Market Overview - The scale of China's funeral services market reached RMB 169.5 billion in 2015 and is expected to expand to RMB 521.2 billion by 2030, with a stable CAGR forecast [13]. - By the end of 2024, the population aged 60 and above in China is projected to exceed 300 million, accounting for 22% of the total population [13]. - Annual deaths in China are expected to sustain between 10.93 million and 12.22 million from 2025 to 2030 due to the accelerating aging trend [13]. - China's urbanization rate is projected to approach 68% by 2025 and exceed 73% by 2030, contributing to rising per capita disposable income [13]. Company Performance - The Group recorded a revenue of approximately HK$98.5 million for the six months ended 30 September 2025, a decrease of 3.7% compared to the previous period's revenue of approximately HK$102.3 million [35]. - The gross profit ratio decreased from 72.6% in the previous period to 68.4% for the current period [35]. - The Group's earnings before interest and tax was approximately HK$1.2 million, down from approximately HK$29.4 million in the previous period [35]. - The Group recorded a loss of approximately HK$10.1 million for the period, compared to a profit of approximately HK$18.2 million for the six months ended September 30, 2024 [39]. - Total revenue decreased to approximately HK$98.5 million, down from approximately HK$102.3 million for the six months ended September 30, 2024, primarily due to a VAT payment of approximately HK$4.8 million related to the cemetery business [40]. - Gross profit decreased to approximately HK$67.4 million, a decline of 9.8% compared to approximately HK$74.3 million for the same period last year, attributed to a 13% decrease in the average selling price of burial plots [40]. Operational Developments - The Group has achieved phased results in operation compliance, service improvement, product innovation, and brand building during the reporting period [21]. - The Group aims to optimize its product structure and service systems by promoting the integration of technology and the funeral industry [29]. - The Group is committed to enhancing operational efficiency and compliance awareness amid industry transformation and market challenges [30]. - Digital empowerment in the post-pandemic era is accelerating the upgrading and transformation of funeral services, injecting new growth momentum into the market [16]. - The "Unlimited" digital life experience space launched during the Tomb-sweeping Festival received widespread acclaim, integrating technologies like holography and AI with funeral services [24]. Financial Condition - The Group's financial condition remains robust, with overall business objectives progressing on track, laying a solid foundation for high-quality development [21]. - As of September 30, 2025, the Group's current ratio was approximately 2.17, down from approximately 3.42 as of March 31, 2025, due to a decrease in current assets [55]. - The gearing ratio at the end of the period was approximately 0.27, compared to approximately 0.24 as of March 31, 2025 [55]. - Total assets increased to approximately HK$1,308.7 million, while net assets decreased to approximately HK$949.5 million as of September 30, 2025 [58]. - The Group's net cash outflow was approximately HK$38.4 million for the period, compared to a net cash outflow of approximately HK$16.9 million for the six months ended September 30, 2024 [54]. Employee and Administrative Costs - Total staff costs for the Period amounted to approximately HK$19.3 million, an increase from approximately HK$17.7 million for the six months ended September 30, 2024 [79]. - Administrative expenses rose slightly from approximately HK$36.7 million to approximately HK$37.5 million, driven by increased maintenance costs and tax surcharges [43]. - Selling and distribution expenses increased significantly from approximately HK$12.0 million to approximately HK$31.9 million, mainly due to additional VAT and wage expenses [42]. Shareholder Information - The issued share capital of the Company remained unchanged at 2,221,363,150 Shares during the period [57]. - Master Point Overseas Limited holds 1,273,530,616 shares, representing 57.33% of the total issued shares [99]. - The total number of ordinary shares in issue as of September 30, 2025, is 2,221,363,150 [94]. - The shareholding structure indicates that Master Point Overseas Limited is an associated corporation due to its ownership of more than 50% of the issued share capital [92]. Compliance and Governance - The Audit Committee, comprising three Independent Non-executive Directors, has reviewed the financial reporting process and internal controls without disagreement on accounting treatments [132]. - The company has complied with all applicable code provisions of the CG Code throughout the six months ended September 30, 2025 [131]. - The company confirmed compliance with the Model Code for Securities Transactions by Directors throughout the reporting period [136]. Revenue Breakdown - Revenue for the six months ended September 30, 2025, was HK$98,499,000, a decrease of 3.9% from HK$102,307,000 in the same period of 2024 [141]. - Sales of tombs and niches increased to HK$88,560,000, up 2.1% from HK$86,712,000 year-over-year [186]. - Burial services revenue decreased significantly to HK$5,787,000, down 46.3% from HK$10,770,000 in the previous year [186]. - Management fee income fell to HK$4,152,000, a decrease of 13.9% from HK$4,825,000 [186]. Cash Flow and Investments - For the six months ended September 30, 2025, the company generated cash from operations amounting to HK$40,078,000, an increase of 29.5% compared to HK$30,957,000 for the same period in 2024 [151]. - The company incurred net cash flows used in investing activities of HK$73,737,000, compared to HK$45,209,000 in the prior year, reflecting increased investment expenditures [151]. - The company experienced a net decrease in cash and cash equivalents of HK$38,373,000, compared to a decrease of HK$16,897,000 in the same period last year [153].

(Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） Stock code 股份代號 : 01557 INTERIM REPORT 中期報告 2025/26 INTERIM REPORT 2025/2026 2025/2026 中期報告 CONTENTS 目錄 01 02 Corporate Information 公司資料 04 Management Discussion and Analysis 管理層討論及分析 16 Corporate Governance and Other Information 企業管治及其他資料 21 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 24 Condensed Consolidated Statement of Financial Position 簡明綜合財務狀況表 26 Condensed Consolidated S ...

中期報告 2025/26 股份代號:6 4 1 結好控股有限公司 中期報告 2O25/26 未經審核中期業績 結好控股有限公司（「本公司」）之董事會（「董事會」或「董事」）欣然宣佈本公司及其附 屬公司（統稱「本集團」）截至二零二五年九月三十日止六個月之未經審核簡明綜合中 期業績連同去年同期之比較數字。本公司之審核委員會已審閱截至二零二五年九月 三十日止六個月之未經審核簡明綜合中期財務報表。 簡明綜合損益及其他全面收益表 | | | 未經審核 | | | --- | --- | --- | --- | | | | 截至九月三十日止六個月 | | | | | 二零二五年 | 二零二四年 | | | 附註 | 千港元 | 千港元 | | 香港財務報告準則第15號範圍內之 | | | | | 客戶合約收益 | | 23,636 | 13,033 | | 其他來源之收益 | | 16,950 | 25,310 | | 使用實際利息法計算之利息收益 | | 131,076 | 178,985 | | 收益 | 4 | 171,662 | 217,328 | | 其他營運收入 | | 8,070 | 8,891 | | 其 ...

2025/2026 2025/2026 中期報告 INTERIM REPORT 主席報告書 尊敬的股東： 本人謹代表金源發展國際實業有限公司呈上本集團截至 2025 年 9 月 30 日止 6 個月之業務 回顧。 業務概況 本財政年度上半年，全球及本地經濟環境持續面對挑戰。通脹壓力、地緣政治不確定因 素、消費模式轉變及關稅問題，均對整體商業氣氛帶來一定影響。 亞太地區雖然隨着入境旅遊逐步復甦，經濟活動呈現溫和改善，惟本地零售市場仍顯審 慎，消費意欲偏弱，加上營運成本上升，使經營環境更為艱難。於此背景下，本集團上半 年的整體業績反映了外圍環境的複雜局面。 越南 Circle K 便利店業務 我們在越南 19 個城市經營的 Circle K 便利店業務，目前門店已經超過 500 家。由於市場 競爭激烈及營運成本上升，特別是關稅問題引起的影響，業務表現於期內受壓。 面對挑戰，管理層已積極推動多項改善措施，包括優化店舖組合及貨品結構、加強顧客互 動及品牌管理，以提升營運效率。 我們深信，這些舉措將有助業務逐步重拾增長動力，並建立更具韌性的發展基礎。 食品業務 我們的食品業務在回顧期內受到香港市場氣氛審慎及採購活動減少 ...

