Financial Performance - The group's total revenue increased by approximately HKD 218.7 million or 38.2% to about HKD 791.9 million for the six months ended September 30, 2025, compared to approximately HKD 573.2 million for the same period in 2024[7]. - The net profit for the six months ended September 30, 2025, was approximately HKD 2.9 million, a decrease of about HKD 0.9 million or 23.3% from the same period in 2024[11]. - Basic and diluted earnings per share for the six months ended September 30, 2025, were approximately HKD 0.29, down from HKD 0.37 for the same period in 2024[11]. - The group recorded a gross profit of approximately HKD 35.8 million for the six months ended September 30, 2025, compared to HKD 39.4 million for the same period in 2024[12]. - For the six months ended September 30, 2025, the company reported a net profit of HKD 2,889,000, compared to HKD 3,765,000 for the same period in 2024, representing a decrease of approximately 23.2%[15]. - Total revenue for the six months ended September 30, 2025, was HKD 791,855,000, an increase of 38.2% from HKD 573,152,000 in the same period of 2024[22]. - Gross profit decreased by approximately HKD 3.6 million or 9.2% to approximately HKD 35.8 million for the six months ended September 30, 2025, with a gross margin of approximately 4.5% compared to 6.9% for the same period in 2024[35]. - Net profit attributable to owners decreased by approximately HKD 0.9 million or 23.3% to approximately HKD 2.9 million for the six months ended September 30, 2025, primarily due to increased subcontracting costs and additional costs related to project defects[40]. Assets and Liabilities - The total non-current assets as of September 30, 2025, amounted to approximately HKD 79.5 million, an increase from HKD 78.7 million as of March 31, 2025[13]. - Current assets totaled approximately HKD 561.8 million as of September 30, 2025, compared to HKD 554.5 million as of March 31, 2025[13]. - Non-current liabilities increased to HKD 1,793,000, up from HKD 1,493,000 as of March 31, 2025, reflecting a rise of 20.1%[14]. - The company's total equity as of September 30, 2025, was HKD 139,570,000, an increase of 2.1% from HKD 136,681,000 as of March 31, 2025[14]. - Total assets as of September 30, 2025, were approximately HKD 641.3 million, with total liabilities and equity of approximately HKD 501.7 million and HKD 139.6 million, respectively[41]. - As of September 30, 2025, the company's debt-to-equity ratio was approximately 100.4%, up from 97.4% on March 31, 2025, with total interest-bearing debt of approximately HKD 140.1 million and total equity of approximately HKD 139.6 million[42]. Cash Flow and Financing - The company generated a net cash inflow from operating activities of HKD 15,021,000, a significant improvement compared to a cash outflow of HKD 20,248,000 in the previous year[16]. - The group reported a financing cost of approximately HKD 3.7 million for the six months ended September 30, 2025, down from HKD 6.2 million for the same period in 2024[12]. - Financing costs decreased by approximately HKD 2.4 million or 39.5% to approximately HKD 3.7 million for the six months ended September 30, 2025, due to a decrease in interest rates and a reduction in bank borrowings[38]. - The company maintained a stable liquidity position throughout the six-month period, with bank borrowings primarily based on floating interest rates and denominated in HKD, thus avoiding significant foreign exchange risk[43]. - As of September 30, 2025, assets with a book value of approximately HKD 165.5 million were pledged as collateral for bank financing[44]. Business Strategy and Outlook - The group plans to continue focusing on its core business areas, including structural engineering services and property leasing, while exploring potential opportunities in the property leasing market[8]. - The group aims to diversify its business portfolio and strengthen its industry position to deliver ideal returns to shareholders[8]. - The company remains confident in the economic outlook for Hong Kong and the construction industry, expecting continued growth in the real estate market supported by a recovery in leasing