Financial Performance - For the six months ended September 30, 2025, the company's revenue was RMB 748 million, a slight decrease of 0.1% compared to RMB 749 million in the same period of 2024[3]. - Gross profit for the same period was RMB 511 million, down 1.0% from RMB 516 million, resulting in a gross margin of 68.3%, a decrease of 0.6 percentage points year-on-year[3]. - Operating profit increased by 27.8% to RMB 207 million, compared to RMB 162 million in the previous year[3]. - Profit attributable to the company's owners rose by 48.9% to RMB 204 million, up from RMB 137 million in the prior period[3]. - Basic/diluted earnings per share increased by 48.3% to RMB 3.47, compared to RMB 2.34 in the same period last year[3]. - The interim dividend and special interim dividend per share were both RMB 2.08, an increase of 48.6% from RMB 1.40 in the previous year[3]. - The group achieved revenue of RMB 748 million, remaining basically flat year-on-year[16]. - Profit attributable to equity holders increased by 48.9% to RMB 204 million, with basic and diluted earnings per share rising by 48.3% to RMB 3.47[16]. - The operating profit for the sports equipment segment was RMB 26 million, while the investment segment reported an operating profit of RMB 181 million[51]. - The Kappa brand's total sales during the reporting period were RMB 705 million, showing no significant change from the previous period[53]. - The gross profit for the group was RMB 511 million, a slight decrease from RMB 516 million in the prior period, resulting in a gross margin of 68.3%[56]. - The investment segment's net investment income was RMB 294 million, up from RMB 171 million in the previous period, primarily driven by fair value changes in financial instruments[59]. - The pre-tax profit was RMB 210 million, resulting in an income tax expense of RMB 6 million, with an effective tax rate of 2.9%, significantly lower than 14.9% in the previous period[66]. - Profit attributable to the company's owners was RMB 204 million, with a profit margin of 27.3%, up from 18.3% in the previous period[67]. - Basic and diluted earnings per share were RMB 3.47, an increase from RMB 2.34 in the previous period[68]. - The total comprehensive income for the period was RMB 164,683,000, compared to RMB 89,822,000 in 2024, representing an increase of 83.3%[142]. - The company reported a net profit of RMB 203,773 thousand for the six months ended September 30, 2025, compared to the previous year's performance[161]. Market and Economic Conditions - The company anticipates challenges in the global economic recovery, with the IMF projecting a global growth rate of 2.8% for 2025[15]. - China's GDP grew by 5.2% year-on-year in the first three quarters of 2025, supporting global economic stability despite external pressures[15]. - Retail sales of sports and entertainment products in China increased by 22.2% year-on-year in the first half of 2025[34]. - The International Monetary Fund (IMF) raised China's GDP growth forecast for 2025 to 4.8%[33]. - The government introduced multiple policies to support the high-quality development of the sports goods industry, including financial support for manufacturing and services[35]. - The outdoor sports industry is projected to reach a total scale of 3 trillion yuan by 2025, driven by policy initiatives[36]. - In the first half of 2025, China's GDP grew by 5.2% year-on-year, ranking among the top major economies[32]. Brand and Product Development - The KAPPA brand had a total of 975 stores as of September 30, 2025, focusing on enhancing both online and offline consumer experiences[18]. - The PHENIX brand is positioned as a high-performance fashion ski brand, with plans to launch the "PARS" active rescue system in the 2025-2026 ski season[20]. - The company is focusing on improving the "quality-price ratio" of its products to attract consumers amid cautious spending behavior[15]. - The KAPPA brand achieved a 22% year-on-year sales increase through effective promotional activities in the second quarter[39]. - The KAPPA