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，概不對因本公告全部或任何部份內容 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 China Kepei Education Group Limited 中 國 科 培 教 育 集 團 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：1890） 1.截至2025年8月31日止年度 之年度業績公告； 2.聯席公司秘書辭任； 及 3.授權代表變更 年度業績摘要 | | 截至8月31日止年度 | | | | | --- | --- | --- | --- | --- | | | 2025年 | 2024年 | 變動 | 變動百分比 | | | 人民幣千元 | 人民幣千元 | 人民幣千元 | (%) | | 收益 | 1,872,180 | 1,692,842 | +179,338 | +10.6 | | 年內溢利 | 748,445 | 827,791 | -79,346 | -9.6 | | 核心純利** | 761,871 | 830,014 ...

Financial Performance - The group recorded a consolidated gross profit margin of approximately 74.0%, a notable improvement compared to the previous period [6]. - Total revenue from continuing operations was HKD 63,758,000, a decrease from HKD 124,844,000 in the same period last year [9]. - The company reported a total comprehensive income of HKD 25,311,000 for the six months ended September 30, 2025, compared to a loss of HKD 17,817,000 in the previous year [10]. - The company reported a net loss of HKD 38,260,000 for the six months ended September 30, 2025, compared to a net profit of HKD 6,806,000 for the same period in 2024, indicating a significant decline in performance [15]. - The total comprehensive income for the period ended September 30, 2025, was HKD 27,349,000, compared to a total comprehensive loss of HKD 13,704,000 for the previous period, showing a turnaround in overall financial performance [15]. - The group recorded a loss from continuing operations of approximately HKD 19,800,000 for the six months ended September 30, 2025, compared to a profit of approximately HKD 22,000,000 in 2024 [110]. Revenue Breakdown - The lending business generated stable revenue of approximately HKD 27,500,000 during the period, reflecting ongoing demand in a competitive market [5]. - Securities and asset management segment revenue for the six months ended September 30, 2025, was approximately HKD 15,700,000 and HKD 400,000, respectively, compared to approximately HKD 10,000,000 and HKD 2,900,000 in 2024, indicating a significant increase in securities revenue by approximately HKD 5,700,000 [89]. - Revenue from the insurance brokerage business was approximately HKD 11,700,000 for the six months ended September 30, 2025, compared to approximately HKD 52,300,000 in 2024, reflecting a significant decline [92]. - Interest income from lending services increased to HKD 27,539,000 for the six months ended September 30, 2025, up from HKD 13,464,000 in 2024 [36]. - The total revenue from asset management services for the six months ended September 30, 2025, was HKD 350,000, down from HKD 2,947,000 in 2024 [35]. Operational Changes - The group has terminated operations in the fur segment and the trading segment due to the sale of Trade Region Limited and Jingji Financial Limited, respectively [27]. - The group aims to redirect financial and management resources towards strengthening and expanding its financial services platform following the sale of the fur business, aligning with global trends in sustainability and responsible investment [94]. - The group is exploring strategic collaboration opportunities in finance, environmental, social, governance, and technology sectors to create long-term value and support sustainable growth [94]. - The group continues to provide asset management services, securities brokerage, insurance brokerage, and lending services as part of its ongoing operations [28]. Asset and Liability Management - Non-current assets totaled HKD 410,169,000 as of September 30, 2025, a decrease from HKD 240,695,000 as of March 31, 2025 [13]. - Current assets amounted to HKD 789,903,000, down from HKD 944,644,000 in the previous reporting period [13]. - Current liabilities increased to HKD 293,652,000 from HKD 273,059,000, indicating a rise in short-term financial obligations [14]. - The company's total equity was HKD 879,919,000 as of September 30, 2025, compared to HKD 924,879,000 at the end of the previous reporting period [14]. - The company’s total liabilities decreased from HKD 202,831,000 as of March 31, 2025, to HKD 195,840,000 as of September 30, 2025, a reduction of approximately 3.9% [69]. Strategic Investments and Acquisitions - The company is in the process of acquiring 80% equity interest in Jakota Capital AG for a maximum consideration of HKD 103 million, with the issuance of up to 705,479,452 new shares as payment [84]. - The company has extended the deadline for the completion of the acquisition of Jakota Capital AG from September 30, 2025, to December 31, 2025 [85]. - The group sold its entire equity interest in Trade Region Limited for HKD 10 million, with a net cash inflow of HKD 9.261 million after accounting for cash and cash equivalents sold [80][81]. Financial Health Indicators - The company’s accumulated losses as of September 30, 2025, stood at HKD 2,260,822,000, reflecting ongoing challenges in profitability [15]. - The company’s debt-to-asset ratio was 3.7%, down from 6.1% on March 31, 2025 [119]. - The company ensures that all licensed subsidiaries maintain sufficient liquidity to support business operations and meet potential increases in cash flow requirements [120]. - The company has no assets pledged as collateral as of September 30, 2025 [122]. Employee and Governance - As of September 30, 2025, the group employed 55 full-time employees, a decrease from 65 employees as of March 31, 2025 [137]. - The company has adopted a standard code of conduct for directors regarding securities trading, with no known violations during the reporting period [136]. - The audit committee consists of three independent non-executive directors, including the chairperson, Ms. Mai Runzhu, and has reviewed the financial reports and internal controls [142].

