2 E. Bon Holdings Limited Interim Report 2025 / 2026 Content 目錄 怡 邦 行 控 股 有 限 公 司 2025 / 2026 中 期 報 告 1 2 Corporate Information 公 司 資 料 4 Management Discussion and Analysis 管 理 層 討 論 與 分 析 11 Other Information 其 他 資 料 17 Interim Condensed Consolidated Statement of Comprehensive Income 中 期 簡 明 綜 合 全 面 收 益 表 18 Interim Condensed Consolidated Statement of Financial Position 中 期 簡 明 綜 合 財 務 狀 況 表 19 Interim Condensed Consolidated Statement of Changes In Equity 中 期 簡 明 綜 合 權 益 變 動 表 20 Interim Condensed Consolid ...

Financial Performance - Total revenue decreased by approximately HKD 65.5 million or 15.2% to about HKD 366.6 million for the six months ended September 30, 2025, compared to HKD 432.1 million for the same period in 2024[6]. - Profit attributable to the company's owners dropped by approximately HKD 8.7 million or 91.6% to about HKD 0.8 million for the six months ended September 30, 2025, from HKD 9.5 million in the previous year[6]. - Revenue for the six months ended September 30, 2025, was HKD 366,561,000, a decrease of 15.2% compared to HKD 432,088,000 for the same period in 2024[53]. - Gross profit for the same period was HKD 5,478,000, significantly up from HKD 1,496,000, indicating a gross margin improvement[53]. - The company reported a net profit of HKD 782,000 for the six months ended September 30, 2025, down from HKD 9,453,000 in the previous year, reflecting a decline of 91.7%[53]. - The company incurred a net cash outflow from operating activities of HKD 16,976,000 for the six months ended September 30, 2025, compared to HKD 79,074,000 in the previous year[59]. - The company reported a loss of HKD 10,265,000 in the template engineering segment for the six months ended September 30, 2025[66]. - The company reported a pre-tax profit of HKD 9,453,000 for the six months ended September 30, 2025, compared to a profit of HKD 14,826,000 in the same period last year, indicating a decline of about 36.5%[68]. Revenue Breakdown - Private sector project revenue was approximately HKD 211.1 million, accounting for about 57.6% of total revenue, down from 75.1% in the previous year[6]. - Public sector project revenue increased to approximately HKD 155.5 million, representing about 42.4% of total revenue, up from 24.9% in the previous year[6]. Cash and Liquidity - As of September 30, 2025, the group had cash and cash equivalents of approximately HKD 92.4 million, a decrease of about 14.8% from HKD 108.4 million as of March 31, 2025, primarily due to an increase in receivables caused by major contractors delaying settlement processes by over 30 days[22]. - Cash and cash equivalents decreased to HKD 92,390,000 from HKD 108,415,000, a reduction of 14.8%[59]. - The group maintains a prudent funding and treasury policy, closely monitoring liquidity to meet its funding needs[23]. Expenses and Costs - Administrative expenses rose by approximately HKD 0.5 million or 5.4% to about HKD 9.8 million due to increased headquarters operational costs[18]. - Total salary costs recognized in the profit and loss statement for the six months ended September 30, 2025, amounted to approximately HKD 248.9 million, compared to approximately HKD 263.3 million for the same period in 2024, reflecting a decrease of about 5.9%[38]. - The company reported a significant increase in impairment losses on trade receivables, amounting to HKD 15,695,000 for the current period compared to HKD 3,519,000 in the previous year[74]. Shareholder Information - Major shareholders, including Mr. Leung and Ms. Chao, hold 1,125,000,000 shares, representing 75% of the issued share capital of the company[45]. - The company did not purchase, sell, or redeem any of its securities during the six months ended September 30, 2025[49]. - The company did not declare any interim dividend for the six months ended September 30, 2025[8]. Assets and Liabilities - Total assets as of September 30, 2025, were HKD 413,303,000, slightly down from HKD 417,597,000 as of March 31, 2025[55]. - Total liabilities decreased slightly to HKD 299,680,000 as of September 30, 2025, from HKD 304,756,000 as of March 31, 2025[72]. - The company's contract assets amounted to HKD 137,501,000, a decrease from HKD 152,941,000 as of March 31, 2025, reflecting a reduction of approximately 10%[88]. - Trade receivables increased to HKD 79,316,000 as of September 30, 2025, from HKD 53,881,000 as of March 31, 2025, representing a growth of approximately 47.2%[86]. - Trade payables increased to HKD 21,307,000 as of September 30, 2025, compared to HKD 16,345,000 as of March 31, 2025, representing a growth of about 30%[89]. - The company's contract liabilities stood at HKD 47,290,000 as of September 30, 2025, slightly up from HKD 46,351,000 as of March 31, 2025[90]. Corporate Governance - The company has adopted the corporate governance code as per the listing rules and confirmed compliance for the six months ended September 30, 2025[40]. - The audit committee, consisting of three independent non-executive directors, has approved and reviewed the accounting principles and policies adopted by the group for the interim results announcement for the six months ended September 30, 2025[43]. Employment and Workforce - As of September 30, 2025, the company employed 1,512 staff, a decrease from 1,578 staff as of September 30, 2024, primarily due to a reduction in the scale of existing template engineering projects[38]. Other Information - The group did not have any significant acquisitions or disposals of subsidiaries, associates, or joint ventures as of September 30, 2025[25]. - The group has no significant contingent liabilities as of September 30, 2025[27]. - The group has no significant off-balance sheet capital commitments as of September 30, 2025[26]. - The group has not reported any significant legal claims or disputes as of the report date, although there is an ongoing claim related to delayed material delivery amounting to approximately HKD 21.2 million[28]. - There were no significant subsequent events after September 30, 2025, up to the report date[51].

