Financial Performance - Revenue for the six months ended September 30, 2025, was RMB 68,818,000, a decrease of 34.2% compared to RMB 104,254,000 for the same period in 2024[9]. - Gross profit for the same period was RMB 37,626,000, down 41.0% from RMB 63,641,000 year-over-year[9]. - Operating profit decreased to RMB 17,527,000, a decline of 57.5% compared to RMB 41,147,000 in the previous year[9]. - Profit for the period was RMB 10,042,000, representing a 51.2% decrease from RMB 20,575,000 in the prior year[10]. - Basic and diluted earnings per share were RMB 2.0 cents, down from RMB 4.1 cents year-over-year[9]. - Total comprehensive income for the period was RMB 10,414,000, a decrease of 49.6% compared to RMB 20,642,000 in the same period last year[10]. - For the six months ended September 30, 2025, the profit before taxation was RMB 18,967,000, a decrease from RMB 42,706,000 in the same period of 2024[17]. - The total comprehensive income for the period was RMB 10,414,000, compared to RMB 20,642,000 for the six months ended September 30, 2024[16]. - Profit attributable to equity shareholders for the same period was RMB 10,042,000, reflecting a decrease of approximately 51% from RMB 20,575,000 year-on-year[78][80]. Assets and Liabilities - Non-current assets increased to RMB 313,395,000 as of September 30, 2025, compared to RMB 273,939,000 as of March 31, 2025[11]. - Cash and cash equivalents rose to RMB 198,801,000 from RMB 133,118,000, indicating improved liquidity[11]. - Net assets increased to RMB 870,559,000 as of September 30, 2025, compared to RMB 860,145,000 at the end of March 2025[11]. - The total equity attributable to the equity shareholders of the company was RMB 870,559,000 as of September 30, 2025, compared to RMB 860,506,000 as of September 30, 2024[16]. - The outstanding guarantees to banks for mortgage arrangements amounted to approximately RMB 194,581,000 as of September 30, 2025, down from RMB 242,453,000 as of March 31, 2025, a decrease of approximately 19.7%[74]. - Completed properties held for sale decreased to RMB 614,019,000 as of September 30, 2025 from RMB 654,618,000 as of March 31, 2025, reflecting a decline of approximately 6.2%[58]. Cash Flow - Cash generated from operations was RMB 23,315,000, an increase from RMB 12,578,000 in the previous year[17]. - The net cash generated from investing activities was RMB 51,878,000, significantly higher than RMB 5,133,000 in the previous year, indicating a strong improvement in cash flow from investments[18]. - The net increase in cash and cash equivalents for the period was RMB 65,409,000, compared to a net decrease of RMB 15,875,000 in the prior year, reflecting improved liquidity[18]. - The cash and cash equivalents at the end of the reporting period amounted to RMB 196,532,000, up from RMB 155,491,000 at the beginning of the period, indicating a strong cash position[18]. - The Group's cash at bank and in hand rose to RMB 160,545,000 as of September 30, 2025 from RMB 94,190,000 as of March 31, 2025, an increase of approximately 70.4%[60]. - The Group's cash and cash equivalents stand at approximately RMB 196,532,000, sufficient to meet current operational and capital expenditure requirements[100]. Investments and Development - The Group's principal activities include the development and sales of residential properties in Dongguan, Huizhou, and Foshan, focusing on the Chinese Mainland market[20]. - The Group's properties under development for sale increased to RMB 228,582,000 as of September 30, 2025 from RMB 223,343,000 as of March 31, 2025, an increase of approximately 2.0%[58]. - The Group recorded a fair value loss of RMB 1,973,000 due to the transfer of certain shops from inventories to investment properties, aimed at enhancing long-term yield potential[78][80]. - New lease agreements resulted in additions of right-of-use assets of approximately RMB 27,655,000 for the six months ended September 30, 2025, with no additions in 2024[50]. - The Group transferred completed properties held for sale to investment properties with a net cost of approximately RMB 11,246,000 during the six months ended September 30, 2025, compared to RMB 6,967,000 in 2024[51]. Corporate Governance and Compliance - The Company complied with the applicable code provisions of the Corporate Governance Code during the Period and will continue to review its practices to achieve high standards of corporate governance[155]. - Stringent procedures were adopted by the Company to govern Directors' securities transactions in compliance with the Model Code, with all Directors confirming compliance throughout the Period[156]. - The Audit Committee, composed of three independent non-executive Directors, reviewed the unaudited interim results for the Period and had no disagreements with the accounting treatment and policies