Revenue and Profitability - Revenue for the six months ended September 30, 2025, was HKD 20.7 million, a decrease of 7.9% compared to HKD 22.4 million for the same period in 2024[2] - Gross profit decreased by 23.9% to HKD 9.3 million from HKD 12.3 million year-on-year[2] - Loss attributable to equity shareholders was HKD 12.4 million, a 36.7% improvement from a loss of HKD 19.6 million in the previous year[2] - Basic and diluted loss per share improved to HKD 0.26 from HKD 0.41, reflecting a 36.7% reduction in loss per share[2] - Operating loss for the period was HKD 18.5 million, compared to HKD 22.8 million in the previous year[3] - Total comprehensive loss for the period was HKD 11.5 million, down from HKD 19.7 million in the previous year[4] - The total loss before tax for the six months ended September 30, 2025, was HKD 12,580,000, compared to a loss of HKD 19,679,000 for the same period in 2024[22] - The company reported a net loss of HKD 12,639,000 for the six months ended September 30, 2025, compared to a net loss of HKD 19,679,000 in the previous year[22] Revenue Breakdown by Segment - For the six months ended September 30, 2025, total revenue from customer contracts was HKD 20,660,000, a decrease of 7.8% compared to HKD 22,423,000 for the same period in 2024[15] - The segment revenue for CMDS was HKD 5,869,000, down 28.5% from HKD 8,186,000 in the previous year[19] - The logistics services segment reported revenue of HKD 1,236,000, a decrease of 9.2% from HKD 1,361,000 in the prior year[19] - Revenue from the sale of recycled paper and materials increased to HKD 13,355,000, up 10.7% from HKD 12,065,000 in the previous year[19] - Revenue from the sales of recycled paper increased by HKD 1,313,000 or 11.0% to HKD 13,275,000, driven by a 10.4% increase in sales volume[49] - CMDS service revenue decreased by HKD 2,317,000 or 28.3% to HKD 5,869,000 due to reduced income from non-paper destruction projects[50] Assets and Liabilities - Non-current assets amounted to HKD 222.5 million, slightly down from HKD 224.9 million as of March 31, 2025[5] - Current assets decreased to HKD 44.9 million from HKD 56.6 million, primarily due to a reduction in cash and bank deposits[5] - The net value of trade receivables as of September 30, 2025, was HKD 4,819,000, an increase from HKD 4,219,000 as of March 31, 2025[35] - The company had a total of HKD 5,457,000 in trade receivables as of September 30, 2025, an increase from HKD 4,857,000 as of March 31, 2025[35] - The company recognized a total impairment of HKD 638,000 against trade receivables as of both September 30, 2025, and March 31, 2025[36] - As of September 30, 2025, the company's accounts payable amounted to HKD 1,349,000, with overdue payments exceeding 120 days totaling HKD 503,000[37] - The net debt balance as of September 30, 2025, was HKD 17,900,000, an increase from HKD 7,300,000 as of March 31, 2025, with a debt-to-equity ratio of 8.6%[56] Income and Expenses - Other income increased significantly to HKD 2.675 million from HKD 0.399 million, indicating a strong growth in non-operating revenue[3] - Other income for the six months ended September 30, 2025, was HKD 2,675,000, compared to HKD 399,000 in the same period of 2024[20] - The financing income for the six months ended September 30, 2025, was HKD 328,000, a decrease from HKD 1,721,000 in the previous year[22] - The group recorded a significant decrease in corporate expenses by HKD 7,324,000 or 29.3%, primarily due to reduced depreciation and amortization expenses related to its Tseung Kwan O property[46] - Sales, distribution, administrative, and other operating expenses totaled HKD 30,500,000, a decrease of HKD 4,900,000 or 13.8% due to reduced depreciation and amortization expenses[53] - The group reported an EBITDA loss of HKD 6,800,000, slightly increasing by HKD 100,000 from the previous period's loss of HKD 6,700,000[54] Dividends and Share Options - The company did not recommend any interim dividend for the six months ended September 30, 2025[2] - The company has not declared or paid any dividends for the six months ended September 30, 2025, consistent with the previous period[41] - The company has not granted, exercised, or canceled any share options under its share option scheme since its adoption on August 30, 2023[41] Future Outlook and Strategic Plans - The company expects that the application of new IFRS standards will not have a significant impact on the consolidated financial statements in the foreseeable future[11] - The company is currently evaluating the specific impact of new IFRS standards on future consolidated financial statements[11] - The company plans to return the lease of its Tseung Kwan O headquarters to alleviate long-term financial pressure, with the move expected to enhance operational efficiency[45] - The group anticipates stable revenue sources from its high-quality CMDS services and efficient logistics fleet, with growth opportunities from the expanded regulatory scope for electronic waste recycling in Hong Kong and the mainland China market[62] Corporate Governance - The audit committee consists of three independent non-executive directors and two non-executive directors, overseeing the review of the unaudited interim results for the six months ending September 30, 2025[67] - No purchases, sales, or redemptions of the company's listed securities occurred during the six months ending September 30, 2025[68] - The interim results announcement is available on the company's website and the designated website of the Hong Kong Stock Exchange[69]

