Financial Performance - For the six months ended September 30, 2025, the company reported revenue of HKD 29 million, an increase of 26.1% compared to HKD 23 million for the same period in 2024[3]. - The company achieved a profit from continuing operations of HKD 386 million, compared to a loss of HKD 114 million in the previous year, indicating a significant turnaround[4]. - Total comprehensive income for the period was HKD 313 million, a recovery from a loss of HKD 173 million in the same period last year[4]. - The basic earnings per share from continuing operations was HKD 5.27, compared to a loss per share of HKD 1.59 in the previous year[5]. - The group’s total income for the six months ended September 30, 2025, was HKD 465 million, compared to a loss of HKD 3 million in the same period last year[19]. - Basic and diluted earnings per share for the period were HKD 5.27, compared to a loss of HKD (1.91) in the previous year[27]. Expenses and Costs - The company reported administrative expenses of HKD 55 million, which increased from HKD 23 million in the previous year, reflecting higher operational costs[3]. - The financing costs decreased to HKD 41 million from HKD 57 million, showing improved financial management[3]. - The group reported other income of HKD 5 million for the six months ended September 30, 2025, compared to HKD 8 million in the previous year, indicating a decrease of 37.5%[19]. - The group incurred interest expenses of HKD 41 million for the six months ended September 30, 2025, down from HKD 57 million in the same period last year, reflecting a reduction of approximately 28.1%[20]. - Administrative expenses increased to approximately HKD 55 million from HKD 23 million in the previous year, largely due to legal and professional fees related to refinancing[41]. Assets and Liabilities - As of September 30, 2025, total assets amounted to HKD 1,722 million, a decrease from HKD 3,243 million as of March 31, 2025[6]. - Total liabilities were HKD 1,352 million, compared to HKD 2,499 million previously[7]. - Current liabilities totaled HKD 229 million, a significant reduction from HKD 1,906 million[7]. - The company's net assets decreased to HKD 370 million from HKD 744 million[7]. - The total equity attributable to owners of the company was HKD 370 million, down from HKD 744 million[7]. - As of September 30, 2025, the group had current assets of approximately HKD 453 million and current liabilities of approximately HKD 229 million[44]. Market Strategy and Operations - The company plans to expand its market presence and invest in new technologies to drive future growth[2]. - The company is focusing on enhancing its product offerings and exploring potential mergers and acquisitions to strengthen its market position[2]. - The company completed the sale of its subsidiary, resulting in a fundamental change in its business model and strategy, now focusing on property leasing[34]. - The core business is centered around high-quality commercial properties in central London, which are leased to reputable international companies[35]. - The company is optimistic about the UK property market recovery and plans to upgrade properties to enhance tenant experience and market value[60]. - Most tenants have expressed willingness to renew leases at potentially higher rental levels, ensuring stable long-term revenue sources[61]. Shareholder and Governance - The company did not recommend the payment of an interim dividend for the six months ended May 12, 2025, and September 30, 2024[25]. - The company did not declare an interim dividend for the period, consistent with the previous year[50]. - The board of directors includes two executive directors, one non-executive director, and three independent non-executive directors[69]. - The company has adhered to corporate governance principles and standards throughout the reporting period[62]. Financial Reporting and Compliance - The financial statements are unaudited and presented in Hong Kong dollars (HKD)[10]. - The group did not apply any new or revised Hong Kong Financial Reporting Standards that have been issued but are not yet effective, and is currently assessing their potential impact[12]. - The group’s financial statements are prepared in accordance with the Hong Kong Financial Reporting Standards and the relevant disclosure requirements of the Listing Rules[12]. - The mid-term performance announcement will be published on the Hong Kong Stock Exchange website and the company's website[68]. - The mid-term report will be sent to shareholders and published on the Hong Kong Stock Exchange and the company's website at the appropriate time[68]. Employee and Operational Changes - The company had 41 employees as of September 30, 2025, a decrease from 146 employees as of March 31, 2025[53].

Financial Performance - The group recorded revenue of approximately HKD 269,402,000 for the six months ended September 30, 2025, representing an increase of 8.2% compared to HKD 248,366,000 for the same period in 2024[2] - Gross profit for the six months ended September 30, 2025, was approximately HKD 37,364,000, with a gross margin of 13.9%, down from a gross profit of HKD 36,676,000 and a margin of 14.8% in the previous year[2] - Profit attributable to owners of the company for the six months ended September 30, 2025, was approximately HKD 19,174,000, an increase of 17.4% from HKD 16,312,000 for the same period in 2024[2] - The group reported a pre-tax profit of HKD 21,851,000 for the six months ended September 30, 2025, compared to HKD 19,360,000 for the same period in 2024, reflecting a growth of 12.8%[3] - Total comprehensive income for the six months ended September 30, 2025, was HKD 28,532,000, compared to HKD 16,114,000 for the same period in 2024, indicating a significant increase[4] - The basic earnings per share for the six months ended September 30, 2025, was HKD 2.4, compared to HKD 2.0 for the same period in 2024, representing a growth of 20%[4] Dividends and Shareholder Returns - The board declared an interim dividend of HKD 0.5 per share for the six months ended September 30, 2025, compared to HKD 0.6 per share for the same period in 2024[2] - The interim dividend declared is HKD 0.5 per share, amounting to approximately HKD 4,129,000, compared to HKD 4,865,000 in the same period last year[42] Assets and Liabilities - Non-current assets totaled HKD 84,625,000 as of September 30, 2025, compared to HKD 78,533,000 as of March 31, 2025, reflecting a growth of 7.3%[5] - Current assets increased to HKD 519,429,000 as of September 30, 2025, up from HKD 509,812,000 as of March 31, 2025, indicating a rise of 1.2%[5] - The company's net asset value reached HKD 469,985,000 as of September 30, 2025, compared to HKD 451,132,000 as of March 31, 