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]

| A | | --- | CONTENTS 目錄 CORPORATE INFORMATION 公司資料 COMPANY DIRECTORS Executive Directors Ms. Li Kai Lai Miranda Ms. Woo Lan Ying Independent Non-executive Directors | 2 | Corporate Information | 公司資料 | | --- | --- | --- | | 4 | Condensed Consolidated Statement of | 簡明綜合損益及其他全面收益表 | | | Profit or Loss and Other Comprehensive Income | | | 6 | Condensed Consolidated Statement of | 簡明綜合財務狀況表 | | | Financial Position | | | 8 | Condensed Consolidated Statement of | 簡明綜合權益變動表 | | | Changes in Equity | | | 10 | C ...

Financial Performance - Total revenue for the six months ended September 30, 2025, was approximately RMB 1,028.0 million, a decrease of approximately 3.4% compared to RMB 1,064.4 million for the same period in 2024[11]. - Profit for the six months ended September 30, 2025, was approximately RMB 133.2 million, an increase of approximately 15.3% compared to RMB 115.5 million for the same period in 2024[11]. - Basic earnings per share for the six months ended September 30, 2025, were approximately RMB 11.3 cents, a decrease of approximately 1.7% compared to RMB 11.5 cents for the same period in 2024[11]. - For the six months ended September 30, 2025, the Group's operating profit increased to approximately RMB 164.4 million, representing a 21.2% year-on-year growth from RMB 135.6 million[18]. - The Group's profit for the same period rose to approximately RMB 133.2 million, reflecting a 15.3% increase compared to RMB 115.5 million in the previous year[18]. - Adjusted profit for the period for the six months ended September 30, 2025 was RMB 114,673,000, compared to RMB 108,834,000 for the same period in 2024, reflecting an increase of approximately 5.1%[83]. - Profit for the period for the six months ended September 30, 2025 was RMB 133,236,000, up from RMB 115,457,000 in 2024, representing a growth of about 15.4%[83]. Dividends - The Board declared an interim dividend of HK 4.6 cents per share and a special dividend of HK 3.4 cents per share for the six months ended September 30, 2025, compared to no dividends for the same period in 2024[11]. - The company paid dividends totaling RMB 120,000,000, an increase from RMB 64,444,000 in the previous period[161]. Market and Industry Insights - The market size of perfumes in China is expected to reach approximately RMB 44.0 billion by 2028, indicating stable growth in the industry[12]. - Increased competition has led to aggressive promotions and pricing strategies among competitors, resulting in price wars that compress profit margins across the industry[13]. - The growing popularity of niche perfume houses is driving rapid growth in adjacent segments such as home fragrance, appealing to consumers who value individuality and quality[12]. Operational Highlights - The Group operates over 8,000 online and offline self-operated and retailer points of sale across more than 400 cities in mainland China, Hong Kong, and Macau[14]. - The Group's product portfolio includes not only perfumes but also color cosmetics, skincare products, personal care products, eyewear, and home fragrances, primarily sourced from Europe, Japan, and the United States[14]. - The Group's brand portfolio consisted of 74 brands as of September 30, 2025, with 53 brands offering perfumes, 22 brands in home fragrances, and 17 brands in skincare products[31]. - The Group launched five upgraded perfumes and two scented candles under its own brand, Santa Monica, in 2025, marking its entry into the home fragrance market[32]. - The Group organized the second International Perfume Festival in Hong Kong in July 2025, enhancing its industry influence and market presence[19]. - The Group's omni-channel sales strategy includes direct sales through e-commerce and social media platforms, as well as offline retail channels[40]. - The Group had a total of 1,115 employees as of September 30, 2025, a decrease from 1,133 employees as of March 31, 2025[123]. Financial Position - The Group's available banking facilities amounted to approximately RMB 227.1 million as of September 30, 2025[84]. - Total assets increased to RMB 1,954,510,000 from RMB 1,211,111,000 as of March 31, 2025, representing a growth of approximately 61.5%[154]. - Current assets rose to RMB 1,861,268,000, up from RMB 1,071,240,000, indicating a 73.5% increase[154]. - Total equity reached RMB 1,543,504,000, significantly up from RMB 690,990,000, marking a 123.5% increase[156]. - Cash and cash equivalents surged to RMB 1,005,463,000, compared to RMB 255,998,000, representing a 292.5% increase[154]. Cost Management - The cost of sales decreased by approximately 3.3% from approximately RMB 532.2 million for the six months ended 30 September 2024 to approximately RMB 514.4 million for the six months ended 30 September 2025[54]. - Selling and marketing expenses decreased from approximately RMB 299.9 million for the six months ended 30 September 2024 to approximately RMB 288.1 million for the six months ended 30 September 2025[59]. - Selling and marketing expenses accounted for 28.0% of total revenue for the six months ended 30 September 2025, a decrease of 0.2 percentage points from 28.2% for the six months ended 30 September 2024[60]. - Administrative expenses rose from approximately RMB 102.7 million for the six months ended 30 September 2024 to approximately