[90]. - The aggregate purchases from the Group's five largest suppliers represented 57% of total purchases, with the largest supplier accounting for 12%[90]. User Growth - User data showed a growth of Z% in the active user base, reaching a total of A million users by the end of the reporting period[54]. Market Expansion - The company is expanding its market presence in the Asia-Pacific region, targeting a growth rate of F% in that market segment[54]. - A strategic acquisition was completed, enhancing the company's portfolio and expected to add G million in annual revenue[54]. Research and Development - Research and development expenses increased by H%, reflecting the company's commitment to innovation and new technology[54]. Operational Efficiency - The company has implemented new operational strategies aimed at improving efficiency, projected to reduce costs by I% over the next year[54]. Dividends - The board of directors has approved a dividend of $J per share, maintaining a consistent return to shareholders[54]. - An interim dividend of HK$1.70 per share was paid in July 2025, totaling HK$42,500,000[29]. - The Directors recommend a final dividend of HK$1.6 per share, totaling HK$40,000,000, payable on February 9, 2026[29]. - The company declared an interim dividend of HK$1.7 per share totaling HK$42,500,000 in July 2025[34]. - The board proposed a final dividend of HK$1.6 per share, amounting to HK$40,000,000, to be distributed to shareholders on record as of January 29, 2026[34]. Corporate Governance - The Company is committed to transparency and governance, as reflected in the Corporate Governance Report[30]. - The Company has fully complied with the Corporate Governance Code provisions, except for holding only three formal Board meetings instead of the required four[98][99]. - The Board held three formal meetings during the financial year, deviating from the corporate governance code which requires at least four meetings annually[103]. - The Board comprises seven Directors, including two Executive Directors, two Non-Executive Directors, and three Independent Non-Executive Directors[115]. - The independent auditor issued an unqualified opinion on the Group's continuing connected transactions, confirming compliance with the relevant regulations[53]. Related Party Transactions - The Group's related party transactions for the year ended September 30, 2025, include rental and related income from Kin Fung Hong Limited and Dedicare Limited, and meal provisions from Fu Hop, which are classified as continuing connected transactions under Listing Rules[52]. - These transactions are exempt from shareholders' approval and annual review as they fall below the de minimis threshold under Rule 14A.76 of the Listing Rules[53]. - The independent non-executive directors and auditors have confirmed that these transactions were conducted in the ordinary course of business, on normal commercial terms, and are in the interests of the shareholders[54]. Board Composition and Diversity - The Board currently consists of seven Directors, with one female Director, representing 14% of the Board, and aims to maintain or adjust this proportion as appropriate[128]. - The Board Diversity Policy emphasizes the importance of diverse perspectives in decision-making and aims to ensure a variety of skills and attributes among Board members[123]. - The Board has reviewed the Board Diversity Policy during the year ended September 30, 2025, and considers it to remain robust and effective[129]. - The Board's composition includes 2 Executive Directors (28.5%), 2 Non-Executive Directors (28.5%), and 3 Independent Non-Executive Directors (43%)[132]. - The Company adheres to non-discriminatory employment practices and provides training opportunities tailored to diverse employees' needs[138]. Risk Management and Internal Controls - The Audit Committee reviewed the effectiveness of the Group's risk management and internal control systems[157]. - The effectiveness of the risk management and internal control systems of the Group was reviewed by the Board[191]. Training and Development - Continuous professional development activities are encouraged for all Directors to enhance their knowledge and skills[142]. - Directors participated in two in-house training sessions on the latest developments of the Listing Rules during the financial year[145]. Attendance and Meetings - Attendance records for Board meetings show that the Chairman attended 3 out of 3 meetings, while other Directors also maintained high attendance rates[198]. - Two Audit Committee meetings were held during the year ended September 30, 2025, with attendance details available in the relevant section[156]. Future Outlook - The Company plans to continue evaluating emerging risks and challenges while staying updated on evolving market and governance trends[196].

香港聯合交易所有限公司（「聯交所」）GEM（「GEM」）之特色 GEM為投資風險較其他於聯交所上市之公司為高之中小型公司提供上市之市場。有 意投資之人士應了解投資於該等公司之潛在風險，並應經過審慎周詳之考慮後方作出 投資決定。 由於GEM上市之公司通常為中小型公司，在GEM買賣之證券可能會較在聯交所主板 買賣之證券承受較大之市場波動風險，同時無法保證在GEM買賣之證券會有高流通 量之市場。 | | | 截至九月三十日 | | | --- | --- | --- | --- | | | | 止六個月 | | | | | 二零二五年 | 二零二四年 | | | | 千港元 | 千港元 | | | 附註 | （未經審核） | （未經審核） | | 收益 | 4及5 | 10,500 | 10,435 | | 銷售成本 | | (2,166) | (2,254) | | 毛利 | | 8,334 | 8,181 | | 其他收益 | | 280 | 61 | | 出售附屬公司之收益 | | – | 10,458 | | 銷售及分銷開支 | | (2,582) | (1,549) | | 行政開支 | | (8,722 ...