Financial Performance - The company reported revenue of HKD 124,114,000 for the six months ended September 30, 2025, a decrease of 13.2% compared to HKD 142,984,000 in the same period of 2024[5] - Gross profit increased to HKD 36,443,000, up 2.8% from HKD 35,454,000 year-over-year[5] - The company incurred a pre-tax loss of HKD 577,177,000, an improvement from a loss of HKD 938,613,000 in the previous year, representing a 38.5% reduction in losses[5] - Total comprehensive loss for the period was HKD 518,556,000, compared to HKD 895,854,000 in the prior year, indicating a 42.1% decrease[6] - The company reported a net loss of HKD 556,673,000 for the six months ended September 30, 2025, compared to a net loss of HKD 904,102,000 for the same period in 2024, indicating a decrease in losses by approximately 38.5%[9] - The company reported a basic loss per share of HKD 4.54, compared to HKD 19.63 in the previous year, indicating a significant improvement[5] Assets and Liabilities - Non-current assets totaled HKD 15,259,360,000 as of September 30, 2025, down from HKD 15,526,613,000 at the end of March 2025[7] - Current liabilities decreased to HKD 3,006,836,000 from HKD 4,596,236,000, reflecting a 34.5% reduction[8] - The company's equity attributable to owners increased to HKD 12,955,443,000 from HKD 11,980,829,000, marking an 8.1% increase[8] - The group's total assets as of September 30, 2025, amounted to HKD 23,074,840,000, compared to HKD 22,438,841,000 as of March 31, 2025[25] - The total liabilities increased to HKD 10,173,083,000 from HKD 10,509,314,000[25] Cash Flow and Financing - The company generated a net cash inflow from operating activities of HKD 205,712,000 for the six months ended September 30, 2025, compared to HKD 88,045,000 for the same period in 2024, representing an increase of approximately 133.4%[11] - The company’s financing activities resulted in a net cash inflow of HKD 752,055,000 for the six months ended September 30, 2025, compared to a net cash outflow of HKD 477,405,000 for the same period in 2024, showing a turnaround in financing cash flows[12] - The company issued new shares, raising HKD 1,491,986,000 during the reporting period, contributing significantly to its capital structure[9] - The company obtained bank loans of approximately HKD 84,973,000 during the period and repaid HKD 383,513,000[50] Revenue Breakdown - Rental income for the six months ended September 30, 2025, was HKD 117,834, slightly down from HKD 119,904 in 2024, indicating a decrease of about 1.7%[16] - The total classified revenue for the six months ended September 30, 2025, was HKD 597,660, compared to HKD 1,117,021 in 2024, reflecting a significant drop of approximately 46.6%[18] - The revenue from commercial properties for the six months ended September 30, 2025, was HKD 208,546, compared to HKD 372,197 in 2024, a decline of about 44%[22] - The revenue from residential properties for the six months ended September 30, 2025, was HKD 378,154, down from HKD 706,190 in 2024, indicating a decrease of approximately 46.4%[22] Investments and Acquisitions - The company acquired property, plant, and equipment for a cash consideration of HKD 217,000 during the six months ended September 30, 2025, compared to no acquisitions in the same period of 2024[40] - The company sold its subsidiary in Macau for a total consideration of HKD 1,980,000, with net assets and liabilities sold amounting to HKD 697,000[60] - The group sold its subsidiary Hoyden Holdings Limited for a total consideration of HKD 10,130,000, with net assets and liabilities of HKD 10,080,000 at the time of sale[61] - The group also sold its subsidiaries Broadway Center G1 Limited and Broadway Center H1 Limited for a total consideration of HKD 4,200,000, with net assets of HKD 3,310,000[62] Market Outlook and Strategy - The company’s strategy includes partnerships with joint ventures and associates in Hong Kong and mainland China for commercial and residential property investments[21] - The group is optimistic about the sustainable recovery of the commercial sector in Hong Kong, with increased transactions observed in luxury properties[79] - The group is actively marketing the "Central Exchange" project, which is expected to be completed in mid-2026, featuring a 28-story office building and a hotel with 125 rooms[78] - The company plans to convert the "Lai Sun Yuen Long Centre" project into a public housing complex with a construction area of approximately 480,000 square feet, with redevelopment expected to start in 2026[80] Corporate Governance - The board has not appointed a CEO, which deviates from the corporate governance code, but believes the current management structure is effective[93] - The audit committee has reviewed the unaudited condensed consolidated interim financial statements for the six months ending September 30, 2025[96] - The company has adopted a standard code of conduct for securities trading, confirming compliance during the review period[94] Employee and Shareholder Information - The total number of employees increased to 94 as of September 30, 2025, from 93 on March 31, 2025[86] - As of September 30, 2025, the total equity held by major shareholders amounts to 8,302,105,917 shares, representing approximately 64.39% of the company's total shares[89] - The group did not recommend the payment of an interim dividend for the six months ended September 30, 2025[71]

Financial Performance - The company reported a loss attributable to owners of the company from continuing operations of HKD 0.4 million for the six months ended September 30, 2025, compared to a profit of HKD 3.0 million in the same period last year[7]. - Total revenue from continuing operations was HKD 148.0 million, an increase of 29.3% from HKD 114.5 million in the previous year[7]. - The company recorded a loss before tax of HKD 402,000, down from a profit of HKD 2,959,000 in the prior year, reflecting a challenging financial environment[55]. - The operating loss for the period was HKD 80,000, compared to an operating profit of HKD 3,367,000 in the previous year, indicating a significant decline in operational performance[55]. - The group reported a basic loss per share of HKD 0.79 for the six months ended September 30, 2025, compared to a profit of HKD 5.80 per share for the same period in 2024[88]. Revenue Breakdown - Revenue from travel-related product sales decreased by 21.6% to HKD 23.9 million, while revenue from tour sales increased by 47.7% to HKD 124.1 million[5]. - Revenue from travel-related services was HKD 23,877,000 for the six months ended September 30, 2025, compared to HKD 30,454,000 in 2024, indicating a decline of 21.7%[75]. - Revenue from travel package sales increased to HKD 124,149,000 in 2025 from HKD 84,036,000 in 2024, reflecting a significant growth of 47.7%[75]. - Total revenue, including other income, for the six months ended September 30, 2025, was HKD 