adopted by the Company[153]. Employee and Talent Management - The Group has established a "Cooperative Home Scheme" to retain talent in Mainland China by encouraging high-caliber employees to settle locally through housing support[115][123]. - The Group implemented individual employment contracts covering wages, benefits, and termination terms for approximately 67 employees as of September 30, 2025[114][122]. - A performance-based bonus system is in place, rewarding employees with outstanding performance with higher bonuses than before[116][124]. Market Conditions and Strategy - The PRC real estate market is showing signs of recovery and gradual stability, supported by monetary and property policies[89]. - The Group aims to promote high-quality and sustainable development based on a healthy financial foundation and precise investment strategies[89]. - The Group's marketing strategy focuses on balancing quantity and price to stabilize operating results amid a challenging real estate market[84]. - The Group continues to communicate with government departments regarding the Foshan Project and will evaluate market conditions to determine the best time for development[83]. Shareholder Information - The interests of the Directors and chief executives in the Company as of September 30, 2025, included Mr. Ho Cheuk Fai holding 72.56% of the issued share capital[130]. - The total shares of 269,402,000 include 121,902,000 shares held by New Sense, 82,500,000 shares held by Castfast Properties, and 65,000,000 shares held by The Wedding City[131]. - Mr. Ho Cheuk Fai holds a personal interest of 69,678,000 shares and is deemed to be interested in an additional 27,587,500 shares held by his spouse[131]. - The personal interests of other directors include 1,000,000 shares for Mr. Ho Man Chung, 942,500 shares for Mr. Ho Wai Hon, and 930,000 shares for Ms. Yiu Yuet Fung[131]. Future Plans and Projects - The Group plans to conduct trial operations of the theme park night tour project in October 2025, with full operations expected to commence later that year[90]. - The Group has initiated a night tour project at Long Feng Villa in collaboration with Shenzhen Lighting Century Technology, expected to enhance the attractiveness and scale of the attractions[85]. - An indirect wholly-owned subsidiary of the Company leased land for Long Feng Villa to expand cultural tourism-related business, aiming to enhance property values and regional popularity[85].

2025 中期報告 CONTENTS 目錄 | Corporate Information | 2 | | --- | --- | | 公司資料 | | | Management Discussion and Analysis | 4 | | 管理層討論及分析 | | | Other information | 24 | | 其他資料 | | | Independent Practitioner's Report on Review of Condensed Consolidated Interim Financial Information | 29 | | 獨立執業會計師就簡明綜合中期財務資料的審閱報告 | | | Condensed Consolidated Interim Statement of Comprehensive Income | 31 | | 簡明綜合中期全面收益表 | | | Condensed Consolidated Interim Statement of Financial Position | 33 | | 簡明綜合中期財務狀況表 | | | Condensed Consol ...

Financial Performance - Revenue for the six months ended September 30, 2025, increased to HK$1,608,745, representing a growth of 5.9% compared to HK$1,526,653 in the same period of 2024[10]. - Gross profit rose to HK$233,311, up 15.9% from HK$201,163 year-over-year[10]. - Operating profit improved to HK$170,817, reflecting a 26.4% increase from HK$135,151 in the previous year[10]. - Profit for the period was HK$101,726, slightly down by 0.1% from HK$101,779 in the prior year[11]. - Basic and diluted earnings per share remained stable at HK$0.050 for both periods[10]. - Total comprehensive income for the period decreased to HK$100,346, down 8.9% from HK$109,461 in the same period last year[11]. - The company reported a net valuation loss on investment properties of HK$39,352 due to the disposal of subsidiaries[10]. - Finance costs decreased significantly to HK$12,705, down 30.2% from HK$18,157 in the previous year[10]. - The Group's profit attributable to equity shareholders for the six months ended 30 September 2025 was HK$101,726,000, a slight decrease from HK$101,779,000 in the same period of 2024[97]. - Excluding the one-off item, profit attributable to equity shareholders increased by approximately 39% to HK$141,078,000[120][123]. Assets and Liabilities - For the six months ended September 30, 2025, total assets increased to HKD 2,719,072,000 from HKD 2,532,706,000 as of March 31, 2025, representing a growth of approximately 7.37%[8]. - Current assets rose to HKD 1,597,647,000, up from HKD 1,390,939,000, indicating an increase of about 14.89%[8]. - Trade and bills receivables increased significantly to HKD 739,998,000 from HKD 621,016,000, reflecting a growth of approximately 19.14%[8]. - Total equity grew to HKD 1,121,959,000, compared to HKD 1,078,784,000, marking an increase of around 4.00%[8]. - Current