RMB 107.3 million for the six months ended 30 September 2025, mainly due to an increase of approximately RMB 7.7 million in listing expenses[65]. Risk Management - The Group's overall risk management program focuses on minimizing potential adverse effects on financial performance due to various financial risks, including foreign exchange risk and liquidity risk[179]. - The Group employs projected cash flow analysis to manage liquidity risk, ensuring all liabilities due can be met[182]. - The Group's liquidity risk is primarily due to mismatches in the amount and maturity of assets and liabilities[181]. Shareholder Information - Mr. Lau Kui Wing holds a significant interest in the company with 1,000,000,000 shares, representing approximately 73.72% of the total shareholding[127]. - The total number of issued shares as of September 30, 2025, was 1,356,508,000[140]. - The company issued 23,108,000 new shares at an offer price of HK$0.1 per share during the six months ended September 30, 2025, due to the exercise of options under the Pre-IPO Share Option Scheme[139]. Future Plans - The Group plans to expand its network of directly-operated stores, including adding more PERFUME BOX stores to enhance brand awareness and consumer experience[47]. - The Group aims to optimize its brand portfolio by introducing more leading premium home fragrance and niche perfume brands while developing a systematic self-owned brand incubation platform[46]. - The expected timeline for the utilization of net proceeds is based on the Directors' best estimation and may change according to future market conditions[122].

Revenue Performance - The group's revenue for the six months ended September 30, 2025, decreased by 0.7% to HKD 222,674,000 compared to HKD 224,248,000 in the same period last year[11]. - Revenue from beauty and facial care services decreased by 5.2% to HKD 149,697,000, while body services revenue slightly decreased by 0.3% to HKD 43,469,000[12][13]. - Revenue from spa and massage services increased by 28.6% to HKD 9,502,000, and product sales revenue rose by 30.0% to HKD 20,006,000[13]. - Revenue from external customers for the six months ended September 30, 2025, was HKD 222,674,000, a slight decrease of 0.3% compared to HKD 224,248,000 for the same period in 2024[70]. - Revenue from beauty and wellness services was HKD 202,668,000 for the six months ended September 30, 2025, compared to HKD 208,862,000 for the same period in 2024[75]. - Revenue from the sale of skincare and wellness products increased to HKD 20,006,000 for the six months ended September 30, 2025, up from HKD 15,386,000 in the same period of 2024[75]. - The geographical breakdown shows that revenue from Hong Kong was HKD 198,477,000 for the six months ended September 30, 2025, compared to HKD 199,375,000 in 2024[74]. Financial Performance - The net profit for the six months ending September 30, 2025, is approximately HKD 6,946,000, compared to a net loss of HKD 16,125,000 in the same period last year[18]. - Earnings per share for the review period is HKD 0.72, while the loss per share in the previous year was HKD 1.80[18]. - Operating profit for the period was HKD 8,594,000, compared to an operating loss of HKD 10,068,000 in the previous year, indicating a significant turnaround[57]. - Total comprehensive income for the period was HKD 8,547,000, compared to a total comprehensive loss of HKD 14,060,000 in the same period last year[58]. - The company reported a net cash outflow from investing activities of HKD 8,252,000 for the six months ended September 30, 2025, compared to HKD 4,722,000 in the previous year, reflecting a 74% increase in cash used for investments[62]. - The company incurred a loss of HKD 16,302,000 during the six months ended September 30, 2024, which was a significant factor in the overall comprehensive income decline[61]. Cost Management - Employee benefits expenses decreased by approximately 11.3% to HKD 131,325,000, with total employees reduced to 791 from 850, a decrease of 6.9%[14]. - Bank charges decreased by 4.6% to HKD 11,947,000, while advertising expenses decreased to HKD 839,000 from HKD 1,031,000 in the previous year[16]. - The company aims to significantly reduce rental costs, which are one of its main operating expenses, thereby directly enhancing profitability and future financial stability[30]. - The company reported a significant reduction in employee benefits expenses from HKD 148,071,000 in the previous year to HKD 131,325,000[57]. Corporate Governance - The company has adopted corporate governance principles to enhance shareholder value and ensure transparency and accountability[43]. - The company has established various committees, including the Remuneration Committee, Nomination Committee, and Audit Committee, to strengthen governance[47]. - The Remuneration Committee is responsible for reviewing and determining the remuneration of directors and senior management based on established policies[49]. - The company has complied with the standards of the Listing Rules regarding directors' securities trading during the review period[46]. Strategic Initiatives - The group aims to expand its product sales business through the promotion of various skincare brands and its own brands[8]. - A strategic plan is in place to integrate artificial intelligence into operations, automating