2025, representing an increase of 4.2%[6] - The company’s total liabilities decreased to HKD 133,270,000 as of September 30, 2025, from HKD 135,559,000 as of March 31, 2025, a decline of 1.7%[6] Operational Highlights - The company provided electromechanical engineering services, generating HKD 264,096,000 in revenue for the six months ended September 30, 2025, compared to HKD 248,366,000 in the prior year[10] - The group maintained a stable contract amount of approximately HKD 1 billion during the reporting period, focusing on both public and private sector projects[34] - The group secured 8 new projects during the period, with a total contract value of approximately HKD 255,926,000, and remains confident in future business development prospects[47] Cost Management - Administrative expenses decreased to HKD 17,042,000 for the six months ended September 30, 2025, from HKD 18,047,000 in the same period of 2024, showing a reduction of 5.6%[3] - The group reported a financial cost of HKD 344,000 for the six months ended September 30, 2025, down from HKD 551,000 in the previous year, reflecting a decrease of 37.6%[3] - Income tax expenses decreased by approximately HKD 820,000 or 25.3% to about HKD 2,426,000, primarily due to the utilization of tax losses during the period[40] Strategic Initiatives - The group strategically expanded into the building materials trading sector, focusing on steel products, to diversify revenue sources and reduce operational risks[30] - The group is actively investing in innovative technologies and supporting academic research and development, including establishing a joint laboratory with Hong Kong Polytechnic University[31] - The company is collaborating with local universities to promote joint research and development projects, including a donation of HKD 6,000,000 to establish a joint laboratory focused on smart city innovation[50] Employee and Governance - The group employed 229 employees as of September 30, 2025, an increase from 205 employees a year earlier, with total employee costs amounting to approximately HKD 50,353,000[70] - The board is committed to high corporate governance standards to enhance operational efficiency and shareholder returns[77] - The company has a total of six directors, including three independent non-executive directors, ensuring a balance of power within the board[78] Future Outlook - The Hong Kong government is accelerating the development of the Northern Metropolis, positioning it as a strategic growth engine, which may present further opportunities for the group[48] - The company is actively participating in the construction of the Northern Metropolis, which will provide over 500,000 residential units and 2 million square meters of commercial space[49]

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 37,641,000, an increase from HKD 32,207,000 in the same period of 2024, representing a growth of approximately 16.9%[7] - Gross profit for the same period was HKD 10,324,000, down from HKD 14,348,000 in 2024, indicating a decline of about 28.2%[7] - The company reported a net loss of HKD 5,146,000 for the six months ended September 30, 2025, compared to a net loss of HKD 3,470,000 in 2024, reflecting an increase in losses of approximately 48.3%[8] - Operating expenses for the period were HKD 11,447,000, a decrease from HKD 13,951,000 in 2024, showing a reduction of about 18.0%[7] - The company incurred a loss before tax of HKD 5,109,000, compared to a loss of HKD 3,470,000 in the previous year, indicating a worsening of approximately 47.2%[8] - The basic loss per share for the period was HKD 0.63, compared to HKD 0.43 in 2024, representing an increase of about 46.5%[8] - The total comprehensive loss for the period was HKD 5,149,000, compared to HKD 3,449,000 in 2024, reflecting an increase of approximately 49.2%[8] - The company’s total comprehensive income for the period was a loss of HKD 5,149,000, reflecting ongoing challenges in the market[11] Assets and Liabilities - Total assets as of September 30, 2025, amounted to HKD 51,182,000, compared to HKD 46,673,000 as of March 31, 2025, reflecting an increase of approximately 9.8%[9] - Current assets increased from HKD 46,673,000 to HKD 51,182,000, with cash and cash equivalents rising from HKD 4,201,000 to HKD 5,900,000, a growth of 40.4%[9] - Total liabilities decreased from HKD 31,001,000 to HKD 22,486,000, indicating a reduction of approximately 27.5%[9] - The net asset value as of September 30, 2025, was HKD 20,458,000, down from HKD 24,456,000, representing a decline of 16.3%[9] - The company reported a total equity of HKD 15,117,000 as of September 30, 2025, compared to HKD 20,266,000 as of March 31, 2025, a decrease of 25.3%[10] - The company’s total liabilities and equity decreased from HKD 31,001,000 to HKD 22,486,000, reflecting a significant reduction in financial obligations[9] Cash Flow - The company reported a net cash flow from operating activities of HKD 1,098,000 for the six months ending September 30, 2025, compared to a negative cash flow of HKD (2,352,000) in the previous period, showing a turnaround in operational cash flow[12] - The company’s total cash flow from financing activities was HKD 3,766,000, reflecting its financing strategy during the reporting period[12] - The company’s cash and cash equivalents at the end of the period were HKD 3,690,000, down from HKD 4,201,000 at the beginning of the period, reflecting a decrease of approximately 12.1%[12] Revenue Breakdown - Revenue from the sale of biometric identification devices and related services was HKD 15,140 thousand, while revenue from providing solutions and other services was HKD 11,915 thousand and from digital solution services was HKD 10,586 thousand[49] - The revenue from sales of specialized security products and related services was HKD 15,140 million for the six months ended September 30, 2025, down from HKD 22,363 million in 2024, a decrease of approximately 32.5%[25] - The company provided data solution services generating revenue of HKD 10,586 million for the six months ended September 30, 2025, with no revenue reported for the same period in 2024[25] Taxation - The company reported a tax provision of HKD 37 million for the six months ended September 30, 2025, with no tax provision reported for the same period in 2024[27] - The company is subject to a two-tier profit tax system in Hong Kong, with a tax rate of 8.25% on the first HKD 2 million of estimated taxable profits and 16.5% on profits exceeding that amount[28] Employee and Management - Employee costs for the six months ended September 30, 2025, were approximately HKD 15.1 million, a slight increase from HKD 14.8 million in the same period of 2024[54] - The group had a total of 87 employees, with employee costs