Financial Performance - The group's revenue for the six months ended September 30, 2025, was approximately HKD 24,700,000, an increase from HKD 20,300,000 for the same period in 2024, representing a growth of about 21.8%[4] - The loss attributable to the owners of the company for the six months ended September 30, 2025, was approximately HKD 500,000, significantly reduced from a loss of HKD 11,400,000 for the same period in 2024[4] - Gross profit for the six months ended September 30, 2025, was HKD 12,845,000, compared to HKD 9,901,000 for the same period in 2024, indicating a gross margin improvement[5] - Operating loss for the six months ended September 30, 2025, was HKD 426,000, a significant improvement from an operating loss of HKD 11,585,000 in the prior year[5] - The basic and diluted loss per share for the six months ended September 30, 2025, was HKD 1.48, compared to HKD 2.20 for the same period in 2024, showing a reduction in loss per share[6] - The net loss before tax for the six months ended September 30, 2025, was HKD 557,000, a substantial improvement compared to a net loss of HKD 11,679,000 for the same period in 2024[20] Dividend and Shareholder Information - The board of directors does not recommend the payment of an interim dividend for the six months ended September 30, 2025, consistent with the previous year where no dividend was declared[4] - The company did not recommend the payment of an interim dividend for the six months ended September 30, 2025[23] - As of September 30, 2025, major shareholders hold approximately 3,952,500 shares, representing 12.70% of the company's issued share capital[57] Assets and Liabilities - Total assets as of September 30, 2025, were HKD 33,713,000, an increase from HKD 28,989,000 as of March 31, 2025[7] - Current liabilities increased to HKD 17,198,000 as of September 30, 2025, compared to HKD 11,290,000 as of March 31, 2025, reflecting a rise in trade payables and contract liabilities[8] - The company's net assets as of September 30, 2025, were HKD 28,178,000, slightly down from HKD 28,735,000 as of March 31, 2025[8] - As of September 30, 2025, the net amount of loans and advances to customers was HKD 18,208,000, down from HKD 23,447,000 as of March 31, 2025[28] - The company reported a decrease in the provision for impairment of loans and advances to customers, from HKD 89,572,000 as of March 31, 2025, to HKD 80,798,000 as of September 30, 2025[28] Cash Flow and Liquidity - Cash and cash equivalents as of September 30, 2025, were HKD 10,343,000, up from HKD 3,964,000 as of March 31, 2025, indicating improved liquidity[8] - The net cash generated from operating activities for the six months ended September 30, 2025, was HKD 10,506,000, compared to HKD 1,393,000 for the same period in 2024, representing a significant increase[10] - The company reported a total cash and cash equivalents balance of HKD 10,343,000 at the end of the period, up from HKD 5,655,000 at the end of the previous year, reflecting a growth of 83.5%[10] - As of September 30, 2025, the group's cash and cash equivalents were approximately HKD 10,300,000, up from HKD 4,000,000 as of March 31, 2025[50] Revenue Segmentation - Total revenue from customer contracts for the six months ended September 30, 2025, was HKD 24,691,000, up from HKD 20,323,000 in 2024, indicating a growth of approximately 21.7%[15] - The retail and wholesale business segment generated revenue of HKD 20,246,000 for the six months ended September 30, 2025, compared to HKD 13,351,000 in 2024, marking an increase of 51.7%[17] - The lending business generated revenue of approximately HKD 4,400,000 during the six-month period, with expectations for sustainable income in the future[45] - The retail segment's revenue was approximately HKD 20,200,000 for the six months ended September 30, 2025, compared to HKD 13,400,000 in the same period last year, reflecting an increase of about 52%[47] Expenses and Costs - The company incurred employee benefit expenses of HKD 7,570,000 for the six months ended September 30, 2025, compared to HKD 6,855,000 in 2024, which is an increase of 10.4%[20] - The total financing costs for the six months ended September 30, 2025, were HKD 131,000, compared to HKD 94,000 in 2024, indicating an increase of 39.4%[20] Corporate Governance - The company has established an audit committee responsible for reviewing the annual report and financial statements, ensuring compliance with applicable accounting standards[61] - The audit committee has reviewed the unaudited consolidated results for the six-month period, confirming that the results were prepared in accordance with applicable accounting standards[62] - The company has complied with the corporate governance code as per GEM Listing Rules during the six-month period[60] - The remuneration committee is responsible for reviewing and setting the remuneration policies for directors and senior management based on the group's performance[63] - The nomination committee has been established to review and provide recommendations on any proposed changes to the board[64] - The company has adopted trading standards as per GEM Listing Rules, ensuring compliance by all directors during the six-month period[65] - The board of directors includes both executive and independent non-executive members, ensuring a balanced governance structure[66] Business Strategy and Operations - The group plans to continue improving its existing business and explore new investments to broaden its business scope and maximize shareholder returns[48] - The group operates several retail stores and focuses on offering a diverse range of products, including health products and ready-to-eat meals[46] - The group has obtained distribution and sales rights for health supplement products from FromBio Co. Limited, a global healthcare company established in 2006 in South Korea[42] - The group has not engaged in any significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures during the reporting period[53] - During the six-month period, the group did not purchase, sell, or redeem any listed securities[58] - The company has not granted any share options under the share option scheme as of September 30, 2025[31] - There were no guarantees provided to third parties as of September 30, 2025[32]