daily administrative and inventory management tasks to improve accuracy and free up human resources for value-added activities[31]. - The introduction of AI tools, such as intelligent chatbots and personalized recommendation systems, is expected to enhance customer experience by providing instant support and tailored product suggestions[31]. - The company is focused on creating a robust framework for sustainable growth and increased competitiveness in the active beauty service market by reducing fixed costs and improving operational efficiency through AI[32]. Shareholder Information - The founder of the trust holds 677,247,942 shares, representing 74.88% of the company's issued share capital, indicating strong insider ownership[35]. - As of September 30, 2025, the total number of issued shares of the company is 904,483,942[37]. - The company did not declare or pay any dividends for the six-month period ending September 30, 2025[91]. Asset and Liability Management - Total equity as of September 30, 2025, is HKD 199,746,000, with cash and bank balances amounting to HKD 248,509,000[20]. - Non-current assets decreased from HKD 198,393,000 as of March 31, 2025, to HKD 190,027,000 as of September 30, 2025[59]. - Current liabilities decreased from HKD 352,290,000 as of March 31, 2025, to HKD 328,130,000 as of September 30, 2025, indicating improved liquidity[59]. - Total liabilities as of September 30, 2025, were HKD 362,051,000, down from HKD 373,260,000 as of March 31, 2025[72]. Operational Insights - The company operates 29 beauty and health service centers in Hong Kong, with a total floor area of approximately 153,970 square feet, a decrease of 1.4% from 156,090 square feet as of September 30, 2024[7][15]. - In Singapore, the group operates 8 beauty and health service centers, maintaining the same number as last year, with revenue recorded at HKD 23,524,000[10]. - The company has a proactive strategy to renegotiate existing leases and secure better terms for new store locations, enhancing its bargaining power in the current market[30]. - The company emphasizes environmental protection by implementing policies to minimize the use of air conditioning and reduce water consumption in service centers[30].

Financial Performance - The company reported a net loss attributable to shareholders of approximately HKD 215.7 million for the fiscal year ending September 30, 2025, compared to a loss of HKD 597.1 million in 2024[8]. - Excluding significant fair value revaluations and other non-cash adjustments, the company's attributable profit for the fiscal year was approximately HKD 58 million, a slight increase from HKD 57.4 million in 2024[8]. - The company recorded an investment property revaluation loss of approximately HKD 263.6 million, down from HKD 626.5 million in 2024[10]. - The overall rental income decreased by 2.6% compared to the previous year, highlighting the challenges faced in the leasing market[11]. - Total financial costs for the year decreased to approximately HKD 17.2 million from HKD 22.4 million in the previous year[21]. - Shareholders' equity per share decreased to HKD 47.6 in 2025 from HKD 49.8 in 2024[31]. - Earnings per share for 2025 were reported at $0.54, with dividends per share remaining at $0.38[32]. Rental Income and Property Management - Rental income from residential properties increased by 1.7%, while rental income from commercial and industrial properties decreased by 11.4%, reflecting ongoing pressure in the property leasing market in Hong Kong and mainland China[11]. - Rental income from the residential units in Beijing's Chaoyang District decreased by 13.7% compared to the previous year[20]. - The company reported stable occupancy rates and rental income across office, retail, and residential properties, indicating signs of recovery[25]. - The company reported that approximately 95% of total revenue during the reporting period from October 1, 2024, to September 30, 2025, came from property investment and management, as well as commodity trading[47]. - The company is actively involved in the leasing and management of commercial, industrial, and residential properties[53]. Investment Strategy - The company continues to focus on maintaining a balanced and flexible investment strategy to create long-term value for stakeholders[13]. - The company invested HKD 34.9 million in the TKO Fund, with an investment valuation of HKD 34.8 million, indicating stable prospects and mid-term capital appreciation potential[15]. - The Adams Street Private Income Fund LP investment amounted to USD 7.5 million, with an investment valuation of USD 5.3 million, providing stable income and downside protection[15]. - The group committed to invest $5 million in the ALPS Private Credit Feeder Fund, with an investment valuation of $4.5 million as of September 30, 2025[16]. - The group invested $2 million in the Hundreds SH Fund LP, with a current investment valuation of $1 million as of September 30, 2025[17]. Sustainability and ESG Initiatives - The company has a strong focus on sustainable development, as evidenced by its environmental, social, and governance (ESG) report[46]. - The company emphasizes the importance of stakeholder engagement and materiality assessment in identifying significant sustainability issues[49]. - The company aims to provide quantifiable