Financial Performance - The total revenue for the period was approximately HKD 658.8 million, a decrease of about HKD 61.9 million or 8.6% compared to the previous period's revenue of HKD 720.7 million[2]. - The profit and total comprehensive income for the period was approximately HKD 3.1 million, a decrease of about HKD 10.4 million or 77.0% from the previous period's HKD 13.5 million, primarily due to increased administrative expenses[2]. - Basic earnings per share for the period was HKD 0.01, down from HKD 0.04 in the previous period[3]. - The group reported a gross profit of HKD 74.6 million, an increase from HKD 66.7 million in the previous period, indicating a positive trend in gross margin despite the decline in total revenue[3]. - The net profit before tax for the six months ended September 30, 2025, was HKD 5,289,000, down from HKD 15,186,000 in 2024, indicating a decline of 65.1%[14]. - The basic earnings per share for the six months ended September 30, 2025, was HKD 0.008, a decrease of 80% from HKD 0.045 in 2024[22]. - Profit and total comprehensive income for the period was approximately HKD 3.1 million, a decrease of about HKD 10.4 million or 77.0% from HKD 13.5 million in the previous period[34]. Expenses and Liabilities - Administrative expenses increased significantly to HKD 41.1 million from HKD 21.6 million in the previous period, contributing to the decline in overall profit[3]. - Operating expenses totaled approximately HKD 77.8 million, an increase of about HKD 20.7 million or 36.3% compared to HKD 57.1 million in the previous period, driven by increased operational costs related to business development in China[33]. - The total employee cost, including directors' remuneration, reached approximately HKD 73.1 million, an increase from HKD 64.8 million in the previous period[43]. - Total bank borrowings as of September 30, 2025, amounted to approximately HKD 76.9 million, up from HKD 22.5 million as of March 31, 2025[35]. Assets and Equity - The group’s cash and cash equivalents decreased to HKD 66.0 million from HKD 160.9 million, reflecting a significant reduction in liquidity[4]. - The net asset value decreased to HKD 191.1 million from HKD 222.6 million, reflecting a decline in overall equity[5]. - Net current assets were approximately HKD 105.9 million as of September 30, 2025, down from HKD 148.9 million as of March 31, 2025[36]. - The total trade receivables as of September 30, 2025, amounted to HKD 163,061,000, down from HKD 189,344,000 as of March 31, 2025, reflecting a decrease of 13.8%[23]. - The total trade and other payables as of September 30, 2025, were HKD 209,546,000, a decrease of 31.1% from HKD 304,568,000 as of March 31, 2025[25]. Dividends - The group has not declared an interim dividend for the period, consistent with the previous period[2]. - The company declared a special dividend of HKD 0.10 per share for the year ended March 31, 2025, compared to no special dividend in 2024[20]. - The company has not declared an interim dividend for the six months ended September 30, 2025, consistent with the previous year[21]. - The company did not declare an interim dividend for this period, compared to none in the previous period[44]. Business Operations - The company continues to focus on providing IT infrastructure solutions and IT management services, with no new product launches or significant market expansions reported during this period[6]. - The group plans to enhance competitiveness by actively seeking new market opportunities and supply and demand[48]. - The company remains confident about the future, focusing on providing quality IT services and steadily developing its AI business[48]. - The group did not engage in any major acquisitions or disposals of subsidiaries, associates, or joint ventures during this period[46]. - There were no significant investments held by the group during this period[45]. Governance and Compliance - The company has complied with all applicable corporate governance codes, except for the separation of the roles of Chairman and CEO[50][51]. - The audit committee reviewed the interim results and found no issues with the accounting policies adopted by the company[53]. Employee Initiatives - The company has implemented employee education subsidy programs and health check plans to improve employee loyalty and retention[43]. - The group has adopted a share option plan and a share award plan to incentivize eligible employees[43].