Financial Performance - Total revenue for the year ended August 31, 2025, reached RMB 3,960.34 million, a 6.1% increase from RMB 3,732.07 million in 2024[20]. - Adjusted net profit for 2025 was RMB 705.81 million, reflecting a slight increase of 1.2% compared to RMB 693.18 million in 2024[20]. - Total assets decreased to RMB 21,997.20 million in 2025 from RMB 22,281.52 million in 2024, a decline of 1.3%[22]. - Current liabilities reduced to RMB 8,781.72 million in 2025, down 6.6% from RMB 9,407.66 million in 2024[22]. - The company reported a net profit of RMB 386.68 million for 2025, down from RMB 613.09 million in 2024, indicating a decline of 37.0%[44]. - Adjusted gross profit for 2025 was RMB 1,720.10 million, up from RMB 1,621.68 million in 2024, reflecting a growth of 6.1%[45]. - The group's cost of sales for the same period was RMB 2,292.54 million, up RMB 134.04 million or 6.21% from RMB 2,158.50 million, primarily due to increased teaching quality and staff compensation[49]. - Gross profit for the fiscal year was RMB 1,667.80 million, reflecting an increase of RMB 94.23 million or 5.99% from RMB 1,573.57 million[50]. - Selling expenses rose to RMB 327.35 million, an increase of RMB 85.50 million or 35.35% from RMB 241.85 million, mainly to expand enrollment channels[51]. - Administrative expenses increased to RMB 613.90 million, up RMB 13.35 million or 2.22% from RMB 600.55 million, attributed to higher management salaries and professional service fees[52]. - Financing costs decreased to RMB 225.68 million, down RMB 63.73 million or 22.02% from RMB 289.41 million, due to reduced loan scale and optimized loan structure[53]. - The group's cash and bank balances totaled RMB 3,291.59 million as of August 31, 2025, compared to RMB 3,100.75 million the previous year[57]. - The current ratio improved to 0.69 as of August 31, 2025, up from 0.43 the previous year[59]. - The debt-to-equity ratio decreased to approximately 29.5% from 35.4% the previous year[62]. Operational Developments - The company successfully resolved its debt crisis by disposing of certain assets, reducing liabilities and laying a solid foundation for future development[10]. - The company effectively reduced its debt scale and improved cash flow by rationally disposing of non-core assets, ensuring stable operations[14]. - There will be a focus on lean management to improve operational efficiency and ensure healthy cash flow while controlling debt risks[17]. - The company introduced 32 new programs related to cutting-edge industries such as artificial intelligence and big data analysis, while discontinuing 20 programs that did not align with market demand[28]. - The company aims to optimize cost structures and improve management efficiency through technology, while focusing on curriculum development and faculty construction[41]. - The company is implementing measures to enhance operational capital management efficiency and strengthen control over interest-bearing liabilities[42]. - The company is actively expanding its global presence, particularly in regions along the "Belt and Road" initiative, to tap into high-demand areas for higher education[41]. Educational Initiatives - Over the reporting period, the company introduced over 1,100 teachers and recognized nearly 100 senior "dual-qualified" teachers, enhancing teaching quality[11]. - The company established nearly 100 new partnerships with enterprises, hosting 799 recruitment events that attracted 5,346 companies and offered over 306,000 job positions[12]. - The company aims to enhance the integration of artificial intelligence in education and training, aligning with national strategies for innovation and talent development[27]. - The average placement rate for graduates increased steadily compared to the previous year, with a 90% pass rate for students in employment guidance training[30]. - The company provides pre-service training for new teachers to facilitate their integration into the teaching team[199]. Corporate Governance - The company has adhered to the corporate governance code and met the majority of the recommended best practices as of August 31, 2025[69]. - The company is focused on enhancing shareholder value through effective corporate governance practices and regular reviews[69]. - The company has established a new investment strategy under the leadership of the newly appointed Chief Investment Officer, effective January 23, 2025[77]. - The company has a diverse board consisting of nine directors, including three executive directors and three independent non-executive directors[75]. - The independent non-executive directors have confirmed their independence according to the listing rules[120]. - The company has established service contracts for all directors, which require re-election as per the articles of association[119]. - The company has received confirmations of independence from all independent non-executive directors as of the reporting date[120]. - The company