amounting to approximately HKD 15.1 million, a slight increase from HKD 14.8 million for the same period in 2024[66] - The group’s employee compensation policy aligns with current market practices, determined by individual performance, qualifications, and experience[66] Corporate Governance - The board of directors emphasizes high standards of corporate governance to enhance public accountability and protect shareholder interests[69] - The roles of the Chairman and CEO are currently held by the same individual, Mr. Wang Yicheng, since May 13, 2024, due to the group's manageable size and stable operations[70] - The company has established an audit committee consisting of three independent non-executive directors[81] Strategic Initiatives - The company is focusing on enhancing its operational efficiency and exploring new market opportunities to drive future growth[6] - The group plans to allocate resources to develop non-contact biometric identification devices and AIoT, responding to the market trend of increasing public health awareness[50] - The stock option plan, adopted on January 18, 2018, aims to attract, retain, and motivate talented participants for the group's future development and expansion[41]

Financial Performance - Revenue for the year ended August 31, 2025, was RMB 3,588,901, an increase of RMB 268,003 or 8.1% compared to the previous year[3] - Gross profit for the same period was RMB 1,213,533, reflecting an increase of RMB 94,564 or 8.5% year-over-year[3] - Net profit for the year was RMB 648,130, up by RMB 91,968 or 16.5% from the previous year[3] - Adjusted net profit was RMB 617,588, an increase of RMB 40,174 or 7.0% compared to the prior year[4] - Basic earnings per share rose to RMB 0.3225, an increase of RMB 0.0474 or 17.2% year-over-year[3] - The total dividend per share increased to RMB 0.0968, up by RMB 0.0143 or 17.3% from the previous year[3] - Total comprehensive income for the year reached RMB 648,044,000, an increase of 16.5% compared to RMB 556,183,000 in the previous year[48] - The company's net profit attributable to ordinary shareholders for 2025 is RMB 664,258,000, an increase from RMB 575,956,000 in 2024, representing a growth of approximately 15.4%[89] Enrollment and Educational Services - The company provided comprehensive education services to 53,900 high school students during the reporting year[5] - A total of 399 high school graduates received admission offers from the world's top 50 universities, an increase of 127 students compared to the previous year[7] - The company aims to increase its high school student enrollment to approximately 60,000 by the fall semester of 2025, which is an 11% increase from about 54,000 in the fall semester of 2024[16] - The company is committed to maintaining stable enrollment and operations at its schools, ensuring high-quality comprehensive education services for students and parents[15] Operational Efficiency and Strategic Direction - The company has established AI as a core strategic direction for future development, with its self-developed "Qiming AI Companion" model successfully passing national registration in June 2025[16] - The company plans to enhance operational efficiency through digital upgrades and process reengineering, aiming for a more streamlined management structure[16] - The company’s AI product offerings include AI Sprint Camps, AI Smart Learning Rooms, and AI Classrooms, which have completed market promotion and performance verification[16] Financial Position and Liabilities - The net cash flow from operating activities for the year ending August 31, 2025, was RMB 852.6 million, compared to RMB 827.1 million for the previous year, reflecting a growth of 3.1%[36] - The company's net current liabilities decreased to approximately RMB 2,126.2 million as of August 31, 2025, down from RMB 2,438.4 million a year earlier, primarily due to an increase in long-term bank loans[35] - The total borrowings as of August 31, 2025, amounted to approximately RMB 2,379.0 million, up from RMB 2,053.0 million in the previous year, indicating a rise of 15.8%[37] - The debt-to-equity ratio increased to 23.9% as of August 31, 2025, compared to 20.1% a year earlier, reflecting a higher leverage position[37] - The company has no significant contingent liabilities as of August 31, 2025, maintaining a stable financial position[42] Expenses and Costs - Total sales costs rose by 7.9% from approximately RMB 2,201.9 million to approximately RMB 2,375.4 million, primarily due to increased material consumption and procurement costs[24] - Administrative expenses decreased by 1.3% from approximately RMB 257.5 million to approximately RMB 254.2 million, primarily due to reduced share-based payment expenses[28] - Financial costs increased by 44.5% from approximately RMB 86.4 million to approximately RMB 124.8 million, as there were no capitalized interest amounts in the reporting year[33] - Other expenses increased by 60.4% from approximately RMB 28.1 million to approximately RMB 45.0 million, mainly due to property and land use tax payments[32] Compliance and Governance - The company confirmed compliance with the corporate governance code, with a review of governance practices ongoing[122] - The audit committee, consisting of three members, assists the board in financial control, risk management, and internal control systems[123] Future Outlook and Strategic Plans - The company plans to explore investment opportunities and strategic expansions to enhance its revenue base and financial performance in the future[40] - The company will continue to monitor the developments of the Foreign Investment Law and its potential impact on operations, ensuring compliance and strategic alignment[13] Shareholder Information - The board proposed a final dividend of RMB 3.90 per share for the year ending August 31, 2025, amounting to approximately RMB 81.75 million, subject to shareholder approval[116] - The company repurchased a total of 12,061,000 shares at a total cost of HKD 43,117,079 during the reporting period[120] - The company sold a total of 13,000,000 shares for a cash consideration of HKD 51,535,000 during the reporting period[120]

