Financial Performance - For the six months ended September 30, 2025, the company reported a loss attributable to owners of approximately RMB 9,600,000, compared to a loss of RMB 9,400,000 for the same period in 2024[6]. - The group's revenue for the six months ended September 30, 2025, was approximately RMB 1,200,000, while there was no revenue reported for the same period in 2024[7]. - The gross profit for the six months ended September 30, 2025, was approximately RMB 505,000, with a gross margin of 43.7%, compared to zero for the same period in 2024[7]. - Basic loss per share for the six months ended September 30, 2025, was approximately RMB 2.09, compared to RMB 2.04 for the same period in 2024[8]. - For the six months ended September 30, 2025, the company reported a total loss of RMB 9,621,000, compared to a loss of RMB 9,393,000 for the same period in 2024, indicating a year-over-year increase in losses of approximately 2.4%[16]. - The company reported a pre-tax loss of RMB 9,621,000 for the six months ended September 30, 2025, compared to a loss of RMB 9,393,000 in the same period of 2024[34]. Assets and Liabilities - As of September 30, 2025, total assets less current liabilities amounted to RMB 61,911,000, compared to RMB 63,220,000 as of March 31, 2025[11]. - The company's net assets as of September 30, 2025, were RMB 16,228,000, down from RMB 22,746,000 as of March 31, 2025[11]. - Non-current liabilities increased to RMB 45,683,000 as of September 30, 2025, from RMB 40,474,000 as of March 31, 2025[11]. - Total assets as of September 30, 2025, amounted to RMB 91,480,000, with a breakdown of RMB 54,488,000 in renewable energy assets and RMB 34,802,000 in power systems[24]. - Total liabilities as of September 30, 2025, were RMB 75,252,000, with RMB 6,495,000 attributed to operational segments[24]. - The company’s total liabilities increased, contributing to a cumulative loss of RMB 103,420,000 by September 30, 2025[12]. Cash Flow and Financing - The total cash and cash equivalents at the end of the period were RMB 2,088,000, a decrease of 4,495,000 from the beginning of the period[16]. - The financing activities resulted in a net cash inflow of RMB 6,781,000, significantly higher than the RMB 854,000 recorded in the same period last year[16]. - The company’s operating cash flow for the period was a net outflow of RMB 11,278,000, contrasting with a net inflow of RMB 6,517,000 in the previous year[16]. - Financing costs for the six months ended September 30, 2025, were RMB 2,786,000, an increase from RMB 1,843,000 for the same period in 2024[10]. - The company recognized a shareholder loan contribution of RMB 3,103,000 during the reporting period, which was accounted for as equity[14]. Administrative and Employee Costs - The company reported administrative expenses of RMB 8,342,000 for the six months ended September 30, 2025, compared to RMB 7,598,000 for the same period in 2024[10]. - Employee costs, including director remuneration, rose to RMB 4,111,000 for the six months ended September 30, 2025, compared to RMB 3,814,000 in 2024[29]. - Administrative expenses increased by approximately RMB 700,000 or 9.8% to about RMB 8,300,000 for the six months ended September 30, 2025, due to staff expansion and increased travel costs[57]. Revenue Generation and Contracts - The company generated revenue of RMB 1,156,000 from the sale of electricity in the renewable energy sector, marking the first revenue recorded in this category[21]. - The company signed a three-year operation and maintenance service contract with Hebei Rongbei New Energy Co., Ltd., with an annual service fee of RMB 6,400,000[55]. - The company also entered into a two-year maintenance service agreement with Aolan Technology Co., Ltd., with a minimum annual service fee of HKD 5,000,000[55]. - An operation and maintenance service agreement with Zhangbei Hengfeng New Energy Co., Ltd. was signed, with an annual service fee of RMB 14,000,000 for three years starting January 1, 2026[71]. - The group signed two EPC contracts with a total contract value of HKD 6.5 million for the construction of electric vehicle charging facilities in Hong Kong[73]. Corporate Governance and Shareholder Information - Major shareholders include Ms. Li Yanyan with 12.82% and Mr. Hou Xiaobing with 5.69% of the issued share capital as of September 30, 2025[98]. - The group has established an audit committee that meets at least four times a year to review audit matters, accounting policies, and compliance with regulations[99]. - The group has a remuneration committee that oversees compensation policies and practices, ensuring compliance with corporate governance codes[101]. - The Nomination Committee was established on March 28, 2012, and consists of three independent non-executive directors as of September 30, 2025[103]. - As of September 30, 2025, there are no controlling shareholders of the company[105]. Strategic Initiatives and Future Outlook - The company aims to prioritize the development and expansion of its core business segments, focusing on recurring revenue sources and strategic diversification[88]. - Despite challenges in the global renewable energy sector, the company continues to pursue strategic positioning to seize emerging opportunities[88]. - The group aims to expand its renewable energy system integration services by actively pursuing more service agreements, which provide a stable and predictable revenue base[89]. - The group plans to increase the share of renewable energy in its power generation fuel mix to 7.5-10% by 2035, in line with the Hong Kong Climate Action Blueprint 2050, and will seek new rooftop solar projects and acquisition opportunities[90]. - The group is exploring international market opportunities, particularly in Southeast Asia, where there is strong demand for renewable energy and favorable policy environments[91]. - The group will implement strict cost control measures to reduce administrative and operational expenses, thereby enhancing profitability amid global economic uncertainties[92]. - The group is committed to supporting regional and global energy transition goals through its projects in China and Hong Kong, as well as its expanding international business[93]. - The board is confident that the group's strategic initiatives, combined with a flexible business model and favorable energy policies, will drive future growth and create long-term value for shareholders[94].