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 118,947,000, a decrease of 24.6% compared to HKD 157,836,000 for the same period in 2024[5] - Gross profit for the same period was HKD 25,341,000, down 16.0% from HKD 30,137,000 in 2024[5] - The net profit for the period was HKD 9,247,000, representing a decline of 16.0% from HKD 11,004,000 in the previous year[5] - Basic and diluted earnings per share decreased to HKD 2.31 from HKD 2.75, reflecting a 16.0% drop[7] - For the six months ended September 30, 2025, the company reported a profit of HKD 9,248,000, compared to a profit of HKD 11,006,000 for the same period in 2024, representing a decrease of 16%[10] - Profit before tax for the six months ended September 30, 2025, was HKD 9,248,000, down 16.0% from HKD 11,006,000 in 2024[34] - Net profit for the period was approximately HKD 9.2 million, down from about HKD 11.0 million, mainly due to revenue decline offset by cost reduction measures[54] Assets and Liabilities - Total assets as of September 30, 2025, amounted to HKD 359,787,000, an increase from HKD 341,113,000 as of March 31, 2025[8] - Non-current assets totaled HKD 140,703,000, slightly down from HKD 141,934,000[8] - The company’s total equity increased to HKD 343,469,000 from HKD 334,226,000, reflecting a growth of 2.4%[9] - Total equity attributable to owners increased to HKD 344,839,000 as of September 30, 2025, up from HKD 306,854,000 as of September 30, 2024, reflecting a growth of 12.4%[10] - Trade receivables as of September 30, 2025, totaled HKD 59,546,000, an increase from HKD 50,535,000 as of March 31, 2025[41] - Trade payables as of September 30, 2025, amounted to HKD 227,000, slightly up from HKD 207,000 as of March 31, 2025[42] Inventory and Cash Flow - Inventory increased significantly to HKD 216,640,000 from HKD 121,214,000, indicating a rise of 78.8%[8] - The company experienced a substantial increase in inventory, which rose by HKD 95,426,000, compared to an increase of HKD 31,570,000 in the previous year, indicating a significant change in inventory management[12] - Operating cash flow before changes in working capital decreased significantly to HKD 18,641,000 from HKD 23,054,000 year-on-year, a decline of 19.5%[11] - The net cash decrease for the period was HKD 124,551,000, compared to a decrease of HKD 4,869,000 in the same period last year, highlighting a significant cash flow challenge[12] Financing and Costs - The company reported a financing cost of HKD 3,171,000, down 32.1% from HKD 4,673,000 in the previous year[5] - New bank borrowings raised during the period amounted to HKD 120,711,000, compared to HKD 74,976,000 in the previous year, showing an increase of 60.9%[12] - Financing costs decreased to HKD 3,171,000 in 2025 from HKD 4,673,000 in 2024, a reduction of 32.1%[30] - Cost of sales reduced by approximately 26.7% from about HKD 127.7 million to approximately HKD 93.6 million, directly related to the decline in revenue[46] - Operating expenses for sales and distribution decreased from about HKD 6.9 million to approximately HKD 5.8 million, attributed to cost reduction measures[50] - Administrative expenses decreased from about HKD 5.9 million to approximately HKD 5.4 million, mainly due to reduced depreciation and ongoing cost efficiency measures[51] Corporate Governance and Compliance - The company is committed to maintaining high levels of corporate governance and has adopted all applicable principles of the GEM Listing Rules corporate governance code[88] - The company has confirmed compliance with the trading standards for all directors during the reporting period[87] - The Audit Committee was established on December 18, 2017, and consists of three independent non-executive directors, with Mr. Liu Jianwei serving as the chairman[91] - The Audit Committee reviewed the unaudited consolidated performance of the group for the period and confirmed compliance with applicable accounting standards and GEM listing rules[92] Market and Business Strategy - The company has plans for market expansion and new product development, although specific details were not disclosed in the report[5] - The group is actively seeking additional business opportunities, including expanding its alcoholic beverage product portfolio and providing marketing services for brand owners[69] - The group believes that its public listing on the GEM enhances its creditworthiness and bargaining power with suppliers[68] Shareholder Information - The major shareholder, Ms. Wang Zilu, holds a 70% stake in the company through Shirz Limited, which owns 280 million shares[72] - The company’s major shareholder, Ms. Wang Zilu, holds a 70% stake in the company as of the report date[82] - The company has a stock option plan that allows for the issuance of a total of 40,000,000 shares, representing 10% of the company's issued share capital as of the report date[84] Other Information - The company has not applied any new or revised Hong Kong Financial Reporting Standards that have been issued but not yet effective during the period[17] - The company has not disclosed any interests in competing businesses by its directors or major shareholders during the reporting period[86] - There are no post-reporting period events as of the report date[66] - The report will be published on the Hong Kong Stock Exchange website for at least seven days from the publication date[93]