Financial Performance - The company reported a net loss attributable to shareholders of approximately HKD 41.8 million for the six months ended September 30, 2025, compared to a loss of approximately HKD 24.4 million for the same period in 2024[4]. - Revenue from continuing operations decreased by approximately HKD 38.6 million or 19.3%, from about HKD 200 million to approximately HKD 161.4 million, primarily due to a downturn in the Chinese real estate market and reduced infrastructure investment[5]. - The gross profit from continuing operations fell by approximately HKD 24.5 million or 65.5%, from about HKD 37.5 million to approximately HKD 12.9 million, with the gross profit margin decreasing from approximately 18.7% to about 8.0%[7]. - The company recorded a loss before tax from continuing operations of approximately HKD 36 million, an increase of about HKD 12.9 million compared to approximately HKD 23.1 million for the same period in 2024[13]. - The company reported a total comprehensive loss attributable to owners of approximately HKD 52,400,000 for the interim period, compared to a comprehensive loss of about HKD 6,500,000 for the six months ended September 30, 2024[20]. - The company reported a net loss of HKD 41,774,000 for the six months ended September 30, 2025, compared to a loss of HKD 24,399,000 in the previous year[57]. - The company reported a loss from continuing operations of HKD 41,774,000 for the six months ended September 30, 2025, compared to a loss of HKD 22,009,000 for the same period in 2024, indicating an increase in losses of approximately 89%[82]. Income and Expenses - Other income recorded a net gain of approximately HKD 3.1 million during the period, compared to a net loss of approximately HKD 7.8 million for the same period in 2024[8]. - Financing costs decreased by approximately HKD 5.7 million or 45.8%, primarily due to the early redemption of corporate bonds during the period[11]. - The total employee costs for the six months ended September 30, 2025, amounted to HKD 12,563,000, a decrease of 5.7% from HKD 13,326,000 in the previous year[78]. - The company recognized an expected credit loss reversal of approximately HKD 3.9 million for trade receivables and warranty deposits during the period[17]. Assets and Liabilities - As of September 30, 2025, the group had total debts of approximately HKD 199,300,000, down from about HKD 226,000,000 as of March 31, 2025[21]. - The group's cash and cash equivalents amounted to approximately HKD 55,500,000 as of September 30, 2025, a decrease from about HKD 76,600,000 as of March 31, 2025[21]. - The total equity attributable to owners of the company decreased to HKD 845,495,000 as of September 30, 2025, from HKD 897,852,000 as of March 31, 2025[56]. - The company's current liabilities were HKD 369,677,000 as of September 30, 2025, down from HKD 421,160,000 as of March 31, 2025[55]. - The total amount of trade receivables, warranty receivables, and other receivables, along with prepayments, was HKD 763,261,000 as of September 30, 2025[101]. Investments and Acquisitions - The company acquired four industrial property units in Hong Kong for a total consideration of HKD 16.5 million, which will be leased out under operating leases[16]. - The company acquired four industrial building units in Hong Kong for a total consideration of HKD 16,500,000 on April 9, 2025[33]. - The company has no significant investments or capital asset plans as of September 30, 2025, aside from what has been disclosed[36]. - The company completed the sale of 65% of its subsidiary, Chengxin Finance, for a total consideration of HKD 32,500,000, effectively terminating its lending business[79]. Financial Ratios - The current ratio as of September 30, 2025, was 2.1, indicating sufficient financial resources, unchanged from March 31, 2025[21]. - The debt-to-equity ratio as of September 30, 2025, was 23.6%, down from 25.2% as of March 31, 2025[21]. Corporate Governance - The company has complied with all corporate governance codes as per the Hong Kong Stock Exchange listing rules during the interim period[38]. - The audit committee has reviewed the interim financial statements and confirmed compliance with applicable accounting standards and listing rules[48]. Future Outlook - The company is actively exploring other business areas and strategic investment opportunities to diversify revenue sources and enhance overall value amid challenging market conditions[37]. - The company remains cautiously optimistic about the long-term development prospects of its concrete business in Hainan, supported by ongoing infrastructure investments and large-scale development projects in the region[37]. Dividends - The company did not declare an interim dividend for the six-month period ending September 30, 2024[49]. - The company does not recommend the payment of an interim dividend for the current period, consistent with the previous year[80].

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 19,610,000, an increase of 4.96% compared to HKD 18,680,000 for the same period in 2024[4] - Gross profit decreased to HKD 1,847,000 from HKD 1,993,000, representing a decline of 7.33%[4] - The net loss for the period was HKD 10,839,000, an improvement from a net loss of HKD 17,624,000 in the previous year, indicating a reduction of 38.55%[5] - The total comprehensive loss for the period was HKD 10,648,000, compared to HKD 18,130,000 in the previous year, indicating a decrease of 41.06%[5] - The group reported a total loss of HKD 10,363,000 for the period, compared to a loss of HKD 17,387,000 in the previous period, indicating an improvement of approximately 40.5%[16] - The company reported a loss attributable to owners of HKD 10,363,000 in 2025, compared to a loss of HKD 17,387,000 in 2024, indicating a reduction in losses by 40.3%[30] Cash Flow and Assets - Operating cash flow improved significantly to HKD 2,397,000 from a cash outflow of HKD 11,538,000 in the prior period[9] - Financing activities generated a net cash inflow of HKD 59,682,000, compared to HKD 9,768,000 in the previous year, showing a substantial increase[9] - Total current assets increased to HKD 169,308,000 from HKD 114,620,000, reflecting a growth of 47.73%[6] - The total assets of the group as of September 30, 2025, amounted to HKD 201,466,000, an increase from HKD 147,348,000 as of March 31, 2025[18] - The total liabilities of the group as of September 30, 2025, were HKD 211,969,000, up from HKD 147,253,000 as of March 31, 2025[18] - The group's cash and cash equivalents amounted to approximately HKD 63 million, a significant increase from HKD 1 million as of March 31, 2025[91] Revenue Breakdown - The distribution of revenue from external customers in China was HKD 19,610,000 for the six months ended September 30, 2025, compared to HKD 18,680,000 in the previous year, reflecting a growth of approximately 4.95%[21] - Revenue from medical device and consumables distribution and services increased to HKD 15,551,000 in 2025 from HKD 13,209,000 in 2024, representing a growth of 17.7%[22] - Revenue from hospital operation and management services decreased to HKD 4,059,000 in 2025 from HKD 5,471,000 in 2024, a decline of 25.8%[22] - Total revenue for the period reached HKD 19,610,000 in 2025, up from HKD 18,680,000 in 2024, marking an increase of 4.9%[22] Liabilities and Provisions - Current liabilities rose to HKD 211,762,000 from HKD 131,965,000, an increase of 60.25%[6] - The company has recognized a provision of $4,000,000 (approximately HKD 31,120,000) in its profit and loss statement for the year ending March 31, 2025[45] - The company is actively pursuing repayment of outstanding loans, with a total of approximately RMB 59,100,000 (around HKD 64,800,000) in unpaid principal and interest from Shuangluan Hospital[66] Operational Developments - The company plans to launch new cardiovascular products, including pacemakers, in the second half of the fiscal year ending March 31, 2026[56] - The company has strategically adjusted its product portfolio to focus on high-margin products and expand into new surgical fields[56] - The hospital plans to shift its focus from capital-intensive surgical services to rehabilitation and nursing services, aiming to improve asset efficiency and align with national healthcare policies[60] - A new hospital director has been appointed to oversee the transition to a health management-centered model, with plans to hire more qualified medical personnel[64] Shareholder and Equity Matters - The company has issued 100,000,000 shares as of March 31, 2025, with paid-up capital of HKD 49,164,000[46] - The group’s total equity attributable to owners decreased to HKD 51,419,000 as of September 30, 2025, from HKD 59,753,000 as of April 1, 2024[10] - No interim dividend has been recommended for shareholders for the current period[96] Legal and Settlement Issues - The company has been involved in litigation regarding the $4,000,000 loan note, with the latest court ruling rejecting claims from Capital Foresight[44] - The court ruled that the statutory demand was an abuse of process and ordered the return of the $4,000,000 to the company[39] - The company entered into a settlement agreement involving the acquisition of Tsun Mei Group, which includes a payment of HKD 12,000,000[47] Employee and Management Changes - The total employee cost, including directors' remuneration, was approximately HKD 8.2 million, up from HKD 6.8 million in the previous period[94] - The group employed 127 employees as of September 30, 2025, down from 148 employees as of March 31, 2025[94] Future Outlook - The group aims to enhance its existing business and management team in the second half of the year, with expectations of improved operational performance compared to the previous year[95] - The company is in discussions with two leading cardiovascular hospitals in Beijing to introduce new cardiovascular products, expected to enhance revenue sources[57]

Financial Performance - For the six months ending September 30, 2025, the group's revenue was approximately HKD 43.88 million, a decrease of about HKD 5.10 million or 10.41% compared to HKD 48.98 million for the same period in 2024[4] - The loss for the six months ending September 30, 2025, was approximately HKD 9.29 million, compared to a loss of HKD 10.89 million for the same period in 2024[4] - Basic loss per share for the six months ending September 30, 2025, was approximately HKD 0.13, an improvement from HKD 0.19 for the same period in 2024[7] - The group recorded a net loss attributable to owners of the company of HKD 9.29 million for the period[5] - The company reported a pre-tax loss of HKD 9,287,000 for the six months ended September 30, 2025, compared to a loss of HKD 10,889,000 in 2024, indicating a 14.7% improvement[29] - The net loss attributable to the company's owners was approximately HKD 9.29 million, a reduction from HKD 10.89 million in the previous year[46] Assets and Liabilities - Non-current assets as of September 30, 2025, totaled HKD 35.42 million, down from HKD 40.16 million as of March 31, 2025[8] - Current assets as of September 30, 2025, amounted to HKD 35.79 million, an increase from HKD 33.94 million as of March 31, 2025[8] - Current liabilities as of September 30, 2025, were HKD 54.11 million, compared to HKD 46.41 million as of March 31, 2025[8] - Total assets as of September 30, 2025, amounted to HKD 71,209,000, with liabilities totaling HKD 62,991,000[21] - The net asset value as of September 30, 2025, was HKD 8.22 million, a decrease from HKD 17.51 million as of March 31, 2025[9] - Trade payables rose to HKD 24,658,000 as of September 30, 2025, compared to HKD 19,611,000 as of March 31, 2025, marking a 25.5% increase[33] Revenue Segmentation - Total revenue for the six months ended September 30, 2024, was HKD 48,980,000, with significant contributions from food and beverage operations and aircraft engine maintenance services[20] - The Chinese cuisine segment generated revenue of HKD 911,000, while the Thai cuisine segment contributed HKD 2,798,000 for the same period[20] - The aircraft engine maintenance and repair segment recorded revenue of approximately HKD 40.17 million, making up 91.55% of total revenue[34] - Total revenue for the six months ended September 30, 2025, was HKD 200,000, compared to HKD 159,000 for the same period in 2024, representing a 25.8% increase[23] - The "Ma Suan Le / Ma Sun Le" brand generated revenue of approximately HKD 0.91 million, accounting for 2.07% of total revenue, representing a significant decline of 85.13% year-over-year due to market instability in the restaurant industry[34] - The "555 Thai Fusion" brand achieved revenue of approximately HKD 2.80 million, a 100% increase compared to the previous year, attributed to the opening of new locations[34] Cost Management - The cost of raw materials and consumables increased by 35.36% to approximately HKD 33.84 million, primarily due to rising operational costs in the construction business[37] - Employee costs, including director remuneration, decreased to HKD 7,778,000 in 2025 from HKD 11,487,000 in 2024, a reduction of 32.5%[24] - Employee costs decreased by approximately 32.29% to HKD 7.78 million, mainly due to a reduction in restaurant staff[40] - The group plans to implement cost control measures to improve financial performance by reducing discretionary and administrative expenses[14] Dividends and Shareholder Information - The board of directors did not recommend the payment of an interim dividend for the six months ending September 30, 2025, consistent with the previous year[4] - The company did not declare any dividends for the six months ended September 30, 2025, consistent with the previous year[27] - At least 25% of the company's total issued shares are held by the public as of September 30, 2025, in compliance with GEM Listing Rules[60] Compliance and Governance - The group has not adopted any new or revised Hong Kong Financial Reporting Standards that have been issued but are not yet effective during the accounting period[12] - The company has adopted the trading code of conduct for directors in accordance with GEM Listing Rules, confirming compliance until September 30, 2025[59] - An audit committee has been established, consisting of three independent non-executive directors, to oversee internal audit functions and financial reporting processes[61] - The financial statements for the six months ending September 30, 2025, have been reviewed by the audit committee prior to submission to the board[62] - The announcement is made in accordance with GEM Listing Rules to provide accurate and complete information about the company[63] Future Considerations - The group is considering fundraising activities, including rights issues and public offerings, to raise new capital[14] - The company plans to adopt a conservative approach to operations, including reducing restaurant staff and negotiating rent discounts with landlords[35]