disclosures of key performance indicators (KPIs) related to environmental and social impacts[49]. - The company has established a governance framework to ensure balanced and consistent reporting of its sustainability performance[51]. - The company encourages feedback from stakeholders regarding its sustainability performance and disclosure details[52]. - The company has identified 23 environmental, social, and governance (ESG) related issues relevant to its operations and development during the reporting period[68]. - A total of 12 significant ESG issues were prioritized based on stakeholder feedback and assessed for their importance to the company's sustainability and development[69]. - The company is committed to sustainable development through four pillars: smart technology, healthy development, green solutions, and community orientation[59]. - The company has been recognized by several institutions for its efforts and achievements in sustainable development[55]. - The company is actively participating in ESG initiatives to enhance sustainability in both the business and public sectors[58]. Employee and Workplace Policies - The company has a dedicated management team with extensive experience in property management and investment[44]. - The company has implemented various employee benefits, including flexible work locations and hours, family insurance plans, and retirement plans[96]. - The company has a zero-tolerance policy towards child labor and forced labor, ensuring compliance with labor laws during the recruitment process[111]. - The company emphasizes diversity, inclusion, and equal opportunities in the workplace, prohibiting any form of harassment or discrimination[105]. - The company organized various employee activities, such as company lunches and mental health courses, to enhance employee well-being[100]. - The company provided a total of 88.5 hours of training for employees during the reporting period, covering areas such as occupational health and safety and professional knowledge[109]. - The company received the "Good Employer" award from the Mandatory Provident Fund Schemes Authority, recognizing its efforts in supporting employee retirement benefits[101]. - There were zero reported days lost due to work-related injuries during the reporting period, indicating a strong commitment to employee health and safety[108]. - The company has established comprehensive occupational health and safety training programs to prevent industrial accidents and ensure employee safety[108]. Corporate Governance - The company has adopted all corporate governance codes as per the Hong Kong Stock Exchange's listing rules, ensuring compliance with all relevant regulations[156]. - The board consists of seven members, including four executive directors and three independent non-executive directors, exceeding the requirement of one-third independent directors[160]. - The company emphasizes the importance of good corporate governance practices to enhance shareholder value and investor confidence[156]. - The board is responsible for overseeing the company's business, strategic decisions, and performance, with a focus on risk management and internal controls[157]. - The company has established a whistleblowing mechanism and provides anti-corruption training to its directors and employees[153]. - The company has implemented policies to prevent bribery, extortion, fraud, and money laundering, ensuring compliance with significant laws and regulations[153]. - The company regularly reviews its organizational structure to align with good corporate governance practices[156]. - The company has a written delegation of authority that is regularly reviewed by the board, ensuring accountability in major transactions[157]. - The company ensures that all directors have timely access to relevant information and can seek independent professional advice at the company's expense[159]. Environmental Impact and Energy Management - The company achieved a total renewable energy consumption of 10,762 kWh from solar energy and purchased 10,822 kWh of renewable energy certificates[58]. - The company has installed solar photovoltaic panels at its property on Harlan Road, generating approximately 10,822 kWh of renewable energy during the reporting period, an increase from 9,822 kWh in the previous year[126]. - The company is committed to reducing greenhouse gas emissions through energy efficiency measures and automation technology, with progress on waste reduction and water efficiency initiatives[121]. - The company has implemented various measures to promote sustainable development and transition to green buildings, including the use of renewable energy and energy-efficient technologies[125]. - The company has not reported any serious violations of environmental laws and regulations related to emissions, wastewater discharge, or waste generation during the reporting period[120]. - The company has installed real-time sensors to monitor and adjust indoor air quality, contributing to energy efficiency[128]. - The company has committed to reducing greenhouse gas emissions and energy consumption through various measures, including waste management and the use of energy-efficient appliances[129]. - The company maintained an indoor temperature of 25.5 degrees Celsius to optimize energy efficiency[130].

