HYPEBEAST：INTERIMREPORT2024-2025.pdf

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1、LIMITEDStock Code 股份代號 0015020242025INTERIM REPORT中期報告Incorporated in the Cayman Islandswith limited liability於開曼群島註冊成立的有限公司Interim Report 中期報告LIMITED20242025INTERIM REPORT中期報告Interim Results2Management Discussion and Analysis2Condensed Consolidated Statement of Profit or Loss and Other Comprehensiv

2、e Income15Condensed Consolidated Statement of Financial Position16Condensed Consolidated Statement of Changes in Equity17Condensed Consolidated Statement of Cash Flows18Notes to the Condensed Consolidated Financial Statements19Disclosure of Interests33Competing and Conflict of Interests36Purchase,Sa

3、le or Redemption of Listed Securities of the Company37Corporate Governance Practice37Directors Securities Transactions37Share Option Schemes38Review by Audit Committee40Events after the Reporting Period40 1ContentsInterim ResultsThe board(the“Board”)of directors(the“Directors”)of Hypebeast Limited(t

4、he“Company”)presents the unaudited condensed consolidated interim results of the Company and its subsidiaries(collectively,the“Group”)for the six months ended 30 September 2024(“1H2025”),together with the unaudited comparative figures for the six months ended 30 September 2023(“1H2024”),as follows:M

5、anagement Discussion and Analysis Business OverviewThe Group is a media and e-commerce and retail company primarily engaged in(i)the provision of creative advertising services and advertising spaces for global brands(the“media segment”);and(ii)the sale of goods through its online and offline retail

6、platform(the“e-commerce and retail segment”).The Group produces and distributes youth-focused digital content centering on fashion,lifestyle,technology,arts&entertainment,culture and music to its visitors and followers.Digital content is distributed via the Groups media platforms(including its Hypeb

7、east,Hypebae and Popbee websites and mobile apps)and popular third-party social media platforms,including but not limited to Facebook,Instagram,X,TikTok,Youtube,Wechat,Weibo,Kakao and Naver.The Group also maintains multi-language versions of its flagship Hypebeast property across both website and so

8、cial media platforms,with content available in English,Chinese,Japanese,Korean and Indonesian.The Group delivers bespoke creative solutions through its agency business to its brand clients,with services including but not limited to creative conceptualization,talent curation,technical production,camp

9、aign execution,data intelligence and distribution of digital media advertisement via the Groups digital media platforms.The Group engages in retail of footwear,apparel,accessories and other products under its HBX e-commerce platform and retail shop.The HBX e-commerce platform focuses on delivering t

10、he latest,trend-setting apparel,accessories and lifestyle products to its customers,curating and creating fashion-forward pieces and collaborations to include in its merchandise portfolio.Combining the Groups unique insight into youth culture,and its longstanding reputation in the industry as a comm

11、unity and cultural leader,the Group is able to source and curate products most desired by its target demographic,thereby generating growing popularity and usage amongst shoppers.2 Interim Report 2024-2025Business Prospect and Future DevelopmentsOperational Efficiency and Profitable GrowthWe are prio

12、ritizing operational efficiency and cost management to ensure profitable growth across all of our media and e-commerce and retail divisions.By optimizing our internal processes and carefully managing expenses,we aim to maximize profitability,unlock resources for strategic reinvestment and position H

13、ypebeast for sustainable long-term growth.Some of the key initiatives in this area include:Prioritizing the correct balance of staffing across our divisions relative to impact on results and return on investment;Automating repetitive administrative tasks through intelligent workflow automation,freei

14、ng up our teams to focus on higher-value activities;Continuously reviewing and optimizing our process of delivering our products and services to save time and costs for both the company and our customers and clients;Rigorously evaluating our technology stack to ensure we are leveraging the most effi

15、cient and cost-effective solutions;and Implementing stringent cost controls and budgeting measures to maintain discipline across all operational expenditures.Year of EfficiencyThe Group has implemented significant measures this period across the entire business to promote efficiency and stabilize pr

16、ofits.Such actions include a holistic rightsizing of the business people and processes,with a focus on producing impactful results and profitable growth whilst streamlining unnecessary costs.The objective is to make Hypebeast a better media and e-commerce and retail company,to improve our financial

17、performance in challenging environments so the business can execute its long-term vision and to re-allocate its resources to the right place to produce results.Please refer to discussions of such actions and their impact in the Business and Financial Review section below.Management Discussion and An

18、alysis 3Focus on Engagement and CommunityAt the core of Hypebeasts business is our vibrant,globally-engaged community of young,style-conscious and culturally aware readers and consumers.We are deeply committed to nurturing these relationships and empowering our audience to become active participants

