Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 260,769,000, an increase of 4.1% compared to HKD 249,745,000 for the same period in 2024[3] - Operating profit for the same period was HKD 245,107,000, significantly up from HKD 24,394,000 in 2024, representing a growth of 900.5%[3] - The net profit attributable to the company's owners for the period was HKD 70,381,000, compared to HKD 24,374,000 in 2024, marking a year-on-year increase of 188.5%[5] - Basic and diluted earnings per share increased to HKD 0.67 from HKD 0.23, reflecting a growth of 191.3%[3] - The group recorded total revenue of HKD 119.55 million for the period, a decrease of 7.25% from HKD 128.89 million in the same period last year[56] - The group achieved a profit of HKD 70.38 million during the period, significantly up from HKD 24.37 million in the previous year[56] Assets and Liabilities - Total assets as of September 30, 2025, amounted to HKD 10,810,376,000, a slight increase from HKD 10,668,387,000 as of March 31, 2025[6] - Total equity increased to HKD 10,077,012,000 from HKD 9,947,604,000, indicating a growth of 1.3%[7] - The total liabilities as of September 30, 2025, were HKD 733,364,000, up from HKD 720,783,000, reflecting a growth of 1.7%[7] - As of September 30, 2025, the net asset value of the group was HKD 10.07701 billion, or HKD 0.96 per share, compared to HKD 9.94760 billion and HKD 0.95 per share as of March 31, 2025, reflecting a slight increase[53] Investments - The investment in art increased significantly to HKD 1,211,100,000 from HKD 283,100,000, showing a growth of 327.5%[6] - The company has established five core investment strategies, including non-listed equity investments and debt investments, to adapt to market changes[26] - The company adopted a more cautious approach to new equity investments, with new investments totaling HKD 1.30241 billion and exits amounting to HKD 990.38 million during the period[28] - As of September 30, 2025, the company's investment in non-listed equity reached HKD 5.21845 billion, focusing on long-term growth potential[31] - The investment strategy includes five components: non-listed equity, debt investments, fund investments, listed equity, and art investments, aimed at achieving a balanced and efficient portfolio[29] - The company’s investment in core holdings is expected to support long-term growth and capital appreciation, particularly in the health industry[36] - The company’s diversified investment strategy is designed to enhance portfolio diversity and resilience against market volatility[30] Income and Expenses - Dividend income decreased to HKD 1,041,000 in 2025 from HKD 8,067,000 in 2024, representing a decline of 87.1%[13] - Interest income for the six months ended September 30, 2025, was HKD 118,508,000, slightly down from HKD 120,830,000 in 2024, a decrease of 1.9%[13] - Interest income from debt investments totaled HKD 118.24 million, with interest rates ranging from 5.00% to 10.00%[46] - The group’s share of losses from associates and joint ventures was HKD 157.54 million, a significant decline from a profit of HKD 25.05 million in the same period last year, mainly due to losses from TUVL[59] Corporate Governance - The audit committee consists of three independent non-executive directors, who have reviewed the accounting principles and internal controls during the reporting period[81] - The external auditor has reviewed the unaudited interim financial information in accordance with the relevant auditing standards[82] - The company has confirmed that it has not violated any corporate governance codes during the reporting period[77] - The board of directors has made forward-looking statements based on current industry conditions, acknowledging potential risks and uncertainties that may affect actual results[83] Future Outlook - The company is actively exploring investments in cutting-edge fields such as artificial intelligence and quantum computing to capture industry trends amid economic changes[27] - The company anticipates benefiting from the growth potential of Dongying Asset Management as China's financial market continues to open up[38] - Huake Intelligent Investment believes that Hengjiameilian will present new development opportunities and mid-term returns due to its extensive investment experience and industry layout capabilities[43] Shareholder Information - The interim results announcement will be published on the Hong Kong Stock Exchange and the company's website, with a detailed report to be sent to shareholders at an appropriate time[84] - The group did not declare any interim dividends for the period, consistent with the previous year[60] - The company completed a placement of 1,136,955,997 shares at HKD 0.23 per share, raising approximately HKD 261.5 million[75] - Approximately HKD 165 million (63.12% of net proceeds) from the placement will be used for listed equity and fund investments[75]

Financial Performance - For the fiscal year ending August 31, 2025, the total revenue was RMB 329,792,000, a slight decrease of 0.4% from RMB 331,138,000 in 2024[3] - The gross profit for the same period was RMB 141,544,000, down 10.1% from RMB 157,528,000 in 2024[3] - The net profit attributable to equity holders of the company was RMB 76,333,000, a decrease of 29.6% compared to RMB 108,416,000 in 2024[3] - Basic and diluted earnings per share for the year were RMB 0.16, down from RMB 0.23 in 2024, representing a decline of 30.4%[3] - The group reported a profit attributable to equity holders of the parent company of RMB 76,333,000 for the year ended August 31, 2025, compared to RMB 108,416,000 for the previous year, representing a decrease of approximately 29.6%[27] - The group's profit for the year was approximately RMB 76.3 million, a decrease of about RMB 32.1 million or approximately 29.6% compared to the previous year[74] Revenue Sources - Tuition fees accounted for RMB 300,956 thousand in 2025, down from RMB 302,364 thousand in 2024, representing a decrease of 0.4%[18] - Tuition revenue for the year was approximately RMB 301.0 million, down by about RMB 1.4 million or approximately 0.5%, primarily due to a decrease in student enrollment[63] Assets and Liabilities - Total assets