Financial Performance - The Group's revenue from continuing operations for the Period was approximately HK$79,199,000, a decrease of approximately HK$150,686,000 compared to HK$229,885,000 in the 2024 Period, primarily due to decreased property sales[18]. - The gross profit margin for the Period was approximately 1.5%, down from approximately 2.6% in the 2024 Period[18]. - The consolidated loss attributable to owners of the Company for the Period was approximately HK$109,293,000, a significant decrease from HK$709,482,000 in the 2024 Period[21]. - The basic and diluted loss per share from continuing and discontinued operations was HK$1.48 for the Period, compared to HK$9.59 for the 2024 Period[22]. - Revenue for the six months ended September 30, 2025, was HK$79,199,000, a decrease of 65.5% compared to HK$229,885,000 for the same period in 2024[193]. - Gross profit for the period was HK$1,188,000, down 79.9% from HK$5,888,000 in the previous year[193]. - Loss before taxation was HK$109,615,000, compared to a profit of HK$22,787,000 for the same period in 2024[193]. - The net loss for the period was HK$109,301,000, a significant decrease from a loss of HK$709,495,000 in the previous year[193]. - For the six months ended September 30, 2025, the loss attributable to owners of the Company was HK$109,293,000, compared to a profit of HK$24,334,000 in the same period of 2024[195]. - Total comprehensive expense for the period was HK$109,006,000, a significant decrease from HK$670,968,000 in the prior year[196]. - Basic and diluted loss per share from continuing operations was HK$1.48, compared to earnings of HK$0.33 in the same period of 2024[196]. Property Development - Revenue from the property development segment during the Period amounted to approximately HK$65,082,000, down from HK$219,199,000 in the 2024 Period[28]. - The property development segment reported revenue from continuing operations of approximately HK$65,082,000 for the period, compared to HK$219,199,000 in the 2024 period, indicating a significant decrease[31]. - The Group launched sales of the "Garden Crescent" residential project in November 2023, with 33 units sold and contracted sales totaling approximately HK$382,457,000[29]. - During the Period, 3 units and 1 carpark space were completed, generating revenue of approximately HK$34,102,000 from property sales[29]. - A total of 33 units and 3 car parking spaces were sold, with a cumulative contracted sales amount of approximately HK$382,457,000 during the period[32]. - The Group's completed residential project "Ayton" recorded contracted sales of approximately HK$1,169,872,000, with 57 units sold during the period[37]. Financial Position - The Group's financial assets at fair value through profit or loss amounted to approximately HK$106,765,000, down from approximately HK$139,564,000 as of March 31, 2025[45]. - The Group's total bank borrowings amounted to approximately HK$1,296,391,000 as of September 30, 2025, compared to HK$1,274,237,000 as of March 31, 2025[72]. - The current ratio remained stable at approximately 1.4 as of September 30, 2025, consistent with the previous period[73]. - Cash and cash equivalents increased by approximately 280.6% to HK$59,518,000, up from HK$15,638,000 as of March 31, 2025[73]. - The Group's net current assets decreased to approximately HK$523,872,000 from HK$591,581,000 as of March 31, 2025[73]. - Non-current assets decreased to HK$1,256,059,000 as of September 30, 2025, from HK$1,297,887,000 as of March 31, 2025[198]. - Current assets totaled HK$1,988,313,000, slightly down from HK$2,032,071,000 as of March 31, 2025[199]. - Secured bank borrowings increased to HK$1,134,634,000 as of September 30, 2025, compared to HK$1,112,302,000 as of March 31, 2025[199]. - Total equity decreased to HK$1,617,559,000 as of September 30, 2025, from HK$1,726,565,000 as of March 31, 2025[199]. - Properties held for sale increased to HK$1,726,047,000 as of September 30, 2025, from HK$1,120,130,000 as of March 31, 2025[198]. Investment Activities - The Group is considering selling the property "The Quad," a student hostel with nearly 200 rooms, which is currently fully rented out[33]. - The Group's investment in Ping An Insurance (Group) Company of China, Ltd. had a fair value of HK$14,217,000, accounting for 0.4% of total assets[49]. - The Group's investment in Best Food Holding Company Limited had a fair value of HK$37,977,000, representing 1.2% of total assets[49]. - The Group disposed of 33.75% of the outstanding principal amount of the convertible note for a total consideration of HK$27,000,000, reflecting