Summary of Key Points Core Viewpoint - The company reported a significant decline in profit for the six months ending September 30, 2025, primarily due to increased impairment losses and a reduction in project scale and number in the template market [1]. Financial Performance - Revenue from 37 projects for the six months ending September 30, 2025, was approximately HKD 367 million [1]. - Profit attributable to owners for the same period was about HKD 800,000, a decrease of approximately 91.6% compared to HKD 9.5 million for the six months ending September 30, 2024 [1]. - The decrease in profit was mainly attributed to an increase in expected credit loss impairment of approximately HKD 13.2 million during the reporting period [1]. Dividend Policy - The board of directors decided not to recommend any interim dividend for the six months ending September 30, 2025, consistent with the previous period where no dividend was declared [1]. Project Development - The decrease in revenue was largely due to a reduction in the total number of projects and the scale of awarded projects in the template market [1]. - Several projects that were at their peak construction phase in the previous reporting period have reached the completion stage in the current period [1].

Core Viewpoint - The company reported a significant decline in revenue and profit for the six months ending September 30, 2025, primarily due to reduced construction activities and increased market competition [1] Financial Performance - Revenue for the period was approximately HKD 359.2 million, representing a year-on-year decrease of about 25.2% [1] - Gross profit was approximately HKD 14.5 million, down from HKD 34.1 million for the same period last year [1] - Gross margin decreased to approximately 4.0% [1] - Profit attributable to the company's owners was approximately HKD 3.013 million, a year-on-year decrease of 75.27% [1] - Earnings per share were approximately HKD 0.0073 [1] Operational Challenges - The decline in revenue was mainly attributed to reduced activities in construction projects and machinery leasing, particularly related to the three-runway system and Kai Tak Sports Park [1] - The overall construction market remains sluggish, contributing to the decrease in revenue [1] - Increased market competition has exerted pressure on pricing, leading to a decline in overall profitability [1]

Core Viewpoint - Furuya Medical Technology (01696) experienced a significant decline of over 11%, with a current price of HKD 6.18 and a trading volume of HKD 18.245 million following the release of its mid-year results for 2025, indicating challenges in the North American market and a decrease in profitability [1][1][1] Financial Performance - The company reported revenues of USD 165 million for the mid-year period, reflecting a year-on-year decrease of 1.9% [1] - Net profit attributable to shareholders was USD 6.426 million, down 41.3% year-on-year [1] - Basic earnings per share were USD 0.0137 [1] Market Conditions - The decline in revenue is primarily attributed to challenging conditions in the North American market, characterized by high interest rates and weak consumer demand [1] - Transportation delays due to regional tensions in June also contributed to a slight delay in revenue recognition [1] International Market Growth - Excluding the adverse factors in the North American market, Furuya Medical Technology achieved a 7.1% growth in international markets compared to the same period in 2024 [1] Order Reserves and Profitability - As of June 30, 2025, the company's order reserves remained robust, increasing by several million dollars compared to the same period in 2024 [1] - The gross profit margin decreased from 62.4% in 2024 to 60.0% in the reporting period, primarily due to a strategic shift towards core professional and high-end products, which have higher material costs due to advanced technology specifications [1][1]