151,929,000, representing a 25.7% increase from HKD 120,837,000 in 2024[67]. Expenses and Costs - Sales and distribution costs increased by 11.9% to approximately HKD 28.2 million, compared to HKD 25.2 million in the previous year, primarily due to the opening of two new retail locations[17]. - Administrative and other operating expenses rose by 9.9% to approximately HKD 18.8 million, up from HKD 17.1 million, mainly due to increased personnel costs for logistics support[18]. - Employee costs, including director remuneration, increased to HKD 28,725,000 in the first half of 2025, up from HKD 25,642,000 in the same period of 2024, indicating an increase of approximately 8%[80]. Cash Flow and Assets - Operating cash inflow for the period was approximately HKD 53.4 million, compared to HKD 36.3 million for the same period last year[20]. - The company reported a net increase in cash and cash equivalents of HKD 45,393,000 for the six months ended September 30, 2025, compared to HKD 20,468,000 in 2024[61]. - Current assets increased significantly to HKD 178,742,000 from HKD 141,787,000, driven by a rise in cash and cash equivalents to HKD 135,878,000[58]. - The group’s cash and cash equivalents amounted to HKD 135,878,000, an increase from HKD 90,654,000 as of March 31, 2025[92]. Strategic Initiatives - The company plans to expand its offerings by developing cruise, cultural, sports, and study tour products to diversify revenue sources[8]. - A new brand "Respect Travel" was launched to target the growing demand for affordable travel packages to mainland China[8]. - The company aims to maintain a sustainable long-term return for shareholders despite facing external challenges such as market competition and adverse weather conditions[9]. - The group plans to continue investing in high-margin products such as cruises and customized travel packages to offset the decline in overall travel product sales[14]. Compliance and Governance - The company has complied with all corporate governance codes as per the Hong Kong Stock Exchange listing rules during the reporting period[33]. - The board of directors has confirmed compliance with the standard code of conduct for securities trading during the reporting period[35]. - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period[32]. Market Outlook - The group anticipates continued growth in travel demand despite global economic challenges and geopolitical tensions, maintaining a cautiously optimistic outlook[28]. - The company will continue to explore development opportunities to broaden its revenue sources and business scope[29].

Financial Performance - Revenue and other gains for the six months ended 30 September 2025 reached approximately HK$347.0 million, a significant increase of 180.9% compared to HK$123.5 million in 2024[6] - Gross profit for the same period was HK$23.7 million, reflecting a growth of 21.4% from HK$19.6 million in 2024[6] - Profit attributable to the owners of the Company increased to HK$5.4 million, up 28.5% from HK$4.2 million in 2024[6] - The Group's revenue for the six months ended 30 September 2025 was approximately HK$340.3 million, an increase of approximately HK$227.8 million or 202.6% compared to the same period in 2024[62] - For the six months ended 30 September 2025, the Group recorded a profit attributable to shareholders of approximately HK$5.4 million, an increase from HK$4.2 million in the same period of 2024[26] - Total comprehensive income for the period was HK$10,617,000, compared to HK$4,757,000 in 2024, representing an increase of approximately 123%[119] - The company reported a net cash from financing activities of HK$4,120,000, contrasting with a net cash used of HK$8,884,000 in the prior year, showing a turnaround in financing[123] - The company declared dividends of HK$4,000,000 for the period, consistent with the previous year[121] Assets and Liabilities - Total assets as of 30 September 2025 amounted to HK$454.5 million, representing a 21.9% increase from HK$372.8 million as of 31 March 2025[6] - Current assets as of 30 September 2025 were approximately HK$320.9 million, with a current ratio of approximately 1.4, up from 1.2 as of 31 March 2025[78] - The gearing ratio increased to approximately 53.3% as of 30 September 2025, compared to 49.0% as of 31 March 2025[79] - Trade receivables as of 30 September 2025 were HK$51,216,000, up from HK$34,224,000 as of 31 March 2025, indicating a growth of 49.7%[199] - Total staff costs for the six months ended September 30, 2025, were approximately HK$41.2 million, compared to HK$30.5 million for the same period in 2024[88] - The Group's total specified non-current assets amounted to HK$125,664,000 as of 30 September 2025, up from HK$117,122,000 as of 31 March 2025, indicating an increase of 7%[168] Segment Performance - The Group achieved a profit from contracting of approximately HK$5.5 million, reflecting significant improvement in the construction industry environment during 2025[27] - The strategic investments division registered a segment profit of approximately HK$1.0 million, realized from an unrealized fair value gain of an investment in a large Real Estate Investment Trust[38] - The property investment division recorded a segment profit of approximately HK$2.3 million, with the property in Dublin maintaining a 100% occupancy rate[42] - The Building Solutions segment reported a revenue decrease of approximately HK$4.9 million or 86.9%, with gross profit dropping by approximately HK$2.3 million or 86.6%[65] - Segment profit for the Building Contracting segment was HK$113,000, while the Strategic Solutions segment reported a profit of HK$1,137,000, contributing to a total segment profit of HK$4,147,000[150] Market and Strategic Focus - The Group is focusing on expanding its reach within the built environment through strategic investments in property development and technology startups[20] - Building Solutions Limited is committed to enhancing the built environment by implementing cutting-edge technology to improve air quality and reduce energy consumption[19] - The Group aims to make direct investments in physical properties to generate additional income and expand its geographical reach[21] - The Group is actively involved in tenders that could provide a solid pipeline of work through to the end of the financial year, with high-value opportunities anticipated[29] - The imminent arrival of the high-speed rail network in Japan is expected to significantly enhance the local property market, reducing travel time to Sapporo by 70%[40] - The Group is optimistic about the improving outlook for Hong Kong in 2025, driven by a substantial increase in inbound tourists[48] Cost Management and Operational Challenges - The operating environment for Building Solutions has been challenging, resulting in a segment loss of approximately HK$0.9 million due to tight corporate spending controls[31] - The Group is focusing on cost