brand's retro running shoes became a best-selling product, with multiple reorders and sold-out status[38]. - KAPPA's membership activities led to significant sales growth and member asset accumulation, with new member spending increasing year-on-year[39]. - The PHENIX brand has positioned itself as a "high-performance fashion ski brand," with a product line that includes professional ski products and lifestyle products, focusing on both functionality and fashion[40]. - The PARS (phenix Active Rescue System) satellite positioning active rescue system has been developed in collaboration with BeiDou Satellite, with a product launch expected in the 2025-2026 snow season[41]. - PHENIX has become the official sponsor of over 20 universities' ski teams and has launched exclusive ski products for these institutions[41]. - The brand aims for double-digit sales growth in its e-commerce segment, maintaining a top-three position in the ski apparel industry[41]. - KAPPA's shoe products have seen strong sales performance, particularly with the TIFO "Little Pink Shoes" and the retro King model, which has become a bestseller[45]. - KAPPA's accessory business has shown steady growth, with successful products like the "Ice Skin Croissant" and improved operational efficiency through refined product development processes[46]. Investment and Financial Strategy - The group is adapting its investment strategy to navigate the ongoing global economic slowdown while controlling risks[22]. - The group’s investment net assets amounted to RMB 8.448 billion, reflecting a 1% increase since March 31, 2025[22]. - The company plans to continue optimizing its investment portfolio and enhance collaboration with project management teams to ensure stable returns for shareholders[49]. - The group aims to enhance brand competitiveness through innovative product launches and improved consumer experiences[49]. - The group has adopted a cautious investment strategy focusing on diversified investments to maximize shareholder value while ensuring capital safety and risk control[84]. - The investment decision-making committee consists of three members, including the chairman, who is the group chairman, and two executive directors[87]. - The investment approval process involves three main steps: preliminary preparation, formal investigation, and evaluation and analysis[87]. - The group emphasizes risk management with a comprehensive risk assessment and management system for investment projects[89]. - Regular risk assessments are conducted quarterly, semi-annually, and annually to monitor key indicators and adjust risk evaluation models[94]. - The group employs a diversified investment strategy to mitigate risks associated with reliance on single counterparties[91]. - Financial monitoring of invested companies is conducted at least biannually to assess financial status and potential risks[96]. - The group has established a dynamic internal audit team to oversee investment activities and ensure compliance with regulations[95]. - The group utilizes idle cash to provide loans to independent third parties and related parties, ensuring collateral-backed loans to balance investment risks[97]. - The internal audit team reports findings and risk assessments to the board's audit committee regularly to support investment decision optimization[95]. - The group has a structured exit strategy for investment projects that trigger risk warnings or meet exit conditions, considering various exit routes[95]. Corporate Governance and Compliance - The company has complied with all corporate governance codes as per the Hong Kong Stock Exchange listing rules for the six months ending September 30, 2025[129]. - The audit committee, consisting of three independent non-executive directors, reviewed the effectiveness of internal controls and risk assessments for the six months ending September 30, 2025[131]. - The company has adopted the standard code for securities transactions by directors and confirmed compliance for the six months ending September 30, 2025[130]. - Deloitte