2025 中期報告 目 錄 2 公司資料 4 簡明綜合損益及其他全面收益表 5 簡明綜合財務狀況表 6 簡明綜合權益變動表 7 簡明綜合現金流量表 8 簡明綜合中期財務報表附註 24 管理層討論與分析 30 企業管治及其他資料 VICON HOLDINGS LIMITED 中期報告2025 公司資料 董事會 執行董事 鄒國俊先生 （主席及行政總裁） 梁慶威先生 獨立非執行董事 葉家麒先生 謝嘉政先生 陳偉傑先生 譚鈺渝女士 董事委員會 審核委員會 謝嘉政先生 （主席） 葉家麒先生 陳偉傑先生 譚鈺渝女士 提名委員會 鄒國俊先生 （主席） 葉家麒先生 謝嘉政先生 薪酬委員會 葉家麒先生 （主席） 鄒國俊先生 陳偉傑先生 譚鈺渝女士 公司秘書 註冊辦事處 Cricket Square Hutchins Drive PO Box 2681 Grand Cayman KY1-1111 Cayman Islands 股份過戶登記總處 Conyers Trust Company (Cayman) Limited Cricket Square Hutchins Drive PO Box 2681 Grand Cayman ...

Financial Performance - Revenue for the fiscal year 2025 was approximately HKD 37.5 million, a decrease of about 1.6 million or 4.0% from HKD 40.1 million in 2024[35]. - Gross profit decreased by approximately HKD 4.8 million or 25.2% to HKD 14.4 million in 2025, with a gross margin of 38.4% compared to 48.0% in 2024[39]. - The company recorded a net loss of approximately HKD 12.0 million in 2025, compared to a net loss of about HKD 7.3 million in 2024, primarily due to decreased revenue and gross profit[45]. - The total asset return rate for 2025 was approximately -15.8%, compared to -10.2% in 2024[48]. - The equity return rate for 2025 was approximately -31.5%, compared to -14.5% in 2024[49]. - The liquidity ratio for 2025 was 2.3 times, down from 3.5 times in 2024, reflecting a decrease in cash reserves[51]. - As of September 30, 2025, the group's cash and cash equivalents amounted to approximately HKD 30.4 million, a decrease from HKD 60.2 million in 2024, with no bank borrowings[55]. - Current assets as of September 30, 2025, were approximately HKD 62.1 million, down from HKD 71.5 million in 2024, while current liabilities increased to approximately HKD 27.3 million from HKD 20.3 million in 2024, resulting in a current ratio of 2.3 times compared to 3.5 times in 2024[55]. - The total employee cost for the year was approximately HKD 23.2 million, an increase from HKD 22.9 million in 2024, with 59 employees as of September 30, 2025, compared to 58 in 2024[61]. - The company has a distributable reserve of approximately HKD 26.3 million as of September 30, 2025[103]. Business Expansion and Strategy - The company is expanding its business into event management and insurance sectors, leveraging the stable cash flow from its core financial printing business[23]. - The company aims to enhance service levels and deepen customer relationships in both existing and emerging business areas[24]. - The company has expanded its main business to include entertainment program production and event planning services, in addition to financial printing services[84]. - The company has entered into a cooperation agreement with Macau Star Entertainment, with a total payment of approximately HKD 1,165,000 for managing an event[92]. - The FIBA cooperation agreement with Macau Star involves a budget limit of HKD 4 million for related expenses associated with the FIBA 3x3 World Tour event in Macau[134]. Customer and Supplier Relationships - The top five customers accounted for approximately 22.3% and 14.6% of total revenue in 2024 and 2025, respectively, indicating no excessive reliance on any major customer[31]. - The top five customers accounted for approximately 14.6% of the total revenue for the year, down from 22.3% in 2024, with the largest customer contributing about 4.6% of total revenue[141]. - The top five suppliers represented around 30.8% of the total service costs for the year, an increase from 27.3% in 2024, with the largest supplier accounting for approximately 12.1% of total service costs[141]. - The company has established stable relationships with major suppliers, expecting no procurement difficulties or production interruptions[90]. Governance and Compliance - The company complies with multiple Hong Kong laws and regulations, ensuring operational adherence to applicable legal requirements[87]. - The company has adopted a share option scheme as a reward for eligible participants[153]. - The company has complied with all applicable corporate governance codes as per GEM listing rules during the year[157]. - The board consists of six directors, with independent non-executive directors making up 50% of the board[169]. - The company has established a board committee to delegate certain responsibilities, enhancing governance and oversight[166]. - The Audit Committee consists entirely of independent non-executive directors, ensuring objectivity in financial oversight[184]. - The company is committed to maintaining effective risk management and internal control systems[187]. - The board has adopted a diversity policy and discussed measurable targets for its implementation[178]. Shareholder Information - The company decided not to recommend a final dividend for the fiscal year 2025, consistent with 2024[50]. - The company did not declare a final dividend for the year[97]. - The public shareholding ratio was restored to 25% on December 6, 2024, after the sale of 2,670,000 shares by the controlling shareholder[155]. - On October 8, 2024, Achiever Choice Limited sold 560,000,000 shares, representing 56.0% of the company's issued share capital, making the buyer the new controlling shareholder[91]. Management and Employee Relations - The company has a well-experienced management team and emphasizes employee training and team-building activities[89]. - Directors received formal training upon appointment to understand their responsibilities under various regulations and company policies[172]. - The company encourages directors to participate in training courses to enhance their professional development[172]. - The Compensation Committee held one meeting during the year to determine the compensation for the company's directors and senior management, and to review the annual performance bonuses for directors and senior management[192]. Environmental and Social Responsibility - The company is committed to environmental sustainability and has implemented various policies to conserve resources, save energy, and reduce waste[86]. - The company did not make any charitable donations during the year, compared to HKD 10,000 in 2024[154].

