Financial Performance - For the six months ended September 30, 2025, the group's revenue was approximately HKD 87.6 million, an increase of about 11.0% compared to HKD 78.9 million for the same period in 2024[11]. - The gross profit for the six months ended September 30, 2025, was approximately HKD 26.1 million, representing a 20.3% increase from HKD 21.7 million in the previous year[11]. - The net profit for the six months ended September 30, 2025, was approximately HKD 1.6 million, a turnaround from a net loss of HKD 2.4 million for the same period in 2024[11]. - Basic and diluted earnings per share for the six months ended September 30, 2025, were HKD 0.16, compared to a loss of HKD 0.24 for the same period in 2024[11]. - The group reported a pre-tax profit of HKD 2,664,000 for the six months ended September 30, 2025, compared to a pre-tax loss of HKD 1,913,000 in the same period of 2024[28]. - The company reported a profit attributable to owners of approximately HKD 1.6 million, compared to a loss of HKD 2.4 million in the previous period[64]. Revenue Breakdown - Revenue for the six months ended September 30, 2025, was HKD 87,600,000, representing an increase of 11% compared to HKD 78,909,000 for the same period in 2024[25]. - Revenue from construction protection services was HKD 70,353,000, up 33% from HKD 52,719,000 in the previous year, with residential buildings contributing HKD 23,573,000[25]. - Revenue from the supply of construction protection products decreased to HKD 17,247,000, down 34% from HKD 26,190,000 in the prior year[25]. - The group’s income from Hong Kong was HKD 85,252,000, an increase of 20% from HKD 70,971,000 in the previous year[31]. Assets and Liabilities - As of September 30, 2025, total assets amounted to HKD 197,172,000, a slight increase from HKD 195,167,000 as of March 31, 2025[13]. - The company’s total liabilities decreased slightly from HKD 68,820,000 to HKD 67,696,000, indicating a reduction of about 1.6%[13]. - The net asset value increased to HKD 175,132,000 from HKD 173,498,000, reflecting a growth of approximately 1%[15]. - The current assets amounted to approximately HKD 197.2 million, while current liabilities were about HKD 67.7 million, resulting in a current ratio of approximately 2.9 times[66]. - The group's debt-to-equity ratio was approximately 11.9% as of September 30, 2025, down from 13.8% as of March 31, 2025[66]. Cash Flow and Financing - Operating cash flow before working capital changes was HKD 5,973,000, significantly improved from HKD 1,101,000 in the previous year[16]. - Cash and cash equivalents decreased to HKD 38,999,000 from HKD 49,123,000, a decline of approximately 21%[16]. - Financing activities resulted in a net cash outflow of HKD 3,628,000, compared to HKD 2,844,000 in the previous year[18]. - Bank borrowings decreased from HKD 20.4 million to HKD 18.1 million[16]. Employee Costs - The group’s total employee costs for the six months ended September 30, 2025, were HKD 23,309,000, compared to HKD 22,787,000 in the previous year[35]. - Total employee costs for the six months ended September 30, 2025, were approximately HKD 17.4 million, compared to HKD 16.7 million for the same period in 2024[77]. Dividends - The board of directors did not recommend any dividend for the six months ended September 30, 2025, consistent with the previous year[11]. - No dividends were recommended for the six months ended September 30, 2025, consistent with the previous year[38]. Inventory and Receivables - The company experienced a decrease in inventory from HKD 18,618,000 to HKD 15,833,000, reflecting a reduction of approximately 15%[13]. - Trade and other receivables increased to HKD 28,128,000 from HKD 17,831,000, representing a growth of about 58%[13]. - Trade receivables increased to HKD 28,546,000 as of September 30, 2025, up from HKD 18,139,000 as of March 31, 2025, reflecting improved sales performance[40]. - The aging analysis of trade receivables showed that HKD 8,913,000 was within 30 days, while HKD 7,939,000 was between 31 to 90 days overdue[42]. - The company has assessed that trade receivables overdue by more than 90 days are still recoverable based on historical customer payment behavior[42]. Strategic Outlook - The company anticipates continued operational and financial challenges due to aggressive pricing strategies from competitors and rising costs[79]. - The group will regularly review its asset structure and business strategies to adapt to economic uncertainties and challenges[79]. - The company aims to optimize resource utilization and strictly adhere to cost control policies to maintain profitability and market competitiveness[79]. - There are no significant investments or capital asset plans as of the report date[76]. Compliance and Governance - The audit committee reviewed the interim financial statements for the six months ending September 30, 2025, confirming compliance with applicable accounting standards and GEM listing rules[96].

