Intelligent Solution Supplier for Material Forming Equipment
L.K. Technology Holdings Limited
(Incorporated in the Cayman Islands with limited liability) (fif•1ABg fBA?u;26rg a7) Stock Code â#(9ffif : 558 INTERM REF0RT2025/26 $MW0
2 | 19 |
3 | 20 |
Financial Highlights Condensed Consolidated Income Statement
21 |
Corporate Information Condensed Consolidated Statement of Comprehensive Income
4 |
Management Discussion and Analysis
Condensed Consolidated Statement of Changes in Equity
9 | 23 |
24 |
Other Information Condensed Consolidated Statement of Cash Flows
16 |
17 |
Report on Review of Interim Financial Information
Condensed Consolidated Statement of Financial Position
Notes to the Condensed Consolidated Interim Financial Information
FINANCIAL HIGHLIGHTS
(Unaudited)
2025 HK$'000 | 2024 HK$'000 | Change % | |
Operating results: | |||
Revenue | 3,260,464 | 2,594,448 | 25.7% |
Gross profit | 767,223 | 744,623 | 3.0% |
Gross profit margin | 23.5% | 28.7% | -5.2% |
Operating profit | 249,840 | 216,520 | 15.4% |
Operating profit margin | 7.7% | 8.3% | -0.6% |
Profit for the period | 167,696 | 165,923 | 1.1% |
Net profit margin | 5.1% | 6.4% | -1.3% |
Return on equity (annualised) | 8.0% | 9.8% | -1.8% |
HK cents | HK cents | ||
Basic and diluted earnings per share | 10.4 | 10.9 | -4.6% |
(Unaudited) As at 30 September | (Audited) As at 31 March | ||
2025 | 2025 | Change | |
HK$'000 | HK$'000 | % | |
Financial position: | |||
Total assets | 12,608,479 | 11,914,252 | 5.8% |
Net assets | 4,183,090 | 4,116,554 | 1.6% |
Net current assets | 2,782,153 | 3,042,491 | -8.6% |
Cash and cash equivalents | 1,406,817 | 1,560,253 | -9.8% |
Total borrowings | 2,441,712 | 2,148,860 | 13.6% |
Six months ended 30 September
2
CORPORATE INFORMATION
As at 27 November 2025
BOARD OF DIRECTORS
Executive Directors
Ms. Chong Siw Yin (Chairperson)
Mr. Liu Zhuo Ming (Chief Executive Officer)
Mr. Tse Siu Sze
Independent Non-executive Directors
Dr. Low Seow Chay
Dr. Lui Ming Wah, PhD, SBS, JP
Mr. Look Andrew
COMPANY SECRETARY
Ms. Ng Ka Man
AUTHORISED REPRESENTATIVES
Ms. Chong Siw Yin Ms. Ng Ka Man
AUDIT COMMITTEE
Dr. Lui Ming Wah, PhD, SBS, JP (Chairperson)
Dr. Low Seow Chay Mr. Look Andrew
NOMINATION COMMITTEE
Dr. Low Seow Chay (Chairperson)
Dr. Lui Ming Wah, PhD, SBS, JP
Mr. Look Andrew
REMUNERATION COMMITTEE
Mr. Look Andrew (Chairperson)
Dr. Low Seow Chay
Dr. Lui Ming Wah, PhD, SBS, JP
AUDITOR
PricewaterhouseCoopers
Certified Public Accountants Registered Public Interest Entity Auditor
REGISTERED OFFICE
Cricket Square
Hutchins Drive, P.O. Box 2681 Grand Cayman, KY1-1111 Cayman Islands
PRINCIPAL PLACE OF BUSINESS IN HONG KONG
Unit A, 8th Floor
Mai Wah Industrial Building 1-7 Wah Sing Street
Kwai Chung New Territories Hong Kong
HONG KONG BRANCH SHARE REGISTRAR AND TRANSFER OFFICE
Computershare Hong Kong Investor Services Limited
Shops 1712-1716, 17th Floor 3
Hopewell Centre
183 Queen's Road East Wanchai
Hong Kong
PRINCIPAL BANKERS
China Construction Bank (Asia) Corporation Limited Bank of China
Intesa Sanpaolo Spa
STOCK CODE
558
WEBSITE
https://www.lk.world
MANAGEMENT DISCUSSION AND ANALYSIS
INDUSTRY DEVELOPMENT TRENDS AND MACROECONOMIC ENVIRONMENT
Global macroeconomic trends: opportunities across industries amidst an uneven recovery
During the reporting period, the global economy continued to exhibit a divergent pattern characterised by "slower growth in the developed economies, with the emerging markets leading the pace of expansion". Manufacturing investment sentiment remained cautious in economies in Europe and America due to the lingering inflationary pressure and the delayed effects of policy tightening, with fluctuating industrial production indices. Emerging markets led by Southeast Asia and South Asia have been acting as the core drivers of global economic
4 growth. The momentum stemmed from the sustained tariff reductions under the Regional Comprehensive Economic Partnership (RCEP) and the deepening of industrial chain integration, coupled with accelerated local infrastructure development and the demand for manufacturing upgrades.
In the raw materials market, the magnesium-to-aluminum price ratio remained consistently below 0.75. This trend has significantly reduced the application costs of magnesium alloy materials, creating favourable conditions for lightweight transformation in sectors such as automotive manufacturing and humanoid robotics, which has directly driven sustained growth in market demand for magnesium alloy die-casting equipment.
Core industry development trends
Automotive Manufacturing Industry: The deepening and emphasis of lightweight design of new energy technology has accelerated the resonation within the global automotive industry, driving an in-depth transition towards new energy technology. According to data from the China Passenger Car Association, during the first three quarters of 2025, global sales of new energy vehicle (NEV) reached 10,446,000 units, representing a year-on-year increase of 32%, among which the Chinese market continued to lead the industry as it accounted for 70.5% of the global market share with sales of 7,400,000 units. In this new phase where "product-driven" replaces "policy-driven," automakers were focusing on performance upgrades and cost optimisation. The application of integrated die-casting technology has extended beyond battery trays and rear floor panels to core structural components such as the entire chassis and front compartment. Meanwhile, magnesium alloys rapidly gained traction in automotive body structures and interior components due to their superior lightweighting capabilities compared to aluminum alloys (offering weight reduction of 25%-50%). Coupled with the cost advantage of stabilised magnesium prices, this trend has been propelling magnesium die-casting equipment to become a new growth engine for the industry.
Automation and Intelligent Equipment Industry: The deep integration of AI technology with manufacturing has become an irreversible trend, with industrial robots achieving increasing penetration rates in production lines. As an emerging sector within smart manufacturing, humanoid robots were accelerating their R&D and mass production processes, driving an urgent demand for supporting automated production equipment, high-precision machining technologies, and intelligent solutions.