Financial Performance - For the six months ended September 30, 2025, the group recorded unaudited revenue of approximately HKD 19,300,000, an increase of about HKD 7,700,000 or 66.4% compared to HKD 11,600,000 for the same period in 2024[15] - The group reported an unaudited loss attributable to owners of the company of approximately HKD 1,000,000, a significant improvement from a loss of HKD 6,400,000 for the same period in 2024[15] - Basic and diluted loss per share attributable to owners of the company was HKD 0.04, compared to HKD 0.24 for the same period in 2024[15] - The group achieved a gross profit of HKD 5,882,000 for the six months ended September 30, 2025, compared to HKD 8,128,000 in the same period of 2024[16] - Operating profit for the period was HKD 184,000, a recovery from an operating loss of HKD 5,089,000 in the previous year[16] - The group incurred total comprehensive expenses of HKD 1,109,000 for the period, improving from HKD 5,253,000 in the same period of 2024[18] - The group’s administrative expenses decreased to HKD 3,537,000 from HKD 5,351,000 in the previous year, indicating improved cost management[16] - The financial costs for the period were HKD 78,000, down from HKD 191,000 in the previous year, reflecting better financial management[16] - The company reported a pre-tax loss of HKD 1,003,000 for the six months ended September 30, 2025, compared to a loss of HKD 6,398,000 for the same period in 2024, showing a reduction in losses[46] Cash Flow and Liquidity - Cash and cash equivalents increased to HKD 8,985,000 from HKD 300,000 at the end of the previous reporting period[26] - The company recorded a net cash inflow from financing activities of HKD 8,568,000, compared to a net outflow of HKD 9,051,000 in the previous year[26] - The company’s cash flow from operating activities was HKD 135,000, down from HKD 596,000 in the previous year[26] - The company has secured a loan of RMB 8,000,000 (approximately HKD 8,576,000) from a related party, which will not require repayment within the next twelve months, enhancing liquidity[33] - The board believes that the company has sufficient working capital to meet its operational needs and financial obligations for the forecast period, despite uncertainties regarding future outcomes[32] Assets and Liabilities - Current liabilities exceeded total assets by approximately HKD 15,028,000 on the same date[29] - Total assets less current liabilities stood at HKD (15,028,000) as of September 30, 2025[29] - The company’s total liabilities amounted to HKD 53,454,000, up from HKD 30,341,000 in the previous period[22] - The company’s equity attributable to owners decreased to HKD (13,950,000) from HKD (12,998,000)[22] - Accounts receivable increased significantly to HKD 28,684,000 from HKD 15,288,000[22] - Accounts payable increased significantly to HKD 14,633,000 as of September 30, 2025, from HKD 2,782,000 as of March 31, 2025[56] - Bank borrowings amounted to HKD 4,293,000 as of September 30, 2025, down from HKD 4,730,000 as of March 31, 2025[57] Operational Focus and Strategy - The company’s operational focus remains on the food and beverage business in Hong Kong and China, with ongoing efforts to control administrative costs and improve cash flow[34] - The group aims to solidify its position as a leading supplier in the food and beverage distribution sector in China and expand its restaurant and related business operations[70] - The group plans to continue monitoring market trends and seek opportunities to improve financial performance while maintaining a conservative outlook on profitability for the coming months[70] Corporate Governance and Compliance - The board emphasizes high standards of corporate governance to maintain transparency and protect shareholder interests[112] - The audit committee, consisting of three independent non-executive directors, has reviewed the interim financial statements for the six months ending September 30, 2025[126] Employee and Operational Costs - Employee costs decreased by approximately 82.4% to about HKD 1.8 million for the six months ending September 30, 2025, from approximately HKD 10.2 million for the same period in 2024, with the number of employees reduced from 44 to 17[77] - The group's property rental and related expenses decreased by approximately 85.7% to about HKD 300,000 for the six months ending September 30, 2025, due to the closure of all restaurants in Hong Kong[79] - Administrative expenses decreased by approximately 35.2% from HKD 5,400,000 to HKD 3,500,000 for the six months ending September 30, 2025, primarily due to reductions in cleaning, legal, and maintenance costs[83] Risks and Challenges - Major risks include reliance on human resources in China and potential increases in wage levels affecting future employee costs[113] - The group relies on the reliable supply of food ingredients and alcoholic beverages, with potential price fluctuations impacting costs[113] - For the six months ending September 30, 2025, all revenues were derived from the sales and distribution of food and beverages in