Financial Performance - For the six months ended September 30, 2025, the company reported revenue of HKD 565,340,000, a decrease of 8.9% from HKD 620,583,000 in the same period of 2024[3]. - Gross profit for the same period was HKD 18,047,000, down 42.3% from HKD 31,264,000 year-on-year[3]. - The company recorded a pre-tax profit of HKD 5,626,000, a significant decline of 75.5% compared to HKD 23,025,000 in the previous year[3]. - Net profit for the period was HKD 4,831,000, a decrease of 75.7% from HKD 19,904,000 in the prior year[3]. - Basic earnings per share were HKD 0.12, down from HKD 0.56 in the same period last year, representing a decline of 78.6%[3]. - The group’s attributable profit to owners was approximately HKD 3.4 million, a significant decrease of 79.6% from HKD 16.7 million in the same period last year[30]. - The group’s gross profit decreased by 42.5% to approximately HKD 18.0 million, with a gross profit margin of about 3.2%, down from 5.0% in the previous year[24]. Revenue Breakdown - Revenue from building construction services was HKD 276,500,000, an increase of 30.1% from HKD 212,544,000 in the previous year[9]. - Revenue from RMAA services was HKD 288,840,000, a decrease of 29.2% from HKD 408,039,000 in the same period last year[9]. Assets and Liabilities - Total assets as of September 30, 2025, were HKD 393,950,000, a decrease from HKD 425,254,000 as of March 31, 2025[4]. - Trade receivables as of September 30, 2025, amounted to HKD 50,853,000, a decrease of 50.8% from HKD 103,156,000 as of March 31, 2025[14]. - Total trade and other payables as of September 30, 2025, were HKD 77,897,000, down 30.8% from HKD 112,554,000 as of March 31, 2025[17]. - The company's contract assets, which include retention receivables and unbilled revenue, totaled HKD 101,709,000 as of September 30, 2025, down from HKD 128,270,000 as of March 31, 2025[10]. Cash Flow and Equity - The company's cash and bank deposits increased to HKD 195,038,000 from HKD 134,778,000, reflecting a growth of 44.5%[4]. - The company reported a total equity of HKD 303,859,000, up from HKD 299,028,000 at the end of the previous reporting period[5]. - The group maintained a strong current ratio of approximately 4.2 times, with current assets of about HKD 394.0 million as of September 30, 2025[32]. - The group’s debt-to-equity ratio decreased to approximately 0.5% from 0.6% as of March 31, 2025, due to a greater percentage decline in lease liabilities compared to the increase in profit[34]. Expenses and Costs - Administrative expenses were approximately HKD 12.0 million, a reduction of 22.6% compared to HKD 15.5 million in the first half of 2024[26]. - The financing costs increased to approximately HKD 31,000 from HKD 7,000 in the previous year, primarily due to increased interest expenses from renewed office lease agreements[28]. - Other income and losses were approximately HKD 2.4 million, down from HKD 4.1 million in the previous year, mainly due to a decline in the fair value increase of financial assets[25]. Dividends and Shareholder Information - The company did not declare or recommend any interim dividends for the six months ended September 30, 2025, consistent with the previous year[12][19]. - The group did not propose any interim dividend for the first half of 2025, consistent with the previous year[31]. - The weighted average number of ordinary shares for calculating basic earnings per share was 2,976,000,000 for the six months ended September 30, 2025, unchanged from the previous period[13]. Corporate Governance and Changes - The company has adhered to the corporate governance code, with a noted deviation regarding the roles of the chairman and CEO being held by the same individual[47][48]. - The company's interim financial statements for the six months ending September 30, 2025, were reviewed by the audit committee and formally approved by the board[50]. - The company changed its name from "GAIN PLUS HOLDINGS LIMITED" to "HONG KONG ZCLOUD TECHNOLOGY CONSTRUCTION LIMITED" effective May 15, 2025[44]. - The company approved a share split, converting each existing share of HKD 0.01 into eight shares of HKD 0.00125, effective August 19, 2025, resulting in a total share capital of HKD 7,800,000[45]. Market Conditions - The construction industry in Hong Kong continues to face challenges due to global economic uncertainty and a sluggish residential market, impacting new development projects[46]. - Despite ongoing demand for property maintenance and renovation services, the company faces significant competition in securing contracts[46]. - The company will maintain a cautious approach in deploying surplus funds to explore viable business opportunities for long-term shareholder value[46]. Other Information - The company has no pledged assets as of September 30, 2025, similar to the situation on March 31, 2025[43]. - As of September 30, 2025, the company reported no significant contingent liabilities, consistent with the previous period[41]. - There were no purchases, sales, or redemptions of the company's listed securities during the six-month period ending September 30, 2025[51].