Financial Performance - For the six months ended September 30, 2025, the group's revenue was HKD 17,520,000, a decrease of 22.0% compared to HKD 22,460,000 for the same period in 2024[4] - The gross profit for the same period was HKD 5,551,000, slightly up from HKD 5,515,000, indicating a stable gross margin despite lower revenue[4] - Operating profit significantly decreased to HKD 1,194,000 from HKD 9,120,000, reflecting a decline of 87.8% year-on-year[4] - The net profit for the period was HKD 900,000, down 89.6% from HKD 8,681,000 in the previous year[4] - The total comprehensive loss for the period was HKD 892,000, compared to a comprehensive income of HKD 6,673,000 in the same period last year[4] - The company reported a basic and diluted earnings per share of HKD 0.16, down from HKD 1.06 in the previous year[5] - The company reported a profit attributable to owners of HKD 958,000 for the six months ended September 30, 2025, a decrease of 84.5% compared to HKD 6,191,000 for the same period in 2024[38] - Total revenue decreased by approximately 21.8% from HKD 22,500,000 in the six months ended September 30, 2024, to HKD 17,500,000 in the same period of 2025[60] Cash Flow and Liquidity - The company's cash and cash equivalents decreased to HKD 2,500,000 from HKD 5,968,000, a decline of 58.2%[6] - The group recorded a net cash outflow from operations of approximately HKD 12,681,000 for the year ended March 31, 2025[12] - The company had cash and cash equivalents of HKD 31,000 as of September 30, 2025, unchanged from the previous period[26] - As of September 30, 2025, the group's bank cash and cash equivalents were approximately HKD 2,500,000, down from approximately HKD 6,000,000 as of March 31, 2025[76] Assets and Liabilities - Total assets increased to HKD 24,259,000 from HKD 20,419,000, representing a growth of 18.0%[6] - Total liabilities rose to HKD 25,566,000 from HKD 20,834,000, an increase of 22.8%[7] - Total assets as of September 30, 2025, amounted to HKD 24,259,000, an increase from HKD 20,419,000 as of March 31, 2025[26] - Total liabilities increased to HKD 25,566,000 as of September 30, 2025, compared to HKD 20,834,000 as of March 31, 2025, indicating a rise in financial obligations[26] Operational Management - The group continues to focus on expanding its hotel and property management services, although specific new product or technology developments were not detailed in the report[9] - The group is actively exploring new profitable business opportunities and enhancing operational management to improve efficiency[15] - The company is actively seeking alternative properties for relocation due to the involuntary closure of restaurant operations, which has posed challenges to the business[64] - The company aims to explore business expansion opportunities, including the design and production of core components for robotics and smart systems[58] Employee and Management Costs - The total employee cost for the six months ended September 30, 2025, was approximately HKD 13,200,000, down from approximately HKD 22,300,000 for the same period in 2024[85] - The total compensation for key management personnel decreased from HKD 1,543,000 to HKD 758,000, a decline of approximately 50.9%[52] - The group had 421 employees as of September 30, 2025, a decrease from 687 employees as of March 31, 2024[85] Financial Reporting and Compliance - The group has adopted several new and revised Hong Kong Financial Reporting Standards during the current accounting period, which did not have a significant impact on the financial performance[17] - The audit committee has been established in accordance with GEM Listing Rules, with responsibilities including reviewing and supervising the financial reporting process and internal control procedures[95] - The interim financial results for the six months ending September 30, 2025, have been reviewed by the audit committee and comply with applicable accounting standards and GEM Listing Rules[95] - The interim report will be published on the Hong Kong Stock Exchange and the company's website, with printed versions sent to shareholders who opted for them[96] Business Risks and Uncertainties - There is significant uncertainty regarding the group's ability to continue as a going concern, dependent on timely collection of receivables and financial support from the holding company[16] - The group had no confirmed income tax expenses for the six months ended September 30, 2025, as it did not generate taxable profits[74] - The company did not incur any income tax expenses for the six months ended September 30, 2025, due to the absence of taxable profits in Hong Kong and China[36] Revenue Breakdown - Revenue from external customers for the asset management segment was HKD 11,540,000 for the six months ended September 30, 2025, compared to HKD 7,547,000 for the same period in 2024[24] - Revenue from asset management services surged from approximately HKD 400,000 to about HKD 6,000,000, marking a significant increase attributed to related party transactions[55] - Revenue from security, property management, and human resources services decreased by approximately HKD 3,000,000 or 20.4%, from about HKD 14,500,000 to approximately HKD 11,500,000[56] - Other income decreased from HKD 19,200,000 to HKD 16,000 due to the absence of one-time gains and the sale of subsidiaries with net liabilities[70] Debt and Financial Obligations - The company has extended the maturity date of its unsecured bonds to July 15, 2026, following multiple agreements with bondholders[44][45] - The total liabilities increased from HKD 6,846,000 to HKD 8,636,000, reflecting a rise of approximately 26.0%[43] - The provision for trade receivables remained constant at HKD 4,456,000, indicating stable credit risk management[42] - As of September 30, 2025, the group's capital