as of August 31, 2025, amounted to RMB 1,920,593,000, an increase from RMB 1,832,832,000 in 2024[5] - Non-current assets increased to RMB 1,687,035,000 from RMB 1,277,371,000 in 2024, reflecting a growth of 32.1%[5] - Current liabilities rose to RMB 264,369,000, compared to RMB 222,088,000 in 2024, indicating an increase of 19.0%[5] - The company's cash and cash equivalents decreased to RMB 490,830,000 from RMB 695,897,000 in 2024, a decline of 29.4%[5] - The group has contract liabilities of RMB 142,139,000 as of August 31, 2025, a decrease from RMB 149,644,000 in the previous year, indicating a reduction in unfulfilled performance obligations[36][35] Expenses - The group’s pre-tax profit for 2025 was impacted by employee benefits expenses, which increased to RMB 104,217 thousand from RMB 93,595 thousand in 2024, reflecting an increase of 11.5%[20] - The group’s employee benefits expenses, including retirement plan contributions, rose to RMB 130,353 thousand in 2025 from RMB 116,347 thousand in 2024, an increase of 12.1%[20] - The group's cost of sales was approximately RMB 188.2 million, an increase of about RMB 14.6 million or approximately 8.4% compared to the previous year, mainly due to increased personnel costs and maintenance expenses[64] - Administrative expenses for the year were approximately RMB 69.3 million, an increase of about RMB 1.9 million, mainly due to increased personnel costs and maintenance expenses[69] Enrollment and Education Services - The total number of students enrolled in the college increased from approximately 8,000 in the 2011/2012 academic year to 19,276 in the 2024/2025 academic year[46] - The college offers a total of 50 undergraduate programs and directions as of August 31, 2025[46] - The graduation employment rate for the college's graduates in the 2024/2025 academic year is approximately 94.99%[47] - The college focuses on providing applied courses to equip students with practical skills relevant to their careers[47] - The college has established meaningful collaborations with private industry companies to enhance its curriculum and training programs[47] Future Plans and Developments - The company aims to expand its business and school network by constructing new facilities to increase capacity and improve the teaching environment[53] - The company plans to enhance its course offerings and continue providing practical training for students[53] - The company is actively seeking a new agent to resolve issues related to its application for operating a degree-granting institution in California, which was recently denied[54] - The company has submitted an application to establish a degree-granting institution in California to expand its overseas presence[53] Compliance and Governance - The company has adopted the corporate governance code as per the listing rules and has complied with it throughout the fiscal year ending August 31, 2025[102] - The company has made amendments to its articles of association to reflect current listing rules and internal revisions, approved by shareholders on February 18, 2025[103] - All directors have confirmed compliance with the standard code of conduct for securities trading since the company's listing[104] Audit and Reporting - The auditor's report issued a qualified opinion regarding the financial statements due to limitations in the scope of tax provisions and comparability of data[44] - The independent auditor has agreed that the figures in the preliminary announcement are consistent with the consolidated financial statements for the year ended August 31, 2025[110] - The annual results announcement will be published on the Hong Kong Stock Exchange and the company's website[111] Shareholder Relations - The company expresses gratitude to its shareholders and stakeholders for their continued support and acknowledges the efforts of all employees[112] - The annual general meeting of shareholders is scheduled for January 15, 2026[100]

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 3,260,464, representing a 25.7% increase from HKD 2,594,448 in 2024[3] - Gross profit increased to HKD 767,223, up 3.0% from HKD 744,623, with a gross margin of 23.5%, down from 28.7%[3] - Operating profit rose by 15.4% to HKD 249,840, with an operating margin of 7.7%, compared to 8.3% in the previous year[3] - Net profit for the period was HKD 167,696, a slight increase of 1.1% from HKD 165,923, resulting in a net margin of 5.1%, down from 6.4%[3] - Basic and diluted earnings per share decreased by 4.6% to HKD 10.4 from HKD 10.9[3] - The profit attributable to the company's owners for the six months ended September 30, 2025, was HKD 141,377,000, a decrease from HKD 148,385,000 in 2024, representing a decline of approximately 6.8%[41] - Basic earnings per share for the period were HKD 141,377,000, down from HKD 148,385,000 in 2024, indicating a decline of about 4.5%[39] Assets and Liabilities - Total assets increased by 5.8% to HKD 12,608,479 from HKD 11,914,252[3] - Total liabilities rose to HKD 8,425,389 thousand, up from HKD 7,797,698 thousand, indicating an increase of around 8.0%[9] - Total assets as of September 30, 2025, amounted to HKD 12,608,479, up from HKD 11,914,252 as of March 31, 2025, reflecting an increase of approximately 5.8%[25][26] - Total liabilities as of September 30, 2025, were HKD 8,425,389, compared to HKD 7,797,698 as of March 31, 2025, representing an increase of about 8.0%[25][26] - The total equity increased to HKD 4,183,090 thousand from HKD 4,116,554 thousand, reflecting a growth of about 1.6%[9] - The company’s borrowings decreased slightly to HKD 248,268 thousand from HKD 253,829 thousand, a reduction of approximately 2.2%[9] Cash Flow - The net cash flow from operating activities was HKD 101,478 thousand for the six months ended September 30, 2025, a significant improvement from a negative cash flow of HKD 166,811 thousand in the same period last year[10] - Cash and cash equivalents decreased by 9.8% to HKD 1,406,817 from HKD 1,560,253[3] - The company reported a net cash outflow from investing activities of HKD 493,864 thousand, compared to HKD 368,668 thousand in the previous year, indicating increased investment activity[10] Segment Performance - The group’s segment performance showed that the die-casting machines generated revenue of HKD 2,263,178 for the six months ended September 30, 2025, compared to HKD 1,622,828 in the same period of 2024, marking a growth of approximately 39.4%[28] - The injection molding machines reported revenue of HKD 920,164 for the six months ended September 30, 2025, up from HKD 881,269 in the same period of 2024, indicating an increase of about 4.4%[28] - The CNC machining center generated revenue of HKD 77,122 for the six months ended September 30, 2025, a decrease from HKD 90,351 in the same period of 2024, reflecting a decline of approximately 14.6%[28] Market and Product Development - The company plans to focus on market expansion and new product development in the upcoming periods[4] - The company is focusing on the development of TPI magnesium alloy semi-solid forming equipment, which has gained market recognition and is expected to drive further growth in the magnesium alloy die-casting sector[56] - The company continues to expand its presence in various sectors, including smart wearables and electric vehicles, enhancing its competitive edge in magnesium alloy applications[56] Employee and Operational Costs - Employee costs decreased to HKD 492,935,000 from HKD 544,427,000, a reduction of about 9.4% year-on-year[32] - The group’s research costs were HKD 56,196,000, slightly up from HKD 55,342,000 in the previous year, reflecting a marginal increase of about 1.5%[32] Corporate Governance - The company has adhered to all corporate governance codes as per the listing rules during the review period[75] - The board of directors includes Chairperson Zhang Qiaoying and executive directors Liu Zhuoming and Xie Xiaosi[80] - Independent non-executive directors include Liu Shaoji, Lu Minghua, and Yin Zijing[81]

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 118,454,000, representing a 42.6% increase from HKD 83,048,000 in the same period of 2024[3] - Gross profit for the same period was HKD 75,487,000, up 21.2% from HKD 62,259,000 year-on-year[3] - Operating profit surged to HKD 207,318,000, compared to HKD 30,465,000 in the previous year, marking a significant increase of 579.5%[3] - Net profit for the period reached HKD 202,325,000, a substantial rise from HKD 7,749,000, reflecting a year-on-year growth of 2605.5%[3] - Total comprehensive income for the period was HKD 202,787,000, compared to HKD 7,879,000 in the previous year, indicating a growth of 2471.5%[5] - The company reported a total profit before tax of HKD 204,399,000 for the six months ended September 30, 2025, compared to HKD 8,357,000 in the same period of 2024, showing a significant increase[30] - The company reported a net profit attributable to shareholders of HKD 200,455,000 for the six months ended September 30, 2025, compared to HKD 7,749,000 for the same period in 2024, representing a significant increase[45] - The group recorded revenue of approximately HKD 118.5 million, an increase of about 42.6% compared to HKD 83.0 million for the six months ended September 30, 2024[80] - The group reported a net profit of approximately HKD 202.3 million, an increase of over 2000% compared to HKD 7.7 million for the six months ended September 30, 2024[89] Revenue Breakdown - Revenue from licensed financial services reached HKD 73,255,000, up 66.5% from HKD 44,017,000 year-over-year[25] - Family office services generated revenue of HKD 26,820,000, an increase of 30.5% compared to HKD 20,547,000 in the previous year[25] - Interest income from lending services amounted to HKD 6,965,000, reflecting a 16.2% increase from HKD 5,992,000 in the prior period[25] - The segment revenue from licensed financial services increased from approximately HKD 48.5 million to about HKD 75.6 million, primarily due to increased commission and brokerage fees from securities trading and insurance brokerage services[72] - The company’s lending services segment reported revenue of approximately HKD 7.0 million, an increase from HKD 6.0 million for the six months ended September 30, 2024[74] - The company’s investment management and financial advisory services generated service fees of approximately HKD 23.7 million, down from HKD 32.3 million for the same period in 2024[69] Assets and Liabilities - Total assets as of September 30, 2025, amounted to HKD 1,095,612,000, compared to HKD 617,240,000 as of March 31, 2025, showing a growth of 77.5%[6] - The company’s total liabilities as of September 30, 2025, were HKD 431,969,000, compared to HKD 342,132,000 as of March 31, 2025, indicating an increase of 26%[31] - The total assets reported as of September 30, 2025, were HKD 2,128,170,000, an increase from HKD 1,289,925,000 as of March 31, 2025[31] - Current assets net value as of September 30, 2025, was approximately HKD 769.4 million, up from HKD 365.0 million as of March 31, 2025[90] - The current ratio improved to approximately 3.36 from 2.45[90] - The debt-to-equity ratio decreased from approximately 21.6% to 7.7% due to net debt repayment[93] Equity and Share Capital - The company's equity increased to HKD 1,696,201,000 from HKD 947,793,000, reflecting an increase of 79.0%[8] - The company issued a total of 201,456,000 shares at HKD 2.95 per share, raising approximately HKD 582,331,000 after expenses[64] - The company’s total issued and paid-up ordinary shares increased from 1,549,392,877 on March 31, 2025, to 1,750,848,877 on September 30, 2025[63] - The company has conditionally agreed to purchase 2,200 S21XP HYD Bitcoin mining machines for a total consideration of $21,852,600, equivalent to approximately HKD 170,450,280[129] Investment and Strategic Initiatives - The company has established several investment funds, where it acts both as an investor and fund manager, assessing control based on decision-making power and variable returns[13] - The company completed the acquisition of the remaining 55% stake in Derlin Family Office (Hong Kong) Limited on November 28, 2023, enhancing its family office service offerings[73] - The company has entered into legally binding agreements for the acquisition of Bitcoin mining machines, indicating a strategic move into cryptocurrency[66] - The company plans to expand