Revenue and Financial Performance - K. H. Group Holdings Limited recorded a revenue of approximately HK$28,320,000 for the six months ended 30 September 2025, a 39.8 times increase from approximately HK$694,000 during the same period in 2024[24]. - The primary revenue during the Period was generated from construction services and Chemical Business in Mainland China amounting to HK$28,320,000, a significant increase from HK$694,000 in the Comparative Period[25]. - Revenue from the Changzhou Yonghong Group's NMP solution business was approximately HK$9,242,000 during the Period[21]. - For the six months ended September 30, 2025, the revenue from the provision of foundation and construction services was HK$19,078,000, while the revenue from the production and sales of chemical products was HK$9,242,000, compared to HK$694,000 in the same period of 2024[143]. - The Group recorded a net profit of approximately HK$152,133,000 during the Period, compared to a net loss of approximately HK$44,825,000 in the Comparative Period, mainly attributable to the gain from the deconsolidation of subsidiary KHF[33]. - The Group achieved a total comprehensive income of approximately HK$153,622,000 during the Period, a turnaround from a total comprehensive loss of HK$44,388,000 in the Comparative Period[34]. - The profit before tax for the six months ended September 30, 2025, was HK$152,173,000, compared to a loss of HK$44,825,000 in the same period of 2024[140]. - The Group reported a total comprehensive income of HK$153,622,000 for the six months ended 30 September 2025, a significant recovery from a loss of HK$44,388,000 in the previous period[107]. Operational Changes and Business Focus - The Group's focus has shifted entirely to the construction services and chemical business in Mainland China following the winding-up of K. H. Foundations Limited[15][17]. - The foundation business in Hong Kong ceased operations on 22 July 2025, leading to no revenue from foundation projects during the Period[15][18]. - The Group established strategic cooperative relationships with multiple important customers in the hazardous waste neutralization and recycling sectors during the Period[21]. - The Group completed the acquisition of 100% equity interests of Changzhou Yonghong Group, which has an annual capacity of 60,000 tons for NMP recycling, marking a significant step in expanding its business scope into the new chemical materials sector[39]. - The Group has ceased all foundation and construction service activities in Hong Kong, classifying this segment as discontinued operations[130]. Expenses and Profitability - Overall gross profit increased 17.4 times from approximately HK$94,000 during the Comparative Period to approximately HK$1,730,000 during the Period, while the gross profit margin decreased from approximately 13.5% to approximately 6.1%[26]. - Administrative and other operating expenses rose by 161.3% from approximately HK$3,313,000 to approximately HK$8,657,000, primarily due to the addition of the Chemical Business[27]. - The loss from operations increased to HK$5,471,000 from HK$3,219,000 year-over-year, reflecting a deterioration of 70%[100]. - The total costs of inventory recognized increased to HK$7,070,000 for the six months ended 30 September 2025, from HK$600,000 in the same period of 2024[155]. - The gross loss for the period was HK$0, compared to a gross loss of HK$11,008,000 in the previous year, reflecting a significant improvement[199]. Cash Flow and Financial Position - As of September 30, 2025, the total debts of the Group were approximately HK$50,528,000, a decrease from HK$54,061,000 as of 31 March 2025[43]. - The Group's cash and bank balances amounted to HK$2,608,000, a decrease from approximately HK$48,481,000 as of March 31, 2025[52]. - The net cash from operating activities for the six months ended 30 September 2025 is HK$27,532,000, compared to a cash outflow of HK$12,463,000 for the same period in 2024[108]. - Cash and cash equivalents at the end of the period decreased to HK$2,608,000 from HK$71,738,000 at the end of the previous period[108]. - The Group's net current liabilities amounted to approximately HK$46,739,000 as of 30 September 2025, indicating material uncertainty regarding its ability to continue as a going concern[116]. Shareholder Information and Governance - The Group's interim report will be available on the Hong Kong Stock Exchange and the company's website for shareholders[3]. - The Board does not recommend the payment of an interim dividend to shareholders for the period[73]. - The Company did not declare an interim dividend for the period[77]. - The Company has adopted the Model Code for Securities Transactions by Directors, with all Directors confirming compliance throughout the period[81]. - The Audit Committee, comprising three Independent Non-executive Directors, reviewed the condensed consolidated interim financial information for the period[94]. Employee and Management Information - The total staff costs incurred by the Group during the period were approximately HK$6,294,000, a decrease from approximately HK$20,874,000 in the comparative period[70]. - The Group had 58 employees as of September 30, 2025, down from 63 employees as of March 31, 2025[70]. - Total compensation paid to key management personnel for the six months ended 30 September 2025 was HK$518,000, a decrease from HK$896,000 for the same period in 2024[193]. Discontinued Operations - The company ceased to have control over its wholly-owned subsidiary KHF on 22 July 2025, which has been classified as a discontinued operation[195]. - For the six months ended 30 September 2025, KHF reported a revenue of HK$0, compared to HK$74,374,000 for the same period in 2024, indicating a decline of 100%[199]. - The loss before tax from discontinued operations was HK$4,653,000, a substantial decrease from HK$41,568,000 in the prior year, representing an improvement of about 88.8%[199]. - A gain on deconsolidation of KHF was recognized amounting to HK$162,297,000, contributing positively to the profit for the period[199]. - The profit for the period from discontinued operations was HK$157,644,000, compared to a loss of HK$41,568,000 in the previous year, marking a turnaround[199].