liabilities rose to HKD 1,349,244,000 from HKD 1,181,734,000, which is an increase of about 14.19%[9]. - Bank borrowings increased to HKD 606,360,000 from HKD 536,159,000, representing a rise of approximately 13.04%[9]. - Cash and bank deposits increased to HKD 228,648,000 from HKD 191,177,000, showing a growth of about 19.59%[8]. - As of September 30, 2025, total bank borrowings amounted to HK$606,360,000, an increase of 13.06% from HK$536,159,000 as of March 31, 2025[70]. - The portion of bank borrowings repayable within one year increased to HK$483,610,000 from HK$381,659,000, reflecting a rise of 26.67%[70]. Cash Flow - Net cash generated from operations for the six months ended 30 September 2025 was HK$103,705,000, an increase of 10.5% compared to HK$93,732,000 for the same period in 2024[14]. - Net cash generated from operating activities was HK$89,490,000, slightly up from HK$88,101,000 in the previous year[14]. - Cash flows from investing activities resulted in a net cash outflow of HK$45,991,000, compared to HK$29,341,000 in the prior period, primarily due to increased payments for property, plant, and equipment[14]. - The net increase in cash and cash equivalents for the period was HK$38,160,000, down from HK$58,621,000 in the same period last year[14]. - Cash and cash equivalents at the end of the period stood at HK$228,648,000, compared to HK$209,177,000 at the end of the previous period[14]. Strategic Initiatives - The company is focusing on market expansion and new product development as part of its strategic initiatives for future growth[8]. - The Group has redefined its operating segments from two to three, now including server enclosures (general & AI), EV charger enclosures & other products, and storage products[31]. - The Group's major operating segments are assessed based on operating profit, with no sales between the reportable segments[32]. - The company has restructured its operating segments into three main divisions: server enclosures, EV charger enclosures, and storage products, to better reflect its business strategy[34]. - The company is focusing on recruiting high-end technical talents to strengthen its R&D capabilities and is open to strategic acquisitions to enhance technological integration[155]. - The company has established a partnership with a leader in thermal management solutions to develop liquid cooling technology, addressing the rising power consumption of AI servers[151]. - The company anticipates significant growth in orders for AI-related products, which will drive up unit prices and gross profit margins[146]. Shareholder Information - The balance of equity attributable to shareholders increased to HK$1,121,959 as of September 30, 2025, from HK$1,078,784 at the beginning of the period[12]. - The final dividend for the year ended 31 March 2025 was $60,638,000, representing HK3.0 cents per share, down from $80,858,000 or HK4.0 cents per share in 2024[98]. - An interim dividend of HK1.5 cents per share was declared for the six months ended 30 September 2025, totaling $30,322,000, compared to $50,536,000 or HK2.5 cents per share in 2024[99]. - The weighted average number of ordinary shares as at 30 September 2025 was 2,017,485,000, a decrease from 2,021,547,000 in 2024[97]. - The Group's employee count increased from approximately 3,600 to 4,000 during the reporting period[178]. Taxation and Compliance - The total current taxation for the six months ended September 30, 2025, was $19,307,000, compared to $15,360,000 for the same period in 2024, marking a 25.4% increase[88]. - The Group has contested additional tax assessments totaling $21,151,000 for the years 2016/17, 2017/18, and 2018/19, with a holdover agreement for $14,005,000 in tax payments[16]. - The Group's operations in the PRC are subject to a corporate income tax rate of 25%, with two subsidiaries eligible for a reduced rate of 15%[85]. Employee Compensation and Incentives - Key management compensation for the six months ended 30 September 2025 totaled $7,468,000, an increase from $6,753,000 in 2024[105]. - The Group's performance-based bonus system rewards employees based on merit[181]. - The company has granted 73,380,000 share options under the New Scheme during the reporting period[195]. - The vesting period for share options granted under the New Scheme is no less than 12 months[195]. Market and Operational Outlook - The company remains cautious about market uncertainties, including inflation and geopolitical tensions, while maintaining a prudent operational approach[158]. - The Group aims for "net zero" operation through green manufacturing and energy management optimization as part of its ESG strategy[141]. - The company is transitioning to a rack-level supply model for server products to improve deployment efficiency and meet large-scale demands[150].

