| 目錄 1 | | --- | | 釋義 2 | | 公司資料 4 | | 管理層討論及分析 5 | | 其他資料 12 | | 簡明綜合損益及其他全面收益表 21 | | 簡明綜合財務狀況表 22 | | 簡明綜合權益變動表 24 | | 簡明綜合現金流量表 25 | | 簡明綜合財務報表附註 26 | 於本中期報告中，除文義另有所指外，下列詞彙具有以下涵義。 | 「審核委員會」 | 指 | 指董事會審計委員會 | | --- | --- | --- | | 「董事會」 | 指 | 董事會 | | 「品牌開發及管理分部」 | 指 | 本集團主要自品牌擁有人採購個人護理產品以及管理及開發該等產品之品牌的業 | | | | 務分部 | | 「本公司」 | 指 | 衍生集團（國際）控股有限公司（衍生集團(國際)控股有限公司），一間於2010 | | | | 年10月28日在開曼群島註冊成立之獲豁免有限公司 | | 「董事」 | 指 | 本公司董事 | | 「豐盛」 | 指 | 豐盛控股有限公司（豐盛控股有限公司），一間於開曼群島註冊成立之有限公 | | | | 司，其已發行股份於聯交所上市（股份代號：607） ...

香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位乃為相比起聯交所上市的其他公司帶有更高投資風險的中小型公司提供上市的市 場。有意投資者應了解投資於此類公司的潛在風險，並應經審慎周詳考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會承受較於聯交所主板買賣的 證券為高的市場波動風險，同時亦無法保證在GEM買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本報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。 本報告遵照聯交所GEM證券上市規則（「GEM上市規則」）的規定提供有關醫匯集團有限公司（「本 公司」）的資料。本公司各董事（「董事」）對本報告所載資料共同及個別承擔全部責任。董事在作 出一切合理查詢後確認，就彼等深知及確信，本報告所載資料在各重大方面均屬準確及完整， 且無誤導或欺詐成分，亦無遺漏其他事項，致使本報告或當中任何陳述有所誤導。 本報告將由刊登日期起計至少一連七天刊載於聯交所網站www.hkexnews.hk內及於本公司網 站www. ...

Financial Performance - Total revenue for the fiscal year ending September 30, 2025, increased by 37.3% to HKD 729.9 million, compared to HKD 531.6 million in 2024[5] - Revenue from the global financial markets segment surged by 94.5% to HKD 540.7 million, accounting for 74.1% of total revenue[10] - Net profit rose significantly by 121.4% to HKD 146.9 million, up from HKD 66.4 million in the previous year[6] - Total revenue for the year ended September 30, 2025, was HKD 729,872,000, an increase from HKD 531,628,000 in 2024, representing a growth of approximately 37.2%[22] - The group reported a pre-tax profit of HKD 146,926,000 for the year, compared to HKD 66,130,000 in 2024, reflecting a significant increase[22] - Basic earnings per share for the year were HKD 0.0218, up from HKD 0.0098 in 2024[22] - The company reported a pre-tax profit of HKD 146,936,000 for 2025, compared to HKD 66,361,000 in 2024, marking a 109.5% increase[45] - Basic earnings per share increased to HKD 2.18, up from HKD 0.98 in 2024, reflecting a growth of 122.4%[45] Revenue Breakdown - Commission and fee income contributed HKD 495,788,000, while interest income accounted for HKD 234,084,000, indicating strong performance in financial markets and lending segments[32] - The segment performance for financial markets showed a profit of HKD 66,554,000, while the lending segment reported HKD 110,309,000, leading to a total segment profit of HKD 178,513,000[33] - Commission and fee income from securities trading rose to HKD 84,425,000, up 53.1% from HKD 55,138,000 in 2024[39] - Interest income from margin financing and IPOs increased to HKD 55,291,000, up 27.0% from HKD 43,549,000 in 2024[39] Asset and Liability Management - As of September 30, 2025, the group's current assets and current liabilities were HKD 5,703,300,000 and HKD 2,304,300,000, respectively, compared to HKD 4,977,100,000 and HKD 1,813,500,000 in 2024[14] - The group reported a total cash and bank balance of HKD 2,353,800,000 as of September 30, 2025, up from HKD 1,520,800,000 in 2024[14] - Total assets increased to HKD 5,703,284 thousand in 2025, up from HKD 4,977,052 thousand in 2024, representing a growth of approximately 14.6%[23] - Current liabilities rose to HKD 2,304,295 thousand in 2025, compared to HKD 1,813,521 thousand in 2024, marking an increase of about 27.1%[23] - Net current assets improved to HKD 3,398,989 thousand in 2025, up from HKD 3,163,531 thousand in 2024, reflecting a growth of approximately 7.4%[23] - Non-current assets decreased to HKD 221,345 thousand in 2025 from HKD 296,774 thousand in 2024, a