has established a mechanism to avoid conflicts of interest among board members[187]. - The company has appointed three independent non-executive directors to balance the interests of shareholders and promote overall corporate benefits[187]. Shareholder Information - The company issued 444,792,885 shares through a rights issue, raising approximately HKD 87.4 million after expenses[68]. - The company redeemed all outstanding convertible bonds for a total settlement amount of USD 162,668,300, and issued 4,168,549 shares as part of the conversion of USD 2,070,000 in convertible bonds[68]. - The board of directors did not recommend a final dividend for the year ending August 31, 2025, due to funding arrangements[73]. - The company has a reserve available for distribution to shareholders of approximately RMB 5,132 million as of August 31, 2025[117]. - Wang Huiwu holds a total of 3,888,325,240 shares, representing approximately 47.27% of the company's equity[122]. - Major shareholder Maysunshine Holdings Limited owns 3,717,553,240 shares, accounting for 46.29% of the company's equity[126]. Risk Management - The company faces risks related to the competitive landscape in the private higher education sector in China, which may pressure pricing and profit margins[108]. - The company has implemented measures to mitigate various risks and uncertainties, as detailed in the corporate governance report[107]. - The company faces risks related to potential penalties that could adversely affect its ability to operate in China[182]. - The company has taken measures to ensure compliance with contractual arrangements, including terminating related party transactions and potentially restructuring operations[183]. Compliance and Regulatory Matters - The group has complied with relevant laws and regulations, including the Companies Ordinance and the Securities and Futures Ordinance, regarding information disclosure and corporate governance[103]. - The group is not aware of any significant non-compliance issues that could materially affect its business and operations for the fiscal year ending August 31, 2025[103]. - The company has confirmed compliance with the disclosure requirements of Chapter 14A of the Listing Rules regarding related party transactions[194]. - The company has not faced any regulatory interference regarding its contractual arrangements as of the date of the report[165]. Employee Information - The company has approximately 13,500 employees, with a gender diversity ratio of 34% male and 66% female[104]. - The total employee cost was approximately RMB 1,646.1 million, an increase from RMB 1,573.7 million as of August 31, 2024[104]. - The company participates in various employee social security plans managed by local governments, including housing, retirement, medical, maternity, and unemployment insurance[199]. - The company has not paid any compensation to directors to attract them to join or as compensation for leaving their previous positions[199].

Financial Performance - Financial income for the year ended August 31, 2025, was RMB 1,026,000, a decrease of 72.7% from RMB 3,764,000 in 2024[5] - Total financial expenses for the year ended August 31, 2025, were RMB (70,460,000), down 21.6% from RMB (89,816,000) in 2024[5] - Net financial expenses for the year ended August 31, 2025, were RMB (69,434,000), a reduction of 19.2% compared to RMB (86,052,000) in 2024[5] - The company reported a significant decrease in bank interest income, which fell to RMB 1,026,000 from RMB 3,764,000, indicating a decline of 72.7%[5] - The estimated discounted interest expense on long-term other borrowings from the controlling shareholder was RMB (829,000) in 2025, compared to zero in 2024[5] - The company’s total liabilities related to financial expenses decreased, reflecting improved financial management strategies[5] Accounts Payable - Accounts payable for construction and purchase of non-current assets increased to RMB 310,483,000 in 2025, up 50.8% from RMB 205,797,000 in 2024[6] - Current portion of accounts payable to related parties was RMB 24,668,000 in 2025, an increase of 21.8% from RMB 20,277,000 in 2024[6] - Total accrued expenses and other payables amounted to RMB 434,855,000 in 2025, a rise of 18.9% from RMB 365,838,000 in 2024[6] Reporting Clarification - The company clarified that the adjustments made do not affect other information contained in the annual performance announcement and the 2025 annual report[7]

INTERIM REPORT 中期報 告 2025/26 For the Six Months Ended 30th September, 2025 截至二零二五年九月三十日止六個月 YANGTZEKIANG GARMENT LIMITED 長江製衣有限公司 INTERIM REPORT 2025/26 中期報告 | | CONTENTS | | | --- | --- | --- | | | 目 | 錄 | | Corporate Information | | 2 | | 公司資料 | | | | Consolidated Statement of Profit or Loss | | 3 | | 綜合損益表 | | | | Consolidated Statement of Profit or Loss and Other Comprehensive Income | | 4 | | 綜合損益及其他全面收益表 | | | | Consolidated Statement of Financial Position | | 5 | | 綜合財務狀況表 | | | | Consolidated Statem ...