Financial Performance - For the six months ended September 30, 2025, the group recorded revenue of approximately HKD 7,854,000, an increase of about 88.4% compared to HKD 4,167,000 for the same period in 2024[9]. - The unaudited consolidated net profit for the same period was approximately HKD 2,700,000, compared to a net loss of approximately HKD 4,133,000 for the six months ended September 30, 2024[9]. - The profit attributable to owners of the company for the six months ended September 30, 2025, was approximately HKD 1,932,000, a significant improvement from a loss of approximately HKD 4,301,000 for the same period in 2024[9]. - The group reported a profit before tax of HKD 2,700,000 for the six months ended September 30, 2025, compared to a loss of HKD 4,133,000 in the same period of 2024[31]. - The basic and diluted earnings per share for the period were HKD 0.19, compared to a loss per share of HKD 0.43 for the same period in 2024[10]. - The company recorded a profit attributable to owners of approximately HKD 1,932,000 for the six months ended September 30, 2025, compared to a loss of approximately HKD 4,301,000 for the same period in 2024, marking a significant turnaround[52]. Assets and Liabilities - Total assets as of September 30, 2025, were approximately HKD 64,642,000, slightly down from HKD 64,774,000 as of March 31, 2025[12]. - The company's total liabilities stood at HKD 15,635,000 as of September 30, 2025, slightly up from HKD 15,630,000 as of March 31, 2025[12]. - The company's total assets less current liabilities amounted to HKD 58,983,000 as of September 30, 2025, compared to HKD 56,454,000 as of March 31, 2025, indicating a growth of about 4.5%[12]. - The total assets of the group as of September 30, 2025, amounted to HKD 64,642,000, while total liabilities were HKD 21,294,000[29]. Cash Flow and Working Capital - Cash and cash equivalents decreased to HKD 7,121,000 as of September 30, 2025, from HKD 9,199,000 as of March 31, 2025[12]. - Net cash generated from operating activities was HKD 152,000 for the six months ended September 30, 2025, a significant improvement from a net cash outflow of HKD 4,251,000 in the same period last year[17]. - The net cash and cash equivalents decreased by HKD 2,302,000 during the six months ended September 30, 2025, compared to an increase of HKD 9,926,000 in the prior year[17]. - As of September 30, 2025, the group's net current assets were approximately HKD 34,359,000, an increase from HKD 29,846,000 as of March 31, 2025[54]. Revenue Segments - The financial information, advertising, and investor relations services segment generated revenue of HKD 6,174,000, contributing significantly to the overall revenue[26]. - The talent search services segment reported revenue of HKD 1,093,000, compared to no revenue in the previous year[28]. - Revenue for the six months ended September 30, 2025, was approximately HKD 7,854,000, an increase of about 88.4% from approximately HKD 4,167,000 in the same period of 2024[52]. Dividends and Shareholder Information - The board of directors did not recommend the payment of any dividend for the six months ended September 30, 2025[9]. - The group did not declare any dividends for the six months ended September 30, 2025, consistent with the previous year[34]. - As of September 30, 2025, the company has a total of 999,808,161 issued ordinary shares[72]. - Maxx Capital holds 594,340,889 shares, representing 59.45% of the company's equity[70]. - The beneficial owner, Ms. Lau, holds 79,349,087 shares directly and has control over an additional 594,340,889 shares through Maxx Capital, totaling 673,689,976 shares[72]. Corporate Governance - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and internal controls[77]. - The company confirmed compliance with the trading standards for securities transactions by all directors during the reporting period[80]. - The company has complied with the corporate governance code as per GEM listing rules, with the exception of the separation of roles between the Chairman and CEO, which is currently held by Ms. Lau Yu-yee since 2011[82]. - The board believes that having Ms. Lau serve as both Chairman and CEO provides consistent leadership beneficial for the company's management and business development[82]. - The board will continue to review the situation and consider separating the roles of Chairman and CEO when appropriate[82]. Business Strategy and Outlook - The group plans to strengthen and expand its four main business segments: media, brokerage, talent search services, and property investment, anticipating increased demand for high-quality financial content and investor relations solutions[57]. - The advertising and investor relations business is expected to become profitable in the coming years, supported by the modern television production team[58]. - The talent search services market is projected to grow due to ongoing IPO activities and the influx of cross-border enterprises into Hong Kong[59]. - The group aims for stable and sustainable growth for the fiscal year ending March 31, 2026, through business diversification and prudent risk management[60]. Other Financial Information - The total employee cost for the six months ended September 30, 2025, was approximately HKD 5,534,000, compared to HKD 5,971,000 for the same period in 2024[66]. - There were no significant acquisitions or disposals of subsidiaries or associates during the reporting period[62]. - The company has not purchased, sold, or redeemed any of its listed shares during the six months ending September 30, 2025[81]. - No options were exercised during the six months ending September 30, 2025, under the share option scheme adopted on September 4, 2014[75]. - The company has not disclosed any new strategies or market expansions in the provided documents[74].

（ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：1323） 2025/2026 中期報告 Huasheng International Holding Limited Huasheng International Holding Limited 華盛國際控股有限公司 INTERIM REPORT Huasheng International Holding Limited 華盛國際控股有限公司 (Incorporated in the Cayman Islands with limited liability) (Stock Code: 1323) 2025/2026 華 盛 國 際 控 股 有 限 公 司 IN T E RIM R E P O R T 2025/2026 中 期 報 告 目錄 | 公司資料 | 2 | | --- | --- | | 管理層討論與分析 | 3 | | 其他資料 | 11 | | 未經審核簡明綜合損益及其他全面收益報表 | 14 | | 未經審核簡明綜合財務狀況報表 | 15 | | 未經審核簡明綜合權益變動報表 | 16 | | 未經審核簡明綜合現 ...

;fl�@m� BRIGHT SMART SECURITIES 1tl 7f ���Pit ffi Iii� �H 11 aJ Bright Smart Securities & Commodities Group Limited ( M 00 � M .§ �1 illt J;x .rr z � �.IH1 'iiJ ) (Incorporated in the Cayman Islands with limited liability) D!H£'{-\:W! Stock Code: 1428 �Jlftf1Elli11ft • � ft - lnJ y; Iii) ff Fintech is Evolving Rapidly Bright Smart Progress Alongside You 2025/26 lft JUI ti � Interim Report Contents 目錄 | Corporate Information | 公司資料 | 2 | | --- | --- | --- | | Management Discussion and Analysis | 管理層討論與分析 | 5 ...

Financial Performance - Total revenue for the first half of the fiscal year ending September 30, 2025, was HKD 3.554 billion, an increase of HKD 18.4 million compared to the same period last year[12]. - Gross profit margin decreased to 27.9%, down 150 basis points from 29.4% in the same period last year[12]. - Profit attributable to the company's owners increased by 38.6% to HKD 36.2 million, with basic earnings per share rising to HKD 3.57, up 24.8%[17]. - For the six months ended September 30, 2025, the company reported revenue of HKD 3,554,010, a slight increase of 0.5% compared to HKD 3,535,635 in 2024[29]. - Gross profit for the same period was HKD 991,138, down 4.5% from HKD 1,038,756 in 2024[29]. - The net profit for the period was HKD 100,496, representing a 22.9% increase from HKD 81,718 in 2024[30]. - The group’s profit before tax for the six months ended September 30, 2025, was HKD 145,814,000, compared to HKD 121,298,000 for the same period in 2024, showing an increase of approximately 20.2%[43]. Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.018 per share, representing a 20% increase from HKD 0.015 in the previous year[2]. - The interim dividend declared is HKD 0.018 per share, an increase from HKD 0.015 per share in the same period last year, with a payout ratio of 50.4%[18]. - The company paid dividends of HKD 9,025,000 for the year-end 2025, slightly up from HKD 8,579,000 in 2024, indicating a year-on-year increase of 5.2%[34]. - The interim dividend declared is HKD 0.018 per share, totaling approximately HKD 16,245,000, an increase from HKD 13,732,000 in the previous year[66]. Expenses and Costs - Financial costs decreased by 26.7% to HKD 85.9 million due to lower borrowing rates[17]. - Sales and distribution expenses decreased by 2.0% to HKD 415.3 million, while administrative expenses fell by 4.4% to HKD 447.7 million[13]. - Interest income decreased to HKD 4,332,000 from HKD 7,761,000, a decline of about 44.5% year-over-year[40]. - Total other income and gains decreased to HKD 56,237,000 from HKD 73,214,000, reflecting a decline of approximately 23.2%[40]. - Financial costs decreased to HKD 85,940,000 from HKD 117,175,000, a reduction of about 26.5%[42]. Assets and Liabilities - Total assets as of September 30, 2025, amounted to HKD 7,764,043, compared to HKD 7,519,767 as of March 31, 2025[31]. - The company's non-current assets increased to HKD 3,851,839 from HKD 3,761,805, indicating a growth of 2.4%[31]. - Current liabilities decreased to HKD 3,850,181 from HKD 3,917,384, showing a reduction of 1.7%[32]. - The company's net asset value rose to HKD 2,200,960 from HKD 2,138,073, reflecting an increase of 2.9%[32]. - The total liabilities from bank loans and commercial credit decreased to HKD 1,818,286,000 as of September 30, 2025, down from HKD 2,115,631,000 as of March 31, 2025[55]. Business Segments - The electronics and audio business saw a revenue growth of 