Financial Performance - Revenue decreased by 62.9% to HKD 253.5 million compared to HKD 683.7 million in the same period last year[4] - The company reported a loss of HKD 26.1 million, compared to a profit of HKD 52.6 million in the previous year, resulting in a basic loss per share of HKD 1.8 cents[4] - Total comprehensive loss for the period amounted to HKD 27.8 million, compared to a total comprehensive income of HKD 53.1 million last year[6] - Operating profit for the period was HKD 25.3 million, down from HKD 118.5 million in the previous year[5] - The group recorded a net loss of HKD 26,052,000 for the period ending September 30, 2025, with current net liabilities amounting to HKD 4,095,689,000[12] - The company reported a loss attributable to equity shareholders of HKD 26,052,000 for the six months ended September 30, 2025, compared to a profit of HKD 52,600,000 in 2024[30] - Basic and diluted loss per share for the period was HKD (1.9), compared to earnings of HKD 1.9 per share in the previous year[31] - The consolidated gross profit decreased by 71.3% to HKD 87.9 million, down from HKD 305.9 million in the previous year[53] Revenue Breakdown - Revenue from external customers for the six months ending September 30, 2025, totaled HKD 253,504,000, with segment performance showing a loss of HKD 18,403,000 before tax[18] - Revenue from property sales was HKD 131,132,000, down 75.3% from HKD 532,214,000 in the previous year[24] - Rental income decreased to HKD 90,555,000, a decline of 17.0% from HKD 109,159,000 in the prior year[25] - The group's data center leasing revenue decreased by 17.1% year-on-year to HKD 115.2 million, primarily due to the expiration of a lease for one data center during the review period[48] - Construction revenue from external clients for the first half of 2025/26 was HKD 2.9 million, a decrease of 66.3% compared to the first half of 2024/25[50] Assets and Liabilities - Net asset value as of September 30, 2025, was HKD 2.693 billion[8] - Non-current assets increased to HKD 7.632 billion from HKD 7.338 billion[7] - Current assets slightly increased to HKD 1.774 billion from HKD 1.759 billion[7] - Current liabilities rose to HKD 5.870 billion from HKD 5.530 billion, leading to a current net liability of HKD 4.096 billion[8] - As of September 30, 2025, the group had bank loans of HKD 5,382,890,000 due within twelve months, while holding only HKD 42,626,000 in cash and bank balances[12] - The group had outstanding bank loans of approximately HKD 5.526 billion as of September 30, 2025, an increase from HKD 5.229 billion on March 31, 2025[55] Financial Management and Compliance - The group failed to comply with certain financial covenants on bank financing, with outstanding loans of HKD 4,724,268,000, which may become immediately due[12] - The group has successfully obtained waivers from banks for non-compliance on loans amounting to HKD 4,141,599,000[12] - The group is actively monitoring compliance with bank loan covenants and will renegotiate terms if potential non-compliance arises[15] - The effective tax rate for the period was 16.5%, consistent with the previous year, with current tax expense of HKD 7,649,000 compared to HKD 15,142,000 in 2024[27] Dividends and Shareholder Returns - The board has decided not to declare any interim dividend for the first half of 2025/26[4] - The company did not declare any interim dividends for the six months ended September 30, 2025, consistent with the previous year[29] - The company and its subsidiaries did not purchase, sell, or redeem any listed securities in the first half of 2025/26, and held no treasury shares as of September 30, 2025[64] Projects and Future Plans - The company continues to engage in building construction, property leasing, and property development activities[10] - The group is considering the sale of several assets, including a portfolio of four data center projects, to improve liquidity and reduce debt[15] - The group has entered into a non-binding indicative term sheet with a potential buyer for the sale of its four data center projects, which is expected to improve the group's financial position and reduce overall debt levels[52] - The group has initiated the pre-sale of the "North View" project, which has received a positive market response and is expected to sell out completely by the first quarter of 2026[51] Employee and Governance - As of September 30, 2025, the group had a total of 168 employees, with total employee compensation for the first half of 2025/26 amounting to approximately HKD 61.2 million[63] - An audit committee has been established, consisting of four independent non-executive directors, and has reviewed the unaudited condensed consolidated interim financial statements for the first half of 2025/26 without any disagreements with management[67] - The interim results announcement and report for the first half of 2025/26 have been published on the company's website and the Hong Kong Stock Exchange website, containing all required information[68]

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. 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，概不對因本公佈全部或任 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。 NEW CONCEPTS HOLDINGS LIMITED 創業集團（控 ...