management to maintain and improve margins while allocating resources to technology-based solutions[49] - Administrative and other operating expenses rose by approximately HK$1.7 million or 13.0%, totaling approximately HK$14.8 million for the period[71] Cash Flow and Financing - Cash flows from operating activities resulted in a net cash used of HK$8,054,000, a decrease from HK$35,598,000 in the previous year, reflecting a decline of 77.6%[122] - As of 30 September 2025, cash and cash equivalents totaled HK$31,322,000, down from HK$52,127,000 at the end of the same period in 2024, a decrease of 40%[123] Employee and Corporate Governance - The Group's employee count increased to 105 as of September 30, 2025, from 99 as of September 30, 2024[88] - The Group's share option scheme has 80,000,000 options available for grant, representing 10% of the issued share capital, with no options granted or exercised since its adoption[99] - The Company did not recommend the payment of an interim dividend for the six months ended 30 September 2025, while a final dividend of HK$4,000,000 was paid on 6 October 2025[193] Accounting and Compliance - The unaudited condensed consolidated interim financial statements are prepared in compliance with HKAS 34 and presented in Hong Kong dollars (HK$)[133] - The adoption of new and amended HKFRS Accounting Standards effective from April 1, 2025, did not have any significant impact on the Group's accounting policies[134] - Significant judgments and estimates in preparing the financial statements were consistent with those applied in the annual financial statements for the year ended March 31, 2025[138]

Financial Performance - The Group's revenue for the six months ended 30 September 2025 increased by approximately 21.4% to approximately HK$208.3 million, compared to approximately HK$171.6 million in 2024[7]. - The Group reported a loss of approximately HK$8.7 million for the six months ended 30 September 2025, a decline from a profit of approximately HK$4.1 million in 2024[7]. - Basic loss per share attributable to the owners of the Company for the six months ended 30 September 2025 was approximately HK15.0 cents, compared to basic earnings per share of approximately HK7.8 cents in 2024[7]. - Gross profit for the six months ended 30 September 2025 was approximately HK$2.2 million, down from HK$4.1 million in 2024[10]. - Other income for the six months ended 30 September 2025 was HK$663,000, a decrease from HK$3,050,000 in 2024, reflecting a decline of approximately 78.2%[40]. - The net loss for the Period was approximately HK$8.7 million, a turnaround from a profit of approximately HK$4.1 million in the previous year[116]. - Basic loss per share attributable to owners was approximately HK15.0 cents, compared to basic earnings per share of approximately HK7.8 cents in the previous year[121]. Dividends - The Board does not recommend the payment of any dividend for the six months ended 30 September 2025[7]. - No dividends were recommended for the six months ended September 30, 2025, consistent with the previous period[64]. - The company did not recommend any dividend for the six months ended 30 September 2025, consistent with the previous period[66]. Assets and Liabilities - Total assets as of 30 September 2025 were approximately HK$133.3 million, down from HK$165.6 million as of 31 March 2025[12]. - Current liabilities as of 30 September 2025 were approximately HK$138.8 million, compared to HK$164.8 million as of 31 March 2025[12]. - As of September 30, 2025, the net current liabilities increased to HK$21,804,000 from HK$17,209,000 as of March 31, 2025[13]. - Total liabilities decreased to HK$181,749,000 from HK$205,514,000, indicating a reduction in overall debt[13]. - The company’s total equity as of September 30, 2025, was negative HK$48,468,000, worsening from negative HK$39,865,000 as of March 31, 2025[13]. - Trade and other receivables decreased to approximately HK$66.6 million as of 30 September 2025, down from HK$82.0 million as of 31 March 2025[12]. - Cash and cash equivalents were approximately HK$38.8 million as of 30 September 2025, a decrease from HK$56.1 million as of 31 March 2025[12]. Operating Expenses - Administrative and operating expenses decreased to approximately HK$9.4 million for the six months ended 30 September 2025, compared to HK$11.7 million in 2024[10]. - Staff costs for the six months ended September 30, 2025, amounted to HK$60,113,000, up from HK$54,239,000 in 2024, indicating an increase of about 11%[57]. - Contract costs recognized as an expense increased to HK$206,087,000 for the six months ended September 30, 2025, from HK$167,424,000 in 2024, reflecting a growth of approximately 23%[55]. - Depreciation of property, plant, and equipment rose to HK$4,936,000 for the six months ended September 30, 2025, compared to HK$3,606,000 in 2024, representing an increase of approximately 37%[55]. Cash Flow - Net cash used in operating activities was HK$11,967,000 for the six months ended September 30, 2025, compared to a cash generation of HK$5,144,000 in 2024[16]. - Cash and cash equivalents at the end of the period decreased to HK$38,837,000 from HK$63,826,000, reflecting a net decrease of HK$17,285,000[16]. - The company incurred a net cash outflow of HK$4,858,000 from investing activities, compared to HK$7,817,000 in the previous year[16]. Share Capital and Ownership - The company’s share capital remained unchanged at HK$5,722,000 as of September 30, 2025[14]. - As of September 30, 2025, Mr. Kan Kwok Cheung holds a total of 32,679,993 shares, representing 57.1% of the total issued share capital[158]. - Ms. Lam Shun Kiu Rosita, as the spouse of Mr. Kan Kwok Cheung, is also deemed to be interested in the same 32,679,993 shares[158]. - The total number of shares in issue as of September 30, 2025, is 57,220,166 shares[164]. Corporate Governance - The Audit Committee reviewed the unaudited condensed consolidated results and confirmed compliance with applicable accounting standards[179]. - The Company has adopted a code of conduct for securities transactions by Directors, ensuring compliance throughout the reporting period[173]. - The Company is committed to high standards of corporate governance and has complied with the Code on Corporate Governance Practices, except for one provision[174]. - The Audit Committee is responsible for reviewing financial reporting processes and internal control systems[178]. Future Outlook - Management is focusing on improving operating results and cash flows through cost control measures and engaging in new construction projects[34]. - The Group plans to prioritize public sector construction projects and implement cost control measures to navigate challenges in the construction industry[123]. - Management remains optimistic about the future despite financial constraints and regulatory changes, focusing on public works projects and cost control measures[126].