and property sales[33]. Shareholder Information - The board did not recommend any interim dividend for the six months ended September 30, 2025[11]. - The company did not declare an interim dividend for the six months ended September 30, 2025, consistent with the previous year[27]. - The issued share capital of the company was HKD 10,130,000, with a total of 1,013,000,000 ordinary shares as of September 30, 2025[46]. - The largest shareholder, Mr. Ng, held 726,800,000 shares, representing approximately 72.73% of the company's equity[56]. - The company did not engage in any purchase, sale, or redemption of its listed securities during the six-month period ended September 30, 2025[64]. Employee and Operational Costs - The total employee cost for the six months ended September 30, 2025, was approximately HKD 55.3 million, compared to HKD 51.7 million for the same period in 2024, with a total of 184 employees as of the reporting date[52]. - Administrative and other operating expenses increased by approximately HKD 0.8 million or 2.6% to approximately HKD 30.2 million for the six months ended September 30, 2025, primarily due to increased salaries[37]. Corporate Governance - The company’s audit committee consists of three independent non-executive directors, ensuring proper oversight of financial reporting[80]. - The company has been compliant with the corporate governance code principles as of September 30, 2025[67]. - The company’s chairman and CEO roles are held by the same individual, which the board believes strengthens leadership during a period of rapid development[66]. - The company plans to review the need for appointing a separate CEO in the future as necessary[66]. Share Options - As of September 30, 2025, a total of 32,500,000 share options were granted under the share option scheme, with an exercise price of HKD 0.40 per share[79]. - No share options were exercised or forfeited during the six months ending September 30, 2025[79]. - The share options plan allows for a maximum of 10% of the total issued shares to be granted, which equates to 100,000,000 shares[72]. - The share options can be exercised at any time within a period not exceeding ten years from the grant date[74]. Other Information - The company had no significant capital commitments or plans for major investments or acquisitions as of September 30, 2025[48][49]. - There were no significant contingent liabilities reported as of September 30, 2025[50]. - There were no significant post-reporting date events noted[54]. - The company has not disclosed specific financial performance metrics for the six months ending September 30, 2025, in the provided documents[67].

股份代號 : 202 中期報告 EVERCHINA INT'L HOLDINGS COMPANY LIMITED 潤中國際控股有限公司 INTERIM REPORT 中期報告 2025 潤中國際控股有限公司 2025年中期報告 目 錄 | 公司資料 | 2 | | --- | --- | | 獨立審閱報告 | 3 | | 簡明綜合損益表 | 5 | | 簡明綜合損益及其他全面收益表 | 6 | | 簡明綜合財務狀況表 | 7 | | 簡明綜合權益變動表 | 8 | | 簡明綜合現金流量表 | 10 | | 簡明綜合財務報表附註 | 11 | | 管理層討論及分析 | 36 | | 其他資料 | 41 | 2025年中期報告 潤中國際控股有限公司 公司資料 董事會 高明東先生 （委員會主席） 何耀瑜先生 王雪女士 執行董事 陳懿先生 （行政總裁） 周支柱先生 （聯席行政總裁） 姜孝恒先生 王雪女士 非執行董事 姜照柏先生 （主席） 獨立非執行董事 何耀瑜先生 高明東先生 吳志彬先生 董事委員會 審核委員會 何耀瑜先生 （委員會主席） 高明東先生 吳志彬先生 薪酬委員會 何耀瑜先生 （委員會主席） 高明東先生 陳 ...

Non-executive Directors (於開曼群島註冊成立之有限公司) 股份代號 2025/2026Interim Report 中期報告 CONTENTS 目錄 | Corporate Information | 2 | 公司資料 | | --- | --- | --- | | Financial Highlights | 5 | 財務摘要 | | Financial Information | 6 | 財務資料 | | Notes to the Condensed Consolidated | 13 | 簡明綜合財務報表附註 | | Financial Statements | | | | Management Discussion and Analysis | 35 | 管理層討論及分析 | | Other Information | 54 | 其他資料 | INTERIM REPORT 2025/2026 2025/2026 中期業績報告 1 CORPORATE INFORMATION 公司資料 BOARD OF DIRECTORS Executive Directors Mr. Washi ...

2025 INTERIM REPORT 中期報告 Contents 目錄 | 2 | Definitions | | --- | --- | | | 釋義 | | 4 | Corporate Information | | | 公司資料 | | 7 | Management Discussion and Analysis | | | 管理層討論及分析 | | 13 | Other Information | | | 其他資料 | | 18 | Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | | | 簡明綜合損益及其他全面收益表 | | 19 | Condensed Consolidated Statement of Financial Position | | | 簡明綜合財務狀況表 | | 21 | Condensed Consolidated Statement of Changes in Equity | | | 簡明綜合權益變動表 | | | Condensed Consolidat ...