has reviewed the interim condensed consolidated financial statements and issued an unqualified review opinion[137]. - The company is committed to identifying and implementing best corporate governance practices[129]. - The company’s independent non-executive director, Chen Chen, was appointed to another listed company effective July 8, 2025[133]. Shareholder Returns and Dividends - The board proposed a mid-term dividend of 60% of net profit attributable to equity holders for the six months ending September 30, 2025, with cumulative dividends amounting to RMB 8.13 billion and a cumulative payout ratio of 87%[17]. - The board declared an interim dividend of RMB 1.04 per share, totaling approximately RMB 122.6 million[69]. - The total dividends paid for the six months ended September 30, 2025, were approximately RMB 62,483,000, compared to RMB 29,996,000 for the same period in 2024[180]. - The company has proposed an interim dividend of RMB 0.0208 per share, totaling RMB 122,618,000, expected to be paid around December 23, 2025[180]. Assets and Liabilities - Total assets as of September 30, 2025, amounted to RMB 10,251,330,000, up from RMB 10,040,494,000 as of March 31, 2025, indicating a growth of 2.1%[146]. - Total liabilities increased to RMB 938,703,000 from RMB 832,421,000, reflecting a rise of 12.7%[148]. - Cash and cash equivalents stood at RMB 1,543,211,000, compared to RMB 1,631,452,000 in March 2025, showing a decrease of 5.4%[146]. - Inventory levels rose to RMB 419,602,000 from RMB 326,975,000, representing an increase of 28.2%[146]. - The total liabilities for accrued expenses and other payables were RMB 335,239,000 as of September 30, 2025, down from RMB 361,540,000 as of March 31, 2025[196]. Stock Options and Employee Incentives - The company has a structured approach to stock option grants, ensuring alignment with performance and retention strategies[120]. - The total number of stock options exercised reflects a significant engagement from employees and directors[120]. - The company continues to utilize stock options as a key component of its compensation strategy to attract and retain talent[120]. - A total of 76,200,000 stock options were granted, with 7,512,000 options exercised and 2,484,000 options canceled[120]. - The performance targets for stock options are based on individual contributions to the group's revenue, profit, sales, and overall financial performance from the previous fiscal year[119]. - The stock options must be exercised within a period determined by the board of directors, not exceeding ten years from the grant date[119].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Noah Holdings Noah Holdings Private Wealth and Asset Management Limited 諾亞控股私人財富資產管理有限公司 （於開曼群島以諾亞控股有限公司名義以有限責任註冊成立，並 以諾亞控股私人財富資產管理有限公司於香港經營業務） （股份代號：6686) 內幕消息 2025年第三季度未經審核財務業績公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》（「香港上市規則」）第 13.09條及香港法例第571章《證券及期貨條例》第XIVA部內幕消息條文（定義見香 港上市規則）刊發。 諾亞控股私人財富資產管理有限公司（「本公司」）欣然宣佈，根據美國（「美國」） 證券交易委員會的適用規則刊發截至2025年9月30日止第三季度的未經審核財務 業績（「2025年第三季度業績」）。 2025年第三季度業績可於香港聯交所網站 www.hkexnews.hk 及我們 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 佈 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明， 並 明 確 表 示， 概 不 對 因 本 公 佈 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任 。 （ 於 香 港 註 冊 成 立 之 有 限 公 司 ） （股份代號： 160） 2025-26中期業績公佈 主席報告 業績 及 前景 截 至2025年 9月30日 止中 期 六 個 月 ， 本 集團 收 入 達 港 幣 438,200,000元 ，較 去 年 同期港幣316,400,000元增加約38.5%。更重要的是， 我們的營運盈利能力有所 提 升 ， 由 去 年 同 期 的 港 幣 47,400,000元 增 至 港 幣 58,000,000元 。 這 項 傑 出 成 果 乃歸功於 紀 律 嚴 明 的 執 行 力 ， 以 及 廣 州 住 宅 項 目 「 港 匯 臺 」 在 重 重 挑 戰 的 物 業 市場 中 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 （於香港註冊成立之有限公司） （股份代號：216） 2025-26 中期業績公佈 主席報告 業績及前景 截至 2025 年 9 月 30 日止過去六個月，本集團收入達港幣 447,000,000 元，較去年同 期港幣 322,900,000 元增加約 38.4%。更重要的是，我們將去年同期之虧損港幣 1,200,000 元扭轉為核心溢利港幣 15,300,000 元。此強勁表現並非偶然，而是源於紀 律嚴明的執行力，以及廣州住宅項目 「港匯臺」 在重重挑戰的物業市場中仍取得優異的 銷售業績。我們為團隊的成就深感自豪。 但必須承認：我們同樣面臨市場逆風。投資物業之重估虧損對資產負債表造成影響，金 額約達港幣 245,300,000 元，較去年港幣 68,100,000 元大幅攀升。因此，本期間股 東應佔虧損淨額約為港幣 230,000,000 元。這些是我們必須迎頭面對的嚴酷現實。 宏觀背景 全球經濟持續動 ...