debt ratio was 109.1%, up from 106% as of March 31, 2025[79] Dividends and Share Capital - The company did not recommend an interim dividend for the six months ended September 30, 2025, consistent with the previous year[40] - The board did not recommend any interim dividend for the six months ended September 30, 2025, consistent with the previous period[75] - The total issued and fully paid share capital as of September 30, 2025, was HKD 29,072,000, with 581,442,248 ordinary shares[48] Other Notable Points - The group reached a settlement with creditors regarding an outstanding balance of approximately HKD 437,000, and the winding-up petition was withdrawn on April 22, 2025[15] - The company recorded other income of HKD 16,000 for the six months ended September 30, 2025, compared to HKD 19,169,000 in the previous year, indicating a substantial drop in other income sources[33] - The group had no significant investments or major acquisitions or disposals of subsidiaries or associates during the six months ended September 30, 2025[82] - There were no significant contingent liabilities as of September 30, 2025[84]

Financial Performance - Revenue for the six months ended September 30, 2025, was SGD 44,211,022, a decrease of 9.8% compared to SGD 48,578,720 for the same period in 2024[4] - Gross profit increased to SGD 7,921,257, up 22.9% from SGD 6,446,672 in the previous period[4] - The net loss for the period was SGD 1,580,457, an improvement of 48.0% compared to a net loss of SGD 3,043,504 in the same period last year[6] - Basic and diluted loss per share improved to SGD (0.11) from SGD (0.24) year-on-year[6] - Revenue from Integrated Building Services was SGD 31,341,086, up 9.5% from SGD 28,632,220 in 2024[14] - Revenue from Building Construction decreased significantly to SGD 9,749,145, down 50.1% from SGD 19,454,827 in 2024[14] - Revenue from Information Technology Development and Application increased to SGD 588,027 from SGD 57,911, marking a growth of 908.5%[14] - Revenue from digital asset trading under other sources was SGD 1,145,968, up 201.6% from SGD 380,022 in 2024[15] - The company reported a loss attributable to owners of SGD 1,270,226 for the six months ended September 30, 2025, compared to a loss of SGD 2,874,000 for the same period in 2024, representing a 55.8% improvement[26] Assets and Liabilities - Total assets decreased to SGD 49,987,525 from SGD 54,426,216 as of March 31, 2025[7] - Current liabilities decreased to SGD 11,129,591 from SGD 14,813,854, indicating improved liquidity[7] - The company’s equity totalled SGD 56,887,878, a decrease from SGD 57,884,416 as of March 31, 2025[8] - Trade receivables amounted to SGD 11,759,330 as of September 30, 2025, down from SGD 15,734,473 as of March 31, 2025, indicating a decrease of 25.5%[27] - Trade payables decreased to SGD 6,186,327 as of September 30, 2025, from SGD 9,251,655 as of March 31, 2025, a reduction of 33.4%[32] - The company reported a total of SGD 8,340,719 in total liabilities as of September 30, 2025, compared to SGD 11,693,521 as of March 31, 2025, reflecting a decrease of 28.5%[32] Employee and Operational Costs - Total employee costs increased to SGD 7,762,162 for the six months ended September 30, 2025, up from SGD 6,927,770 in the previous year, reflecting an increase of 12.0%[24] - The cost of goods sold for inventory recognized as cost of sales and services was SGD 4,199,469, compared to SGD 3,449,584 in the previous year, marking a 21.7% increase[24] - As of September 30, 2025, the group employed 482 full-time employees, a decrease from 498 employees as of March 31, 2025[49] - Employee compensation is determined based on job scope, responsibilities, and performance, with local employees receiving discretionary bonuses based on performance and profitability[49] - The company provides employee benefits including retirement benefits, medical benefits, and sponsorship for training courses[49] Corporate Governance - The company has adhered to the corporate governance code, with the role of Chairman and CEO being separated, although the CEO position has been vacant since July 23, 2021[51] - The audit committee reviewed the interim financial data, which has not been audited, and confirmed compliance with applicable accounting standards and legal requirements[53] - The audit committee is composed of independent non-executive directors, ensuring effective oversight of financial reporting[53] - The board will continue to review its structure and may appoint a new CEO if a suitable candidate is found[51] - The company remains committed to maintaining good corporate governance to protect shareholder interests and ensure accountability[51] Revenue Sources and Market Conditions - Revenue from external customers in Singapore was SGD 41,090,231, down 14.5% from SGD 48,087,047 in 2024[16] - The company reported a total of three major clients contributing over 10% of total revenue, with Client I generating SGD 7,127,050 and Client II generating SGD 7,134,933 for the six months ended September 30, 2025[16] - The market price of Bitcoin decreased from approximately $113,000 on September 30, 2025, to about $91,000 as of the announcement date[50] Dividend Policy - The company did not recommend an interim dividend for the six months ended September 30, 2025, consistent with the previous year[25] - The group does not plan to declare an interim dividend for the six months ending September 30, 2025[45]