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 222,674,000, a decrease of 0.26% from HKD 224,248,000 in the same period of 2024[3] - Operating profit for the same period was HKD 8,594,000, compared to an operating loss of HKD 10,068,000 in 2024[4] - Net profit for the six months was HKD 6,946,000, a significant recovery from a net loss of HKD 16,125,000 in the previous year[7] - Basic and diluted earnings per share for the period were HKD 0.72, compared to a loss per share of HKD 1.80 in 2024[4] - Total comprehensive income for the period was HKD 8,547,000, compared to a total comprehensive loss of HKD 14,060,000 in the same period last year[6] - The pre-tax profit for the six months ended September 30, 2025, was HKD 6,544,000, compared to a loss of HKD 16,302,000 for the same period in 2024[30] Assets and Liabilities - Non-current assets as of September 30, 2025, amounted to HKD 190,027,000, down from HKD 198,393,000 as of March 31, 2025[8] - Current assets totaled HKD 371,770,000, an increase from HKD 366,066,000 in the previous period[8] - Total liabilities decreased to HKD 328,130,000 from HKD 352,290,000, indicating improved financial stability[9] - The company's equity increased to HKD 199,746,000 as of September 30, 2025, compared to HKD 191,199,000 at the end of March 2025[9] - Total assets as of September 30, 2025, were HKD 561.797 million, slightly down from HKD 564.459 million as of March 31, 2025[19] - The group’s total liabilities decreased to HKD 362.051 million as of September 30, 2025, from HKD 373.260 million as of March 31, 2025[19] Revenue Breakdown - Revenue from beauty and wellness services and sales of skincare and wellness products amounted to HKD 222,674,000 for the six months ended September 30, 2025, compared to HKD 224,248,000 for the same period in 2024, representing a decrease of 0.7%[24] - Revenue from beauty package expiration recognition was HKD 202,668,000, while sales of skincare and wellness products increased to HKD 20,006,000 from HKD 15,386,000, showing a growth of 30.5%[24] - Revenue for beauty and facial care services decreased by 5.2% to HKD 149,697,000 compared to HKD 157,891,000 in the same period last year[44] - Spa and massage revenue increased by 28.6% to HKD 9,502,000, up from HKD 7,391,000 year-on-year[44] - Product sales revenue rose by 30.0% to HKD 20,006,000, compared to HKD 15,386,000 in the previous year[44] Expenses and Costs - Employee benefits expenses decreased by 11.3% to HKD 131,325,000 from HKD 148,071,000 year-on-year, with total employees down by 6.9% to 791[46] - Advertising expenses decreased to HKD 839,000 from HKD 1,031,000 year-on-year, representing 0.4% of revenue[48] - The group incurred other income of HKD 5.590 million for the six months ended September 30, 2025, down from HKD 6.621 million in the same period of 2024[18] - Interest income for the six months ended September 30, 2025, was HKD 1.740 million, compared to HKD 2.161 million for the same period in 2024[18] - The group’s unallocated costs for the six months ended September 30, 2025, were HKD 13.925 million, slightly down from HKD 14.297 million in the same period of 2024[18] Strategic Initiatives - The company plans to continue expanding its beauty and wellness services, focusing on enhancing customer experience and product offerings in the upcoming fiscal year[22] - A strategic plan to integrate artificial intelligence into operations is underway, focusing on automating administrative and inventory management tasks to enhance accuracy and free up human resources for value-added activities[62] - The introduction of AI tools, such as chatbots and personalized recommendation systems, is expected to improve customer experience by providing instant support and tailored product suggestions[62] - The group aims to leverage the current macroeconomic trend of declining retail rents to negotiate better lease terms, potentially significantly reducing rental costs, which are a major operational expense[61] Governance and Compliance - The company adheres to good corporate governance principles to achieve stable management and enhance shareholder value[65] - The board of directors has established various committees, including the remuneration committee, nomination committee, and audit committee, to ensure effective governance[69][70][72][73] - The audit committee has reviewed and approved the group's financial statements for the review period[73] - The group regularly reviews its compensation policies to ensure compliance with legal regulations and market standards[58] Future Outlook - The group has a strong brand presence and customer base, contributing to management's confidence in future growth prospects[38] - The mid-term report will be published on December 23, 2025, or around that date, and will be available on the Hong Kong Stock Exchange website and the company's website[75]

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 217,711,000, a decrease of 43.7% compared to HKD 387,480,000 for the same period in 2024[3] - Gross profit for the same period was HKD 35,875,000, down 37.4% from HKD 57,190,000 in 2024[3] - Profit before tax was HKD 14,789,000, a decline of 51.8% compared to HKD 30,707,000 in the previous year[3] - Net profit for the period was HKD 11,635,000, representing a decrease of 53.7% from HKD 25,085,000 in 2024[3] - The company reported a profit before tax of HKD 14,789,000 for the six months ended September 30, 2025, compared to HKD 30,707,000 for the same period in 2024, indicating a decrease of approximately 51.8%[12][16] - Earnings per share for the six months ended September 30, 2025, were HKD 11,635, a decrease from HKD 25,085 for the same period in 2024, representing a decline of approximately 53.7%[20] Assets and Liabilities - Total assets as of September 30, 2025, were HKD 350,009,000, down from HKD 413,336,000 as of March 31, 2025[4] - Current liabilities decreased to HKD 114,805,000 from HKD 169,937,000 as of March 31, 2025[4] - Trade receivables decreased to HKD 102,936,000 as of September 30, 2025, down from HKD 126,249,000 as of March 31, 2025, a decline of about 18.4%[23] - Trade payables decreased to HKD 48,829,000 as of September 30, 2025, compared to HKD 70,506,000 as of March 31, 2025, reflecting a reduction of approximately 30.9%[26] - Contract liabilities decreased to HKD 25,592,000 as of September 30, 2025, down from HKD 42,437,000 as of March 31, 2025, representing a decline of approximately 39.7%[22] - The net amount of retention receivables decreased to HKD 36,241,000 as of September 30, 2025, from HKD 42,115,000 as of March 31, 