19、 across our platforms and points of engagement.Our key initiatives in this area include:Investing in community management and delivering meaningful,thought provoking content to foster community dialogue,strengthen brand loyalty,and drive user engagement;Developing and curating immersive virtual and

20、physical experiences that bring our readership and consumer community together around shared passions and interests;Collaborating with influential figures,tastemakers,and industry partners to curate content and product offerings that resonate with our target demographic;and Exploring topic adjacenci

21、es that are culturally important and relevant to our audience,such as golf,arts,entertainment and technology,and developing a unique way to experience these themes through the Hypebeast lens.By placing our readership and consumer community at the heart of our strategy,we can deepen our understanding

22、 of their evolving needs and preferences,unlock new avenues for growth,and solidify Hypebeasts position as a trusted,go-to destination for youth culture and style.4 Interim Report 2024-2025Strengthen the Hypebeast EcosystemAt the heart of Hypebeasts business lies a powerful,interconnected network th

23、at unites our core divisions of media and e-commerce and retail and agency services.Our media platforms serve as the heart of the Hypebeast community,engaging our readers with captivating content that shapes trends and fuels cultural discourse.This,in turn,empowers our e-commerce and retail division

24、 to serve as a direct conduit to our engaged,style-conscious consumer base.The data and insights gleaned from our e-commerce and retail operations inform our media strategy,enabling us to deliver personalized,relevant content and product recommendations that anticipate and meet the evolving needs of

25、 our community.Our agency business offers a unique opportunity to bridge the gap between our media influence and e-commerce and retail capabilities.By tapping into the wealth of data,insights,and creative expertise within our agency division,we can continuously optimize our own media and e-commerce

26、and retail strategies,ensuring that we remain at the forefront of youth culture and style.We aim to upgrade our platform into a more cohesive and effective system to further benefit from this virtuous cycle of growth and influence,bridging the relationship between brands and our audience and driving

27、 customer acquisition and conversion.Management Discussion and Analysis 5Business and Financial Review Media SegmentRevenue and gross profit of the media segment for 1H2025 and 1H2024,are as follows:1H20251H2024Change%ChangeHK$000HK$000HK$000(Unaudited)(Unaudited)Revenue278,618283,111(4,493)(1.6%)Gr

28、oss Profit145,439153,131(7,692)(5.0%)Gross Profit Margin52.2%54.1%Revenue from the media segment amounted to HK$278.6 million in 1H2025,a decrease of 1.6%against a comparative of HK$283.1 million in 1H2024.Against headwinds in the industry,slower than expected media campaign executions lead to a sli

29、ghtly year on year decrease in revenue in the first half of FY2025.Gross profit of the media segment amounted to HK$145.4 million,representing a decrease of HK$7.7 million,or 5.0%,versus 1H2024.Gross profit margin decreased from 54.1%in 1H2024 to 52.2%in 1H2025.The difference was mainly due to incre

30、ases in campaign costs associated with“in real life”sales executions produced by the Group in the first half year of FY2025.6 Interim Report 2024-2025E-Commerce and Retail SegmentRevenue and gross profit of the e-commerce and retail segment for 1H2025 and 1H2024,are as follows:1H20251H2024Change%Cha

31、ngeHK$000HK$000HK$000(Unaudited)(Unaudited)Revenue81,880156,896(75,016)(47.8%)Gross Profit27,78653,695(25,909)(48.3%)Gross Profit Margin33.9%34.2%Revenue from the e-commerce and retail segment decreased from HK$156.9 million in 1H2024 to HK$81.9 million in 1H2025,or a decrease of 47.8%.Gross profit

32、of the e-commerce and retail segment amounted to HK$27.8 million in 1H2025,representing a decrease of HK$25.9 million,or 48.3%,as compared to 1H2024.This translates to a gross profit margin of 33.9%,a decrease of 0.3 percentage points as compared to 34.2%in 1H2024.The decrease in e-commerce revenue

33、was primarily driven by managements right sizing of the e-commerce business and an increase in promotion and discounts deployed in the course of improving the Groups inventory portfolio.The Groups main focus within the e-commerce segment is to improve the divisions long term profitability and reduce

34、 segment risk by decreasing working capital tied up in inventory,onboarding more cost effective channels for product procurement and distribution,focusing on brand and product gross margins and adhering to stringent operational cost management.Cost of RevenueThe Groups cost of revenue decreased from