China, which may experience seasonal and cyclical fluctuations[110] Shareholder Information - As of September 30, 2025, the ownership stakes of directors and key executives include 1,730,560,000 shares (65.46%) held by Mr. Zhou Feng through Tian Shield Investment Limited[119] - As of September 30, 2025, Tian Dun Investment Limited holds 1,730,560,000 shares, representing 65.46% of the company's equity[122] - The stock option plan adopted on July 21, 2016, allows for the issuance of 60,000,000 shares at an exercise price of HKD 0.163 per share, with no options granted or exercised as of the report date[123] - There are currently 140,000,000 stock options available for grant under the stock option plan, accounting for approximately 5.3% of the total issued shares as of the report date[123] Acquisitions and Investments - The company signed a share transfer agreement to acquire a 52% stake in Guizhou Yijinzhe Liquor Industry Co., Ltd. for a nominal consideration of RMB 1 from three independent third parties[64] - The group completed the acquisition of a 55% stake in Nanjing Zerui Longxiang Supply Chain Management Co., Ltd. on September 24, 2025, to enhance its sales and distribution capabilities[69] - The group entered into an equity transfer agreement to acquire a 52% stake in Xishuangbanna Menghai Longpu Tianxia Tea Industry Co., Ltd. for a nominal price of RMB 1, aiming to strengthen its position in the food and beverage sector[70] Taxation - The company’s tax expense for the six months ended September 30, 2025, included a current tax charge of HKD 1,266,000, reflecting the applicable corporate tax rates in China[44] - Income tax expense for the six months ending September 30, 2025, was approximately HKD 1,300,000, attributed to increased taxable profits from the sale and distribution of food and beverages in China[84]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | 截至九月三十日止六個月 | | | --- | --- | --- | --- | | | | 二零二五年 | 二零二四年 | | | | 未經審核 | 未經審核 | | | 附註 | 港幣千元 | 港幣千元 | | 收入 | 3 | 85,811 | 99,481 | | 銷售成本 | | (76,760) | (84,203) | | 毛利 | | 9,051 | 15,278 | | 其他收入及收益，淨額 | 3 | 1,220 | 1,578 | | 銷售及分銷費用 | | (8,126) | (13,719) | | 行政開支 | | (12,299) | (14,119) | | 融資成本 | 4 | (612) | (952) | | 應佔聯營公司溢利及虧損 | | 3,884 | 6,043 | | 除稅前虧損 | 5 | (6,882) | (5,891) | | 所得稅開 ...

Financial Performance - For the six months ended September 30, 2025, Lumina Group Limited reported revenue of HKD 27,245,000, a significant increase of 91.6% compared to HKD 14,243,000 for the same period in 2024[8] - The gross profit for the same period was HKD 6,739,000, up from HKD 1,960,000, reflecting a gross margin improvement[8] - The company recorded a net loss of HKD 1,940,000, a reduction in loss compared to HKD 7,790,000 in the prior year[8] - Basic loss per share improved to HKD 0.29 from HKD 0.43 year-over-year[9] - The company incurred a loss of HKD 1,756,000 during the period, which is an improvement from a loss of HKD 2,555,000 in the same period last year[11] - The company reported a pre-tax loss of HKD 1,940,000 for the six months ended September 30, 2025, a decrease from a loss of HKD 7,790,000 in the same period of 2024[29] - The company’s loss attributable to owners was approximately HKD 1.8 million, a decrease of about 31.3% compared to a loss of HKD 2.6 million for the six months ended September 30, 2024[53] Revenue and Growth - Revenue from fire safety system installations reached HKD 23,483,000, a substantial increase from HKD 10,168,000 in the previous year, reflecting a growth of approximately 131.5%[20] - The total revenue for the six months ended September 30, 2025, was HKD 27,245,000, compared to HKD 14,243,000 in 2024, representing an increase of about 91.5%[20] - Revenue increased by approximately 91.3% from HKD 14.2 million for the six months ended September 30, 2024, to HKD 27.2 million for the six months ended September 30, 2025, primarily due to new contracts for fire safety system installation services[46] Assets and Liabilities - Total assets as of September 30, 2025, were HKD 70,779,000, compared to HKD 67,757,000 as of March 31, 2025[10] - Current liabilities increased to HKD 11,624,000 from HKD 6,814,000, indicating a rise in operational obligations[10] - The company’s total equity attributable to owners decreased to HKD 68,101,000 as of September 30, 2025, down from HKD 70,069,000 at the beginning of the period[11] - The total non-current assets as of September 30, 2025, were HKD 2,180,000, compared to HKD 2,918,000 as of March 31, 2025[26] Cash Flow and Liquidity - The company's cash and cash equivalents increased to HKD 22,473,000 from HKD 18,956,000, showing improved liquidity[10] - For the six months ended September 30, 2025, the company reported a net cash inflow from operating activities of HKD 4,488,000, compared to HKD 583,000 for the same period in 2024, indicating a significant improvement[12] - The cash and cash equivalents at the end of the period increased to HKD 22,473,000 from HKD 18,208,000 in the previous year, showing a positive change of approximately 23.5%[12] - The current ratio as of September 