2025, a decrease of about 14.0%[24] Cash Flow and Dividends - Cash and cash equivalents at the end of the period were HKD 68,652,000, down from HKD 119,966,000 at the beginning of the period[7] - Operating cash flow for the six months was a net outflow of HKD 28,465,000, compared to a net inflow of HKD 16,527,000 in 2024[7] - The company paid dividends of HKD 16,708,000 during the period, down from HKD 44,554,000 in the previous year[7] - The company did not declare an interim dividend for the six months ended September 30, 2025, compared to an interim dividend of HKD 0.04 per share totaling HKD 22,277,200 for the same period in 2024[18] - No interim dividend will be paid for the six months ending September 30, 2025, compared to a dividend of 4.0 HKD cents per share for the six months ending September 30, 2024[54] Business Operations - The company continues to focus on structural engineering and the supply and installation of building materials as its main business activities[8] - The segment profit for structural engineering work was HKD 20,987,000, while the profit for the supply, installation, and sale of building materials was HKD 2,440,000, leading to a total segment profit of HKD 23,427,000[12] - The company's sales to external customers in the structural engineering segment were HKD 195,283,000, a decrease from HKD 347,449,000 in the previous year, reflecting a decline of approximately 43.8%[12][15] - The sales in the supply, installation, and sale of building materials segment were HKD 22,428,000, down from HKD 40,031,000 in the previous year, representing a decrease of approximately 43.9%[12][15] Investments and Expenses - The group invested approximately HKD 4,303,000 in vehicles, HKD 157,000 in computer equipment, and HKD 3,000 in furniture and fixtures for the six months ended September 30, 2025[21] - The company incurred employee benefits expenses of HKD 40,977,000 for the period, down from HKD 43,645,000 in the previous year, indicating a decrease of approximately 6.1%[16] - Administrative and other operating expenses for the period were approximately HKD 22.6 million, a decrease of about HKD 5.1 million or 18.4% from approximately HKD 27.7 million in the previous period[42] - Financial costs for the period were approximately HKD 0.6 million, a reduction of about 50% from approximately HKD 1.2 million in the previous period[43] Taxation and Compliance - The total tax expense for the period was HKD 3,154,000, down from HKD 5,622,000 in the previous year, reflecting a reduction of approximately 43.9%[17] - The effective tax rate for the period was 21.3%, higher than the previous period's rate of 18.3%, with tax expenses amounting to approximately HKD 3.2 million, down from HKD 5.6 million[44] - The audit committee, composed of four independent non-executive directors, reviewed the unaudited consolidated financial information for the period and found it compliant with applicable accounting standards[66] Corporate Governance and Management - The board members and key executives hold significant interests in the company's shares, with Mr. Ye Baixiong and Mr. Wei Rijian each owning 325,930,000 shares, representing 58.52% of the issued share capital[56] - The company has complied with all corporate governance code provisions during the reporting period and continues to review its governance practices[64] - The group had no significant legal claims pending as of September 30, 2025[35] - There were no major acquisitions or disposals of subsidiaries during the period[52] - There were no purchases, sales, or redemptions of the company's listed shares during the reporting period[61] - The company has not granted any share options under the share option scheme adopted on September 22, 2015, and the share option plan expired on September 21, 2025[60] Other Information - The group did not sell any property, plant, and equipment during the reporting period, maintaining a book value of HKD 108,000 as of March 31, 2025[21] - The group has not pledged any leasehold land and buildings as collateral for bank loans and financing as of September 30, 2025[21] - The total value of new contracts obtained during the period was approximately HKD 297 million, while the total value of uncompleted contracts as of September 30, 2025, was approximately HKD 448 million, down from HKD 619 million in the previous period[39] - The gross profit margin for the period increased to approximately 16.5%, compared to approximately 14.8% in the previous period, due to successful negotiations for compensation on completed projects[41] - As of September 30, 2025, the current ratio improved to approximately 3.0, compared to 2.4 as of March 31, 2025, indicating better liquidity management[46] - The debt-to-equity ratio as of September 30, 2025, was 4.2%, down from approximately 5.0% as of March 31, 2025, due to the settlement of certain lease liabilities[48] - There were no significant events affecting the group from September 30, 2025, until the announcement date[55]

Financial Performance - For the six months ended September 30, 2025, the company reported revenue of HKD 112,626,000, a decrease of 7.7% compared to HKD 121,928,000 for the same period in 2024[3] - Operating profit for the same period was HKD 77,131,000, down 12% from HKD 87,565,000 in 2024[4] - The company recorded a loss before tax of HKD 23,296,000, significantly improved from a loss of HKD 80,796,000 in the previous year[4] - The net loss attributable to shareholders was HKD 28,970,000, compared to a loss of HKD 85,847,000 in the prior year, indicating a reduction in losses[4] - The pre-tax loss for the six months ended September 30, 2025, was HKD 28,970,000, compared to a loss of HKD 85,847,000 in 2024, indicating an improvement in financial performance[22] - The company reported a total tax expense of HKD 2,392,000 for the six months ended September 30, 2025, slightly down from HKD 2,605,000 in 2024[19] - The group recorded a net loss of HKD 25.7 million for the six-month period, an improvement from a loss of HKD 83.4 million in the same period last year[29] Assets and Liabilities - Total assets as of September 30, 2025, were HKD 10,860,738,000, slightly down from HKD 10,871,083,000 as of March 31, 2025[6] - Total liabilities decreased to HKD 2,414,658,000 from HKD 2,434,883,000, reflecting a reduction in financial obligations[7] - The group's total assets as of September 30, 2025, amounted to HKD 10,860,738,000, slightly down from HKD 10,871,083,000 as of March 31, 2025[13] - The total liabilities decreased to HKD 2,414,658,000 from HKD 2,434,883,000, indicating a reduction