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公佈的內容概 不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不會就因本公佈全部或任何 部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 SOUTHGOBI RESOURCES LTD. 南戈壁資源有限公司* （香港股份代號：1878） （根據加拿大英屬哥倫比亞法例存續的有限公司） （多倫多證券交易所創業板股份代號：SGQ） 南戈壁公佈2025年第3季度未經審核財務及經營業績 南戈壁資源有限公司（「本公司」或「南戈壁」）今日公佈其截至2025年9月30日止三個月及九 個月的未經審核財務及經營業績。 詳情請參見隨附公告。隨附的公告內所載的資料可到SEDAR+網站www.sedarplus.ca及披露 易網站www.hkexnews.hk的本公司資料查閱。 承董事會命 南戈壁資源有限公司 首席董事 赫英斌 溫哥華，2025年11月14日 香港，2025年11月14日 於本公告日期，本公司執行董事為徐瑞彬先生、朱重臨女士及申晨先生；本公司獨立非執行董 事為赫英斌先生、權錦蘭女士及蔡奮強先生；本公司非執行董事為高柱先生及溫在祥先 ...

管理層討論與分析 截至二零二五年九月三十日止三個月和九個月 陽光油砂有限公司 管理層討論與分析 此乃陽光油砂有限公司（「陽光油砂」或「本公司」）於截至二零二五年九月三十日止三個月和九個月的財務狀況及表 現的管理層討論與分析（「管理層討論與分析」），日期為二零二五年十一月十四日(加爾加尼時間)/ 二零二五年十一 月十四日(香港時間)，已獲本公司董事會批准。本管理層討論與分析應與本公司截至二零二五年九月三十日止三個月和 九個月止的未經審核綜合財務報表及截至二零二四年十二月三十一日止年度的經審核綜合財務報表及其附註一併閱讀。 除另有指明者外，所有金額及表格金額均以千加元入賬。 概覽 陽光油砂是阿薩巴斯卡地區油砂資源的權益持有人及開發商，具有最佳估計可採資源量約 7.1 億桶。於二零二四年十二 月三十一日本公司的無風險最佳估計可採資源量為大約11億桶。本公司擁有超過一百萬英畝的油砂和石油、天然氣的租 賃區塊，具備龐大的商業發展潛能。West Ells 一萬桶熱採商業項目的一期（ 五千桶） 正進行生產並不斷提升以滿足裝 置的設計產能。阿薩巴斯卡地區為加拿大阿爾伯塔省油砂藏量最豐富的地區。加拿大油砂為西半球穩定的政治環境 ...