INTERIM REPORT 中期報告 CHINA AGRI-PRODUCTS EXCHANGE LIMITED 中國農產品交易有限公司 INTERIM REPORT 2025 中期報告 Contents 目錄 | CORPORATE INFORMATION | 公司資料 | 2 | | --- | --- | --- | | INTERIM DIVIDEND | 中期股息 | 5 | | MANAGEMENT DISCUSSION AND ANALYSIS | 管理層討論及分析 | 5 | | CORPORATE GOVERNANCE AND OTHER INFORMATION | 企業管治及其他資料 | 19 | | CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR | 簡明綜合損益及其他 | 28 | | LOSS AND OTHER COMPREHENSIVE INCOME | 全面收益表 | | | CONDENSED CONSOLIDATED STATEMENT OF | 簡明綜合財務狀況表 | 30 | | FINANCIAL POSITION | | ...

藍河控股有限公司 BLUE RIVER HOLDINGS LIMITED (Incorporated in Bermuda with limited liability) Stock Code 股份代號: 0498.HK （於百慕達註冊成立之有限公司） INTERIM REPORT 2025/2026 中期報告 司 BLUE RIVER HOLDINGS LIMITED 藍 河 控 股 有 限 公 INTERIM REPORT 2025/2026 中 期 報 告 Based in Hong Kong, Blue River Holdings Limited is principally engaged in, among others, gas distribution, logistics and energy-related businesses in the People's Republic of China, as well as property investment, securities trading and investment, and provision of financing re ...

Financial Performance - The company reported a revenue of HKD 204,253,000 for the six months ended September 30, 2025, a decrease of 14.5% compared to HKD 238,901,000 in the same period of 2024[8]. - Gross profit for the same period was HKD 96,031,000, down 9.4% from HKD 106,041,000 year-on-year[8]. - The company recorded a loss before tax of HKD 40,384,000, an improvement from a loss of HKD 48,075,000 in the previous year, indicating a 16.5% reduction in losses[8]. - Total comprehensive loss for the period was HKD 38,767,000, compared to a loss of HKD 44,784,000 in the prior year, reflecting a 13.5% improvement[8]. - The company reported a net loss of HKD 40,452,000 for the period, with current liabilities exceeding current assets by HKD 148,622,000[14]. - The basic and diluted loss per share for the period was HKD 1.607, compared to HKD 1.934 in the previous year, indicating a reduction in loss per share by 16.9%[8]. - The group reported a net loss of HKD 40,452,000 for the six months ended September 30, 2025, an improvement from a net loss of HKD 48,698,000 in 2024[48]. Revenue Breakdown - The total revenue for the six months ended September 30, 2025, was HKD 204,253,000, with HKD 150,720,000 from cosmetics and HKD 53,533,000 from fashion[20]. - Revenue from cosmetics decreased by 15.7% compared to HKD 178,701,000 in the same period of 2024, while fashion revenue decreased by 11.1% from HKD 60,200,000[22]. - The cosmetics segment generated revenue of HKD 150,720,000, a decline of 15.7% from HKD 178,701,000 in 2024, with a segment loss of HKD 13,454,000[49]. - The fashion segment's revenue was HKD 53,533,000, down 11.1% from HKD 60,200,000 in 2024, with a segment loss of HKD 12,705,000[50]. Assets and Liabilities - Non-current assets decreased to HKD 605,123,000 as of September 30, 2025, from HKD 629,042,000 as of March 31, 2025, a decline of 3.8%[9]. - Current assets also fell to HKD 166,045,000 from HKD 182,911,000, representing a decrease of 9.2%[9]. - The company's total liabilities increased to HKD 730,631,000 as of September 30, 2025, compared to HKD 732,676,000 as of March 31, 2025, showing a slight decrease of 0.3%[10]. - The net asset value dropped significantly to HKD 40,537,000 from HKD 79,277,000, a decline of 48.9%[10]. - As of September 30, 2025, the company had total bank borrowings of HKD 178,095,000, down from HKD 205,422,000 as of March 31, 2025[41]. Cash Flow - The company reported a net cash inflow from operating activities of HKD 28,646,000 for the six months ended September 30, 2025, compared to a net outflow of HKD 20,307,000 in the same period of 2024[13]. - The company reported a total cash outflow from financing activities of HKD 30,060,000 for the period, compared to an inflow of HKD 39,533,000 in the previous year[13]. - Cash and bank balances at the end of the reporting period were HKD 12,300,000, down from HKD 13,126,000 as of March 31, 2025[55]. - The cash and cash equivalents decreased by HKD 819,000 during the period, resulting in a balance of HKD 12,300,000 as of September 30, 2025[13]. Operational Measures - The company is actively negotiating the renewal of existing bank credit and considering potential external financing options to ensure sufficient working