Financial Performance - For the six months ended September 30, 2025, KFM Kingdom Holdings Limited reported revenue of HKD 459,463,000, representing a 22% increase from HKD 376,703,000 in the same period of 2024[4] - Gross profit for the same period was HKD 84,858,000, up 25% from HKD 67,784,000 year-on-year[4] - Profit before tax increased to HKD 36,511,000, a 35% rise compared to HKD 26,983,000 in the previous year[4] - Net profit for the period was HKD 30,764,000, reflecting a 36% increase from HKD 22,547,000 in 2024[4] - Total comprehensive income for the period reached HKD 39,760,000, compared to HKD 25,557,000 in the same period last year, marking a 55% increase[4] - Basic and diluted earnings per share were HKD 4.98, up from HKD 3.63 in the previous year, representing a 37% increase[4] Assets and Liabilities - As of September 30, 2025, total assets amounted to HKD 902,355,000, an increase from HKD 842,351,000 as of March 31, 2025[5] - Cash and cash equivalents increased to HKD 176,479,000 from HKD 109,504,000, showing a significant improvement in liquidity[5] - The company reported a decrease in inventory to HKD 133,726,000 from HKD 146,061,000, indicating better inventory management[5] - Non-current assets totaled HKD 345,098,000, up from HKD 333,923,000, reflecting ongoing investment in long-term assets[5] - Accounts receivable as of September 30, 2025, were HKD 179,654,000, slightly down from HKD 180,153,000 as of March 31, 2025[21] - Inventory as of September 30, 2025, totaled HKD 133,726,000, down from HKD 146,061,000 as of March 31, 2025, indicating a 8% decrease[20] - Accounts payable increased to HKD 150,784,000 as of September 30, 2025, from HKD 113,990,000 as of March 31, 2025, reflecting a 32% rise[22] - The company’s total debt as of September 30, 2025, was HKD 65.4 million, with a debt-to-equity ratio of 10.0%[41] Expenses - The cost of goods sold for the six months ended September 30, 2025, was HKD 374,605,000, up from HKD 308,919,000 in 2024, indicating a 21% increase[14] - Research and development expenses increased to HKD 11,028,000 for the six months ended September 30, 2025, compared to HKD 9,449,000 in 2024, reflecting an 17% rise[14] - Total tax expenses for the six months ended September 30, 2025, amounted to HKD 5,747,000, compared to HKD 4,436,000 in 2024, which is a 30% increase[15] - General and administrative expenses rose to approximately HKD 44.1 million, an increase of about HKD 3.9 million from HKD 40.2 million in the previous year[36] - Sales costs increased by approximately HKD 65.7 million or 21.3%, with total sales costs accounting for about 81.5% of total revenue, a slight decrease from 82.0% year-on-year[31] - The company’s financial expenses increased to approximately HKD 1.3 million from HKD 0.9 million in the previous year, primarily due to an increase in the average balance of bank borrowings[37] Capital and Investments - The company has authorized or contracted capital commitments of HKD 3,071,000 as of September 30, 2025, compared to HKD 1,324,000 as of March 31, 2025[26] - Capital expenditures for the period were approximately HKD 25.2 million, significantly higher than HKD 2.9 million for the same period last year[45] Operational Highlights - The group has expanded its overseas production base in Malaysia to provide flexible supply chain solutions outside of China, responding to customer needs amid geopolitical uncertainties and trade disputes[52] - As of September 30, 2025, the total number of employees in the group was 1,282, an increase from 1,057 employees on September 30, 2024[54] - The group is committed to maintaining good relationships with existing customers while actively seeking new clients to expand its customer base[52] Other Information - The board does not recommend any interim dividend during the reporting period[59] - The group has not engaged in any acquisitions or disposals of subsidiaries or associated companies during the reporting period[61] - The group closely monitors foreign exchange rate fluctuations to manage its foreign exchange risks, particularly in Hong Kong, China, and Malaysia[49] - The group has no significant contingent liabilities as of September 30, 2025[51] - The group has no major post-reporting period events to disclose[53] - The audit committee has reviewed the interim financial information and confirmed compliance with applicable standards and regulations[60] - The group has not purchased, sold, or redeemed any of its listed securities during the reporting period[62]

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 • 總 投 入 額 為74,176百 萬 日 圓（或3,877百 萬 港 元#），較 去 年 同 期 增 加3.5%； • 收 益 為15,453百 萬 日 圓（或807百 萬 港 元#），較 去 年 同 期 增 加9.1%； • 除 所 得 稅 前 溢 利 為1,236百 萬 日 圓（或65百 萬 港 元#），較 去 年 同 期 增 加 32.2%； • 本 公 司 擁 有 人 應 佔 期 內 溢 利 為698百 萬 日 圓（或36百 萬 港 元#），較 去 年 同 期 增 加247百 萬 日 圓； • 本 公 司 每 股 基 本 盈 利 為0.58日 圓（或0.03港 元#）（截 至 二 零 二 四 年 九 月 三 十 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司（「聯 交 所」）對 本 公 告 之 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 EXPERT SYSTEMS HOLDINGS LIMITED 思博系統控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：8319） 截 至2025年9月30日 止 六 個 月 之 中 期 業 績 公 告 思 博 系 統 控 股 有 限 公 司（「本 公 司」，連 同 其 附 屬 公 司 統 稱 為「本 集 團」）董 事（「董 事」）會（「董 事 會」）謹 此 公 佈 本 集 團 截 至2025年9月30日 止 六 個 月 之 未 經 審 核 中 期 業 績。本 公 告 列 載 本 公 司2025/26年 中 期 報 告（「中 期 報 告」）全 文，並 符 合 聯 交 所GEM證 券 上 市 規 ...