MANAGEMENT DISCUSSION AND ANALYSIS
Precision Manufacturing and Consumer Electronics Industry: The market for emerging tech consumer products like AI glasses and smart wearables continued to expand, directly driving precision specialty casting equipment toward higher accuracy and more flexible processes. Tolerance control at the 0.01mm level has become the industry standard, creating differentiated competitive opportunities for equipment manufacturers with core technologies.
BUSINESS PERFORMANCE AND ANALYSIS OF CORE BUSINESSES
Overall performance of the Group
During the first half of the financial year 2025/2026, amid persistent pressures from intensifying competition in the domestic market and structural opportunities in the global market, the Company achieved steady growth in overall operating performance through its deep technological expertise, precise market positioning, and efficient operational management, demonstrating strong business resilience. During the reporting period, the Company achieved operating revenue of HK$3,260.5 million, representing a year-on-year increase of 25.7%. Gross profit reached HK$767.2 million, an improvement of 3 percentage points compared to the same period last year. Net profit amounted to HK$167.7 million, with a net profit margin of 5.1%, indicating a steady enhancement in profitability.
From a business structure perspective, our core die-casting machine business generated revenue of HK$2,263.2 million, accounting for 69.4% of total revenue and representing a year-on-year increase of 39.5%. Overall sales revenue from the plastic injection moulding machine business grew by 4.4% year-on-year. Revenue from the CNC machining centre business amounted to HK$77.1 million, accounting for 2.4% of total revenue, reflecting a year-on-year decrease of 14.7%.
Operating results by business segments
Die-casting Machine Business: The Company's die-casting machine business maintained its growth momentum, achieving a significant year-on-year increase of 39.5%. Driven by simultaneous advancements in both NEV die casting and magnesium alloy die casting, magnesium alloy die casting stands out particularly for its technological leadership and application breakthroughs. The Company's magnesium alloy equipment series recorded a year-on-year sales surge of more than 400% in 2025. Since establishing its magnesium alloy hot-chamber and cold-chamber die-casting capabilities in 2000, the Company has continuously deepened its expertise in core magnesium alloy technologies, focused on addressing industry-wide technical challenges. The
"TPI Magnesium Alloy Semi-Solid Triggered 5
Plasticity" equipment, launched in 2024, has rapidly gained market recognition for its disruptive technological performance and has successfully adapted to diverse high-value scenarios in automotive manufacturing. Driven by deepening market recognition of magnesium die-casting advantages, renewed technical evaluations triggering more orders from existing clients, and the Company's position in the scarce TPI equipment supply landscape, TPI series equipment focused on the high-end market. TPI equipment sales achieved explosive growth, with shipment volumes surging significantly. At present, collaborations with key clients yielded substantial results: A leading South China OEM has procured 5000T TPI series equipment for automotive chassis and structural component production. Concurrently, the jointly developed 5000T magnesium alloy semi-solid die-casting equipment for Chongqing's lightweighting benchmark project was successful. These two major orders underscore the Company's magnesium alloy equipment's market competitiveness. Furthermore, the Company provides magnesium alloy and magnesium-lithium alloy die-casting equipment to clients across smart wearables, two-wheeled
MANAGEMENT DISCUSSION AND ANALYSIS
electric vehicles, humanoid robots, and low-altitude economy sectors. This multi-domain deployment lays the equipment foundation for expanding magnesium alloy die casting into new applications, continuously broadening the boundaries of magnesium alloy utilisation.
Industry feedback indicated that the Company's product capabilities had been further enhanced. Revenue from automotive customers increased by 31% year-on-year, while revenue from smart 3C customers surged by 61%. The automotive sector has emerged as the primary driver of business growth, fully demonstrating the Company's technological prowess and market competitiveness in the die-casting machine industry. During the reporting period, the Company deepened its collaborations with multiple European OEMs and parts suppliers,
6 as its overseas project delivery capabilities has continually validated: The 7000T super-
large smart die-casting unit customised for a renowned automotive structural component supplier had been successfully shipped and delivered to its Eastern Europe facility. The unit would be used to produce battery housings and automotive body structural components for NEVs, serving multiple global mainstream automotive brands. Meanwhile, a 9000T ultra-large die-casting machine has been successfully delivered to a European luxury car manufacturer. Additionally, certain medium-to-large die-casting equipment had commenced production at the North America facilities of renowned parts suppliers. The successful implementation of these series of projects fully demonstrated the Company's capabilities in overseas equipment deployment and systematic delivery within the high-end markets of Europe and America. In domestic OEM and parts sectors, several long-term clients had consistently purchased multiple medium-to-large die-casting machines. These included leading OEMs in southern China, emerging players in the NEV parts manufacturing segment, and benchmark enterprises in China's automotive casting industry. The Company's market share had further expanded, demonstrating recognition
among core client groups and ability in soliciting recurring orders. To further expand into Europe's high-end market and strengthen its technological and talent pool, the Company entered into a strategic partnership with the University of Debrecen in Hungary to jointly establish the "European Innovation Machinery Centre (歐洲創新機械中心)".
Small and medium-sized die-casting machines also delivered impressive performance, with particularly strong demand actualisation in the motorcycle parts sector. During the reporting period, the Company successfully delivered equipment and secured bulk orders from leading enterprises, achieving significant year-on-year sales growth in the motorcycle parts industry. This has enabled the Company to continuously expand its market share in both the domestic and Southeast Asia motorcycle parts markets.
Injection Moulding Machine Business: Leveraging a dual-drive strategy of "high-end customisation + niche applications," the injection moulding machine business achieved dual successes in product structure upgrades and market expansion, with revenue growing by 4.4% year-on-year. During the reporting period, the Company achieved breakthroughs across multiple Southeast Asian markets, with significant results from core client collaborations: In Vietnam market, the Company focused on home appliance and toy sectors, establishing deep partnerships with leading industry players. Products were exported to Europe, the Middle East, Japan and other regions, with sales revenue surging by 150% year-on-year. In Indonesia market, we advanced strategic industry collaborations, partnering with key toy manufacturers to empower the global supply chain while providing robust support for leading vehicle enterprises' global expansion plans. On the product front, high-end customised models continued to gain momentum: The FA3550T large two-platen injection moulding machine, tailored for automotive exterior and structural component suppliers, was specifically designed for producing plastic
MANAGEMENT DISCUSSION AND ANALYSIS
battery enclosures for NEVs. It adopts a "plastic-for-steel" technology approach to address lightweighting trends, reduce battery pack weight and enhance driving range. The EL160 all-electric injection moulding machine leverages medical-grade precision control capabilities to introduce a "green production solution", successfully penetrating the medical device manufacturing sector and filling the business gap for high-end medical injection moulding equipment. In terms of specific models, the dual-colour VARIA series delivered outstanding performance, with sales revenue increasing by 98% year-on-year. By industry segments, sales revenue from 3C/electronics and communications clients grew by 39% year-on-year, while sales revenue from toy industry clients surged by 88%.