capital for at least the next 12 months[15]. - The company is implementing measures to mitigate cash outflows and enhance operational cash flow sensitivity in light of potential downside risks[17]. - The group aims to optimize its product mix and enhance product appeal to improve overall revenue and gross margin[52]. Employee and Governance - The group employed approximately 730 employees as of September 30, 2025, a decrease of 14.12% from approximately 850 employees on March 31, 2025[60]. - The group did not purchase, sell, or redeem any of its listed securities during the six months ended September 30, 2025[67]. - The board confirmed compliance with all applicable code provisions of the Corporate Governance Code during the six months ended September 30, 2025[69]. - The independent auditor did not review the group's unaudited results for the six months ended September 30, 2025, but the results were reviewed by the audit committee[71]. - The chairman expressed gratitude to all employees for their loyal service and contributions during the period[72].

Financial Performance - The company's revenue for the six months ended September 30, 2025, was HKD 26,312,000, a decrease of 8.1% compared to HKD 28,626,000 for the same period in 2024[6] - Gross profit for the same period was HKD 3,356,000, down 34.1% from HKD 5,091,000 in 2024[6] - The company reported a loss before tax of HKD 4,009,000, compared to a loss of HKD 1,904,000 in the previous year, indicating a significant increase in losses[6] - Basic and diluted loss per share for the period was HKD 0.07, compared to HKD 0.06 in 2024[6] - The group reported a loss attributable to owners of the company of HKD 4,009,000 for the six months ended September 30, 2025, compared to a loss of HKD 1,904,000 in the same period of 2024[30] - The pre-tax loss increased by approximately 110.6%, from about HKD 1.9 million to about HKD 4.0 million, mainly due to a decrease in gross profit[47] Assets and Liabilities - Total assets as of September 30, 2025, were HKD 51,098,000, an increase from HKD 34,059,000 as of March 31, 2025[8] - The company's equity attributable to owners was HKD 26,353,000 as of September 30, 2025, compared to HKD 891,000 as of March 31, 2025[8] - Trade receivables as of September 30, 2025, amounted to HKD 30,731,000, a decrease from HKD 32,773,000 as of March 31, 2025[33] - Trade payables decreased to HKD 8,454,000 from HKD 12,836,000 as of March 31, 2025, indicating improved cash flow management[35] - Other borrowings included an outstanding balance of HKD 8,367,000 from a loan of HKD 20,000,000, with an interest rate of 4%[38] Cash Flow - The company's cash and bank balances increased to HKD 19,714,000 from HKD 322,000 at the end of March 2025[8] - The net cash generated from financing activities was HKD 28,065,000, while cash used in operating activities was HKD 8,673,000[12] - The group has cash and bank balances of approximately HKD 19.7 million as of September 30, 2025, compared to about HKD 0.3 million as of March 31, 2025[51] Operational Highlights - The company has not reported any new product developments or market expansions in the current period[6] - There are no indications of mergers or acquisitions in the recent financial report[6] - The group did not declare any dividends for the current period, consistent with the previous year[29] - The company employed approximately 22 employees as of September 30, 2025, down from 27 employees as of March 31, 2025[61] Financing and Capital Structure - Financing costs decreased significantly to HKD 51,000 from HKD 284,000 in the previous year, representing an 82.0% reduction[25] - The company proposed a capital reorganization on December 20, 2024, including a share consolidation where every 8 existing shares of HKD 0.2 will be consolidated into 1 share of HKD 1.6[53] - The company plans to raise approximately HKD 30.7 million through a rights issue, offering 105,762,360 shares at a subscription price of HKD 0.29 per share[53] - As of September 30, 2025, the net proceeds from the rights issue amounted to approximately HKD 29.5 million, with only HKD 3.6 million utilized for various purposes[54] - The actual amounts utilized from the net proceeds include HKD 1.8 million for repaying other borrowings and HKD 0.4 million