Financial Performance - The group's revenue for the six months ended September 30, 2025, was approximately HKD 11,264,000, a decrease of about 27% compared to HKD 15,524,000 for the same period last year[8] - The gross profit for the same period was approximately HKD 6,633,000, compared to HKD 3,148,000 in the previous fiscal year[9] - The loss attributable to owners of the company for the six months was approximately HKD 17,104,000, an improvement from a loss of HKD 21,532,000 in the same period last year[9] - The total comprehensive loss for the period was HKD 15,536,000, compared to HKD 18,427,000 in the previous year[13] - The basic and diluted loss per share for the period was HKD 0.77, compared to HKD 0.96 in the previous year[13] - For the six months ended September 30, 2025, the company reported a net loss of approximately HKD 17,981,000, compared to a net loss of HKD 22,342,000 for the same period in 2024, indicating an improvement of about 19.5%[22] - The company recorded a total comprehensive loss of HKD 15,536,000 for the six months ended September 30, 2025[22] - The company reported a loss of approximately HKD 18,000,000 for the six months ended September 30, 2025, an improvement of about HKD 4,300,000 compared to a loss of approximately HKD 22,300,000 in the previous period[60] - The loss attributable to the company's owners was approximately HKD 17,100,000, compared to approximately HKD 21,500,000 in the previous period[61] Assets and Liabilities - The company's non-current assets as of September 30, 2025, amounted to HKD 4,760,000, an increase from HKD 2,622,000 as of March 31, 2025[14] - Current assets totaled HKD 84,542,000, a decrease from HKD 87,279,000 as of March 31, 2025[14] - Current liabilities were HKD 96,297,000, significantly reduced from HKD 171,001,000 as of March 31, 2025[14] - As of September 30, 2025, the company recorded current liabilities net worth of approximately HKD 6,995,000, a decrease from HKD 83,772,000 as of March 31, 2025[22] - The total liabilities net worth as of September 30, 2025, was approximately HKD 97,473,000, compared to HKD 81,937,000 as of March 31, 2025, reflecting an increase of about 19%[22] - The company's equity attributable to owners decreased to approximately HKD 92,865,000 as of September 30, 2025, from HKD 78,206,000 as of March 31, 2025[17] - The group’s total liabilities and financial costs were reported at HKD 8,501,000 for the current period[32] - The group's net liabilities as of September 30, 2025, were approximately HKD 97,473,000, an increase from HKD 81,937,000 as of March 31, 2025, reflecting a significant rise in financial obligations[64] Cash Flow - The company generated a net cash outflow of HKD 5,127,000 from operating activities for the six months ended September 30, 2025, compared to a net cash outflow of HKD 9,037,000 for the same period in 2024[20] - The company had cash and cash equivalents of approximately HKD 28,516,000 as of September 30, 2025, down from HKD 58,077,000 at the end of the previous period[20] - Cash and bank balances as of September 30, 2025, were approximately HKD 28,516,000, a decrease of about 3.4% from the balance as of March 31, 2025[64] Revenue Breakdown - Cryptocurrency business revenue was HKD 1,220,000, down 74.9% from HKD 4,850,000 in the previous year[30] - Financial services revenue amounted to HKD 5,393,000, while the group incurred a segment loss of HKD 2,459,000 in this category[32] - The group reported total revenue of HKD 11,264,000 for the six months ended September 30, 2025, a decrease of 27.5% from HKD 15,524,000 in the same period of 2024[30] Operational Strategies - The company plans to implement strict monitoring procedures for receivables to improve cash flow and financial condition[22] - The group plans to implement various strategies to enhance revenue and control costs to improve profitability and operational cash flow[26] - The group is actively negotiating with creditors to extend debt maturities and seeking alternative debt or equity financing to meet cash flow needs[26] Corporate Governance - The board confirmed that the information provided in the report is accurate and complete, with no misleading elements[6] - The Audit Committee was established on November 29, 2000, and is responsible for reviewing the financial reporting process and internal control mechanisms[82] - The Remuneration Committee, formed on March 18, 2005, consists of three independent non-executive directors, with specific responsibilities for recommending policies regarding executive compensation[83] - The company has adopted a code of conduct for securities trading by directors, ensuring compliance with GEM Listing Rules[85] - The company has applied and complied with all provisions of the corporate governance code as per GEM Listing Rules, with one exception regarding the attendance of the chairman at the annual general meeting[86] - The board of directors includes four executive directors and three independent non-executive directors as of the report date[88] Employee Information - Employee