CNC Machining Centre Business: The Company has developed a series of CNC product solutions, continuously iterating to enhance product performance while optimising production capacity and line layout. Through measures such as management team optimisation and sales channel expansion, market reach capabilities have been further strengthened.
APPLICATION BREAKTHROUGHS AND PRODUCTION CAPACITY LAYOUT
Magnesium alloy die-casting enables robot lightweighting: Integration of robotics and smart manufacturing
Leveraging its proprietary TPI magnesium alloy semi-solid die-casting technology, the Company has strategically entered the humanoid robot lightweighting sector, providing efficient forming solutions for robotic shell production. During the reporting period, the Company engaged in in-depth discussions with multiple robotics firms regarding technology implementation and product adaptation, reaching strategic cooperation agreements to significantly empower humanoid robot production and
R&D. The solution focused on TPI magnesium alloy forming technology. Leveraging technical advantages such as optimised material flow and enhanced forming precision, it would enable the robotic body to achieve weight reduction and strength reinforcement, perfectly meeting demands for heavy-duty operations and endurance optimisation.
Amorphous alloy die-casting technology: Precisely empowering precision manufacturing in consumer electronics and beyond
Amorphous alloys, with their exceptional properties such as high strength and hardness, can be applied in fields including 3C electronics (foldable screen hinges), automotive precision components, and medical devices. Leveraging its extensive R&D
expertise, the Company has achieved targeted 7
breakthroughs in core technological challenges
for the large-scale industrialisation of amorphous alloys - overcoming critical hurdles such as raw material compatibility, forming process optimisation, and the development of high-efficiency production equipment, thereby filling the gap in systematic guidance for die-casting processes. Leveraging technological breakthroughs, the Company has proactively positioned itself in the amorphous alloy die-casting equipment sector, focusing on core elements such as precise mould temperature control and vacuum environment maintenance to further enhance its strategic layout in high-end specialty casting equipment. Currently, the Company's amorphous alloy die-casting technology has made significant strides in the 3C sector, successfully delivering equipment solutions for products including smartphone bezels, mid-frames, and liquid metal hinges for foldable phones. The achievement lays a solid foundation for further business expansion.
MANAGEMENT DISCUSSION AND ANALYSIS
Further advancing of the globalisation strategy: Optimising and expanding domestic and international production and service networks
During the reporting period, the Company accelerated the optimisation of its domestic and overseas production capacity and deployment of service centres, focusing on enhancing core business capabilities and upgrading global services. In Mainland China, construction of the Fuxin Gantry CNC Machine Tool Project has formally commenced. It will focus on producing CNC optical machines, vertical/horizontal machining centres, and gantry CNC series products, further enhancing the high-end machine tool production capacity matrix while strengthening production coverage and customer responsiveness
8 in northeastern China. In overseas, the
Company's Indonesian technical service centre has officially commenced construction. It will establish a localised technical support and service system to precisely meet the equipment demands arising from the manufacturing shift in Southeast Asia.
Moving forward, the Company will continue to deepen technological innovation and global production capacity coordination. By expanding growth opportunities through diverse application breakthroughs and solidifying service foundations with a comprehensive production layout, we intend to fully capture the opportunities in high-end manufacturing and global development.
OTHER INFORMATION
DIRECTORS' AND CHIEF EXECUTIVE'S INTERESTS AND/OR SHORT POSITIONS IN THE SHARES, UNDERLYING SHARES AND DEBENTURES OF THE COMPANY OR ANY SPECIFIED UNDERTAKING OF THE COMPANY OR ANY OTHER ASSOCIATED CORPORATIONS
As at 30 September 2025, the interests and short positions of the Directors and chief executive of the Company in the shares, underlying shares and debentures of the Company or any of its associated corporations (within the meaning of Part XV of Securities and Futures Ordinance ("SFO")) which were required to be notified to the Company and The Stock Exchange of Hong Kong Limited (the "Stock Exchange") pursuant to Divisions 7 and 8 of Part XV of SFO (including any interests which were taken or deemed to have under such provisions of the SFO) or were required, pursuant to section 352 of the SFO, to be entered in the register referred to therein, or were required, pursuant to Model Code for Securities Transactions by Directors of Listed Issuers ("Model Code") in the Rules Governing the Listing of Securities on the Stock Exchange (the "Listing Rules"), to be notified to the Company and the Stock Exchange, were as follows:
Name of Director/ chief executive
Name of
company Capacity
Number of shares held
Approximate percentage of shareholding
Ms. Chong Siw Yin ("Ms. Chong") the Company Beneficiary of a trust 849,078,004(1)
Long position
the Company Beneficial owner 3,105,000(2)
Long position the Company Interest of spouse 5,722,750(3)
Long position
62.23%
0.23%
9
0.42%
Mr. Liu Zhuo Ming the Company Beneficiary of a trust 849,078,004(4)
Long position
the Company Beneficial owner 1,000,000(5) Long position
62.23%
0.07%
Mr. Tse Siu Sze ("Mr. Tse") the Company Interest of spouse 50,000(6)
Long position
0.004%
Notes:
These 849,078,004 shares are owned by Girgio Industries Limited ("Girgio"). Girgio is owned as to 95% by Full Profit Asset Limited which is wholly-owned by HSBC International Trustee Limited (as trustee of The Liu Family Trust, in which Ms. Chong, Mr. Liu Zhuo Ming and Miss Liu Ying Ying are the beneficiaries of The Liu Family Trust) and 5% by Mr. Liu Siong Song ("Mr. Liu"), the spouse of Ms. Chong.
3,105,000 underlying shares held by Ms. Chong, 300,000 of which are held by virtue of the interests in the share options of the Company granted to her on 24 September 2021.
These 5,722,750 shares are beneficially owned by Mr. Liu.
Mr. Liu Zhuo Ming is deemed to be interested in the 849,078,004 shares held by Girgio as a beneficiary of The Liu Family Trust. Mr. Liu Zhuo Ming is the son of Mr. Liu and Ms. Chong.
1,000,000 underlying shares are held by Mr. Liu Zhuo Ming by virtue of the interests in the share options of the Company granted to him on 24 September 2021.
50,000 underlying shares are held by Mr. Tse by virtue of the interests in the share options of the Company granted to his spouse on 24 September 2021.
OTHER INFORMATION
Long position in shares of associated corporation of the Company
Name of Director Name of associated corporation Capacity
Number of
shares
Approximate percentage of shareholding
Mr. Tse Siu Sze LK Injection Molding Machine Co., Ltd.
(廣東力勁塑機智造 股份有限公司)
Beneficial owner 6,011,031 Long position
2.62%
Save as disclosed above, as at 30 September 2025, none of the Directors and chief executive of the Company had registered any interest or short position in the shares, underlying shares and debentures of the Company or its associated corporations (within the meaning of Part XV of the SFO) which were required to be notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO, or which were required, pursuant to Section 352 of the SFO, to be entered in the register referred to therein, or otherwise notified to the Company and the Stock Exchange pursuant to the Model Code.