30, 2025, was approximately 6.1 times, down from 9.9 times as of March 31, 2025[54] Expenses and Cost Management - Administrative expenses decreased to HKD 9,738,000 from HKD 10,098,000, reflecting cost control measures[8] - The total employee costs for the period were HKD 6,818,000, slightly higher than HKD 6,689,000 in the previous year[29] - The total employee cost for the six months ended September 30, 2025, was approximately HKD 6.8 million, compared to HKD 6.7 million for the same period in 2024[63] Operational Focus and Future Outlook - The company has not provided specific guidance for future performance but continues to focus on operational improvements and market expansion strategies[8] - The company continues to focus on expanding its fire safety services and short video production capabilities in Hong Kong and China, aiming for further growth in these segments[17] - The company is optimistic about the long-term prospects of the local construction and fire safety market following the amendment of fire safety regulations effective December 13, 2024[45] - The company is exploring opportunities in the cultural and entertainment sectors, as well as global commodity trading, to diversify revenue sources[45] Governance and Compliance - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited consolidated financial statements for the six months ended September 30, 2025, and believes they comply with applicable accounting standards and regulations[75] - The company has adhered to the corporate governance code, except for the separation of roles between the chairman and CEO, which is deemed appropriate for effective management[72] - The audit committee has recommended the appointment and dismissal of external auditors and has reviewed financial statements, ensuring adequate disclosure[74] Shareholder Information - The issued share capital of the company as of September 30, 2025, was HKD 6,000,000, with 600,000,000 ordinary shares issued at a par value of HKD 0.01 each[59] - As of September 30, 2025, Foxfire holds 398,500,000 shares, representing a 66.42% ownership stake in the company[67] - No stock options have been granted, exercised, expired, or canceled since the adoption of the stock option plan on September 22, 2017, and there are no unexercised stock options as of September 30, 2025[68]

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 全部或任何部份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。 HAO TIAN INTERNATIONAL CONSTRUCTION INVESTMENT GROUP LIMITED 昊天國際建設投資集團有限公 司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股 份 代 號：1341） 截至二零二 五 年九月三十日止 六個月中期業績公告 昊天國際建設投資集團有限公司（「本公司」）董 事（「董 事」）會（「董事會」） 欣然向本公司股東（「股 東」）呈列本公司及其附屬公司（「本集團」）截 至 二 零二五 年九月三十日止六個月（「本期間」）之 中 期 業 績。 簡明綜合損益及其他全面收益表 截至二零二 五 年九月三十日止六個月 截至九月三十日止六個月 | | | 二零二五年 | | | 二零二四年 | | | | | --- | --- | --- | --- | --- | --- | --- ...

Recruitment and Training - The company reported a total of 799 recruitment events, attracting 5,346 enterprises and providing over 306,000 job positions, with 181,000 offline and 125,000 online[11] - The company established 52 new professional training rooms covering cutting-edge fields such as robotics and e-commerce live streaming, and upgraded 74 training rooms[11] - The number of newly established professional programs increased by 32, focusing on industry frontiers like artificial intelligence and big data analysis, while 20 programs were discontinued due to insufficient market demand[9] - The average employment placement rate for graduates improved steadily compared to the previous year, with a 90% pass rate for students in employment guidance training[11] - The company hosted 127 employment guidance training sessions and 408 career planning lectures to support student career development[11] Research and Publications - The company achieved a 63.33% year-on-year increase in newly initiated research projects, totaling 1,068 projects, with provincial-level projects increasing by 16.4%[10] - The company’s overseas institutions published 2,021 papers in international journals, enhancing their research influence[10] International Education and Collaboration - The company’s international education influence expanded, with institutions like INTI International University ranking 509th in the 2026 QS World University Rankings[6] - The company has made significant progress in international education, with the QS World University Rankings placing Malaysia's INTI International University at 509 globally and 122 in Asia for 2026[12] - The company is actively promoting collaboration between domestic and foreign educational institutions, enhancing its competitiveness in the global higher education sector[12] Financial Performance - For the fiscal year ending August 31, 2025, the group's revenue was RMB 3,960.34 million, an increase of RMB 228.27 million or 6.12% compared to RMB 3,732.07 million in the previous year, primarily due to increased tuition fees for students in domestic and overseas institutions[23] - The group's gross profit for the fiscal year ending August 31, 2025, was RMB 1,667.80 million, an increase of RMB 