Financial Performance - For the six months ended September 30, 2025, the company reported revenue of RMB 129,140,000, a decrease of approximately RMB 55,491,000 or 30.1% compared to the same period in 2024, primarily due to a reduction in project numbers[3] - Gross profit for the same period was RMB 3,922,000, down RMB 13,908,000 from RMB 17,830,000 in the previous year, resulting in a gross margin decline from approximately 9.7% to 3.0% due to intensified market competition[3] - The loss attributable to shareholders was RMB 71,313,000, compared to a loss of RMB 13,988,000 in the prior year, mainly due to the aforementioned gross profit decline and an increase in impairment losses on trade receivables and contract assets by approximately RMB 40,355,000[3] - Total revenue for the six months ended September 30, 2025, was RMB 129,140,000, a decrease from RMB 184,631,000 for the same period in 2024, resulting in a gross profit of RMB 3,922,000[21] - The group reported a net loss of RMB 71,313,000 for the six months ended September 30, 2025, compared to a net loss of RMB 13,988,000 for the same period in 2024[27] - The company reported a basic loss per share of RMB 71,313,000 for the six months ended September 30, 2025, compared to a loss of RMB 13,988,000 for the same period in 2024[48] - For the six months ended September 30, 2025, the company reported a pre-tax loss of RMB 71,478,000, compared to a pre-tax loss of RMB 16,683,000 for the same period in 2024[47] Revenue Breakdown - Revenue from software and solutions sales decreased by approximately RMB 38,453,000, while revenue from technical services fell by approximately RMB 27,922,000, attributed to fewer projects[9] - Revenue from software and solutions sales was RMB 33,191,000, down from RMB 71,644,000 year-over-year[34] - Revenue from technical services was RMB 72,183,000, compared to RMB 100,105,000 in the previous year[34] Cost and Expenses - The overall sales cost decreased by approximately RMB 41,583,000 due to the decline in revenue, with the overall gross margin dropping to approximately 3.0% from 9.7%[10] - Employee costs for the six months ended September 30, 2025, amounted to RMB 29,637,000, a decrease of 32% from RMB 43,734,000 in the same period of 2024[42] - The company recorded a total sales cost of RMB 125,116,000 for the six months ended September 30, 2025, down from RMB 166,517,000 in the same period of 2024, representing a 25% decrease[52] Assets and Liabilities - As of September 30, 2025, trade receivables and contract assets amounted to approximately RMB 379,401,000, a decrease from RMB 439,396,000 as of March 31, 2025, primarily due to increased impairment losses[12] - As of September 30, 2025, the carrying value of intangible assets was approximately RMB 364,000, down from RMB 827,000 as of March 31, 2025[11] - As of September 30, 2025, total assets less current liabilities were RMB 188,285,000, down from RMB 256,772,000 as of March 31, 2025[24] - The company’s interest-bearing liabilities included short-term bank loans of approximately RMB 109,780,000 and long-term bank loans of RMB 17,870,000 as of September 30, 2025[15] - The total trade payables as of September 30, 2025, were RMB 108,277,000, a decrease from RMB 115,174,000 as of March 31, 2025[58] Cash Flow and Working Capital - Operating cash outflow was RMB 37,956,000 for the six months ended September 30, 2025, compared to RMB 14,238,000 for the same period in 2024[27] - The group expects to improve operating cash flow through accelerated project settlements and accounts receivable collections[27] - The group anticipates sufficient working capital for at least the next 12 months based on cash flow forecasts[27] - As of September 30, 2025, the total cash and cash equivalents were RMB 13,195,000, significantly down from RMB 56,151,000 as of March 31, 2025[57] Research and Development - Research and development expenses for the six months ended September 30, 2025, were RMB 6,443,000, an increase of approximately RMB 383,000 compared to RMB 6,060,000 for the same period in 2024[14] - The company’s research and development costs (excluding amortization) were RMB 6,443,000 for the six months ended September 30, 2025, slightly up from RMB 6,060,000 in the same period of 2024[45] Employee and Corporate Governance - The company employed 176 employees as of September 30, 2025, down from 319 employees as of March 31, 2025[64] - The company does not recommend the payment of an interim dividend for the six months ending September 30, 2025, consistent with the previous year[60] - The company has complied with all applicable laws and regulations in China and Hong Kong during the reporting period[65] Strategic Focus and Future Outlook - The company is focusing on the transformation of the power system and plans to leverage its 29 years of experience in the energy information technology sector to meet market demands through 2030[7] - The company aims to enhance operational efficiency and capitalize on policy incentives to drive high-quality development in the digital economy, which is projected to reach a value-added of approximately RMB 49 trillion by the end of 2025[6][8] - The company has developed a smart IoT product, π chip, which provides power supply and network services for sensor devices, facilitating urban smart applications[7] - The company's strategy focuses on building sustainable returns on a solid financial foundation to enhance total shareholder returns over the long term[72] Audit and Compliance - The independent auditor has reviewed the unaudited condensed consolidated interim financial statements for the reporting period[74] - No significant events occurred after the reporting period that could impact the company[75]

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 會 就 因 本 公 告 全 部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 （股份代號：483） 截至二零二五年九月三十日止六個月之 中期業績公告 | ➢ | 本集團營業額減少約9.6%至 約74,600,000港 元（二 零 二 四 年：約82,500,000 | | --- | --- | | 港 | 元）。 | | ➢ | 按業務分部劃分之銷售如下： | | | 截 至 截 至 | | | 二零二五年 二零二四年 | | | 九月三十日 九月三十日 | | | 止六個月 止六個月 變 動 | | | 百萬港元 百萬港元 | | 線 | 下 73.0 81.2 -10.1% | | 線 | 上 1.6 1.3 +23.1% | | 總 | 計 74.6 82.5 -9.6% | | ➢ | 毛利減少約13.4%至 約52,500,000港 元（二 零 二 四 年：約60,600,000港 元），而 | | | 毛利率 ...