benefits expenses totaled HKD 7,540,000, an increase from HKD 7,090,000 in the previous year[43] - The total number of employees as of September 30, 2025, was 21, down from 31 in the previous year, with total compensation amounting to approximately HKD 7,540,000[69] Dividends - The company did not recommend the payment of an interim dividend for the six months ended September 30, 2025[9] - The company did not declare or recommend any interim dividend for the six months ended September 30, 2025, consistent with the previous year[42] Business Activities - The company continues to engage in various business activities, including lending, securities, futures brokerage, asset management, and cryptocurrency investments[21] - The group commenced its Bitcoin mining business in April 2021 and remains confident in its future development despite recent market price fluctuations[63] - The group anticipates a decline in revenue from its horse breeding segment in the upcoming fiscal year due to aging breeding stock and has no intention to further invest in this segment[63] Other Information - The company acquired property, plant, and equipment at a cost of approximately HKD 980,000 during the six months ended September 30, 2025[47] - Trade receivables amounted to HKD 1,729,000 as of September 30, 2025, with an expected credit loss provision of HKD 309,000[48] - Trade payables increased to HKD 4,277,000 as of September 30, 2025, compared to HKD 3,492,000 as of March 31, 2025[51] - Administrative expenses for the six months ended September 30, 2025, were HKD 16,300,000, nearly unchanged from HKD 13,900,000 in the previous year[57] - Major shareholders include Fresh Success Investment Limited, holding 143,791,404 shares, representing 61.61% of the issued share capital[70] - The group has not engaged in any significant acquisitions or disposals during the reporting period[68] - The group has not adopted any share option schemes during the six months ending September 30, 2025[74] - The group has no significant contracts in which any director or executive officer has a direct or indirect interest as of the end of the reporting period[76] - The group has not established any foreign exchange hedging arrangements and closely monitors foreign currency exchange rate fluctuations to manage foreign exchange risk[66] - The group has recognized a net foreign exchange gain of HKD 21,000 for the current period, compared to a loss of HKD 281,000 in the previous year[37]

Financial Performance - For the six months ended September 30, 2025, the company's revenue was RMB 29,782,000, a decrease of 75.7% compared to RMB 122,497,000 for the same period in 2024[4] - The gross profit for the same period was RMB 3,208,000, down 72.1% from RMB 11,525,000 year-over-year[4] - The loss before tax from continuing operations was RMB 29,938,000, significantly improved from a loss of RMB 669,227,000 in the previous year[4] - The total comprehensive loss for the period was RMB 31,394,000, compared to RMB 593,936,000 for the same period in 2024, indicating a substantial reduction in losses[6] - The company reported a basic loss per share of RMB 9.21 for the period, compared to RMB 166.90 in the previous year, reflecting a significant improvement[5] - For the six months ended September 30, 2025, the group recorded a net loss from continuing operations of RMB 30,100,000[11] - The group reported a total loss before tax of RMB 33,014,000 for the six months ended September 30, 2025[19] - The company reported a basic and diluted loss per share of RMB 0.092 for the six months ended September 30, 2025, compared to RMB 1.670 for the same period in 2024, indicating a substantial improvement[28] - The total income tax expense for the six months ended September 30, 2025, was RMB 150,000, compared to a tax benefit of RMB 70,709,000 for the same period in 2024, reflecting a shift in tax position[24] - The company did not declare any interim dividends for the six months ended September 30, 2025, consistent with the previous year[29] Assets and Liabilities - As of September 30, 2025, total assets amounted to RMB 1,034,242,000, down from RMB 1,324,633,000 as of March 31, 2025[7] - Current liabilities totaled RMB 1,337,622,000, a decrease from RMB 1,856,925,000 at the end of the previous reporting period[8] - The net current liabilities were RMB 627,501,000, improved from RMB 942,524,000 in the previous period[8] - The group's current liabilities and total liabilities were RMB 627,500,000 and RMB 654,700,000, respectively[11] - The total value of development properties and properties held for sale decreased from RMB 382,908,000 as of March 31, 2025, to RMB 263,871,000 as of September 30, 2025[35] - The company has pledged investment properties valued at RMB 216,980,000 as collateral for bank loans as of March 31, 2025[33] - The company’s total liabilities decreased significantly from RMB 243,090,000 to RMB 128,182,000 over the six-month period[47] - As of September 30, 2025, the company's total liabilities were approximately RMB 1,374,400,000, with net debt