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 920,736,000, a decrease of 8.6% compared to HKD 1,007,579,000 for the same period in 2024[3] - Gross profit increased to HKD 41,866,000, up 5.8% from HKD 39,576,000 in the previous year[3] - The net loss for the period was HKD 10,136,000, an improvement of 43.5% compared to a net loss of HKD 17,850,000 in the prior year[4] - Basic and diluted loss per share improved to HKD 1.23 from HKD 2.17 year-over-year[4] - Revenue for the six months ended September 30, 2025, was HKD 920,736,000, a decrease of 8.6% from HKD 1,007,579,000 for the same period in 2024[14] - Revenue from Hong Kong was HKD 402,601,000 with a segment loss of HKD (10,187,000), compared to HKD 389,934,000 and a loss of HKD (28,823,000) in 2024[17] - Revenue from Mainland China was HKD 518,135,000 with a segment loss of HKD (5,872,000), down from HKD 617,645,000 and a profit of HKD 10,365,000 in 2024[17] - The total pre-tax loss for the six months ended September 30, 2025, was HKD (10,456,000), an improvement from HKD (16,340,000) in 2024[20] - Basic loss per share for the six months ended September 30, 2025, was HKD (1.23), compared to HKD (2.17) in 2024[24] - The cost of inventory recognized as an expense for the six months ended September 30, 2025, was HKD 880,450,000, down from HKD 968,287,000 in 2024[28] - The company recorded a loss attributable to equity shareholders of approximately HKD 10.2 million, an improvement from a loss of HKD 18 million in the previous period[32] Assets and Liabilities - Total assets as of September 30, 2025, were HKD 783,221,000, slightly down from HKD 790,149,000 as of March 31, 2025[6] - Total assets for the segments as of September 30, 2025, were HKD 812,879,000, a decrease from HKD 823,316,000 as of March 31, 2025[19] - Cash and cash equivalents increased to HKD 239,398,000 from HKD 219,662,000, reflecting a growth of 9.9%[6] - Cash and cash equivalents as of September 30, 2025, totaled HKD 239,398,000, an increase from HKD 219,662,000 as of March 31, 2025[29] - The group reported cash and bank balances of approximately HKD 239 million as of September 30, 2025, an increase from HKD 220 million on March 31, 2025[46] - The group’s bank borrowings were approximately HKD 2.89 million as of September 30, 2025, down from HKD 7.71 million on March 31, 2025[46] - The capital debt ratio was 1.15% as of September 30, 2025, compared to 1.88% on March 31, 2025[46] - The current ratio stood at 2,227% as of September 30, 2025, up from 1,984% on March 31, 2025[46] Operational Highlights - The company continues to focus on its core business of trading metals and providing related services in Hong Kong and mainland China[8] - The company did not recommend the payment of an interim dividend for the six months ended September 30, 2025, consistent with the previous year[22] - Employee costs, including director remuneration, were approximately HKD 33.2 million for the six months ended September 30, 2025, compared to HKD 32.6 million for the same period in 2024[48] - The group aims to enhance customer engagement and expand its product portfolio in Southeast Asia, leveraging existing operations in Thailand[42] - The group is focusing on integrating laboratory testing with process analysis to provide more precise and efficient metal solutions[43] - The group is committed to maintaining a prudent operational stance while accelerating initiatives to assist clients in waste reduction and emission lowering[41] - The board does not recommend the distribution of an interim dividend for the period[45] - The group emphasizes a strong governance framework to ensure business decisions align with regulatory requirements and long-term sustainability goals[40] Market and Industry Insights - Zinc prices steadily increased during the period, trading between approximately USD 2,520 and USD 3,019 per ton, with a closing price of USD 3,016 per ton on September 30, 2025[33] - The company is focusing on responsible supply chain management and sustainable manufacturing practices to mitigate risks associated with market volatility[34] - The company is enhancing its technical capabilities and product differentiation through R&D collaborations, aiming to optimize its competitive advantage in the alloy market[35] - Financing costs decreased to HKD 300,000 from HKD 500,000 in the prior period, indicating improved cost management[33] Property and Equipment - The net book value of property, plant, and equipment as of September 30, 2025, was HKD 41,896,000, a decrease from HKD 48,342,000 in 2024[27] - The company has entered into a land recovery agreement, expecting to receive approximately HKD 14.3 million in compensation, which will enhance financial flexibility and operational efficiency[38]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引 致之任何損失承擔任何責任。 China Boton Group Company Limited 中 國 波 頓 集 團 有 限 公 司 (在 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ) (股 份 代 號 ： 3318) 補充公告 有關截至二零二四年十二月三十一日止年度之年報 茲提述 中 國 波 頓 集 團 有 限 公 司（「 本 公 司 」）截 至 二 零 二 四 年 十 二 月 三 十 一 日 止 年 度 之 年 報（「 二 零 二 四 年 年 報 」）。除 非 另 有 界 定，否 則 本 公 告 所 用 詞 彙 與 二 零二四 年 年 報 所 界 定 者 具 有 相 同 涵 義 。 關 於 二 零 二 四 年 年 報 第 38至 40頁 董 事 報 告 內 標 題 為「 股 份 獎 勵 計 劃 」之 章 節，本 公 司 謹 此 向 股 東 及 潛 在 投 資 者 提 供 以 下 補 充 資 料 ： 股 份 獎 勵 計 ...