Financial Performance - For the six months ended September 30, 2025, the group's revenue was approximately HKD 284.6 million, a significant increase of 68.5% compared to HKD 169.5 million for the same period in 2024[8]. - The net profit for the same period was approximately HKD 20.8 million, representing a 26.5% increase from HKD 16.4 million in the previous year[8]. - The group reported a basic earnings per share of HKD 2.61, up from HKD 2.05 in the previous year, reflecting improved profitability[9]. - For the six months ended September 30, 2025, the company reported a profit of 20,840,000 HKD, compared to 16,430,000 HKD for the same period in 2024, representing a year-over-year increase of 27.5%[12]. - Revenue from treatment services reached 280,404,000 HKD, a significant increase of 71.7% compared to 163,302,000 HKD in the previous year[18]. - Net profit for the same period was approximately HKD 20.8 million, up from HKD 16.4 million in the previous year, primarily due to increased revenue[49]. Dividends and Shareholder Information - The board of directors did not recommend the distribution of dividends for the six months ended September 30, 2025, consistent with the previous year[8]. - The company did not declare any dividends for the six months ended September 30, 2025, consistent with the previous year[23]. - The major shareholders, Mr. Ye and Ms. Fu, each hold 63.28% of the company's shares through a controlled corporation, totaling 506,200,000 shares[71]. - Equal Joy holds 506,200,000 shares, representing 63.28% of the company's equity[74]. Assets and Liabilities - Total assets as of September 30, 2025, amounted to HKD 330.3 million, up from HKD 329.8 million as of March 31, 2025[10]. - Current liabilities decreased to HKD 186.4 million from HKD 176.9 million as of March 31, 2025, indicating improved liquidity management[11]. - The group's total equity increased to HKD 126.9 million from HKD 106.1 million, indicating a stronger financial position[11]. - The total outstanding debt as of September 30, 2025, was approximately HKD 131.6 million, including lease liabilities of HKD 80.4 million and bank borrowings of HKD 51.2 million[50]. - The debt-to-equity ratio was 103.7% as of September 30, 2025, up from 87.1% as of March 31, 2025[60]. Operational Highlights - The group’s inventory increased to HKD 22.5 million from HKD 10.8 million, reflecting a strategic buildup of stock to meet anticipated demand[10]. - Trade receivables rose to HKD 87.8 million from HKD 80.9 million, suggesting an increase in sales and customer base[10]. - The company opened several new centers to expand its operations, including two new premium centers in Tsim Sha Tsui and Central in April 2023, and plans to open additional centers in various locations by March 31, 2025[38]. - The company launched a new brand "perFACE ESSENTIAL" in 2025, which combines innovative medical technology and expertise to offer a variety of treatment solutions[38]. Employee and Operational Costs - The company incurred total employee costs of 115,856,000 HKD, which is an increase of 90% from 61,059,000 HKD in the previous year[21]. - Employee costs for the six months ended September 30, 2025, were approximately HKD 115.9 million, an increase from HKD 61.1 million in the previous year, mainly due to a rise in the number of employees[44]. - Other expenses for the same period totaled approximately HKD 69.2 million, up from HKD 41.3 million, driven by increased marketing activities and consultation fees paid to doctors[48]. Cash Flow and Financing - The company recorded a net cash outflow from operating activities of 17,571,000 HKD for the six months ended September 30, 2025, compared to a net inflow of 45,283,000 HKD in the same period of 2024[13]. - Total cash and cash equivalents at September 30, 2025, were 40,516,000 HKD, a decrease from 40,615,000 HKD at the beginning of the period[13]. - The company incurred financing costs of HKD 2.0 million, an increase from HKD 1.2 million, which may indicate higher borrowing levels[9]. Governance and Compliance - The group maintained compliance with corporate governance codes and has established an audit committee to oversee financial reporting[67][69]. - The board of directors includes executive and independent non-executive members, ensuring diverse governance[87]. - No directors or their associates are engaged in any business that directly or indirectly competes with the group's business, maintaining compliance with GEM listing rules[87]. Stock Options and Share Plans - The stock option plan allows for a maximum of 80,000,000 shares to be granted, which is 10% of the issued shares as of the report date[76]. - No stock options have been granted, exercised, or canceled since the adoption of the stock option plan[83]. - The stock option plan is valid for ten years from the date of adoption unless terminated by shareholder resolution[76]. - The exercise price of each stock option must be at least the higher of the closing price on the grant date or the average closing price over the five trading days prior to the offer date[82]. - The company has no outstanding stock options, warrants, or convertible securities as of September 30, 2025[83].