Financial Performance - Revenue for the three months ended September 30, 2025, increased by 2.0% to RMB 95.49 billion compared to RMB 93.58 billion for the same period in 2024[5] - The operating loss for the third quarter of 2025 was RMB 19.76 billion, compared to an operating profit of RMB 13.69 billion in the same quarter of 2024[5] - Adjusted EBITDA for the third quarter of 2025 was a loss of RMB 14.84 billion, a significant decline from an adjusted EBITDA of RMB 14.53 billion in the previous year[5] - The core local business segment's revenue decreased by 2.8% to RMB 67.45 billion, with an operating loss of RMB 14.07 billion, reflecting a 20.9% operating loss margin[11] - The new business segment's operating loss expanded to RMB 1.28 billion, indicating challenges in overseas expansion efforts[10] - Revenue increased by 2.0% from RMB 93.6 billion in Q3 2024 to RMB 95.5 billion in Q3 2025[24] - Core local business revenue decreased by 2.8% from RMB 69.4 billion in Q3 2024 to RMB 67.4 billion in Q3 2025[27] - New business revenue grew by 15.9% from RMB 24.2 billion in Q3 2024 to RMB 28.0 billion in Q3 2025[27] - The company recorded a loss of RMB 18.6 billion in Q3 2025, compared to a profit of RMB 12.9 billion in Q3 2024[41] - Operating loss for Q3 2025 was RMB 19.8 billion compared to an operating profit of RMB 13.7 billion in Q3 2024[23] Expenses and Costs - Sales cost rose by 23.7% from RMB 56.8 billion in Q3 2024 to RMB 70.3 billion in Q3 2025, accounting for 73.6% of revenue[28] - Sales and marketing expenses increased by 90.9% from RMB 18.0 billion in Q3 2024 to RMB 34.3 billion in Q3 2025, representing 35.9% of revenue[30] - R&D expenses rose by 31.0% from RMB 5.3 billion in Q3 2024 to RMB 6.9 billion in Q3 2025, accounting for 7.3% of revenue[31] - Sales cost increased by 14.5% from RMB 61.4 billion in Q2 2025 to RMB 70.3 billion in Q3 2025, with the percentage of revenue rising from 66.9% to 73.6%[46] - Sales and marketing expenses rose by 52.2% from RMB 22.5 billion in Q2 2025 to RMB 34.3 billion in Q3 2025, with the percentage of revenue increasing from 24.5% to 35.9%[47] - R&D expenses increased by 10.8% from RMB 6.3 billion in Q2 2025 to RMB 6.9 billion in Q3 2025, with the percentage of revenue rising from 6.8% to 7.3%[48] User Engagement and Growth - Daily active users and monthly transacting users in the food delivery segment reached new highs during the third quarter[12] - The "Meituan Flash Purchase" platform saw significant growth in new user acquisition and transaction frequency among core users, with order volume and transaction value reaching historical highs during the Qixi Festival[14] - The "Meituan Membership" program has improved user engagement and transaction frequency, with a notable increase in mid-tier users achieving membership upgrades[19] - User data indicates a 40% increase in transaction users, reaching 150 million active users on the platform[82] Cash and Investments - Cash and cash equivalents held by the company amounted to RMB 99.2 billion, with short-term investments totaling RMB 42.1 billion as of September 30, 2025[10] - The company held cash and cash equivalents of RMB 99,234,190 thousand as of September 30, 2025, down from RMB 101,656,333 thousand at the beginning of the period[63] - Net cash used in operating activities for Q3 2025 was RMB 22,148,259 thousand, primarily due to pre-tax losses[64] - Net cash generated from investing activities for Q3 2025 was RMB 20,790,118 thousand, mainly from net inflows from financial investments[65] Corporate Governance and Compliance - The audit committee reviewed the unaudited interim financial information for the three months ended September 30, 2025, ensuring compliance with accounting principles[72] - The company remains committed to maintaining strict corporate governance standards and has adopted the principles of the corporate governance code[74] - The company aims to improve its corporate governance practices in line with the latest regulations, ensuring compliance and transparency[81] Strategic Initiatives and Future Outlook - The company is focusing on enhancing supply and fulfillment capabilities to drive increased consumption frequency and user stickiness among core users[12] - The company is focusing on expanding its offline presence and improving supply chain capabilities, particularly through the "Keeta" initiative in the Middle East and Brazil[18] - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by the end of 2024[81] - New product launches are expected to contribute an additional $500 million in revenue over the next fiscal year[81] - The company has set a revenue guidance of $10 billion for the next quarter, indicating a 12% growth compared to the same period last year[81] - The company is exploring potential acquisitions to strengthen its logistics capabilities, with a budget of $1 billion allocated for this purpose[81] Operational Developments - The company has introduced innovative supply models and quality services to improve consumer delivery experiences[12] - The "Raccoon Canteen" initiative has launched 20 centralized kitchens in high-tier cities, with over 300 brands participating, leading to significant increases in online exposure and order volume for merchants[13] - The company has established a multi-tiered welfare system for delivery riders, including national promotion of retirement insurance subsidies and expanded occupational injury protection to 17 provinces[13] - The company launched AI tools tailored for the restaurant industry and entered the large-scale testing phase for its smart assistant app[20] - The company aims to