of 0.8%[13] - The group's non-current assets in Hong Kong were valued at HKD 9,519,527,000, a slight decrease from HKD 9,556,646,000[17] - Overseas non-current assets increased to HKD 651,175,000 from HKD 632,372,000, reflecting a growth of 2.5%[17] - Total bank borrowings amounted to HKD 2,257,000,000 as of September 30, 2025, down from HKD 2,281,000,000 as of March 31, 2025[43] - The total debt to total assets ratio was 20.8% as of September 30, 2025, slightly down from 21.0% as of March 31, 2025[43] Revenue Breakdown - Revenue from the property and hotel segment was HKD 100,636,000, a decrease of 6.5% from HKD 107,640,000 in the previous year[12] - The investment and other segment reported revenue of HKD 11,990,000, down 16.1% from HKD 14,288,000[12] - Revenue from property management services for the six months ended September 30, 2025, was HKD 19,506,000, compared to HKD 19,331,000 for the same period in 2024, reflecting a slight increase of 0.9%[18] - Rental income from property leasing decreased to HKD 81,130,000 in 2025 from HKD 88,309,000 in 2024, representing a decline of 8.8%[18] - Total revenue from customer contracts was HKD 112,626,000 for the six months ended September 30, 2025, down from HKD 121,928,000 in 2024, a decrease of 7.6%[18] - The group's revenue for the six-month period ending September 30, 2025, was HKD 112.6 million, a decrease of 7.6% compared to HKD 121.9 million in the same period last year[29] - The rental income from the group's investment properties decreased, contributing to the overall revenue decline[29] Cost Management - The company reported a decrease in employee costs to HKD 8,817,000 from HKD 8,588,000, reflecting cost management efforts[3] - Financial expenses decreased to HKD 47,475,000 in 2025 from HKD 60,911,000 in 2024, a reduction of 22.0%[18] - The financial expenses decreased to HKD 47.5 million from HKD 60.9 million in the previous year[29] Market Conditions - The Hong Kong market showed signs of recovery, particularly in the residential sector, contributing to improved market confidence[25] - The company noted a significant resurgence in the IPO market, with nearly 300 active IPO applications being processed in Hong Kong[26] - For the first nine months of 2025, inbound tourist numbers in Hong Kong increased by approximately 12% year-on-year, with non-Mainland visitors showing a particularly strong growth of 16%[27] - The outlook for the Hong Kong market shows signs of gradual improvement, with the residential market appearing to have bottomed out[39] - The tourism industry in Thailand is expected to stabilize in the fourth quarter, entering the traditional peak season, with improved performance anticipated following the completion of repairs at the Bangkok property[40] Corporate Governance - The company did not declare any interim dividend for the period ended September 30, 2025, consistent with the previous year[21] - The board does not recommend any interim dividend for the six months ended September 30, 2025[48] - The company has adhered to all corporate governance codes as of September 30, 2025, to safeguard shareholder interests[50] - The audit committee, consisting of four independent non-executive directors, has reviewed and recommended the approval of the unaudited consolidated interim financial statements for the six months ended September 30, 2025[51] - The interim report for the six months ended September 30, 2025, will be sent to shareholders by December 31, 2025, or earlier[52] Employee Information - The number of salaried employees as of September 30, 2025, remains at 18, ensuring competitive compensation based on performance[47] Shareholder Information - There were no purchases, sales, or redemptions of the company's shares by the company or its subsidiaries for the six months ended September 30, 2025[49]

Financial Performance - For the six months ending September 30, 2025, the company reported a revenue of HKD 79,199,000, a decrease of 65.5% compared to HKD 229,885,000 in the same period of 2024[3] - Gross profit for the same period was HKD 1,188,000, down 79.8% from HKD 5,888,000, resulting in a gross margin of 1.5%, down from 2.6%[3] - The company recorded a loss attributable to shareholders of HKD (109,293,000) for the six months, compared to a profit of HKD 24,334,000 in the previous year[3] - The company reported a significant decrease in property sales revenue, which fell to HKD 65,082,000 from HKD 219,199,000, a decline of 70.3%[4] - The total comprehensive expenses attributable to owners of the company from continuing operations were HKD 108,998,000 for the current period, compared to a gain of HKD 62,861,000 in the previous year[7] - The total loss from continuing operations before tax for the same period was HKD 109,615,000, with financing costs amounting to HKD 23,701,000[16] - The total loss from continuing operations before tax for the six months ending September 30, 2025, was HKD 22,787,000, indicating a significant improvement compared to the previous period[17] Assets and Liabilities - Total assets as of September 30, 2025, were HKD 3,244,372,000, a decrease of 2.6% from HKD 3,329,958,000 as of March 31, 2025[3] - Total liabilities increased by 1.5% to HKD 1,626,813,000 from HKD 1,603,393,000[3] - The net asset value decreased by 6.3% to HKD 1,617,559,000 from HKD 1,726,565,000[3] - Non-current assets decreased to HKD 1,256,059,000 as of September 30, 2025, from HKD 1,297,887,000 as of March 31, 2025[8] - Current assets increased to HKD 1,988,313,000 as of September 30, 2025, compared to HKD 2,032,071,000 as of March 31, 2025[8] - Current liabilities totaled HKD 1,464,441,000 as of September 30, 2025, slightly up from HKD 1,440,490,000 as of March 31, 2025[9] - The company's net current assets decreased to HKD 523,872,000 as of September 30, 2025, from HKD 591,581,000 as of March 31, 2025[9] - Total assets less current liabilities amounted to HKD 1,779,931,000 as of September 30, 2025, down from HKD 1,889,468,000 as of March 31, 2025[9] Shareholder Information - Basic loss per share for the period was HKD (1.48), compared to HKD (9.59) in the previous year, reflecting an 84.6% increase in loss per share[3] - The company reported no dividends declared or proposed for the interim periods[22] - The basic and diluted loss per share from continuing operations for the six months ending September 30, 2025, was HKD (1.48), compared to HKD 0.33 for the same period in 2024[23] Operational Highlights - The company experienced a loss from investment properties' fair value changes amounting to HKD (11,500,000), compared to a loss of