Financial Performance - The company reported unaudited consolidated interim results for the six months ending September 30, 2025, compared to the same period in 2024[3]. - For the six months ended September 30, 2025, the group's revenue was HKD 279,252,000, a decrease of 22.5% compared to HKD 360,498,000 for the same period in 2024[41]. - The gross profit for the same period was HKD 122,222,000, down 29.5% from HKD 173,225,000 in 2024[41]. - The net profit for the six months ended September 30, 2025, was HKD 5,990,000, a decline of 70.4% compared to HKD 20,235,000 in 2024[41]. - Overall gross profit for the group fell by approximately 29.4% to HKD 122,200,000, with the overall gross margin decreasing from 48.1% to 43.8%[16]. - Media segment revenue for the first half of fiscal year 2026 was HKD 219,749,000, a decrease of 21.1% from HKD 278,618,000 in the first half of fiscal year 2025[12]. - E-commerce and retail segment revenue decreased by 27.3% to HKD 59,503,000 from HKD 81,880,000, with gross profit down 19.6% to HKD 22,328,000[13][15]. - The total comprehensive income for the period was HKD 30,338,000, an increase of 38.2% from HKD 21,913,000 in 2024[41]. - The basic earnings per share for the six months ended September 30, 2025, was HKD 0.29, down from HKD 0.99 in 2024[41]. Operational Efficiency - The company focuses on operational efficiency and profit growth, implementing restructuring and margin optimization measures to stabilize cost bases and reinvest in high-growth areas[6]. - Key initiatives include automating repetitive administrative tasks and continuously reviewing product and service delivery processes to save time and costs[7]. - A strict cost control and budgeting approach is being implemented to maintain discipline in operational expenditures[7]. - The company anticipates that cost-saving measures will continue to positively impact financial performance for the remainder of the fiscal period[18]. - Selling and marketing expenses decreased by 22.5% to HKD 50,500,000, maintaining a consistent revenue percentage of 18.1%[17]. - Administrative and operating expenses were reduced by 18.1% to HKD 69,300,000, with the revenue percentage increasing from 23.5% to 24.8%[19]. Strategic Initiatives - The company aims to deepen relationships with its vibrant, culturally aware consumer community to understand their evolving needs and preferences[9]. - Investment in community management and meaningful content is prioritized to enhance brand loyalty and user engagement[10]. - The company seeks to strengthen its ecosystem by integrating media, e-commerce, and retail services, leveraging data insights to personalize content and product recommendations[11]. - The e-commerce and retail business provides valuable data that informs media strategies, ensuring alignment with youth culture and fashion trends[11]. - The company plans to create immersive virtual and physical experiences to engage its audience around shared passions and interests[10]. Cash Flow and Assets - Operating cash flow for the first half of fiscal year 2026 was a net outflow of HKD 10,040,000, compared to an inflow of HKD 22,635,000 in the same period of fiscal year 2025[21]. - Investment activities generated a net cash inflow of HKD 97,880,000 in the first half of fiscal year 2026, compared to a cash outflow of HKD 41,493,000 in the previous year[21]. - The group's cash and bank balances amounted to HKD 190 million as of September 30, 2025, primarily held in HKD, USD, and RMB[22]. - The group had available credit financing of HKD 77 million as of September 30, 2025, with no financing utilized at the end of the period[22]. - The group's inventory decreased from approximately HKD 45.8 million as of March 31, 2025, to approximately HKD 43.3 million as of September 30, 2025, due to streamlining of the e-commerce business[24]. - The group's property, plant, and equipment decreased from HKD 17.3 million as of March 31, 2025, to HKD 12.9 million as of September 30, 2025, primarily due to depreciation[25]. - As of September 30, 2025, the group had no outstanding interest-bearing bank borrowings, maintaining a capital debt ratio of zero[28]. - The group had no significant contingent liabilities as of September 30, 2025[37]. Shareholder Information - The total issued shares as of September 30, 2025, were 2,035,758,431, with a par value of HKD 0.01 per share[73]. - Major shareholder CORE Capital holds 1,485,000,000 shares, representing 72.95% of the total issued shares as of September 30, 