a premium of HK$3,375,000[56]. - The total number of conversion shares for the convertible note was adjusted to 500,000,000 shares at the new conversion price of HK$0.14 per share after the rights issue[52]. - The Group's secured loans included collateral valued at HK$18,000,000 and HK$17,250,000, representing 31% of the total loans receivable[62]. - The impairment loss recognized in profit or loss for the loan financing business was approximately HK$1,894,000, a decrease from HK$7,954,000 in the previous period[71]. Corporate Governance - The Company has fully complied with the Corporate Governance Code during the reporting period, with some disclosed deviations[173]. - Ms. Koon Ho Yan Candy serves as both president and CEO, a decision deemed appropriate by the Board for consistent leadership[175]. - The Company will continue to review its governance structure as necessary[175]. - The board believes that the current risk management and internal control processes are adequate, and there is no immediate need for an internal audit function[177]. - The audit committee has reviewed the unaudited condensed consolidated financial statements for the period[186]. - There were no significant changes in directors' information that required disclosure[178]. - The company has adopted a code of conduct regarding securities transactions by directors, and all directors confirmed compliance during the period[182]. Market Outlook - The Group anticipates that market confidence in the Hong Kong property sector will gradually restore as interest rates begin to ease[133]. - The Hong Kong Monetary Authority announced the suspension of the mortgage stress test and relaxation of loan-to-value ratios to stabilize the property market[133]. - The Group is focused on optimizing tenant mix to adapt to changing market trends and competition in the retail leasing business[137]. - The Group will continue to monitor market changes and explore potential opportunities to provide steady returns for shareholders[138].

Revenue and Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 7 million, a decrease from HKD 9.7 million in the same period last year[17]. - The company reported a net loss of HKD 144,425,000 for the period, compared to a net loss of HKD 529,680,000 in 2024, reflecting a 72.7% improvement[76]. - Total comprehensive loss for the period was HKD 125,895,000, down from HKD 479,205,000 in the previous year, indicating a 73.7% decrease[76]. - The loss before tax for the period was HKD 144,425,000, significantly improved from a loss of HKD 529,637,000 in the previous year, marking a reduction of 72.7%[75]. - The group reported a total operating loss of HKD 20,749,000 for the six months ended September 30, 2025, compared to a loss of HKD 182,767,000 for the same period in 2024[94]. - The net loss for the six months ended September 30, 2025, was HKD 120,671,000, significantly improved from a loss of HKD 504,298,000 in the same period of 2024[106]. Expenses and Cost Management - Administrative and general expenses decreased to HKD 55.2 million from HKD 106.5 million in the same period last year due to strict cost control measures[25]. - The financial expenses for the six months ended September 30, 2025, were HKD 37,852,000, a decrease from HKD 65,870,000 in 2024[100]. - The group is actively controlling administrative and operating costs through various channels[87]. Property and Investment Performance - Property segment loss decreased to HKD 119.7 million from HKD 229.3 million in the previous year[28]. - The fair value loss of investment properties was HKD 27 million, lower than HKD 45 million in the same period last year[24]. - Contribution from the luxury residential project in Macau decreased to HKD 10.8 million from HKD 33 million in the previous year[29]. - The fair value loss from a joint venture's commercial property in China was HKD 71.3 million, compared to HKD 43.9 million in the previous year[24]. - The property segment reported a revenue of HKD 3,007,976,000 for the six months ended September 30, 2025, compared to HKD 3,255,597,000 for the same period in 2024[98]. Liquidity and Financial Position - The group’s cash and cash equivalents stood at HKD 17,400,000, indicating significant liquidity risk and uncertainty regarding its ability to continue as a going concern[41]. - The group’s total bank and other borrowings amounted to HKD 752,700,000 as of September 30, 2025, with a net debt-to-equity ratio of 0.36[40]. - The group plans to sell properties as a strategic measure to enhance liquidity and provide additional financial