GLOBAL DISTRIBUTION NETWORK 全球分銷網絡 | | Countries and | Main-brands/Sub-brands/ | 30 September 2025 | 31 March 2025 | | 30 September 2024 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | Regions | Product Lines | 2025年 | 2025年 | Changes | 2024年 | Y-o-Y Changes | | | 國家及地區 | 主品牌╱副品牌╱產品線 | 9月30日 | 3月31日 | 變化 | 9月30日 | 按年變化 | | | | Lukfook 六福 | 74 | 74 | 0 | 73 | +1 | | | | 3DG Jewellery 金至尊 | 124 | 99 | +25 | 79 | +45 | | | Chinese Mainland1 中國內地1 | Goldstyle | 0 | 1 | -1 | 1 | -1 | | | | Lukfook Joai ...

Financial Performance - Revenue for the six months ended September 30, 2025, was HK$78,701,000, a decrease of 11.5% compared to HK$88,524,000 for the same period in 2024[10] - Gross profit for the same period was HK$46,029,000, down 15.7% from HK$54,580,000 in 2024[10] - Loss for the period was HK$1,597,000, an improvement from a loss of HK$2,614,000 in the previous year, indicating a reduction of 38.7%[14] - Total comprehensive income for the period was HK$3,160,000, compared to HK$4,094,000 in 2024, reflecting a decrease of 22.8%[14] - The company reported a basic and diluted loss per share of 0.6 cents, an improvement from 1.3 cents in the previous year[10] - The Group's loss from operations was reduced to HK$488,000, compared to HK$1,204,000 in the same period last year, reflecting effective cost-saving measures[126] Assets and Liabilities - Non-current assets increased to HK$348,242,000 as of September 30, 2025, from HK$343,627,000 as of March 31, 2025[19] - Current assets totaled HK$163,605,000, slightly up from HK$162,149,000 as of March 31, 2025[19] - Net current assets decreased to HK$83,185,000 from HK$99,159,000, a decline of 16.1%[19] - Total equity attributable to equity shareholders of the Company was HK$400,399,000, down from HK$413,157,000[19] - The Group's reportable segment assets as of September 30, 2025, totaled $786,690,000, a slight decrease from $789,042,000 as of March 31, 2025[50] - The reportable segment liabilities as of September 30, 2025, were $459,805,000, compared to $464,524,000 as of March 31, 2025, indicating a reduction of 1%[50] Cash Flow - For the six months ended September 30, 2025, cash generated from operations was HK$17,845,000, an increase of 46.5% compared to HK$12,189,000 for the same period in 2024[27] - The net cash generated from operating activities was HK$18,164,000, up from HK$12,214,000, reflecting a growth of 48.5% year-over-year[27] - Cash and cash equivalents at the end of the period were HK$99,176,000, a slight decrease from HK$101,985,000 at the end of the previous period[27] - The net cash used in financing activities was HK$15,573,000, a decrease from HK$18,110,000, indicating improved cash management[27] Dividends - The company declared dividends payable of HK$16,586,000 for the period, with no dividends payable in the previous year[19] - The final dividend of 10 cents per ordinary share for the year ended March 31, 2025, amounted to $16,586,000, approved on September 26, 2025[67] - No interim dividend was declared for the period ending September 30, 2025, consistent with the previous year[116] Revenue Streams - The group operates a distribution network of 34 sales points, with 29 in Hong Kong and 5 in Macau, and is cautious about expanding its store network[117] - The printing and related services segment saw a slight revenue increase to HKD 13,645,000 from HKD 13,495,000 in the previous year[117] - Royalty income increased significantly to HKD 845,000 from HKD 390,000 year-on-year[108] - Sales of garment products reached HKD 3,376,000, marking a new revenue stream for the group[108] Cost Management - The overall gross profit margin declined to 58.5% from 61.7% year-on-year, while distribution costs decreased by 17.0% and administrative expenses were reduced by 26.2%[126] - Finance costs for the six months ended September 30, 2025, decreased to $1,117,000 from $1,330,000 in 2024, representing a reduction of approximately 16%[59] - Depreciation expenses for the six months ended September 30, 2025, amounted to $14,112,000, a decrease from $17,673,000 in 2024[53] Intellectual Property and Licensing - The Group holds global intellectual property rights for Guy Laroche and Ashworth, with the latter operating with four licensees, indicating a strategic focus on leveraging intellectual property for growth[123] - The trademark licensing agreement allows Citimark Trading to promote and sell licensed products exclusively in the PRC, including online sales[149] - The minimum royalty fees for Citimark Trading are set to increase annually, starting from USD 250,000 (equivalent to HKD 1,950,000) for the year ending May 31, 2025, to USD 500,000 (equivalent to HKD 3,900,000) for the year ending May 31, 2029[151] Corporate Governance - The audit committee has reviewed the unaudited interim financial statements of the Group for the period ended September 30, 2025[174] - The company has adhered to corporate governance practices as outlined in Appendix 14 of the Listing Rules throughout the period ended September 30, 2025[175] - No significant contracts involving directors' material interests were in effect at the end of the period or during the review period[168]