94.23 million or 5.99% from RMB 1,573.57 million in the previous year[25] - The group's net profit for the fiscal year ending August 31, 2025, was RMB 386.68 million, a decrease of RMB 226.41 million or 36.93% from RMB 613.09 million in the previous year[30] - The group's financing costs decreased to RMB 225.68 million for the fiscal year ending August 31, 2025, down RMB 63.73 million or 22.02% from RMB 289.41 million in the previous year, mainly due to a reduction in loan scale and optimization of loan structure[28] - The group's cash and bank balances totaled RMB 3,291.59 million as of August 31, 2025, compared to RMB 3,100.75 million as of August 31, 2024, with cash and cash equivalents at RMB 2,647.54 million[32] Debt and Equity Management - The group's current ratio improved to 0.69 as of August 31, 2025, compared to 0.43 as of August 31, 2024, indicating better short-term financial health[34] - The net debt-to-equity ratio improved from 1.5% as of August 31, 2024, to -4.9% as of August 31, 2025, due to higher cash and cash equivalents compared to interest-bearing bank and other borrowings[36] - The group's total liabilities to equity ratio was approximately 29.5% as of August 31, 2025, down from 35.4% as of August 31, 2024, reflecting a decrease in leverage[37] Operational Expenses and Investments - The group's selling expenses increased to RMB 327.35 million for the fiscal year ending August 31, 2025, up RMB 85.50 million or 35.35% from RMB 241.85 million in the previous year, primarily due to efforts to expand enrollment channels[26] - The company has signed an agreement to sell 100% equity of Shanghai Pumeng Zhichuan Education Technology Co., Ltd. to Guilin Punoji Electronics Co., Ltd.[18] - The company has no significant investments or acquisitions planned beyond those disclosed in the announcement[39] Shareholder Actions - The company announced the repurchase of convertible bonds totaling $78.7 million, representing approximately 22.49% of the original issuance[15] - The company plans to issue 685,414,558 rights shares at a subscription price of HKD 0.2 per share, based on a ratio of one rights share for every twelve shares held[15] - The net proceeds from the rights issue amounted to approximately HKD 87.4 million after deducting all related expenses[41] Assets and Liabilities - Total non-current assets decreased from RMB 18,262,345 thousand in 2024 to RMB 15,906,432 thousand in 2025, a decline of approximately 12.9%[51] - Goodwill decreased significantly from RMB 2,051,684 thousand in 2024 to RMB 1,361,409 thousand in 2025, representing a reduction of about 33.6%[51] - Total current assets increased from RMB 4,019,166 thousand in 2024 to RMB 6,090,772 thousand in 2025, an increase of approximately 51.5%[51] - Total liabilities decreased from RMB 13,127,021 thousand in 2024 to RMB 12,415,062 thousand in 2025, a decrease of approximately 5.4%[52] - Total equity increased from RMB 9,154,490 thousand in 2024 to RMB 9,582,142 thousand in 2025, an increase of approximately 4.7%[52] Cash Flow and Financing Activities - Cash generated from operating activities was RMB 1,492,370,000, down from RMB 1,579,412,000 in the previous year, indicating a decline of approximately 5.5%[55] - The net cash flow from investing activities was negative at RMB 926,480,000, slightly improved from a negative RMB 972,453,000 in 2024[56] - The company raised RMB 1,493,895,000 from bank and other borrowings, while repaying RMB 1,694,212,000, resulting in a net cash outflow from financing activities of RMB 97,381,000[57] Future Outlook - The company plans to continue providing educational services to students, which is expected to generate operational cash inflows[59] - The company is actively seeking alternative financing and loans to meet existing financial obligations and future capital expenditures[59] - The company plans to continue its market expansion and product development strategies to enhance future growth prospects[62]

Revenue Performance - For the six months ending September 30, 2025, the group's revenue was approximately HKD 5.1 million, a decrease of about 26.2% compared to HKD 6.9 million for the same period in 2024[15]. - The group reported a net loss attributable to equity holders of HKD 354,000 for the six months ended September 30, 2025, compared to a loss of HKD 1,852,000 for the same period in 2024[58]. - The group recorded a loss of approximately HKD 0.1 million for the six months ended September 30, 2025, compared to a loss of approximately HKD 1.4 million for the same period in 2024, with the reduction in loss primarily attributed to the increase in other income[25]. - The group incurred a loss before tax of HKD 21,000, compared to a loss of HKD 1,327,000 in the previous year[41]. - The group reported a pre-tax loss of HKD 4,383,000 due to foreign exchange gains, compared to a loss of HKD 1,897,000 in 2024[54]. Income Sources - Commission income from arranging students to study in the UK decreased to approximately HKD 2.1 million (2024: HKD 3.4 million), accounting for 40.4% of total revenue (2024: 48.7%) due