Financial Performance - The company achieved a revenue of RMB 329.79 million for the fiscal year ending August 31, 2025, reflecting a slight decrease of 0.4% compared to RMB 331.14 million in 2024[7]. - Gross profit decreased to RMB 141.54 million, down 10.1% from RMB 157.53 million in the previous year, resulting in a gross margin of 42.9%[7][9]. - Net profit attributable to shareholders was RMB 76.33 million, a decline of 29.6% from RMB 108.42 million in 2024, leading to a net profit margin of 23.1%[7][9]. - Current assets decreased significantly to RMB 497.93 million from RMB 777.55 million in 2024, while current liabilities increased to RMB 264.37 million from RMB 222.09 million[8]. - Total equity rose to RMB 1.89 billion, up from RMB 1.82 billion in 2024, indicating a stable financial position despite the drop in profitability[8]. - Tuition revenue for the fiscal year was approximately RMB 301.0 million, down RMB 1.4 million or 0.5% from RMB 302.4 million in 2024, primarily due to a decrease in student enrollment[37]. - The company's cost of sales for the fiscal year was approximately RMB 188.2 million, an increase of about RMB 14.6 million or 8.4% from RMB 173.6 million in 2024, driven by higher personnel costs and maintenance expenses[38]. - Other income and gains for the group amounted to approximately RMB 12.7 million, a decrease of about RMB 6.7 million compared to the previous year[40]. - Administrative expenses for the year were approximately RMB 69.3 million, an increase of about RMB 1.9 million, primarily due to increased personnel costs and maintenance expenses[43]. - The group's profit for the year was approximately RMB 76.3 million, a decrease of about RMB 32.1 million or approximately 29.6% compared to the previous year[48]. Enrollment and Academic Performance - Total enrollment for the 2024/2025 academic year is 19,276 students, a decrease of 0.7% from 19,416 in 2023/2024[18]. - New student enrollment for the 2024/2025 academic year is 5,255, down 6.8% from 5,639 in 2023/2024[18]. - The graduation placement rate for the college's students is approximately 94.99% for the 2024/2025 academic year[17]. Strategic Initiatives - The company plans to enhance talent acquisition and training to improve educational quality and competitiveness in the market[12][13]. - Focus will be placed on strengthening research capabilities and promoting collaboration with industry to align educational offerings with market demands[13]. - The company aims to solidify employment foundations for graduates, enhancing career education systems to improve job placement rates[13]. - The college plans to expand its facilities to increase capacity and improve the teaching and living environment[24]. - The college aims to enhance its curriculum and training programs to better equip students with practical skills[24]. - The college is exploring expansion through acquisitions to enhance operational capabilities[24]. Regulatory and Compliance Issues - The college's application to operate a degree-granting institution in California was denied, but it is actively seeking new agents to resolve the issue[26]. - The company is subject to various government approvals and compliance regulations for campus construction and operations[88]. - The company has confirmed that it has fulfilled its responsibilities to maintain effective risk management and internal control systems[97]. - The company has not faced any significant adverse impacts on its overall operations due to non-compliance issues related to construction and building safety[94]. Shareholder and Governance Matters - The board emphasizes a commitment to high-quality educational development and aims to contribute significantly to societal needs[14]. - The board of directors includes experienced members with extensive backgrounds in education and finance, enhancing governance and strategic oversight[70][74][75]. - The company has established strict independent financial functions and systems that report directly to the board, ensuring no involvement from major shareholders in financial matters[140]. - The company has appointed Baker Tilly as an internal control advisor to oversee activities related to major shareholders and conduct annual independent reviews[140]. Capital and Investment Activities - Capital expenditures for the year were RMB 415.5 million, an increase from RMB 272.1 million in the previous year[55]. - The group has entered into a loan agreement for RMB 500 million for the construction of a new campus, with the tuition and accommodation fee collection rights pledged as collateral[61]. - The company raised approximately RMB 385.1 million from its IPO on July 16, 2021, with RMB 38.6 million remaining unutilized as of August 31, 2024[108]. - The total allocation of the IPO proceeds as of August 31, 2025, includes RMB 39.3 million for a teaching building, RMB 134.0 million for a library, and RMB 96.3 million for acquiring or investing in private educational institutions[111]. Risk Factors - The company faces significant competition in the Chinese education sector, which may impact its market position and financial performance[88]. - Regulatory changes regarding private higher education in China could affect the company's business operations and financial outlook[88]. - The company relies heavily on its reputation, which is critical for attracting students and maintaining enrollment numbers[88]. - The company relies on contractual arrangements to operate its education business in China, which may face significant risks due to regulatory changes[174]. Environmental and Social Responsibility - The company has adopted environmental policies and has not identified any significant environmental or social risks that could impact its operations[89]. - The group made charitable donations amounting to RMB 55,000 during the fiscal year ending August 31, 2025[197]. Future Outlook - The company is actively seeking new agents to resolve issues related to its application for a degree-granting institution in California, which was rejected on January 30, 2024[182]. - The company has submitted an application for a temporary license for a school in California, which is part of its strategy to expand its education network internationally[181].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：01610） 有關股份獎勵計劃的進一步資料 聯席公司秘書、授權代表及法律程序文件代理人變更及豁免嚴格遵守上市規 則第3.28條及第8.17條 中糧家佳康食品有限公司（「本公司」）董事會（「董事會」）謹此宣佈，由於工作調 動，自二零二五年十二月二十三日起，金秋女士（「金女士」）已辭任本公司聯席公 司秘書（「聯席公司秘書」）。 董事會進一步宣佈，周慶齡女士（「周女士」）已辭任本公司的聯席公司秘書、香 港聯合交易所有限公司（「香港聯交所」）證券上市規則（「上市規則」）第3.05條項 下本公司之授權代表（「授權代表」）及公司條例（香港法例第622章）及上市規則第 19.05(2)條項下於香港接收法律程序文件及通知書之本公司之獲授權代表（「法律 程序文件代理人」），自二零二五年十二月二十三日起生效。 金女士及周女士已確認彼與董事會並無意見分歧，亦無任何有關其辭任的情況 ...