2025[81]. - The company declared an interim dividend of HKD 0.0018 per share, totaling HKD 3,664,413, and a special dividend of HKD 0.0029 per share, totaling HKD 5,903,699[59]. - The company paid dividends of HKD (3,670) thousand during the period, a decrease from HKD (29,210) thousand in the same period last year[44]. - The company has granted stock options totaling 9,600,000 shares to both Mr. Ma and Ms. Li, each representing approximately 0.47% of the total issued shares[77]. - The company reported other payables and accrued expenses of HKD 39,892,000 as of September 30, 2025, down from HKD 41,418,000 as of March 31, 2025[72]. Corporate Governance - The company has complied with the corporate governance code, except for the provision that the roles of Chairman and CEO should be separate[87]. - The company has maintained a strong commitment to corporate governance and transparency to build trust with shareholders[87]. - All directors confirmed compliance with the trading standards for securities transactions during the reporting period[88]. - The company believes that the dual role of the Chairman and CEO provides strong leadership and effective management[87]. - The group’s interim financial results for the six months ending September 30, 2025, have been reviewed by the audit committee[92]. - No significant events affecting the group's business operations have occurred from September 30, 2025, to the report date[93].

Investment Strategy - The investment strategy is structured around five pillars: core-holding-centered unlisted equity investments, debt investments, fund investments, listed equity investments, and artwork investments[19]. - The company underwent comprehensive adjustments to its investment strategy, re-establishing its five-core investment strategy[13]. - The investment portfolio is diversified into five strategies: unlisted equity investment (49.91%), fund investment (15.72%), listed equity investment (1.00%), debt investment (21.79%), and artwork investments (11.58%) as of the reporting date[26]. - The investment strategy emphasizes a balanced and efficient portfolio to provide stable returns to shareholders[23]. - The company focused on enhancing portfolio diversity by deploying across multiple asset classes, including artificial intelligence and quantum computing[15]. Investment Performance - During the six-month period ended 30 September 2025, new investments amounted to HK$1,302.41 million, while divestments totaled HK$990.38 million[18]. - The Group's investment in 鴻鵠教育 amounts to HK$1,655.00 million as of September 30, 2025, representing a 29.99% economic interest[66][70]. - The Group's debt investment holdings reached HK$2,278.49 million as of September 30, 2025, with new investments of HK$287.72 million and exits totaling HK$849.16 million during the period[71][76]. - The Group's fund investment holdings amounted to HK$1,643.39 million as of September 30, 2025, with new investments of HK$25.00 million and exits of HK$44.95 million during the period[74][77]. - The Group's holdings in 恒嘉美聯 are valued at HK$460.61 million, representing a 14.92% equity stake[62]. Financial Results - Profit for the period was HK$70.38 million, significantly up from HK$24.37 million for the same period last year[95]. - The Group recorded total revenue of HK$119.55 million during the period, a decrease of 7.25% compared to HK$128.90 million for the same period last year[95]. - Total comprehensive income for the period attributable to owners reached HK$129,408,000, compared to HK$96,876,000 in the previous year, indicating a 33.5% growth[190]. - Operating profit surged to HK$245,107,000, compared to HK$24,394,000 in the previous year, reflecting a significant increase[189]. - The net unrealised gain on investments was HK$79.33 million, a significant recovery from a loss of HK$101.10 million in the previous year[100]. Asset Management - As of September 30, 2025, the company's holdings in unlisted equity investments reached HK$5.21845 billion, focusing on long-term growth potential[27]. - Wealthink AI's holdings in unlisted equity investments amounted to HK$4,524.05 million as of September 30, 2025, with no new investments or divestments during the period[46]. - The Group's position in the 時代領航基金 was HK$769.06 million as of September 30, 2025, with the fund's total scale being RMB1.539 billion[79]. - The Group's exposure to foreign exchange risk was RMB2,219.46 million, equivalent to HK$2,422.98 million, as of 30 September 2025, an increase from RMB1,971.55 