decline of about 25.4%[23] - The company’s total liabilities increased to HKD 3,482,128 thousand in 2025, up from HKD 2,267,746 thousand in 2024, reflecting a rise of approximately 53.4%[23] Impairment and Provisions - The impairment provision decreased by 72.8% to HKD 43.2 million, compared to HKD 158.9 million in 2024[5] - The impairment provision for the year was HKD 43,200,000, significantly lower than HKD 158,900,000 in 2024[16] - The group recognized a net impairment provision of approximately HKD 113,400,000 for loans and advances due to credit impairment stages[18] - Impairment provisions for loans and advances decreased to HKD 913,633,000 in 2025 from HKD 840,261,000 in 2024, indicating improved asset quality[48] Corporate Actions and Future Outlook - The company completed the acquisition of Crosby Asia Limited, enhancing its institutional financial services and research capabilities[10] - The outlook for the company remains positive, with expectations of increased IPO applications driven by Chinese tech companies attracting global investors[13] - The company plans to strengthen its global financial markets team to drive growth in brokerage, wealth management, and asset management services[13] - The successful implementation of the new Capital Investment Entrant Scheme (CIES) is expected to provide significant opportunities for tailored investment services[9] Dividend and Shareholder Information - The board has decided not to recommend any final dividend for the year, consistent with 2024[21] - The company did not declare any dividends for 2025, consistent with 2024[44] - The company’s issued and paid-up share capital remains at HKD 67,408,000 as of September 30, 2025, unchanged from the previous year[57] Compliance and Governance - The independent auditor confirmed that the financial statements for the year ended September 30, 2025, are in accordance with applicable accounting standards[60] - The company has adopted its own code of conduct for securities trading, which meets or exceeds the standards set out in the Listing Rules Appendix C3[62] - The annual performance announcement has been published on the Hong Kong Stock Exchange website and the company's website[64]

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 517,298,000, a 2.4% increase from HKD 504,064,000 in the same period of 2024[2] - Gross profit decreased to HKD 100,899,000, down 3.2% from HKD 104,582,000 year-over-year[2] - Profit before tax was HKD 23,485,000, representing a 27.1% decline from HKD 32,187,000 in the previous year[2] - Net profit for the period was HKD 19,122,000, a decrease of 31.5% compared to HKD 27,991,000 in 2024[2] - Basic and diluted earnings per share were both HKD 1.5, down from HKD 2.5 in the prior year[2] - Total comprehensive income for the period was HKD 28,953,000, down 42.4% from HKD 50,127,000 in the same period last year[3] Assets and Liabilities - The company's total assets as of September 30, 2025, were HKD 633,941,000, an increase from HKD 616,395,000 as of March 31, 2025[6] - Non-current assets amounted to HKD 257,395,000, up from HKD 252,174,000 at the end of March 2025[5] - Current liabilities decreased to HKD 306,278,000 from HKD 447,327,000, indicating improved liquidity[5] - The company's equity attributable to shareholders increased to HKD 576,568,000 from HKD 562,595,000[6] Cash Flow - For the six months ended September 30, 2025, the company reported a net cash outflow from operating activities of HKD (118,420) thousand, compared to a net inflow of HKD 3,636 thousand for the same period in 2024[11] - The company incurred a net cash outflow from investing activities of HKD (27,998) thousand, compared to a net inflow of HKD 28,521 thousand in 2024[11] - The company’s financing activities resulted in a net cash outflow of HKD (19,568) thousand, compared to HKD (15,675) thousand in the previous year[11] - Cash and cash equivalents decreased by HKD 165,986 thousand, ending at HKD 125,533 thousand compared to HKD 167,163 thousand at the end of the previous period[11] Revenue Breakdown - Revenue from IT infrastructure solutions services was HKD 383,776 thousand, up 2.0% from HKD 373,405 thousand in the previous year[16] - IT application and solution development services generated revenue of HKD 26,465 thousand, down from HKD 31,280 thousand in the previous year[16] - The company did not report any revenue from property leasing for the current period, compared to HKD 61 thousand in the previous year[16] - Revenue from customer contracts recognized at a point in time was HKD 403,179,000, while revenue recognized over time was HKD 100,824,000, contributing to a total segment revenue of HKD 504,003,000[19] Employee and Management Costs - Employee costs, including directors' remuneration, totaled HKD 102,614,000, an increase from HKD 99,388,000 in the previous year, marking a rise of approximately 2.25%[26] - The total compensation for key management personnel amounted to 9,368 thousand HKD for the six months ended September 30, 2025, compared to 8,485 thousand HKD for the same period in 2024[44] Shareholder Information - The company’s issued share capital was HKD 21,939,758, divided into 877,590,312 shares with a par value of HKD 0.025 each[106] - Mr. Li holds 190,894,800 shares, representing approximately 21.75% of the company's issued share capital[104] - Biz Cloud Limited holds 171,715,600 shares, representing approximately 19.57% of the issued share capital[109] - Dr. Tsai Chao-hui owns 180,512,000 shares, which is approximately 20.57% of the issued share capital[111] Corporate Governance - The company has maintained compliance with the corporate governance code as per the Hong Kong Stock Exchange, with the exception of the separation of roles between the Chairman and CEO[95] - The company has established an audit committee consisting of three independent non-executive directors to ensure compliance with listing rules and corporate governance codes[113] - The audit committee has reviewed the unaudited condensed consolidated financial statements for the six months ended September 30, 2025, confirming they are prepared in accordance with applicable accounting standards[113] Future Outlook - The company is actively expanding its sales pipeline and customer base, particularly in the public service sector, to drive future growth[58] - The company is exploring new strategies for property leasing, including partnerships with local real estate agencies and diversifying leasing options[62] - The management anticipates that the new and revised Hong Kong Financial Reporting Standards will not have a significant impact on the company's financial statements in the current or future reporting periods[52] - The company plans to leverage artificial intelligence to improve operations and efficiency, aiming to meet evolving customer needs[64]

Modern Chinese Medicine Group Co., Ltd. 1643 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。 根據該計劃，承授人可行使期權之期限須遵照董事會可能全權釐定並將通知各承授人之該計劃 條款及條件，惟該期限就任何特定期權而言不得超過自有關期權開始日期起計十(10)年。 由於該計劃已於2021年1月15日（即上市規則第17章新規定生效日期之前）生效，該計劃條款中 並未提及指定歸屬期。然而，董事會可在作出授予時視乎個別情況酌情施加歸屬期。 - 1 - 誠如2024年年報第58頁所披露，根據該計劃及其他計劃將予授出的全部購股權獲行使時可予發 行的股份數目上限，合共不得超過股份上市日期已發行股份的10%。由於自該計劃設立以來， 本公司並未根據該計劃授予任何期權，故根據該計劃授權限額可供授予之期權數目於2024年年 初及年末均為60,000,000份（即可根據該計劃發行60,000,000股股份）。 承董事會命 現代中藥集團 ...