Financial Performance - Revenue decreased by 21.7% to HKD 485.9 million[2] - Profit attributable to equity holders was HKD 94.8 million, down 32.7% year-on-year, but up 43.4% from the previous six-month period[2] - Basic earnings per share were HKD 0.075[3] - Total comprehensive income for the period was HKD 110.3 million, compared to HKD 160.3 million in the previous year[4] - Total revenue for the six months ended September 30, 2025, was HKD 485,880,000, a decrease of 21.6% from HKD 620,272,000 in the same period of 2024[12] - The net profit attributable to equity holders for the six months ended September 30, 2025, was HKD 94,804,000, down 32.8% from HKD 140,844,000 in the same period of 2024[19] - Basic earnings per share for the period was HKD 0.075, a decrease from HKD 0.112 in the previous year[19] - EBITDA decreased by 26.7% to HKD 142.2 million, with an EBITDA margin of 29.3%, down from 31.3% in the previous period[49] - Operating profit decreased by 30.0% to HKD 111.0 million, with an operating profit margin of 22.8%, down from 25.6%[49] Dividend Information - Proposed interim dividend is HKD 0.076 per share, with a payout ratio of 101.3%[2] - The company continues to maintain a dividend payout ratio of 100% or above for eleven consecutive years[2] - The board proposed an interim dividend of HKD 0.076 per share for the six months ended September 30, 2025, to be paid on or around December 31, 2025[73] Assets and Liabilities - Non-current assets decreased from HKD 464.3 million to HKD 417.1 million[5] - Current assets increased from HKD 471.6 million to HKD 508.3 million, with cash and cash equivalents rising to HKD 326.0 million[5] - Total equity increased from HKD 378.7 million to HKD 423.5 million[6] - Total liabilities decreased from HKD 557.2 million to HKD 501.9 million[6] - Non-current assets in Hong Kong totaled HKD 236,911,000, a decrease from HKD 274,354,000 as of March 31, 2025[12] - Non-current assets outside Hong Kong were HKD 62,139,000, down from HKD 79,417,000 as of March 31, 2025[12] - Cash and cash equivalents totaled HKD 326,007,000 as of September 30, 2025, compared to HKD 249,074,000 on March 31, 2025[28] Revenue Breakdown - Revenue from Hong Kong was HKD 386,847,000, down 22.3% from HKD 497,803,000 year-on-year[12] - Revenue from regions outside Hong Kong was HKD 99,033,000, a decrease of 19.1% compared to HKD 122,469,000 in the previous year[12] - Revenue from the Hong Kong market accounted for 79.6% of total revenue at HKD 386.8 million, while revenue from regions outside Hong Kong was HKD 99.0 million, representing 20.4% of total revenue[46] - Revenue declined by 22.3% year-on-year to HKD 386.8 million, but only a 2.3% decrease compared to the previous six months[52] - Revenue from operations outside Hong Kong amounted to HKD 99.0 million, accounting for 20.4% of the group's total revenue, down from HKD 122.5 million in the same period last year[56] Cost Management - Key cost components showed a significant reduction, with employee benefits expenses decreasing by 23.1% to HKD 167.2 million and marketing expenses down by 29.3% to HKD 54.6 million[47] - Cost optimization measures led to a 33.8% decrease in inventory and consumables costs to HKD 6.9 million, reflecting a decline in treatment volume and favorable supplier terms[48] - Employee benefits expenses decreased by 23.1% to HKD 167.2 million due to staff adjustments following center integration, ensuring service quality remained unaffected[48] - The group has implemented strict cost control measures to improve operational efficiency, which has helped maintain profit margins despite revenue declines[41][42] Strategic Initiatives - The group is focusing on enhancing customer retention and lifetime value in the mainland China market, rather than pursuing aggressive expansion strategies[40][41] - The group has transitioned several strategic initiatives, including the launch of cost-effective medical beauty services and digital marketing driven by artificial intelligence, from planning to implementation[44] - The company launched its first "Oracle" service center in October 2025, targeting tech-savvy millennials and Gen Z consumers with innovative skincare solutions[54] - The new flagship center in Tsim Sha Tsui successfully opened, enhancing customer traffic and average transaction value[51] - The group plans to enhance AI-driven marketing and digital capabilities, and cautiously expand complementary services such as Oracle and Goku Spa to attract new customers[71] Employee Information - The group employed a total of 840 employees as of September 30, 2025, down from 971 employees on March 31, 2025[66] Financial Position - The group maintained a strong financial position with bank balances and cash of HKD 425.0 million as of September 30, 2025, compared to HKD 394.6 million on March 31, 2025[58] - Net cash generated from operating activities was HKD 156.2 million, a decrease from HKD 203.4 million in the previous interim period[59] - Capital expenditures totaled HKD 14.9 million, primarily for lease renovations and equipment necessary for expanding the service network[60] Shareholder Information - The company had a total of 1,256,197,000 shares outstanding with a share premium of HKD 194,371,000 as of September 30, 2025[29] - Dr. Ouyang Jiang holds a beneficial interest in 114,834,747 shares, representing 75.18% of the shares he controls[76] - Sure Sino Investments Limited owns 459,739,481 shares, accounting for 36.59% of the total issued shares[82] - The company will suspend the registration of share transfers on December 16, 2025, to qualify for the interim dividend[75] Corporate Governance - The company has adhered to all provisions of the Corporate Governance Code during the reporting period, except for the combined roles of Chairman and CEO held by Dr. Ouyang Jiang[90] - The Audit Committee, established on December 5, 2011, is responsible for reviewing financial information and overseeing the financial reporting process[91] - The Remuneration Committee, also established on December 5, 2011, provides recommendations on the remuneration policies for all directors and senior management[92] - The Nomination Committee, formed on December 5, 2011, evaluates the independence of independent non-executive directors and reviews board diversity policies[93] - The board of directors includes executive directors Dr. Ouyang Jiang, Ms. Ouyang Hui, Ms. Ouyang Hong, and Mr. Su Xianlong, as well as independent non-executive directors Ms. Xu Huimin, Ms. Cao Yiping, Mr. Ji Zhixiong, and Mr. Qi Shichang[94]