7.5%, benefiting from the successful launch of new products[12]. - Battery business revenue for the first half of the year was HKD 2,532,300,000, a decrease of 1.6% compared to the same period last year, with a gross margin decline from 25.3% to 24.5%[19]. - The charging battery business revenue increased by 1.4% to HKD 210,000,000, but the gross margin fell from 18.0% to 14.3%, resulting in a loss of HKD 15,800,000 for the segment[20]. - The electronic and audio business revenue rose by 7.5% to HKD 811,700,000 in the first half of the year[20]. - The Electronics and Audio segment generated revenue of HKD 811,748,000, up from HKD 755,388,000, reflecting an increase of about 7.5% year-over-year[39]. - The Battery segment reported revenue of HKD 2,532,287,000, down from HKD 2,573,128,000, indicating a decrease of approximately 1.6%[39]. - The Charging Battery segment achieved revenue of HKD 209,975,000, slightly up from HKD 207,119,000, marking a growth of about 0.9%[39]. Capital and Financing - The group successfully completed a three-year sustainable syndicated loan of HKD 504,000,000, enhancing overall liquidity[22]. - New bank loans amounted to HKD 503,397,000 during the six months ended September 30, 2025, compared to HKD 50,000,000 in the same period of 2024, showing a substantial increase[34]. - The company issued fixed-rate reset perpetual subordinated bonds totaling up to $11,000,000 (equivalent to HKD 85,423,000) with a first-year distribution rate of 9.5% and a second-year rate of 8.5%[57]. - The total principal amount subscribed by directors and senior management in the perpetual bonds is $4,000,000 (equivalent to HKD 31,062,000)[58]. Employee and Corporate Governance - As of September 30, 2025, the company employed approximately 6,350 staff globally, an increase from 6,130 as of March 31, 2025[28]. - The company has complied with the corporate governance code, with the roles of Chairman and CEO currently held by the same individual, which the board believes does not harm the balance of power[74]. - Following the passing of an independent non-executive director, the company appointed a new independent non-executive director, ensuring compliance with the minimum number of independent directors required[75]. - The audit committee, consisting of five independent non-executive directors and one non-executive director, has reviewed the company's unaudited condensed consolidated financial statements for the first half of the year[77]. Cash Flow and Investments - Net cash generated from operating activities for the six months ended September 30, 2025, was HKD 206,296,000, compared to HKD 122,281,000 for the same period in 2024, representing an increase of 68.7%[34]. - The company incurred capital expenditures of HKD 74,764,000 for property, plant, and equipment purchases during the six months ended September 30, 2025, down from HKD 108,455,000 in 2024, indicating a reduction of 30.9%[34]. - The company’s investment activities resulted in a net cash outflow of HKD 82,010,000 for the six months ended September 30, 2025, compared to HKD 98,852,000 in the same period of 2024, indicating a decrease of 17.1%[34]. Shareholder Information - The company will suspend share transfer registration from December 30 to December 31, 2025, to determine shareholders eligible for the interim dividend[67]. - As of September 30, 2025, the company's director, Mr. Luo Zhongrong, holds 242,941,685 shares, representing 26.92% of the issued shares[68]. - The major shareholder, Ms. Tu Meimei, holds 98,432,150 shares, accounting for 10.91% of the issued shares[71]. - The number of issued and fully paid ordinary shares decreased to 902,488,000 as of September 30, 2025, from 907,510,000 as of March 31, 2025, due to share buybacks[56]. - The company repurchased a total of 5,022,000 ordinary shares at a cost of approximately HKD 2,663,000 during the first half of the year[73]. - The highest repurchase price per share was HKD 0.55, while the lowest was HKD 0.49[73].