at about RMB 654,700,000[83] Cash Flow and Financing - The net cash flow from operating activities for the six months ended September 30, 2025, was RMB 5,820,000, down from RMB 7,459,000 in 2024[71] - The company reported a net cash outflow from operating activities of RMB 55,400,000, compared to RMB 34,100,000 for the same period in 2024[111] - The company plans to explore financing options, including discussions with major shareholders for financial support and seeking professional advice on alternative strategies to improve financial conditions[82] - The company issued convertible bonds totaling HKD 60,000,000 (approximately RMB 55,734,000) on June 23, 2023, with a maturity date of June 22, 2026, and an annual interest rate of 6%[48] - The estimated effective interest rate for the convertible bonds is 16.23% as of September 30, 2025, compared to 4.61% to 16.23% as of March 31, 2025[53] Property and Development - The company continues to focus on property development and management in China, with ongoing projects in planning and design stages[9] - The group anticipates selling properties in Baishan and Yanji in the near future[15] - The company completed the sale of the Fushun property project for a total consideration of RMB 18,698,000, which was recognized as other income and gains[56] - The sale of the Dunhua project resulted in a gain of RMB 123,000, recognized in other income and gains[60] - The company is actively seeking potential properties for rental income or capital appreciation, focusing on resource allocation in other regions[63] - The company has classified certain investment properties as discontinued operations under Hong Kong Financial Reporting Standards No. 5[63] - The company’s management believes that exiting the Fushun and Dunhua businesses will allow for a more focused approach on other commercial opportunities[63] Operational Metrics - The company has reclassified certain property investment segments as discontinued operations, impacting the overall financial presentation[9] - The company has not adopted new or revised Hong Kong Financial Reporting Standards that would have a significant impact on its financial performance[13] - The group’s financing costs for the six months ended September 30, 2025, amounted to RMB 34,079,000[19] - Financing costs for continuing operations totaled RMB 33,402,000 for the six months ended September 30, 2025, compared to RMB 19,634,000 for the same period in 2024, reflecting a significant increase of 70.5%[22] - The group recorded a gross loss margin of 22.3% for property sales in the six months ended September 30, 2025[92] Employee and Administrative Costs - The total employee costs for the six months ended September 30, 2025, were approximately RMB 8,500,000, a decrease from RMB 8,700,000 for the same period in 2024[117] - Administrative expenses decreased from RMB 17,300,000 for the six months ended September 30, 2024, to RMB 10,800,000 for the same period in 2025, due to ongoing cost control measures[94] - As of September 30, 2025, the company had 163 full-time employees, down from 178 as of March 31, 2025[117] Directors and Governance - The executive directors of China Changbaishan International Holdings Limited include Xu Yingchuan (acting chairman), Li Junjie, and Cong Peifeng[123] - The non-executive directors consist of Cui Mindong and Zhao Shanneng, while the independent non-executive directors are Zeng Hongji, Wang Xiaochu, and Wang Meirong[123]

Financial Performance - For the six months ended September 30, 2025, the company's revenue increased to HKD 8,953,000 from HKD 7,792,000, representing a growth of 14.9% year-over-year[2] - The gross profit for the same period was HKD 3,694,000, compared to HKD 3,527,000 in 2024, reflecting a gross margin improvement[2] - The company reported a net loss of HKD 32,099,000 for the six months ended September 30, 2025, compared to a loss of HKD 11,620,000 in the previous year, indicating a significant increase in losses[2] - Basic and diluted loss per share for the period was HKD 1.8, compared to HKD 0.7 in the prior year[3] - Other comprehensive income for the period was HKD 578,000, down from HKD 1,211,000 in the previous year[3] - The company reported a basic and diluted loss per share of HKD 30,703,000 for the six months ending September 30, 2025, compared to HKD 11,384,000 for the same period in 2024[29] - The net loss attributable to the owners of the company increased by approximately 169.7% to HKD 30,703,000, or HKD 0.018 per share, compared to a loss of HKD 11,384,000, or HKD 0.007 per share in the same period last year[38] Revenue Breakdown - Total revenue for the six months ended September 30, 2025, was HKD 8,953,000, with HKD 7,783,000 from publishing and intellectual property licensing and HKD 1,170,000 from retail and wholesale[10] - For the six months ended September 30, 2024, total revenue was HKD 7,792,000, comprising HKD 7,680,000 from publishing and intellectual property licensing and HKD 112,000 from digital marketing[15] - Revenue from the publishing and intellectual