Financial Performance - Total revenue for the six months ended September 30, 2025, was HKD 12,346,000, a decrease of 31% compared to HKD 17,934,000 for the same period in 2024[5] - Commission income from securities trading and brokerage services was HKD 1,061,000, down 62% from HKD 2,766,000 in the previous year[5] - Interest income from loan financing and guarantee financing services decreased to HKD 1,042,000 from HKD 1,691,000, representing a decline of 38.5%[5] - The company reported a pre-tax loss of HKD 4,720,000, an improvement from a loss of HKD 9,786,000 in the same period last year[6] - Total comprehensive loss for the period was HKD 5,470,000, compared to HKD 10,486,000 in the previous year, indicating a reduction of 47.8%[6] - Basic loss per share improved to HKD 11.30 from HKD 25.46, reflecting a 55.6% decrease in loss per share[6] - The company recorded a loss attributable to owners of the company, with basic loss per share calculated based on the loss figures for the six months ended September 30, 2025[19][21] - The company reported a loss of approximately HKD 5,470,000 for the period, compared to a loss of approximately HKD 10,486,000 in the corresponding period[48] Assets and Liabilities - Non-current assets totaled HKD 12,184,000, down from HKD 14,356,000 as of March 31, 2025[7] - Current assets increased to HKD 240,597,000 from HKD 232,326,000, showing a growth of 3.3%[7] - Current liabilities rose to HKD 75,618,000 from HKD 64,053,000, an increase of 18%[8] - Total equity decreased to HKD 140,502,000 from HKD 145,971,000, reflecting a decline of 3.2%[8] - The company’s net current assets as of September 30, 2025, were approximately HKD 164,979,000, including cash and cash equivalents of approximately HKD 34,865,000[51] - The company’s current ratio was approximately 3.2 times as of September 30, 2025, down from approximately 3.6 times as of March 31, 2025[51] Revenue Sources - Revenue from securities trading and brokerage services was HKD 1,061,000, down 61.7% from HKD 2,766,000 in the previous year[14] - Interest income from supply chain financing increased to HKD 8,695,000, up 35.5% from HKD 6,412,000 in the prior year[14] - Interest income and service fees from supply chain financing amounted to approximately HKD 8,695,000, an increase from approximately HKD 6,412,000 in the corresponding period[41] Expenses - The company reported a total of HKD 4,806,000 in expenses for the six months ended September 30, 2025, a decrease of 29.1% from HKD 6,754,000 in 2024[15] - The company’s employee costs decreased from approximately HKD 3,846,000 to approximately HKD 3,499,000 during the reporting period[46] Dividends and Share Consolidation - No interim dividend was declared for the six months ended September 30, 2025, consistent with the previous year[16] - The company announced a share consolidation on March 7, 2025, merging every 50 existing shares of HKD 0.01 into one share of HKD 0.5, effective from April 17, 2025[53] Accounts Receivable and Collateral - Accounts receivable from margin clients amounted to HKD 6,300,000 as of September 30, 2025, down from HKD 13,131,000 as of March 31, 2025[23] - The fair value of securities pledged as collateral for margin clients was approximately HKD 7,486,000 as of September 30, 2025, compared to HKD 28,490,000 as of March 31, 2025[24] - As of September 30, 2025, the accounts receivable from margin clients was 100% secured by sufficient collateral, consistent with March 31, 2025[25] - The loss provision for accounts receivable from loan financing decreased from HKD 13,051,000 on March 31, 2025, to HKD 1,421,000 on September 30, 2025, after write-offs of HKD 11,630,000[28] - As of September 