for employee salaries[54] Governance and Compliance - The audit committee, consisting of three independent non-executive directors, has reviewed the financial statements and confirmed compliance with applicable accounting standards and GEM listing rules[86] - The company has adopted the GEM listing rules as the code of conduct for securities trading by directors, with no known non-compliance events during the reporting period[82] - The company has established a governance framework in accordance with the GEM listing rules and regularly reviews its governance practices[80] - There are no known interests or short positions in shares or related securities held by any major shareholders or directors as of September 30, 2025[79] Share Option Scheme - The company has adopted a share option scheme to incentivize eligible participants based on their contributions to the group[66] - The total number of shares available for issuance under the share option scheme is capped at 10% of the total issued shares as of September 30, 2025, which is approximately 1,320,295 shares[69] - The share option scheme will remain effective for a period of ten years from its adoption date, expiring on December 27, 2027[71] - The minimum vesting period for share options is 12 months, with potential for shorter vesting under certain performance-based conditions[74] - The company has not issued any unexercised share options, warrants, or convertible securities as of September 30, 2025[75]

Content 目錄 C 錄 | CORPORATE INFORMATION | 公司資料 | 2 | | --- | --- | --- | | INTERIM DIVIDEND | 中期股息 | 5 | | MANAGEMENT DISCUSSION AND ANALYSIS | 管理層討論及分析 | 5 | | DISCLOSURE OF INTERESTS | 權益披露 | 14 | | SHARE OPTION SCHEME | 購股權計劃 | 20 | | CORPORATE GOVERNANCE AND OTHER INFORMATION | 企業管治及其他資料 | 23 | | CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR | 簡明綜合損益及 | 25 | | LOSS AND OTHER COMPREHENSIVE INCOME | 其他全面收益表 | | | CONDENSED CONSOLIDATED STATEMENT OF | 簡明綜合財務狀況表 | 28 | | FINANCIAL POSITION | | | | CONDENSED ...

Revenue Performance - The Group's revenue for the six months ended September 30, 2025, was approximately HK$607.5 million, representing a 37.5% increase from approximately HK$441.7 million for the same period in 2024[17]. - Revenue from property sales increased by approximately 38.1%, rising from approximately HK$427.9 million in the previous year to approximately HK$590.9 million[19]. - Revenue from asset management services rose by approximately 23.1%, increasing from approximately HK$13.0 million to approximately HK$16.0 million[20]. - The increase in revenue was primarily attributed to higher sales and successful delivery of completed residential projects during the Reporting Period[18]. - The successful delivery of the residential project Larchwood and the sale of two houses at MOUNT POKFULAM contributed significantly to the revenue increase[23]. - Contracted sales for residential projects increased by approximately 31.3% to about HK$1,637.2 million, with a saleable area increase of approximately 29.0%[44]. - The Group recorded total contracted sales of approximately HK$1,637.2 million during the reporting period, representing a year-on-year increase of about 31.3% compared to HK$1,247.0 million for the same period last year[47]. Financial Losses - The Group incurred a gross loss of approximately HK$16.6 million for the Reporting Period, compared to a gross profit of approximately HK$92.7 million for the same period in 2024[22]. - The average selling prices of delivered properties fell below the respective cost of sales, leading to the recorded gross loss[22]. - The Group recorded a loss attributable to owners of the parent of approximately HK$384.2 million, compared to a profit of approximately HK$96.9 million in the same period last year[43]. - The property development segment reported a loss of HK$180,727,000, compared to a profit of HK$74,681,000 in 2024[197]. - The property investment segment experienced a loss of HK$133,708,000, down from a profit of HK$169,164,000 in the prior year[197]. - The company reported a loss before tax of HK$465,488,000, compared to a profit of HK$94,884,000 in the same period last year[197]. Expenses and Costs - Selling and distribution expenses increased by approximately 29.3% to about HK$113.0 million, driven