Financial Performance - For the three months ended September 30, 2025, the company reported revenue of CAD 256,769, an increase from CAD 252,350 in the same period of 2024, representing a growth of 1.7%[7] - For the nine months ended September 30, 2025, total revenue reached CAD 5,289,753, up 39.4% from CAD 3,794,348 in the previous year[7] - The net loss for the three months ended September 30, 2025, was CAD 6,307,385, compared to a loss of CAD 4,212,185 in the same period of 2024, indicating a deterioration of 49.7%[7] - The net loss for the nine months ended September 30, 2025, was CAD 15,196,223, compared to a net loss of CAD 11,490,019 for the same period in 2024, indicating a 32% increase in losses year-over-year[9] - The company reported a total long-term debt of C$14,815,446 as of September 30, 2025, compared to C$13,646,448 as of December 31, 2024, indicating an increase of about 8.6%[27] Assets and Liabilities - The company's total assets decreased to CAD 20,023,226 as of September 30, 2025, down from CAD 25,888,120 at the end of 2024, reflecting a decline of 22.5%[6] - Current liabilities increased significantly to CAD 23,869,599 from CAD 17,424,108, marking a rise of 37.5%[6] - The total liabilities increased to CAD 52,024,669 as of September 30, 2025, from CAD 47,349,095 at the end of 2024, an increase of 5.7%[6] - As of September 30, 2025, total equity decreased to CAD (32,001,443) from CAD (21,460,975) at the beginning of the year, reflecting a loss of CAD 15,196,223 during the period[8] Cash Flow and Liquidity - The company's cash and cash equivalents rose to CAD 343,732 from CAD 211,491, showing an increase of 62.4%[6] - Operating cash flow for the nine months ended September 30, 2025, was CAD (593,214), an improvement from CAD (3,187,860) in the same period of 2024[9] - As of September 30, 2025, the company reported a working capital shortfall of CAD 23.2 million and incurred operating losses of CAD 6.3 million and CAD 15.2 million for the three and nine months ended September 30, 2025, respectively[13] Shareholder Activities - The company issued shares for cash totaling CAD 1,335,283 during the three months ended September 30, 2025, compared to CAD 2,527,290 in the same period of 2024[9] - The total share capital increased to CAD 228,508,959 as of September 30, 2025, from CAD 222,417,603 at the beginning of the year, marking a 3% increase[8] - The company completed a placement on September 19, 2025, issuing 12,890,000 common shares at HKD 0.33 per share, raising a total of HKD 4,250,000 (approximately CAD 750,000)[41] Operational Performance - The average selling price of natural gas, LNG, and condensate for the three months ended September 30, 2025, was CAD 21,675, compared to CAD 15,421 in 2024, indicating a year-over-year increase of 40.5%[48] - The company reported a total production of 72 barrels of oil equivalent per day in Q3 2025, down from 1,297 barrels in Q2 2025[103] - The company’s average cost per barrel of oil equivalent decreased by 55% for the three months ended September 30, 2025, compared to 2024[125] Impairments and Expenses - The company recognized a total impairment of CAD 3.8 million for exploration and evaluation assets during the nine months ended September 30, 2025[20] - The company reported a depreciation and amortization expense of CAD 1,578,500 for the nine months ended September 30, 2025, compared to CAD 1,464,103 for the same period in 2024, reflecting an 8% increase[9] - Total financial expenses increased by 69% for the three months ended September 30, 2025, compared to 2024, primarily due to foreign exchange losses[122] Financing and Debt - The company has a current liability of C$14,815,446 as of September 30, 2025, which is a significant increase from C$4,544,566 as of December 31, 2024[27] - The company signed a convertible bond agreement for USD 1.5 million at a 9% annual interest rate, maturing on December 10, 2025, with a conversion price of HKD 0.20 per share[98] - The company has a loan from CIMC Leasing of USD 3.5 million with a 9.25% annual interest rate, secured by fixed assets, requiring monthly payments of USD 87,514[139] Regulatory and Compliance - The company continues to monitor and comply with current government regulations, although changes in policies or regulations may adversely affect operations[174] - The company has established an Audit and Risk Committee consisting of three independent non-executive directors to oversee internal controls and accounting practices[185] Future Outlook - The company has not provided specific guidance for future performance but continues to focus on operational efficiency and cost management strategies[3] - JX Energy's liquidity is expected to improve due to significant future commodity price increases and increased reserves from drilling plans[173]