its family office services and enhance its financial advisory offerings in the upcoming fiscal year[30] - The company is focusing on developing its financial services business, which is a major contributor to its revenue[109] - The company plans to continue providing personalized wealth management and succession services to ultra-high-net-worth families through its wealth management platform[109] Corporate Governance - The company is committed to maintaining high standards of corporate governance and ensuring a balanced power structure within its board[117] - The company has established an audit committee responsible for reviewing financial statements and overseeing the financial reporting system[142] - The audit committee consists of three independent non-executive directors, ensuring independence from the company's previous or current auditors[142] Employee and Operational Costs - Employee benefits expenses, including directors' remuneration, rose to HKD 35,673,000 for the six months ended September 30, 2025, compared to HKD 29,242,000 in 2024[34] - The total employee benefit expenses for the reporting period amounted to approximately HKD 35.7 million, compared to HKD 29.2 million for the six months ending September 30, 2024[108] - The company recorded a significant increase in service costs, which rose to HKD 42,967,000 for the six months ended September 30, 2025, from HKD 20,789,000 in 2024[33] Dividend Policy - The company did not recommend the payment of an interim dividend for the six months ended September 30, 2025, consistent with the previous year[41] - The company does not recommend the payment of an interim dividend for the six months ending September 30, 2025, consistent with the previous period where no dividend was paid[119]

Financial Performance - For the six months ended September 30, 2025, the company reported revenue of HKD 14,748,000, a slight increase of 0.8% compared to HKD 14,630,000 for the same period in 2024[4]. - The gross profit for the same period was HKD 2,139,000, down 19.8% from HKD 2,668,000 in 2024[4]. - The company recorded a net loss of HKD 16,117,000 for the six months ended September 30, 2025, compared to a net loss of HKD 7,962,000 in 2024, representing a 102.6% increase in losses[5]. - The basic and diluted loss per share remained at HKD 0.09 for both periods[4]. - The group reported a loss of approximately HKD 16,117,000 during the review period, compared to a loss of HKD 7,962,000 in the same period last year[47]. Assets and Liabilities - As of September 30, 2025, the company's current liabilities exceeded current assets by approximately HKD 184,615,000, an improvement from HKD 245,994,000 as of March 31, 2025[11]. - The cash and cash equivalents as of September 30, 2025, were approximately HKD 63,244,000, a significant increase from HKD 7,542,000 as of March 31, 2025[11]. - The group reported net trade receivables of HKD 1,325,000 as of September 30, 2025, down from HKD 24,100,000 as of March 31, 2025[31]. - As of September 30, 2025, the group's total assets and net liabilities were approximately HKD 109,599,000 and HKD 295,411,000, respectively[47]. - The total borrowings of the group were approximately HKD 223,853,000 as of September 30, 2025, with 24.8% denominated in HKD and 75.2% in RMB[48]. - The group's debt-to-equity ratio was 75.8% as of September 30, 2025, compared to 64.9% as of March 31, 2025[48]. - The current ratio improved to 36.4% as of September 30, 2025, from 22.1% as of March 31, 2025, due to effective debt restructuring measures[48]. Fundraising and Financing - The company completed a rights issue and placement of new shares on July 17, 2025, raising net proceeds of approximately HKD 71.6 million[12]. - The company is actively negotiating loan capitalization with existing lenders, subject to approval from the stock exchange and shareholders[13]. - The group is actively controlling administrative costs and non-essential capital expenditures to maintain liquidity, with plans to have sufficient operating funds for at least 12 months from September 30, 2025[16]. - The group plans to continue seeking various fundraising opportunities depending on market conditions and the development of its core business[12]. Business Segments - The dry grinding and selection business generated revenue of HKD 2,186,000, while the multimedia business contributed HKD 12,562,000, resulting in a total segment loss of HKD 5,911,000[22]. - The titanium dioxide distribution business generated revenue of approximately HKD 2,186,000 for the six months ended September 30, 2025, a significant decrease from HKD 11,348,000 in the previous year, primarily due to strategic inventory clearance[37]. - The media business achieved revenue of approximately HKD 12,562,000 for the six months ended September 30, 2025, up from HKD 7,058,000 in the same period last year, driven by content promotion services on major social media platforms[40]. Strategic Initiatives - The group is expanding the application of its dry grinding and selection technology, including potential use in coal processing in Mongolia, which is expected to enhance profitability[15]. - The company plans to leverage cost advantages from the Mongolian project to explore opportunities in cryptocurrency mining and data centers, utilizing low-cost electricity generated on-site[38]. - The company is strategically focusing on the automotive industry, providing diverse services for leading automotive brands, including event management and technical live streaming[40]. - The company anticipates that the coal processing project will begin generating revenue in the first half of 2026, following the completion of mining and dry milling equipment[36]. - The company aims to enhance service quality and strengthen strategic partnerships in its media business to achieve higher operational efficiency and market competitiveness[41]. - The group plans to expand its dry grinding and dry selection technology to other iron ore mining projects to reduce costs and improve recovery rates[44]. - The group aims to develop data centers and cryptocurrency mining businesses in collaboration with partners, leveraging low-cost power generation[45]. - The group is committed