to a reduction in the number of students moving to the UK[16]. - Commission income from arranging students to study in Australia was approximately HKD 2.2 million (2024: HKD 2.3 million), accounting for 43.1% of total revenue (2024: 33.3%), with a slight decline attributed to fewer successful arrangements compared to the previous year[17]. - Commission income from Canada and the US decreased to approximately HKD 0.6 million (2024: HKD 1.0 million), accounting for 11.1% of total revenue (2024: 14.6%), due to government policies affecting the number of international students[18]. - Other income increased to approximately HKD 5.8 million (2024: HKD 3.9 million), primarily due to net foreign exchange gains of about HKD 4.4 million (2024: HKD 1.9 million) for the six months ended September 30, 2025[19]. - Other income for the same period was HKD 5,774,000, an increase of 46.9% from HKD 3,931,000 in 2024[52]. Cost Management - Marketing costs decreased to approximately HKD 1.1 million (2024: HKD 1.4 million), reflecting the group's ongoing shift to more cost-effective digital marketing strategies[20]. - Employee benefits expenses reduced to approximately HKD 4.1 million (2024: HKD 6.3 million), mainly due to the reallocation of staff from the Hong Kong office to Malaysia and Taiwan[22]. - The company’s management compensation decreased to HKD 1,434,000 for the six months ended September 30, 2025, from HKD 1,875,000 in the prior year[66]. Strategic Initiatives - The group is focusing on enhancing brand awareness through digital marketing channels, targeting regions outside Hong Kong to attract a broader audience of students and parents[9]. - The group is developing an online service system to expedite the processing of inquiries and admissions applications, aiming to provide direct and immediate support to potential students and their families[9]. - The group is exploring the feasibility of developing education-related or auxiliary businesses, such as tutoring courses, to create new revenue streams[9]. - The group is actively seeking qualified consultants and strategic partners to enhance the quality and coverage of overseas education services[9]. - The board is committed to maintaining the group's competitiveness and improving service quality to achieve growth in a challenging business environment[10]. Financial Position - Cash and bank balances totaled approximately HKD 43.5 million as of September 30, 2025 (March 31, 2025: HKD 35.7 million), with the increase mainly due to improved operating cash flow[26]. - The total assets less current liabilities amounted to HKD 47,231,000, down from HKD 48,773,000 as of March 31, 2025[42]. - The group’s total equity decreased to HKD 47,114,000 from HKD 47,962,000 as of March 31, 2025[42]. - Trade receivables increased to HKD 3,780,000 as of September 30, 2025, up from HKD 3,672,000 as of March 31, 2025[61]. - Total liabilities for accrued expenses and other payables decreased to HKD 3,390,000 as of September 30, 2025, from HKD 3,735,000 as of March 31, 2025[63]. Shareholder Information - As of September 30, 2025, the major shareholder, Hong Yong, holds 892,710,000 shares, representing 51% of the total shares[74]. - Ms. Yin Xiaopei, as the spouse of Mr. Zhong, is also considered to hold 51% of the shares through her spouse[74]. - Song Wenxia holds 420,030,000 shares, accounting for 24% of the total shares[74]. - The number of issued and fully paid ordinary shares remained at 1,750,400,000 as of both September 30, 2025, and March 31, 2025[64]. Corporate Governance - The company confirmed compliance with the GEM Listing Rules regarding corporate governance throughout the reporting period[69]. - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and internal controls[79]. - The audit committee has reviewed the unaudited financial statements for the six months ending September 30, 2025, confirming compliance with applicable accounting standards[79]. - No major shareholders or directors have interests in any competing businesses as of September 30, 2025[76]. Miscellaneous - The group did not recommend an interim dividend for the six months ended September 30, 2025, consistent with the previous year[57]. - The company did not declare an interim dividend for the six months ended September 30, 2025, consistent with the previous year[67]. - The company did not acquire any property, plant, or equipment during the six months ended September 30, 2025, compared to an acquisition of approximately HKD 10,000 in the previous year[59]. - The company applied new and revised Hong Kong Financial Reporting Standards, which did not have a significant impact on financial performance or disclosures[48]. - No stock options have been granted, exercised, or canceled from the adoption date of the stock option plan until September 30, 2025[78]. - The stock option plan allows for a maximum of 10% of issued shares to be granted without prior shareholder approval[78]. - The company aims to attract and retain talented employees through its stock option plan, which is valid for ten years from the adoption date[77].

