Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 163,952,000, a decrease of 6.4% compared to HKD 175,934,000 for the same period in 2024[7] - The company reported a profit before tax of HKD 627,000, down 44.6% from HKD 1,133,000 in the previous year[7] - Total comprehensive income for the period was HKD 639,000, compared to HKD 1,315,000 in the same period last year, reflecting a decline of 51.5%[7] - Basic earnings per share for the period were HKD 0.12, down from HKD 0.21 in the previous year, a decrease of 42.9%[7] - For the six months ended September 30, 2025, the company reported a profit of HKD 627,000, a decrease of 44.5% compared to HKD 1,133,000 for the same period in 2024[28] - The group recorded a profit of approximately HKD 0.6 million, a decrease of about HKD 0.5 million or 44.7% compared to the previous period, primarily due to a significant drop in sales from warehousing and other value-added services[62] Income and Revenue Breakdown - Other income increased to HKD 2,560,000 from HKD 638,000, representing a significant growth of 301.3%[7] - Ground handling services revenue decreased to HKD 44,875,000 from HKD 50,376,000, while delivery services revenue increased to HKD 18,781,000 from HKD 14,669,000[19] - Revenue from warehousing and other value-added services decreased by HKD 22.6 million or 35.2%, from HKD 64.0 million to HKD 41.5 million[49] - Revenue from transportation services increased by approximately HKD 12.0 million or 25.5%, attributed to contributions from a new major customer[49] Assets and Liabilities - Non-current assets as of September 30, 2025, totaled HKD 47,567,000, an increase from HKD 42,342,000 as of March 31, 2025[9] - Current assets increased to HKD 63,891,000 from HKD 59,167,000, indicating a growth of 8.3%[9] - Total liabilities increased to HKD 65,298,000 from HKD 58,150,000, reflecting a rise of 12.4%[10] - The company's net assets as of September 30, 2025, were HKD 33,610,000, up from HKD 32,971,000 as of March 31, 2025[10] - The total trade receivables as of September 30, 2025, amounted to HKD 40,272,000, an increase from HKD 39,282,000 as of March 31, 2025[31] - Trade payables as of September 30, 2025, were HKD 28,320,000, an increase from HKD 27,355,000 as of March 31, 2025[37] - The company’s total liabilities as of September 30, 2025, were HKD 34,943,000, a decrease from HKD 36,389,000 as of March 31, 2025[37] Cash Flow and Financial Ratios - The operating cash flow for the six months ended September 30, 2025, was HKD 4,953,000, significantly up from HKD 2,390,000 in 2024, indicating improved operational efficiency[13] - The net cash and cash equivalents at the end of the period increased to HKD 12,305,000 from HKD 9,023,000 in the previous year, reflecting a positive cash flow trend[13] - The debt-to-equity ratio increased to approximately 117.4% as of September 30, 2025, from 86.9% as of March 31, 2025, due to new borrowings[67] - The group’s current ratio remained stable at approximately 1.0 as of September 30, 2025, with cash and cash equivalents totaling about HKD 12.3 million[71] Operational Focus and Future Outlook - The company continues to focus on enhancing operational efficiency and exploring new market opportunities to drive future growth[3] - The company is focusing on diversifying its customer base and enhancing relationships with stakeholders to mitigate reliance on any single customer[46] - Future outlook indicates potential recovery in the logistics industry in Q4 2025 and Q1 2026, supported by recent easing of trade tensions[47] Corporate Governance and Compliance - The company has adhered to the corporate governance code principles and provisions as per GEM Listing Rules Appendix C1 during the six months ended September 30, 2025[94] - The audit committee, established on March 23, 2020, has reviewed the unaudited condensed consolidated financial statements for the six months ended September 30, 2025, ensuring compliance with applicable accounting standards and GEM Listing Rules[96] - The company’s board and senior management have not reported any non-compliance with trading regulations during the six months ending September 30, 2025[81] Shareholder Information and Capital Structure - The company’s major shareholders include 3C Holding Limited with 62.5% ownership and Kwan Shing Limited with 5.7% ownership as of September 30, 2025[84] - The company’s issued and paid-up capital remained at HKD 5,280 thousand as of both September 30, 2025, and March 31, 2025[41] - As of September 30, 2025, the company has issued 528,000,000 shares, with no changes in its capital structure during the period[75] Dividends and Investments - The company did not declare or recommend any dividends for the six months ended September 30, 2025[27] - The company did not hold any significant investments or engage in major acquisitions or disposals during the six months ending September 30, 2025[78] - There were no stock options granted, exercised, expired, or lapsed under the stock option plan during the six months ending September 30, 2025[88] - The company did not purchase, sell, or redeem any of its listed securities during the six months ending September 30, 2025[89] Employee and Labor Costs - The company incurred total employee costs of HKD 23,233,000 for the six months ended September 30, 2025, slightly up from HKD 23,056,000 in the previous year[26] - Employee benefits expenses slightly increased from approximately HKD 23.1 million to about HKD 23.2 million, influenced by overall inflation and cost control measures[52] - Labor dispatch costs decreased by approximately HKD 10.1 million or 16.2% to about HKD 52.1 million, due to a decline in air cargo ground handling volume[53] Other Financial Information - The actual annual interest rate for bank and other borrowings as of September 30, 2025, was approximately 4.03%, down from 5.43% as of March 31, 2025[40] - The company’s bank borrowings increased to HKD 16,589 thousand as of September 30, 2025, from HKD 12,795 thousand as of March 31, 2025[39] - The average effective annual interest rate on borrowings decreased to approximately 4.0% from 5.4% in the previous period[65] - There were no significant contingent liabilities as of September 30, 2025[77] - There have been no significant events requiring disclosure from September 30, 2025, to the date of this interim report[97]

Financial Performance - For the six months ended September 30, 2025, the revenue was approximately HKD 55,993,000, a decrease of about 22% compared to HKD 72,141,000 in the same period last year[4] - The loss attributable to equity holders for the same period was approximately HKD 5,801,000, compared to a net loss of approximately HKD 480,000 in the previous year[4] - The operating loss for the six months was HKD 5,711,000, significantly higher than the operating loss of HKD 288,000 recorded in the previous year[7] - The company reported a basic and diluted loss per share of HKD 1.78 for the six months ended September 30, 2025, compared to HKD 0.15 in the previous year[7] - The company recorded a pre-tax loss of HKD 5,801,000 for the six months ended September 30, 2025, compared to a loss of HKD 480,000 in 2024[22] - The group’s revenue for the six months ended September 30, 2025, was approximately HKD 55,993,000, a decrease of about 22% compared to the same period last year[35] - Revenue from the rail transit business was approximately HKD 28,254,000, down about 29% from HKD 39,583,000 in the same period last year[35] - Revenue from the CRM business was approximately HKD 27,739,000, a decrease of about 15% from HKD 32,558,000 in the previous year[36] Cash Flow and Assets - The net cash used in operating activities was HKD 5,819,000, compared to HKD 2,077,000 in the same period last year[10] - The cash and cash equivalents decreased by HKD 2,295,000, ending at HKD 84,947,000 as of September 30, 2025[10] - Total assets less current liabilities amounted to HKD 73,677,000 as of September 30, 2025, down from HKD 77,145,000 as of March 31, 2025[8] - Trade receivables as of September 30, 2025, amounted to HKD 30,405,000, a decrease of 50% from HKD 60,824,000 as of March 31, 2025[29] - The total assets as of September 30, 2025, were reported at HKD 3,856,000 after accounting for additions and depreciation[28] - The net current assets of the group were approximately HKD 69,821,000 as of September 30, 2025[43] - The total borrowings of the group were approximately HKD 9,278,000, resulting in a capital debt ratio that is not applicable due to negative net debt[43] Equity and Liabilities - The total equity attributable to equity holders decreased to HKD 71,275,000 as of September 30, 2025, from HKD 77,145,000 as of April 1, 2025[11] - Trade payables as of September 30, 2025, were HKD 46,075,000, down from HKD 62,362,000 as of March 31, 2025[10] - The aging analysis of trade payables showed that amounts due within 90 days were HKD 17,103,000, down from HKD 22,781,000[10] - There were no significant contingent liabilities as of September 30, 2025[44] Operational Efficiency - The company incurred financial expenses of HKD 90,000 for the six months, down from HKD 192,000 in the previous year[7] - Depreciation for owned assets was HKD 29,000 for the six months ended September 30, 2025, down from HKD 57,000 in 2024[15] - Employee costs, including directors' remuneration, totaled HKD 9,582,000 for the six months ended September 30, 2025, slightly down from HKD 9,848,000 in 2024[15] - Sales expenses for the period were approximately HKD 3,573,000, a decrease of about 25% from HKD 4,742,000 in the previous year[37] Investments and Development - The total amount raised from the subscription was HKD 80.0 million, with a net amount of approximately HKD 79.0 million utilized by September 30, 2025[40] - The actual use of the funds includes HKD 30.0 million for existing vehicle information systems and HKD 41.1 million for the development of smart city projects[40] - The company has invested significant R&D resources to utilize AI technology to enhance operational safety and reduce costs[32] - The CRM business in the Greater Bay Area is supported by policies that facilitate cross-border service operations, providing a broad development space[33] - The company aims to achieve compliance with the "Cloud-based Call Center Technology Standards" by 2026, which will drive digital and intelligent transformation in the CRM business[34] Governance and Compliance - The company has adopted a set of code of conduct for directors regarding securities trading, confirming compliance with GEM Listing Rules from September 30, 2025, for a six-month period[49] - Throughout the review period, the company has applied and complied with the principles and all code provisions of the GEM Listing Rules Appendix C1 Corporate Governance Code[50] - The Audit Committee, consisting of three independent non-executive directors, has reviewed the unaudited performance for the six months ending September 30, 2025, and found it to be prepared in accordance with applicable accounting standards and relevant laws and regulations[54] - The company has confirmed that there are no interests or potential conflicts of interest in any business that directly or indirectly competes with the group as of the report date[52] Shareholder Information - The major shareholder, Li Jiancheng, holds 50.52% of the ordinary shares, while his spouse holds 11.87%[45] - The group has a total of 147 employees as of September 30, 2025, down from 154 employees in the previous year[42] - The group maintains a prudent financial policy, with excess cash deposited in banks for operational and investment funding[41] - The company did not declare an interim dividend for the six months ended September 30, 2025, consistent with the previous year[25]

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 24,007,000, a decrease of 9.1% compared to HKD 26,418,000 in the same period last year[3] - Gross profit for the same period was HKD 21,438,000, down 9.5% from HKD 23,698,000 year-on-year[3] - The company reported a profit attributable to shareholders of HKD 14,612,000, a significant recovery from a loss of HKD 55,758,000 in the previous year[3] - Operating profit for the period was HKD 15,481,000, compared to an operating loss of HKD 51,888,000 in the prior year[3] - Basic and diluted earnings per share for the period were HKD 5.27 cents, a recovery from a loss of HKD 20.11 cents per share in the previous year[3] - Total comprehensive income for the six months ended September 30, 2025, was HKD 23,955,000, compared to a total comprehensive income of HKD 14,612,000 for the same period in 2024[5] - The company reported a loss of HKD 55,758,000 for the six months ended September 30, 2025[5] Cash Flow and Investments - Cash generated from operating activities for the six months ended September 30, 2025, was HKD 2,607,000, a decrease from HKD 5,837,000 in the previous year[6] - Net cash used in investing activities for the six months ended September 30, 2025, was HKD 46,762,000, compared to HKD 39,927,000 in the same period of 2024[6] - The company reported a net cash decrease of HKD 49,412,000 for the six months ended September 30, 2025[6] - The company received interest income of HKD 6,554,000 during the six months ended September 30, 2025[6] - The fair value loss on investment properties was HKD 1,930,000, a substantial improvement from HKD 71,660,000 in the previous year[3] Assets and Liabilities - Total assets as of September 30, 2025, amounted to HKD 2,626,203,000, an increase from HKD 2,604,979,000 as of March 31, 2025[4] - Cash and cash equivalents stood at HKD 286,257,000, up from HKD 276,942,000 at the end of the previous reporting period[4] - The company’s total equity increased to HKD 2,543,046,000 from HKD 2,522,972,000[4] - The total liabilities under lease obligations decreased to HKD 149,000 as of September 30, 2025, from HKD 450,000 as of March 31, 2025, indicating a reduction of about 66.9%[31] - The total bank borrowings secured by assets amounted to HKD 40,218,000 as of September 30, 2025, down from HKD 41,729,000 as of March 31, 2025, indicating a reduction of approximately 3.6%[37] Shareholder Information - The company declared a proposed dividend of HKD 832,000 for the period[5] - The company declared an interim dividend of HKD 0.3 cents per share, totaling approximately HKD 832,000, consistent with the previous year's interim dividend[20] - As of September 30, 2025, major shareholder Chen Haishou holds 2,042,000 shares, representing 73.95% of the total issued share capital[71] - The controlled corporation Sow Pin Trust, through TMF (Cayman) Ltd., holds 172,440,896 shares, which accounts for 62.20% of the total issued share capital[73] - Noranger Company Limited, a controlled entity, holds 146,618,000 shares, representing 52.89% of the total issued share capital[71] - The company maintained a public float of 25% as of the report date[77] Operational Insights - The rental income occupancy rate for the period was 83%, an increase of 8% from the previous comparable period's 75.0%[66] - The group had no single customer contributing 10% or more to total revenue during the periods ended September 30, 2025, and September 30, 2024[15] - The group’s operations are primarily based in Hong Kong, with over 90% of its business and assets located there, thus no regional analysis is presented[14] Governance and Compliance - The audit committee reviewed the accounting policies and practices, including the unaudited interim financial statements for the six months ending September 30, 2025[78] - The company complied with all applicable corporate governance code provisions, except for the separation of the roles of chairman and CEO[79] - All directors confirmed compliance with the standard code of conduct for securities transactions during the six-month period ending September 30, 2025[80]

Revenue Performance - For the six months ended September 30, 2025, total revenue was HK$33,462,000, a decrease of 2.8% compared to HK$34,437,000 for the same period in 2024[17]. - Sales of alcoholic beverages contributed HK$9,907,000, up from HK$9,701,000, reflecting a growth of 2.1%[17]. - Loan financing services generated revenue of HK$23,555,000, down 4.8% from HK$24,736,000 in the previous year[17]. - Other income decreased to HK$865,000 from HK$2,115,000, a decline of 59.1%, impacting overall profitability[17]. - The Group's revenue for the six months ended 30 September 2025 decreased by approximately 2.6% to approximately HK$33.5 million compared to HK$34.4 million in 2024[175]. - Revenue from the Loan Financing Business decreased by approximately 4.5% to approximately HK$23.6 million, down from HK$24.7 million in 2024, with a segment profit decrease of approximately 37.0% to HK$7.5 million[179]. - Revenue from the Wine Business increased by approximately 2.1% to approximately HK$9.9 million, up from HK$9.7 million in 2024, but the segment loss increased by approximately 107.7% to HK$2.7 million[178]. Financial Losses - Loss before tax for the period was HK$4,778,000, compared to a loss of HK$2,377,000 in the same period last year[17]. - The loss for the period amounted to HK$6,268,000, compared to a loss of HK$5,298,000 in the previous year, indicating a worsening financial position[17]. - For the six months ended September 30, 2025, the loss attributable to owners of the Company was HK$9,646,000, compared to a loss of HK$6,885,000 for the same period in 2024, representing an increase in loss of approximately 40.5%[18]. - The net loss for the period attributable to the owners of the Company was HK$9,646,000, compared to a loss of HK$6,885,000 in the previous year, representing an increase in loss of 40.5%[78]. - The Group's loss for the Period was approximately HK$6.3 million, an increase of approximately HK$1.0 million compared to the loss of HK$5.3 million in 2024[176]. Impairment and Credit Risk - The net impairment recognized on loan and interest receivables rose significantly to HK$8,110,000 from HK$3,903,000, indicating increased credit risk[17]. - The Group recognized an increase in net impairment on loan and interest receivables of approximately HK$4.2 million during the Period[176]. - A net impairment loss of approximately HK$8.1 million was recognized during the period, compared to HK$3.9 million in 2024[188][191]. - The Group employs an Expected Credit Loss (ECL) model for impairment assessment, considering historical default experience and future macro-economic conditions[186][189]. Assets and Liabilities - Non-current assets increased to HK$43,439,000 as of September 30, 2025, up from HK$21,703,000 as of March 31, 2025, reflecting a growth of approximately 100.5%[19]. - Current assets decreased to HK$302,268,000 from HK$315,284,000, a decline of about 4.1%[19]. - Net current assets decreased to HK$107,087,000 from HK$127,703,000, representing a decrease of approximately 16%[20]. - Total consolidated assets increased to HK$345,707,000 from HK$336,987,000, marking a growth of 3.43%[57]. - Total segment assets as of September 30, 2025, were HK$280,565,000, down from HK$305,320,000 as of March 31, 2025[57]. - The total loan and interest receivables decreased to HK$253,745,000 as of September 30, 2025, down 8.3% from HK$276,805,000 as of March 31, 2025[82]. - The Group held collaterals valued at approximately HK$249,443,000 as of September 30, 2025, a decrease from HK$338,580,000 as of March 31, 2025[86]. Cash Flow and Financing - Net cash from operating activities increased to HK$36,958,000 for the six months ended September 30, 2025, compared to a net cash outflow of HK$16,874,000 in the same period of 2024[27]. - Cash and cash equivalents at the end of the period rose to HK$55,819,000, up from HK$13,316,000 at the end of the previous year[27]. - The Group's net cash used in financing activities decreased to HK$4,445,000 from HK$7,620,000 year-over-year[27]. - The Company’s bank balances and cash increased significantly to HK$55,819,000 from HK$22,316,000, marking an increase of approximately 150%[19]. Share Options and Equity - The Company reported a basic and diluted loss per share of HK$1.55 for the period, compared to HK$1.10 in the previous year, reflecting an increase in loss per share of approximately 41%[18]. - The total remuneration for directors and key management during the six months ended September 30, 2025, is HK$1,836,000, a decrease of 42.9% from HK$3,183,000 in the same period of 2024[135]. - The company has issued a total of 623,127,227 ordinary shares as of September 30, 2025, maintaining the same number since April 1, 2024[128]. - The total number of share options outstanding as of April 1, 2025, was 48,470,000, which decreased to 48,250,000 by September 30, 2025[167]. - The weighted average exercise price of the share options as of September 30, 2025, was HK$11.8[167]. Corporate Governance and Compliance - The Group's financial statements are prepared in accordance with Hong Kong Accounting Standards and comply with the GEM Listing Rules[33]. - The interim financial statements have not been reviewed or audited by the independent auditor but have been reviewed by the audit committee[38]. - The Group has applied new amendments to HKFRS Accounting Standards, which had no material impact on financial performance for the current and prior periods[37].

Altus Holdings Limited 浩德控股有限公司 於開曼群島註冊成立之有限公司 股份代號 : 8149 2026 財政年度中期報告 香港聯合交易所有限公司（「聯交所」）GEM特色 GEM之定位乃為較其他於聯交所上市的公司帶有較高投資風險的中小型公司提供一個上市市 場。有意投資者應了解投資於該等公司的潛在風險，並應經過審慎周詳考慮後方作出投資決定。 由於GEM上市公司一般為中小型公司，於GEM買賣的證券可能會較於主板買賣的證券承受較 大的市場波動風險，同時無法保證於GEM買賣的證券會有高流通量的市場。 本報告（浩德控股有限公司（「本公司」）各董事（「董事」）共同及個別對此負全責）乃遵照聯交所 GEM證券上市規則（「GEM上市規則」）的規定而提供有關本公司的資料。董事經作出一切合理 查詢後確認，就彼等所深知及確信，本報告所載資料在各重大方面均屬準確及完整，且無誤導 或欺詐成分；及並無遺漏任何其他事項致使本報告或其所載任何陳述產生誤導。 － 於二零二五年九月三十日之日圓兌港元匯率高於二零二五年三月三十一日。因此，本集 團於二零二六財政年度上半年就日本境外業務換算產生匯兌收益5,300,000港元。 － ...

Revenue and Profitability - The Group's revenue for the Period was approximately HK$217.7 million, a decrease of approximately HK$169.8 million or 43.8% compared to approximately HK$387.5 million for the Previous Period due to project delays and a downturn in the construction market [17]. - Profit for the period decreased by approximately HK$13.5 million, primarily due to a decrease in gross profit of approximately HK$21.3 million [27]. - Revenue for the six months ended September 30, 2025, was HK$217,711,000, a decrease of 43.7% compared to HK$387,480,000 for the same period in 2024 [80]. - Gross profit for the period was HK$35,875,000, down 37.5% from HK$57,190,000 in the previous year [80]. - Profit for the period was HK$11,635,000, representing a decline of 53.7% compared to HK$25,085,000 in 2024 [80]. - Total comprehensive income for the period was HK$12,215,000, down 52.3% from HK$25,673,000 in the prior year [80]. Expenses and Cost Management - Administrative and other operating expenses decreased by approximately HK$5.1 million or 18.4% to approximately HK$22.6 million for the Period, mainly due to savings from Directors' discretionary bonuses [19]. - Finance costs for the Period were approximately HK$0.6 million, a decrease of approximately 50.0% compared to approximately HK$1.2 million for the Previous Period, due to reduced bank borrowings [20]. - Employee benefit expenses totaled HK$40,977,000, down 6.1% from HK$43,645,000 in the previous year [119]. - The total employee benefit expenses for the six months ended 30 September 2025 were approximately HK$41.0 million, down from HK$43.6 million in the same period last year [48]. Financial Position and Ratios - The Group's current ratio improved to approximately 3.0 times as of 30 September 2025, up from approximately 2.4 times as of 31 March 2025 [31]. - Net current assets were approximately HK$235.2 million as of 30 September 2025, compared to approximately HK$243.4 million as of 31 March 2025 [34]. - The gearing ratio decreased to 4.2% as of 30 September 2025, down from approximately 5.0% as of 31 March 2025 [33]. - Total equity as of September 30, 2025, was HK$256,905,000, a decrease from HK$261,398,000 as of March 31, 2025 [81]. Market Conditions and Strategic Initiatives - The construction sector in Hong Kong experienced an 18.6% decrease in the Gross Value of Construction Works performed by main contractors at private sector sites compared to the same period last year [12]. - The market shows signs of potential recovery, supported by recent interest rate cuts and government initiatives to develop partnerships with the Middle East [12]. - The Group plans to adopt a prudent fiscal strategy, including resource integration and a reduction in headcount, to manage costs during the economic recovery [13]. - The Group's strategic initiatives include streamlining operations to adapt to the challenging market conditions [13]. Shareholder Information and Governance - The Group did not recommend any interim dividend for the six months ended 30 September 2025, compared to HK$4.0 cents per ordinary share in the previous year [47]. - The Company confirmed compliance with the Corporate Governance Code throughout the period, maintaining high standards of governance practices [71]. - There were no significant transactions or contracts involving Directors or controlling shareholders were reported during the period [66][70]. Segment Information - Segment revenue for Structural Engineering Works was HK$195,283,000, while revenue from Supply, Installation and Trading of Building Material Products was HK$22,428,000, totaling HK$217,711,000 for the six months ended September 30, 2025 [99]. - Segment profit for Structural Engineering Works was HK$20,987,000, and for Supply, Installation and Trading of Building Material Products it was HK$2,440,000, resulting in a total segment profit of HK$23,427,000 [99]. Cash Flow and Investments - Net cash used in operating activities for the six months ended September 30, 2025, was HK$28,465,000, compared to net cash generated of HK$16,527,000 in 2024, reflecting a negative change of HK$45,000,000 [84]. - Cash and cash equivalents at the end of the period on September 30, 2025, were HK$68,652,000, down from HK$132,701,000 at the end of September 30, 2024, a decrease of 48.3% [84]. - The company reported a net cash outflow from investing activities of HK$3,360,000 for the six months ended September 30, 2025, compared to a net inflow of HK$2,807,000 in 2024 [84]. Compliance and Legal Matters - The company has established an audit committee to ensure compliance with applicable accounting standards and adequate disclosures [73]. - There are no pending legal cases with material claims against the Group as of September 30, 2025 [152]. - No provisions have been made for the Group's obligations under guarantees, as it is unlikely that the bank will claim losses [151].

Financial Performance - For the six months ended September 30, 2025, the Group recorded unaudited consolidated revenue of HK$770.8 million, a decrease of 21.7% from HK$984.3 million for the same period last year [15]. - The unaudited consolidated loss for the Group was HK$274.6 million, compared to a net loss of HK$193.1 million for the same period in 2024 [16]. - The loss was primarily due to a loss on disposal of approximately HK$182.1 million from The Connaught hotel and a net revaluation loss of approximately HK$84.6 million on properties held by the Group and joint ventures [16]. - The operating result, excluding the aforementioned losses, was a profit of HK$15.9 million for the six months ended September 30, 2025, down from HK$23.0 million in 2024 [16]. - The basic loss per share for the six months ended September 30, 2025, was HK25.6 cents, compared to HK18.0 cents for the corresponding period last year [17]. - The Board resolved not to declare an interim dividend for the six months ended September 30, 2025, consistent with the previous year [18]. Revenue Breakdown by Division - Revenue from the Construction Division for the six months ended September 30, 2025, was HK$623.5 million, down from HK$736.2 million in the same period last year [24]. - The revenue of the Interior and Renovation Division for the six months ended September 30, 2025, was HK$65.2 million, a decrease of 49.6% compared to HK$129.4 million for the same period in 2024 [30][31]. - The Building Materials Division recorded revenue of HK$73.6 million for the six months ended September 30, 2025, down from HK$80.3 million in the same period of 2024, representing a decline of 8.4% [36][37]. - The Property Development Division reported no revenue for the six months ended September 30, 2025, consistent with the same period in 2024 [46][51]. - The Property Investment Division recorded a revenue of HK$27.3 million for the six months ended 30 September 2025, down from HK$35.6 million for the same period in 2024 [57]. - The Property Agency and Management Division's revenue increased significantly to HK$22.2 million for the period under review, compared to HK$7.4 million for the six months ended 30 September 2024 [61]. - The Health Products Division recorded a revenue of HK$6.0 million for the six months ended 30 September 2025, slightly down from HK$6.1 million for the same period in 2024 [64]. Construction and Development Projects - Major construction works completed during the period included projects at No. 57A Nga Tsin Wai Road and Hong Kong Science Park Expansion Stage 2 [26]. - A total of 222 Sale and Purchase Agreements have been signed for the property development in Haining, Zhejiang Province, with all units delivered to customers [47][51]. - The development of the residential project at So Kwun Wat, Tuen Mun, is ongoing, with design modifications being explored in response to market changes [48]. - The residential project at No. 57A Nga Tsin Wai Road, Kowloon Tong, has been completed, and the sales program was launched in October 2025 [49]. - A land exchange application for the residential project at Tong Yan San Tsuen in Yuen Long was completed in April 2021, and development is in progress [50]. Financial Position and Liquidity - The Group's total bank balances and cash were HK$327.5 million as of September 30, 2025, down from HK$477.7 million on March 31, 2025 [88]. - The current ratio decreased from 1.39 times as of March 31, 2025, to 0.96 times as of September 30, 2025 [88]. - The Group has access to bank facilities totaling HK$3,182.6 million, with HK$1,888.9 million in bank loans drawn down as of September 30, 2025 [89]. - The Group's liquidity position is expected to remain healthy, with sufficient financial resources to meet obligations and future development requirements [90]. - The Group's total bank loans amounted to HK$1,888.9 million as of September 30, 2025, compared to HK$1,931.0 million as of March 31, 2025 [94]. - The gearing ratio increased to 48.9% as of September 30, 2025, from 42.0% as of March 31, 2025 [95]. Impairment and Loans - An impairment loss of HK$217.6 million was recognized on loans to joint ventures under the expected credit loss model during the period [105]. - The recoverability of loans to joint ventures is heavily dependent on the net realizable value of properties held by the joint ventures [98]. - The independent property valuer noted a decline in asset values due to increased interest rates and a downturn in the Hong Kong property market [102]. Economic Outlook - The Hong Kong economy is gradually rebounding, supported by easing monetary policy and increased cross-border integration with the Greater Bay Area [74]. - China's real GDP grew by 4.8% year-on-year in the first three quarters of 2025, slightly below the government's target of 5% [71]. - The government plans to provide approximately 410,000 public housing units over the next 10 years, exceeding the projected demand of 308,000 units [78]. Shareholder Information - As of September 30, 2025, the total number of issued shares of the Company was 1,073,074,676 shares [129]. - The beneficial ownership of Cha Mou Daid, Johnson includes 14,155,500 shares and 539,500,961 shares held under discretionary trusts, totaling 553,656,461 shares, which represents approximately 51.59% of issued shares [128]. - Wong Sue Toa, Stewart holds 48,704,157 shares as a beneficial owner and has an additional interest of 4,270,975 shares through a controlled corporation, totaling 58,460,619 shares, which is approximately 5.44% of issued shares [128]. - As of September 30, 2025, no options have been granted under the Company's share option scheme since its adoption on August 25, 2020 [131]. Employee and Governance - The Group's staff costs for the six months ended September 30, 2025, amounted to HK$99.1 million, an increase from HK$91.2 million for the same period in 2024 [146]. - The Group had 489 employees as of September 30, 2025, down from 548 employees a year earlier [146]. - The Company has complied with all applicable code provisions of the Corporate Governance Code, except for the absence of the Chairman at the annual general meeting [147].

Financial Performance - Revenue for the six months ended September 30, 2025, was RMB 495,447 million (USD 69,595 million), representing a 3% increase compared to RMB 479,739 million in the same period of 2024[7] - Adjusted EBITDA for the same period was RMB 62,991 million (USD 8,848 million), reflecting a 36% decrease year-over-year[7] - Operating profit decreased to RMB 40,353 million (USD 5,668 million), a decline of 43% compared to the previous year[7] - Net profit attributable to ordinary shareholders was RMB 64,106 million (USD 9,005 million), down 6% year-over-year[7] - The adjusted EBITDA margin decreased from 21% to 13%[7] - The diluted earnings per share decreased to RMB 3.34 (USD 0.47), a decline of 5% compared to the previous year[7] - The company reported a significant decrease in adjusted EBITA, which contributed to the overall decline in operating profit[7] - The adjusted EBITA for the six months ended September 30, 2025, was RMB 47,917 million (USD 6,731 million), a decrease of 44% compared to RMB 85,596 million in the same period of 2024, mainly due to investments in instant retail, user experience, and technology[34] - The total comprehensive income for the six months ended September 30, 2025, was RMB 57,874 million, down from RMB 64,280 million in 2024, a decrease of approximately 9.5%[146] Revenue Breakdown - Alibaba's e-commerce business revenue for the six months ended September 30, 2025, was RMB 221,510 million (USD 31,116 million), an increase of 9% compared to RMB 202,988 million in the same period of 2024[12] - Customer management revenue grew by 10%, primarily due to an increase in the take rate[13] - Instant retail revenue reached RMB 37,690 million (USD 5,294 million), a significant increase of 37% compared to RMB 27,517 million in the same period of 2024, driven by the launch of "Taobao Flash Sale"[15] - The revenue from the cloud intelligence group was RMB 73,222 million (USD 10,285 million), representing a 30% increase from RMB 56,159 million in the same period of 2024, mainly due to growth in public cloud services[22] - International retail business revenue increased by 15% to RMB 56,463 million (USD 7,931 million) compared to RMB 49,309 million in the same period of 2024, driven by growth from AliExpress and other international operations[19] - The international wholesale business revenue grew by 12% to RMB 13,077 million (USD 1,837 million) from RMB 11,656 million in the same period of 2024, mainly due to increased revenue from value-added services related to cross-border business[20] Expenses and Costs - Operating costs for the six months ended September 30, 2025, were RMB 287,210 million (USD 40,344 million), accounting for 58.0% of revenue, down from 60.5% in the same period of 2024, primarily due to the disposal of low-margin direct operations and improved operational efficiency[27] - Product development expenses for the six months ended September 30, 2025, were RMB 32,096 million (USD 4,509 million), representing 6.5% of revenue, an increase from 5.7% in the same period of 2024, attributed to increased investment in technology development[27] - Sales and marketing expenses for the six months ended September 30, 2025, were RMB 119,674 million (USD 16,811 million), accounting for 24.2% of revenue, up from 13.6% in the same period of 2024, mainly due to investments in user experience for Alibaba's China e-commerce group[28] - General and administrative expenses for the six months ended September 30, 2025, were RMB 14,778 million (USD 2,076 million), representing 3.0% of revenue, down from 4.8% in the same period of 2024, primarily due to improved cost control measures[28] Cash Flow and Investments - Net cash flow from operating activities for the six months ended September 30, 2025, was RMB 30,771 million (USD 4,322 million), a 53% decrease from RMB 65,074 million in 2024[47] - Free cash flow for the six months ended September 30, 2025, was an outflow of RMB 40,655 million (USD 5,711 million), compared to an inflow of RMB 31,107 million in 2024[47] - The net cash flow used in investing activities for the six months ended September 30, 2025, was RMB 51,324 million (USD 7,209 million), primarily reflecting capital expenditures of RMB 70,177 million (USD 9,858 million) and an increase in short-term investments and other financial investments of RMB 11,119 million (USD 1,562 million), partially offset by net cash inflows from investment and acquisition activities of RMB 29,710 million (USD 4,173 million)[48] - The company believes its current cash levels and operating cash flow are sufficient to meet anticipated cash needs over the next 12 months[64] Debt and Financing - The company issued zero-coupon convertible bonds totaling approximately HKD 12 billion due in 2032 in July 2025[64] - In September 2025, the company issued zero-coupon unsecured senior notes totaling approximately $3.2 billion due in 2032[64] - The syndicated loan size was reduced from $4 billion to $3.17 billion after repaying $830 million in January 2025[65] - The interest rate for the revised loan agreement was lowered to SOFR plus 66 basis points, effective November 28, 2025[65] - The maturity date for the revolving credit facility was extended to September 30, 2028, with an option to further extend to September 30, 2030[65] Corporate Governance - The board of directors includes independent members with extensive experience in finance and corporate governance, such as Wu Gangping, who has served as the chairman of the audit committee since December 2022[94] - The audit committee is currently composed of Wu Gangping, Wan Ling Martello, and Shan Weijian, with Wu serving as the chairman[98] - The compensation committee is led by Yang Zhiyuan and includes Wu Gangping and Kabir Misra[99] - The nomination and corporate governance committee is chaired by Li Yunlian, with Yang Zhiyuan as a member[100] - The compliance and risk committee is chaired by Li Yunlian and includes Wu Gangping, Kabir Misra, and J. Michael Evans[102] Shareholder Information - The total number of shares outstanding is 19,088,280,284 as of September 30, 2025[110] - The CEO holds a total of 275,744,064 shares, representing 1.44% of the total shares outstanding as of September 30, 2025[106] - The company has granted unvested restricted stock units corresponding to 76,667 shares to the CEO[109] - The company repurchased a total of 73,300,000 shares on the NYSE during the reporting period, with a total cost of $1 billion[126] - The company did not recommend the distribution of an interim dividend for the reporting period[133] Strategic Initiatives - The company is focusing on sustainability initiatives, with plans to invest $JJ million in green technologies by 2025[10] - Alibaba is investing heavily in new technologies, with a budget of $DD billion allocated for R&D in AI and cloud computing[4] - The company plans to expand its market presence in Southeast Asia, targeting a growth rate of EE% in that region over the next year[5] - The launch of a new e-commerce platform is expected to contribute an additional $GG billion in revenue by the end of 2024[7]

Financial Performance - The company's revenue increased by 29.7% to HKD 508,711,000 for the six months ended June 30, 2024, compared to the same period in 2023[9]. - The group's unaudited consolidated revenue for the six months ended June 30, 2024, was approximately HKD 508,711,000, representing a 29.7% increase compared to HKD 392,086,000 for the same period last year[24]. - Gross profit for the six months ended June 30, 2024, was approximately HKD 122,597,000, with a gross profit margin of 24.1%, compared to 22.8% for the same period last year[26]. - The net profit for the six months ended June 30, 2024, was HKD 28,111,000, a decrease of 3.2% compared to HKD 29,048,000 in 2023[99]. - Basic and diluted earnings per share for the period were HKD 1.2, down from HKD 1.5 in the previous year[99]. - The total comprehensive income for the six months ended June 30, 2024, was HKD 7,268,000, compared to a loss of HKD 3,918,000 in the previous year, showing a significant turnaround[102]. - The company reported a net profit of HKD 20,303,000 for the six months ended June 30, 2024, compared to HKD 15,823,000 for the same period in 2023, representing a year-over-year increase of 28.5%[102]. Production and Resources - The total production of tin metal from the Renison underground mine was 4,778 tons in the first half of 2024, an increase of approximately 11.8% year-on-year[7]. - The confirmed, measured, and inferred resources at the Renison underground mine totaled 20,150,000 tons with a tin grade of 1.45% as of June 30, 2024[9]. - The estimated tin and copper resources as of June 30, 2024, include 26,628 thousand tons of tin at an average grade of 0.58% and 44,039 thousand tons of copper at an average grade of 0.20%[67]. - The Renison Bell mine has an estimated resource of 2,742 thousand tons of tin at a grade of 1.82%, yielding 49,931 tons of tin metal[67]. - The Renison tailings have an estimated resource of 23,886 thousand tons of tin at a grade of 0.44%, yielding 104,370 tons of tin metal[67]. Exploration and Development - The company plans to continue exploration in the Area 5, Leatherwood, and Ringrose locations to enhance resource definition and increase tin production[10]. - The company is conducting a feasibility study on the Renison tailings project to recover tin and copper over a 15-year period[10]. - The company is continuing to explore the feasibility of the Renison tailings project, which requires significant capital investment before realizing its value[75]. Financial Position - As of June 30, 2024, the group's current assets net value was approximately HKD 92,072,000, up from HKD 82,612,000 as of December 31, 2023[29]. - The group's cash and cash equivalents as of June 30, 2024, were approximately HKD 260,756,000, compared to HKD 201,253,000 as of December 31, 2023[29]. - Total assets as of June 30, 2024, were HKD 1,345,732,000, slightly down from HKD 1,350,945,000 at the end of 2023[101]. - The company's total equity attributable to owners as of June 30, 2024, was HKD 931,504,000, a slight decrease from HKD 929,304,000 at the beginning of the period[102]. Legal Matters - The ongoing litigation involves a claim of AUD 15,143,422.44 (approximately HKD 78,340,180.12) related to a breach of the sale agreement for the entire issued share capital of a subsidiary[15]. - The company and its subsidiary deny the claims and have counterclaimed against the plaintiff for various amounts, including AUD 3,244,520.24 and AUD 16,300,000, totaling approximately HKD 101,078,317.15[16]. - The court has scheduled a trial for the litigation to begin on May 6, 2024, with a pre-trial review set for March 6, 2024[19]. - The company is involved in a legal dispute regarding a claim of AUD 15,143,422 related to a sale agreement, which it denies[135]. Shareholder Information - As of June 30, 2024, the beneficial owner, Dato' Sri Dr. Goh Cheng Liang, holds 242,732,353 shares, representing 17.77% of the issued share capital[82]. - Major shareholders, including Amazing Express International Limited and others, collectively hold 340,000,000 shares, accounting for 24.89% of the issued share capital[85]. - The company has a significant concentration of ownership, with multiple entities holding 24.89% each, indicating potential influence over corporate decisions[85]. Corporate Governance - The audit committee, consisting of three independent non-executive directors, reviewed the interim results for the six months ending June 30, 2024[89]. - The company has complied with all applicable corporate governance codes as of June 30, 2024[90]. - Trading of the company's shares was suspended on September 2, 2024, due to delays in publishing interim results, with resumption contingent on fulfilling specific guidelines[91]. Stock Options and Employee Information - The new share option scheme adopted on June 16, 2021, allows for the issuance of a total of 136,600,000 shares, representing 10% of the issued shares as of the report date[43]. - The company employed approximately 352 employees as of June 30, 2024, with total employee costs amounting to approximately HKD 92,663,000 for the period[50]. - The total expense recognized for stock options granted for the six months ended June 30, 2024, is HKD 1,010,000, compared to HKD 2,352,000 for the same period in 2023[134].

2025 2025 2025 迪臣發展國際集團有限公司（「本公司」）之董事會（「董事會」）謹此宣佈本公司及其附 屬公司（統稱「本集團」）截至二零二五年九月三十日止六個月（「報告期間」）之未經審 核中期綜合業績，連同截至二零二四年九月三十日止六個月之比較數字如下： 中期簡明綜合損益表 截至二零二五年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 | | 收入 | 3 | 53,685 | 91,978 | | 銷售成本 | | (24,503) | (61,261) | | 毛利 | | 29,182 | 30,717 | | 其他收入及收益 | 3 | 10,115 | 12,907 | | 行政開支 | | (44,136) | (38,300) | | 其他經營收入╱（開支），淨額 | | 7,927 | (2,472) | | 財務費用 | 5 | (7,201) | (12,752) | | 分佔聯營公司溢利及虧損，淨額 | | (370) | (268) | | 除稅前虧損 | 4 | (4,4 ...