to sustainable industrial practices and enhancing operational efficiency through data-driven content optimization and partnerships in various industries[46]. Legal Matters - The company is involved in ongoing litigation regarding the placement notes, with a claimed debt amount of HKD 10 million in principal and HKD 1.26 million in unpaid interest[57]. - The court has scheduled a case management hearing for December 18, 2023, regarding the ongoing lawsuits[58]. - The creditor has been ordered to schedule a 12-day trial within 42 days, with hearings set for November 27, 2025, and March 2-17, 2026[59]. - The company has filed lawsuits in both Guangzhou and Hong Kong courts seeking refunds totaling RMB 5.3 million (approximately HKD 6.045 million) and RMB 15.533 million (approximately HKD 17.716 million) respectively[60]. - The company has submitted a revised claim in Hong Kong seeking a refund of overcharged fees amounting to RMB 12.468 million (approximately HKD 13.502 million)[61]. Corporate Governance - The board does not recommend the payment of any interim dividend for the six months ending September 30, 2025 (September 30, 2024: HK$0)[64]. - A new share incentive plan and a new stock option plan have been approved by shareholders during the annual general meeting held on September 30, 2025[65]. - A total of 23,190,000 stock options have been granted to directors and employees under the newly adopted stock option plan[65]. - The company has maintained compliance with the corporate governance code as per the listing rules throughout the review period[67]. - The audit committee has reviewed the unaudited condensed consolidated interim financial statements for the six months ending September 30, 2025[68]. - The company has adopted a code of conduct for directors' securities transactions, ensuring compliance with the standards set forth in the listing rules[69]. - There were no purchases, sales, or redemptions of the company's listed securities by the company or any of its subsidiaries during the six months ending September 30, 2025[70]. Employment and Staff Costs - As of September 30, 2025, the company employed 58 staff members, with employee costs for the six months ending on that date amounting to approximately HKD 5.199 million[63]. Post-Reporting Events - There have been no significant events occurring after the reporting period and up to the date of this announcement[66].

Financial Performance - For the six months ended September 30, 2025, the company's revenue was approximately HKD 106.0 million, a decrease of about 13.9% compared to HKD 123.1 million for the same period in 2024[9]. - The gross profit decreased from approximately HKD 21.0 million in the first half of 2024 to about HKD 14.8 million in the first half of 2025[9]. - Total revenue for the first half of 2025 was approximately HKD 106.0 million, down from HKD 123.1 million in the first half of 2024, reflecting a decrease in demand for printing-related equipment[15]. - Gross profit for the same period was HKD 14,775,221, down 29.5% from HKD 21,041,107 in 2024[73]. - Operating profit decreased to HKD 3,834,469, a decline of 20.2% from HKD 4,808,527 in the previous year[73]. - The company achieved a net profit of HKD 3,396,853, which is an increase of 6.8% compared to HKD 3,180,353 in 2024[73]. - Basic and diluted earnings per share increased to HKD 3.4, up from HKD 3.1 in the previous year, reflecting a growth of 9.7%[73]. - The company reported a net profit of HKD 3,390,860, compared to HKD 3,101,039 for the same period in 2024, representing an increase of approximately 9.3%[76]. - The company’s total comprehensive income for the six months ended September 30, 2025, was HKD 3,428,649, compared to HKD 2,952,284 in the previous year, indicating an increase of approximately 16.1%[76]. Operational Strategy - The company continues to focus on its core business of general printing services and the sale of printing equipment and consumables, which have significantly contributed to maintaining diversified revenue sources[10]. - Strategic expansion into mainland China, Taiwan, and the United States has shown resilience, effectively offsetting the weak performance of the Hong Kong printing business[12]. - The company plans to enhance operational efficiency through further automation, selective outsourcing, and improved inventory and procurement practices[14]. - The strategic restructuring implemented over the past eighteen months is expected to continue delivering long-term value to shareholders[14]. - The company has successfully reduced its reliance on the local market, enhancing overall profit stability through diversified revenue streams[12]. Cost Management - The company has implemented strict cost control measures and streamlined operations in Hong Kong to mitigate the adverse effects of a competitive environment on overall profit margins[11]. - Cost of sales decreased to approximately HKD 91.3 million in the first half of 2025 from HKD 102.1 million in the same period of 2024, primarily due to a decline in sales of printing-related raw materials and equipment[16]. - Administrative and other expenses were approximately HKD 10.9 million in the first half of 2025, a reduction of about HKD 5.4 million or approximately 33.1% compared to HKD 16.3 million in the first half of 2024[17]. Financial Position - Total assets as of September 30, 2025, were HKD 58,126,516, a decrease from HKD 109,351,988 as of March 31, 2025[74][75]. - Current liabilities amounted to HKD 41,216,723, down from HKD 91,263,587 in the previous audited period[74]. - The company's net asset value increased to HKD 11,175,174 from HKD 7,737,868, indicating a significant improvement in financial health[75]. - The company’s total equity attributable to owners as of September 30, 2025, was HKD 11,292,444, an increase from HKD 7,315,465 as of April 1, 2024[76]. Cash Flow - Cash generated from operating activities for the six months ended September 30, 2025, was HKD 3,817,561, compared to HKD 11,749,230 in 2024, indicating a significant decline[77]. - The company reported a net cash outflow from investing activities of HKD 43,386 for the six months ended September 30, 2025, compared to HKD 2,963,519 in the previous