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 44,919,000, an increase of 8.0% compared to HKD 41,304,000 for the same period in 2024[4] - The company reported a loss attributable to owners of the company of HKD 3,962,000 for the period, a decrease in loss compared to HKD 4,258,000 in the previous year[4] - The basic and diluted loss per share for the period was HKD (0.65), an improvement from HKD (0.72) in the previous year[4] - The group reported a pre-tax loss of HKD 722 for the six months ended September 30, 2025, compared to a pre-tax loss of HKD 3,436 for the same period in 2024[15] - The company reported a loss attributable to shareholders of HKD 3,962,000 for the six months ended September 30, 2025, compared to a loss of HKD 4,258,000 for the same period in 2024, indicating a decrease in losses of approximately 6.96%[23] - The company reported a loss of approximately HKD 0.7 million for the reporting period, a decrease from a loss of approximately HKD 3.4 million in the same period last year[48] Cash Flow and Liquidity - The net cash flow from operating activities was approximately HKD 8,260,000, indicating positive cash generation despite the reported loss[8] - The company maintained cash and cash equivalents of approximately HKD 10,266,000 as of September 30, 2025, compared to HKD 7,972,000 at the end of March 2025[5] - The company regularly monitors its liquidity needs to ensure sufficient cash reserves for short-term and long-term obligations[58] - As of September 30, 2025, the company's cash and cash equivalents totaled approximately HKD 10.3 million, an increase of about HKD 2.3 million from approximately HKD 8.0 million as of March 31, 2025[50] Assets and Liabilities - Current liabilities net value was approximately HKD (31,706,000), an improvement from HKD (39,561,000) in the previous period[5] - The total assets less current liabilities stood at HKD 30,427,000, slightly up from HKD 30,289,000 in the previous period[5] - Total assets as of September 30, 2025, were HKD 82,851, a decrease from HKD 85,545 as of March 31, 2025[16] - The group’s total liabilities as of September 30, 2025, were HKD 65,281, compared to HKD 67,583 as of March 31, 2025[16] - The company's debt-to-equity ratio as of September 30, 2025, was approximately 272%, up from approximately 239% as of March 31, 2025[50] Revenue Breakdown - For the six months ended September 30, 2025, total revenue from external customers was HKD 44,919, with leasing services contributing HKD 18,745 and debt collection services contributing HKD 26,174[14] - The group’s debt collection service revenue increased to HKD 14,891 for the six months ended September 30, 2025, up from HKD 10,321 in the same period of 2024[17] - The group’s leasing service revenue decreased to HKD 11,209 for the six months ended September 30, 2025, down from HKD 13,513 in the same period of 2024[17] - Debt collection services contributed approximately HKD 26.2 million to the company's revenue during the reporting period, enhancing the leasing business ecosystem[42] Cost Management - The group implemented active cost-saving measures to control administrative costs and improve cash flow and financial condition[10] - Personnel costs decreased to approximately HKD 12.7 million, down about 3.3% from approximately HKD 13.1 million in the same period last year, primarily due to a reduction in staff numbers[43] - Other operating expenses increased to approximately HKD 7.4 million, up about 1.5% from approximately HKD 7.2 million in the same period last year[44] - The total cost of acquiring property, plant, and equipment was approximately HKD 11,298,000 for the six months ended September 30, 2025, down from HKD 15,494,000 in the same period of 2024, representing a decrease of about 27.06%[25] Financing and Investment - The company has unused and available financing totaling HKD 41,739,000 as of September 30, 2025, which includes HKD 13,516,000 from a related company[9] - The company extended a loan financing of RMB 20,000,000 from a related company, maturing on October 21, 2026, to improve working capital[8] - The company plans to issue convertible bonds worth HKD 35,000,000, which was approved by independent shareholders at a special meeting held on October 30, 2025[37] - The company is exploring investment opportunities that benefit shareholders, with no major acquisitions or disposals reported during the period[60] Risk Factors - The company faces increased credit risk due to the economic slowdown and higher default risks among small and medium-sized enterprises (SMEs)[55] - The company has significant interest expenses related to bank borrowings, and interest rate fluctuations directly impact financing costs and profitability[56] - The company is exposed to foreign exchange risks primarily from transactions denominated in RMB and USD, with no current hedging policies in place[57] Corporate Governance - The company is committed to good corporate governance practices and has adopted a board diversity policy to enhance performance quality[64] - The company emphasizes the importance of a diverse board to maintain competitive advantages and regularly reviews its composition for improvements[65] - The audit committee was established on December 18, 2015, and is responsible for reviewing the group's financial information and overseeing the financial reporting system[66] - The audit committee includes two non-executive directors and three independent non-executive directors, with Mr. Li as the chairman[66] - The interim financial statements for the six months ending September 30, 2025, were reviewed by the audit committee before formal approval by the board[68] Shareholder Communication - The company did not declare or propose any dividends to ordinary shareholders for the six months ended September 30, 2025, consistent with the previous year[21] - The interim report will be sent to shareholders and published on the company's website and the Hong Kong Stock Exchange website[71]