enhance AI integration in business operations to improve efficiency and user experience[20] Financial Position - As of September 30, 2025, total assets amounted to RMB 318,034,051 thousand, a decrease from RMB 324,354,917 thousand as of December 31, 2024, representing a decline of approximately 1.0%[69] - Non-current assets increased to RMB 118,519,104 thousand from RMB 114,620,056 thousand, reflecting an increase of about 3.5%[69] - Current assets, particularly cash and cash equivalents, rose significantly to RMB 99,234,190 thousand from RMB 70,834,097 thousand, marking an increase of approximately 40.4%[69] - Total liabilities decreased slightly to RMB 150,656,149 thousand from RMB 151,750,839 thousand, a reduction of about 0.7%[70] - The company's equity attributable to shareholders decreased to RMB 167,435,886 thousand from RMB 172,662,960 thousand, a decline of approximately 3.3%[69] - The company reported a cumulative loss of RMB 148,074,048 thousand as of September 30, 2025, compared to RMB 139,801,785 thousand as of December 31, 2024, indicating an increase in losses[69]

Financial Performance - For the six months ended September 30, 2025, total revenue was HKD 34,481,081, a decrease of 1.8% compared to HKD 35,105,202 for the same period in 2024[4] - Gross profit for the same period was HKD 5,505,527, down 6.0% from HKD 5,855,695 in 2024[4] - The net profit for the six months ended September 30, 2025, was HKD 1,768,085, representing a decline of 21.9% from HKD 2,263,915 in 2024[4] - Basic earnings per share decreased to HKD 24.73 cents from HKD 32.71 cents, a drop of 24.5% year-over-year[5] - Other comprehensive income for the period was HKD 998,462, down from HKD 1,615,745 in the previous year, reflecting a decrease of 38.1%[5] - The group reported a revenue decrease of 1.8% to HKD 34,481,081,000 for the period, with net profit attributable to shareholders down 24.2% to HKD 1,334,217,000[32] - Basic earnings per share decreased by 24.4% to HKD 0.2473, while free cash flow increased by 17.2% to HKD 2,604,963,000[32] Assets and Liabilities - The total assets as of September 30, 2025, were HKD 104,031,353, compared to HKD 103,673,070 as of March 31, 2025, indicating a slight increase[6] - Non-current assets amounted to HKD 69,831,313, an increase from HKD 68,749,408 as of March 31, 2025[6] - The total assets as of September 30, 2025, amounted to HKD 105,677,861,000, compared to HKD 101,318,286,000 as of March 31, 2025, indicating a growth of approximately 4.2% [7] - Non-current liabilities increased to HKD 42,256,530,000 from HKD 40,591,581,000, reflecting a rise of about 4.1% [7] - The equity attributable to owners of the company was HKD 56,028,069,000, up from HKD 53,864,695,000, representing an increase of approximately 4% [7] - The total amount of bank loans and other loans for the group is HKD 62,868,140,000 as of September 30, 2025[66] Cash Flow and Expenses - Cash and cash equivalents were HKD 12,707,137, up from HKD 8,853,349 as of March 31, 2025, showing a significant increase[6] - The financial expenses for the period were recorded at HKD 348,064,000 [15] - The group achieved a net operating cash flow of HKD 3,127,333,000, compared to HKD 3,683,318,000 for the same period last year, while free cash flow reached HKD 2,604,963,000, up from HKD 2,222,093,000[61] Business Strategy and Market Focus - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming quarters[3] - The group aims to deepen the application of artificial intelligence in business scenarios to accelerate digital transformation[31] - The group is expanding its overseas market presence in energy storage, electricity sales, and biomass businesses[31] - The group is committed to diversifying export strategies and expanding domestic demand to mitigate the impacts of tariffs and trade protectionism[28] - The group will continue to focus on "promoting repayment, expanding gross margin, reducing costs, and enhancing quality" as its overall business strategy[75] - The group aims to enhance market share by optimizing product structure and accelerating the expansion of new businesses[77] Operational Highlights - The total number of residential users connected to city gas projects reached 55.0 million, up 0.4 million from 54.6 million[34] - The total gas sales volume increased by 1.7% to 17,414 million cubic meters from 17,128 million cubic meters[34] - The company sold 17.41 billion cubic meters of natural gas, an increase of 1.7% year-on-year[42] - The number of industrial users connected increased by 9.6% to 28,262 from 25,792[41] - The group achieved LPG sales of 1.928 million tons, a decrease of 4.5% year-on-year, with total sales revenue of HKD 8,382,600,000, down 12.3% compared to the same period last year[48] Compliance and Governance - The group has adhered to corporate governance codes and confirmed compliance with the standards set for securities trading by directors[80]

