Financial Performance - Total revenue decreased to HKD 66.8 million for the six months ended September 30, 2025, compared to HKD 79.4 million in 2024, representing a decline of approximately 16.4%[4] - Gross profit for the same period was HKD 37.2 million, down from HKD 46.3 million in 2024, indicating a decrease of about 19.6%[4] - The net loss significantly narrowed to HKD 2.7 million, compared to a net loss of HKD 11.1 million in 2024, reflecting an improvement of approximately 75.7%[5] - Basic loss per share improved to HKD 0.33, down from HKD 1.39 in 2024[5] - Revenue for the six months ended September 30, 2025, was HKD 66,804,000, a decrease of 15.8% compared to HKD 79,375,000 for the same period in 2024[19] - Gross profit for the same period was HKD 37,232,000, down 19.5% from HKD 46,264,000 in 2024[19] - The company reported a loss before tax of HKD 2,658,000, an improvement from a loss of HKD 11,114,000 in the previous year[19] - The total comprehensive loss for the six months ended September 30, 2025, was HKD 2,658,000, compared to a loss of HKD 11,114,000 for the same period in 2024[21] - The company reported a loss attributable to equity holders of HKD 2,658,000 for the six months ended September 30, 2025, compared to a loss of HKD 11,114,000 for the same period in 2024, representing a significant improvement[36] Retail Segment Performance - Retail segment revenue accounted for HKD 62.6 million, which is 93.8% of total revenue, compared to 94.1% in 2024[4] - The retail furniture segment generated revenue of HKD 62,638,000, down 16% from HKD 74,664,000 year-over-year[29] - The wholesale furniture segment saw revenue decline to HKD 2,300,000 from HKD 3,708,000, representing a 38% decrease[29] - The retail income from "Premium Furniture" and "Furniture" stores combined was HKD 26.9 million, accounting for 43.0% of total retail income[4] - "at • home" retail income was HKD 18.7 million, representing 29.8% of total retail income[4] Operational Metrics - The group operates a total of 23 retail points in Hong Kong as of September 30, 2025, including 1 "Premium Furniture" store, 2 "Furniture" stores, and 4 "at • home" stores[10] - Employee count decreased to 108 from 122 in the previous year, with total employee costs at HKD 20,500,000, down from HKD 22,500,000[17] - The company plans to enhance store operations and service quality to increase customer engagement amid a challenging economic environment[15] - The company has established a strong online shopping platform to expand market coverage and revenue[7] Financial Position - As of September 30, 2025, the company's cash and cash equivalents were HKD 22,200,000, down from HKD 27,300,000 as of March 31, 2025[16] - Current assets were approximately HKD 70,700,000, while current liabilities were about HKD 49,200,000, resulting in a current ratio of 1.4[16] - The company had no bank borrowings, maintaining a debt ratio of zero[16] - Inventory as of September 30, 2025, was HKD 29,323,000, slightly down from HKD 30,230,000 as of March 31, 2025[20] - The company recorded a net cash inflow from operating activities of HKD 5,317,000, a significant drop from HKD 15,525,000 in the previous year[22] - The company's cash and cash equivalents decreased by HKD 5,091,000, ending the period at HKD 22,177,000, down from HKD 34,911,000[22] - The cost of goods sold for the six months was HKD 29,572,000, down from HKD 33,111,000, reflecting a 10% reduction[31] Corporate Governance and Compliance - The company has complied with all corporate governance code provisions as per the listing rules during the reporting period[50] - The board of directors has confirmed compliance with the securities trading code during the reporting period[51] - The interim financial statements have not been reviewed or audited by the company's auditor, but have been reviewed by the audit committee[53] Related Party Transactions - Related party transactions included sales of HKD 144,000 and lease payments of HKD 1,112,000 for the six months ended September 30, 2025, compared to HKD 519,000 and HKD 944,000 respectively in 2024[41] - Total remuneration for key management personnel was HKD 2,165,000 for the six months ended September 30, 2025, a decrease from HKD 3,396,000 in the same period of 2024[41] Shareholder Information - The company has adopted a share option scheme since January 8, 2018, with an authorized limit of 80,000,000 shares available for grant[49] - No share options have been granted under the share option scheme since its adoption[49] - No other individuals or entities were reported to have interests in the company's shares or related securities as of September 30, 2025[48] Management and Ownership - Mr. Yang holds significant equity interests in various affiliated companies, including 4,121,416,834 shares (74.71%) in Emperor International Holdings Limited[45] - Emperor Entertainment Hotel Limited has Mr. Yang holding 636,075,041 shares, representing 53.52% of the issued shares[45] - Mr. Yang also holds 4,298,630,000 shares (59.24%) in Emperor Watch and Jewellery Limited[45] Liabilities and Provisions - Trade receivables as of September 30, 2025, totaled HKD 2,709,000, an increase from HKD 2,258,000 as of March 31, 2025, with receivables aged over one month rising from HKD 1,741,000 to HKD 1,135,000[38] - Trade payables and notes payable increased to HKD 3,403,000 as of September 30, 2025, compared to HKD 1,012,000 as of March 31, 2025, with payables due within one month rising significantly from HKD 955,000 to HKD 2,863,000[39] - The company has not made any provisions for contingent liabilities, with a bank guarantee related to a lease agreement amounting to HKD 387,000 as of September 30, 2025, down from HKD 2,187,000[40]