year[77]. - The company’s financing activities resulted in a net cash outflow of HKD 4,736,168 for the six months ended September 30, 2025, compared to HKD 1,726,478 in the previous year[77]. - The company’s cash and cash equivalents decreased by HKD 966,731 for the six months ended September 30, 2025, compared to a decrease of HKD 2,286,974 in the previous year[77]. Shareholder Information - The company's issued share capital was HKD 998,000 as of September 30, 2025, following a share consolidation that reduced the number of issued shares from 499 million to 99.8 million[34]. - The company implemented a capital reorganization on May 29, 2025, which included a capital reduction and a share split, reducing the par value of shares from HKD 0.25 to HKD 0.01[35]. - As of September 30, 2025, Mr. Lin Cheng Tai holds 59,335,826 shares, representing approximately 59.45% of the company's ordinary shares[56]. - The total shareholding of Mr. Zhou Wenqiang and Mr. Xu Qingnai, along with their joint holdings, accounts for approximately 63.88% of the company's issued share capital[59]. - The company has disclosed that no other individuals hold or are deemed to hold 5% or more of the voting shares as of September 30, 2025[60]. Governance and Compliance - The company has established an audit committee to oversee financial reporting and compliance with relevant regulations[70]. - There were no reported conflicts of interest or competitive business activities involving directors or major shareholders[69]. - The company has complied with all applicable code provisions of the Corporate Governance Code, except for a deviation regarding the separation of the roles of Chairman and CEO[64]. - The Chairman and CEO roles are held by the same individual, which deviates from the Corporate Governance Code's recommendation for separation, but the board believes this structure does not compromise the balance of power[65]. - All directors have confirmed compliance with the trading code for securities transactions as of September 30, 2025[66]. Risks and Liabilities - The group faced a significant risk as its largest customer accounted for approximately 45.6% of total revenue in the first half of 2025, raising concerns about dependency on this client[43]. - The group has no long-term contracts with customers, making its revenue susceptible to fluctuations in order volume and market demand[42]. - The group has no significant contingent liabilities as of September 30, 2025[49]. Related Party Transactions - The group made rental payments of HKD 500,000 to a related company for the six months ended September 30, 2025, compared to no payments in the previous year[105]. - The group recorded sales of printing products to a related company amounting to HKD 1,639,056 in the previous year, with no sales reported for the current period[105]. - The group sold a display printing machine to a related company for HKD 7,074,579, following the sale of a subsidiary at zero cost due to its net liabilities[105].

香港交易及結算所有限公司和香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 GOLDEN LEAF INTERNATIONAL GROUP LIMITED 金葉國際集團有限公司 ( 於開曼群島註冊成立的有限公司 ) ( 股份代號: 8549) 截至二零二五年九月三十日止六個月的 中期公告 金葉國際集團有限公司（本公司）董事會（董事會）欣然宣佈本公司及其附屬 公司（本集團）截至二零二五年九月三十日止六個月的未經審核中期財務業績。本公 告載有本公司截至二零二五年九月三十日止六個月的中期報告全文，連同二零二四年 同期的比較數字，符合聯交所 GEM 證券上市規則關於中期業績初步公告所附資料的相 關規定。 承董事會命 金葉國際集團有限公司 主席、行政總裁及執行董事 葉金弋先生 香港，二零二五年十一月二十七日 於本公告日期，本公司執行董事為葉金弋先生（主席）、呂國傑先生及葉芷筠女士；以 及本公司獨立非執行董事為王振吉先生、林偉昶先生及張廣達先生。 本公告的資料乃遵照 GEM 證券上市規則而 ...

Financial Performance - For the six months ended September 30, 2025, the company's revenue was approximately HKD 106.0 million, a decrease of about 13.9% compared to HKD 123.1 million for the same period in 2024[8]. - The gross profit decreased from approximately HKD 21.0 million in the first half of 2024 to about HKD 14.8 million in the first half of 2025[8]. - The profit attributable to equity holders increased by approximately 9.7% to HKD 3.4 million, compared to HKD 3.1 million in the first half of 2024[12]. - The company recorded a total comprehensive income of approximately HKD 3.4 million for the first half of 2025, compared to HKD 3.0 million for the same period in 2024[8]. - The total comprehensive income attributable to equity holders for the first half of 2025 was approximately HKD 3.4 million, compared to HKD 3.0 million in the first half of 2024[17]. - The company reported a net profit of HKD 3,396,853 for the current period, an increase from HKD 3,180,353 in the previous year[87]. - Basic and diluted earnings per share increased to HKD 3.4, compared to HKD 3.1 in the previous year[72]. - The total amount raised from the rights issue was approximately HKD 34.4 million, with a net amount of about HKD 32.7 million after expenses[49]. Revenue Sources - The company continues to focus on its core business of general printing services and the sale of printing equipment and consumables, contributing significantly to diversified revenue sources[9]. - Revenue from general printing services was HKD 98,269,858, up 5.0% from HKD 93,420,881 in the previous year[82]. - Revenue from the sale of printing equipment and consumables dropped significantly to HKD 7,776,267 from HKD 29,680,744, a decline of 73.8%[82]. - Major customer A contributed HKD 48,375,029 to revenue, while major customer B contributed HKD 47,989,220 in the previous year[89]. - Revenue by region showed HKD 30,529,690 from Hong Kong, HKD 21,073,848 from Mainland China, and HKD 54,231,207 from the USA for the current period[88]. Cost Management - The company has implemented strict cost control measures and streamlined operations in Hong Kong to mitigate the adverse impact of competitive pressures on overall profit margins[10]. - Sales costs for the first half of 2025 were about HKD 91.3 million, compared to HKD 102.1 million in the same period of 2024, primarily due to a decline in sales of printing-related raw materials and equipment[15]. - Administrative and other expenses decreased to approximately HKD 10.9 million in the first half of 2025, down about 33.1% from HKD 16.3 million in the first half of 2024, mainly due to reduced bad debt provisions and rental expenses[16]. Strategic Expansion - Strategic expansion into mainland China, Taiwan, and