Financial Performance - For the six months ended September 30, 2025, the company reported revenue of HKD 9,271,000, a decrease of 87.8% compared to HKD 76,124,000 for the same period in 2024[3] - Gross profit for the same period was HKD 3,967,000, down 35.8% from HKD 6,182,000 year-over-year[3] - Operating loss increased to HKD 14,904,000, compared to a loss of HKD 13,759,000 in the previous year, reflecting a year-over-year increase of 8.3%[3] - The company reported a net loss of HKD 14,947,000 for the six months, slightly improved from a loss of HKD 14,948,000 in the prior year[4] - Total revenue for the six months ended September 30, 2025, was HKD 9,271,000, compared to HKD 76,124,000 for the same period in 2024, representing a significant decline[18] - The adjusted EBIT for the reporting segments showed a loss of HKD 12,768,000 for the six months ended September 30, 2025, compared to a loss of HKD 7,685,000 for the same period in 2024[15][16] Revenue Breakdown - Revenue from the "Smartphone Distribution" segment was HKD 45,000 for the six months ended September 30, 2025, significantly lower than HKD 59,691,000 for the same period in 2024[15][16] - The "Building Intelligence" segment reported revenue of HKD 841,000 for the six months ended September 30, 2025, down from HKD 861,000 in the previous year[15][16] - The "Control Systems" segment generated revenue of HKD 8,385,000 for the six months ended September 30, 2025, compared to HKD 15,560,000 for the same period in 2024[15][16] - Revenue from smartphone distribution was HKD 45,000 for the six months ended September 30, 2025, down from HKD 59,691,000 in 2024[18] - Revenue from control systems decreased to HKD 8,385,000 in 2025 from HKD 15,560,000 in 2024, indicating a decline of approximately 46%[18] - Revenue from the Hong Kong market was HKD 45,000 in 2025, a decrease from HKD 49,991,000 in 2024[20] - Revenue from China was HKD 9,226,000 for the six months ended September 30, 2025, down from HKD 16,421,000 in 2024, reflecting a decline of about 44%[20] Expenses and Costs - Research and development expenses were HKD 1,090,000, down 25.2% from HKD 1,459,000 in the same period last year[3] - Employee costs, including director remuneration, totaled HKD 7,836,000 for the six months ended September 30, 2025, down from HKD 9,536,000 in 2024, a decrease of approximately 18%[23] - The sales and distribution expenses increased by approximately HKD 37,000 or 25.9% to about HKD 180,000 due to higher marketing expenditures[61] - Research and development expenses decreased by approximately HKD 0.4 million or 26.7% to about HKD 1.1 million as the group implemented cost control measures[63] Assets and Liabilities - Total assets decreased to HKD 125,828,000 from HKD 147,341,000, representing a decline of 14.5%[6] - Current liabilities decreased from HKD 113,728,000 to HKD 73,222,000, a reduction of 35.6%[6] - The company's cash and cash equivalents dropped to HKD 3,669,000 from HKD 11,030,000, a decrease of 66.7%[6] - The company’s total equity decreased to HKD 100,822,000 from HKD 107,716,000, a decline of 6.5%[7] - The total assets for the group as of September 30, 2025, were HKD 174,192,000, down from HKD 221,444,000 as of March 31, 2025[17] - The total liabilities for the group as of September 30, 2025, were HKD 73,370,000, compared to HKD 113,728,000 as of March 31, 2025[17] Shareholder Information - Basic and diluted loss per share improved to HKD 2.76 from HKD 3.65 year-over-year[4] - Basic loss per share for the six months ended September 30, 2025, was approximately HKD 12,374,000, compared to HKD 13,319,000 for the same period in 2024[29] - The average number of ordinary shares used for calculating basic and diluted loss per share was 448,742,000 for the six months ended September 30, 2025[30] - The company did not declare or propose any dividends for the six months ended September 30, 2025, consistent with the previous period[28] - No interim dividend has been declared for the six months ending September 30, 2025, compared to no dividend for the same period in 2024[80] Corporate Governance and Compliance - The company has adopted the Corporate Governance Code and believes it has complied with all applicable code provisions, except for certain provisions regarding the roles of the chairman and CEO, which have been vacant since January 3, 2020, and March 18, 2025, respectively[82][83] - The Audit Committee, consisting of three independent non-executive directors, has reviewed the unaudited condensed consolidated financial statements for the six months ending September 30, 2025, and confirmed compliance with applicable accounting standards[87] Future Outlook - The company continues to adopt the going concern basis in preparing its financial statements, anticipating sufficient resources to continue operations in the foreseeable future[12] - The group plans to relocate its production base to Australia to serve the Australian and Western markets, aiming to revitalize its building intelligence business[54] - The group will continue to explore new business and investment opportunities to expand or diversify its operations for long-term benefits[55]