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 253,113,000, a slight increase from HKD 252,777,000 in the same period of 2024, representing a growth of 0.13%[7] - Gross profit decreased significantly to HKD 15,495,000 from HKD 40,789,000, indicating a decline of 62% year-over-year[7] - The company reported a loss before tax of HKD 72,634,000, compared to a loss of HKD 55,568,000 in the previous year, reflecting a deterioration of 30.7%[7] - Total comprehensive loss for the period was HKD 67,214,000, compared to a loss of HKD 57,766,000 in the same period last year, an increase of 16.8%[9] - The company’s net loss attributable to equity holders was HKD 70,809,000, compared to HKD 52,895,000 in the previous year, reflecting a 33.9% increase in losses[7] - The company reported a net loss of HKD 52,895,000 for the six months ended September 30, 2025, compared to a loss of HKD 70,809,000 for the same period in 2024[13] - The company recorded a total adjusted pre-tax loss of HKD 72,634,000 for the six months ended September 30, 2025, compared to a loss of HKD 55,568,000 in the same period of 2024[28] - The company reported a net loss of approximately HKD 72.8 million for the period, an increase of 27.6% compared to the previous period's loss of approximately HKD 57 million[102] Assets and Liabilities - Non-current assets increased to HKD 1,214,820,000 from HKD 1,174,954,000, showing a growth of 3.4%[10] - Current assets rose to HKD 557,589,000, up from HKD 528,445,000, marking a 5.5% increase[10] - Current liabilities totaled HKD 982,890,000, compared to HKD 935,504,000, an increase of 5.1%[12] - The company’s total equity increased to HKD 324,300,000 from HKD 238,393,000, representing a growth of 36%[12] - Total equity attributable to the owners of the company increased to HKD 293,078,000 as of September 30, 2025, from HKD 225,474,000 as of April 1, 2025, reflecting a growth of approximately 30%[15] - The company’s accumulated losses increased to HKD 605,684,000 as of September 30, 2025, from HKD 658,722,000 as of April 1, 2025[15] - The company’s interest-bearing bank and other borrowings totaled approximately HKD 640 million as of September 30, 2025, down from HKD 690 million as of March 31, 2025[104] - The debt-to-equity ratio improved significantly to 198.0% as of September 30, 2025, from 288.5% as of March 31, 2025, mainly due to the capitalization of HKD 140 million in shareholder loans[105] Cash Flow and Financing - Cash and cash equivalents increased to HKD 57,913,000 from HKD 37,269,000, a significant rise of 55.5%[10] - Cash and cash equivalents at the end of the period were HKD 57,913,000, a decrease from HKD 76,317,000 at the beginning of the period[16] - The company generated a net cash outflow from operating activities of HKD 37,832,000 for the six months ended September 30, 2025, compared to an outflow of HKD 11,204,000 for the same period in 2024[16] - The company’s financing activities generated a net cash inflow of HKD 92,745,000, compared to HKD 61,781,000 in the previous year[16] - The company raised HKD 150,925,000 through the issuance of new shares during the reporting period[15] Revenue Segmentation - The natural gas segment generated revenue of HKD 226,435,000, compared to HKD 219,418,000 in the previous year, reflecting a growth of approximately 7%[28] - The renewable energy segment reported a revenue decline to HKD 25,733,000 from HKD 32,337,000, representing a decrease of about 20%[28] - For the six months ended September 30, 2025, the company recorded retail sales of natural gas at 8,244 tons, a decrease from 11,426 tons in 2024, with retail revenue of approximately HKD 52,452,000, down from HKD 77,447,000 in 2024, contributing 20.7% to total revenue[77] - The company achieved significant growth in pipeline natural gas trade, with sales volume reaching 43,847 tons, up from 28,632 tons in 2024, and trade revenue of approximately HKD 156,470,000, compared to HKD 117,107,000 in 2024, contributing 61.8% to total revenue[78] - Revenue from the liquefied natural gas (LNG) logistics business was approximately HKD 17,513,000 for the reporting period, down from HKD 24,864,000 in 2024, contributing 6.9% to total revenue[79] - Revenue from the new energy business was approximately HKD 25,733,000, accounting for 10.2% of total revenue, down from HKD 32,337,000 in 2024[84] Operational Highlights - The company continues to focus on expanding its renewable energy solutions and enhancing its natural gas logistics services[26] - The company is actively expanding its new energy business, focusing on smart heating projects and comprehensive energy services in industrial parks, with ongoing projects in Xi'an, Dongguan, Zhanjiang, and Yixing[75] - The company aims to enhance operational efficiency and optimize energy structure in response