Financial Performance - Total revenue for the six months ended September 30, 2025, was HKD 8,240,757, a decrease of 2.73% compared to HKD 8,471,446 for the same period in 2024[3]. - Gross profit for the period was HKD 3,250,161, representing a gross margin of 39.4%[3]. - Net profit for the six months ended September 30, 2025, was HKD 1,206,334, slightly up from HKD 1,194,555 in 2024, indicating a growth of 1.2%[4]. - Earnings per share attributable to the company’s owners was HKD 29.54, compared to HKD 29.37 for the same period last year, reflecting a 0.58% increase[3]. - Total comprehensive income for the six months was HKD 1,471,225, up from HKD 1,341,679 in 2024, marking an increase of 9.7%[4]. - The group reported a profit before tax for the six months ended September 30, 2025, was HKD 1,468,110, compared to HKD 1,439,351 for the same period in 2024, indicating an increase of approximately 2%[13][15]. - Profit attributable to the company's owners for the period was HKD 1,145,578, compared to HKD 1,138,925 for the same period last year, reflecting a slight increase[26]. Revenue Breakdown - Revenue from the sofa and related products segment was HKD 5,550,229, accounting for 69% of total revenue, while bedding and related products generated HKD 1,119,060, contributing 14%[13][15]. - Revenue from the Chinese market (including Hong Kong and Macau) was HKD 4,739,974, representing 59% of total revenue, while North America contributed HKD 2,160,622, or 27%[16]. - Sofa and related products generated revenue of approximately HKD 5,550,229,000, a decrease of about 4.6% from HKD 5,816,974,000 in the previous year, primarily due to a 6.1% decline in the Chinese market[39]. - Bedding and related products revenue fell by approximately 7.4% to about HKD 1,119,060,000, attributed to a significant decrease in consumer spending in the Chinese market[40]. - Other products revenue increased by approximately 11.4% to about HKD 930,789,000, driven by growth in sales of metal frames and smart furniture in overseas markets[41]. Expenses and Costs - The company reported a decrease in cost of goods sold to HKD 4,794,620 from HKD 5,024,724, a reduction of approximately 4.56%[3]. - Selling and distribution expenses increased slightly to HKD 1,539,021 from HKD 1,513,891, indicating a rise of 1.6%[3]. - Administrative and other expenses rose to HKD 364,089 from HKD 311,617, reflecting an increase of 16.8%[3]. - The company’s financial costs decreased significantly to HKD 40,184 from HKD 73,114, a reduction of 45.0%[3]. - Other net losses amounted to approximately HKD 33,475,000, a significant reduction from HKD 109,203,000 in the previous year, primarily due to fair value losses on investment properties[49]. Assets and Liabilities - Non-current assets totaled HKD 12,042,145 thousand as of September 30, 2025, compared to HKD 11,690,989 thousand as of March 31, 2025, reflecting an increase of 3%[5]. - Current assets increased to HKD 8,950,908 thousand from HKD 8,332,603 thousand, representing a growth of 7.4%[5]. - Total liabilities remained stable with current liabilities at HKD 6,111,866 thousand, slightly down from HKD 6,114,040 thousand[7]. - The company's net asset value reached HKD 14,661,001 thousand, up from HKD 13,649,166 thousand, indicating a growth of 7.4%[7]. - The total equity attributable to owners of the company rose to HKD 13,647,002 thousand from HKD 12,710,656 thousand, reflecting an increase of 7.4%[7]. Market and Strategic Initiatives - The group plans to enhance its online sales platform and increase resource investment in e-commerce channels and social media marketing[34]. - The group aims to optimize its product mix and improve price-performance ratio in the Chinese market[34]. - The group has committed to ongoing innovation and product development, particularly in the U.S. market, to maintain strong competitiveness[36]. - The group is actively seeking potential overseas acquisition targets to expand its global market presence and address challenges in international trade[68]. - The group plans to enhance its "Smart Home" strategy