property licensing business was HKD 7,783,000 in 2025, compared to HKD 7,680,000 in 2024[52] - The digital marketing division's revenue dropped from HKD 112,000 in 2024 to HKD 0 in 2025 due to voluntary liquidation[53] Asset and Liability Changes - Total assets decreased to HKD 60,201,000 as of September 30, 2025, down from HKD 61,226,000 as of March 31, 2025[4] - The company's non-current assets decreased to HKD 14,714,000 from HKD 36,635,000, primarily due to a reduction in intangible assets[4] - Current liabilities increased to HKD 19,612,000 from HKD 17,379,000, indicating a rise in short-term financial obligations[5] - The company's equity attributable to owners decreased to HKD 61,875,000 from HKD 85,484,000, reflecting a decline in overall financial health[5] - As of September 30, 2025, the company's net assets amounted to approximately HKD 54,792,000, down from HKD 80,119,000 as of March 31, 2025[45] - The total liabilities of the company as of September 30, 2025, were approximately HKD 20,123,000, compared to HKD 17,742,000 as of March 31, 2025[46] Impairment and Losses - The company recognized impairment losses of HKD 21,172,000 for the six months ended September 30, 2025, primarily related to intangible assets[19] - A loss of impairment amounting to approximately HKD 16,313,000 has been recognized in the income statement for the six months ending September 30, 2025[20] - The impairment loss recognized for deposits related to intangible assets was approximately HKD 4,859,000 as of September 30, 2025[32] - The company recorded an impairment loss of HKD 16,313,000 related to intangible assets in the natural language processing division[55] Operational Highlights - The segment performance for publishing and intellectual property licensing reported a pre-tax loss of HKD 1,501,000 for the six months ended September 30, 2025[13] - The company incurred a pre-tax loss of HKD 31,799,000 for the six months ended September 30, 2025, compared to a pre-tax loss of HKD 11,933,000 for the same period in 2024[13][15] - The company reported a significant pre-tax loss in the natural language processing segment of HKD 24,058,000 for the six months ended September 30, 2025[13] - Net operating expenses for the AI voice technology segment were approximately HKD 24,058,000, primarily due to personnel and business promotion costs[55] Employee and Cost Management - Employee costs, including directors' remuneration, decreased to HKD 7,119,000 for the six months ending September 30, 2025, compared to HKD 8,369,000 in the same period of 2024[23] - Employee costs for the six months ended September 30, 2025, totaled approximately HKD 7,119,000, down from HKD 8,369,000 in the previous year[48] - The total number of employees increased from 45 to 46 as of September 30, 2025[56] Strategic Focus and Market Conditions - The company is facing challenges in the competitive AI product market, leading to a reassessment of future market share and expected profits[19] - The company is focusing on expanding its copyright activation business through AI technology, aiming to transform over 200 intellectual property works into various content formats[56] - The company has not disclosed any new product developments or market expansion strategies during this reporting period[2] Compliance and Governance - The company has complied with all provisions of the corporate governance code during the reporting period[58] - The company has no significant capital commitments or contingent liabilities as of September 30, 2025[50] - No buybacks, sales, or redemptions of listed securities occurred during the six months ending September 30, 2025[57]

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，並明確表示不會對本公告的全部或任何 部分內容所產生或因依賴該等內容而引致的任何損失承擔任何責任。 QUALI-SMART HOLDINGS LIMITED 滉達富控股有限公司 * （於開曼群島註冊成立的有限公司） （股份代號：1348） 截至2025年9月30日止六個月的 中期業績公告 中期業績 滉達富控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董事」）會 （「董事會」）謹此公佈本集團截至2025年9月30日止六個月（「本期間」）之未經審核 簡明綜合中期業績連同2024年同期（「上期間」）之比較數字。 財務摘要 收入 本集團於本期間的收入約為27.8百萬港元，當中，玩具分部及金融服務分部的 貢獻分別為約22.5百萬港元及5.3百萬港元，相比本集團上期間的收入約58.3百 萬港元整體減少約30.5百萬港元或52.3%。 本集團於本期間之收入減少約30.5百萬港元，主要由於玩具分部之收入減少約 25.3百萬港元及金融服務分部之收入減少約5.2百萬港元，分別同比減少約52.9% 及減少約4 ...

Financial Performance - For the six months ending September 30, 2025, the company reported total revenue of HKD 17,000,000, an increase from HKD 11,064,000 in the same period of 2024, representing a growth of approximately 53.5%[3] - Commission and fee income reached HKD 5,933,000, up from HKD 2,588,000 in the previous year, marking a significant increase of 129.5%[8] - The company achieved a pre-tax profit of HKD 6,100,000, compared to HKD 1,464,000 in the prior year, reflecting a growth of 316.5%[3] - The total comprehensive income for the period was HKD 6,167,000, significantly higher than HKD 1,464,000 in the same period last year, indicating a year-over-year increase of 320.5%[3] - Basic earnings per share rose to HKD 0.62 from HKD 0.15, representing an increase of 313.3%[3] - The total profit before tax was HKD 6,100,000, with the brokerage services segment