to national policies, including the Energy Law and guidelines for promoting new energy consumption and regulation[74] - The company is committed to a dual-drive strategy of natural gas and new energy, leveraging AI technology and biomass energy projects to provide cleaner and more efficient energy solutions[74] - The company is focusing on the construction of zero-carbon parks, supported by government policies aimed at promoting green and low-carbon transformation[72] Employee and Management - Employee costs, including director remuneration, decreased to HKD 30,643,000 from HKD 36,278,000, a reduction of about 16%[32] - The total remuneration for key management personnel was HKD 2,169,000 for the six months ended September 30, 2025, compared to HKD 4,041,000 in 2024[66] - The company reported a decrease in employee count to 445 as of September 30, 2025, down from 518 on March 31, 2025, with employee costs amounting to approximately HKD 30.6 million during the reporting period[115] Corporate Governance and Compliance - The company has adopted corporate governance codes and believes it has complied with applicable provisions during the reporting period[130] - The company’s audit committee consists of three independent non-executive directors, responsible for providing independent insights on financial controls and risk management systems[148] - The company has not engaged in any arrangements that would allow directors or key executives to acquire securities of the company or its affiliates during the reporting period[145] Future Outlook and Investments - The company has invested approximately RMB 59 million in the Zhanjiang Energy Supply and Distribution Base project, which is expected to be completed and operational by the second half of 2026[118] - The company has secured a 20-year concession for the Dongguan Songshan Lake Science and Technology City centralized energy station project, enhancing its market presence[119] - The company plans to invest up to RMB 417 million in a clean energy municipal centralized cooling and heating project in Xi'an, which includes the construction of a 182.2MW integrated energy station and a 5 million square meter sewage source system[124] - The company is currently in the preliminary project planning stage for another project, with no additional major investments or capital asset increases authorized by the board as of the report date[126] Risks and Challenges - The company faces risks from macroeconomic fluctuations and industry cyclicality, which could adversely affect business growth and profitability[110] - The company is actively managing foreign exchange risks due to its operations primarily in China, with potential impacts from currency fluctuations on reported income[111] - The company has established stable relationships with key suppliers to mitigate risks related to natural gas supply shortages and price volatility[112] - The company is monitoring regulatory trends in its operating locations to ensure compliance and maintain sustainable competitive advantages[110]

Financial Performance - The company's revenue for the six months ended September 30, 2025, was HKD 22,431,000, representing a 5.98% increase from HKD 21,163,000 in the same period of 2024[4] - Gross profit for the same period was HKD 10,042,000, up 73.06% from HKD 5,775,000 year-on-year[4] - The net loss for the six months ended September 30, 2025, was HKD 1,695,000, a significant improvement compared to a loss of HKD 5,316,000 in the prior year[4] - Basic and diluted loss per share decreased to HKD 0.24 from HKD 0.74, indicating a reduction in loss per share[4] - Revenue for the six months ended September 30, 2025, was HKD 22,431,000, an increase of 5.99% from HKD 21,163,000 for the same period in 2024[14] - Gross profit for the six months ended September 30, 2025, was HKD 10,042,000, compared to HKD 5,775,000 for the same period in 2024, reflecting a significant improvement[20] - The company reported a loss before tax of HKD 1,695,000 for the six months ended September 30, 2025, compared to a loss of HKD 5,316,000 for the same period in 2024[24] - Other income and net gains totaled HKD 429,000 for the six months ended September 30, 2025, down from HKD 586,000 in the same period in 2024[21] - Financing costs increased to HKD 597,000 for the six months ended September 30, 2025, compared to HKD 566,000 for the same period in 2024[22] - The loss attributable to the owners of the company for the six months ended September 30, 2025, was approximately HKD 1.7 million, a decrease from HKD 5.3 million for the same period in 2024[45] Cash Flow and Assets - Cash and cash equivalents at the end of the period were HKD 3,949,000, down from HKD 18,387,000 at the end of the previous year[7] - The net cash generated from operating activities was HKD 