INTERESTS AND LONG POSITIONS OF SHAREHOLDERS DISCLOSEABLE UNDER THE SFO
As at 30 September 2025, according to the relevant disclosure of the interest information as shown on the HKExnews website of HKEx and the register kept by the Company under Section 336 of the SFO, the following companies and persons, other than the Directors and chief executive of the Company, had long positions of 5% or more in the Shares and underlying Shares of the
10 Company:
Name Capacity
Number of shares held
Approximate percentage of shareholding
Girgio Beneficial owner 849,078,004(1) Long position
62.23%
Mr. Liu See Note(2)
See Note(2)
849,078,004(2)
Long position 3,105,000(2)
Long position
62.23%
0.23%
Beneficial owner 5,722,750 Long position
0.42%
HSBC International Trustee Limited See Note(3) 848,078,004(3) Long position
62.16%
OTHER INFORMATION
Notes:
These 849,078,004 shares are owned by Girgio. Girgio is owned as to 95% by Full Profit Asset Limited which is wholly-owned by HSBC International Trustee Limited (as trustee of The Liu Family Trust, in which Ms. Chong, Mr. Liu Zhuo Ming and Miss Liu Ying Ying are the beneficiaries of The Liu Family Trust) and 5% by Mr. Liu.
Mr. Liu is the spouse of Ms. Chong and is deemed to be interested in the shares held by Ms. Chong. Besides, Mr. Liu holds 5% interest in Girgio.
HSBC International Trustee Limited is the trustee of The Liu Family Trust. The Liu Family Trust was established by Mr. Liu on 22 February 2002 and amended and restated on 3 December 2021 for the benefit of Ms. Chong and the children of Mr. Liu and Ms. Chong. HSBC International Trustee Limited as trustee of The Liu Family Trust owns 95% interest in the Company by the virtue of its shareholding in Full Profit Asset Limited.
Save as disclosed above, the Directors of the Company were not aware of any persons (who were not directors or chief executive of the Company) who had an interest or short position in the shares or underlying shares of the Company which would fall to be disclosed under Divisions 2 and 3 of Part XV of the SFO, or who has interest in 5% or more of the nominal value of any class of share capital, or options in respect of such capital, carrying rights to vote in all circumstances at general meetings of the Company or which would be required, pursuant to section 336 of the SFO, to be entered in the register referred therein.
11
OTHER INFORMATION
SHARE OPTION SCHEME
A share option scheme (the "Share Option Scheme") was adopted pursuant to a resolution passed by the shareholders of the Company at the annual general meeting held on 8 September 2016 and would remain in force for a period of 10 years.
On 24 September 2021, the Company granted an aggregate of 27,540,000 share options to 390 employees of the Group under the Share Option Scheme. Movements in the outstanding share options of the Company granted under the Share Option Scheme during the six months ended 30 September 2024 ("Interim Period") were as follows:
Closing
Number of share options
price | Balance | Balance | |||||||||
per share | outstanding | Granted | Exercised | outstanding | No. of | No. of share | |||||
immediately | Exercise | as at | during the | during the | Lapsed | Cancelled | as at | share option | options exercisable | ||
before date | price | 1 April | Interim | Interim | during the | during the | 30 September | during the | during the | ||
Name | Date of grant | of grant | per share | 2025 | Period | Period | Year | Year | 2025 | vesting period(3) | exercisable period(3) |
HK$ | HK$ | ||||||||||
Directors Ms. Chong Siw | 24 September | 18.9 | 19.86 | 120,000 | - | - | - | - | 120,000 | 120,000 | 120,000 |
12 Yin
2021
24 September
2021
24 September
2021
(24 September 2021 to
24 September 2023)
18.9 19.86 90,000 - - - - 90,000 90,000
(24 September 2021 to
24 September 2024)
18.9 19.86 90,000 - - - - 90,000 90,000
(24 September 2021 to
24 September 2025)
(25 September 2023 to
23 September 2031)
90,000
(25 September 2024 to
23 September 2031)
90,000
(25 September 2025 to
23 September 2031)
Mr. Liu Zhuo Ming
24 September
2021
24 September
2021
24 September
2021
18.9 19.86 400,000 - - - - 400,000 400,000
(24 September 2021 to
24 September 2023)
18.9 19.86 300,000 - - - - 300,000 300,000
(24 September 2021 to
24 September 2024)
18.9 19.86 300,000 - - - - 300,000 300,000
(24 September 2021 to
24 September 2025)
400,000
(25 September 2023 to
23 September 2031)
300,000
(25 September 2024 to
23 September 2031)
300,000
(25 September 2025 to
23 September 2031)
OTHER INFORMATION
Closing
Number of share options
price | Balance | Balance | |||||||||
per share | outstanding | Granted | Exercised | outstanding | No. of | No. of share | |||||
immediately | Exercise | as at | during the | during the | Lapsed | Cancelled | as at | share option | options exercisable | ||
before date | price | 1 April | Interim | Interim | during the | during the | 30 September | during the | during the | ||
Name | Date of grant | of grant | per share | 2025 | Period | Period | Year | Year | 2025 | vesting period(3) | exercisable period(3) |
HK$ | HK$ | ||||||||||
Miss Liu Ying | 24 September | 18.9 | 19.86 | 60,000 | - | - | - | - | 60,000 | 60,000 | 60,000 |
Ying(1)
2021
24 September
2021
24 September
2021
(24 September 2021 to
24 September 2023)
18.9 19.86 45,000 - - - - 45,000 45,000
(24 September 2021 to
24 September 2024)
18.9 19.86 45,000 - - - - 45,000 45,000
(24 September 2021 to
24 September 2025)
(25 September 2023 to
23 September 2031)
45,000
(25 September 2024 to
23 September 2031)
45,000
(25 September 2025 to
23 September 2031)
Ms. Lau Yau Ting(2) | 24 September 2021 | 18.9 | 19.86 | 20,000 | - | - | - | - | 20,000 | 20,000 20,000 (24 September 2021 to (25 September 2023 to 24 September 2023) 23 September 2031) | 13 |
24 September 2021 24 September | 18.9 18.9 | 19.86 19.86 | 15,000 15,000 | - - - - - - | - - | 15,000 15,000 | 15,000 (24 September 2021 to 24 September 2024) 15,000 | 15,000 (25 September 2024 to 23 September 2031) 15,000 | |||
2021 | (24 September 2021 to 24 September 2025) | (25 September 2025 to 23 September 2031) | |||||||||
Other employee participants | 24 September 2021 24 September | 18.9 18.9 | 19.86 19.86 | 8,574,000 6,430,500 | - - - - - - | (101,200) (75,900) | 9,072,800 6,804,600 | 9,072,800 (24 September 2021 to 24 September 2023) 6,804,600 | 9,072,800 (25 September 2023 to 23 September 2031) 6,804,600 | ||
2021 24 September | 18.9 | 19.86 | 6,430,500 | - - - | (75,900) | 6,804,600 | (24 September 2021 to 24 September 2024) 6,804,600 | (25 September 2024 to 23 September 2031) 6,804,600 | |||
2021 | (24 September 2021 to 24 September 2025) | (25 September 2025 to 23 September 2031) | |||||||||
22,935,000 | - - - | (253,000) | 22,682,000 | ||||||||
OTHER INFORMATION
Notes:
A daughter of Ms. Chong Siw Yin and Mr. Liu Siong Song, hence Miss Liu is an associate of a director and a controlling shareholder of the Company pursuant to the definition of the Listing Rules.