and increase market penetration in China through targeted marketing campaigns[67]. Corporate Governance - The audit committee consists of three independent non-executive directors, and the financial data for the six months ending September 30, 2025, has been reviewed by the auditors[72]. - The company has adhered to the corporate governance code principles and applicable rules, with regular reviews to ensure compliance[75]. - The roles of Chairman and CEO are held by the same individual, which the board believes does not impair the balance of power and accountability[76]. - A female director has been appointed to the nomination committee effective November 14, 2025, to comply with gender diversity requirements[77]. - The company has adopted the standard code of conduct for directors' securities transactions and confirmed compliance for the six-month period ending September 30, 2025[78].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生 或因依賴該等內容而引致的任何損失承擔任何責任。 中 國 黃 金 國 際 資 源 有 限 公 司 有關財務狀況及經營業績的管理層討論與分析 截至2025年9月30日止三及九個月 （以美元列值，惟另有指明除外） Suite 1780, Commerce Place, 400 Burrard Street, Box 17, Vancouver, BC, V6C 3A6 電話：604-609-0598 電郵：info@chinagoldintl.com, www.chinagoldintl.com 管理層討論與分析 有關財務狀況及經營業績的管理層討論與分析 截至 2025 年 9 月 30 日止三及九個月（以美元列值，惟另有指明除外） | 前瞻性陳述 | 2 | | --- | --- | | 本公司 | 3 | | 概覽 | 3 | | 表現摘要 | 3 | | 前景 | 4 | | 經營業績 | 5 | | 節選季度財務數據 | 5 | | 節選季度生產數 ...

Financial Performance - The company reported a revenue of RMB 65,675,000 for the nine months ending September 30, 2025, compared to RMB 62,515,000 for the same period in 2024, representing a year-over-year increase of approximately 3.5%[4] - Gross profit for the nine months was RMB 9,154,000, a decrease from RMB 21,459,000 in the previous year, indicating a decline of about 57.3%[4] - The company incurred a loss before tax of RMB 3,788,000 for the nine months, compared to a profit of RMB 3,440,000 in the same period last year, reflecting a significant downturn[4] - Basic earnings per share for the nine months were RMB 2.38, down from RMB 2.93 in the previous year, showing a decrease of approximately 18.8%[4] - The group’s total income, including other income and gains, was RMB 21,563,000 for the three months ended September 30, 2025, compared to RMB 23,809,000 in the same period of 2024, indicating a decline of approximately 9.43%[12] - The group’s period profit for the current period is approximately RMB 5,709,000, a decrease of about 32% compared to the same period last year, which was RMB 8,403,000[33] Revenue Breakdown - The group's revenue for the nine months ended September 30, 2025, was RMB 67,057,000, compared to RMB 65,501,000 for the same period in 2024, representing a growth of approximately 2.37%[12] - Revenue from sales of pressure vessels was RMB 18,927,000 for the nine months ended September 30, 2025, a decrease from RMB 19,547,000 in the same period of 2024, reflecting a decline of about 3.16%[12] - Revenue from sales of aquatic products was RMB 25,790,000 for the nine months ended September 30, 2025, compared to RMB 26,452,000 in 2024, indicating a decrease of approximately 2.50%[12] - The group reported a total of RMB 5,601,000 in rental income for the nine months ended September 30, 2025, compared to RMB 5,307,000 in 2024, marking an increase of about 5.53%[12] Expenses and Costs - The company's operational expenses for the nine months were RMB 12,021,000, a decrease from RMB 16,702,000 in the previous year, reflecting cost management efforts[4] - The group's pre-tax profit for the nine months ended September 30, 2025, was impacted by various costs, including employee costs of RMB 6,355,000, compared to RMB 6,818,000 in the same period of 2024, showing a reduction of approximately 6.79%[13] - The group incurred depreciation expenses of RMB 636,000 for property, plant, and equipment for the nine months ended September 30, 2025, down from RMB 795,000 in 2024, reflecting a decrease of about 20.00%[13] - Administrative expenses increased by approximately 70% to RMB 13,750,000, compared to RMB 8,097,000 in the same period last year, mainly due to legal and professional fees related to the acquisition[29] - The financial costs for the period were approximately RMB 346,000, compared to RMB 288,000 in the same period last year, primarily related to bank loan interest expenses[30] - The sales and distribution expenses were approximately RMB 2,749,000, a slight increase of about 1% from RMB 2,727,000 in the previous