contributing HKD 3,693,000 and the financing services segment contributing HKD 7,726,000[13] - Net profit for the reporting period was approximately HKD 6.2 million, a significant increase of about 321.2% from approximately HKD 1.5 million in the previous six months[42] Assets and Liabilities - Non-current assets totaled HKD 3,801,000 as of September 30, 2025, slightly down from HKD 3,965,000 as of March 31, 2025[4] - Current assets amounted to HKD 527,543,000, a decrease from HKD 540,522,000 at the end of March 2025[4] - The company's net asset value increased to HKD 364,583,000 from HKD 358,416,000, reflecting a growth of 1.8%[4] - The total accounts receivable from securities trading business was HKD 250,063,000 as of September 30, 2025, an increase from HKD 200,966,000 as of March 31, 2025[23] - The company had accounts payable of HKD 164.351 million as of March 31, 2025, compared to HKD 148.119 million as of September 30, 2025[27] - The group’s net current assets were approximately HKD 360.8 million, an increase of about HKD 6.3 million from approximately HKD 354.5 million as of March 31, 2025[43] - The asset-to-liability ratio was zero as of September 30, 2025, consistent with the previous reporting period[44] - The group had no bank borrowings or asset pledges as of September 30, 2025[46][47] Revenue Segmentation - Total revenue for the brokerage services segment was HKD 5,700,000, while the financing services segment generated HKD 11,067,000, leading to a total segment revenue of HKD 17,000,000[13] - Commission income from the securities brokerage business increased by approximately 278.5% to about HKD 57 million, accounting for approximately 33.5% of total revenue[31] - Interest income from margin financing services rose by approximately 30.6% to about HKD 111 million, representing about 65.1% of total revenue[32] - Commission income from placement and underwriting services decreased by approximately 78.7% to about HKD 0.2 million, accounting for approximately 1.4% of total revenue[34] Operational Highlights - The company continues to focus on expanding its commission and fee income streams, particularly in securities trading and asset management services[9] - The average daily trading volume in the securities market for the first three quarters of 2025 was HKD 256.4 billion, an increase of approximately 126% compared to the same period in 2024[29] - The total funds raised in the Hong Kong securities market for the first three quarters of 2025 amounted to HKD 444 billion, an increase of approximately 252.0% compared to the same period in 2024[29] - The group completed 1 project during the reporting period, down from 2 projects in the previous six months, due to a lack of small and medium issuers in the market[35] Impairment and Provisions - The company recorded an impairment loss of HKD (3,240,000) in the financing services segment for the six months ended September 30, 2025[14] - The company recognized an impairment loss provision of HKD 31.207 million as of September 30, 2025, compared to HKD 28.429 million as of March 31, 2025[24] - The provision for impairment of receivables related to underwriting and placement services was HKD 1.18 million as of September 30, 2025, unchanged from March 31, 2025[25] - The company reported a decrease in expected credit loss provisions by approximately 28.7% to about HKD 32 million during the reporting period[32] Cash Position and Expenditures - The group maintained a healthy cash position with total bank deposits of approximately HKD 145.1 million as of September 30, 2025, down from HKD 218.9 million as of March 31, 2025[43] - The total amount utilized from the net proceeds is HKD 46.9 million, with a remaining balance of HKD 43.7 million expected to be fully utilized by the end of 2026[55] - The net proceeds from the company's shares listed on the main board of the Stock Exchange amounted to approximately HKD 90.6 million, intended for various purposes including business expansion and upgrading IT systems[54] Corporate Governance and Future Plans - The board believes that the company has complied with the corporate governance code during the reporting period[59] - The group plans to utilize the net proceeds conservatively and flexibly to promote long-term development, with a focus on resuming expansion plans when the global economic environment stabilizes[56] - The group has not made any significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the reporting period[51] - The board does not recommend the payment of an interim dividend for the reporting period[57] - There were no significant events after the reporting period[58]

截 至 二 零 二 五 年 九 月 三 十 日 止 六 個 月 之 中 期 業 績 公 告 煜 榮 集 團 控 股 有 限 公 司（「本 公 司」）董 事（「董 事」）會（「董 事 會」）欣 然 公 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（「報 告 期 間」）的 未 經 審 核 綜 合 中 期 業 績，連 同 二 零 二 四 年 同 期 的 比 較 數 字 如 下： 簡 明 綜 合 損 益 及 其 他 全 面 收 益 表 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 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。 截 至 二 零 二 五 年 九 月 三 十 日 止 六 個 月 | | | | | | | | | | | | | | ...