Financial Performance - The Group's revenue increased from approximately HK$75.6 million for the six months ended 30 September 2024 to approximately HK$82.0 million, representing an increase of approximately 8.4%[11] - The Group's gross profit rose by approximately 11.8%, from approximately HK$25.3 million for the six months ended 30 September 2024 to approximately HK$28.2 million for the same period in 2025[11] - The gross profit margin improved to approximately 34.4% for the six months ended 30 September 2025, compared to 33.4% for the same period in 2024[11] - Profit attributable to owners of the Company decreased slightly from approximately HK$6.1 million for the six months ended 30 September 2024 to approximately HK$6.0 million for the same period in 2025[11] - Basic and diluted earnings per share were approximately HK1.00 cents for the six months ended 30 September 2025, down from approximately HK1.02 cents in 2024[11] - Operating profit for the six months ended 30 September 2025 was approximately HK$8.7 million, compared to approximately HK$8.0 million for the same period in 2024[14] - The Group reported a profit for the period of approximately HK$6.5 million for the six months ended 30 September 2025, slightly down from approximately HK$6.6 million in 2024[14] - Total comprehensive income for the period attributable to owners of the Company was HK$5,884,590, down from HK$5,963,259, reflecting a decrease of 1.32%[16] Assets and Liabilities - Total assets as of September 30, 2025, increased to HK$206,986,629 from HK$179,904,531 as of March 31, 2025, representing a growth of 15.06%[21] - Non-current assets rose to HK$59,818,594, up from HK$44,225,400, marking an increase of 35.4%[18] - Current liabilities increased significantly to HK$69,705,667 from HK$48,655,999, indicating a rise of 43.2%[21] - Total equity as of September 30, 2025, was HK$136,238,354, up from HK$129,817,056, representing a growth of 4.0%[21] - Trade receivables increased to HK$79,062,857 from HK$70,287,776, reflecting a growth of 12.1%[18] - Inventories rose to HK$20,986,362 from HK$17,028,661, an increase of 23.0%[18] Cash Flow and Financing - Cash and cash equivalents decreased to HK$27,783,105 from HK$33,449,188, a decline of 17.0%[21] - Net cash used in operating activities decreased to HK$5,700,424 for the six months ended 30 September 2025, compared to HK$8,726,680 in the same period of 2024, representing a reduction of approximately 34.7%[26] - Cash flows from investing activities showed a significant increase in net cash used, totaling HK$8,308,912, compared to HK$377,020 in the prior year, indicating a rise of over 2100%[26] - The company generated HK$8,425,654 from financing activities, a substantial increase from HK$598,607 in the previous year, reflecting a growth of approximately 1305%[26] - Proceeds from bank borrowings increased to HK$10,000,000 in the current period, up from HK$7,000,000 in the previous year, indicating a growth of approximately 42.9%[26] - Total bank borrowings surged to HK$25,470,245 as of September 30, 2025, compared to HK$6,974,700 as of March 31, 2025, indicating a significant increase of 264.5%[92] Impairment and Provisions - The provision for impairment loss on trade and retention receivables increased to approximately HK$3.6 million for the six months ended 30 September 2025, compared to approximately HK$886,181 in 2024[14] - The Group's provision for impairment loss on trade and retention receivables increased to HK$15,080,688 as of 30 September 2025, compared to HK$11,455,780 as of 31 March 2025[76] - The opening amount for the provision for impairment loss on contract assets was HK$50,780 as of September 30, 2025, compared to HK$24,494 in the previous year, showing a rise of 106.5%[87] Employee and Operational Costs - Employee benefit expenses increased to HK$17,209,404 from HK$14,684,779 in 2024, reflecting a growth of 17.3%[53] - General and administrative expenses remained stable at approximately HK$16.1 million for both periods[121] Dividends and Share Capital - The Board does not recommend the payment of an interim dividend for the six months ended 30 September 2025, consistent with the previous year[11] - The company has not purchased, sold, or redeemed any shares during the six months ended September 30, 2025[184] - A final dividend of HK$0.5 cent per share, totaling HK$2,987,220, was declared for the year ended March 31, 2025, and paid in October 2025[185] Corporate Governance and Management - The Audit Committee has reviewed the unaudited condensed consolidated financial statements for the six months ended September 30, 2025[193] - The Group maintains a prudent financial management approach and has ensured a healthy liquidity position throughout the reporting period[151] - The Group closely monitors its liquidity position to meet funding requirements effectively[151] - The Group does not have any significant contingent liabilities as of September 30, 2025, and 2024[156]