Revenue Performance - The group's revenue for the six months ended September 30, 2025, decreased by 19.8% to ¥7,867.5 million (approximately $53.9 million) compared to the same period last year[2]. - Revenue from Japan decreased by 33.1%, primarily due to a strategic shift towards higher-margin self-operated channels, resulting in a 46.3% decline in wholesale business[2]. - Sales in South Korea showed a strong performance with a 44.9% increase, attributed to successful direct sales operations and renewed distributor agreements[2]. - Revenue from golf clubs fell by 16.7%, with a significant 35.0% drop in Japan, while South Korea experienced a 115.3% increase in comparable sales[2]. - Total revenue decreased by 19.8% from ¥9,814.5 million for the six months ended September 30, 2024, to ¥7,867.5 million for the six months ended September 30, 2025[26]. - Total revenue decreased by 18.1% for the six months ending September 30, 2025, compared to the same period in 2024, amounting to ¥7,867.5 million[27]. - Revenue from golf clubs fell by 18.3% to ¥5,449.5 million, primarily due to a 35.0% drop in sales in Japan, while Korea and China saw increases of 115.3% and 4.6% respectively[30]. - Revenue from golf balls decreased by 18.9% to ¥737.6 million, with a 26.6% decline in Japan, although China experienced a 57.5% growth following the launch of a new multi-ball pack[30]. - Revenue from apparel dropped by 16.6% to ¥1,118.2 million, attributed to weak consumer confidence in China[30]. - Revenue from accessories and other related products decreased by 36.8% to ¥562.1 million[31]. Profitability and Loss - The company recorded a pre-tax loss of ¥1,226.4 million (approximately $8.4 million), an improvement from a loss of ¥1,611.9 million in the previous year[4]. - Operating loss increased significantly by 310.4% from ¥351.5 million for the six months ended September 30, 2024, to ¥1,442.9 million for the same period in 2025[24]. - The net loss for the six months ended September 30, 2025, was 2,398.3 million yen, with a net loss margin of 30.5%[51]. - The total comprehensive loss for the period was ¥2,320.9 million, compared to a loss of ¥527.3 million in the previous year[77]. - Basic and diluted loss per share for the period was ¥3.96, compared to ¥1.40 in the previous year[76]. Cash Flow and Financial Position - Net cash flow from operating activities decreased from ¥4,024.4 million (approximately $26.6 million) to ¥1,922.9 million (approximately $13.2 million)[4]. - The company's cash and cash equivalents amounted to 18,243.3 million yen as of September 30, 2025[60]. - The net cash flow from financing activities for the six months ended September 30, 2025, was a negative ¥1,055,857 thousand, compared to a negative ¥1,533,944 thousand in the previous year, showing an improvement of approximately 31%[81]. - The total liabilities decreased from ¥10,654,129 thousand as of March 31, 2025, to ¥11,464,258 thousand as of September 30, 2025, reflecting an increase of approximately 7.6%[79]. - The company's total equity decreased from ¥27,680,137 thousand as of March 31, 2025, to ¥25,359,218 thousand as of September 30, 2025, a decline of approximately 8.4%[79]. Marketing and Brand Strategy - The company is focusing on enhancing brand and product awareness through targeted marketing efforts and partnerships with key opinion leaders in Asia[5]. - HONMA aims to simplify its product offerings while enhancing the TOUR WORLD product line to attract younger golfers[6]. - The company plans to invest significantly in retail networks and digital capabilities in Japan and China to improve consumer experience[5]. - The company is focusing on the ultra-high-end and ultra-performance segments of the golf market, with new product launches like the BERES 09 expected in early 2024[7]. - The company is actively recruiting young golfers with significant social media presence to strengthen brand repositioning and attract passionate golfers[9]. Operational Developments - The company opened 14 new sales points in North America, increasing the total to 384 sales points as of September 30, 2025[8]. - The company hosted a total of 1,716 customer events across major markets, primarily at golf courses, during the six months ending September 30, 2025[9]. - The company has implemented advanced e-commerce features and customer relationship management systems to enhance direct communication with consumers[7]. - The company continues to invest in electronic communications and e-commerce activities to enhance brand visibility and consumer engagement[9]. - The company has reintroduced its apparel business, focusing on functional and fashionable concepts to meet the unique needs of Chinese golfers[8]. Research and Development - Research and development expenses for the six months ended September 30, 2024, and September 30, 2025, were ¥150.7 million and ¥179.4 million, respectively, focusing on product innovation[23]. - The group reported a pre-tax loss of ¥3,642,632 thousand for the cost of sold inventory, down from ¥4,599,912 thousand in the previous year, indicating a 21% reduction[92]. - The group incurred impairment losses on property, plant, and equipment amounting to ¥61,883 thousand, significantly higher than ¥23,221 thousand in the previous year[90]. Governance and Compliance - The company has complied with all applicable corporate governance code provisions, except for deviations from specific clauses regarding the separation of roles between the chairman and CEO[135]. - The Audit Committee, consisting of three independent non-executive directors, has reviewed the interim results for the six months ending September 30, 2025[137]. - Ernst & Young has verified the financial statements for the six months ending September 30, 2025, ensuring consistency with the reported figures[137].

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，概不對因本公告全部或任何部分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 CHINA YUHUA EDUCATION CORPORATION LIMITED 中國宇華教育集團有限公司 （於開曼群島註冊成立的有限責任公司） （股份代號：6169） 截至2025年8月31日止年度之 年度業績公告 摘要 中國宇華教育集團有限公司（「本公司」，連同其附屬公司及併表附屬實體統 稱「本集團」）董事（「董事」）會（「董事會」）欣然公佈本集團截至2025年8月31日 止年度（「報告期」）之經審核合併年度業績。該等年度業績經由本公司審核委 員會審閱。第5至42頁所載財務資料摘錄自截至2025年8月31日止年度的合併 財務報表，乃由本公司審計師羅兵咸永道會計師事務所根據國際審計準則審 計。 | | | 截至8月31日止年度 | | | --- | --- | --- | --- | | | 2025年 | 2024年 | 變動 | | | （人民幣 | （人民幣 | | | | 千元） | 千元 ...