HKD (530,000) in the previous year[4] - Administrative expenses decreased to HKD 21,822,000 from HKD 26,679,000, a reduction of 18.5%[4] - The group reported a loss of approximately HKD 18,061,000 from the securities and other investments segment, compared to a loss of approximately HKD 30,755,000 for the 2024 period[42] - The group reported a loss of approximately HKD 1,906,000 from the loan financing segment, significantly improved from a loss of about HKD 9,164,000 in the previous period[47] Market and Economic Conditions - The geopolitical tensions, high interest rates, and low growth in local GDP are impacting the Hong Kong economy and property market, prompting the government to lift property sale restrictions to stabilize the market[83] - The retail market in Hong Kong is expected to recover with the resurgence of tourism, although challenges remain due to changing consumer patterns and competition from neighboring regions[84] Corporate Governance - The company has fully complied with the corporate governance code, with no significant deviations reported during the period[86] - The board believes that the current structure of having the same person serve as both Chairman and CEO is appropriate for the company's leadership and long-term strategic planning[87] - The company has not established an internal audit function, as the board believes existing risk management and internal control procedures are sufficient for current business needs[88] - All directors confirmed adherence to the standard code of conduct for securities trading during the period[89] Employee Information - As of September 30, 2025, the group had a total of 20 employees, an increase from 18 employees as of March 31, 2025[85] - Employee costs related to ongoing business operations were approximately HKD 12,121,000, compared to approximately HKD 13,309,000 in the previous period[85]

Financial Performance - The company's revenue for the six months ended September 30, 2025, was approximately HKD 12,000,000, a decrease of about 22.7% compared to HKD 15,500,000 for the same period in 2024[10] - The loss attributable to owners for the six months ended September 30, 2025, was approximately HKD 300,000, an improvement from a loss of approximately HKD 1,300,000 for the same period in 2024[10] - Basic and diluted loss per share for the six months ended September 30, 2025, was approximately HKD 0.13, compared to earnings of HKD 0.65 per share for the same period in 2024[10] - Revenue for the six months ended September 30, 2025, was HKD 11,988,000, a decrease of 22.4% compared to HKD 15,512,000 in 2024[50] - Gross profit for the same period was HKD 1,888,000, down 34.5% from HKD 2,875,000 in 2024[50] - The net loss for the period was HKD 287,000, significantly improved from a loss of HKD 1,308,000 in 2024, representing a reduction of 78.0%[51] - Basic and diluted loss per share was HKD 0.13, compared to HKD 0.65 in the previous year, indicating a 80.0% improvement[51] Revenue Breakdown - The revenue from two-way radios decreased by approximately 49.3% to HKD 7,700,000 for the six months ended September 30, 2025, from HKD 15,100,000 for the same period in 2024, due to a reduction in purchase orders from customers[13] - Revenue from baby monitors significantly increased to HKD 3,500,000 for the six months ended September 30, 2025, from approximately zero for the same period in 2024, driven by an increase in purchase orders[13] - Revenue from plastic products rose by approximately 116.3% to HKD 900,000 for the six months ended September 30, 2025, compared to HKD 400,000 for the same period in 2024, due to an increase in purchase orders[13] - The segment revenue breakdown for the six months ended September 30, 2025, was as follows: two-way radios HKD 7,660,000, baby monitors HKD 3,463,000, and plastic products HKD 865,000[77] Cost and Expenses - The sales cost decreased by approximately 20.1% from HKD 12,600,000 for the six months ended September 30, 2024, to HKD 10,100,000 for the same period in 2025[17] - Gross profit margin declined from approximately 18.5% for the six months ended September 30, 2024, to about 15.7% for the same period in 2025[17] - Administrative expenses decreased from approximately HKD 4,000,000 for the six months ended September 30, 2024, to about HKD 3,000,000 for the same period in 2025[19] - The cost of inventory recognized as an expense was approximately 10,100 thousand HKD in 2025, down from 12,630 thousand HKD in 2024, a decrease of about 20.0%[100] Shareholder Information - Major shareholders include 富鏘國際有限公司 with 19,318,181 shares (7.8% ownership) and 王明君女士 with 22,727,272 shares (9.2% ownership)[38] - The company has a total of 17,235,127 shares available for issuance under the new share option plan, representing approximately 6.9% of the company's issued share capital[45] - The number of issued and fully paid shares increased from 206,821 thousand shares (HKD 12,926 thousand) at the beginning of the reporting period to 248,181 thousand shares (HKD 15,511 thousand) at the end[107] Dividends and Governance - The board of directors did not recommend any dividend payment for the six months ended September 30, 2025, consistent with the previous period[10] - The company did not declare any dividends for the six months ended September 30, 2025[32] - The company has complied with all provisions of the corporate governance code during the six months ending September 30, 2025[40] Financial Position - The company's equity attributable to owners increased from approximately HKD -3,000,000 as of March 31, 2025, to about HKD 1,700,000 as of September 30, 2025[22] - The company's current liabilities net worth decreased from approximately HKD 13,700,000 as of March 31, 2025, to about HKD 8,900,000 as of September 30, 2025[21] - As of September 30, 2025, the group had current liabilities exceeding current assets by HKD 8,900,000, raising significant doubts about the group's ability to continue as a going concern[65] - Current liabilities decreased to HKD 37,222,000 from HKD 48,211,000, indicating a reduction of 22.8%[53] Cash Flow and Financing - Cash and cash equivalents at the end of the period were HKD 1,569,000, down from HKD 4,098,000 at the beginning of the period[56] - Operating cash outflow for the six months was HKD 5,727,000, an improvement from HKD 7,009,000 in 2024[56] - The company raised HKD 4,963,000 through the placement of new shares during the period[55] - The group has a total of HKD 10,000,000 in credit financing from related companies that has not yet been drawn down as loans[67] Audit and Compliance - The financial