Revenue and Profitability - Revenue for the six months ended September 30, 2025, was HKD 1,576,054,000, representing a 120.7% increase compared to HKD 714,234,000 in 2024[3] - Gross profit for the same period was HKD 57,771,000, up 31.9% from HKD 43,786,000 in 2024[3] - Profit attributable to equity holders for the period was HKD 7,143,000, down 22.6% from HKD 9,233,000 in 2024[4] - Operating profit for the six months was HKD 10,947,000, slightly up from HKD 10,703,000 in the previous year[4] - The overall gross profit margin decreased from approximately 6.1% to 3.7% during the same period[30] - Profit attributable to equity holders decreased by approximately HKD 2.1 million or 22.6% to about HKD 7.1 million for the six months ended September 30, 2025, compared to HKD 9.2 million for the same period in 2024[30] Assets and Liabilities - Total current assets increased to HKD 1,181,234,000 from HKD 781,237,000, reflecting a significant growth in receivables[5] - Non-current assets rose to HKD 233,072,000 from HKD 141,105,000, primarily due to increased property, plant, and equipment[5] - Current liabilities surged to HKD 790,289,000 from HKD 304,510,000, indicating a substantial increase in payables and borrowings[5] - The company's total equity as of September 30, 2025, was HKD 610,523,000, slightly up from HKD 607,730,000[6] - Accounts receivable increased to HKD 851.4 million as of September 30, 2025, from HKD 424.2 million as of March 31, 2025[24] - The company reported a total of HKD 45.9 million in accounts payable as of September 30, 2025, compared to HKD 29.9 million as of March 31, 2025[25] - The total bank and other borrowings increased significantly to approximately HKD 378.1 million from HKD 8.0 million, indicating a substantial rise in financing activities[45] Expenses and Costs - The group's service costs for the same period were approximately HKD 1,518.3 million, representing 96.3% of total revenue, an increase of 2.4% from 93.9% in the previous year[36] - Administrative expenses increased by HKD 8.7 million or 22.5%, totaling approximately HKD 47.4 million, which accounted for 3.0% of total revenue[38] - Interest income for the six months ended September 30, 2025, was HKD 382, a significant decrease from HKD 4,492 in 2024[16] - The company incurred financing costs of HKD 2,190 for the six months ended September 30, 2025, compared to HKD 485 in 2024[16] - Deferred tax expenses for the six months ended September 30, 2025, amounted to HKD 1,614, an increase from HKD 985 in 2024[17] Capital Expenditure and Investments - The company purchased property, plant, and equipment for approximately HKD 107.4 million during the six months ended September 30, 2025, compared to HKD 11.0 million in 2024[23] - The total capital expenditure for the six months ended September 30, 2025, was approximately HKD 107.4 million, compared to HKD 11.0 million for the same period in 2024, mainly for acquiring vehicles for street cleaning services[48] Business Operations and Strategy - The company operates a single business segment providing cleaning and related services in Hong Kong[11] - The group successfully secured multiple large street cleaning contracts across various districts, enhancing its government line business[32] - The security services business rapidly developed since its launch in October 2023, acquiring several large residential and government contracts, expected to drive future growth[34] - The group aims to enhance service quality and expand revenue sources, with a focus on digital transformation and exploring artificial intelligence applications[34] Cash Flow and Financial Management - The group's cash and cash equivalents were approximately HKD 261.3 million as of September 30, 2025, down from HKD 302.6 million, indicating a need for careful cash flow management[43] - As of September 30, 2025, the company's debt-to-equity ratio was approximately 62.9%, a significant increase from 1.7% on March 31, 2025, primarily due to new borrowings for vehicle purchases and operational funding[46] Corporate Governance and Compliance - The company did not declare any interim dividend for the six months ended September 30, 2025, consistent with the previous year[19] - The board did not declare any interim dividend for the period, consistent with the previous period[54] - The company complied with all applicable corporate governance code provisions during the period[56] - The unaudited interim condensed consolidated financial information was reviewed by the audit committee and independent auditors[57] Employment and Workforce - The company employed over 13,000 staff as of September 30, 2025, an increase from over 10,000 employees on March 31, 2025[53] Contingent Liabilities and Legal Matters - The company had contingent liabilities related to performance guarantees amounting to approximately HKD 319.3 million as of September 30, 2025, compared to HKD 257.1 million on March 31, 2025[51] - The estimated claims related to ongoing litigation amounted to approximately HKD 2.54 million as of September 30, 2025, down from HKD 2.96 million on March 31, 2025[52] Securities Transactions - The company did not purchase, sell, or redeem any of its listed securities during the period[55]