Financial Performance - For the six months ended September 30, 2025, the company reported revenue of HK$377,247,000, an increase of 4.1% compared to HK$362,293,000 in the same period of 2024[16]. - Gross profit for the period was HK$25,334,000, reflecting a decrease of 25.2% from HK$33,863,000 in 1H2024[16]. - The company incurred a loss of HK$22,630,000 for the period, which is a 7.1% increase from the loss of HK$21,123,000 in 1H2024[16]. - Loss attributable to owners of the company was HK$19,046,000, representing a 28.2% increase compared to HK$14,856,000 in the previous year[16]. - The EBITDA for the period was reported at (HK$11,935,000), a significant increase of 248.7% from (HK$3,423,000) in 1H2024[16]. - The net loss for 1H2025 was approximately HK$21.8 million, a slight increase of HK$1.7 million compared to the net loss of HK$20.1 million for 1H2024[134]. - Loss attributable to owners of the Company for 1H2025 was approximately HK$19.1 million, compared to HK$14.9 million for 1H2024[134]. - The construction segment recorded a loss of approximately HK$7.4 million in 1H2025, compared to a loss of approximately HK$0.7 million in the corresponding period[135]. - Gross profit decreased by HK$8.5 million to HK$25.3 million in 1H2025, down from HK$33.9 million in 1H2024, mainly due to poor performance in the construction business[138]. Financial Position - The gearing ratio as of September 30, 2025, was 158.0%, up from 148.4% as of March 31, 2025[17]. - The current ratio decreased to 0.81 as of September 30, 2025, compared to 0.90 as of March 31, 2025[17]. - Cash and cash equivalents decreased to HK$43,703,000 from HK$115,170,000 as of March 31, 2025[17]. - As of September 30, 2025, the Group's total assets decreased by approximately HK$67.2 million to HK$1,144.4 million[152]. - The net current liabilities increased to HK$73.9 million as of September 30, 2025, compared to HK$44.8 million as of March 31, 2025[153]. - Total interest-bearing loans, including lease liabilities, rose to approximately HK$276.1 million as of September 30, 2025, from HK$236.4 million as of March 31, 2025, an increase of HK$39.7 million due to a finance lease for the Hefei Plant[157]. - The Group's total assets decreased by approximately HK$67.2 million to HK$1,144.4 million as of September 30, 2025, compared to HK$1,211.6 million as of March 31, 2025, attributed to a decline in trade receivables and cash[155]. Business Segments - The construction business generated revenue of approximately HK$316.3 million, a modest increase of 0.8% compared to HK$313.8 million in 1H2024[20]. - Revenue from the Environmental Protection Business increased by approximately 25.6% to approximately HK$60.9 million compared to HK$48.5 million in the first half of 2024[32]. - Revenue generated from kitchen waste treatment was approximately HK$53.43 million, up from approximately HK$45.5 million in the first half of 2024, driven by improvements in the Hefei Plant and Shenzhen Huamingsheng[35][38]. - The Hefei Plant operated at a daily capacity of around 180 tons during the period, generating revenue of approximately HK$22.50 million[36]. - The Xuancheng Plant has a planned capacity of 300 tons per day and is currently in trial commercial operation, with a treatment volume gradually increasing to 130 tons per day[37]. - The Dunhua project remains on hold due to incomplete land acquisition by the municipal government, with a planned capacity of 200 tons per day and a concession period of 30 years[42][45]. - The Guoyang project has a planned capacity of 126 tons per day and is currently 40% complete, with commercial operations yet to commence[43][45]. - The Hanzhong project, which is 80% owned by the Group, has not commenced any business activities or construction due to unresolved concession arrangements with the municipal government[46][49]. - The Hancheng project has been on hold since FY2020 due to design deficiencies in its wastewater system and related penalties, with an impairment loss of approximately HK$1.95 million recognized for project costs[51][55]. Investments and Acquisitions - The Group acquired 100% equity interest in Shanxi Tianhe for RMB 1,000,000, which is engaged in the harmless treatment of diseased livestock and poultry[60]. - The Yixing Plant project is scheduled for completion in June 2026, with approximately 92% of the construction completed as of September 30, 2025[68]. - A syndicated loan agreement for RMB 100 million was entered into for the Yixing Plant, with approximately RMB 88 million drawn down as of September 30, 2025[64]. - The Group established a joint venture, Yisheng Zhihui, with a registered capital of US$10 million, in which the Group holds a 62.5% ownership[69]. - Shenzhen Huamingsheng acquired a 30% equity interest in Zaozhuang High Energy Materials for RMB 1 million, with a cash contribution obligation of RMB 2 million and a non-cash contribution of RMB 6 million in technology management[84]. - An equity transfer agreement was signed on November 26, 2025, for the acquisition of 12% equity interest in Guangxi Ronghe Bioenergy Technology Co., Ltd. for a total consideration of RMB 24,000,000[121]. Operational Challenges - The construction market in Hong Kong is facing challenges due to economic uncertainty, which has affected the company's construction business, with expectations of keen competition in 2026[131]. - The production line at the Shenzhen facility was suspended in June 2024 and is expected to resume in January 2026 after relocation and upgrades[78]. - The Group is exposed to foreign exchange fluctuations as certain operations are denominated in RMB, and no hedging arrangements are currently in place[196]. - The Group is in the process of recovering the Dingxin Loan of HK$19.3 million, with a full provision for expected credit loss[192]. Corporate Governance - The company has changed auditors, appointing Asian Alliance (HK) CPA Limited effective April 28, 2025, following the resignation of BDO Limited[113]. - The company amended its memorandum and articles of association to reflect a new capital structure following a share consolidation effective on October 10, 2025[118]. - Internal control measures have been enhanced to prevent late announcements regarding financial assistance provisions, following a loan agreement entered into on December 26, 2022[120].