Financial Performance - For the six months ended September 30, 2025, the company reported a net investment income of HKD 106,000, compared to HKD 39,000 in the same period of 2024, representing a significant increase[6]. - The company's operating loss for the period was HKD 2,808,000, an improvement from the operating loss of HKD 3,082,000 in the previous year, indicating a reduction of approximately 8.8%[6]. - The total comprehensive loss for the period was HKD 2,814,000, compared to HKD 3,088,000 in the same period last year, reflecting a decrease of about 8.9%[6]. - The basic loss per share for the six months ended September 30, 2025, was approximately HKD 2,814,000, compared to a loss of HKD 3,088,000 for the same period in 2024[22]. - The company recorded a loss of approximately HKD 2,814,000 for the six months ended September 30, 2025, an improvement of about HKD 274,000 compared to a loss of HKD 3,088,000 for the same period in 2024[40]. Cash and Assets - The company's cash and cash equivalents increased to HKD 7,686,000 as of September 30, 2025, up from HKD 6,726,000 at the end of March 2025, marking a growth of approximately 14.3%[7][10]. - Total current assets decreased to HKD 9,636,000 from HKD 12,537,000, representing a decline of approximately 22.7%[7]. - The total equity of the company as of September 30, 2025, was HKD 3,971,000, down from HKD 6,785,000 at the end of March 2025, reflecting a decrease of about 41.5%[7]. - The company had total liabilities of HKD 5,665,000, slightly down from HKD 5,752,000, indicating a reduction of approximately 1.5%[7]. - As of September 30, 2025, the company held debt securities valued at HKD 1,314,000, down from HKD 5,091,000 as of March 31, 2025[24][29]. Expenses and Liabilities - The company’s administrative expenses decreased to HKD 2,914,000 from HKD 3,124,000, showing a reduction of about 6.7%[6]. - The pre-tax loss for the six months ended September 30, 2025, included investment management fees of HKD 80,000, legal and professional fees of HKD 272,000, and director remuneration of HKD 615,000[20]. - The company has a loan from a shareholder amounting to HKD 4,047,000 as of September 30, 2025, slightly up from HKD 4,041,000 on March 31, 2025[33]. - The company's debt-to-asset ratio was approximately 0.4 as of September 30, 2025, up from 0.3 as of March 31, 2025[50]. Corporate Governance - The board is currently seeking a suitable candidate to fill the CEO position, which has been vacant since March 4, 2024[69]. - The audit committee consists of three independent non-executive directors, ensuring proper oversight of financial reporting and risk management[72]. - The company has adopted corporate governance practices in line with the listing rules, ensuring compliance and best practices[66]. - The roles of the chairman and CEO are clearly separated to maintain independence and accountability within the company[67]. - The company is committed to maintaining high standards of corporate governance for the benefit of shareholders[66]. Market Conditions - The unemployment rate in Hong Kong rose to 3.9% in the third quarter of 2025, up from 3.5% in the previous quarter, indicating economic challenges[41]. - The company anticipates that the economic situation in Hong Kong will remain fragile in 2025, with ongoing geopolitical uncertainties affecting market stability[41]. Shareholder Information - Major shareholders include Evergreen Goldstone International with 37.14% (88,129,080 shares) and Treasure Isle Global Limited with 10.94% (25,954,878 shares) each held by Li and Zhang[64]. - The company has a total of 237,271,250 shares issued as of September 30, 2025, which is the basis for the percentage calculations[68]. - The company has not conducted any share option plans during the six months ending September 30, 2025, with no options granted, exercised, canceled, or expired[73]. - The company has not received any disclosures from other directors or senior executives regarding their interests in shares or related securities[65]. Investment Strategy - The company has invested in several short-term U.S. Treasury positions to earn low-risk returns, maintaining a cautious approach to investment and business development[42]. - As of September 30, 2025, the company held U.S. Treasury securities valued at HKD 1,314,000, representing approximately 13.6% of total assets[43]. - The company has no plans for significant investments or capital assets in the near future but will consider potential investment opportunities[57]. - The company has not hedged foreign exchange risks using any derivatives or other instruments[58]. Dividends and Capital Expenditures - The company did not recommend an interim dividend for the period ended September 30, 2025, consistent with the previous year[23]. - There were no significant capital expenditures during the reporting period[52]. - The company had no capital commitments as of September 30, 2025[53]. - The company did not declare any interim dividends for the period ending September 30, 2025[55]. Accounting and Reporting - The company reported no changes in accounting policies that would significantly impact its financial performance or position for the current or prior periods[2]. - There have been no significant matters requiring disclosure since September 30, 2025, up to the date of the interim report[71]. - Other income for the six months ended September 30, 2025, was HKD 0, down from HKD 3,000 in the same period of 2024[18].