Executive Compensation - The total compensation for the CEO, Chen Wei Qing, during the period he was entitled to the CEO salary was HKD 434,000, which includes a salary of HKD 429,000 and employer retirement benefits of HKD 5,000[2] - Chen Wei Qing served as the CEO until April 15, 2021, after which he was appointed as the Chief Operating Officer[2] Board of Directors - The board of directors includes executive directors Zheng Rong Bin, Zheng Jing Zhang, Zheng Jian Zhang, Ye Xiao Xia, and Shirley Marie Price, along with independent non-executive directors Mai Zhao Zhong, Xing Jia Wei, and Cui Jia Xing[5] Announcement Details - The announcement is a supplementary report regarding the annual report for the year ended December 31, 2021[2] - The announcement was made on December 18, 2025[5] - The announcement is for identification purposes only[6] Company Information - The company is registered in Bermuda and trades under the stock code 1005[2] Liability and Accuracy - The board of directors has not made any statements regarding the accuracy or completeness of the announcement[1] - The company does not accept any liability for losses arising from reliance on the content of the announcement[1] - The company maintains that other information in the annual report remains unchanged[3]

Financial Performance - For the six months ended September 30, 2025, the group's revenue was approximately HKD 81.06 million, an increase of 110.4% compared to HKD 38.54 million for the same period last year[9]. - The group's net profit for the reporting period was approximately HKD 35.66 million, a significant increase of 595.6% from HKD 5.13 million in the same period last year[9]. - Total revenue for the reporting period reached HKD 81,059,737, marking a 110.4% increase from HKD 38,535,218 in the previous year[17]. - The company reported a profit before tax of HKD 39,766,764, compared to HKD 5,468,694 for the same period last year, indicating a substantial increase of 627.5%[74]. - Net profit for the period was HKD 35,659,399, up from HKD 5,126,150 in the previous year, reflecting a growth of 694.5%[74]. - Basic and diluted earnings per share increased to HKD 5.40 from HKD 0.95, marking a rise of 468.4%[74]. Revenue Breakdown - Revenue from licensed financial services increased significantly by 415.8% to HKD 44,343,046, compared to HKD 8,596,612 in the same period last year, with underwriting services contributing HKD 38,831,633, a 440.2% increase[15]. - SaaS service revenue increased to HKD 20.41 million, representing 25.2% of total revenue, driven by investments and expanded application scenarios[14]. - The revenue from trading system services was HKD 9.12 million, a slight increase of 3.2% from HKD 8.84 million in the previous year, accounting for 11.3% of total revenue[12]. - The company's revenue from Hong Kong customers was HKD 68,138,000, while revenue from Chinese customers was HKD 12,922,000, showing a strong reliance on the Hong Kong market[86]. - The company has seen a significant increase in SaaS service revenue, which reached HKD 20,414,000 for the six months ended September 30, 2025, compared to HKD 13,471,000 in the previous year, indicating strong demand for cloud-based solutions[84]. User and Market Growth - As of September 30, 2025, the number of registered users reached approximately 869,920, an increase of 5.5% from 824,400 users a year earlier[9]. - The group aims to focus on customer needs and expand into more business scenarios in the future[14]. - The company has been expanding its integrated securities trading platform services, primarily targeting Hong Kong brokers and their clients[79]. - TradeGo Markets Limited, a wholly-owned subsidiary, commenced securities brokerage and trading services in September 2023 under the Securities and Futures Ordinance[80]. Financial Position and Assets - The company’s net current assets increased to HKD 319,458,842, up from HKD 163,263,718, indicating improved liquidity[24]. - Total assets as of September 30, 2025, amounted to HKD 364,682,362, compared to HKD 200,604,128 as of March 31, 2025, showing an increase of 81.7%[75]. - Cash and cash equivalents increased to HKD 222,842,583 from HKD 162,521,973, representing a growth of 37.1%[75]. - The company’s total liabilities, including trade and other payables, amounted to HKD 32,886,000 as of September 30, 2025, compared to HKD 27,879,000 at the end of March 2025, reflecting an increase in operational obligations[99]. Share Capital and Ownership - As of September 30, 2025, the total number of issued shares is 680,000,000[43]. - Liu Yong holds a total of 226,001,789 shares, representing 33.24% of the company's equity[41]. - The major shareholder, Maojia Holdings Limited, owns 154,264,654 shares, accounting for 22.69% of the total equity[44]. - The company has granted stock options to directors, including 6,500,000 shares to Liu Yong and Wan Yong each, and 1,800,000 shares to