the United States has shown resilience, effectively offsetting the weak performance of the Hong Kong printing business[11]. - The ongoing strategic expansion has become a cornerstone of the company's diversified revenue base, significantly reducing reliance on the local market[11]. - The company’s operational adjustments include relocating certain production and procurement activities to low-cost jurisdictions to alleviate competitive pressures[10]. Financial Position - As of September 30, 2025, total assets decreased to HKD 61,126,516 from HKD 109,352,988 as of March 31, 2025, representing a decline of approximately 44%[73]. - Current liabilities increased significantly to HKD 41,216,723 from HKD 91,263,587, indicating a decrease in net current liabilities from HKD 7,980,974 to HKD 2,334,165[73]. - Total liabilities as of September 30, 2025, included lease liabilities of approximately HKD 13.0 million, down from HKD 17.0 million on March 31, 2025, due to regular lease payments[28]. - Cash and cash equivalents decreased from approximately HKD 1.8 million on March 31, 2025, to about HKD 0.8 million on September 30, 2025, primarily due to loan repayments[22]. Shareholder Information - As of September 30, 2025, the company's issued share capital was HKD 998,000, with 99,800,000 shares outstanding after a share consolidation on March 18, 2025[33]. - The company implemented a capital reduction on May 29, 2025, reducing the par value of shares from HKD 0.25 to HKD 0.01, alongside a share split[34]. - The largest customer accounted for approximately 45.6% of total revenue in the first half of 2025, indicating a reliance on a single client[42]. - The company’s major shareholders include Mr. Lin Cheng Tai, who holds approximately 59.45% of the shares[55]. Corporate Governance - The company has complied with all applicable corporate governance code provisions, except for a deviation regarding the separation of the roles of Chairman and CEO[63]. - The Chairman and CEO roles are held by Mr. Lin Chengda, which deviates from the corporate governance code that recommends these roles be separate[64]. - The board consists of five executive directors and three independent non-executive directors, ensuring a high level of independence[64]. - The company will continue to review and monitor its practices to comply with the corporate governance code and maintain high standards of governance[64]. Risks and Challenges - The group faces risks related to raw material supply and subcontractor performance, which could adversely affect operations and profitability[43][44]. - The business is sensitive to economic fluctuations in key markets, including Hong Kong, mainland China, Taiwan, and the United States[46].

Financial Performance - Total revenue for the six months ended September 30, 2025, was HKD 4,925,100, compared to HKD 4,449,517 for the same period in 2024, representing an increase of approximately 10.7%[2] - The net profit attributable to shareholders for the period was HKD 61,184, a significant recovery from a loss of HKD 264,089 in the previous year[4] - Basic earnings per share improved to HKD 3.31 from a loss of HKD 14.89 per share in the prior year[4] - The total comprehensive income for the period was HKD 82,261, compared to a loss of HKD 243,292 in the previous year, indicating a strong turnaround[4] - The company reported a profit before tax of HKD 91,247 for the six months ended September 30, 2025, compared to a loss before tax of HKD 244,295 for the same period in 2024[12] - The group achieved a net profit attributable to shareholders of approximately HKD 61,200,000, compared to a loss of HKD 264,100,000 in 2024, indicating improved financial performance[39] Profitability and Margins - The gross profit margin for the period was approximately 11.2%, compared to 1.2% in the same period last year, indicating a substantial improvement in profitability[3] - The construction segment reported a revenue of HKD 4,310,000,000, a 12% increase from HKD 3,850,000,000 in the same period last year, with a segment profit of HKD 152,100,000, compared to a loss of HKD 98,900,000 in 2024[41] - The professional services segment recorded a revenue of HKD 586,500,000, up from HKD 575,100,000 in 2024, with a profit of HKD 24,600,000, compared to HKD 8,300,000 in 2024, demonstrating successful dual-track strategies[45] Assets and Liabilities - Total assets as of September 30, 2025, amounted to HKD 14,681,432, compared to HKD 14,937,199 as of March 31, 2025, reflecting a decrease of about 1.7%[5] - As of September 30, 2025, total current liabilities amounted to HKD 6,205,470,000, a decrease from HKD 6,519,875,000 as of March 31, 2025[6] - Total non-current liabilities were HKD 55,043,000, a decrease from HKD 63,141,000 as of March 31, 2025[6] - The total equity attributable to shareholders was HKD 2,295,816,000, up from HKD 2,228,007,000 as of March 31, 2025[6] - The company's financial guarantees for construction and professional service contracts amounted to HKD 883,641,000 as of September 30, 2025, an increase from HKD 854,265,000 as of March 31, 2025[33] Cash Flow and Investments - Cash and cash equivalents stood at HKD 1,485,955 as of September 30, 2025, compared to HKD 1,189,972 at the end of March 2025, showing an increase of approximately 24.9%[5] - The company reported a net income from other income and gains of HKD 27,628 for the six months ended September 30, 2025, compared to HKD 32,624 in 2024, a decrease of about 15.3%[17] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[2] Shareholder Returns - The company declared an interim dividend of HKD 0.83 per share for the period[2] - The interim dividend declared for the six months ended September 30, 2025, is HKD 0.83 per share, compared to no dividend in the same period of 2024[22] - The company believes that the share repurchase is aimed at enhancing the net asset value per share and earnings per share[74] Operational Highlights - The company operates in five main segments: construction services, property development and leasing, professional services, non-franchised bus services, and medical technology and health[10] - The group secured five new projects during the review period, including