Financial Performance - The total revenue for the period was approximately HKD 129,414,000, a decrease of about HKD 4,780,000 or 3.6% compared to HKD 134,194,000 for the same period last year[11]. - Gross profit for the period was approximately HKD 9,393,000, with a gross margin of about 7.3%, down from HKD 11,379,000 and 8.5% respectively for the previous period[12]. - Other income decreased by approximately 68.1% to about HKD 869,000, compared to HKD 2,728,000 for the same period last year, primarily due to reduced rental income[14]. - The net profit for the period was approximately HKD 173,000, down from HKD 346,000 for the same period last year[18]. - Revenue for the six months ended September 30, 2025, was HKD 129,414,000, a decrease of 3.8% compared to HKD 134,194,000 for the same period in 2024[46]. - Gross profit for the same period was HKD 9,393,000, down 17.4% from HKD 11,379,000 in 2024[46]. - Operating profit decreased to HKD 1,835,000 from HKD 3,866,000, representing a decline of 52.6%[46]. - The company reported a profit attributable to shareholders of HKD 173,000, down 50% from HKD 346,000 in the previous year[46]. - The company reported a total comprehensive income of HKD 346,000 for the six months ended September 30, 2025, compared to HKD 0 for the same period in 2024[49]. Expenses and Costs - Administrative expenses were approximately HKD 8,350,000, a reduction of about HKD 3,115,000 or 27.2% compared to HKD 11,465,000 for the previous period[16]. - The total employee compensation cost for the period was approximately HKD 11,196,000, compared to HKD 24,480,000 for the six months ended September 30, 2024[25]. - Employee expenses, including directors' remuneration, decreased to HKD 11,196,000 from HKD 24,480,000, reflecting a reduction of 54.4%[65]. - The financing costs for the six months ended September 30, 2025, totaled HKD 1,662,000, down 52.8% from HKD 3,520,000 in the same period of 2024[67]. - The remuneration for directors and key management personnel for the six months ended September 30, 2025, was approximately HKD 3,096,000, a decrease from HKD 3,439,000 for the same period last year[92]. Projects and Opportunities - The group had five ongoing projects with a total contract value of approximately HKD 227,126,000, and was awarded a new project worth about HKD 360,203,000 after the period ended[9]. - The company anticipates that government-led infrastructure projects will drive demand for construction and foundation engineering in the coming years[10]. - The board believes the company is well-positioned to seize new project opportunities in a favorable policy environment despite current challenges[10]. - The company will continue to monitor market developments and assess potential business opportunities with a prudent approach[10]. - The group faced challenges due to geopolitical tensions, trade disruptions, and inflationary pressures affecting economic growth[10]. Financial Position - As of September 30, 2025, the group's bank balance was approximately HKD 13,128,000, showing a slight increase from HKD 13,108,000 as of March 31, 2025[19]. - The group's interest-bearing debt decreased to approximately HKD 65,705,000 from HKD 69,485,000 as of March 31, 2025, resulting in a reduction of the debt-to-equity ratio to about 38.2% from 40.5%[19]. - The company’s total assets less current liabilities amounted to HKD 172,835,000 as of September 30, 2025[48]. - The net asset value of the company was HKD 171,905,000, slightly up from HKD 171,732,000 as of March 31, 2025[48]. - The total amount of trade receivables aged over 90 days was HKD 8,583,000 as of September 30, 2025, compared to HKD 15,896,000 as of March 31, 2025, indicating a significant reduction[81]. - The company’s total financial liabilities amounted to HKD 99,297,000 as of September 30, 2025, slightly down from HKD 99,647,000 as of March 31, 2025[90]. Cash Flow and Liquidity - For the six months ended September 30, 2025, the net cash generated from operating activities was HKD 5,444,000, a significant decrease of 87.1% compared to HKD 42,381,000 for the same period in 2024[51]. - The total cash and cash equivalents at the end of the period increased slightly to HKD 13,128,000 from HKD 13,108,000 at the beginning of the period, indicating a minimal growth of 0.15%[51]. - The company has not recognized any impairment losses on contract assets for the six months ended September 30, 2025, with a provision of HKD 1,332,000 for the period[76]. - The expected recoverable amount of contract assets exceeding one year is approximately HKD 32,373,000 as of September 30, 2025[78]. Shareholder Information - The major shareholder, Mr. Chen Liwei, holds 495,000,000 shares, representing 72.29% of the company's equity[28]. - The total number of share options available for grant under the share option scheme is capped at 10% of the total issued shares at the time of listing[36]. - The company has not granted, exercised, cancelled, or lapsed any share options since the adoption of the share option scheme[36]. - The company did not incur any capital expenditure on property, plant, and equipment for the six months ended September 30, 2025, while it recorded approximately HKD 930,000 in capital expenditure for the same period in 2024[73]. - The company did not recommend the payment of an interim dividend for the six months ended September 30, 2025, consistent with the previous year[71]. Market and Economic Conditions - The group did not enter into any derivative contracts to hedge foreign exchange risks, as the majority of transactions are conducted in HKD, minimizing exposure[21]. - There were no major investments or acquisitions during the period, and no future plans for significant investments or capital assets were disclosed[22][23][24]. - The company has not reported any significant new product developments or market expansions during this period[52]. - There were no acquisitions or mergers reported in the financial statements for the six months ended September 30, 2025[52].