Zhang Wenhwa[43]. - The total number of shares held by Zhang Wenhwa is 33,701,582, which is 4.96% of the total equity[42]. Corporate Governance - The company confirmed compliance with the GEM Listing Rules regarding securities trading by directors during the reporting period[63]. - The company adhered to the corporate governance code as per GEM Listing Rules, with a noted exception regarding the roles of the Chairman and CEO being held by the same individual[64]. - The board will continue to review and consider separating the roles of Chairman and CEO at an appropriate time[65]. - There were no changes in the board of directors during the reporting period[69]. Research and Development - Research and development expenses rose to HKD 6,684,004, an increase of 7.0% from HKD 6,246,850, reflecting the company's commitment to maintaining its leadership in the fintech sector[16]. - The company aims to upgrade its SaaS platform and data service capabilities while actively exploring AI financial applications and RWA in the coming years[32]. Share Incentive Plans - The company adopted a pre-IPO share incentive plan on July 16, 2015, revised on July 10, 2017, to reward contributors to business growth[48]. - The share option plan, effective for ten years from August 29, 2018, aims to attract and retain top performers within the group, offering additional incentives to employees and partners[49]. - The total number of share options available for grant under the share option plan was 40,000,000, representing 5.88% of the issued shares as of the report date[50]. - The company established a share award plan on June 20, 2022, effective for ten years, to align the interests of eligible participants with the group's long-term development[55]. Cash Flow and Investments - The company experienced a net cash outflow from investing activities of HKD 66,937,724, compared to HKD 4,169,339 in the previous year, reflecting increased investment in intangible assets[78]. - Financing activities generated a net cash inflow of HKD 116,080,897 for the six months ended September 30, 2025, compared to a net outflow of HKD 12,823,021 in 2024, highlighting improved financing conditions[78].

Financial Performance - For the six months ended September 30, 2025, the gross proceeds from the disposal of trading securities amounted to HK$52,496,000, an increase of 64.3% compared to HK$31,920,000 in the same period of 2024[10]. - Revenue for the period was HK$3,171,000, a decrease of 22.9% from HK$4,118,000 in the previous year[10]. - The gain from changes in fair value of financial assets at fair value through profit or loss was HK$7,085,000, up 99.4% from HK$3,548,000 in 2024[10]. - Profit before taxation for the period was HK$7,413,000, representing a 29.5% increase from HK$5,726,000 in the same period last year[10]. - The total comprehensive income for the period was HK$7,413,000, compared to HK$5,726,000 in 2024, marking a growth of 29.5%[10]. - Basic earnings per share increased to HK$0.58, up from HK$0.45 in the previous year, reflecting a growth of 29.0%[10]. - The Group recorded a net profit of approximately HK$7.41 million for the six months ended 30 September 2025, an increase from HK$5.73 million in the same period last year[94]. - For the six months ended 30 September 2025, the profit for the period increased to HK$7,413,000, compared to HK$5,726,000 for the same period in 2024, representing a growth of approximately 29.5%[44]. Assets and Liabilities - As of September 30, 2025, net current assets were HK$100,399,000, an increase from HK$92,986,000 as of March 31, 2025[11]. - The net asset value per share rose to HK$0.08 from HK$0.07, indicating a 14.3% increase[11]. - The Group maintained cash and cash equivalents of approximately HK$18.2 million as of September 30, 2025, compared to HK$30.6 million as of March 31, 2025, with part of the cash deposited in banks for interest income generation[96]. - The gearing ratio was nil as the Group had no debt as of September 30, 2025[177]. - There were no material capital commitments or contingent liabilities as of September 30, 2025[184]. Cash Flow - For the six months ended 30 September 2025, the net cash used in operating activities was HK$ (12,676) thousand, compared to HK$ 7,599 thousand generated in the same period of 2024[15]. - The Group reported a net cash decrease of HK$ 12,417 thousand during the period, compared to an increase of HK$ 7,722 thousand in the previous year[15]. - Cash and cash equivalents at the end of the period were HK$ 18,161 thousand, an increase from HK$ 13,264 thousand at the end of the same period in 2024[15]. Expenses - Administrative and other operating expenses increased to HK$3,102,000, compared to HK$2,063,000 in the prior period, reflecting a rise of 50.4%[10]. - The total staff costs for the six months ended 30 September 2025 were HK$346,000, slightly down from HK$360,000 in 2024, showing a decrease of 3.9%[39]. - The