results have been reviewed by the board and the audit committee, ensuring compliance with GEM listing rules[3] - The audit committee, consisting of four independent non-executive directors, reviewed the unaudited interim financial results for the six months ending September 30, 2025[46] - The group has not adopted any new or revised Hong Kong Financial Reporting Standards that have been issued but are not yet effective during this accounting period[63] Other Information - The company has experienced a decrease in procurement orders, impacting overall revenue performance[13] - The company plans to continue investing in R&D for new product lines and exploring new customer and sales channels[16] - There have been no significant events from September 30, 2025, to the report date[47] - The company did not repurchase any of its shares during the six months ending September 30, 2025[43] - The group reported other income of HKD 1,875,000 for the six months ended September 30, 2025, compared to HKD 388,000 in the same period of 2024[78] - The financing costs for the six months ended September 30, 2025, were HKD 18,000, a slight decrease from HKD 23,000 in the same period of 2024[78] - The company reported a foreign exchange gain of 8 thousand HKD in 2025, compared to a loss of 27 thousand HKD in 2024, indicating a turnaround in foreign exchange performance[85]

Financial Performance - Consolidated revenue decreased by 62.9% to RMB 6.1 million compared to the same period last year[4] - Consolidated profit before tax decreased by 55.1% to RMB 1.4 million[4] - Gross profit decreased by 48.9% to RMB 5.2 million[4] - Profit attributable to owners of the company decreased by 52.9% to RMB 1.6 million[4] - Basic earnings per share decreased from RMB 0.31 to RMB 0.14[4] - For the six months ended September 30, 2025, total revenue was RMB 6,146,000, with a segment performance of RMB 3,534,000[39] - The group recorded a profit before tax of approximately RMB 1.4 million for the six months ended September 30, 2025, down from RMB 3.0 million in 2024[68] - Basic earnings per share for the six months ending September 30, 2025, were RMB 0.14, compared to RMB 0.31 for the same period in 2024[49] Dividends and Shareholder Returns - The board of directors did not declare an interim dividend[4] - The company did not declare any interim dividends for the six months ending September 30, 2025[47] - The company expects no withholding tax to be accrued as it does not anticipate distributing retained earnings in the foreseeable future[46] Assets and Liabilities - Total assets decreased from RMB 99.4 million to RMB 94.0 million[7] - Total liabilities decreased from RMB 89.6 million to RMB 82.8 million[8] - The total assets as of September 30, 2025, amounted to RMB 93,995,000, while total liabilities were RMB (82,780,000)[40] - The total current liabilities of the group were approximately RMB 82.6 million as of September 30, 2025, down from RMB 89.4 million as of March 31, 2025[71] Cash Flow and Liquidity - Cash and cash equivalents decreased significantly from RMB 9.5 million to RMB 0.1 million[12] - Net cash used in operating activities was RMB 4.1 million, compared to a net cash generated of RMB 0.9 million in the previous period[12] - The group has cash and cash equivalents of only RMB 122,000, raising significant doubts about its ability to continue as a going concern[15] - The group had cash and cash equivalents of approximately RMB 0.1 million as of September 30, 2025, a significant decrease from approximately RMB 9.5 million as of March 31, 2025[71] Trade Receivables and Credit Risk - The group has identified a concentration of credit risk, with 69% of trade receivables located in Thailand as of September 30, 2025, compared to 54% as of March 31, 2025[27] - The total trade receivables amount to RMB 165,728,000, with full impairment provisions recognized for individually assessed receivables[27] - The expected loss provision for trade receivables is RMB 165,998, with a total carrying amount of RMB 12,901[29] - The expected loss rate for overdue receivables exceeding 1 year is 5.65% as of September 30, 2025, compared to 3.59% as of March 31, 2025[29] - The total expected credit loss provision for trade receivables increased from RMB 270 as of March 31, 2025, to RMB 165,998 as of September 30, 2025[31] - The aging analysis of trade receivables shows that RMB 5,751,000 is within 3 months, while RMB 2,512,000 is between 7 to 12 months, indicating a shift in receivables aging[53] Operational Strategy and Future Plans - The group plans to enhance and implement measures to improve working capital and cash flow, including close monitoring of administrative expenses and operating costs[17] - The group plans to resume production of plywood products and sell them overseas to achieve higher profit margins[76] - The company is focusing on developing new wood products with higher profit margins compared to traditional plywood, indicating a strategic shift in product offerings[62] - The company aims to modernize its production base in Heze to enhance plywood product offerings for overseas customers, reflecting a strategy for market expansion[62] - The company continues to maintain minimum operational scale in its plywood sales business despite low profit margins due to intense competition in the industry[62] Corporate Governance and Reporting - The audit committee reviewed the unaudited consolidated interim financial information for the six months ending September 30, 2025[83] - The company has adhered to the principles of the corporate governance code as per the listing rules appendix C1 for the six months ending September 30, 2025[84] - The interim report will be sent to shareholders at an appropriate time and will be available on the Hong Kong Stock Exchange website[85] Employee Costs and Expenses - The company incurred employee costs of RMB 511,000, significantly lower than RMB 1,379,000 in the previous year[43] - Sales and distribution expenses and administrative expenses totaled approximately RMB 3.1 million, a decrease from RMB 7.7 million in the previous year[67]

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。 Seven Elements Investment Holdings Limited 七元投資控股有限公司 （於開曼群島註冊成立之有限公司） （前稱兆邦基生活控股有限公司） （股份代號：1660） 截至二零二五年九月三十日止六個月 中期業績公告 中期業績 七 元 投 資 控 股 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）欣 然 宣 佈 本 公 司 及 其 附 屬 公 司（統 稱「本集團」）截 至 二 零 二 五 年 九 月 三 十 日 止 六 個 月（「本期間」） 的 未 經 審 核 綜 合 中 期 業 績 連 同 二 零 二 四 年 相 應 期 間（「上一期間」）之 比 較 數 字 如 下： – 1 – 中期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期間 | | | | | | | | | | | | | | ...