Financial Performance - Unaudited revenues for the six months ended 30 September 2025 amounted to approximately HK$323,908,000, an increase of 7.6% compared to HK$300,003,000 in the corresponding period of last year[11]. - The Group recorded an unaudited EBITDA of approximately HK$231,738,000 for the six months ended 30 September 2025, up from HK$221,341,000 for the same period in 2024, reflecting a growth of 4.3%[11]. - Unaudited net loss attributable to owners of the Company for the six months ended 30 September 2025 was approximately HK$83,395,000, a decrease of 24.2% from a net loss of HK$109,833,000 in the prior year[11]. - The gross profit for the six months ended 30 September 2025 was approximately HK$159,955,000, compared to HK$101,355,000 in the same period last year, indicating a significant increase of 57.6%[12]. - Total comprehensive loss for the period was HK$148,836,000, a reduction from HK$255,913,000 in the corresponding period of last year, showing an improvement of 41.8%[14]. - The consolidated loss before income tax for the six months ended 30 September 2025 was HK$71,360,000, an improvement compared to a loss of HK$106,915,000 in 2024, reflecting a reduction of approximately 33%[58]. - The Group reported a net loss of approximately HK$71.36 million for the six months ended 30 September 2025, a decrease from a net loss of approximately HK$106.92 million for the same period in 2024[161]. Expenses and Costs - Selling and administrative expenses rose to HK$70,705,000 for the six months ended 30 September 2025, compared to HK$33,327,000 in the previous year, representing an increase of 112.4%[12]. - Finance costs decreased to HK$162,652,000 for the six months ended 30 September 2025, down from HK$181,748,000 in the prior year, reflecting a reduction of 10.5%[12]. - The Group's cost of sales for the six months ended 30 September 2025 was approximately HK$163.95 million, representing a decrease of about 17.47% from approximately HK$198.65 million for the last corresponding period[153]. - Interest expenses on bank and other borrowings for the six months ended 30 September 2025 were HK$44,559,000, a decrease from HK$49,979,000 in 2024, representing a reduction of about 10.3%[62]. - Staff costs, including directors' remuneration, for the six months ended 30 September 2025, totaled HK$23,566,000, slightly up from HK$23,527,000 in 2024, reflecting a marginal increase of approximately 0.2%[65]. Assets and Liabilities - Total assets increased to HK$6,192,262,000 as of September 30, 2025, up from HK$6,050,057,000 on March 31, 2025, representing a growth of approximately 2.34%[15]. - Current assets rose to HK$839,927,000, a significant increase of 30.14% from HK$645,413,000 as of March 31, 2025[15]. - Total liabilities reached HK$19,373,005,000, up from HK$19,081,964,000, indicating a rise of 1.53%[17]. - Net liabilities increased to HK$13,180,743,000 from HK$13,031,907,000, reflecting a growth of 1.14%[17]. - The Group incurred a net current liability of approximately HK$18,530.17 million as of 30 September 2025, indicating significant liquidity challenges[175]. - The total outstanding debts, including borrowings, promissory notes, and non-convertible bonds, amounted to approximately HK$18,473,696,000[24]. Cash Flow and Financing - The net cash generated from operating activities decreased to HK$85,761,000, down 50.7% from HK$173,932,000 year-on-year[22]. - Cash and cash equivalents improved to HK$17,169,000, up from HK$10,702,000, marking a 60.00% increase[15]. - The Group is actively negotiating with PRC banks and other creditors to finalize debt restructuring and extend repayment terms[31]. - The Group aims to raise new funds to finance its working capital within the next twelve months[35]. - The Group's cash and bank balances increased to approximately HK$17.17 million as of 30 September 2025, up from approximately HK$10.70 million as of 31 March 2025[165]. Segment Information - The Group has three reportable segments: expressway operations, CNG gas stations operations, and other operations, each managed separately due to differing products and services[49]. - Revenue from toll road and related operations for the six months ended September 30, 2025, was HK$323,908,000, an increase from HK$300,003,000 in the same period of 2024, representing a growth of approximately 7.6%[47]. - Reportable segment profit before unallocated finance cost and income tax for the six months ended September 30, 2025, was HK$101,879,000, compared to HK$30,782,000 for the same period in 2024, indicating a significant increase of approximately 230%[58]. - Total reportable segment assets as of September 30, 2025, amounted to HK$6,044,600,000, compared to HK$5,904,748,000 as of March 31, 2025, showing an increase of approximately 2.4%[54]. Restructuring and Going Concern - Significant uncertainties exist regarding the Group's ability to continue as a going concern, depending on its ability to generate adequate financing and operating cash flows[32]. - The restructuring proposal for the Group's main operating subsidiary was approved by the Court on 26 September 2023, and the restructuring is still in progress[23]. - The Group's financial position raises material uncertainties regarding its ability to continue as a going concern[176]. - The Board is implementing various measures to improve liquidity, although these measures have not yet been completed[177]. Taxation - Zhunxing was exempt from PRC enterprise income tax from 2014 to 2016 and subject to a 12.5% tax rate from 2017 to 2019, with a preferential tax rate of 15% applicable for the six months ended 30 September 2025 and 2024[69][72]. - The Group did not have assessable profits subject to PRC enterprise income tax during the six months ended 30 September 2025 and 2024, resulting in no tax provision[70][72]. Dividends - The Company did not declare any dividend for the six months ended 30 September 2025, consistent with the previous year[11]. - No dividend was recommended for the six months ended 30 September 2025, consistent with the previous period where no dividend was declared[71][73].