year[28] Corporate Governance and Compliance - The company is committed to maintaining compliance with the GEM listing rules set by the Hong Kong Stock Exchange[2] - The company has acknowledged the potential risks associated with investing in smaller companies listed on GEM, emphasizing the need for careful consideration by investors[1] - The company is committed to good corporate governance, ensuring transparency and respect for shareholder rights[48] - The company has established a Securities Trading Code of Conduct for directors, adhering to GEM Listing Rules standards[49] - The Audit Committee consists of three independent non-executive directors and is responsible for reviewing financial reporting procedures and internal controls[50] - The Audit Committee has reviewed the unaudited consolidated financial statements for the nine months ending September 30, 2025, and provided recommendations[50] Strategic Initiatives - The company has been focusing on expanding its market presence and enhancing product offerings in the fire safety equipment sector[5] - The company aims to leverage new technologies in its product development to improve competitiveness in the market[5] - The company entered into a sale and purchase agreement to acquire 100% of the equity of Qingda Dongfang Fire Technology Group Limited for a consideration of RMB 200,000,000, which includes cash and shares[23] - The group is optimistic about the growth potential of the newly acquired Qingda, with the acquisition expected to enhance its product and service offerings[37] - The company remains confident in its ability to achieve sustainable growth through organic expansion, strategic acquisitions, and continuous innovation[37] Taxation and Equity - The estimated taxable profit for the group is calculated at a corporate income tax rate of 25% for the nine months ended September 30, 2025[15] - The total equity attributable to the company's equity holders as of September 30, 2025, was RMB 155,324,000, compared to RMB 151,449,000 as of September 30, 2024[20] - The company has designated certain subsidiaries as small enterprises eligible for preferential income tax rates of 5%[15] - The company has not generated any taxable profits in Hong Kong for the nine months ended September 30, 2025, thus no provision for Hong Kong profits tax was made[14] - The estimated corporate income tax rate for the group is 25% for the nine months ending September 30, 2025, consistent with the previous year's rate[32] Shareholder Information - The company has a total of 133,170,000 shares held by major shareholder, representing 71.05% ownership[41] - As of September 30, 2025, the company has 131,870,000 shares held by the controlling entity, accounting for approximately 70.36% of the total issued capital[43] - The company has pledged 131,870,000 shares as collateral for a loan amounting to RMB 198,000,000, with a partial repayment of RMB 63,000,000 required for the release of the pledged shares[45] - The company has not engaged in any purchase, sale, or redemption of its listed securities as of September 30, 2025[47]

Financial Performance - For the nine months ended September 30, 2025, the company reported revenue of RMB 65,675,000, a 5.0% increase compared to RMB 62,515,000 for the same period in 2024[5] - The gross profit for the same period was RMB 21,459,000, representing a 18.5% increase from RMB 18,081,000 in 2024[5] - The net profit attributable to the company's owners for the nine months was RMB 4,464,000, up 10.3% from RMB 4,046,000 in the previous year[5] - Basic earnings per share for the nine months was RMB 2.38, compared to RMB 2.16 for the same period in 2024, reflecting a 10.2% increase[5] - The group reported total income and other income of RMB 23,809,000 for the nine months ended September 30, 2025, compared to RMB 21,563,000 in 2024, marking an increase of about 10.4%[13] - Interest income for the nine months ended September 30, 2025, was RMB 315,000, up from RMB 111,000 in 2024, indicating a significant increase of approximately 183.8%[13] - The group recorded a net gain from the fair value of financial assets of RMB 126,000 for the nine months ended September 30, 2025, compared to a gain of RMB 579,000 in 2024, reflecting a decrease of about 78.3%[13] - The group’s net profit for the period was approximately RMB 5,709,000, a decrease of about 32% from RMB 8,403,000 in the same period last year, primarily due to increased administrative