目錄 | | | 頁碼 | | --- | --- | --- | | 1. | 公司資料 | 2 | | 2. | 摘要 | 3 | | 3. | 管理層討論及分析 | 4 | | 4. | 補充資料 | 21 | | 5. | 簡明綜合損益及其他全面收益表 | 38 | | 6. | 簡明綜合財務狀況表 | 40 | | 7. | 簡明綜合權益變動表 | 42 | | 8. | 簡明綜合現金流量表 | 43 | | 9. | 簡明綜合財務報表附註 | 44 | 公司資料 董事會 執行董事 張慧君先生 （主席） 蔡冬艷女士 （行政總裁） 周里洋先生 獨立非執行董事 胡志剛先生 張加友先生 馬有恒先生 公司秘書 王金徹先生 審核委員會 馬有恒先生 （主席） 胡志剛先生 張加友先生 提名委員會 胡志剛先生 （主席） 蔡冬艷女士 張加友先生 馬有恒先生 薪酬委員會 胡志剛先生 （主席） 張慧君先生 張加友先生 馬有恒先生 註冊辦事處 Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 主要營業地點 香港中 ...

Revenue and Profitability - The company achieved revenue of approximately HKD 5,760,000 for the six months ending September 30, 2025, compared to zero revenue in the same period last year, marking a significant turnaround [7]. - The online gaming platform business in the Philippines generated revenue of approximately HKD 5,100,000, contributing about HKD 4,100,000 to the overall gross profit with a gross margin of approximately 80.7% [8]. - The new tea oil trading business in China generated revenue of approximately HKD 700,000 but incurred a loss of about HKD 900,000, indicating high sales costs and operational expenses [9]. - The company recorded a one-time gain of approximately HKD 3,000,000 from a settlement agreement with a former director, significantly enhancing profitability [10]. - A reversal of impairment losses of approximately HKD 30,200,000 was recognized, which was a key factor in improving profitability during the review period [11]. - The company reported a profit before tax of approximately HKD 27,100,000, a significant improvement from a loss of approximately HKD 11,400,000 in the same period last year [16]. - The net profit for the period was approximately HKD 26,400,000, contrasting sharply with a net loss of approximately HKD 11,400,000 in the previous year [17]. - Basic earnings per share were HKD 0.1976, and diluted earnings per share were HKD 0.0975, compared to losses per share of HKD 0.089 in the same period last year [18]. Financial Position - The company’s net debt decreased by approximately HKD 26,900,000 to about HKD 98,600,000 as of September 30, 2025, compared to HKD 125,500,000 on March 31, 2025 [21]. - As of September 30, 2025, the group's total assets and net liabilities were approximately HKD 10,500,000 and HKD 98,600,000, respectively, with a debt-to-asset ratio of approximately 1,038.3% [24]. - The company’s total liabilities as of September 30, 2025, amounted to approximately HKD 98,640,000, indicating a need for improved cash flow management [70]. - The company’s total reserves, including share premium and special reserves, were reported at HKD 571,880,000 as of September 30, 2025 [63]. - The company’s accumulated losses increased to HKD 3,146,283,000 as of September 30, 2025, reflecting ongoing financial challenges [70]. Business Operations and Strategy - The board remains optimistic about the future, expecting continued significant revenue from the new business lines established during the review period [20]. - KTC, a joint venture with WPT, contributed approximately HKD 5,100,000 in revenue since its launch in July 2025, indicating a sustainable and profitable income source for the group [26]. - The newly launched camellia oil business generated approximately HKD 690,000 in revenue with a gross margin of 13.6%, aimed at providing stable long-term income [27]. - The group is optimistic about the online gaming business's future, expecting KTC to become a significant and sustainable contributor to profitability [31]. - The group is exploring opportunities in the AR/VR sector despite selling its core AR/VR entity in February 2025, leveraging past experience [28]. - The group plans to enhance brand awareness and expand distribution networks for the camellia oil business, targeting other potential cities in Guangdong Province [33]. - The group has committed to controlling administrative costs and capital expenditures to alleviate cash flow pressures [30]. - The group has terminated the provision of AR/VR and mobile gaming solutions since February 2025, impacting its operational segments [80]. - The group is actively expanding its casino business in Cambodia and Southeast Asia, with a letter of intent signed with a Vietnamese casino operator on July 28, 2025, to explore the