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 48,172,000, a decrease of 4.8% compared to HKD 50,571,000 for the same period in 2024[3] - Gross profit for the same period was HKD 36,260,000, down 12.5% from HKD 41,572,000 year-on-year[3] - Operating loss for the six months was HKD 16,760,000, an improvement from a loss of HKD 21,101,000 in the previous year[3] - Loss before tax decreased to HKD 18,824,000 from HKD 23,943,000, reflecting a 21.5% improvement[3] - The company reported a net loss of HKD 18,583,000, compared to a net loss of HKD 23,610,000 in the prior year, indicating a 21.4% reduction in losses[3] - Total comprehensive expenses for the period amounted to HKD 20,313,000, compared to HKD 18,696,000 in the previous year[5] - The basic loss per share for the period was HKD 0.06, compared to HKD 0.08 in the previous year[5] Assets and Liabilities - The company’s total assets less current liabilities stood at HKD 375,138,000 as of September 30, 2025, down from HKD 393,354,000 as of March 31, 2025[6] - The company’s net asset value was HKD 297,159,000, a decrease from HKD 317,472,000 as of March 31, 2025[6] - Accounts receivable as of September 30, 2025, totaled HKD 4.782 million, down from HKD 5.584 million as of March 31, 2025[18] - The group's current liabilities net amount was HKD 68,000,000 as of September 30, 2025, compared to HKD 67,000,000 as of March 31, 2025[41] - The capital debt ratio was approximately 35.3% as of September 30, 2025, up from 31.1% as of March 31, 2025[41] - As of September 30, 2025, the group's cash and bank deposits totaled approximately HKD 9,000,000, an increase from HKD 5,000,000 as of March 31, 2025[40] - The group secured total bank financing of approximately HKD 89,000,000 as of September 30, 2025, compared to HKD 86,000,000 as of March 31, 2025[40] Revenue Breakdown - The company’s revenue from Hong Kong operations was HKD 32,169,000, up 9.1% from HKD 29,394,000 in the previous year[11] - Revenue from Hong Kong operations increased by 9% year-on-year to approximately HKD 32.2 million, while revenue from mainland China decreased by 26% to approximately HKD 9.7 million[23] - Overall revenue for the group decreased by 5% year-on-year to approximately HKD 48.2 million, with a gross profit margin of 75.3%, down from 82.2% in the previous fiscal year[23] - The group's revenue in Macau decreased by 17% year-on-year to approximately HKD 3,834,000 due to a decline in purchasing power among mainland Chinese tourists[36] - Revenue from the group's Taiwan operations fell by 28% year-on-year to approximately HKD 2,497,000, accounting for about 5% of total revenue[37] - The revenue for the mainland China business decreased by 26% year-on-year to HKD 9,672,000[33] Store Operations - The company closed three underperforming stores in mainland China while opening four new stores, including a MOISELLE counter in Shanghai[34] - The number of retail stores in Hong Kong and mainland China increased from 31 to 32 between March 31, 2025, and September 30, 2025[29] - As of September 30, 2025, the group operated 12 retail stores in mainland China, up from 11 stores as of March 31, 2025[35] - The group employed 222 staff members as of September 30, 2025, down from 271 as of March 31, 2025[43] Strategic Initiatives - The group engaged in more frequent promotional activities and short-term sales events in Hong Kong and Macau to boost sales, including temporary retail locations in major shopping areas[24] - The group partnered with American Express to expand its customer base and enhance sales, offering shopping discounts to selected customers recommended by American Express[25] - The company is focusing on e-commerce and social media platforms to promote and sell products, leveraging cost-effective channels[28] - The company has established partnerships with four local e-commerce operators in mainland China to enhance its online sales[34] - The group plans to enhance its e-commerce operations and has appointed a specialized management team to improve efficiency in this area[38] - The group’s strategy includes adapting to market changes by focusing on design and sales that appeal to both younger and middle-aged customers[22] - The company is rebranding its MOISELLE line to appeal to younger consumers and a more vibrant middle-aged demographic[26] - The company is actively negotiating with landlords to reduce rental costs in Hong Kong due to the challenging economic environment[30] - The company is integrating environmental awareness and artistic elements into its retail store designs to enhance the shopping experience[27] - The company continues to sponsor artists on social media to promote its MOISELLE products and expand its quality customer base[31] Dividends - The group did not declare an interim dividend for the year ending March 31, 2026[17]