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 Tian Tu Capital Co., Ltd. 深圳市天圖投資管理股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：1973） 有關本公司截至2024年12月31日止年度年報的補充公告 茲提述(i)深圳市天圖投資管理股份有限公司（「本公司」，連 同 其 附 屬 公 司 統 稱 「本集團」）日期為2023年9月25日的招股章程（「招股章程」）；及(ii)本公司截至2024 年12月31日止年度的年報（「年 報」）。除 另 有 界 定 外，本 公 告 所 用 詞 彙 與 招 股 章 程 及 年 報 所 界 定 者 具 相 同 涵 義。 下表載列截至2024年12月31日 的 所 得 款 項 淨 額 分 配 及 使 用 狀 況，以 及 使 用 未 動 用 所 得 款 項 淨 額 的 預 計 ...

Financial Performance - For the nine months ending November 30, 2025, the company reported total revenue of HKD 1,358,074,000, an increase of 4.5% compared to HKD 1,304,551,000 for the same period last year[3]. - Net interest income for the same period was HKD 1,053,714,000, up 4.5% from HKD 1,008,263,000 year-over-year[3]. - Operating income reached HKD 1,279,741,000, reflecting a growth of 5.1% compared to HKD 1,217,802,000 in the previous year[3]. - The company reported a net profit of HKD 352,703,000, representing a significant increase of 28.1% from HKD 275,307,000 in the prior year[3]. - Basic earnings per share increased to HKD 84.22, up from HKD 65.74, marking a growth of 28.0%[3]. - The total comprehensive income for the period was HKD 351,280,000, compared to HKD 267,664,000, showing a growth of 31.2%[4]. - The operating profit before tax for the period was HKD 424,473,000, compared to HKD 328,748,000 in the previous year, indicating a year-over-year increase of approximately 29.1%[16]. - The group reported a total operating income of HKD 1,358,074,000, with a total operating expense of HKD 931,173,000, resulting in a net operating profit of HKD 426,901,000[15]. - The group’s profit before tax was HKD 424.5 million, an increase of 29.1% compared to the same period last year[35]. - Net profit for the same period rose to HKD 352.7 million, reflecting a growth of 28.1% from HKD 275.3 million in the previous year[35]. Revenue Breakdown - Credit card service revenue amounted to HKD 1,082,314,000, while personal loan revenue was HKD 251,010,000, and insurance revenue was HKD 24,750,000, contributing to the overall revenue[15]. - Revenue from the Hong Kong region was HKD 1,316,705,000, while revenue from mainland China was HKD 41,369,000, highlighting the dominance of the Hong Kong market[17]. - The group’s insurance segment showed a revenue increase from HKD 22,049,000 to HKD 24,750,000, reflecting a growth of approximately 12.3% year-over-year[16]. - Credit card business accounted for 79.7% of total revenue, up from 78.1% in the same period last year[52]. - Revenue from credit card business increased by 6.3% or HKD 63,700,000 to HKD 1,082,300,000 compared to HKD 1,018,600,000 in the previous year[53]. - In mainland China, revenue increased from HKD 31,800,000 to HKD 41,400,000, but the business recorded a loss of HKD 12,900,000 due to deteriorating customer repayment performance[57]. Expenses and Cost Management - The company’s operating expenses decreased slightly to HKD 566,848,000 from HKD 569,371,000, indicating improved cost management[3]. - Total operating expenses decreased by 0.4% to HKD 566.8 million, leading to a cost-to-income ratio decline from 46.8% to 44.3%[44]. - General administrative expenses were HKD 175,425,000, up from HKD 172,213,000, reflecting an increase of about 1.3%[18]. - Marketing and promotional expenses decreased to HKD 68,060,000 from HKD 77,500,000, a reduction of approximately 12.2%[18]. - Employee costs, including director remuneration, rose to HKD 185,209,000 from HKD 178,746,000, an increase of about 3.1%[18]. - Depreciation and amortization expenses for tangible and intangible assets were HKD 39,855,000, down from HKD 44,289,000, indicating a decrease of approximately 10%[18]. Asset and Liability Management - Non-current assets increased from HKD 1,900,620 thousand to HKD 1,935,813 thousand, reflecting a growth of approximately 1.6%[5]. - Total equity increased from HKD 4,251,161 thousand to HKD 4,393,059 thousand, representing a growth of about 3.3%[6]. - The company's total liabilities decreased from HKD 5,593,986 thousand to HKD 5,344,730 thousand, indicating a reduction of approximately 4.4%[6]. - The company's total assets decreased from HKD 6,376,458 thousand to HKD 5,932,516 thousand, a decline of about 6.9%[5]. - The total current liabilities increased from HKD 226,351 thousand to HKD 303,622 thousand, indicating a rise of about 34.2%[5]. - The net debt-to-equity ratio remained stable at 0.7 as of November 30, 2025[35]. Credit Quality and Risk Management - The allowance for impairment losses on receivables was HKD 258,869,000 as of November 30, 2025, compared to HKD 264,939,000 as of February 28, 2025, indicating a slight decrease in provisions[24]. - The total expected credit loss for the current period was HKD 303,873,000, reflecting a significant increase compared to previous periods[25]. - The company recorded a write-off of uncollectible debts amounting to HKD 311,909,000 during the reporting period[26]. - The percentage of credit losses (Stage 2 and Stage 3 receivables) relative to total customer loans and receivables decreased from 4.2% on February 28, 2025, to 4.0% on November 30, 2025[31]. - The group adopted a more cautious loan portfolio management strategy, balancing customer base expansion with credit risk reduction[30]. - The effective credit risk monitoring led to significant improvements in loan quality, successfully