expenses[32] Revenue Breakdown - The group reported revenue from the sale of pressure vessels at RMB 2,168,000 for the nine months ended September 30, 2025, compared to RMB 4,812,000 for the same period in 2024, reflecting a decrease of approximately 54.9%[13] - Revenue from the sale of aquatic products was RMB 10,135,000 for the nine months ended September 30, 2025, down from RMB 12,584,000 in 2024, indicating a decline of about 19.4%[13] - The group generated RMB 5,649,000 from the sale of marine firefighting equipment for the nine months ended September 30, 2025, compared to RMB 2,666,000 in 2024, representing an increase of approximately 111.5%[13] - Total revenue for the nine months ended September 30, 2025, was RMB 21,175,000, a slight decrease from RMB 22,944,000 in the same period of 2024, reflecting a decline of about 7.7%[13] Expenses and Costs - Selling and distribution expenses for the nine months were RMB 2,749,000, slightly down from RMB 2,727,000 in the previous year[5] - Administrative expenses increased to RMB 13,750,000 from RMB 8,097,000, indicating a significant rise in operational costs[5] - The group's sales and service costs for the period were approximately RMB 44,216,000, a slight decrease from RMB 44,434,000 in the same period last year, attributed to better control of raw material costs[25] - Other income and gains decreased by approximately 54% to RMB 1,382,000 from RMB 2,986,000 in the same period last year, primarily due to reduced gains from financial assets measured at fair value[26] - Administrative expenses increased by approximately 70% to RMB 13,750,000 from RMB 8,097,000 in the same period last year, mainly due to legal and professional fees related to the acquisition of Qingda[28] Future Outlook and Strategy - Future outlook remains cautious due to market volatility and potential risks associated with small and medium enterprises listed on GEM[3] - The company continues to focus on expanding its market presence while managing operational costs effectively[5] - The group plans to discontinue the renewal of its manufacturing licenses for fire extinguishers and pressure vessels, aiming to reduce administrative and compliance costs while improving production efficiency[34] - The acquisition of Qingda is expected to enhance the group's growth potential, with shareholder approval received and pending regulatory approvals[36] - The company remains confident in its ability to achieve sustainable growth through organic expansion, strategic acquisitions, and continuous innovation[36] - The group is facing potential challenges from macroeconomic factors such as raw material price fluctuations and rising labor costs, but maintains a strong financial position and diversified business portfolio to create long-term value[37] - The board is committed to leveraging the group's strong market position and expanding product and service offerings to drive sustainable growth and maximize shareholder value[37] Shareholder Information - As of September 30, 2025, the beneficial ownership of major shareholders includes 131,870,000 shares held by Liancheng Fire Group, representing approximately 70.36% of the issued share capital[43] - The pledged shares held by Liancheng, amounting to 131,870,000 shares, represent about 70.36% of the company's issued capital as of September 30, 2025[46] - The company reported a total of 187,430,000 ordinary shares issued for both the three and nine months ended September 30, 2025, and 2024[18] Corporate Governance - The company has adhered to all corporate governance standards as per GEM Listing Rules Appendix 15 for the nine months ending September 30, 2025[49] - The Audit Committee has reviewed the unaudited condensed consolidated financial statements for the nine months ending September 30, 2025, and provided recommendations and opinions[51] - The company has established a set of guidelines for directors' securities trading, ensuring compliance with GEM Listing Rules standards[50] Dividends and Taxation - The company did not declare or pay any dividends for the nine months ended September 30, 2025, consistent with the same period in 2024[20] - The company has not made any provisions for Hong Kong profits tax as there were no taxable profits generated in Hong Kong for the nine months ended September 30, 2025[15] - The company has not recognized any tax expenses for the nine months ended September 30, 2025, similar to the previous year[16]