resources[42]. - The group continues to seek refinancing and new funding to manage liquidity needs and financial obligations[87]. - The company’s cash and cash equivalents decreased to HKD 17,392,000 from HKD 47,652,000, a decline of 63.5%[78]. Shareholder Information and Equity - The company has not issued or canceled any shares during the period, maintaining a total of 907,198,410 shares as of September 30, 2025[48]. - The largest shareholder, Dr. Chan Kwok Keung, holds 528,948,012 shares, accounting for 58.30% of the total shares[52]. - The board members hold a total of 51,400,000 shares, representing 5.66% of the total shares[52]. - A subscription agreement was signed on November 24, 2025, to issue 100,800,000 new shares at HKD 0.7 each[49]. Impairments and Losses - The group holds a 20% stake in Beijing Poly Hotel, which has been fully impaired with a loss of HKD 136,200,000 due to unfavorable factors including potential land recovery and lack of cooperation from major shareholders[35]. - The company reported impairment losses on property, plant, and equipment of HKD 7,293,000 for the six months ended September 30, 2025, down from HKD 11,525,000 in 2024[104]. - The group recognized a loss of HKD 220,408,000 from the sale of its 50% stake in Bayshore Ventures JV Ltd., which was sold for CAD 18,500,000 (approximately HKD 106,781,000)[115]. Future Outlook and Strategic Plans - Despite weak economic indicators, the group anticipates continued global economic recovery and plans to enhance operational efficiency and cash flow management[46]. - The group will cautiously explore potential property development projects outside of China, Macau, and Canada to support future growth[46]. - The group expects to improve liquidity and operating cash flow over the next twelve months through the sale of property inventory[87]. Employee and Management Information - The total number of employees as of September 30, 2025, is 121, an increase from 119 as of March 31, 2025[47]. - The company reported a total of HKD 6,851,000 in short-term benefits for key management personnel for the six months ended September 30, 2025, unchanged from the previous year[150]. Corporate Governance and Compliance - The audit committee reviewed the accounting principles and practices adopted by the group, discussing financial reporting and internal control matters[68]. - The company has adhered to all applicable corporate governance codes and principles during the period, despite the absence of a CEO[69].

Revenue and Profitability - Revenue for the six months ended September 30, 2025, was HK$20,343,000, representing a 19.5% increase from HK$16,980,000 in the same period of 2024[10] - Gross profit decreased to HK$2,137,000, down 22.2% from HK$2,746,000 year-over-year[10] - Loss from operations for the period was HK$19,750,000, an improvement from a loss of HK$23,547,000 in the previous year[10] - Loss before taxation was HK$23,049,000, compared to a loss of HK$25,129,000 in the prior period, indicating a reduction in losses[10] - Total comprehensive loss for the period was HK$29,624,000, compared to HK$21,243,000 in the same period last year, reflecting increased losses[10] - For the six months ended September 30, 2025, the loss attributable to owners of the company was HK$22,798,000, a decrease from HK$24,573,000 in the same period of 2024, representing a 7.2% improvement[12] - The total comprehensive loss for the period attributable to owners of the company was HK$29,378,000, compared to HK$20,971,000 in the previous year, indicating a 40.5% increase in losses[12] - Basic loss per share from continuing operations was HK$6.5, slightly improved from HK$7.1 in the prior year[12] Expenses and Cost Management - Selling and distribution costs decreased to HK$3,931,000 from HK$5,692,000, showing a reduction in expenses[10] - Administrative expenses were reduced to HK$10,360,000 from HK$19,517,000, highlighting cost-cutting measures[10] - The company continues to focus on improving operational efficiency and reducing costs in response to market conditions[10] Financial Position and Assets - Non-current assets decreased significantly from HK$123,240,000 as of March 31, 2025, to HK$37,047,000 as of September 30, 2025, reflecting a 69.9% decline[14] - Current liabilities increased sharply from HK$199,510,000 to HK$226,408,000, marking a 13.5% rise[14] - The company reported net current liabilities of HK$126,060,000, an improvement from HK$173,173,000 in the previous period, indicating a 27.2% reduction[14] - The company's cash and cash equivalents increased to HK$11,919,000 from