million (HK$2,109.85 million) as of 31 March 2025[127]. - The Group's debt investment portfolio recorded provisions for expected credit losses under HKFRS 9 during the period[71][76]. Shareholder Information - The total issued share capital of the Company as of September 30, 2025, was 10,520,324,505 shares[1]. - GoFintech Quantum Innovation Limited holds 3,064,454,515 shares, representing 29.13% of the Company's issued share capital[172]. - Marvel Champion Investment Limited is a beneficial owner of 2,751,339,130 shares, accounting for 26.15% of the Company's issued share capital[172]. - As of September 30, 2025, no Directors or chief executive of the Company had any Discloseable Interests or Short Positions in the shares, underlying shares, and debentures of the Company[165]. - The independent review report confirmed that the interim financial information was prepared in accordance with HKAS 34, ensuring compliance[184]. Market Conditions - The international political landscape remained uncertain, impacting risk appetite and capital flows during the period[14]. - The company aims to enhance resilience against market volatility through diversified investments, including artwork[23]. - OPIM is positioned to benefit from the increasing scale of China's private funds in the overseas market and the opening-up of its financial markets[45]. - The strategic partnerships established by OPIM in Singapore, Europe, and Mainland China are aimed at expanding its customer base and service offerings[44]. Operational Efficiency - Operating and administrative expenses decreased to HK$17.30 million from HK$18.25 million, primarily due to reduced staff costs[102]. - Total staff costs for the period were HK$4.97 million, a decrease from HK$8.41 million for the six months ended 30 September 2024[121]. - The company has confirmed compliance with the Corporate Governance Code throughout the reporting period[144]. - The company has adopted a policy for Director and Employee dealings in the company's securities, ensuring compliance with the Model Code[150].

GoFintech Quantum Innovation Limited 國富量子創新有限公司 (formerly known as GoFintech Innovation Limited 國富創新有限公司) (Incorporated in the Cayman Islands with limited liability) （前稱 GoFintech Innovation Limited 國富創新有限公司） （於開曼群島註冊成立之有限公司） (Stock Code 股份代號 : 290) 中期報告 INTERIM REPORT 2025 CONTENTS 目錄 2 CORPORATE INFORMATION 公司資料 Ms. SUN Qing (Chairlady) (Appointed as Chairlady on 28 October 2025) NON-EXECUTIVE DIRECTORS Dr. NIE Riming Mr. LI Chunguang Mr. HUA Yang (Retired on 19 September 2025) INDEPENDENT NON-EXECUTIVE D ...

Revenue and Profitability - The group's revenue for the six months ended September 30, 2025, was approximately HKD 28,460,000, an increase of about HKD 1,100,000 or 4.02% compared to HKD 27,360,000 for the same period in 2024[11]. - Revenue from the jewelry design and marketing business was approximately HKD 10,000,000, down from HKD 11,320,000 in 2024, while revenue from the lending business increased to approximately HKD 18,460,000 from HKD 16,040,000[11]. - Gross profit increased to approximately HKD 19,040,000, a rise of about HKD 2,450,000 or 14.77%, with the gross profit margin improving from approximately 60.64% to 66.89%[11]. - The group's profit before tax for the period was approximately HKD 11,900,000, an increase of about HKD 590,000 compared to HKD 11,310,000 in 2024[13]. - The group's net profit for the period was approximately HKD 8,360,000, down from HKD 10,960,000 in 2024[13]. - Basic earnings per share for the six months ended September 30, 2025, was HKD 0.65, compared to HKD 0.85 in 2024[59]. - The company reported a profit for the period of HKD 8,356,000, down 23.9% from HKD 10,959,000 in the previous year[55]. - Total comprehensive income for the period was HKD 2,708,000, significantly lower than HKD 13,196,000 in the same period last year[57]. Lending Business - The lending business had a total loan amount of approximately HKD 360,920,000 as of September 30, 2025, up from HKD 342,880,000 as of March 31, 2025[17]. - The average interest rate for loans was 10.59% as of September 30, 2025, slightly down from 10.70% as of March 31, 2025[17]. - The company has established a maximum loan amount of HKD 10,000,000, with a loan term not exceeding three years and an interest rate of at least 5%[20]. - Interest income from lending for the same period increased to HKD 18,462,000, up 15.0% from HKD 16,042,000 in 2024[76]. - The company's receivables from loans amounted to HKD 360,924,000 as of September 