controlling the proportion of high-risk customer loans[31]. Future Outlook and Strategic Initiatives - The company has not disclosed specific future outlook or guidance in the provided documents[3][4]. - Future guidance suggests continued revenue growth, with expectations of further expansion in both the Hong Kong and mainland China markets[17]. - The group has implemented new strategies to enhance market expansion, particularly focusing on the credit card and personal loan sectors[14]. - The company is actively exploring new product developments and technological advancements to strengthen its market position[14]. - The company plans to enhance its credit assessment procedures to stabilize asset quality and address expected increases in loan defaults[57]. - The strategy focuses on maintaining growth in local and online transaction volumes while improving credit assessment mechanisms to ensure high-quality asset portfolios[58]. - The launch of the One AEON Point project aims to create a comprehensive rewards platform to enhance credit card usage and customer loyalty[60]. - The company is implementing a fully paperless loan process and energy-efficient digital payment solutions to reduce its carbon footprint[60]. Compliance and Audit - The company’s financial statements were prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with local regulations[9]. - The auditor's report on the consolidated financial statements was unqualified, indicating a clean audit opinion[10]. - The company has maintained consistent accounting policies and methods compared to the previous fiscal year, ensuring comparability of financial data[11].

Financial Performance - For the six months ending September 30, 2025, the company reported revenue of HKD 2,831 million, reflecting a 9.0% increase compared to the previous period[14]. - The gross profit for the same period was HKD 611.2 million, with a gross margin of 21.6%[8]. - The profit attributable to the company's owners was HKD 336.0 million, representing a profit margin of 11.9%[10]. - Adjusted net profit for the period was HKD 342.9 million, maintaining an adjusted net profit margin of 11.9%[12]. - The company's revenue for the six months ended September 30, 2025, increased by 1.6% to HKD 2,830.5 million from HKD 2,786.2 million in the same period of 2024[29]. - Operating profit rose by 5.1% to HKD 410.3 million, while net profit for the period increased by 7.1% to HKD 335.1 million, marking a new high for the half-year[23]. - The total comprehensive income for the six months ended September 30, 2025, was HKD 288,430,000, compared to HKD 240,085,000 for the same period in 2024, reflecting an increase of approximately 20.1%[95]. - The company's profit attributable to owners for the six months ended September 30, 2025, was HKD 335,951,000, compared to a profit of HKD 298,185,000 for the same period in 2024, representing an increase of approximately 12.7%[124]. Revenue Sources - The company experienced a 9.0% increase in textile and apparel exports from Vietnam, while exports from mainland China decreased by 2.6%[19]. - Revenue from the European, North American, and Japanese markets accounted for 22.7%, 20.5%, and 17.7% of total revenue, respectively, indicating a balanced sales distribution across major markets[31]. - Revenue from Japan decreased to HKD 501,427,000 in 2025 from HKD 592,102,000 in 2024, a decline of about 15.4%[113]. - Revenue from North America increased significantly to HKD 579,414,000 in 2025, up 32% from HKD 439,339,000 in 2024[113]. - The five largest customers accounted for approximately 67.6% of total revenue in 2025, down from 69.1% in 2024[115]. Operational Strategies - The company plans to invest in new production lines in Vietnam, aiming to become the first cashmere yarn manufacturer in Southeast Asia by Q4 of the 2026 fiscal year[20]. - The company has diversified its supply chain by inviting key suppliers to establish bases near its production facilities in Vietnam, enhancing its competitive advantage[20]. - The company is adapting to the changing economic landscape by implementing risk management strategies and exploring new product categories[20]. - The company anticipates that the new production line in Vietnam will enhance its ability to serve global customers rapidly[20]. - The strategy in the cashmere yarn sector focuses on sustainability and traceability, with plans to relocate part of the cashmere yarn business to Vietnam[24]. - The company is enhancing its operational efficiency, particularly in its production facilities in Vietnam, to adapt to changing market dynamics[24]. - The management emphasizes flexibility in operations and is committed to strengthening core business while exploring new opportunities[26]. Cash Flow and Financial Position - Cash flow remains strong, supported by prudent cash management and a solid balance sheet[23]. - The net cash generated from operating activities for the six months ended September 30, 2025, was HKD 261.8 million, significantly up from HKD 106.5 million in the same period of 2024[45]. - The net cash used in investing activities for the six months ended September 30, 2025, was HKD 134.8 million, primarily due to the acquisition of property, plant, and equipment amounting to HKD 138.4 million[46]. - The net cash generated from financing activities for the six months ended September 30, 2025, was HKD 55.9 million, mainly due to a net increase in bank borrowings of HKD 151.0 million[47]. - Cash and cash equivalents increased by HKD 182.8 million, rising from HKD 430.8 million at the beginning of the period to HKD 613.6 million at the end[48]. - The group's debt-to-equity ratio decreased from 20.1% as of March 31, 2025, to 18.9% as of September 30, 2025[49]. - Total capital expenditure for the six months ended September 30, 2025, was approximately HKD 250.7 million, primarily