expansion of gaming operations [73]. Shareholder and Governance - As of September 30, 2025, major shareholders include Ms. He Zhi Ying with 35,980,459 shares, representing approximately 125.50% of the issued share capital [42]. - The company has not participated in any arrangements that would allow directors to benefit from acquiring shares or bonds during the review period [40]. - The 2012 share option plan has 1,410,000 unexercised options remaining, which represents about 1.10% of the weighted average number of shares issued during the review period [43]. - No share options were granted, exercised, or canceled under the 2012 plan during the review period, with 964,652 options having lapsed [45]. - Ms. Xiong Dai Kun resigned as an independent non-executive director effective August 1, 2025, leading to non-compliance with several listing rules [46]. - Ms. Zeng Qin was appointed as an independent non-executive director effective September 1, 2025, restoring compliance with the relevant listing rules [48]. - The company has adopted a strict code of conduct for securities trading by directors, ensuring compliance throughout the review period [50]. - The board believes that the dual role of the chairman and CEO provides strong leadership and benefits the company's strategic planning and implementation [51]. Cash Flow and Financing - The company recorded a cash outflow from operating activities of HKD 4,658,000 for the six months ended September 30, 2025, compared to HKD 5,453,000 for the same period in 2024 [67]. - The net cash generated from financing activities was HKD 1,019,000 for the six months ended September 30, 2025, a significant decrease from HKD 5,456,000 in the previous year [67]. - The company has committed to not redeeming HKD 32,000,000 of convertible bonds due on December 30, 2026, to alleviate liquidity pressure [70]. - The company is actively exploring financing options to support its operations and improve liquidity in the coming months [70]. - The company has outstanding convertible bonds with a principal amount of HKD 26,355,000 due within one to two years as of September 30, 2025 [108]. - The company settled approximately HKD 46,831,000 in receivables from Lion King Entertainment as part of a settlement agreement with a former executive [99]. Other Financial Information - The company generated other income of HKD 57,000, down from HKD 68,000 in the previous year, while other gains amounted to HKD 4,116,000, significantly higher than HKD 68,000 in 2024 [87][88]. - The company recorded a gain of HKD 3,004,000 from offsetting assets and liabilities, which was not present in the same period of 2024 [88]. - The company’s interest income from bank deposits was HKD 52,000, down from HKD 68,000 in the previous year [87]. - The company’s employee costs, including directors' remuneration, totaled HKD 1,550,000, slightly down from HKD 1,556,000 in 2024 [90]. - As of September 30, 2025, other receivables amounted to HKD 3,014,000, a significant decrease from HKD 67,676,000 as of March 31, 2025, after accounting for credit loss provisions [99]. - The company reported trade payables of HKD 1,193,000 as of September 30, 2025, with all expected to be settled within one year [101]. - Other payables and accrued expenses increased to HKD 20,019,000 as of September 30, 2025, compared to HKD 30,558,000 as of March 31, 2025 [102]. - The company recognized the equity portion of the first and second convertible bonds at approximately HKD 7,766,000 and HKD 11,930,000 respectively [112]. - The discount rates used for the fair value calculation of the convertible bonds were 22.26% and 16.81% for the first and second bonds respectively [112]. - As of September 30, 2025, there were no conversions of convertible bonds into the company's ordinary shares [112]. Licensing and Agreements - The company entered into a new licensing agreement with WPT, agreeing to pay an annual fee of USD 500,000 for the use of the gaming platform [119]. - The new licensing agreement has an initial term of two years and will automatically renew annually unless terminated early by the company [119]. - The company retains exclusive rights to guide the use of the platform and derive economic benefits from its application [119].