by higher property sales and associated commissions[30]. - Administrative expenses decreased by about 5.3% to approximately HK$53.5 million, reflecting the Group's strict cost control policy[31]. - Other income and gains decreased from approximately HK$24.3 million to about HK$14.0 million, primarily due to a drop in customer deposit forfeitures and interest income[28]. - Write-downs of properties under development and held for sale amounted to approximately HK$32.4 million, significantly higher than the previous HK$7.3 million, due to declining expected selling prices[37]. Asset Management and Investments - The Group's asset management fees growth was driven by increased construction activities on joint venture projects managed by the Group[20]. - The Group's investment properties portfolio includes a wholly-owned commercial property and five projects in partnership with global private equity funds, with holding stakes ranging from 15% to 50%[73]. - The Group's asset management activities generate fee incomes, including asset management fees, acquisition fees, development fees, and leasing fees[75]. - The Group is actively seeking opportunities to expand its land bank through old building acquisitions while maintaining a prudent approach to capital management[67]. Financial Position and Ratios - As of September 30, 2025, the Group's total assets less current liabilities were approximately HK$5,632.1 million, with a current ratio of approximately 3.1 times[88]. - Aggregate bank borrowings as of September 30, 2025, amounted to approximately HK$2,707.3 million, with a gearing ratio of approximately 76.2%[92]. - The Group's cash and bank balances as of September 30, 2025, were approximately HK$351.3 million[88]. - The Group's total equity attributable to owners of the parent decreased to HK$2,955,651,000 as of September 30, 2025, from HK$3,422,985,000 as of March 31, 2025, representing a decline of approximately 13.7%[177]. Corporate Governance - The company has complied with the Corporate Governance Code, except for the vacancy of the non-executive chairman position since February 8, 2021[144]. - The Board currently consists of five members, including three executive Directors and two independent non-executive Directors, which does not meet the minimum requirements for independent directors[146]. - The company confirmed that all directors complied with the Model Code for Securities Transactions throughout the review period, with no incidents of non-compliance noted[151]. - The company has maintained a high standard of corporate governance, emphasizing transparency, accountability, integrity, and independence to enhance competitiveness and operating efficiency[150]. Sustainability and Environmental Initiatives - The Group received a 3-stars rating in the 2025 Global Real Estate Sustainability Benchmark (GRESB) assessment, reflecting its commitment to sustainable growth and responsible stewardship of natural resources[122]. - The Group promotes the adoption of green lease practices among its tenants, reinforcing its commitment to sustainability across its operations[124]. - As of September 30, 2025, the Group had approximately HK$3.8 billion in sustainability-linked loans and approximately HK$1.6 billion in green loans, supporting projects that advance net-zero objectives and environmental protection[123]. Market Conditions - The property market in Hong Kong showed signs of recovery in the second half of 2025, supported by reduced interest rates and improving buyer confidence[111]. - The commercial property market remains subdued, with citywide vacancy rates high, but the Group's refinancing of Lakesilver and The Parkside joint ventures has strengthened its capital structure and provided financial flexibility[117].

目錄 2 公司資料 3 管理層討論及分析 8 其他資料 12 未經審核簡明綜合損益及其他全面收益表 13 未經審核簡明綜合財務狀況表 14 未經審核簡明綜合權益變動表 15 未經審核簡明綜合現金流量表 16 未經審核簡明綜合中期財務報表附註 2 優越集團控股有限公司 二零二五╱二六年中期報告 公司資料 董事會 執行董事 林劍雲先生 （主席） 方永光先生 （行政總裁） 獨立非執行董事 施得安女士 郭榮豐先生 余銘維先生 （於2025年8月29日獲委任） 梁兆康先生 （於2025年8月29日退任） 授權代表 林劍雲先生 方永光先生 公司秘書 溫駿偉先生 (CPA) 董事委員會 審核委員會 施得安女士 （主席） 郭榮豐先生 余銘維先生 （於2025年8月29日獲委任） 梁兆康先生 （於2025年8月29日退任） 薪酬委員會 余銘維先生 （主席） （於2025年8月29日獲委任） 施得安女士 林劍雲先生 郭榮豐先生 梁兆康先生 （於2025年8月29日退任） 提名委員會 林劍雲先生 （主席） 施得安女士 郭榮豐先生 余銘維先生 （於2025年8月29日獲委任） 梁兆康先生 （於2025年8月29日退任） 核數師 總辦 ...