related to machinery procurement and the construction of a new production base in Vietnam[51]. Shareholder Information - The company declared an interim dividend of HKD 0.11 per share, with a payout ratio of 75%[23]. - The interim dividend declared for the six months ending September 30, 2025, is HKD 0.11 per share, an increase from HKD 0.098 per share in 2024[65]. - The total number of issued ordinary shares as of September 30, 2025, is 2,279,392,000 shares[72]. - The company has a significant shareholder, Mr. Wang Tingzhen, holding 1,500,000,000 shares, representing 65.81% of the issued share capital[71]. - Major shareholders include Nanxuan Investment Limited and Tinghuai Asset Limited, each holding 1,500,000,000 shares, representing 65.81% of the issued share capital[74]. - The company has a significant concentration of ownership, with Wang Kam Chu holding 1,700,000,000 shares, representing 74.58% of the issued share capital[74]. Human Resources and Governance - The company emphasizes the importance of human resource management in maintaining and enhancing its expertise in knitted product manufacturing[63]. - The remuneration policy for directors and senior management is linked to the company's performance and is regularly reviewed against market salary levels[64]. - The company has implemented training programs for new employees to ensure continuous development and skill enhancement[63]. - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange's listing rules and has complied with all mandatory provisions as of September 30, 2025[66]. - The audit committee, consisting of four independent non-executive directors, reviewed the interim financial report for the six months ending September 30, 2025[69]. Accounting and Compliance - The company has not applied any new accounting standards or interpretations that have not yet come into effect during the reporting period[101]. - The fair value of financial instruments is determined based on observable market data, with Level 1 instruments being valued at current bid prices[105]. - The group has a maximum credit risk exposure of HKD 538,417,000 related to trade receivables as of September 30, 2025, with no collateral held[130]. - The company continues to comply with the listing rules regarding connected transactions as per Chapter 14A[147].

Financial Performance - Total revenue for the fiscal year 2025 reached RMB 1,083,741,000, representing a year-on-year increase of 13.5% compared to RMB 955,107,000 in 2024[15] - The adjusted net profit for the fiscal year 2025 was RMB 71,543,000, up from RMB 69,913,000 in 2024, indicating a growth of 2.3%[15] - The gross profit for the fiscal year 2025 was RMB 338,617,000, which is an increase of 8.2% from RMB 312,806,000 in 2024[15] - The adjusted net profit for the fiscal year ending August 31, 2025, is RMB 715 million, an increase of RMB 16 million compared to the previous fiscal year[23] - Revenue for the fiscal year ending August 31, 2025, reached RMB 1,083.7 million, representing a growth of 13.5%[23] - The company's adjusted earnings per share for 2025 was RMB 0.02, consistent with the previous year[15] - Revenue from tuition fees increased by RMB 114.7 million (or 15.1%) to RMB 874.8 million for the fiscal year ending August 31, 2025[60] - The company's cost of sales for the fiscal year ending August 31, 2025, was RMB 745.1 million, an increase of RMB 102.8 million or 16.0% from the previous year[61] - Gross profit for the fiscal year ending August 31, 2025, was RMB 338.6 million, with a gross margin of 31.2%, down from 32.7% the previous year[62] - Administrative expenses increased by RMB 29.5 million or 24.9% to RMB 148.0 million for the fiscal year ending August 31, 2025, primarily due to increased expenses from a higher number of students[65] - Financing costs decreased by RMB 7.4 million or 5.9% to RMB 118.9 million for the fiscal year ending August 31, 2025, due to lower interest expenses on bank and other borrowings[69] Student Enrollment and Academic Performance - The company employed 1,736 teachers across its institutions in China, supporting a total enrollment of 34,518 students for the 2025 academic year[5] - The total number of high school students as of August 31, 2025, is 9,609, with a growth rate of 13.6%[24] - The total number of university students as of August 31, 2025, is 24,698, with a growth rate of 12.9%[25] - The flagship schools achieved a 90.1% college admission rate for the 2025 college entrance examination, up from 89.2% in 2024[6] - The flagship school had 34 students admitted to Peking University or Tsinghua University, an increase from 27 students in 2024[6] - The international programs maintained a high admission rate, with over 70% of AP/A-Level graduates accepted into top 50 QS ranked universities[7] - The flagship schools achieved a university admission rate of approximately 90.1% for the 2025 college entrance examination, an increase from 89.2% in 2024[30] - The average number of teachers increased to 1,736 in 2025, with 54.6% holding a master's degree or higher[38] - The group reported that 53 students from its schools won first prizes in provincial subject competitions in 2025, a decrease from 58 in 2024[32] Tuition and Fees - Tuition fees rose by 15.1% from RMB 760.1 million in 2024 to RMB 874.8 million in 2025, driven by an increase in student enrollment[35] - The average tuition for domestic high school programs increased to RMB 45,869 in 2025 from RMB 44,101 in 2024, while international programs saw an increase to RMB 143,484 from RMB 141,769[36] - Current tuition fees for high schools range from RMB 30,000 to RMB 59,800, while university fees range from RMB 15,000 to RMB 20,000 for associate degrees and RMB 17,000 to RMB 20,000 for bachelor's degrees[44] - Tuition fees for new undergraduate and associate degree students will increase to