maintenance contracts for the Buildings Department and a primary school construction project with 30 classrooms[42] - The group completed 12 projects during the review period, including a primary school and a kindergarten construction project, showcasing its operational capabilities[43] Strategic Initiatives - The group is committed to sustainable development goals (SDGs) and is closely monitoring technological advancements in property management, such as IoT technology, to enhance service quality and reduce operational costs[47] - The group aims to diversify its business and expand revenue sources through strategic partnerships and investments[59] - The group plans to actively pursue opportunities in key sectors such as infrastructure, healthcare, and finance to boost Hong Kong's competitiveness[60] Corporate Governance - The Audit Committee has reviewed and agreed with the accounting principles and practices adopted by the company during the review period[79] - The company has complied with all corporate governance codes as per the listing rules during the review period[76] - The Executive Directors of the company include Mr. Peng Yiting, Mr. Xu Jianhua, and Dr. Peng Yibang[81]

Financial Performance - For the six months ending September 30, 2025, the group's revenue decreased by approximately HKD 28.4 million or 20.5% to about HKD 110.1 million, compared to HKD 138.5 million for the same period in 2024[12][13] - The group's gross profit slightly decreased by approximately HKD 0.1 million or 3.0% to about HKD 5.1 million, with a gross profit margin of approximately 4.6%, up from 3.8% in the previous period[14] - For the six months ended September 30, 2025, the group recorded a net loss of approximately HKD 3.7 million, a decrease of about HKD 6.8 million or 64.8% compared to the net loss of approximately HKD 10.5 million for the same period in 2024[18] - The company's financing activities generated a net cash inflow of HKD 2,513,000, compared to a cash outflow of HKD 500,000 in the previous year[36] - The company reported a loss attributable to equity holders of HKD 3,746,000 for the six months ended September 30, 2025, compared to a loss of HKD 10,465,000 in the same period of 2024, indicating an improvement of approximately 64.1%[55] - Basic loss per share for the six months ended September 30, 2025, was HKD 0.78, compared to HKD 2.18 for the same period in 2024, reflecting a significant reduction in losses[55] Revenue and Expenses - The decrease in revenue was primarily due to the completion of large projects and a reduction in the number of large projects available in the market[13] - Administrative and other operating expenses, along with expected credit loss provisions, amounted to approximately HKD 9.4 million, a reduction of HKD 3.5 million or 27.0% from approximately HKD 12.9 million in the same period of 2024[16] - Financial costs decreased to approximately HKD 2.1 million, down by HKD 0.7 million or 23.4% from approximately HKD 2.8 million for the same period in 2024, primarily due to a reduction in the average interest rate on borrowings[17] - The total employee costs for the six months ended September 30, 2025, were approximately HKD 8.9 million, a decrease from approximately HKD 12.2 million for the same period in 2024[28] - Employee costs, including directors' emoluments, totaled HKD 8,935,000 for the six months ended September 30, 2025, down from HKD 12,161,000 in the same period of 2024, a decrease of approximately 26.5%[51] Cash Flow and Liquidity - The total cash and cash equivalents as of September 30, 2025, were approximately HKD 44.3 million, an increase from approximately HKD 43.1 million as of March 31, 2025, due to a net cash inflow of approximately HKD 1.2 million from operating and financing activities[19] - The company reported a net cash outflow from operating activities of HKD 1,332,000 for the six months ended September 30, 2025, an improvement from HKD 10,362,000 in the same period last year[36] - Cash and bank balances reached HKD 44,270,000 as of September 30, 2025, compared to HKD 43,089,000 as of March 31, 2025[65] Assets and Liabilities - The group's debt-to-equity ratio increased from approximately 82.8% as of March 31, 2025, to approximately 93.5% as of September 30, 2025, mainly due to an increase in borrowings[19] - The total liabilities increased from HKD 63,313,000 to HKD 67,903,000, marking an increase of approximately 7.5%[34] - The total assets minus current liabilities amounted to HKD 140,717,000, compared to HKD 139,873,000 as of March 31, 2025, reflecting a slight increase of 0.6%[33] - The company's non-current assets decreased from HKD 1,625,000 to HKD 1,160,000, representing a decline of approximately 28.5%[33] - Trade and other receivables decreased from HKD 25,541,000 to HKD 17,691,000, a reduction of about 30.8%[33] Business Outlook and Strategy - The economic outlook for Hong Kong in the second half of 2025 is expected to remain stable with a GDP growth rate projected between 2% and 3%[12] - The company is actively exploring new business opportunities, particularly in the Web3.0 and new energy sectors, which are strongly supported by government policies[12] - The group aims to maintain flexibility and enhance resilience to thrive in the changing economic environment in mainland China and Hong Kong[12] Shareholder Information - Major shareholders include China Sports Asset Management Co., Ltd., holding 360,000,000 shares, representing 75% of the total issued share capital[77] - The company has adopted a share option scheme allowing for a maximum of 48,000,000 shares to be granted, which is 10% of the issued shares as of the report date[80] - The company has not purchased, sold, or redeemed any of its securities during the six months ending September 30, 2025[88] - The company has maintained sufficient public float as required by listing rules as of September 30, 2025[91] Corporate Governance - The company has adopted and complied with the Corporate Governance Code during the reporting period[93] - The Audit Committee, consisting of three independent non-executive directors, reviewed and approved the interim financial statements for the six months ending September 30, 2025[96]