30, 2025, with an expected credit loss provision of HKD (46,752,000)[97]. Financial Position - The company's total assets as of September 30, 2025, were HKD 384,837,000, slightly down from HKD 384,840,000 as of March 31, 2025[62]. - The company's net current assets as of September 30, 2025, were approximately HKD 250,240,000, including cash and cash equivalents of about HKD 160,000[28]. - The company's debt-to-equity ratio as of September 30, 2025, was 8.16%[28]. - Current liabilities increased to HKD 63,677,000 from HKD 54,372,000 in the previous period[62]. - The net asset value of the company as of September 30, 2025, was HKD 369,841,000, up from HKD 367,133,000 as of March 31, 2025[62]. - The company recorded a decrease in financial costs to HKD 1,630,000 from HKD 1,117,000 in the previous year[55]. - The total amount of other payables and accrued expenses rose to HKD 39,771,000 as of September 30, 2025, from HKD 36,033,000 as of March 31, 2025[20]. - The company's total liabilities included HKD 27,544,000 in convertible bonds and HKD 4,986,000 in loans and interest payable[80]. Risk Management and Market Conditions - The group plans to strengthen risk management to navigate external risks and seize opportunities amid a challenging operating environment[16]. - The geopolitical tensions and economic uncertainties continue to impact consumer spending, particularly in the jewelry design and marketing business[16]. - The number of licensed money lenders has decreased from 2,324 in 2019 to 2,048 in 2025, indicating a contraction in the alternative financing market[23]. Corporate Governance and Compliance - The company has complied with the corporate governance code during the six months ending September 30, 2025[48]. - The company has not engaged in any significant acquisitions or disposals during the six months ending September 30, 2025[25]. - The company has not entered into any derivative contracts to mitigate foreign exchange risks as of September 30, 2025[29]. - No directors or senior executives hold any interests or short positions in the company's shares or related securities as of September 30, 2025[36]. - The company has not established any arrangements that would allow directors or their immediate family members to benefit from acquiring shares or debentures of the company or any other corporate entity[37]. - No major shareholders are known to hold interests in the company's shares or related securities that require disclosure under the Securities and Futures Ordinance as of September 30, 2025[38]. Employee and Management Information - The company maintains a workforce of 7 employees as of September 30, 2025, with compensation based on job nature, experience, and market conditions[33]. - For the six months ended September 30, 2025, the short-term employee benefits for key management personnel amounted to HKD 599,000, a decrease from HKD 683,000 for the same period in 2024[115]. - As of September 30, 2025, the company has not identified any incidents of employees violating the written guidelines regarding securities trading[35]. Share Capital and Options - The new share option plan adopted on September 29, 2021, allows the company to grant options to eligible participants to reward contributions to the group's successful operation[39]. - A total of 124,927,550 ordinary shares are available for issuance under the new share option plan, representing 10% of the issued share capital as of the mid-term report date[41]. - The new share option plan will remain effective until September 28, 2031, subject to early termination provisions[46]. - As of September 30, 2025, there are no unexercised options remaining under the new share option plan[47]. - The total issued and fully paid ordinary shares remained at 1,294,706,000 shares with a share capital of HKD 129,471,000 as of September 30, 2025[22]. Inventory and Receivables - Inventory held for sale increased to HKD 98,268,000 as of September 30, 2025, compared to HKD 93,929,000 as of March 31, 2025[16]. - The company has a credit period of 90 days for trade customers, with accounts receivable aging analysis showing HKD 4,249,000 overdue as of September 30, 2025[18]. - As of September 30, 2025, accounts receivable from customers (net of expected credit loss provisions) totaled HKD 314,172,000, an increase from HKD 296,339,000 as of March 31, 2025[14]. - The expected credit loss provision for accounts receivable increased to HKD 937,000 as of September 30, 2025, from HKD 440,000 as of March 31, 2025[17].