30, 2025, accounts receivable from supply chain financing amounted to HKD 151,694,000, slightly up from HKD 147,533,000 on March 31, 2025[29] Trading Activity - The total trading value for the period was approximately HKD 647,262,000, compared to HKD 1,421,987,000 for the corresponding period ending September 30, 2024[34] - The number of active trading accounts increased to 207 as of September 30, 2025, up from 181 a year earlier[34] - Interest income from loan financing and margin financing services decreased by approximately 38.4%, from HKD 1,691,000 in the corresponding period to HKD 1,042,000 in the current period[37] - The company did not undertake any underwriting or placement mandates during the reporting period, compared to four mandates in the corresponding period, resulting in no related fees or commission income[36] New Initiatives - The company launched a new trading system and mobile application on February 26, 2024, enhancing user experience and operational efficiency[34] - The company aims to expand its VIP client base to increase revenue and enhance brand awareness[35] - The company has implemented a brand revitalization plan to attract new clients and reactivate existing ones[34] - The company established three open-end fund companies to expand its asset management services, with no recorded fee income from asset management services during the reporting period[39] - The company has obtained a trust license in Hong Kong and officially commenced trust services, recording trust setup fees of approximately HKD 18,000 and net service fees of approximately HKD 505,000[42][50] Compliance and Governance - The company did not recognize any taxable profits in Hong Kong for the six months ended September 30, 2025, resulting in no provision for Hong Kong profits tax[18] - The company’s management believes that accounts receivable from clearing houses and cash clients are fully recoverable, thus no impairment provision is necessary[23] - The company confirmed an asset impairment loss of approximately HKD 5,278,000 during the reporting period, compared to a loss of approximately HKD 8,423,000 in the corresponding period[50] - The company has complied with the corporate governance code as per GEM listing rules, with some deviations noted[62] - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited consolidated results for the reporting period[67] Other Information - As of September 30, 2025, the company had no pledged assets, consistent with the situation on March 31, 2025[54] - The company reported no listed investments as of September 30, 2025, compared to HKD 4,738,000 on March 31, 2025[55] - During the reporting period, there were no realized investment losses, contrasting with a loss of HKD 398,000 in the corresponding period[56] - There were no significant acquisitions or disposals related to subsidiaries, associates, or joint ventures during the reporting period[58] - As of September 30, 2025, the company had no significant contingent liabilities[59] - The company reported no unfulfilled significant capital commitments as of September 30, 2025[60] - The board is not aware of any significant events that require disclosure after September 30, 2025[61]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何 部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交 所上市的公司帶有較高投資風險。有意投資的人士應了解投資於該等公司的潛在 風險，並應經過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於聯交所主 板買賣之證券承受較大的市場波動風險，同時無法保證在GEM買賣的證券會有高 流通量的市場。 本公告載有遵照聯交所GEM證券上市規則（「GEM上市規則」）的規定而提供有關 彌明生活百貨控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）資料的詳 情，本公司董事（「董事」）就本公告共同及個別地承擔全部責任。董事在作出一切 合理查詢後確認，就彼等所深知及確信，本公告所載資料在各重大方面均屬準確 完備，並無誤導或欺詐成份，且並無遺漏任何其他事宜，致使本公告或當中所載 任何陳述產生誤導。 1 （於開曼 ...