The spouse of Mr. Tse, being an associate of a Director of the Company pursuant to the definition of the Listing Rules.
The Share Options will be vested in three tranches, subject to the terms of the Share Option Scheme and the fulfilment of the following vesting conditions:
Percentage of exercisable
Share Options Exercise period Vesting conditions
40% of the Share Options exercisable during the period commencing from the
first trading day after the second anniversary of the date of grant up to and including 23 September 2031
upon satisfaction of the specific performance indicators based on the appraisal mechanism for the relevant grantees for specified financial years
30% of the Share Options exercisable during the period commencing from the
first trading day after the third anniversary of the date of grant up to and including 23 September 2031
30% of the Share Options exercisable during the period commencing from the
14 first trading day after the fourth anniversary of the date of grant up to and including 23 September 2031
SHARE AWARD SCHEME
The Company has adopted a share award scheme (the "Share Award Scheme") on 28 October 2015 (the "Adoption Date"). The purpose of the Share Award Scheme is to recognize the contributions of the employees (including without limitation employees who are also directors) of the Group and to give incentives in order to retain them for the continual operation and development of the Group and to attract suitable personnel for the growth and further development of the Group.
Pursuant to the terms of the Share Award Scheme, the Board may, from time to time, at their absolute discretion select any employee for participation in the Share Award Scheme as a selected employee. The Board may determine the number of shares of the Company to be awarded to each selected employee and may impose any conditions, restrictions or limitations or waive any such conditions, restrictions or limitations from time to time in relation to the award as it may at its absolute discretion think fit.
The Board shall not make any further award which will result in the total number of shares awarded by the Board under the Scheme exceeding 10 per cent. of the issued share capital of the Company as at the Adoption Date. The total number of shares which may be awarded to a selected employee in any 12-month period up to and including the date of award shall not in aggregate exceed 1 per cent. of the issued share capital of the Company as at the Adoption Date.
Subject to any early termination as may be determined by the Board, the Share Award Scheme shall be valid and effective for a term of 10 years commencing on the Adoption Date.
During the six months ended 30 September 2025 ("Period"), the Company has not purchased any shares of the Company through the trustee in the open market on the Stock Exchange for the purpose of the Share Award Scheme. There were no shares awarded to employees pursuant to the Share Award Scheme during the Period.
There were no unvested awards at the beginning and at the end of the Period, nor awards vested, cancelled or lapsed during the Period.
OTHER INFORMATION
Share Incentive Scheme of Shenzhen LK
The adoption of the share incentive scheme (the "Share Incentive Scheme") of Shenzhen L.K. Technology Co., Ltd.* (深圳力勁科技股份有限公司) ("Shenzhen LK"), an indirect subsidiary of the Company, was approved by the Company at the extraordinary general meeting held on 22 December 2023.
There were no unvested awards at the beginning and at the end of the Period, nor awards granted, vested, cancelled or lapsed during the Period.
INTERIM DIVIDEND
The Board has resolved to declare an interim dividend of HK3 cents per share for the six months ended 30 September 2025 (2024: HK3 cents per share) to the shareholders whose names appear on the register of members of the Company on Tuesday, 23 December 2025. The interim dividend will be paid on or about Friday, 9 January 2026.
CLOSURE OF REGISTER OF MEMBERS
The register of members of the Company will be closed from Friday, 19 December 2025 to Tuesday, 23 December 2025, both days inclusive, during which no transfer of shares will be registered. In order to qualify for the interim dividend, all shares transfer documents accompanied by the relevant share certificates must be lodged with the Company's branch share registrar in Hong Kong, Computershare Hong Kong Investor Services Limited, Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong Kong for registration not later than 4:30 p.m. on Thursday, 18 December 2025.
PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES OF THE COMPANY
During the six months ended 30 September 2025, neither the Company nor any of its subsidiaries has purchased, sold or redeemed any of the listed securities of the Company.
CORPORATE GOVERNANCE
The Company has complied with all the code provisions as set out in the Corporate Governance Code as set out in Appendix C1 to the Rules Governing the Listing of Securities on the Stock Exchange (the "Listing Rules") during the Period under Review.
* English name is made for identification purpose only
AUDIT COMMITTEE
The Audit Committee consists of three independent non-executive Directors, namely Dr. Lui Ming Wah, Dr. Low Seow Chay and Mr. Look Andrew. Dr. Lui Ming Wah is the chairman of the Audit Committee. The primary duties of the Audit Committee are to review and supervise the financial reporting process and internal control system of the Group and provide advice and comments to the Board.
MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS
The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers (the "Model Code") as set out in Appendix C3 to the Listing Rules. Having made specific enquiry of all Directors, all Directors have confirmed that they have fully complied with the required standard set out in the Model Code throughout the Period under Review.
REVIEW OF FINANCIAL INFORMATION 15
The Audit Committee has reviewed the unaudited condensed consolidated interim financial information of the Group for the six months ended 30 September 2025. PricewaterhouseCoopers, the Group's external auditor, also reviewed the unaudited condensed interim financial information for the six months ended 30 September 2025 in accordance with Hong Kong Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Hong Kong Institute of Certified Public Accountants.
On behalf of the Board Chong Siw Yin Chairperson
Hong Kong, 27 November 2025
REPORT ON REVIEW OF
INTERIM FINANCIAL INFORMATION
To the Board of Directors of L.K. Technology Holdings Limited
(incorporated in the Cayman Islands with limited liability)
INTRODUCTION
We have reviewed the interim financial information set out on pages 17 to 58, which comprises the condensed consolidated statement of financial position of L.K. Technology Holdings Limited (the "Company") and its subsidiaries (together, the "Group") as at 30 September 2025 and the condensed consolidated income statement, the condensed consolidated statement of comprehensive income, the condensed consolidated statement of changes in equity and the condensed consolidated statement of cash flows for the six months then ended, and selected explanatory notes. The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited require the preparation of a report on interim financial information to be in compliance with the relevant provisions thereof and Hong Kong Accounting Standard 34 "Interim Financial Reporting" as issued by the Hong Kong Institute of Certified Public Accountants (the "HKICPA"). The directors of the Company are responsible for the preparation and presentation of this interim financial information in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" as issued by the HKICPA. Our responsibility is to express a conclusion on this interim financial information based on our review and to report
16 our conclusion solely to you, as a body, in accordance with our agreed terms of engagement, and for no other purpose. We do not
assume responsibility towards or accept liability to any other person for the contents of this report.