company did not provide any provision for Hong Kong Profits Tax for the six months ended 30 September 2025, as assessable profits were fully absorbed by previously unrecognised tax losses[40]. Investments - The market value of listed equity securities rose to HK$75,879,000 as of 30 September 2025, up from HK$62,565,000 as of 31 March 2025, representing a growth of 21.3%[48]. - The total unrealised gain from listed equity investments was HK$5,779,000 for the six months ended 30 September 2025, compared to HK$1,703,000 in 2024, reflecting a significant increase of 239.5%[36]. - The Group's investment in listed securities amounted to HK$75.9 million as of September 30, 2025, up from HK$62.6 million as of March 31, 2025, reflecting a diversified investment strategy across various sectors[99]. - The Group's overall investment strategy remains focused on high-yield listed securities while ensuring a disciplined cash flow management[122]. Dividends - No interim dividend was declared for the six months ended 30 September 2025, consistent with the previous year where no dividend was declared[59]. - The Board resolved not to recommend an interim dividend for the period[178]. Market Conditions - The Hang Seng Index increased approximately 16.2% from 23,119 at the end of March 2025 to 26,855 at the end of September 2025, driven by the U.S. interest rate cut and Chinese government stimulus policies[107]. - The Dow Jones Index rose approximately 10.5% from 42,001 at the end of March 2025 to 46,397 at the end of September 2025, influenced by the U.S. Federal Reserve's interest rate cut and positive developments in the Artificial Intelligence sector[102]. - The Shanghai Composite Index increased sharply by nearly 16.4% from 3,335 at the end of March 2025 to 3,882 at the end of September 2025, supported by domestic growth and government policies promoting consumption[105]. Corporate Governance - The Group's financial statements have been prepared on a going concern basis, indicating confidence in meeting financial obligations[22]. - The application of new HKFRS Accounting Standards had no material impact on the Group's financial positions and performance for the current and prior periods[27]. - The Group's accounting policies remain consistent with those presented in the annual financial statements for the year ended 31 March 2025[24]. - The Directors consider that the carrying amounts of financial assets and financial liabilities recorded at amortised cost approximate their fair values due to short-term maturities as of 30 September 2025[89]. Shareholding Structure - Knight Sky Holdings Limited holds approximately 42.99% of the Company and is wholly owned by Mr. Cheng Kai Ming Charles[73]. - Fung Fai Growth Limited holds approximately 26.74% of the Company, while CCAA Group Limited holds approximately 74.29% interest in Upbest Group Limited[75]. - As of September 30, 2025, Andrew Cheng holds 340,000,000 shares, representing 26.74% of the issued share capital[194]. - Fung Fai Growth Limited holds 340,000,000 shares, representing 26.74% of the total issued shares[200]. - Knight Sky Holdings Limited holds 546,716,000 shares, representing 42.99% of the total issued shares[200].

Revenue and Profitability - Revenue for the six months ended September 30, 2025, was HK$55,145,000, a decrease of 22.4% compared to HK$70,900,000 for the same period in 2024[12] - Gross profit for the same period was HK$8,485,000, down 49.5% from HK$16,805,000 in 2024[12] - Operating profit increased to HK$2,711,000, compared to HK$794,000 in the previous year, marking a significant improvement[12] - Profit for the period was HK$2,517,000, a turnaround from a loss of HK$1,901,000 in 2024[12] - Basic earnings per share for the period was 0.28 HK cents, compared to a loss of 0.92 HK cents per share in the previous year[12] - Total comprehensive income for the period was HK$1,941,000, compared to a loss of HK$5,356,000 in the same period last year[14] Financial Position - As of September 30, 2025, total assets less current liabilities amounted to HK$229,119,000, a decrease from HK$240,451,000 as of March 31, 2025, representing a decline of approximately 4.9%[15] - Current assets totaled HK$221,363,000, slightly down from HK$226,998,000, indicating a decrease of about 2.5%[15] - Net current assets were reported at HK$168,810,000, down from HK$177,275,000, reflecting a decrease of approximately 4.8%[15] - Non-current liabilities decreased to HK$71,301,000 from HK$84,574,000, showing a reduction of about 15.6%[17] - The company's equity attributable to owners increased to HK$140,880,000 from HK$139,283,000, marking a growth of about 1.1%[17] - Cash and cash equivalents rose to HK$57,459,000 from HK$47,773,000, indicating an increase of approximately 20.5%[15] - The company’s total equity reached HK$157,818,000, up from HK$155,877,000, reflecting an increase of about 1.2%[17] Cash Flow and Investments - Net