HENGDELI HOLDINGS LIMITED 亨得利控股有限公司 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。 | | | 薪金、津貼 | 向退休福利 | | | --- | --- | --- | --- | --- | | 行政總裁 | 袍金 | 及其他福利 | 計劃的供款 | 總計 | | | 人民幣千元 | 人民幣千元 | 人民幣千元 | 人民幣千元 | | 截至二零二一年十二月 | | | | | | 三十一日止年度 | – | 1,716 | 11 | 1,727 | | 截至二零二二年十二月 | | | | | | 三十一日止年度 | – | 2,561 | 15 | 2,576 | | 截至二零二三年十二月 | | | | | | 三十一日止年度 | – | 2,695 | 16 | 2,711 | 1 除上文補充者外，年報所載的所有資料維持不變。 承董事會命 亨得利控股有限公司 主席 張泳麟 （於開曼群島註冊成立之有限公司） ...

* INTERIM REPORT 中期報告 2025/26 * For identification purposes only 僅供識別 * For identification purposes only 僅供識別 CONTENTS目錄 | Corporate Information公司資料 | 2 | | --- | --- | | Management Discussion and Analysis管理層討論與分析 | | | Business and Financial Review | | | 業務及財務回顧 | 4 | | Interim Financial Information中期財務資料 | | | Report on Review of Interim Financial Information | | | 中期財務資料的審閱報告 | 13 | | Condensed Consolidated Statement of Profit or Loss | | | 簡明綜合損益表 | 15 | | Condensed Consolidated Statement of Comprehensi ...

目錄 2 公司資料 4 簡明綜合全面收益表 5 簡明綜合資產負債表 7 簡明綜合權益變動表 8 簡明綜合現金流量表 9 簡明綜合中期財務資料附註 15 管理層討論及分析 21 企業管治及其他資料 公司資料 董事會 執行董事 李舒野先生 （主席及行政總裁） 李晨女士 鄧淑儀女士 獨立非執行董事 廖啟宇先生 梁偉泉先生 文恩先生 審核委員會 廖啟宇先生 （主席） 梁偉泉先生 文恩先生 薪酬委員會 文恩先生 （主席） 李舒野先生 李晨女士 廖啟宇先生 梁偉泉先生 合規顧問 創陞融資有限公司 香港 灣仔 告士打道128號 祥豐大廈13樓B室 提名委員會 香港法律方面的法律顧問 梁偉泉先生 （主席） 廖啟宇先生 李舒野先生 鄧淑儀女士 文恩先生 授權代表 李晨女士 曾啟明先生 公司秘書 曾啟明先生 核數師 信永中和（香港）會計師事務所有限公司 香港 銅鑼灣 告士打道311號 皇室大廈17樓 麥振興律師事務所 香港 德輔道中259–265號 海外銀行大廈6樓 香港 新界葵涌 大連排道21–33號 宏達工業中心 1307室 中國 深圳市 光明區 馬田街道 石圍社區 將石路181號 A棟、B棟、G棟101及201單元 開曼群 ...

Financial Performance - Revenue for the six months ended September 30, 2025, was HK$1,022,822,000, an increase of 3.5% compared to HK$989,740,000 for the same period in 2024[14]. - Gross profit for the same period was HK$167,122,000, slightly down by 0.6% from HK$168,161,000 in 2024[14]. - Operating profit increased to HK$87,136,000, up 3.1% from HK$84,548,000 in the previous year[14]. - Profit before income tax rose to HK$54,102,000, a significant increase of 60.0% compared to HK$33,830,000 in 2024[14]. - Profit for the period was HK$50,431,000, showing a marginal increase from HK$50,139,000 in the prior year[14]. - Basic earnings per ordinary share attributable to owners of the Company for the period was HK8.31 cents, down from HK8.60 cents in 2024[14]. - Total comprehensive income for the period decreased to HK$76,725,000 in 2025 from HK$89,041,000 in 2024, a decline of 13.83%[17]. - Total expenses for the six months ended September 30, 2025, were HK$936,339,000, an increase of 4.1% from HK$899,406,000 in 2024[117]. Cash Flow and Liquidity - Net cash generated from operations for the six months ended September 30, 2025, was HK$141,514,000, down from HK$176,520,000 in the same period of 2024[27]. - The net cash inflow from operating activities was HK$114,965,000, compared to HK$137,436,000 in the previous year[27]. - The net cash outflow from financing activities was HK$88,671,000, reduced from HK$158,021,000 in the previous year[27]. - Cash and cash equivalents rose to HK$201,262,000 as of September 30, 2025, compared to HK$178,980,000 as of March 31, 2025, an increase of 12.45%[21]. - The Group's liquidity risk analysis shows total financial liabilities of HK$1,230,854,000 as of September 30, 2025[70]. Assets and Liabilities - Non-current assets totaled HK$1,642,621,000 as of September 30, 2025, slightly down from HK$1,644,958,000 as of March 31, 2025[19]. - Current assets decreased to HK$877,188,000 as of September 30, 2025, compared to HK$910,420,000 as of March 31, 2025, a reduction of 3.64%[19]. - Total liabilities decreased to HK$1,356,838,000 as of September 30, 2025, from HK$1,461,377,000 as of March 31, 2025, a decrease of 7.14%[21]. - Equity attributable to owners of the Company increased to HK$1,067,536,000 as of September 30, 2025, from HK$1,000,176,000 as of March 31, 2025, an increase of 6.71%[21]. Business Segments - The Group operates predominantly in three segments: Steels Distribution and Processing, Building Products Distribution, and Property Investment and Fund Management[103]. - The Steels Distribution and Processing Business contributed 79.4% to total selling and distribution costs, while the Building Products Distribution Business contributed 6.5%[108]. - Revenue from Hong Kong increased to HK$787,256,000, up 6.2% from HK$741,438,000 year-over-year, while revenue from Chinese Mainland decreased to HK$235,566,000, down 