Financial Performance - Revenue for the year ended August 31, 2025, was RMB 1,083,741,000, an increase of RMB 128,634,000 or 13.5% compared to RMB 955,107,000 in 2024[2] - Gross profit for the same period was RMB 338,617,000, reflecting an increase of RMB 25,811,000 or 8.3% from RMB 312,806,000 in 2024[2] - Net profit for the year was RMB 57,601,000, up RMB 3,645,000 or 6.8% from RMB 53,956,000 in 2024[2] - Profit attributable to owners of the company increased by 28.2% to RMB 57,696,000 from RMB 45,009,000 in 2024[2] - Adjusted net profit was RMB 71,543,000, a slight increase of 2.3% from RMB 69,913,000 in 2024[2] - Total revenue from contracts with customers for the year 2025 is RMB 1,083,741,000, representing an increase from RMB 955,107,000 in 2024, with university tuition fees rising to RMB 421,093,000 from RMB 366,759,000[17] - Other income for 2025 totals RMB 19,677,000, slightly decreasing from RMB 19,755,000 in 2024, with government grants increasing to RMB 434,000 from RMB 293,000[18] - Financing costs for 2025 amount to RMB 118,851,000, down from RMB 126,254,000 in 2024, indicating a reduction in interest expenses[19] - The group's effective tax expense for the year includes current tax of RMB 7,247,000 and deferred tax of RMB 1,318,000, totaling RMB 8,565,000, compared to RMB 5,637,000 in 2024[22] - Basic earnings per share for the year ending August 31, 2025, increased to RMB 1.9 from RMB 1.5 in 2024, reflecting a growth of approximately 26.7%[25] Enrollment and Education Quality - Total student enrollment reached 34,518 in 2025, up from 34,307 in 2024, with university enrollments increasing to 24,967[3] - The total enrollment for self-operated schools in the 2025-2026 academic year was 34,518 students, with 9,551 in high school and 24,967 in higher education[31] - Approximately 90.1% of graduates from flagship schools achieved scores qualifying them for top universities in the 2025 college entrance examination, up from 89.2% in 2024[33] - Over 70% of graduates from the AP/A-Level program were admitted to universities ranked in the top 50 globally, maintaining the leading position in international education within the province[34] - The overall utilization rate of the schools improved to 74.2% in 2025 from 71.4% in 2024, indicating better capacity management[46] - The average tuition for domestic high school programs increased to RMB 45,869 in 2025, up from RMB 44,101 in 2024[40] - The number of teachers increased to 1,736 in 2025, with approximately 54.6% holding a master's degree or higher, emphasizing the quality of education[42] Dividends and Shareholder Information - The company proposed a final dividend of HKD 0.20 per share and a special dividend of HKD 0.30 per share[1] - The board proposed a final dividend of HKD 0.20 per share and a special dividend of HKD 0.30 per share, totaling HKD 15,444,000 for the year ending August 31, 2025[8] - The company will suspend share transfer registration from January 20, 2026, to January 23, 2026, to determine the eligibility of shareholders attending the annual general meeting[80] - The company will also suspend share transfer registration from January 29, 2026, to January 30, 2026, to determine the eligibility of shareholders for receiving final and special dividends[80] Operational and Strategic Developments - The group plans to establish new high schools in collaboration with third-party partners, primarily following a light-asset model, to enhance market presence[43] - The group aims to increase the utilization rate of existing school networks and tuition fees as part of its growth strategy[44] - The group has established management cooperation agreements with 13 schools, including 7 kindergartens and 2 composite junior and senior high schools, to provide educational management and consulting services[50] - A second campus is planned to be established in 2025 to double the service scale based on the successful operational model of the flagship campus[51] - The group faces operational risks including changes in the regulatory environment and competition from other educational institutions[55] - The group maintains a balance between continuous funding supply and flexibility through bank borrowings[57] - The group has established a risk management structure to oversee significant business decisions related to school network expansion and tuition fee adjustments[58] Compliance and Governance - The company has adopted the corporate governance code as per the Stock Exchange Listing Rules and has complied with all applicable provisions during the reporting period[81] - Following the passing of an independent non-executive director, the company appointed a new independent non-executive director on January 16, 2025, ensuring compliance with relevant listing rules[82] - The audit committee has reviewed the accounting principles and practices adopted by the group and discussed audit, internal control, and financial reporting matters[85] - The financial information in the announcement does not constitute audited consolidated financial statements for the year ended August 31, 2025[86] - The annual performance announcement will be published on the Stock Exchange website and the company's website[87] - The company has confirmed compliance with the standard code for securities transactions by directors during the reporting period[83] - The board of directors includes both executive and independent non-executive members, ensuring a balanced governance structure[89] Financial Position - Total assets less current liabilities amounted to RMB 2,619,252,000, down from RMB 2,818,674,000 in 2024[7] - The company’s net assets increased to RMB 859,562,000 from RMB 840,343,000 in 2024[7] - As of August 31, 2025, the group's net current liabilities amount to approximately RMB 731,736,000, with potential payments of RMB 2,354,921,000 required if guarantees are called upon[9] - The group has unutilized bank financing of RMB 940,000,000 available as of August 31, 2025, which can be drawn upon if strategic cooperation agreements with banks remain unchanged[10] - The company's leverage ratio decreased slightly from approximately 249.9% to 249.0% due to a reduction in interest-bearing loans[71]