cash used in operating activities was HK$8,121,000, a significant improvement compared to a net cash usage of HK$3,942,000 in the previous year[20] - For the six months ended September 30, 2025, net cash generated from investing activities was HK$220,000, a slight decrease from HK$230,000 in the same period of 2024[21] - The net cash generated from financing activities for the same period was HK$2,026,000, down from HK$13,550,000 in 2024, indicating a significant reduction in financing inflows[21] - The company raised new bank loans amounting to HK$5,995,000 during the period, compared to HK$1,090,000 in the previous year[21] - The company reported a net increase in cash and cash equivalents of HK$10,367,000, compared to HK$9,838,000 in the prior year, representing an increase of approximately 5.4%[21] Segment Performance - The company has three operating segments: jewellery business, skincare business, and strategic investment in real estate financial assets[33] - The jewellery business generated revenue of HK$43,548,000, while the skincare business contributed HK$11,597,000, indicating a significant drop in both segments compared to the previous year[38][41] - Segment profit for the jewellery business was HK$401,000, while the skincare business reported a loss of HK$6,716,000, leading to a total segment loss of HK$6,375,000 for the period[38] - The skincare segment experienced a significant loss, with a segment profit of HK$7,421,000 in the previous year turning into a loss of HK$6,716,000 this year[41] Expenses and Cost Management - Administrative expenses decreased slightly to HK$15,683,000 from HK$16,236,000, showing cost control efforts[12] - Employee benefit expenses for the period were HK$9,209,000, slightly lower than HK$9,368,000 in the previous year[59] - Selling and administrative expenses decreased by approximately HK$1.3 million or 6.7% to approximately HK$18.2 million in HY25, primarily due to reduced revenue[176] Credit and Risk Management - The company reported a provision for expected credit loss of HK$1,953,000, up from HK$142,000 in 2024, reflecting increased caution in financial management[12] - The provision for expected credit losses on trade receivables was HK$54,000, down from HK$362,000 in 2024, indicating improved credit risk management[59] Shareholder and Equity Information - The weighted average number of ordinary shares in issue during the period was 772,391,072, up from 679,328,374 in the previous year[73] - The Group recorded a profit attributable to owners of approximately HK$2.2 million in HY25, compared to a loss of approximately HK$6.2 million in HY24, mainly due to gains on the change in fair value of convertible bonds[177] - A total of 119,863,013 Conversion Shares were issued at a conversion price of HK$0.2628 per share, representing approximately 13.43% of the enlarged issued share capital[116] Strategic Initiatives and Future Plans - The company continues to focus on market expansion and new product development as part of its strategic initiatives[12] - The Group plans to expand its jewellery product offerings to mainland China and other Asian markets, where demand remains strong[139] - The Company aims to maintain operational efficiency and productivity while actively participating in jewellery fairs and events to enhance its customer base[140] - The company entered into a strategic cooperation framework agreement with Youhuan Bio to establish a circRNA technology R&D platform, although the timing and amount of investment have not been determined[165]

Financial Performance - The Group's overall revenue from continuing operations for the six months ended 30 September 2025 was approximately RMB29.8 million, a decrease of 75.7% compared to RMB122.5 million for the same period in 2024[23]. - The Group recorded a gross profit from continuing operations of RMB3.2 million for the six months ended 30 September 2025, down from RMB11.5 million in the previous year[23]. - The net loss from continuing operations for the period was RMB30.1 million, significantly improved from a net loss of RMB598.5 million for the same period in 2024[23]. - The Group's total loss for the period, including discontinued operations, was RMB 33.16 million, compared to RMB 601.14 million in 2024[130]. - The loss for the period ended September 30, 2025, was RMB 33,164,000, a significant improvement compared to a loss of RMB 601,140,000 for the same period in 2024, representing a reduction of approximately 94.5%[133]. - Total comprehensive loss for the period was RMB 31,394,000, down from RMB 593,936,000 in the previous year, indicating a decrease of about 94.7%[133]. - The Group's finance costs increased significantly to RMB 33.40 million for the six months ended September 30, 2025, from RMB 19.63 million in 2024[130]. - The Group's other income and gains rose to RMB 19.06 million for the six months ended September 30, 2025, compared to RMB 0.31 million