SCOPE OF REVIEW
We conducted our review in accordance with Hong Kong Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" as issued by the HKICPA. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Hong Kong Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
CONCLUSION
Based on our review, nothing has come to our attention that causes us to believe that the interim financial information of the Group is not prepared, in all material respects, in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" as issued by the HKICPA.
PricewaterhouseCoopers
Certified Public Accountants
Hong Kong, 27 November 2025
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 30 September 2025
(Unaudited) 30 September | (Audited) 31 March | |||
Notes | 2025 | 2025 | ||
HK$'000 | HK$'000 | |||
Non-current assets | ||||
Intangible assets | 7 | 9,997 | 10,720 | |
Property, plant and equipment | 8 | 2,950,304 | 2,680,922 | |
Investment properties | 8 | 420,700 | 419,600 | |
Right-of-use assets | 8 | 492,159 | 495,281 | |
Interests in joint ventures | 61,794 | 64,542 | ||
Interests in associates | 15,985 | 16,181 | ||
Other receivables and deposits | 49,866 | 36,941 | ||
Deferred income tax assets | 119,625 | 114,447 | ||
Trade and bill receivables | 9 | 137,565 | 14,911 | |
Financial assets at fair value through other comprehensive income | 5.3 | 85,198 | 92,391 | |
Total non-current assets | 4,343,193 | 3,945,936 | ||
Current assets Inventories | 1,965,982 | 1,928,097 | 17 | |
Trade and bill receivables | 9 | 4,083,694 | 3,718,880 | |
Other receivables, prepayments and deposits | 506,011 | 411,398 | ||
Short-term bank deposits | 99,597 | 108,696 | ||
Restricted bank balances | 203,185 | 240,992 | ||
Cash and cash equivalents | 1,406,817 | 1,560,253 | ||
Total current assets | 8,265,286 | 7,968,316 | ||
Total assets | 12,608,479 | 11,914,252 | ||
Equity | ||||
Share capital | 10 | 136,440 | 136,440 | |
Reserves | (795,013) | (826,765) | ||
Retained earnings | 2,708,507 | 2,680,555 | ||
2,049,934 | 1,990,230 | |||
Non-controlling interests | 2,133,156 | 2,126,324 | ||
Total equity | 4,183,090 | 4,116,554 |
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION | ||||
At 30 September 2025 | ||||
(Unaudited) | (Audited) | |||
30 September | 31 March | |||
Notes | 2025 | 2025 | ||
HK$'000 | HK$'000 | |||
Non-current liabilities | ||||
Deferred income tax liabilities | 69,354 | 73,086 | ||
Borrowings | 11 | 248,268 | 253,829 | |
Lease liabilities | 56,168 | 57,630 | ||
Other payables | 12 | 4,608 | 4,460 | |
Redemption liabilities | 12 | 2,563,858 | 2,482,868 | |
Total non-current liabilities | 2,942,256 | 2,871,873 | ||
Current liabilities | ||||
Trade and bill payables | 12 | 2,122,156 | 1,838,182 | |
Other payables and contract liabilities | 12 | 1,105,756 | 1,129,092 | |
Borrowings | 11 | 2,193,444 | 1,895,031 | |
Lease liabilities | 10,814 | 12,214 | ||
18 | Current income tax liabilities | 46,332 | 41,795 | |
Financial liability at fair value through profit or loss | 5.3 | 4,631 | 9,511 | |
Total current liabilities | 5,483,133 | 4,925,825 | ||
Total liabilities | 8,425,389 | 7,797,698 | ||
Total equity and liabilities | 12,608,479 | 11,914,252 | ||
The consolidated financial statements on pages 17 to 58 were approved by the Board of Directors on 27 November 2025 and were signed on its behalf.
Chong Siw Yin Liu Zhuo Ming
Director Director
The notes on pages 24 to 58 are integral part of this condensed consolidated interim financial information.
CONDENSED CONSOLIDATED INCOME STATEMENT
For the six months ended 30 September 2025
(Unaudited)
Six months ended 30 September
Notes | 2025 HK$'000 | 2024 HK$'000 | |||
Revenue | 13 | 3,260,464 | 2,594,448 | ||
Cost of sales | 15 | (2,493,241) | (1,849,825) | ||
Gross profit | 767,223 | 744,623 | |||
Other income | 13 | 45,159 | 73,130 | ||
Other gains - net | 14 | 9,371 | 27,818 | ||
Selling and distribution expenses | 15 | (223,931) | (254,671) | ||
General administrative expenses | 15 | (350,701) | (367,083) | ||
Reversal of provision/(provision) for impairment of trade receivables - net | 15 | 2,719 | (7,297) | ||
Operating profit | 249,840 | 216,520 | |||
Finance income | 7,384 | 11,700 | |||
Finance costs | (35,181) | (33,407) | |||
19 | |||||
Finance costs - net | 17 | (27,797) | (21,707) | ||
Share of losses of joint ventures | (2,806) | - | |||
Share of losses of associates | (11,240) | (91) | |||
Profit before income tax | 207,997 | 194,722 | |||
Income tax expenses | 18 | (40,301) | (28,799) | ||
Profit for the period | 167,696 | 165,923 | |||
Profit attributable to: Equity holders of the Company | 141,377 | 148,385 | |||
Non-controlling interests | 26,319 | 17,538 | |||
167,696 | 165,923 | ||||
HK cents | HK cents | ||||
Earnings per share for profit attributable to owners of the Company during the period - Basic | 19(a) | 10.4 | 10.9 | ||
- Diluted | 19(b) | 10.4 | 10.9 | ||
The notes on pages 24 to 58 are integral part of this condensed consolidated interim financial information.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 September 2025
(Unaudited)
Six months ended 30 September
2025 2024
HK$'000 HK$'000
Profit for the period 167,696 165,923
Other comprehensive income for the period:
Item that may be reclassified to profit or loss upon disposal
Currency translation difference 46,767 7,819
Items that will not be reclassified to profit or loss
Fair value change of financial assets at fair value through
other comprehensive income | (8,209) | - | ||
Total comprehensive income for the period, net of tax | 206,254 | 173,742 | ||
Total comprehensive income for the period attributable to: Equity holders of the Company | 175,725 | 156,204 | ||
20 | Non-controlling interests | 30,529 | 17,538 | |
206,254 | 173,742 | |||
The notes on pages 24 to 58 are integral part of this condensed consolidated interim financial information.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 September 2025
Attributable to owners of the Company (Unaudited)
Financial | |||||||||||||
assets at | |||||||||||||
fair value | |||||||||||||
Capital | Exchange | Property | through other | Non- | |||||||||
Share | Share | Share | redemption | translation | Other | Statutory | revaluation | comprehensive | Retained | controlling | |||
capital | premium | reserve | reserves | reserve | reserve | reserve | reserve | income reserve | earnings | Sub-total | interests | Total equity | |
HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | |
At 1 April 2025 | 136,440 | 1,068,168 | 12,418 | 1,200 | (226,842) | (2,246,155) | 434,645 | 129,433 | 368 | 2,680,555 | 1,990,230 | 2,126,324 | 4,116,554 |
Profit for the period | - | - | - | - | - | - | - | - | - | 141,377 | 141,377 | 26,319 | 167,696 |
Other comprehensive income | |||||||||||||
Currency translation difference | - | - | - | - | 42,557 | - | - | - | - | - | 42,557 | 4,210 | 46,767 |
Fair value change of financial asset at fair value | |||||||||||||
through other comprehensive income | - | - | - | - | - | - | - | - | (8,209) | - | (8,209) | - | (8,209) |
Total comprehensive income | - | - | - | - | 42,557 | - | - | - | (8,209) | 141,377 | 175,725 | 30,529 | 206,254 |
Interest accretion of redemption liability in | |||||||||||||
relation to a put option exercisable by | |||||||||||||
non-controlling interests | - | - | - | - | - | (71,718) | - | - | - | - | (71,718) | - | (71,718) |
Transfer to statutory reserve | - | - | - | - | - | - | 21,927 | - | - | (21,927) | - | - | - 21 |
Appropriation to Safety fund | - | - | - | - | - | 23,498 | - | - | - | (23,498) | - | - | - |
Redemption liability in relation to a put option | |||||||||||||
exercisable by non-controlling interests | |||||||||||||
(Note 12) | - | - | - | - | - | 23,697 | - | - | - | - | 23,697 | - | 23,697 |
Dividend declared | - | - | - | - | - | - | - | - | - | (68,000) | (68,000) | (23,697) | (91,697) |
At 30 September 2025 | 136,440 | 1,068,168 | 12,418 | 1,200 | (184,285) | (2,270,678) | 456,572 | 129,433 | (7,841) | 2,708,507 | 2,049,934 | 2,133,156 | 4,183,090 |
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 September 2025
Attributable to owners of the Company (Unaudited)
Financial | |||||||||||||
assets at | |||||||||||||
fair value | |||||||||||||
Exchange | Property | through other | Non- | ||||||||||
Share | Share | Share | Treasury | translation | Other | Statutory | revaluation | comprehensive | Retained | controlling | |||
capital | premium | reserve | shares | reserve | reserve | reserve | reserve | income reserve | earnings | Sub-total | interests | Total equity | |
HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | |
At 1 April 2024 | 137,640 | 1,123,842 | 12,418 | (56,874) | (201,419) | (2,104,156) | 407,639 | 129,433 | 368 | 2,470,434 | 1,919,325 | 2,096,774 | 4,016,099 |
Profit for the period | - | - | - | - | - | - | - | - | - | 148,385 | 148,385 | 17,538 | 165,923 |
Other comprehensive income | |||||||||||||
Currency translation difference | - | - | - | - | 7,819 | - | - | - | - | - | 7,819 | - | 7,819 |
Total comprehensive income | - | - | - | - | 7,819 | - | - | - | - | 148,385 | 156,204 | 17,538 | 173,742 |
Repurchase of company's shares | (1,200) | (55,674) | - | 56,874 | - | - | - | - | - | - | - | - | - |
Interest accretion of redemption liability in | |||||||||||||
relation to a put option exercisable by non- | |||||||||||||
controlling interests | - | - | - | - | - | (72,507) | - | - | - | - | (72,507) | - | (72,507) |
Transfer to statutory reserve | - | - | - | - | - | - | 13,536 | - | - | (13,536) | - | - | - |
owners | |||||||||||||
Dividend declared | - | - | - | - | - | - | - | - | - | (68,220) | (68,220) | - | (68,220) |
At 30 September 2024 | 136,440 | 1,068,168 | 12,418 | - | (193,600) | (2,176,663) | 421,175 | 129,433 | 368 | 2,537,063 | 1,934,802 | 2,114,312 | 4,049,114 |
22 Transaction with owners in their capacity as
The notes on pages 24 to 58 are integral part of this condensed consolidated interim financial information.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 30 September 2025
(Unaudited)
Six months ended 30 September
2025 HK$'000 | 2024 HK$'000 | ||
Cash flows from operating activities | |||
Cash generated from/(used in) operations | 173,538 | (87,792) | |
Interest paid | (31,643) | (31,343) | |
Income tax paid | (40,417) | (47,676) | |
Net cash inflow/(outflow) from operating activities | 101,478 | (166,811) | |
Cash flows from investing activities | |||
Payments for intangible assets | (804) | (708) | |
Purchases of property, plant and equipment | (400,127) | (307,502) | |
Proceeds from disposals of property, plant and equipment | 3,151 | 1,114 | |
Purchases of land use rights | - | (18,327) | |
Decrease/(increase) in short-term bank deposits | 10,293 | (54,945) | |
Payment of consideration payable for acquisition of a financial asset at fair value | |||
through other comprehensive income ("FVOCI") | (65,934) | - | 23 |
Investment in a joint venture | (59) | - | |
Payment of consideration payable for investment in a joint venture | (11,819) | - | |
Investment in an associate | (10,989) | - | |
Loan to a joint venture | (24,960) | - | |
Interest received | 7,384 | 11,700 | |
Net cash outflow from investing activities | (493,864) | (368,668) | |
Cash flows from financing activities | |||
Inception of new bank borrowings | 1,135,964 | 572,034 | |
Repayment of bank borrowings | (880,822) | (656,415) | |
Increase/(decrease) in trust receipt loans | 172 | (2,277) | |
Payment of lease liabilities | (7,664) | (5,317) | |
Dividends paid to non-controlling interests in Shenzhen L.K. Technology Co., Ltd | (23,693) | - | |
Dividends paid to holders of employee's incentive plan | (6,311) | (3,138) | |
Net cash inflow/(outflow) from financing activities | 217,646 | (95,113) | |
Net decrease in cash and cash equivalents | (174,740) | (630,592) | |
Cash and cash equivalents at beginning of period | 1,560,253 | 2,375,176 | |
Exchange differences on cash and cash equivalents | 21,304 | 2,138 | |
Cash and cash equivalents at end of period | 1,406,817 | 1,746,722 |
The notes on pages 24 to 58 are integral part of this condensed consolidated interim financial information.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION
GENERAL INFORMATION
L.K. Technology Holdings Limited (the "Company") was incorporated in the Cayman Islands as an exempted company with limited liability and its shares are listed on The Stock Exchange of Hong Kong Limited (the "Stock Exchange") since 16 October 2006. The address of its registered office is Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman, KY1-1111, Cayman Islands. The immediate and ultimate holding company of the Company is Girgio Industries Limited, a company incorporated in the British Virgin Islands.
The Company and its subsidiaries (the "Group") are principally engaged in the design, manufacture, and sales of hot chamber and cold chamber die-casting machines, plastic injection moulding machines, computerised numerical controlled ("CNC") machining centre and related accessories.