Financial Performance - Total revenue for the six months ended September 30, 2025, was HKD 11,993,000, an increase of 10.4% compared to HKD 10,864,000 for the same period in 2024[9]. - Gross profit for the same period was HKD 7,905,000, representing a 33.5% increase from HKD 5,921,000 in 2024[9]. - Profit before tax for the six months was HKD 26,100,000, a significant recovery from a loss of HKD 1,230,000 in the previous year[9]. - The company reported a net profit of HKD 26,100,000, compared to a net loss of HKD 1,552,000 in the same period last year[9]. - Basic and diluted earnings per share for the period were HKD 9.7, a turnaround from a loss of HKD 0.4 per share in 2024[10]. - For the six months ended September 30, 2025, the total comprehensive income amounted to HKD 27,263,000, compared to a total comprehensive income of HKD 23,569,000 for the previous period[13]. - The company reported a pre-tax profit of HKD 26,100,000 for the six months ended September 30, 2025, compared to a loss of HKD 1,230,000 in 2024[26]. - The group recorded unrealized gains of approximately HKD 28,600,000 during the period, compared to HKD 700,000 for the six months ended September 30, 2024[63]. Assets and Liabilities - Non-current assets as of September 30, 2025, totaled HKD 22,180,000, up from HKD 3,320,000 as of March 31, 2025[11]. - Current assets increased to HKD 115,350,000 from HKD 106,916,000, indicating a growth in liquidity[11]. - The company's total equity as of September 30, 2025, was HKD 51,029,000, a substantial increase from HKD 24,891,000 at the end of March 2025[12]. - The company’s total liabilities decreased to HKD 590,107,000 as of September 30, 2025, from HKD 617,349,000 at the beginning of the period[13]. - The net current assets as of September 30, 2025, were approximately HKD 53,000,000, an increase from HKD 45,800,000 as of March 31, 2025[79]. - Total borrowings, including loans and promissory notes, were approximately HKD 37,100,000 as of September 30, 2025, down from HKD 37,900,000 as of March 31, 2025[79]. - The net debt-to-equity ratio as of September 30, 2025, was 0.7, significantly improved from 1.2 as of March 31, 2025[79]. Cash Flow - The net cash used in operating activities for the six months ended September 30, 2025, was HKD (4,748,000), a decrease from HKD 1,251,000 in the same period of 2024[14]. - The total cash and cash equivalents at the end of the period decreased to HKD 2,212,000 from HKD 5,655,000 in the previous year[14]. - The group’s financial cost for the period was approximately HKD 1,100,000, resulting in a profit attributable to shareholders of about HKD 27,200,000, compared to a loss of HKD 1,100,000 in the previous period[53]. - The group expects stable demand for professional business services in the Greater China region, particularly in asset advisory and corporate consulting services, due to ongoing corporate expansions and market complexities[55]. Expenses - Marketing and administrative expenses rose to HKD 10,695,000 from HKD 7,164,000, reflecting increased operational costs[9]. - The total employee costs for the period were approximately HKD 3,100,000, compared to HKD 5,700,000 for the six months ending September 30, 2024[83]. - Marketing and administrative expenses increased by approximately 48.6% to HKD 10,700,000 from HKD 7,200,000 in the previous year, due to higher advertising and management costs[52]. Shareholder Information - The issued share capital increased to 279,812,000 shares as of September 30, 2025, from 233,182,000 shares as of April 1, 2024, following the issuance of 46,630,000 shares[39]. - The total number of options available for grant under the new plan is 27,981,234 shares, approximately 10% of the issued shares[94]. - The company has adopted a new share option plan to provide greater flexibility for granting options to employees and directors[90][91]. - The company did not declare any dividends for the current period, consistent with the previous year[29]. Governance and Compliance - The audit committee has reviewed the unaudited condensed consolidated results and confirmed compliance with applicable accounting standards and GEM listing rules[103]. - The company has complied with the corporate governance code, except for the separation of the roles of Chairman and CEO[102]. - The board believes that combining the roles of Chairman and CEO strengthens leadership and ensures effective decision-making[101]. Market and Investment Strategy - The group maintains a diversified investment portfolio and will continue to monitor investment performance and market trends to adjust its investment strategy accordingly[64]. - The group aims to achieve capital appreciation and stable returns within an acceptable risk level through its investment strategy[66]. - The financial services segment is anticipated to remain stable in the coming year, with a focus on monitoring credit risk and enhancing competitiveness in a rapidly changing industry[55].