Financial Performance - The company reported a revenue of $83.648 million for the six months ending September 30, 2025, compared to $86.797 million in the same period of 2024, representing a decrease of approximately 3.9%[2] - Gross profit for the same period was $17.292 million, down from $21.871 million in 2024, indicating a decline of about 21.1%[2] - The net loss for the period was $5.989 million, compared to a net loss of $2.330 million in 2024, reflecting an increase in losses of approximately 157.3%[4] - The company incurred a cost of goods sold amounting to $66.356 million, which is an increase from $64.926 million in the previous year, showing a rise of about 2.1%[2] - Other income was reported at $3.016 million, slightly down from $3.079 million in 2024, a decrease of about 2.1%[2] - Selling and distribution expenses were $13.410 million, compared to $13.544 million in 2024, indicating a decrease of approximately 1.0%[2] - Administrative expenses increased to $12.035 million from $11.979 million in 2024, marking an increase of about 0.5%[2] - The company reported a basic loss per share of $0.34 for the period, compared to a loss of $0.12 per share in 2024[2] - The total comprehensive income for the period was $532,000, significantly lower than $15.072 million in 2024, indicating a decrease of approximately 96.5%[4] - The company experienced a foreign exchange gain of $6.297 million, compared to a gain of $17.418 million in the previous year, reflecting a decrease of about 64.0%[4] Assets and Liabilities - Total assets decreased from $138,360,000 to $137,092,000, a decline of approximately 0.9%[5] - Current liabilities increased from $73,370,000 to $76,104,000, an increase of about 3.4%[6] - Cash and cash equivalents decreased from $68,610,000 to $65,873,000, a decrease of approximately 4.0%[5] - Non-current assets increased from $63,001,000 to $65,215,000, an increase of about 3.5%[5] - Total equity decreased from $122,264,000 to $120,988,000, a decline of approximately 1.0%[6] - Retained earnings decreased from $173,920,000 to $166,731,000, a decrease of about 4.1%[6] - Short-term bank deposits decreased from $36,997,000 to $36,001,000, a decrease of approximately 2.7%[5] - Deferred tax assets decreased from $722,000 to $653,000, a decrease of about 9.6%[5] - Total liabilities increased from $127,991,000 to $126,203,000, a decrease of approximately 1.4%[6] - Total non-current liabilities decreased from $5,727,000 to $5,215,000, a decrease of about 8.9%[6] Revenue Breakdown - Revenue from the publishing and printing segment in Malaysia was $12.839 million, while the advertising income for the same segment reached $15.944 million, contributing significantly to the overall revenue[14] - The travel and related services segment generated revenue of $36.879 million, reflecting a strong performance in this area[14] - The group reported a pre-tax loss of $5.772 million for the six months ended September 30, 2025, compared to a loss of $1.531 million for the same period in 2024[15] - The total revenue from the publishing and printing segment for the six months ended September 30, 2025, was $46.769 million, while the travel and related services segment contributed $36.879 million, totaling $83.648 million[14] - The group’s advertising revenue for the six months ended September 30, 2025, was $27.883 million, down from $32.445 million in the previous year, representing a decline of approximately 14.3%[15] - The group’s total revenue from the sale of newspapers, magazines, books, and digital content was $18.886 million for the six months ended September 30, 2025, compared to $19.660 million in 2024[18] Operational Challenges - The company is facing challenges due to geopolitical tensions, high costs, and a weak global economy, which continue to suppress business confidence and advertising spending[37] - The company has implemented strict cost control measures to mitigate the impact of revenue weakness, benefiting from lower paper prices[41] - The group is focusing on digital integration and cross-platform advertising solutions to enhance competitiveness and seize new opportunities as the Hong Kong market stabilizes[46] - The group continues to enhance its digital governance and transformation framework to maintain content credibility and brand reputation[51] - The group recognizes the rapid evolution of the digital media environment driven by AI and is accelerating its digital transformation strategy[50] Shareholder Actions - The company did not recommend any dividend distribution for the six months ended September 30, 2025, consistent with the previous year[31] - The group repurchased a total of 7,387,500 shares at a total cost of approximately $178,000 during the six months ended September 30, 2025[60] - The group has total bank borrowings of $36,938,000 as of September 30, 2025, compared to $34,637,000 on March 31, 2025[58] - The group has a total issued and paid-up share capital of 1,654,729,641 shares as of September 30, 2025[61] - The board of directors confirmed compliance with the Malaysia Securities Exchange Listing Requirements Chapter 14 and the Hong Kong Listing Rules during the review period[65] Future Outlook - The group expects the operating environment for the second half of the 2025/2026 fiscal year to remain challenging but gradually improve[53] - The group plans to launch new customized travel products to meet changing customer preferences and maintain growth in the luxury travel sector[49] - The group is expanding its business through new destination offerings and immersive real estate products[53] - The group maintains a cautious optimism focusing on cost control and operational resilience[54] - The group is leveraging AI-driven innovations to enhance content creation and improve customer engagement[54]

HONG KONG SHANGHAI ALLIANCE HOLDINGS LIMITED 滬港聯合控股有限公司 （於百慕達註冊成立之有限公司） 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。 （股份代號：1001） 截至二零二五年九月三十日止六個月之 中期業績公告 滬港聯合控股有限公司（「本公司」）之董事會（「董事會」）謹此宣佈本公司及其附屬公司（統稱「本集 團」）截至二零二五年九月三十日止六個月（「本期間」）之未經審核簡明綜合中期業績。 財務摘要 截至二零二五年九月三十日止六個月 | | 二零二五年 | 二零二四年 | 變動 | | --- | --- | --- | --- | | | 百萬港元 | 百萬港元 | | | 收入 | 1,022.8 | 989.7 | +3.3% | | 毛利 | 167.1 | 168.2 | -0.6% | | 經營溢利 | 87.1 | 84.5 | +3.1% | | 期內溢利 | 50.4 | 50.1 ...