5.1% from HK$248,302,000[112]. Cost Management - Finance costs decreased significantly to HK$24,934,000 from HK$37,983,000, reflecting a reduction of 34.3%[14]. - Selling and distribution expenses were reduced to HK$6,797,000 from HK$8,989,000, indicating a decrease of 24.5%[14]. - General and administrative expenses increased to HK$73,397,000 from HK$67,627,000, representing an increase of 8.2%[14]. Market Conditions - The geopolitical tensions and supply chain disruptions have continued to impact the operating landscape in Hong Kong and the Chinese Mainland, affecting investment sentiment and infrastructure progress[197]. - The Group faced notable challenges in serving the regional construction and renovation market due to macro uncertainties and weak consumer confidence[197]. - Consumer confidence and private real estate market performance remain weak, leading to low transaction volumes[200]. Investments and Contributions - The Group's investment in the associate and joint venture decreased from HK$281,176,000 at the beginning of the period to HK$270,163,000 at the end of the period, a decline of approximately 3.9%[155]. - The share of loss from investments accounted for using the equity method was HK$8,871,000 for the six months ended 30th September 2025, compared to HK$13,032,000 for the same period in 2024, showing an improvement of approximately 31.5%[155]. - During the six months ended September 30, 2025, RECO and Plentiful contributed a total of US$2,927,000 (equivalent to HK$22,911,000) into HSO, compared to US$3,264,000 (equivalent to HK$25,493,000) in 2024[158]. Financial Risks - The Group's financial risk management includes exposure to market risk, credit risk, and liquidity risk, with no significant changes since the last annual financial statements[60]. - If interest rates on floating rate borrowings had been 100 basis points higher/lower, profit before income tax would have been approximately HK$10,460,000 lower/higher[72]. - The Group is subject to commodity price risk due to trading in steel products, with committed sales orders exceeding on-hand inventories[64].

Financial Performance - For the six months ended September 30, 2025, the group recorded revenue of approximately HKD 315.6 million, a decrease of about HKD 64.1 million or 16.9% compared to HKD 379.7 million for the same period in 2024[10]. - The group reported a gross profit of approximately HKD 2.0 million, a significant decrease of about HKD 22.7 million or 91.9% compared to HKD 24.7 million for the same period in 2024, resulting in a gross profit margin of approximately 0.6%[11]. - The net loss attributable to the company's owners for the reporting period was approximately HKD 12.9 million, compared to a net profit of approximately HKD 4.6 million for the six months ended September 30, 2024[16]. - Revenue for the six months ended September 30, 2025, was HKD 326,183,000, a decrease of 17.7% compared to HKD 396,854,000 for the same period in 2024[39]. - Gross profit for the same period was HKD 1,953,000, down from HKD 24,669,000, indicating a significant decline in profitability[39]. - The company reported a loss before tax of HKD 16,485,000, compared to a profit of HKD 6,101,000 in the previous year[39]. - The net loss for the period was HKD 12,924,000, compared to a profit of HKD 4,574,000 in the prior year[39]. - Basic and diluted loss per share was HKD 1.4 cents, compared to earnings of HKD 0.5 cents per share in the previous year[39]. Project and Contract Activity - The group completed 15 projects with a total original contract value of approximately HKD 279.1 million during the reporting period, while 23 new contracts were awarded with a total original contract value of approximately HKD 357.6 million[8]. - The total amount of transaction prices allocated to unsatisfied performance obligations as of September 30, 2025, was approximately HKD 658.6 million, compared to HKD 509.8 million as of September 30, 2024[8]. - The group aims to enhance project management effectiveness and implement strict cost control measures in response to increasing economic pressures and competition in the foundation and site preparation engineering sector[7]. - The group is actively seeking opportunities to expand its scope of work in the construction industry, with aspirations to become a general contractor for foundation engineering in the