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 28,626,000, representing an increase of 8.8% compared to HKD 26,312,000 for the same period in 2024[6] - Gross profit for the period was HKD 3,356,000, down 34.0% from HKD 5,091,000 in the previous year[6] - The company reported a loss before tax of HKD 4,009,000, compared to a loss of HKD 1,904,000 in the same period last year, indicating a significant increase in losses[6] - Basic and diluted loss per share was HKD 0.07, compared to HKD 0.06 for the same period in 2024[6] - The total comprehensive loss for the period was HKD 1,904,000, contributing to the overall financial performance[8] - The group reported a significant decline in consumer spending, impacting overall sales performance[37] - The group's revenue decreased by approximately 8.1%, from about HKD 28.6 million in the corresponding period to about HKD 26.3 million in the current period[38] - The group's gross profit decreased by approximately 34.1%, from about HKD 5.1 million in the corresponding period to about HKD 3.4 million in the current period, resulting in a gross margin decline from 17.8% to 12.8%[39] - The group's pre-tax loss increased by approximately 110.6%, from about HKD 1.9 million in the corresponding period to about HKD 4.0 million in the current period[42] Operational Costs - The cost of sales increased to HKD 23,535,000, up from HKD 22,956,000, reflecting rising operational costs[6] - Administrative and other expenses rose to HKD 4,090,000 from HKD 3,748,000, indicating increased operational expenditures[6] - The group's sales and distribution costs increased by approximately 15.0%, from about HKD 3.0 million in the corresponding period to about HKD 3.4 million in the current period[40] - The group's administrative and other expenses increased by approximately 9.1%, from about HKD 3.7 million in the corresponding period to about HKD 4.1 million in the current period[40] Assets and Liabilities - As of September 30, 2025, total assets amounted to HKD 51,098,000, while total liabilities were HKD 24,697,000, resulting in a net asset value of HKD 26,353,000[7] - The company reported a decrease in trade receivables from HKD 32,773,000 to HKD 30,731,000, reflecting a decline of approximately 6.3%[7] - Cash and cash equivalents increased significantly from HKD 322,000 to HKD 19,714,000, indicating a substantial improvement in liquidity[7] - The company’s current liabilities decreased from HKD 35,729,000 to HKD 26,401,000, representing a reduction of approximately 26.2%[7] - The company’s total liabilities decreased from HKD 35,729,000 to HKD 26,401,000, reflecting a reduction of approximately 26.2%[7] - The company’s fixed assets, including property and equipment, decreased from HKD 1,760,000 to HKD 1,230,000, indicating a decline of approximately 30%[7] - The total equity attributable to the owners of the company was HKD 26,353,000, down from HKD 891,000, showing a significant reduction in shareholder equity[8] Cash Flow - The net cash generated from operating activities was HKD 28,065,000, while the net cash generated from investing activities was HKD (8,673,000)[19] - The cash and cash equivalents at the end of the period were HKD 19,714,000, an increase from HKD 15,610,000 at the end of the previous period[19] - As of September 30, 2025, the group had cash and bank balances of approximately HKD 19.7 million, a significant increase from HKD 0.3 million on March 31, 2025[47] Strategic Initiatives - The company is focusing on market expansion and new product development as part of its strategic initiatives moving forward[6] - The company has not provided specific guidance for future performance but emphasizes ongoing efforts to improve operational efficiency[6] - The group plans to maintain sustainable and profitable retail operations while gradually developing online and social media distribution channels to drive future growth[46] - The group aims to explore various suitable investment opportunities to diversify its business and enhance overall business development by 2025/2026[46] - The group has implemented several strategic measures to adjust its product mix in response to changing customer preferences and market trends[46] Shareholder Information - The company did not declare any dividends for the current period, consistent with 2024[26] - The group will not declare any dividends for the current period, consistent with the previous year[43] - The company has a loan of HKD 20,000,000 with an outstanding balance of approximately HKD 8,367,000 as of September 30, 2025, with an interest rate of 4%[33] - The company has another loan of HKD 3,360,000 with an outstanding balance of approximately HKD 1,431,000 as of September 30, 2025, with an interest rate of 5%[33] Corporate Governance - The company has complied with the corporate governance code and regularly reviews its governance practices[77] - The board has confirmed adherence to trading standards during the reporting period, with no known non-compliance incidents[79] - The Audit Committee, consisting of three independent non-executive directors, has reviewed the unaudited condensed consolidated results for the period[84] - The Audit Committee believes that the financial statements have been prepared in accordance with applicable accounting standards and GEM listing rules[84]