Financial Performance - For the six months ended September 30, 2025, the revenue was HK$75,547,000, a decrease of 6.4% compared to HK$79,060,000 for the same period in 2024[18]. - Gross profit for the six months ended September 30, 2025, was HK$2,344,000, compared to a gross loss of HK$2,509,000 in the previous year[20]. - The loss for the period was HK$7,751,000, down from HK$15,547,000, indicating a significant improvement of 50.2%[20]. - The loss before taxation improved to HK$7,735,000, compared to a loss of HK$15,543,000 in the same period last year, representing a 50.3% reduction[20]. - The Group recorded a net loss of approximately HK$7.8 million for the six months ended 30 September 2025, an improvement from a net loss of approximately HK$15.5 million for the same period in 2024, reflecting a recovery in global economic conditions and increased trade activities[125]. Revenue and Income - Other income increased to HK$128,000 from HK$62,000, reflecting a growth of 106.5%[20]. - Revenue from freight forwarding and related logistics services was HK$75,547,000, while trading of fashion items generated no revenue during the period[49][56]. - The Group's revenue from Hong Kong, its place of domicile, was entirely derived from freight forwarding and related logistics services, amounting to HK$75,547,000[56]. - Total revenue decreased by approximately 4.4% from approximately HK$79.0 million in the previous period to approximately HK$75.5 million in the review period[138]. Expenses and Costs - The cost of services for the same period was HK$73,203,000, down from HK$81,569,000, indicating a reduction of 10.3%[20]. - Sales and marketing expenses decreased to HK$1,312,000, down 33.8% from HK$1,983,000 in the previous period[20]. - Administrative expenses were reduced to HK$8,045,000, a decrease of 27.3% compared to HK$11,026,000 in the previous year[20]. - Finance costs increased to HK$1,062,000 from HK$189,000, showing a significant rise attributed to increased borrowing costs[20]. - Depreciation of property, plant, and equipment decreased significantly to HK$278,000 from HK$923,000 in the previous period, reflecting a reduction of approximately 70%[62]. Assets and Liabilities - The company's net assets decreased to HK$28,825,000 as of September 30, 2025, down from HK$36,576,000 as of March 31, 2025, reflecting a decline of approximately 21%[22]. - Current assets decreased to HK$49,420,000 from HK$71,166,000, a reduction of about 30% over the six-month period[22]. - Trade and other receivables decreased to HK$39,862,000 from HK$55,655,000, a decline of about 29%[22]. - Trade payables as of September 30, 2025, were HK$12,274,000, down 45.3% from HK$22,413,000 as of March 31, 2025[87]. - Current liabilities for trade and other payables decreased from HK$25,401,000 to HK$14,353,000, a reduction of 43.5%[87]. Cash Flow - For the six months ended September 30, 2025, net cash used in operating activities was HK$1,658,000, a significant improvement from HK$12,199,000 in the same period of 2024[29]. - The Group reported a net cash outflow from investment activities of HK$1,093,000, compared to a net inflow of HK$2,066,000 in the previous year[29]. - Cash and cash equivalents at the end of the period were HK$9,558,000, up from HK$6,785,000 at the end of the same period last year[29]. Share Capital and Financing - The authorized share capital of the company is HK$100,000,000, divided into 1,000,000,000 consolidated shares of HK$0.10 each[104]. - The company issued 24,956,600 new shares at a placing price of HK$0.137 per share, representing approximately 16.67% of the issued share capital as of 31 March 2025[114]. - The share consolidation was approved by shareholders on 15 January 2025 and became effective on 17 January 2025[107]. - The Group obtained a loan of HK$3,500,000 from a local financial institution during the review period, compared to no loans as of March 31, 2024[99]. Strategic Outlook - The Company is cautiously optimistic about future business opportunities in logistics, supported by coordinated efforts from the Central Government of the PRC and the Hong Kong Government[129]. - The management acknowledges the need to rethink strategies for the fashion items trading segment due to a significant slowdown in the global luxury goods market[130]. - The Group is seeking to diversify its business areas to reduce reliance on existing logistics businesses and broaden its revenue base[130].