future[6]. Income and Expenses - Other income and gains for the reporting period reached approximately HKD 2.1 million, an increase of about HKD 0.9 million or 75.0% compared to HKD 1.2 million for the same period in 2024[12]. - Administrative expenses for the reporting period amounted to approximately HKD 19.7 million, an increase of about HKD 0.7 million or 3.7% compared to HKD 19.0 million for the same period in 2024[13]. - Financial costs for the reporting period were approximately HKD 0.9 million, an increase of about HKD 0.1 million or 12.5% compared to HKD 0.8 million for the six months ended September 30, 2024[14]. - The income tax credit for the reporting period was approximately HKD 3.6 million, while the tax expense for the six months ended September 30, 2024, was approximately HKD 1.5 million[15]. Assets and Liabilities - As of September 30, 2025, total assets were approximately HKD 272.1 million, down from approximately HKD 329.3 million as of March 31, 2025[18]. - Total liabilities as of September 30, 2025, were approximately HKD 134.4 million, a decrease from approximately HKD 194.1 million as of March 31, 2025[18]. - The company's equity attributable to owners was approximately HKD 137.7 million as of September 30, 2025, compared to approximately HKD 135.2 million as of March 31, 2025[19]. - Non-current assets decreased to HKD 64,965,000 from HKD 75,000,000 as of March 31, 2025[41]. - Current assets decreased to HKD 207,099,000 from HKD 254,335,000, reflecting a decline in contract assets and trade receivables[41]. - Current liabilities decreased to HKD 128,157,000 from HKD 184,122,000, primarily due to a reduction in trade and other payables[41]. - The group recorded a total revenue of 2,119,000 HKD from government subsidies for the six months ended September 30, 2025, compared to 1,208,000 HKD in the same period of 2024, marking a 75% increase[56]. Share Capital and Financing - The company completed a placement of up to 186,600,000 shares at a price of HKD 0.085 per share, raising approximately HKD 15.9 million in total proceeds[35]. - The net proceeds from the share placement, after deducting commissions and expenses, were approximately HKD 15.2 million[35]. - The total issued and paid-up share capital increased to 1,120,350,000 shares as of September 30, 2025, from 933,750,000 shares as of March 31, 2025, following a placement of 186,600,000 shares[79]. - The group did not obtain new bank loans during the six months ended September 30, 2025, while repaying approximately HKD 2,950,000 in bank loans[76]. - The group had unutilized borrowing facilities of HKD 40,000,000 as of September 30, 2025, down from HKD 44,327,000 as of March 31, 2025[77]. - The group's bank borrowings amounted to HKD 25,261,000 as of September 30, 2025, down from HKD 28,211,000 as of March 31, 2025[93]. Management and Governance - The group has established a risk management and internal control system, with three independent non-executive directors appointed to ensure adequate checks and balances[99]. - The group has complied with the corporate governance code, except for the separation of the roles of chairman and CEO, which are held by the same individual[99]. - The group has confirmed that all directors have complied with the standards set out in the securities trading code during the reporting period[100]. - The Audit Committee, consisting of three independent non-executive directors, has reviewed the unaudited condensed consolidated financial statements for the reporting period[114]. Shareholding Structure - As of September 30, 2025, Mr. Li Zhuojin holds 484,998,000 shares, representing 43.29% of the total issued shares of the company[101]. - Ms. Zhou Wenzhen, as the spouse of Mr. Li, is also deemed to hold 484,998,000 shares, equivalent to 43.29% of the total issued shares[102]. - The company has a total of 90,000,000 share options available for grant under the share option scheme as of September 30, 2025, which accounts for approximately 10% of the total issued ordinary shares[109]. - The company has no knowledge of any other company or individual holding any interests or short positions in the company's shares that require disclosure under the Securities and Futures Ordinance as of September 30, 2025[107]. - The company did not purchase, sell, or redeem any of its listed securities during the reporting period[111].

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 18.9 million, an increase of 60.17% compared to HKD 11.8 million for the same period in 2024[7] - Gross profit decreased to HKD 0.4 million, down 83.33% from HKD 2.4 million year-on-year[7] - Operating loss for the period was HKD 8.4 million, compared to an operating profit of HKD 8.9 million in the previous year[7] - Net profit attributable to equity holders was HKD 25.8 million, a decrease of 29.41% from HKD 36.6 million in the same period last year[7] - Basic and diluted earnings per share were 4.2 cents, down from 5.9 cents year-on-year[7] - The company reported a total comprehensive income of HKD 25.8 million for the period, down from HKD 34.0 million in the previous year[8] - The gross income from property sales was HKD 11.6 million for the six months ended September 30, 2025, compared to HKD 0 for the same period in 2024[15] - The company reported a profit attributable to equity holders of HKD 25.8 million for the six months ended September 30, 2025, down from HKD 36.6 million in 2024, reflecting a decrease of 29.32%[26] Assets and Liabilities - Total assets as of September 30, 2025, were HKD 6,276.1 million, a slight decrease from HKD 6,370.0 million as of March 31, 2025[9] - Total assets as of September 30, 2025, amounted to HKD 6,614.8 million, a decrease from HKD 6,681.1 million as of March 31, 2025[18] - The company’s total liabilities were HKD 309.9 million as of September 30, 2025, compared to HKD 328.1 million as of March 31, 2025, indicating a reduction of 5.67%[18] - The total assets less current liabilities amounted to HKD 9,187.6 million as of September 30, 2025, slightly down from HKD 9,212.6 million as of March 31, 2025[43] - The group’s current assets were reported at HKD 6,276.1 million as of September 30, 2025, compared to HKD 6,370.0 million as of March 31, 2025[43] - The group’s liabilities decreased to HKD 289.5 million in current liabilities as of September 30, 2025, from HKD 323.9 million as of March 31, 2025[43] Cash Flow - Cash and cash equivalents decreased to HKD 603.7 million from HKD 1,004.1 million year-on-year[11] - The net cash outflow from operating activities was HKD 170.6 million, compared to HKD 122.7 million in the prior year[11] - The company has a strong balance sheet with a net cash position of HKD 632.8 million as of September 30, 2025, down from HKD 859.1 million on March 31, 2025, with all loans due within one year[48] Dividends - The company plans to maintain an interim dividend of HKD 0.12 per share, consistent with the previous year[7] - The group announced an interim dividend of HKD 0.12 per share, consistent with the dividend from the same period last year[39] Investments and Projects - The group is progressing with the development of the "Jing Nan" project in Ap Lei Chau, which has received occupancy permits and is preparing for sales[44] - The group’s investment in the Sheraton Hotel in Hong Kong is accounted for using the equity method, with improvements in hotel performance partially offsetting declines in interest income[41] - The Hong Kong Sheraton Hotel, owned 35% by the company, has maintained a strong market reputation with high occupancy rates as group and business travelers return, contributing to significant growth in inbound tourist numbers expected by 2025[45] - The company is implementing new tourism strategies targeting high-end travelers, including yacht, horse racing, cruise, and eco-tourism experiences[45] - The company has announced a series of investment stimulus measures aimed at enhancing demand for high-end residential properties, including lowering the transaction price threshold for the "New Capital Investor Scheme" from HKD 50 million to HKD 30 million[46] Economic Outlook - The local economy is showing positive momentum, with a steady increase in inbound travelers and major events expected to support recovery through the remainder of this year and into 2026[46] - The luxury residential market in Hong Kong is showing signs of optimism, with record transactions in August 2025, indicating potential growth in the super luxury segment[46] Governance and Compliance - The board of directors will continue to review and monitor the company's corporate governance practices to maintain high standards of governance[58] - All directors have confirmed compliance with the securities trading standards during the specified period[59] - The company believes that the current arrangement of having the chairman and CEO remain in office is beneficial for the overall interests of the company and its shareholders[57] Employee and Operational Management - Employee expenses for the first half of the fiscal year reached HKD 30.8 million, excluding director remuneration, reflecting the company's commitment to its workforce[49] - The company is actively monitoring geopolitical and trade policy uncertainties that may impact its operations, maintaining a cautious risk management approach[47] - The company has not engaged in any purchases, sales, or redemptions of its listed securities during the first half of the fiscal year[54] Financial Income - Bank interest income for the six months ended September 30, 2025, was HKD 8.5 million, a decrease from HKD 23.7 million in the same period of 2024, representing a decline of 64.15%[21] - The fair value changes of financial investments recognized through profit or loss were HKD 11.7 million for the six months ended September 30, 2025, slightly up from HKD 11.1 million in 2024[22] - The fair value of financial investments as of September 30, 2025, was HKD 59.6 million, an increase from HKD 48.6 million as of March 31, 2025[33]