RMB 18,000 and RMB 15,900 respectively starting from the 2024/2025 academic year[43] Operational Strategy and Market Position - The company plans to strengthen its market position in the private education sector in China, leveraging its established reputation over 20 years[8] - The group plans to explore opportunities for establishing new high schools in different cities to strengthen its market position in Southwest China[39] - The company plans to establish new high schools and increase tuition fees to improve campus utilization rates[26] - The company is exploring opportunities to provide non-academic local living services for students, including dormitory and extracurricular care services[51] - The company is a leading private education service provider in Southwest China, focusing on high school and university education[95] Compliance and Regulatory Environment - The company faces operational risks related to the overall market conditions of the Chinese education industry and regulatory changes[54] - The company has complied with all relevant environmental laws and regulations in China, ensuring the health and safety of students[100] - There were no significant violations of applicable laws and regulations during the reporting period[101] - The company is subject to Chinese regulations that restrict foreign ownership in private education, necessitating careful compliance with local laws[185] - The implementation of the Foreign Investment Law in China, effective from January 1, 2020, has not impacted the company's operations as of the report date[191] - The interpretation and application of the amendments to the Private Education Promotion Law remain uncertain, particularly regarding the transition of private schools in Sichuan to for-profit status[195] - The 2021 Implementation Regulations for the Private Education Promotion Law provide tax benefits for non-profit private schools, aligning them with public schools[197] - The 2021 Implementation Regulations prohibit private schools from engaging in transactions with related parties, ensuring transparency and fairness in pricing[198] - The company may incur significant compliance costs due to the requirement for disclosure mechanisms related to transactions with related parties[199] Shareholder and Management Information - The board proposed a final dividend of HK$0.2 per share and a special dividend of HK$0.3 per share, subject to shareholder approval at the annual general meeting on January 23, 2026[102] - The company's distributable reserves as of August 31, 2025, were zero, consistent with the previous year[116] - The board will review the dividend policy based on financial conditions, economic environment, and expected business performance[103] - The company has established service contracts with its executive directors, ensuring continuity in management[124] - The major shareholder Virscend Holdings holds 1,320,632,045 shares, representing approximately 42.76% of the company's equity[139] - The major shareholder, China Bank Corporation, holds 458,876,100 shares, representing approximately 14.86% of the company's equity[139] - The board of directors and senior management have no significant interests in any major transactions or contracts related to the company's business as of August 31, 2025[128] - The company has adopted a share option scheme on December 28, 2015, to incentivize eligible individuals and attract senior talent[142] - The compensation committee has been established to review the remuneration policy for directors and senior management, considering the company's performance and market practices[130] Educational Innovations and Developments - The company has a strong focus on innovation in arts and sports education, with strategic support for curriculum development and business innovation across its schools[90] - The company has successfully transitioned a leading tutoring institution from subject-based education to competency-based education, gaining market recognition[91] - The company has established a digital education and management platform, enhancing its operational efficiency and service delivery[91] - The group is authorized by the U.S. Department of Homeland Security to issue I-20 forms for international students, facilitating overseas student enrollment[190] - The group plans to expand its educational services for overseas students through operations outside mainland China[190] Risk Management and Financial Controls - The company has implemented risk management and control measures to address potential financial and operational uncertainties[99] - The company has not utilized any derivative contracts to hedge against interest rate risks but may consider hedging significant risks when necessary[56] - The company's leverage ratio decreased from approximately 249.9% to 249.0% as of August 31, 2025, mainly due to a reduction in interest-bearing loans[71] - The company had no significant investments, acquisitions, or disposals during the reporting period[75] - As of August 31, 2025, the company had no significant contingent liabilities[73] Structural Contracts and Compliance - The structural contracts allow the company to control the Chinese operating entities without holding equity, ensuring compliance with local laws and regulations[167] - The economic benefits generated by the affected entities will no longer be transferred to the company since the implementation of the new regulations on September 1, 2021[167] - The business cooperation agreement requires the Chinese operating entities to comply with the responsibilities outlined, ensuring no participation in competitive businesses[169] - Tibet Huatai has agreed to provide exclusive technical services and management consulting to Chinese operating entities, retaining exclusive ownership of any developed technology and intellectual property[170] - The