Financial Performance - For the first half of the fiscal year 2025/26, the company's revenue increased by 1.4% to approximately RMB 8,927.6 million[8]. - The profit attributable to equity shareholders rose by 5.3% to approximately RMB 1,189.4 million, with a profit margin of 13.3%[8]. - The operating profit margin improved by 0.3 percentage points to 17.0%[8]. - The gross profit for the same period was RMB 4,466,703, representing a gross margin of approximately 50%[190]. - Operating profit increased to RMB 1,516,841, up from RMB 1,471,805, reflecting a growth of 3.1% year-over-year[190]. - Net profit for the period was RMB 1,201,206, compared to RMB 1,142,078 in 2024, marking a year-over-year increase of 5.2%[191]. - The group's income tax expense for the first half of the fiscal year 2025/26 increased to approximately RMB 478.7 million, with an effective tax rate of about 28.5%, a slight increase of 1.8 percentage points year-on-year[124]. - The company incurred a cash outflow of RMB (2,370,161) thousand from financing activities, compared to RMB (1,877,375) thousand in the same period of 2024[199]. Revenue Breakdown - The brand down jacket business generated revenue of approximately RMB 6,568.3 million, accounting for 73.6% of total revenue, with a year-on-year increase of 8.3%[13]. - The OEM management business recorded revenue of approximately RMB 2,044.4 million, representing 22.9% of total revenue, with a year-on-year decrease of 11.7%[13]. - The women's wear business generated revenue of approximately RMB 250.9 million, accounting for 2.8% of total revenue, with a year-on-year decrease of 18.6%[13]. - The diversified clothing business recorded revenue of approximately RMB 64.0 million, representing 0.7% of total revenue, with a year-on-year decrease of 45.3%[13]. - The revenue for the Xuezhongfei brand in the first half of the 2025/26 fiscal year was approximately RMB 377.9 million, representing a slight decline of 3.2% year-on-year[66]. - The Binjora brand, previously known as Bengen, reported revenue of approximately RMB 15.3 million in the first half of the 2025/26 fiscal year, a decrease of 26.0% year-on-year due to brand repositioning efforts[70]. Brand Strategy and Development - The company aims to become a world-leading fashion functional technology apparel group, focusing on the core down jacket business and fashion technology apparel[12]. - The company is committed to enhancing brand competitiveness through innovation and digital transformation, aiming to create long-term value for customers and society[11]. - The company is focusing on enhancing brand leadership, product categories, channel operations, and customer experience to strengthen its core competitiveness in the down jacket industry[16]. - The company aims to solidify its position as the "global leading down jacket expert" through strategic brand building and emotional storytelling[18]. - The brand was ranked 45th in the Brand Finance Apparel 50 2025 list, indicating a steady improvement in brand value[21]. - Bosideng's brand focus on product innovation and consumer preferences led to the launch of four award-winning products in the first half of the 2025/26 fiscal year, including the "Children's Three-in-One Down Jacket" and "CIRCULAR 3.0" which received the ISPO Award[54]. Innovation and Technology - Continuous investment in research and technology aims to enhance product innovation capabilities, including the establishment of an AI laboratory for design data integration[34]. - The company has launched an AI-powered design innovation model, creating an AI design lab to drive apparel design through big data, significantly reducing sample development time and costs[41]. - The company has implemented a data-driven single-store operation model, generating weekly diagnostic reports and targeted improvement strategies for each store, enhancing operational efficiency[44]. - The company has developed a smart supply chain ecosystem that enhances response speed and collaboration efficiency, enabling proactive supply chain management[43]. - The company is focused on quality excellence, implementing a digital quality control system to ensure real-time monitoring and traceability[34]. Operational Efficiency - The company has implemented a dynamic order adjustment system based on sales feedback, significantly improving channel efficiency and product management flexibility during peak sales periods[27]. - Inventory turnover days decreased significantly to 178 days, down 11 days year-on-year from the same period in 2024[29]. - The company implemented inventory destocking measures to enhance operational efficiency and prepare for peak season sales[29]. - The supply chain's flexibility and rapid response capabilities are key competitive advantages, with a focus on a dynamic order adjustment model based on market sales data[32]. - The company achieved a 99% replenishment availability rate for top-selling items, setting a new high challenge for replenishment availability of exceptional items[33]. Sustainability and ESG Initiatives - The group published its first climate responsibility report on September 29, 2025, outlining its innovative models for managing climate volatility risks[134]. - The group was included in the S&P Global "Sustainability Yearbook (China Edition)" for 2024 and 2025, highlighting its outstanding performance in ESG among over 1,700 assessed companies[136]. - The MSCI ESG rating for the group was upgraded from AA to AAA as of October 22, 2025, marking three consecutive years of improvement in ESG ratings[137]. - The group aims to achieve over 60% green electricity usage in operations by 2030 and aims for net-zero emissions within its operational scope by 2038[141]. - The company has implemented various measures in sustainable supply chains, circular design, and innovative materials during the first half of the fiscal year 2025/26[142]. Membership and Customer Engagement - In the first half of the 2025/26 fiscal year, the company added approximately 400,000 members on Tmall and JD platforms, bringing the total membership to about 21.4 million as of September 30, 2025[45]. - The company has restructured its membership system to enhance customer loyalty and satisfaction, focusing on core user experience upgrades[48]. - The company is focusing on member services and high-end customization to enhance customer experience and brand culture[93]. - The integration of member operations and emotional connections with consumers is being prioritized to enhance customer loyalty and retention[85]. Financial Management and Risk - The group aims to enhance its financial risk management through prudent financing and cash management strategies, primarily relying on cash generated from operating activities and bank borrowings[161]. - The group has implemented a systematic talent development system, focusing on the identification and development of strategic key employees to meet current organizational development needs[166]. - The group is actively utilizing forward foreign exchange contracts and currency swaps to mitigate risks associated with currency fluctuations, particularly given its operations primarily in China[162]. Employee Development and Corporate Culture - The group has trained a total of 1,035 outstanding university students, 207 excellent reserve managers, 58 excellent reserve directors, and 25 excellent retail company general managers as part of the "Eagle System" project by September 30, 2025, laying a solid talent foundation for strategic goals[179]. - The company emphasizes the importance of corporate culture as a core driver for achieving development goals and strategic implementation[175]. - The group aims to enhance its employer brand influence, aiming to attract top university graduates through various recruitment programs[166].