6,163,000, compared to HKD 3,447,000 in the same period last year, showing an increase of 79.5%[7] - Total assets decreased to HKD 30,025,000 from HKD 23,595,000, while total liabilities increased to HKD 12,030,000 from HKD 3,905,000[5] - The company's non-current assets increased significantly to HKD 23,068,000 from HKD 11,142,000, primarily due to the rise in right-of-use assets[5] - Trade receivables rose to HKD 3,008,000 from HKD 2,849,000, indicating a growth in receivables[5] - Cash and bank balances decreased from HKD 20,126 thousand to HKD 19,494 thousand, with bank overdrafts of HKD 4,182 thousand reported[35] - As of September 30, 2025, the group's current assets net value was approximately HKD 7.0 million, down from approximately HKD 12.5 million as of March 31, 2025[47] - The capital debt ratio as of September 30, 2025, was approximately 23%, compared to no debt as of March 31, 2025[47] Revenue Sources - Advertising display services generated HKD 22,431,000 in revenue, with transportation media contributing HKD 22,136,000 and healthcare media contributing HKD 295,000[20] - Bus advertising revenue rose approximately 4.7% from about HKD 19.1 million to about HKD 20.0 million, primarily due to election-related advertising[38] - Taxi advertising revenue increased from about HKD 0.7 million to about HKD 1.1 million, driven by direct customer contracts and government tenders[39] Expenses and Costs - Sales expenses increased by approximately 5.6% from about HKD 3.6 million to about HKD 3.8 million, mainly due to increased commissions paid to the sales team[42] - Administrative expenses for the six months ended September 30, 2025, remained stable at approximately HKD 7.8 million, compared to HKD 7.5 million for the same period in 2024[43] - The financing cost for the six months ended September 30, 2024, and September 30, 2025, remained the same at approximately HKD 0.6 million[44] Corporate Governance - The company has complied with the corporate governance code during the six-month period ending September 30, 2025, except for a deviation regarding the roles of the chairman and CEO, which are held by the same individual[77] - The audit committee, consisting of three independent non-executive directors, has been established to assist the board in overseeing the financial reporting system and internal controls[78] - The unaudited condensed consolidated financial statements for the six-month period ending September 30, 2025, have been discussed and reviewed by the audit committee[79] - All directors confirmed compliance with the trading standards set out in the GEM Listing Rules during the six-month period ending September 30, 2025[76] - The company is committed to high standards of corporate governance to protect shareholder interests and enhance corporate value[77] Strategic Initiatives - The company has established agreements for a new outdoor media platform at key passenger terminals, enhancing advertising exposure to travelers[36] - The company is expanding its advertising platforms to key cross-border transportation hubs, targeting high-traffic locations such as the Hong Kong-Macau Ferry Terminal and China-Hong Kong City, which handle millions of passengers annually[64] - The integration of digital technology and strategic placement in high-traffic areas is expected to drive demand for outdoor media advertising in Hong Kong and the Greater Bay Area[63] - The company emphasizes innovation and adaptability to create value for clients and seize emerging market opportunities despite economic uncertainties[64] - The company aims for sustainable long-term development through strategic initiatives and market responsiveness[64] Shareholder Information - Major shareholders include Goldcore, holding 278,640,000 shares (38.70%), and AL Capital Limited, holding 139,968,000 shares (19.44%) as of September 30, 2025[70] - The ownership structure shows that the majority of shares are held by key individuals, with significant stakes held by directors and their controlled entities[67][70] Other Information - The company did not declare an interim dividend for the six months ended September 30, 2025, consistent with the previous year[25] - There have been no significant events requiring disclosure since September 30, 2025, up to the report date[66] - The company has not engaged in any arrangements that would allow directors to acquire rights to shares or debentures of the company or its subsidiaries[72] - No share options were granted, exercised, cancelled, or lapsed under the share option scheme since its adoption in December 2016, and there are no unexercised options as of September 30, 2025[74] - The company and its subsidiaries did not purchase, sell, or redeem any of the company's listed securities during the six-month period ending September 30, 2025[73]