equity pledge agreement requires registered shareholders to unconditionally pledge all their equity in Sichuan Derui as collateral for Tibet Huatai, ensuring compliance with the structural contract[179] - Any unauthorized transfer of pledged equity is deemed invalid, and proceeds must first be used to repay secured liabilities[179] - The equity pledge was registered with the relevant Chinese administrative authorities on September 18, 2015, and became effective on the same day[179] - The agreements include provisions that ensure the rights and authorizations remain valid despite any changes in the status of the registered shareholders[176] - The spouse commitment ensures that spouses of registered shareholders are aware of and agree to the structural contracts regarding equity restrictions and management[177] Employee and Workforce Information - The group had a total of 2,365 employees as of August 31, 2025, compared to 2,000 employees in 2024, reflecting a growth in workforce[77] - Total salary expenses for the year ending August 31, 2025, amounted to approximately RMB 375.3 million, an increase from RMB 335.1 million in 2024, indicating a rise of about 12%[77]

Financial Performance - Revenue for the six months ended September 30, 2025, was HK$73,185,000, a slight decrease of 0.6% compared to HK$73,638,000 in the same period of 2024[14] - Gross profit for the period was HK$64,319,000, down from HK$67,928,000, reflecting a decrease of 5.8%[14] - Profit for the period increased to HK$43,136,000, representing a growth of 17.0% from HK$36,664,000 in the previous year[14] - Profit attributable to owners of the Company rose significantly to HK$35,174,000, compared to HK$20,881,000, marking a 68.5% increase[14] - Basic and diluted earnings per share improved to 3.26 HK cents, up from 1.93 HK cents, indicating a growth of 68.5%[14] - Total comprehensive income for the period was HK$69,298,000, an increase of 8.0% from HK$63,763,000 in the prior year[16] - Other comprehensive income for the period, net of tax, was HK$26,162,000, compared to HK$27,099,000, showing a decrease of 3.5%[16] Expenses and Costs - Finance costs rose to HK$8,251,000, compared to HK$3,569,000, indicating an increase of 131.0%[14] - Selling and distribution expenses decreased to HK$1,769,000 from HK$2,939,000, a reduction of 39.8%[14] - The Group's total staff costs increased to HK$9,262,000 in the current period, up from HK$8,070,000 in the previous period, reflecting a rise of 14.8%[86] - Operating costs increased, leading to a decrease in gross profit by approximately HK$4 million[147] Assets and Liabilities - As of September 30, 2025, total assets less current liabilities amounted to HK$2,424,366, a decrease from HK$2,655,672 as of March 31, 2025, reflecting a decline of approximately 8.66%[17] - The net current assets decreased significantly to HK$67,297 from HK$353,418, indicating a reduction of about 81%[17] - Total equity decreased to HK$1,567,130 from HK$1,799,952, reflecting a decline of about 12.9%[19] - The Group's total assets as of 30 September 2025 amounted to HK$2,802,738,000, an increase from HK$2,732,952,000 as of 31 March 2025[73] - The Group's total liabilities increased to approximately HK$1,236 million as of September 30, 2025, compared to HK$933 million as of March 31, 2025, resulting in a gearing ratio of 0.44[159] Cash Flow - Cash and cash equivalents at the end of the period were HK$5,979, down from HK$14,296 at the beginning of the period, showing a decrease of about 58%[22] - Net cash used in operating activities was HK$64,682, a significant decline from the net cash generated of HK$77,488 in the previous year[22] - The company experienced a net cash outflow from investing activities of HK$205,652, compared to HK$516,047 in the previous year, indicating a reduction in cash outflow by approximately 60%[22] Segment Performance - The reportable segment profit for the Oil and Liquefied Chemical Terminal segment was HK$66,144,000, while the Trading of Electronic Products segment reported a loss of HK$510,000, resulting in a total profit of HK$65,634,000[60] - Total profit of reportable segments for the six months ended 30 September 2025 was HK$65,634,000, an increase of 21.5% compared to HK$54,058,000 for the same period in 2024[68] - Revenue from trading of electronic products was HK$1,100,000, while agency income from trading of oil and liquefied chemical products was HK$179,000[46] Legal and Regulatory Matters - The Group lost control over assets of Qinghai Forest Source Mining Industry Developing Company Limited and Inner Mongolia Forest Source Mining Industry Developing Company Limited, leading to their deconsolidation[35] - An exploration license held by Qinghai Forest Source Mining Industry was transferred without the Company's knowledge for RMB 8,000,000, impacting the Group's rights to conduct exploration[36] - The final decision on the Change of Exploration Right Agreement declared it invalid, allowing the Group to pursue legal action to regain the exploration license[39] - The Group is currently seeking legal advice to enforce the PRC Court's judgment regarding the exploration license[41] Investments and Acquisitions - The Group acquired an additional 29.83% equity interest in Shundong Port for HK$300 million, increasing its total equity interest to 85%[155] - The acquisition of a 28% interest in the Opco Group was for a consideration of RMB200 million, aimed at entering the credit assessment fintech solutions market in China[188] Future Outlook - The Company anticipates sustained growth momentum from the Port and Storage Facilities due to increasing demand in the Dongying Port Economic Development Zone[184] - The Company is focused on balancing risk and opportunity in transitioning from traditional industries to new quality productive forces as promoted by Chinese leadership[188]