Financial Performance - For the six months ended September 30, 2025, the group recorded revenue from electric vehicle sales of approximately HKD 5,300,000, compared to HKD 2,200,000 for the same period in 2024, representing an increase of 140.9%[6] - Gross profit for the same period was approximately HKD 1,400,000, with a gross margin of 26.0%, down from 29.7% in the previous year[6] - The group reported a loss of approximately HKD 16,700,000 for the six months ended September 30, 2025, significantly reduced from a loss of HKD 41,700,000 in the same period of 2024[6] - Basic and diluted loss per share for the six months ended September 30, 2025, was HKD 0.071, compared to HKD 0.222 for the same period in 2024[7] - Total comprehensive income for the period was HKD 343,000, a significant recovery from a loss of HKD 12,060,000 in the prior year[78] - The company incurred a loss before tax of HKD 16,736,000, a reduction from a loss of HKD 41,753,000 in the previous year, showing a 60% improvement[76] - The company reported a total comprehensive loss before tax of HKD (16,736,000) for the six months ended September 30, 2025, compared to HKD (41,753,000) for the same period in 2024, indicating a significant reduction in losses[96] Business Expansion and Contracts - The group has expanded its business to integrated electric commercial solutions, providing a comprehensive ecosystem that includes vehicle supply and operational services in China[11] - A contract was secured to supply a customized 12-meter electric bus valued at approximately HKD 5,300,000 to a well-known non-profit organization in Hong Kong[12] - The group successfully obtained a contract to supply the first electric mobile command vehicle to the Hong Kong Fire Services Department, valued at approximately HKD 9,000,000[13] - The group is actively seeking strategic partnerships with major industry players and plans to submit optimized proposals for a tender to supply up to 300 electric buses[14] - The group is preparing to participate in upcoming tenders for hundreds of electric buses following recent government funding to a major transport operator in Hong Kong[14] Financial Position and Assets - As of September 30, 2025, the group's net asset value is approximately HKD 887,800,000, an increase from HKD 847,900,000 as of March 31, 2025[47] - The group's capital debt ratio is 1.65% as of September 30, 2025, down from 2.14% as of March 31, 2025[47] - Total assets amounted to HKD 1,007,046,000, an increase from HKD 976,987,000 as of March 31, 2025, representing a growth of approximately 3.1%[79] - Non-current assets totaled HKD 942,958,000, up from HKD 927,099,000, indicating a rise of about 1.6%[79] - Current assets increased significantly to HKD 64,088,000 from HKD 49,888,000, reflecting a growth of approximately 28.5%[79] - Total liabilities decreased to HKD 119,260,000 from HKD 129,060,000, a reduction of about 7.6%[80] - The company's equity attributable to owners increased to HKD 913,169,000 from HKD 872,618,000, reflecting a growth of about 4.6%[80] Legal and Regulatory Matters - The group has been ordered by the Nanning Intermediate People's Court to pay approximately RMB 21,700,000 in unpaid capital and RMB 1,500,000 to Zhou Bo, with the court's decision upheld by the Guangxi High People's Court[39][40] - The group is currently involved in a lawsuit regarding a construction contract, with a claim of approximately RMB 2,500,000 against Guangxi Weiri[35] - The group has a mineral resource estimate for the Guangxi calcium sulfate mine as of September 30, 2025, totaling 1,207,000 tons with an average sodium sulfate grade of 17.25%[42] - The group has set aside approximately RMB 1,559,000 as a provision related to the judicial preservation of mining rights[36] - The company has a legal hold on mining rights due to ongoing litigation, which can be lifted upon payment of RMB 900,000 plus interest[118] Share Capital and Equity - The company plans to issue up to 26,000,000 new shares to raise approximately HKD 20,300,000, representing about 8.05% of the enlarged share capital post-placement[56] - The holders of the 2024 convertible bonds exercised their conversion rights, resulting in the issuance of 10,000,000 shares, representing approximately 3.37% of the company's issued share capital[57] - The total number of issued shares is 296,979,109, with a capital of 14,848 thousand HKD[129] - The company raised approximately 7,800,000 HKD from the placement of 27,000,000 shares at a price of 0.30 HKD per share, intended for general working capital[130] - The company issued 60,000,000 subscription shares at a price of 0.45 HKD per share, generating a total consideration of 27,000,000 HKD, with 3,000,000 HKD recorded as share capital[130] Operational Developments - The company has completed a share placement in May 2025, raising approximately HKD 7,860,000, and a rights issue raising approximately HKD 26,800,000, providing significant financial support for liquidity and future development[47] - The company operates a fleet of nearly 50 electric trucks, expecting to generate annual revenue of approximately RMB 50 million to 60 million from current projects[21] - The company is developing an integrated green logistics ecosystem that includes vehicle procurement, operational management, charging services, and carbon emission management, in partnership with leading domestic vehicle manufacturers and charging service providers[19] - The company has established three legally binding long-term operating agreements for electric vehicles in coal transportation with key state-owned enterprises in Gansu Province, reflecting strong confidence in the project's feasibility[21] Employee and Management Information - The group employed 49 full-time management and technical staff as of September 30, 2025, an increase from 41 as of March 31, 2025[54] - The company’s total remuneration for key management personnel was HKD 2,903,000 for the six months ended September 30, 2025, compared to HKD 3,015,000 for the same period in the previous year[140] - Employee costs, including directors' remuneration, totaled HKD 7,156,000 for the six months ended September 30, 2025, compared to HKD 7,458,000 for the same period in 2024[109] Market and Economic Conditions - The company plans to maintain a cautious outlook while actively exploring new business opportunities to maximize shareholder value amid ongoing global economic challenges[51] - The company has not entered into any metal ore sales contracts in the six months ending September 30, 2025, due to a weak trading environment and low profit margins[45] - The company did not engage in any purchases, redemptions, or sales of its listed securities during the six months ended September 30, 2025[69] Accounting and Financial Reporting - The company’s management has made significant judgments and estimates in applying accounting policies, consistent with those used in the annual financial statements for the year ended March 31, 2025[92] - The company did not apply any new or revised Hong Kong Financial Reporting Standards that would have a significant impact on its financial performance or position during the reporting period[91] - The company has adopted the corporate governance code as per the listing rules and has complied with its principles and provisions[72] - The audit committee, consisting of three independent non-executive directors, has reviewed the interim financial statements for the six months ended September 30, 2025[75]