Business Overview - The group is a major overseas education consultancy provider in Hong Kong, primarily offering services to local students aiming to study in the UK, Australia, Canada, and the USA [13]. - The company operates as a single operating segment focused on providing overseas education consulting services, with no separate segment reporting [54]. Revenue and Income - For the six months ended September 30, 2025, the main revenue source continues to be commission income from arranging students to study in the UK and Australia [13]. - Revenue for the six months ended September 30, 2025, was approximately HKD 5.1 million, a decrease of about 26.2% compared to HKD 6.9 million for the same period in 2024 [20]. - Commission income from arranging students to study in the UK decreased to approximately HKD 2.1 million, accounting for 40.4% of total revenue, down from 48.7% in 2024 [21]. - Commission income from arranging students to study in Australia was approximately HKD 2.2 million, representing 43.1% of total revenue, slightly down from 33.3% in 2024 [22]. - Commission income from Canada and the US decreased to approximately HKD 0.6 million, accounting for 11.1% of total revenue, down from 14.6% in 2024 [23]. - Other income increased to approximately HKD 5.8 million, primarily due to net foreign exchange gains of about HKD 4.4 million [24]. - Revenue from overseas education consulting services for the six months ended September 30, 2025, was HKD 5,106,000, a decrease from HKD 6,915,000 in the same period of 2024, representing a decline of approximately 26% [56]. Expenses and Costs - Marketing costs decreased to approximately HKD 1.1 million, reflecting a shift to more cost-effective digital marketing strategies [25]. - Employee costs reduced to approximately HKD 4.1 million, down from HKD 6.3 million in 2024, due to staff reallocation [27]. - The company reported a significant increase in foreign exchange gains, which amounted to HKD 4,383,000 for the six months ended September 30, 2025, compared to HKD 1,897,000 in 2024 [57]. - Financing costs for lease liabilities increased to HKD 71,000 in 2025 from HKD 57,000 in 2024, while bank interest expenses were HKD 62,000 in 2025 [58]. Financial Performance - The group recorded a loss of approximately HKD 0.1 million for the six months ended September 30, 2025, a decrease from a loss of HKD 1.4 million in 2024 [30]. - The company reported a loss before tax of HKD 21, significantly improved from a loss of HKD 1,327 in the prior year [46]. - The total comprehensive loss for the period was HKD 340, compared to HKD 1,229 in the previous year, indicating a reduction in losses [46]. - For the six months ended September 30, 2025, the company reported a net loss of HKD 1,852,000, compared to a net loss of HKD 1,424,000 for the same period in 2024 [48]. Cash Flow and Assets - As of September 30, 2025, the group's cash and bank balances totaled approximately HKD 43.5 million, an increase from HKD 35.7 million as of March 31, 2025 [31]. - Cash and cash equivalents increased to HKD 43.561 million from HKD 35.746 million as of March 31, 2025 [47]. - The company generated a net cash inflow from investing activities of HKD 5,622,000 for the six months ended September 30, 2025, compared to HKD 6,227,000 for the same period in 2024 [49]. - The company’s total assets less current liabilities stood at HKD 47.231 million as of September 30, 2025, down from HKD 48.773 million as of March 31, 2025 [47]. Strategic Initiatives - The company is investing resources in digital marketing channels to enhance brand awareness and attract a broader range of students and parents beyond Hong Kong [14]. - A new online service system is being developed to expedite the processing of inquiries and admissions applications, providing direct and immediate support to potential students and their families [14]. - The company is exploring the feasibility of developing supplementary education-related businesses, such as tutoring courses, to help students improve academic performance and exam skills [14]. - The company aims to maintain competitiveness and improve service quality in a challenging business environment by seeking qualified consultants and strategic partners [14]. - The company recognizes the current market conditions as an appropriate time to develop auxiliary businesses due to the decreasing number of eligible students and intense competition in overseas education consultancy services [14]. Shareholder Information - Mr. Zhong holds 892,710,000 shares, representing 51% of the company, through a controlled corporation [77]. - Major shareholders include Mr. Zhong and Ms. Yin, each holding 51% of the shares, while Song Wenxia holds 24% [79]. - No major shareholders or directors have interests in any competing businesses as of the report date [81]. Corporate Governance - The company confirms compliance with all applicable corporate governance codes as per GEM listing rules [74]. - The company has adopted the GEM listing rules regarding the code of conduct for securities trading by directors, with full compliance confirmed by all directors [75]. - The audit committee has been established in accordance with GEM Listing Rules and consists of three independent non-executive directors [84]. - The audit committee aims to provide independent review and oversight of financial reporting and internal controls [84]. Dividends and Share Options - The company did not recommend an interim dividend for the six months ended September 30, 2025, consistent with the previous year [62]. - No interim dividend is recommended for the six months ending September 30, 2025, consistent with the previous period [72]. - The company has a share option scheme in place to attract and retain talent, with specific terms outlined [82]. - No share options have been granted, exercised, or canceled since the adoption of the share option scheme [83].