Financial Performance - The company recorded revenue of approximately HKD 359.2 million for the six months ended September 30, 2025, a decrease of about 25.2% compared to HKD 480.0 million for the same period in 2024[5]. - Net profit decreased from approximately HKD 12.2 million for the six months ended September 30, 2024, to about HKD 3.0 million for the current period, primarily due to reduced revenue and declining gross margins[5]. - Gross profit decreased from approximately HKD 34.1 million to HKD 14.5 million, with gross margin dropping from 7.1% to 4.0%, primarily due to reduced revenue and intense market competition[16]. - Net profit fell from approximately HKD 12.2 million to HKD 3.0 million, mainly attributed to decreased revenue during the period[20]. - Revenue for the six months ended September 30, 2025, was HKD 359,216,000, a decrease of 25.2% compared to HKD 479,970,000 for the same period in 2024[33]. - Gross profit for the same period was HKD 14,472,000, down 57.6% from HKD 34,118,000 in 2024[33]. - Net profit for the period was HKD 3,013,000, a decline of 75.7% compared to HKD 12,182,000 in the previous year[33]. - Operating cash flow for the six months was HKD 37,615,000, down 40.1% from HKD 62,709,000 in 2024[37]. - The group reported a total segment profit of HKD 8,098,000, down 63.2% from HKD 22,039,000 in the previous year[47]. - The profit before tax was HKD 3,013,000, a decrease of 75.3% compared to HKD 12,183,000 for the same period in 2024[58]. Revenue Breakdown - Revenue from construction projects was approximately HKD 244.8 million, contributing about 68.1% of total revenue, down from HKD 330.7 million and 68.9% in the previous period[9]. - Revenue from construction machinery leasing was approximately HKD 114.4 million, compared to HKD 149.3 million in the previous period[8]. - Revenue from construction engineering was HKD 244,779,000, down 26.0% from HKD 330,662,000 in 2024[45]. - Revenue from construction machinery leasing was HKD 114,437,000, a decline of 23.4% from HKD 149,308,000 in 2024[45]. Market Conditions - The construction market remains under pressure with residential prices facing challenges and consumer sentiment being cautious[5]. - The Hong Kong government plans to invest an additional HKD 30 billion in infrastructure and housing projects over the next three years, providing a stable demand source for the construction industry[6]. - Major ongoing projects include the Northern Metropolis Development Strategy and various railway projects, despite a generally sluggish construction market[6]. - The outlook indicates a potential slowdown in overall market demand due to the completion of major projects, although government infrastructure initiatives are expected to provide stable public sector engineering opportunities[23]. Cost Management - Administrative expenses decreased to approximately HKD 10.5 million from HKD 11.6 million, mainly due to a reduction in employee-related costs[18]. - Financing costs decreased by 49.5% to approximately HKD 3.1 million, attributed to a reduction in outstanding interest-bearing debt and lower applicable interest rates[19]. - The group employed 349 staff as of September 30, 2025, down from 467, with total employee costs of approximately HKD 81.5 million compared to HKD 123.9 million in the previous period[27]. - Cash outflow from leases totaled approximately HKD 18,631,000 for the six months ended September 30, 2025, down from HKD 35,516,000 in the same period of 2024, a decrease of about 48%[71]. Assets and Liabilities - Total assets decreased to HKD 398,957,000 from HKD 409,360,000 as of March 31, 2025[34]. - Current liabilities decreased to HKD 230,268,000 from HKD 274,311,000[34]. - The company's net asset value increased to HKD 293,724,000 from HKD 290,711,000[35]. - The total trade receivables as of September 30, 2025, were HKD 240,688,000, a decrease of 17.0% from HKD 290,105,000 as of March 31, 2025[61]. - The group had a bank balance of approximately HKD 29.8 million as of September 30, 2025, with interest-bearing debt of approximately HKD 97.1 million, resulting in a debt-to-equity ratio of 33.0%, down from 40.3%[21]. Corporate Governance - The company maintains a strong commitment to corporate governance, emphasizing transparency and accountability to enhance shareholder value[80]. - The company has complied with the corporate governance code as per the listing rules, with a focus on enhancing governance practices[81]. - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited condensed consolidated interim financial information for the period[92]. - The company is committed to strengthening its corporate governance practices to align with its business operations and development[81]. Shareholder Information - As of September 30, 2025, Mr. Hu holds 244,398,000 shares, representing approximately 58.89% of the company's total shares[83]. - The company does not plan to declare any interim dividends for the period[22]. - The company did not declare or recommend any dividends for the six months ended September 30, 2025, nor for the same period in 2024[57]. - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period[90].