Financial Performance - Total revenue for the period reached HKD 416.3 million, an increase of 7.5% from HKD 387.3 million in the same period last year[6]. - The net profit attributable to the company's owners was HKD 39.7 million, up from HKD 37.0 million year-on-year, representing a growth of 7.2%[6]. - Retail business revenue increased by 7.4% to HKD 415.7 million, despite a challenging economic environment in Hong Kong and mainland China[7]. - Same-store sales for gold, jewelry, and watch businesses grew by 11.2% during the period[9]. - Gross profit margin improved from 31.9% to 34.2%, driven by better performance in the jewelry segment and rising gold prices[10]. - Revenue for the six months ended September 30, 2025, was HKD 416,269,000, an increase of 7.5% compared to HKD 387,301,000 for the same period in 2024[34]. - Gross profit for the same period was HKD 142,161,000, representing a gross margin of 34.1%, up from HKD 123,546,000 and a margin of 31.9% in 2024[34]. - Operating profit increased to HKD 42,795,000, a rise of 15.4% from HKD 36,926,000 in the previous year[34]. - Profit before tax was HKD 39,720,000, up 14.1% from HKD 34,644,000 in 2024[34]. - Net profit for the period was HKD 39,720,000, compared to HKD 37,044,000 in the same period last year, reflecting a growth of 7.2%[34]. Assets and Liabilities - As of September 30, 2025, the group's current assets and current liabilities were approximately HKD 976.0 million and HKD 232.1 million, respectively[13]. - The total borrowings amounted to HKD 124.9 million, resulting in a healthy debt-to-equity ratio of 15.0%[13]. - Total assets as of September 30, 2025, amounted to HKD 1,082,182,000, an increase from HKD 1,006,656,000 as of March 31, 2025[35]. - Current assets increased to HKD 975,951,000 from HKD 899,721,000, indicating a growth of 8.5%[35]. - Inventory levels rose to HKD 498,370,000, up from HKD 420,218,000, reflecting an 18.6% increase[35]. - The company's equity attributable to owners increased to HKD 833,261,000 from HKD 818,232,000, a growth of 1.8%[35]. Shareholder Information - As of September 30, 2025, the company had a total of 909,308,465 ordinary shares issued, with major shareholder Yang Zhicheng Holdings Limited holding 586,195,857 shares, representing 64.47% of the issued share capital[22]. - The company’s directors held the following shares: Mr. Tang Rishen with 7,528,500 shares (0.83%), Mr. He Houxi with 6,657,000 shares (0.73%), and Dr. Feng Yubin with 5,856,517 shares (0.64%) as of September 30, 2025[19][20]. - No shares were purchased, sold, or redeemed by the company or its subsidiaries during the reporting period[23]. Dividends and Policies - The company has not established a dividend policy or predetermined dividend rate, with future dividends to be considered based on various factors including market conditions and financial status[25]. - The group declared an interim dividend of HKD 0.4 per ordinary share, totaling HKD 3,637,000, consistent with the previous year's interim dividend[56]. - The company paid dividends amounting to HKD 4,000, compared to HKD 1,000 in the previous year[38]. - The company declared dividends payable of HKD 24,075,000 as of September 30, 2025, compared to HKD 437,000 as of March 31, 2025, showing a substantial rise in dividend obligations[21]. Cash Flow and Expenditures - Cash generated from operating activities showed a net outflow of HKD 3,566,000, a significant decrease from a net inflow of HKD 38,333,000 in the previous year[38]. - Cash and cash equivalents increased by HKD 63,804,000, compared to a decrease of HKD 38,476,000 in the same period last year, resulting in a total of HKD 340,534,000 at the end of the period[38]. - The company’s cash flow from financing activities showed a net outflow of HKD 880,000, a significant improvement from a net outflow of HKD 22,719,000 in the previous year[38]. - Capital expenditure for the period was approximately HKD 0.1 million, primarily for equipment costs[16]. - The group incurred capital expenditures of approximately HKD 121,000 during the six months ended September 30, 2025, compared to HKD 4,637,000 for the same period in 2024, primarily related to the acquisition of leased property renovations, furniture, and equipment[60]. Auditor and Compliance - The company’s auditor, Hong Kong Lixin Dehao Accounting Firm, reviewed the interim financial statements without any reservations, confirming compliance with Hong Kong Accounting Standards[31]. - The company has adopted a standard code for securities trading by directors, ensuring compliance throughout the reporting period[24]. Financial Instruments and Valuation - The fair value of listed debt instruments as of September 30, 2025, was HKD 32,218,000 (unaudited), up from HKD 31,772,000 as of March 31, 2025[89]. - The fair value of non-listed debt instruments increased to HKD 19,692,000 (unaudited) from HKD 15,534,000 as of March 31, 2025[89]. - The fair value of non-listed equity securities decreased to HKD 1,284,000 (unaudited) from HKD 2,380,000 as of March 31, 2025, reflecting a change of HKD (1,096,000) in other comprehensive income[92]. - The group’s financial liabilities related to gold borrowing were valued at HKD 124,914,000 (unaudited) as of September 30, 2025, compared to HKD 80,322,000 as of March 31, 2025[90]. Management and Governance - The total compensation for executive directors and other key management personnel was HKD 9,105,000 (unaudited), an increase of 9% from HKD 8,350,000 in the previous year[88]. - The report is signed by the chairman, Mr. Tang Yat-shan, on November 14, 2025[96].