HK$10,701,000, showing an increase of 11.4%[14] - The total assets classified as held for sale amounted to HK$76,230,000 as of September 30, 2025, compared to nil in the previous period[14] - The company's share capital decreased significantly from HK$435,252,000 to HK$2,720,000, indicating a substantial reduction in equity[14] - The capital deficiency increased to HK$94,321,000 from HK$65,134,000, reflecting a worsening financial position[14] Cash Flow and Liquidity - Net cash used in operating activities for the six months ended September 30, 2025, was HK$673,000, compared to HK$1,136,000 in the same period of 2024, indicating a reduction in cash outflow[19] - The company reported a decrease in trade and other receivables by HK$1,162,000 for the six months ended September 30, 2025, compared to an increase of HK$32,326,000 in 2024[19] - The Group's cash and bank balances as stated in the condensed consolidated statement of financial position were HK$11,919,000[1] - The Group is undertaking plans to improve liquidity and financial position, including seeking legal opinions regarding potential cash flow impacts[35] Discontinued Operations - The business of property investment was discontinued in the current period, focusing on milk products and services[25] - For the six months ended September 30, 2025, the company reported a loss of HK$161,000 from discontinued operations, compared to a profit of HK$459,000 in the same period of 2024[112] - The total revenue from discontinued operations was HK$0 for the six months ended September 30, 2025, with other net gains and losses amounting to a loss of HK$44,000[110] Segment Performance - Revenue from the Milk Products Business for the six months ended 30 September 2025 was HK$6,217,000, while the Services Business generated HK$14,126,000, totaling HK$20,343,000[78] - The adjusted EBITDA for the Milk Products Business was a loss of HK$11,098,000, while the Services Business reported a profit of HK$7,850,000, resulting in a consolidated adjusted EBITDA loss of HK$3,248,000[78] - The reportable segment loss (adjusted EBITDA) for the milk products business was HK$18,065,000, while the services business reported a profit of HK$764,000, resulting in a total adjusted EBITDA loss of HK$17,301,000[83] Financial Liabilities and Borrowings - The Group's financial liabilities measured at amortized cost total HK$37,918,000 as of September 30, 2025, up from HK$36,917,000 as of March 31, 2025[180] - Other borrowings increased from HK$41,081,000 on March 31, 2025, to HK$47,651,000 on September 30, 2025, reflecting a rise of 15.5%[187] - The group has secured its borrowings with debentures and mortgages over its properties and assets[188] Legal and Arbitration Matters - The arbitration notices filed by The Infant Food Company Pty Limited claim outstanding trade payables of approximately AUD5,653,000 and losses and damages of AUD34,200,000[197] - The Arbitration Awards mandated Willis Trading and Alice Trading to settle trade payables of approximately AUD5,653,000 and additional losses and damages of approximately AUD24,636,000 (equivalent to HK$125,220,000)[198][199] Asset Valuation and Impairment - The fair value of the investment property located in Australia was revalued to HK$43,518,000 as of September 30, 2025, using Level 3 inputs[145] - The investment property was sold for AUD 9,100,000, with the sale expected to be completed within eight weeks of the contract date[138] - The company has not recognized any impairment losses against the carrying amount of goodwill for the current period[164]

Damai Entertainment Holdings Limited Damai Entertainment Holdings Limited 大麥娛樂控股有限公司 (前稱 Alibaba Pictures Group Limited 阿里巴巴影業集團有限公司) 於百慕達註冊成立之有限公司 中期報告 2025 26 本中期報告採用環保紙印刷 大麥娛樂控股有限公司 ( formerly known as Alibaba Pictures Group Limited阿里巴巴影業集團有限公司) Incorporated in Bermuda with limited liability INTERIM REPORT 2025 26 This Interim Report is printed on environmentally friendly paper 2025 / 26 中期報告 INTERIM REPORT 大 Damai Entertainment Holdings Limited 麥娛樂控股有限公司 獨 立 非 執 行 董 事（「獨立非執行董事」） 宋立新女士 童小幪先生 陳志宏先生 執行委員會 ...

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025 截至2025年9月30日止六個月 EMINENCE ENTERPRISE LIMITED 高山企業有限公司 INTERIM REPORT 2025/26 中期業績報告 2025/2026中期業績報告 高山企業有限公司 Contents 目錄 - 1 - CORPORATE INFORMATION 公司資料 2 FINANCIAL HIGHLIGHTS 財務概要 5 MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 7 DISCLOSURE OF INTERESTS 權益披露 36 CORPORATE GOVERNANCE AND OTHER INFORMATION 企業管治及其他資料 42 CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 簡明綜合損益及其他全面收益表 50 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSIT ...