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。 （於開曼群島註冊成立並於百慕達存續之有限公司） （股份代號：8159） CHINA UNITED VENTURE INVESTMENT LIMITED 截至二零二五年九月三十日止六個月 中期業績公告 新華聯合投資有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本 公司及其附屬公司截至二零二五年九月三十日止六個月之中期業績。本公告列載 本公司二零二五年中期報告全文，並符合香港聯合交易所有限公司（「聯交所」） GEM證券上市規則（「GEM上市規則」）中有關中期業績初步公告附載資料之要求。 承董事會命 新華聯合投資有限公司 主席兼非執行董事 王漓峰 香港，二零二五年十一月二十八日 於本公告日期，執行董事為范小令先生；非執行董事為王漓峰先生（主席）；及獨 立非執行董事為甄嘉勝醫生（首席獨立董事）、張德安先生、盧彩霞女士及楊琛女士。 本公告的資料乃遵照GEM上市規則而刊載，旨在提供有關本公司的資料； ...

Non-executive Director CORPORATE INFORMATION 公司資料 BOARD OF DIRECTORS Executive Directors Mr. Tam Kar Wai (resigned on 17 May 2024) Mr. Cheng Man Cheong (resigned on 11 August 2023) Mr. Yeung Ka Ho (appointed on 22 May 2024 and resigned on 29 November 2024) Mr. Chu Pui Him (appointed on 29 November 2024) Mr. Leung Yin Cheuk (appointed on 29 November 2024) Mr. Hu Zhi Xiong (Chairman) (resigned on 17 May 2024) Mr. Fok Siu Keung (appointed on 22 May 2024) Independent Non-executive Directors Mr. Wong Tat Keung ( ...

Financial Performance - Revenue for the six months ended September 30, 2023, was approximately HK$176.7 million, representing an increase of approximately 54.7% compared to HK$114.2 million for the same period in 2022[20]. - Profit for the period was approximately HK$4.8 million, a significant increase of approximately 133.2% from a loss of approximately HK$14.6 million in the prior year[20]. - Earnings per share improved to approximately HK0.42 cents, compared to a loss of approximately HK(1.27) cents per share in the same period last year, reflecting an increase of approximately 133.1%[20]. - Profit before tax for the period was HK$4,833,000, compared to a loss of HK$14,571,000 in the previous year[126]. - The Group reported a loss attributable to owners of the Company of HK$4,833,000 for the six months ended 30 September 2023, compared to a loss of HK$14,571,000 in the same period of 2022, representing a 66.96% improvement[175]. - Basic loss per share improved to HK$0.42 in 2023 from HK$1.27 in 2022, indicating a reduction in loss per share by 66.93%[175]. Revenue and Income - The Group's revenue increased by approximately 54.7%, from approximately HK$114.2 million for the six months ended 30 September 2022 to approximately HK$176.7 million for the six months ended 30 September 2023[26]. - For the six months ended 30 September 2023, the Group's revenue from Chinese restaurant operations was HK$176,748,000, representing an increase of 54.8% compared to HK$114,246,000 for the same period in 2022[149]. - Other income decreased significantly by approximately 98.7%, from approximately HK$15.9 million for the six months ended 30 September 2022 to approximately HK$0.2 million for the six months ended 30 September 2023[27]. - The Group's total other income for the six months ended September 30, 2023, was HK$150,000, a decrease from HK$15,915,000 in the previous year[165]. Costs and Expenses - The cost of food and beverages increased by approximately 43.3%, from approximately HK$30.7 million for the six months ended 30 September 2022 to approximately HK$44.0 million for the six months ended 30 September 2023[32]. - Staff costs increased by approximately 28%, from approximately HK$48.8 million for the six months ended 30 September 2022 to approximately HK$62.5 million for the six months ended 30 September 2023[33]. - Total other expenses for the six months ended 30 September 2023 were HK$14,288,000, a decrease of 6.85% from HK$15,337,000 in 2022[171]. - The Group's finance costs for the six months ended September 30, 2023, totaled HK$3,767,000, an increase of 23.1% from HK$3,060,000 in the previous year[157]. Dividends and Shareholder Information - The Board does not recommend the payment of any dividend for the six months ended September 30, 2023[20]. - The board does not recommend payment of an interim dividend for the six months period ended 30 September 2023, consistent with the previous year[82]. - As of September 30, 2023, Chow Tsz Nga Georgia holds 586,500,000 shares, representing 51% of the company's total shareholding[103]. - No other person had registered an interest or short position in the shares or underlying shares of the company as of September 30, 2023[104]. Assets and Liabilities - As at 30 September 2023, the Group's cash and cash equivalents were approximately HK$91.5 million[44]. - The Group's total borrowings amounted to approximately HK$33.7 million as at 30 September 2023[45]. - The current ratio of the Group was approximately 0.7 times as at 30 September 2023[44]. - The Group's gearing ratio was approximately 113.1% as at 30 September 2023[45]. - Total assets less current liabilities as of September 30, 2023, amounted to HK$64,424,000, down from HK$85,681,000 as of March 31, 2023[128]. - Current liabilities decreased to HK$165,214,000 from HK$170,117,000 as of March 31, 2023[127]. - The Group's net current liabilities as of 30 September 2023 were approximately HK$52,189,000, with a net profit of approximately HK$4,833,000 for the period[137]. Employment and Operations - The Group had approximately 273 employees as of September 30, 2023, an increase from 224 employees as of March 31, 2023[50][54]. - The Group's operations are entirely located in Hong Kong, with all revenue from external customers and non-current assets based in the same region[153]. Capital Expenditures and Investments - Capital expenditures during the review period were primarily related to the addition and renovation of properties for new restaurants in Hong Kong and the acquisition of restaurants in Guangzhou and Shenzhen[47][51]. - The Group acquired property, plant, and equipment amounting to approximately HK$670,000 during the six months ended September 30, 2023, down from HK$1,417,000 in the same period of 2022, a decrease of 52.76%[177]. - As of September 30, 2023, the Group did not hold any significant investments[56][61]. Governance and Compliance - The audit committee has reviewed the unaudited condensed consolidated interim financial statements for the six months ended 30 September 2023[93]. - The company has complied with all code provisions of the Corporate Governance Code during the six months ended 30 September 2023[85]. - The company has not purchased, sold, or redeemed any of its listed securities during the six months ended 30 September 2023[87]. Lease and Rental Information - Lease liabilities as of 30 September 2023 amounted to HK$104,373,000, down from HK$138,593,000 as of 31 March 2023, indicating a reduction of 24.67%[185]. - Total cash outflow for leases during the six months ended 30 September 2023 was approximately HK$45,280,000, an increase from HK$36,589,000 in the same period of 2022, reflecting a year-over-year increase of about 23.3%[191]. - The Group did not enter into any rent concession arrangements during the six months ended 30 September 2023, maintaining stable lease liabilities[191]. Taxation and Government Subsidies - The Group did not recognize any provision for Hong Kong Profits Tax for the current and prior periods due to sufficient tax losses brought forward to offset estimated assessable profits[161]. - The Group reported a government subsidy of HK$209,000 for the six months ended September 30, 2023, compared to HK$4,930,000 in the same period of 2022, indicating a significant decrease[165]. - Total cash subsidy received from the Hong Kong Government under the Anti-Epidemic Fund for the six months ended 30 September 2023 was HK$209,000, a decrease of 95.77% from HK$4,930,000 in the same period of 2022[166].

香港交易及結算所有限公司以及香港聯合交易所有限公司對本公佈之內容概 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 佈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。 COASTAL GREENLAND LIMITED 沿海綠色家園有限公司* （於百慕達註冊成立之有限公司） （股份代號：1124） 截至二零二五年九月三十日止六個月之未經審核中期業績 財務摘要： 3 簡明綜合財務狀況表 沿海綠色家園有限公司*（「本公司」）董事（「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」或「本期間」）之未經審核簡明綜合中期業績，連同二零二四年同期的 未經審核比較數據。中期業績已由本公司之審核委員會（「審核委員會」）審閱 並已由董事會批准。以下財務資料乃摘錄自載於本集團將刊發之本集團二零 二五年中報內之未經審核簡明綜合財務報表。 * 僅供識別 1 • 本期間之收入約為港幣3,490萬元，較去年同期增加約20.8倍。 • 本公司擁有人應佔本期間溢利約為港幣1,670萬元，而去年同期則為虧 損約港幣3,690萬元。 ...

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，並表明不會就因本公告全部 或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 GREENTECH TECHNOLOGY INTERNATIONAL LIMITED 綠科科技國際有限公司 （於開曼群島註冊成立之有限公司） （股份代號：00195） 二零二四年中期業績公告 綠科科技國際有限公司（「本公司」）的董事（「董事」）會（「董事會」）欣然宣佈本 公司及其附屬公司截至二零二四年六月三十日止六個月之未經審核業績。本 公告載有本公司二零二四年中期報告全文，並符合香港聯合交易所有限公司 證券上市規則中有關中期業績初步公告附載資料之相關規定。 繼續暫停買賣 本公司股份（股份代號：195）因延遲刊發本集團截至二零二四年六月三十日止 六個月的中期業績而自二零二四年九月二日上午九時正起已暫停於香港聯合 交易所有限公司買賣，並將繼續停牌，直到本公司履行香港聯合交易所有限 公司對本公司施加的復牌指引（如本公司日期為二零二四年十一月二十一日 的公告所述）。 1 股東及潛在投資者於買賣本公司證券時務請審慎行 ...

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 21,694,000, an increase of 4.63% compared to HKD 20,736,000 for the same period in 2024[3] - Gross profit remained stable at HKD 11,172,000, slightly down by 0.03% from HKD 11,175,000 in the previous year[3] - The company reported a loss before tax of HKD 45,162,000, an improvement of 10.3% compared to a loss of HKD 50,356,000 in the same period last year[4] - Total comprehensive loss for the period was HKD 36,837,000, a significant reduction from HKD 48,886,000 in the previous year, reflecting a decrease of 24.7%[4] - The company reported a total revenue of approximately HKD 21,694,000 for the reporting period, an increase of 4.6% compared to approximately HKD 20,736,000 in the corresponding period[31] - The loss attributable to equity holders was approximately HKD 46,085,000, compared to approximately HKD 48,510,000 in the previous period[33] - Basic loss per share was HKD 0.0393, compared to HKD 0.0411 in the corresponding period (restated)[33] Cash and Liabilities - The company’s cash and cash equivalents were HKD 6,007,000 as of September 30, 2025, down from HKD 11,758,000 at the end of March 2025[5] - The net current liabilities amounted to HKD 497,604,000, an increase from HKD 473,870,000 as of March 31, 2025[6] - The company’s total assets less current liabilities stood at HKD 410,873,000 as of September 30, 2025, compared to HKD 449,155,000 at the end of March 2025[6] - Accounts receivable increased to HKD 2,616,000 as of September 30, 2025, from HKD 1,446,000 as of March 31, 2025[27] - Accounts payable decreased to HKD 435,977,000 as of September 30, 2025, from HKD 448,405,000 as of March 31, 2025[28] - The group's current ratio as of September 30, 2025, was 0.63, slightly down from 0.64 as of March 31, 2025[52] Project Developments - The company is in discussions with over ten potential investors regarding the restart of the Qinhuangdao project, focusing on key terms such as investment amounts and profit-sharing mechanisms[9] - The Yinchuan project has seen the completion of the last two residential buildings, with a rental rate of 89.2% for the commercial section, making it one of the largest curtain retail centers in Northwest China[10] - The company pre-sold 23 residential apartments and 63 parking spaces during the reporting period[10] - The Qinhuangdao Venice Water City Outlet project covers approximately 1,077 acres and is planned to be developed in three phases, with Phase 1 having a total land area of about 163,227 square meters[38] - The Ningxia project, known as "Jinsheng European City," includes a total land area of approximately 133,300 square meters for residential and commercial complexes[39] - The "Jinsheng Yuejing" residential community project spans about 120 acres and consists of 20 mid-to-high-rise buildings, with the second phase completed and started delivery during the reporting period[40][41] - The commercial project in Yinchuan, "Jinsheng International Home • Sheng Plaza," has a total construction area of over 90,000 square meters and achieved an occupancy rate of approximately 89.2% as of September 30, 2025[42] Revenue Streams - The group reported property sales revenue of HKD 5,181,000 for the six months ended September 30, 2025, compared to HKD 949,000 for the same period in 2024, representing a significant increase[20] - Total customer contract revenue increased to HKD 18,256,000 in 2025 from HKD 16,544,000 in 2024, reflecting a growth of about 10.3%[20] - Management fee income decreased to HKD 11,670,000 in the six months ended September 30, 2025, from HKD 14,583,000 in 2024, a decline of approximately 20%[20] - Rental income decreased by 18.0% to approximately HKD 3,438,000 from approximately HKD 4,192,000 in the previous period[31] - Property sales revenue for the reporting period was approximately HKD 5,181,000, a significant increase of 445.9% from approximately HKD 949,000 in the previous period due to increased property deliveries after construction completion[31] Financing and Investment - Financing costs for the six months ended September 30, 2025, totaled HKD 19,285,000, an increase from HKD 16,463,000 in 2024, marking an increase of approximately 11%[21] - The group continues to explore various financing options with multiple financial institutions, including discussions with Huaxia Bank[13] - The group has signed a new loan agreement for an unsecured revolving loan of HKD 2,000,000,000 at an interest rate of 5%, effective January 2026[12] - The group has identified over five potential investment opportunities in China and Southeast Asia as of September 30, 2025, although no binding agreements have been established[14] - The group is actively seeking to expand its property management business but has not yet reached any agreements with potential targets[11] Market Conditions and Strategy - The company has faced significant challenges in the Chinese real estate market due to oversupply and declining buyer confidence, leading to high financial costs and low return rates[59] - The central government has introduced stimulus policies to improve market conditions, although progress remains slow[59] - The company plans to strengthen collaborations with financial institutions, government departments, and other industry players to revitalize its projects[59] - The company is actively exploring opportunities outside of China, particularly in Southeast Asia, which has high growth potential and a young population[59] Corporate Governance - The board of directors has not recommended any interim dividend for the reporting period[60] - The company has adhered to the corporate governance code, with a noted exception regarding the separation of the roles of chairman and CEO, which are currently held by the same individual[61] - The board is committed to maintaining high standards of internal control to ensure operational effectiveness and compliance with legal regulations[62] - The audit committee has reviewed the group's financial performance and discussed risk management and internal controls[65] - The mid-term report will be published on the company's website and the Hong Kong Stock Exchange at an appropriate time[66]

Financial Performance - For the six months ended September 30, 2025, the company reported revenue of HKD 487,143 thousand, a decrease of 71.3% compared to HKD 169,763 thousand in the same period last year[3]. - The gross profit for the same period was HKD 52,077 thousand, representing a gross margin of approximately 10.7%[3]. - Operating profit decreased to HKD 6,105 thousand, down 36.4% from HKD 9,564 thousand in the previous year[3]. - The net profit attributable to the company's owners was HKD 680 thousand, a decline of 40.4% compared to HKD 1,143 thousand in the prior year[3]. - Basic earnings per share for the period was HKD 0.88, down from HKD 1.45 in the same period last year[3]. - The company recorded a profit of HKD 1,143,000 for the six months ended September 30, 2025, compared to a profit of HKD 2,709,000 for the same period in the previous year, representing a decrease of about 58%[8]. - The total comprehensive income for the period was HKD 3,877,000, down from HKD 3,852,000 in the previous period, showing a slight increase of 0.65%[8]. - The profit attributable to the company's owners for the six months ended September 30, 2025, was HKD 680,000, while for the same period in 2024, it was HKD 1,143,000, representing a decrease of approximately 40.5%[31]. - Basic earnings per share for the six months ended September 30, 2025, was HKD 0.88, compared to HKD 1.45 for the same period in 2024, reflecting a decline of about 39.3%[31]. Assets and Liabilities - Total assets as of September 30, 2025, amounted to HKD 734,061 thousand, an increase from HKD 559,694 thousand as of March 31, 2025[7]. - The company's total liabilities increased to HKD 523,028 thousand from HKD 361,560 thousand in the previous period[7]. - The company reported a total equity of HKD 211,033 thousand, up from HKD 198,134 thousand[6]. - The company reported a total equity of HKD 279,110,000 as of September 30, 2025, reflecting a decrease from HKD 282,974,000 as of March 31, 2025, indicating a decline of approximately 1%[8]. - The company’s accumulated losses amounted to HKD 368,148,000 as of September 30, 2025, compared to HKD 369,291,000 as of March 31, 2025, indicating a reduction in losses by approximately 0.3%[8]. - The company’s total liabilities decreased to HKD 449,564,000 as of September 30, 2025, from HKD 445,385,000 as of March 31, 2025, indicating a slight increase in liabilities by about 0.5%[9]. - The company’s share capital remained unchanged at HKD 7,742,000 as of September 30, 2025[9]. Revenue Breakdown - Total revenue for the six months ended September 30, 2025, was HKD 87,143,000, a decrease of 48.7% compared to HKD 169,763,000 for the same period in 2024[15]. - Revenue from customer contracts amounted to HKD 83,717,000, down 50.4% from HKD 168,714,000 year-over-year[16]. - The revenue breakdown from customer contracts included sales of goods at HKD 43,498,000, a decline of 64.9% from HKD 123,862,000 in the previous year[16]. - The financial services segment generated HKD 26,536,000 in revenue, representing a significant increase compared to HKD 1,741,000 in the prior year[19]. - The company recognized revenue at a point in time for HKD 82,423,000 and over time for HKD 1,294,000[16]. Operational Segments - The group has identified four operational segments: Computer and Electronic Products Trading, Food Trading, Financial Services, and Family Office Services[17]. - The revenue from the computer and electronic products trading segment was approximately HKD 2,800,000, accounting for about 3.3% of the group's total revenue[49]. - The food trading segment's revenue increased to approximately HKD 40,700,000, representing about 46.7% of the group's total revenue, with a significant rise in gross profit from HKD 2,300,000 to HKD 8,300,000, resulting in a gross margin increase of approximately 13.7%[57]. - The financial services sector is experiencing internal optimization and upgrades due to ongoing global economic uncertainties, geopolitical adjustments, and fluctuating interest rates, reinforcing Hong Kong's position as an international financial hub[60]. Cash Flow and Investments - Cash and cash equivalents rose significantly to HKD 102,345 thousand from HKD 21,898 thousand[6]. - The total amount of cash deposits, prepayments, and other receivables as of September 30, 2025, was HKD 28,674,000, compared to HKD 13,031,000 as of March 31, 2025, indicating a substantial increase[38]. - The company acquired property, plant, and equipment amounting to approximately HKD 4,108,000 during the period, an increase from HKD 2,102,000 in the same period last year[34]. - The net amount of loans receivable as of September 30, 2025, was HKD 84,400,000, a significant increase from HKD 38,736,000 as of March 31, 2025[36]. Market Expansion and Strategy - The company has plans for market expansion and new product development, although specific details were not disclosed in the earnings call[2]. - The company established Shanghai Henry Technology Co., Ltd. to expand its electronic trading business in mainland China[46]. - The electronic trading business aims to cover the Yangtze River Delta economic zone and broader inland markets, enhancing cross-border operations with existing Hong Kong business[48]. - The group plans to strengthen long-term relationships with suppliers and customers through better negotiation terms and cost control measures[49]. - The food trading segment aims to expand its product offerings by obtaining certifications from the Marine Stewardship Council (MSC) and the Aquaculture Stewardship Council (ASC) to ensure sustainable sourcing[57]. Compliance and Governance - The Audit Committee has been established to review and supervise the group's financial reporting, risk management, and internal control procedures[167]. - The Audit Committee consists of three independent non-executive directors, including Mr. Lu Kang Cheng as the chairman[167]. - The company has engaged external auditors to review the provisioning methods used for expected credit losses[78]. - The board has not been made aware of any contingent liabilities during the due diligence period[79]. Future Outlook - The group is adjusting its product portfolio and optimizing its supply chain to enhance long-term competitiveness by 2025[51]. - The family office services market in Hong Kong is transitioning to stable growth and deeper integration, reflecting a mature market characteristic[113]. - The family office services team intends to capture emerging market opportunities to provide comprehensive and forward-looking services for family clients[124].

Economic Overview - Hong Kong's real GDP increased by 3.1% year-on-year in the second quarter of 2025, indicating economic recovery post-COVID-19[18]. - The construction industry remains a vital pillar of Hong Kong's economy, with the government emphasizing housing and land supply as top priorities[22]. - The construction industry is expected to have ample room for growth in the upcoming years due to the introduction of the Enhanced Supplementary Labour Scheme, which has approved tens of thousands of quotas for importing workers[19]. Financial Performance - The Group's revenue from continuing operations decreased by approximately HK$215.8 million or 72.2% to approximately HK$83.0 million for the Reporting Period[26]. - The overall gross profit decreased from approximately HK$13.5 million for the six months ended 30 September 2024 to a gross loss of approximately HK$10.9 million for the Reporting Period, representing a decrease of approximately 180.7%[28]. - The Group recorded a loss attributable to owners of the Company from continuing operations of approximately HK$24.9 million for the Reporting Period, compared to a loss of approximately HK$4.8 million for the six months ended 30 September 2024[36]. - The company reported a loss before income tax of HK$24,871,000 for the period, compared to a loss of HK$3,507,000 in 2024[76]. - The total comprehensive loss for the period was HK$24,871,000, compared to HK$4,828,000 in the same period last year[76]. - The company reported a loss attributable to owners of the Company of HK$24,854,000 for the six months ended 30 September 2025, compared to a loss of HK$4,828,000 for the same period in 2024, representing an increase in loss of approximately 415%[79]. Revenue Breakdown - For the six months ended September 30, 2025, the company's revenue was HK$83,014,000, a decrease of 72.2% compared to HK$298,860,000 for the same period in 2024[76]. - Revenue from residential construction services dropped significantly to HK$2,546,000 from HK$135,497,000, while non-residential services decreased to HK$80,468,000 from HK$163,363,000[125]. - Major customer A contributed HK$80,462,000 to the revenue, down from HK$134,697,000 in the previous year, while customers B and C contributed less than 10% of the Group's revenue[116]. Cash Flow and Liquidity - As of September 30, 2025, the Group had total cash and cash equivalents of approximately HK$20.6 million, down from approximately HK$33.9 million as of March 31, 2025[44]. - The current ratio increased to approximately 4.7 times as of September 30, 2025, from approximately 4.3 times as of March 31, 2025, primarily due to a decrease in accrued staff costs[47]. - The Group maintained a conservative treasury policy, ensuring a healthy liquidity position throughout the reporting period[49]. Share Capital and Financing - The total number of issued shares increased from 1,200,000,000 to 1,400,000,000 following the successful placing of new shares on September 26, 2025[48]. - The net proceeds from the placing of new shares on August 30, 2024, amounted to approximately HK$35.6 million, which have been fully utilized as per the proposed applications[41]. - A placing agreement was entered into for up to 200,000,000 new ordinary shares at a price of HK$0.063 per share, with estimated net proceeds of approximately HK$12.1 million intended for general working capital[42]. Expenses and Cost Management - Administrative expenses increased from approximately HK$16.3 million to approximately HK$17.9 million, representing an increase of approximately 9.8%[33]. - Finance costs decreased from approximately HK$801,000 to approximately HK$143,000, representing a decrease of approximately 82.1%[34]. - Employee benefit expenses (excluding directors' remuneration) decreased to HK$22,981,000 in 2025 from HK$89,410,000 in 2024, a decline of 74.3%[137]. Assets and Liabilities - Total non-current assets decreased to HK$27,072,000 as of 30 September 2025, down from HK$30,294,000 as of 31 March 2025, reflecting a decline of approximately 10%[80]. - Current assets totaled HK$248,171,000 as of 30 September 2025, a decrease from HK$268,319,000 as of 31 March 2025, indicating a reduction of about 7.5%[80]. - Total current liabilities decreased to HK$53,122,000 as of 30 September 2025, down from HK$62,155,000 as of 31 March 2025, representing a decline of approximately 14.5%[80]. Corporate Governance - The Board resolved not to recommend the declaration of an interim dividend for the reporting period[58]. - The company will hold an extraordinary general meeting on December 12, 2025, to consider the appointment of a new auditor and the implementation of a share consolidation[68]. - The share consolidation will involve consolidating every five existing shares into one consolidated share, changing the par value from HK$0.01 to HK$0.05[68].

Financial Performance - For the six months ended September 30, 2025, NIU Holdings Limited reported revenue of HKD 47,622,000, a decrease of 20% compared to HKD 59,455,000 for the same period in 2024[9] - Gross profit for the same period was HKD 13,637,000, significantly up from HKD 4,516,000 in 2024, indicating a gross margin improvement[9] - The company achieved a profit before tax of HKD 12,366,000, down from HKD 19,292,000 in the previous year, reflecting a decrease of approximately 36%[9] - Net profit for the period was HKD 11,988,000, compared to HKD 19,247,000 in 2024, representing a decline of about 38%[9] - Basic and diluted earnings per share decreased to HKD 8.8 from HKD 14.4, a drop of approximately 39% year-over-year[9] - The total comprehensive income for the six months ended September 30, 2025, was HKD 11,988,000, reflecting a decrease from the previous period's comprehensive income[12] - The group recorded a profit of approximately HKD 12.0 million for the six months ended September 30, 2025, compared to a profit of approximately HKD 19.2 million for the same period in 2024[45] Assets and Equity - Total assets as of September 30, 2025, were HKD 221,696,000, an increase from HKD 205,090,000 as of March 31, 2025[10] - The company's cash and cash equivalents rose to HKD 27,726,000 from HKD 16,358,000, reflecting a significant increase in liquidity[10] - Non-current assets increased to HKD 136,312,000 from HKD 112,230,000, indicating growth in long-term investments[10] - NIU Holdings Limited's total equity increased to HKD 211,733,000 from HKD 197,320,000, indicating a strengthening balance sheet[10] - The total equity attributable to owners as of September 30, 2025, was HKD 211,733,000, an increase from HKD 153,043,000 as of September 30, 2024[11] Cash Flow - The net cash generated from operating activities for the six months ended September 30, 2025, was HKD 11,851,000, compared to a net cash used of HKD 28,126,000 in 2024[12] - The financing activities generated a net cash inflow of HKD 5,725,000 for the six months ended September 30, 2025, compared to HKD 15,318,000 in 2024[12] Revenue and Costs - The company's revenue from customer contracts for the six months ended September 30, 2025, was HKD 47,622,000, a decrease of 20% from HKD 59,455,000 in the same period of 2024[17] - The company's revenue decreased by approximately HKD 11.9 million or about 20.0% to approximately HKD 47.6 million for the six months ended September 30, 2025, primarily due to a reduction in the number of projects, impacting structural and geotechnical engineering consulting services for new property construction and renovation/maintenance[35] - Service costs decreased from approximately HKD 54.9 million to approximately HKD 34.0 million, a reduction of HKD 20.9 million or about 38.1%[38] - Employee costs for the six months ended September 30, 2025, totaled HKD 38,631,000, down from HKD 48,241,000 in the same period of 2024, indicating a reduction of approximately 20%[20] - General and administrative expenses decreased from approximately HKD 21.7 million to approximately HKD 19.0 million, a reduction of about HKD 2.6 million or 12.1%[42] Shareholder Information - The company completed a share consolidation on June 9, 2025, reducing the total number of issued shares from 1,445,450,000 to 144,545,000[33] - As of September 30, 2025, the company had 144,545,000 shares issued, with Mr. Yuan Zhiping holding 21,823,600 shares, representing 15.10% of the total issued share capital[56] - No other directors or key executives held any shares or related securities that required disclosure as of September 30, 2025[57] Corporate Governance - The audit committee, consisting of two independent non-executive directors, reviewed and approved the unaudited condensed consolidated financial statements for the six months ending September 30, 2025[68] - The company has complied with the applicable corporate governance code provisions, except for certain deviations noted in the report[61] - The board will continue to review corporate governance practices to meet increasing regulatory requirements and stakeholder expectations[62] Tax and Dividends - The income tax expense for the six months ended September 30, 2025, was HKD 378,000, compared to HKD 45,000 in 2024[21] - The company did not recommend the payment of an interim dividend for the six months ended September 30, 2025, consistent with the previous period[26] - The group has no tax provisions for corporate income tax in China and Macau due to estimated tax losses for the six months ended September 30, 2025[23][24] Employment and Operations - The group employed a total of 159 employees as of September 30, 2025, down from 172 employees a year earlier, with employee costs amounting to approximately HKD 38.6 million[55] - The company operates primarily in Hong Kong, with almost all external revenue generated from services provided within the region[19]

Financial Performance - For the six months ended September 30, 2025, the company reported revenue of HKD 20,343,000, an increase of 19.5% compared to HKD 16,980,000 for the same period in 2024[4] - The gross profit for the same period was HKD 2,137,000, down 22.2% from HKD 2,746,000 in 2024[4] - The company incurred a loss from continuing operations of HKD 23,089,000, compared to a loss of HKD 25,304,000 in the previous year, representing a 8.8% improvement[4] - The total comprehensive loss for the period was HKD 29,624,000, compared to HKD 21,243,000 in 2024, indicating a decline of 39.5%[4] - The company reported a net loss attributable to shareholders of HKD 22,798,000, compared to HKD 24,573,000 in 2024, a reduction of 7.2%[5] - The group recorded a net loss of HKD 23,250,000 for the six months ended September 30, 2025[10] - The total comprehensive loss before tax for the six months ended September 30, 2025, was HKD 23,049,000, slightly improved from a loss of HKD 25,129,000 in the same period of 2024[22] - The company reported a loss of HKD 161,000 from discontinued operations for the six months ending September 30, 2025, compared to a profit of HKD 459,000 in the previous year[42] Assets and Liabilities - The company's total assets decreased to HKD 100,348,000 from HKD 123,240,000, a decline of 18.5%[6] - Current liabilities rose significantly to HKD 226,408,000 from HKD 199,510,000, an increase of 13.5%[7] - Current liabilities exceeded current assets by HKD 126,060,000 as of September 30, 2025[10] - The group’s total liabilities exceeded total assets by HKD 94.32 million, indicating financial distress[54] - The company’s total non-current assets, excluding financial instruments and deferred tax assets, were HKD 24,091,000 as of September 30, 2025, compared to HKD 107,580,000 as of March 31, 2025[24] - As of September 30, 2025, the group's current assets were approximately HKD 100.3 million, significantly up from HKD 26.3 million as of March 31, 2025, while current liabilities increased to HKD 226.4 million from HKD 199.5 million[64] Cash Flow and Liquidity - The company's cash and cash equivalents increased to HKD 11,919,000 from HKD 10,701,000, reflecting a growth of 11.4%[6] - The group has implemented several plans to improve liquidity and financial condition, ensuring sufficient working capital to meet financial obligations[12] - A loan agreement was established with Ms. Chuang Shun-er for a principal amount of HKD 80,000,000, with an unused credit line of HKD 75,000,000 as of September 30, 2025[13] - The group completed the sale of a 70% economic interest in Shenyang Golden Ant E-commerce Co., Ltd. for a total consideration of HKD 27,500,000, enhancing liquidity[13] - The group repaid HKD 5 million of loans from the ultimate holding company ahead of schedule on October 24, 2025[49] Revenue Segmentation - The group operates in two segments: Dairy Products Business and Service Business, with revenue primarily from milk powder and logistics services[19] - Revenue from dairy products for the six months ended September 30, 2025, was HKD 6,217,000, a decrease from HKD 6,694,000 in the same period of 2024, representing a decline of approximately 7.1%[21] - Revenue from service operations for the six months ended September 30, 2025, was HKD 14,126,000, an increase from HKD 10,286,000 in the same period of 2024, representing a growth of approximately 37.5%[21] - For the six months ended September 30, 2025, the service segment generated revenue of approximately HKD 14.1 million, up from HKD 10.3 million in 2024, with adjusted EBITDA of HKD 7.9 million compared to HKD 0.8 million in 2024[61] Employee and Operational Costs - The company’s employee benefits expenses, including director remuneration, increased to HKD 8,817,000 for the six months ended September 30, 2025, compared to HKD 8,395,000 in the same period of 2024[29] - Total employee costs for the six months ended September 30, 2025, were approximately HKD 8.8 million, compared to HKD 8.4 million for the same period in 2024[92] - As of September 30, 2025, the group had 35 employees, down from 104 employees as of March 31, 2025[92] Strategic Initiatives and Market Position - The group has not disclosed any new product developments or market expansion strategies in the current report[3] - The group is taking a more cautious approach to manage project progress and related costs to improve profitability and cash flow[13] - The group has entered into an exclusive distribution agreement with a New Zealand supplier to distribute certain adult formula products in China and Hong Kong, which is anticipated to positively contribute to future sales[93] - The group has been impacted by increasing competition in the Chinese infant formula market, prompting a strategic shift towards adult formula products[93] - The company plans to launch its own cleaning services business in September 2025, aiming to enter the integrated facilities management sector[95] Legal and Compliance Matters - The group is subject to arbitration regarding unpaid debts amounting to approximately AUD 3.7 million for Veles Trade and AUD 23.0 million for Alice Trade[86] - The group has initiated legal proceedings to recover long-term outstanding trade receivables starting from October 2025[69] - The group is seeking legal advice to address issues arising from the arbitration and to protect its interests[91] - The group expressed regret over the arbitration ruling from the Australia International Commercial Arbitration Centre on April 28, 2025, which negatively impacted its business reputation[93] Corporate Governance - The board did not recommend an interim dividend for the six months ending September 30, 2025, consistent with the previous year[102] - The company has complied with corporate governance codes, addressing board diversity following the resignation of a director[98] - The audit committee reviewed the accounting principles and interim financial reports for the six months ending September 30, 2025[100]