in 2024[130]. Financial Position - As of 30 September 2025, the Group's total liabilities were approximately RMB1,374.4 million, with net liabilities at RMB654.7 million[22]. - The Group's net current liabilities and net liabilities as of September 30, 2025, were approximately RMB 627.50 million and RMB 654.70 million, respectively[126]. - The carrying amount of cash and bank deposits decreased by approximately 21.6% from RMB5.1 million as at 31 March 2025 to approximately RMB4.0 million as at 30 September 2025[94]. - The Group's bank and other borrowings decreased by RMB114.9 million as compared to 31 March 2025, primarily due to the reclassification of certain bank loans of RMB241.0 million to liabilities associated with a disposal group[98]. - The gearing ratio as at 30 September 2025 was 112%, remaining stable compared to 106% as at 31 March 2025[100]. - The Group's total staff costs for the six months ended September 30, 2025, were approximately RMB 8.5 million, a decrease from RMB 8.7 million for the same period in 2024[116]. - The Group's total borrowings were entirely denominated in RMB as of September 30, 2025[107]. Asset Management - The Group has been monitoring its financial position and cash flows closely, with a focus on reducing debt levels[9]. - The Group's management conducted periodic reviews of its asset portfolio and respective performance during the reporting period[9]. - The fair value of the Group's investment properties decreased from RMB315.3 million at 31 March 2025 to RMB309.5 million at 30 September 2025[32]. - The Group's property investment segment is classified as a discontinued operation, with comparative figures re-presented in the financial statements[41]. - Properties under development mainly include Guangze Jiuxi Red House – Phase II, while completed properties held for sale primarily consist of unsold units of Guangze Jiuxi Red House – Phase I[74]. Business Strategy - The Group plans to continue looking at potential projects in property development and investment, while also diversifying into ginseng and mineral water businesses[20]. - A detailed feasibility study in the ginseng business has been conducted, with expectations to complete the purchase of ginsengs in cultivation in Ji'an City by the end of 2025[20]. - Sales for the ginseng business are expected to commence in the first quarter of 2026, supported by active market penetration and promotional strategies[20]. - The Group is exploring potential properties for rental income or capital appreciation, maintaining a focus on investment returns and exit potentials[35]. Financing and Support - The Group is actively exploring various financing options to improve its financial position, including discussions with major shareholders for financial support[19]. - The Group is actively pursuing options to improve its financial position, including debt financing, equity financing, and debt restructuring[22]. - Continuous financial support from the substantial shareholder has been confirmed, ensuring no demand for loan repayment within the next twelve months if the Group is unable to do so[157]. - The Group's financial statements have been prepared on a going concern basis, assuming successful negotiations for the renewal of bank and other borrowings[154]. Operational Efficiency - Selling and distribution expenses decreased by 40% from RMB1.5 million for the six months ended 30 September 2024 to RMB0.9 million for the six months ended 30 September 2025[54]. - Administrative expenses decreased by RMB6.5 million from RMB17.3 million for the six months ended 30 September 2024 to RMB10.8 million for the six months ended 30 September 2025, mainly due to cost control measures[55]. - Other expenses significantly decreased from RMB642.4 million for the six months ended 30 September 2024 to RMB7.1 million for the six months ended 30 September 2025, primarily due to prior write-downs of properties under development[56]. Taxation and Compliance - Current tax for the six months ended 30 September 2025 was RMB150,000, up from RMB94,000 for the same period in 2024[68]. - A tax credit from deferred tax of RMB70.8 million was recorded for the six months ended 30 September 2024, mainly due to the reversal of taxable temporary differences[72]. - The statutory corporate income tax rate in the PRC is 25%, applicable to the assessable profit for both periods[185]. Shareholder Information - Basic loss per share attributable to owners of the parent for the period was 9.21 cents, compared to 166.90 cents for the same period in 2024[131]. - The diluted loss per share for the six months ended 30 September 2025 is RMB33,164,000, a significant improvement compared to RMB601,140,000 for the same period in 2024[198]. - The weighted average number of ordinary shares used in the calculation of basic and diluted loss per share is 360,182,000 for both periods ended 30 September 2025 and 30 September 2024[198].