Financial Performance - Total revenue increased by approximately 293.7% to about HKD 33.8 million for the six months ended September 30, 2025, compared to approximately HKD 8.6 million for the same period in 2024[3] - The group recorded a profit of approximately HKD 3.0 million for the period, a significant improvement from a loss of approximately HKD 17.6 million in 2024[3] - Earnings per share for the period was HKD 0.7 cents, compared to a loss per share of HKD 4.3 cents in the previous year[5] - The total income from investment funds was approximately HKD 9.8 million, compared to a loss of approximately HKD 7.5 million in 2024[4] - The company's profit before tax for the six months ended September 30, 2025, was HKD 2,992,000, compared to a loss of HKD 17,503,000 for the same period in 2024[27] - The basic earnings per share for the six months ended September 30, 2025, was HKD 0.007, while the diluted earnings per share was HKD 0.007, reflecting a significant recovery from the previous year's loss[27] Revenue Breakdown - Revenue from corporate finance advisory services was approximately HKD 17.1 million, representing an increase of about 51.3% from approximately HKD 11.3 million in 2024[3] - Revenue from securities and financing services was approximately HKD 6.5 million, reflecting a growth of about 39.0% compared to approximately HKD 4.6 million in 2024[3] - Corporate finance advisory service income was HKD 17,118,000, up from HKD 11,311,000, reflecting a year-over-year increase of 51%[16] - Securities and underwriting service income rose to HKD 3,890,000 from HKD 868,000, marking a growth of 348%[16] - Asset management service income increased to HKD 376,000 from HKD 66,000, a growth of 469%[16] Expenses and Costs - The group’s total expenses, including employee costs and other expenses, were approximately HKD 26.3 million, down from HKD 27.3 million in 2024[4] - The group’s financing costs decreased to approximately HKD 0.7 million from HKD 1.3 million in the previous year[4] - Total employee costs for the six months ended September 30, 2025, amounted to HKD 14,526,000, a decrease of 14.1% from HKD 16,950,000 in 2024[22] - Employee costs decreased by approximately 14.3% from about HKD 17.0 million to approximately HKD 14.5 million, primarily due to a reduction in discretionary bonuses[52] Assets and Liabilities - As of September 30, 2025, total assets amounted to HKD 342,228,000, an increase from HKD 230,471,000 as of March 31, 2025, representing a growth of approximately 48.5%[6] - Total liabilities rose to HKD 218,928,000 from HKD 142,302,000, marking an increase of about 54%[7] - The company's net asset value increased to HKD 133,770,000 from HKD 98,421,000, representing a growth of approximately 35.8%[7] - Cash and bank balances surged to HKD 105,274,000 from HKD 46,061,000, a remarkable increase of about 128.5%[6] - Current assets increased significantly to HKD 319,893,000 from HKD 206,893,000, reflecting a growth of approximately 54.5%[6] Client and Market Activity - Major customer C contributed HKD 5,150,000 in revenue for the six months ended September 30, 2025, while major customers A and B did not contribute over 10% of total revenue[20] - The group participated in a total of 81 corporate finance advisory projects during the period, including 4 IPO advisory projects[42] - Revenue from IPO advisory services was approximately HKD 3.6 million, attributed to an increase in project numbers[43] - Revenue from financial and independent financial advisory services was about HKD 13.5 million, with the group engaged in 55 financial advisory projects and 21 independent financial advisory projects[44] Strategic Focus and Future Plans - The group aims to continue expanding its corporate finance advisory services and securities offerings in the upcoming periods[3] - The company plans to continue providing high-quality corporate finance advisory services, which remain the primary revenue driver[37] - The group is actively seeking to expand its market presence and enhance its service offerings in response to the growing demand in the financial services sector[36] - The group aims to maintain a healthy project pipeline and actively seeks opportunities for resumption and restructuring projects in the current market and regulatory environment[71] Risk Management and Compliance - The group is committed to strict risk management and compliance to ensure prudent business development strategies[72] - The group’s risk management strategy focuses on balancing risk and return, minimizing negative impacts on operational performance[69] - The company has complied with all applicable corporate governance codes as of September 30, 2025[73] Other Notable Information - The group did not declare or pay any interim dividends for the six months ended September 30, 2025, consistent with the previous year[25][26] - The group has no significant capital commitments or contingent liabilities as of September 30, 2025[63] - The audit committee, consisting of three independent non-executive directors, has reviewed the interim financial statements and confirmed compliance with relevant accounting standards[76] - There have been no significant subsequent events after September 30, 2025, up to the announcement date[78]