This condensed consolidated interim financial information is presented in Hong Kong dollars ("HK$") unless otherwise stated. This condensed consolidated interim financial information was approved for issue by the board (the "Board") of directors (the "Directors") on 27 November 2025.
This condensed consolidated interim financial information has not been audited.
BASIS OF PREPARATION
The condensed consolidated interim financial information for the six months ended 30 September 2025 has been prepared
24 in accordance with Hong Kong Accounting Standard ("HKAS") 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants. In addition, the condensed consolidated interim financial information has been prepared in accordance with the applicable disclosure requirements of Appendix 16 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules").
The condensed consolidated interim financial information should be read in conjunction with the annual financial statements for the year ended 31 March 2025, which have been prepared in accordance with HKFRS Accounting Standards.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION
ACCOUNTING POLICIES
The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, except for the adoption of amended standards and interpretation as set out below.
Income tax expenses in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings.
Amendments to existing standard adopted by the Group
The Group has applied the following amended standard for the first time for the annual reporting period commencing 1 April 2025:
HKAS 21 and HKFRS 1 (amendments) Lack of Exchangeability
The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods.
New and amended standards and interpretation not yet adopted
Effective for
accounting 25
periods beginning on or after
HKFRS 9 & HKFRS 7 (amendments) Classification and Measurement of Financial
Instruments
1 April 2026
HKFRS 1, HKFRS 7, HKFRS 9,
HKFRS 10 & HKAS 7
Annual Improvements to HKFRS Accounting Standards Volume 11
1 April 2026
HKFRS 9 & HKFRS 7 (amendments) Contracts Referencing Nature-dependent Electricity 1 April 2026 HKFRS 18 Presentation and Disclosure in Financial Statements 1 April 2027
HKFRS 19 Subsidiaries without Public Accountability: Disclosures
HK Int 5 (amendments) Presentation of Financial Statements - Classification
by the Borrower of a Term Loan that Contains a Repayment on Demand Clause
HKFRS 10 & HKAS 28 (amendments) Sale or Contribution of Assets between an Investor
and its Associate or Joint Venture
1 April 2027
1 April 2027
Not yet established
The Group will apply the above new standards and amendments to existing standards, interpretation and annual improvements when they become effective.
The new standards, amendments to existing standards, interpretation and annual improvements are not expected to have a material impact on the Group in the current or future reporting periods and on foreseeable future transactions, except for HKFRS 18 which will mainly impact the presentation in the income statement and statement of cash flows. The Group is still in the process of evaluating the impact of adoption of HKFRS 18.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION
ESTIMATES
The preparation of condensed consolidated interim financial information requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.
In preparing the condensed consolidated interim financial information, the significant judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ended 31 March 2025.
FINANCIAL RISK MANAGEMENT
Financial risk factors
The Group's activities expose it to a variety of financial risks: market risk (including foreign exchange risk, interest rate risk), credit risk and liquidity risk.
The condensed consolidated interim financial information does not include all financial risk management information and disclosures required in the annual financial statements, and should be read in conjunction with the Group's annual financial statements as at 31 March 2025.
26 There have been no changes in the risk management policies since year end.
Liquidity risk
Compared to year end, there was no material change in the contractual undiscounted cash outflows for financial liabilities.
Fair value estimation
The different levels for analysis of financial instruments carried at fair value, by valuation method are defined as follows:
Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1)
Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2)
Inputs for the asset and liability that are not based on observable market data (that is, unobservable inputs) (Level 3)
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION
5 FINANCIAL RISK MANAGEMENT (Continued)
5.3 Fair value estimation (Continued)
The following table presents the Group's financial assets that are measured at fair value at 30 September 2025 and 31 March 2025.
As at 30 September 2025 Level 1 | (Unaudited) Level 2 | Level 3 | Total | |
HK$'000 | HK$'000 | HK$'000 | HK$'000 | |
Financial assets Financial assets at fair value through other comprehensive income (Note i) - | - | 85,198 | 85,198 | |
Financial liability Financial liability at fair value through profit or loss - | - | 4,631 | 4,631 | |
As at 31 March 2025 | 27 | |||
Level 1 | (Audited) Level 2 | Level 3 | Total | |
HK$'000 | HK$'000 | HK$'000 | HK$'000 | |
Financial assets Financial assets at fair value through other comprehensive income (Note i) - | - | 92,391 | 92,391 | |
Financial liability
Financial liability at fair value through
profit or loss - - 9,511 9,511
Note:
(i) As at 30 September 2025 and 31 March 2025, financial asset at fair value through other comprehensive income represents an unlisted equity investment denominated in RMB with its fair value estimated by market approach.
There were no transfers of financial assets and liabilities between levels 1 and 2 of the value hierarchy classifications.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION
5 FINANCIAL RISK MANAGEMENT (Continued)
5.3 Fair value estimation (Continued)
Reconciliation of level 3 fair value measurement of financial assets:
(Unaudited) Six months ended 30 September 2025 Financial assets
at fair value through other comprehensive
income HK$'000
Financial assets
Balance at 1 April 2025 92,391
Fair value change (8,209)
Exchange difference 1,016
28 Balance at 30 September 2025 85,198
(Unaudited) Six months ended 30 September 2024 Financial asset
at fair value through other comprehensive
income HK$'000
Financial assets
Balance at 1 April 2024 5,495
Exchange difference -
Balance at 30 September 2024 5,495
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION
FINANCIAL RISK MANAGEMENT (Continued)
5.3 Fair value estimation (Continued)
(Unaudited) Six months ended 30 September 2025 Financial liability at fair value through profit or loss
HK$'000
Financial liability
Balance at 1 April 2025 9,511
Fair value change (Note 14) 547
Transferred to other payables (6,208)
Exchange difference 781
Balance at 30 September 2025 4,631
29
Total unrealised losses recognised in the consolidated income statement
relating to those instruments held at the end of year 547
The Group's "trade, bill and other receivables", "deposits", "short-term bank deposits", "restricted bank balances", "cash and cash equivalents", "trade, bill and other payables", "lease liabilities" and "redemption liabilities" are financial assets and liabilities not carried at fair value. As at both 30 September 2025 and 31 March 2025, the carrying values of these financial assets and liabilities approximated their respective fair values.
SEGMENT INFORMATION
The Group determines its operating segments based upon the internal reports reviewed by the chief operating decision maker ("CODM") that are used to make strategic decisions. Segment results represent the profit/(loss) for the period before corporate expenses in each reportable segment. This is the measure reported to the Group's management for the purpose of resource allocation and assessment of segment performance.
The measure used for reporting segment results is "profit from operations", i.e. profit before finance income, finance costs, share of losses of associates, share of losses of joint ventures and income tax expenses. To arrive at the profit/(loss) from operations, the Group's profit is further adjusted for items not specifically attributed to individual segments.