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。 Bojun Education Company Limited 博駿教育有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1758） 截 至2025年8月31日 止 年 度 之 年 度 業 績 公 告 | 摘 | 要 | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | 截 | 至8月31日 | | 止 | 年 ...

Financial Performance - The loss attributable to equity holders of the company was HKD 231.9 million, compared to HKD 292.8 million in 2024[4]. - Revenue from continuing operations for the six months ended September 30, 2025, was HKD 5,175,118, an increase from HKD 87,305 in the same period of 2024[5]. - Gross profit for the six months was HKD 72,373, up from HKD 19,350 in 2024, reflecting a strong improvement in profitability[5]. - Operating loss for the period was HKD (199,947), an improvement from HKD (313,505) in the previous year, showing a reduction in operational losses[5]. - Loss before tax was HKD (261,690), improved from HKD (383,864) in the same period last year, suggesting a positive trend in financial performance[5]. - Total comprehensive loss for the period was HKD (261,701), compared to HKD (361,973) in the previous year, reflecting overall better financial health[5]. - The company reported a loss of HKD 261,701 thousand for the six months ending September 30, 2025, compared to a loss of HKD 361,973 thousand in the same period of 2024, representing a 27.7% improvement[6]. - Total comprehensive loss for the period amounted to HKD 218,186 thousand, down from HKD 280,540 thousand year-over-year, indicating a 22.2% reduction[6]. Revenue and Sales - For the Duck Tongue Island project, 42 out of 105 residential units have been sold, generating total sales of approximately HKD 215 million, with 10 units recognized as revenue in the previous fiscal year amounting to about HKD 43.7 million[3]. - An additional 16 units were delivered and recognized as revenue during the period, contributing sales of HKD 83.1 million, with an estimated sales of HKD 88.2 million expected from the remaining 16 units in the second half of the fiscal year[3]. - Revenue from customer contracts recognized at a point in time was HKD 98,567,000, while revenue recognized over time was HKD 6,264,000, totaling HKD 175,118,000 for the year 2025[24]. - The group's revenue for 2025 is projected to be HKD 175,118,000, while the revenue for 2024 was HKD 87,305,000, indicating a significant increase[26]. - Property sales revenue reached HKD 98.6 million, while rental income and other revenues amounted to HKD 67.8 million, compared to HKD 74.1 million in 2024[49]. Assets and Liabilities - The company's total assets, net of current liabilities, were HKD 10,273,914 thousand, down from HKD 10,761,512 thousand, a decrease of 4.5%[7]. - Non-current assets decreased to HKD 7,638,975 thousand as of September 30, 2025, from HKD 8,448,199 thousand as of March 31, 2025, reflecting a decline of 9.6%[7]. - The company’s total liabilities decreased to HKD 1,305,215 thousand from HKD 1,475,507 thousand, a reduction of 11.5%[7]. - The company's total liabilities, including non-current liabilities, were HKD 10,273,914, down from HKD 10,761,512, indicating a reduction of about 4.53%[8]. - The company’s long-term bank borrowings were HKD 2,361,004,000 as of September 30, 2025, compared to HKD 2,739,524,000 as of March 31, 2025[44]. Cash Flow and Financing - The group's total cash reserves, including bonds and securities investments, amount to HKD 1.9 billion, with cash and bank deposits totaling approximately HKD 1.8 billion[4]. - The net debt to equity ratio improved to 7.6%[4]. - Financing costs decreased to HKD (40,648) from HKD (73,068), indicating better management of financial expenses[5]. - The company has completed the development of 5,485 burial plots and a tower providing 550 niches in the first phase of the Jufu Bao Huachiao Cemetery project[72]. Investments and Projects - The group has begun preliminary assessments of the adoption of new accounting standards and interpretations, expecting no significant impact on its performance and financial position[16]. - The company is exploring various options, including sales, to accelerate capital returns from the project at 28 Po Shan Road[61]. - The company plans to continue promoting remaining shop and parking spaces in its investment property in Tuen Mun, generating annual rental income of approximately HKD 2.4 million[64]. - The estimated value of the group's investment property in Anshan, Liaoning Province, is approximately RMB 307.8 million (equivalent to about HKD 336 million)[65]. Corporate Governance and Compliance - The financial statements were prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with applicable regulations[12]. - The company has established an audit committee to oversee financial reporting procedures, risk management, and internal controls, ensuring compliance with relevant requirements[88]. - The company confirms adherence to the corporate governance code and has received confirmation from all directors regarding compliance with the standards for securities trading[89]. Market Outlook and Strategy - The company maintains an optimistic outlook on the Hong Kong property market and overall economy, citing a gradual recovery in buyer confidence as interest rates continue to decline[83]. - The company aims to seek opportunities to invest in core properties while divesting non-core assets to improve financial resources and expand land reserves in Hong Kong, particularly in the luxury and affordable housing markets[84].