35、 HK$233.2 million for 1H2024 to HK$187.3 million for 1H2025,representing a decrease of approximately 19.7%.The decrease was mainly attributable to a decline in sales volume under the e-commerce and retail segment in the first half of FY2025.Management Discussion and Analysis 7Gross Profit MarginGros

36、s profit of the Group decreased from HK$206.8 million for 1H2024 to HK$173.2 million for 1H2025,representing a decrease of approximately 16.2%.The decrease was mainly caused by the decrease in revenue for 1H2025 as discussed above.The overall gross profit margin increased from approximately 47.0%for

37、 1H2024 to approximately 48.1%for 1H2025.Selling and Marketing ExpensesSelling and marketing expenses of the Group decreased by 28.9%from HK$91.8 million in 1H2024 to HK$65.2 million in 1H2025 and,correspondingly as a percentage of revenue,decreased from 20.9%in 1H2024 to 18.1%in 1H2025,primarily du

38、e to an efficiency improvement exercise deployed by the Group during the fiscal period.The Group holistically scrutinized all of the Companys expenses and significantly downsized both people and processes in order to improve margin and profitability whilst maintaining productivity.A reduction in mar

39、keting expenses also drove a portion of the decrease.The Group shifted its marketing strategy from higher cost paid channels to lower cost organic marketing channels to drive customer acquisition and conversion within the e-commerce and retail segment.As a result,the segment maintained similar level

40、s of performance while generating cost efficiencies.Such cost savings are expected to continue its positive impact to the Groups financial results in the remaining fiscal periods.Administrative and Operating ExpensesAdministrative and operating expenses of the Group decreased by 32.1%from HK$124.6 m

41、illion in 1H2024 to HK$84.6 million in 1H2025 and correspondingly as a percentage of revenue,it decreased from 28.3%in 1H2024 to 23.5%in 1H2025.The decrease was mainly led by the Groups cost efficiency actions to improve margin and profitability.As with Selling and Marketing expenses,the impact of c

42、ost savings measures are expected to continue its positive impact to the Groups financial results in the remaining fiscal periods.8 Interim Report 2024-2025Cash FlowThe Group recorded net cash inflow from operating activities of HK$22.6 million in 1H2025 versus an inflow of HK$3.1 million in 1H2024.

43、Such net cash inflow was mainly driven by an increase in profit and trade and other payables due to a higher level of credit extended by suppliers.Net cash used in investing activities amounted to HK$41.5 million in 1H2025,compared to cash inflows of HK$3.1 million from investing activities in 1H202

44、4.Such cash outflows were mainly due to the placement of time deposits with original maturity over three months.Net cash used in financing activities amounted to HK$42.8 million in 1H2025 as compared to HK$17.0 million in 1H2024.Such cash outflows primarily due to the dividends paid and the Groups f

45、inancing of office,retail and warehouse space.1H20251H2024Extracts of cash flowHK$000HK$000(Unaudited)(Unaudited)Net cash from operating activities22,6353,092 Net cash(used in)from investing activities(41,493)3,101 Net cash used in financing activities(42,750)(16,990)Net decrease in cash and cash eq

46、uivalents(61,608)(10,797)Cash and cash equivalents at beginning of the year183,492166,021 Effect of foreign exchange rate changes1,605(15,530)Cash and cash equivalents at end of the six months,representing bank balances and cash123,489139,694 Management Discussion and Analysis 9Liquidity and Financi

47、al ResourcesAs at 30 September 2024,the Group had total assets of approximately HK$628.2 million(31 March 2024:approximately HK$629.9 million),which is financed by total liabilities and shareholders equity(comprising share capital and reserves)of approximately HK$154.2 million(31 March 2024:approxim

48、ately HK$149.6 million)and approximately HK$474.0 million(31 March 2024:approximately HK$480.3 million),respectively.The Companys current liabilities comprise mainly of trade and other payables in the normal course of business,while long term liabilities comprise mainly of long term leases relating

49、to the Companys warehouse and office.The Company had no outstanding interest-bearing bank borrowings of the Group as at 30 September 2024(31 March 2024:nil).Current ratio slightly decreased from approximately 4.1 times as at 31 March 2024 and to approximately 4.0 times as at 30 September 2024.As at

50、30 September 2024,the Group has HK$88.8 million available credit facilities comprising of revolving loans,term loan,trade loan,tax loan and bank guarantee,and none of the facilities has been utilized as of period end.As at 30 September 2024,the Company had bank balances and cash of HK$123.5 million

51、mainly denominated in HK dollar,US dollar and RMB,primarily invested in short-term,liquid term deposits and operating and savings accounts.The Group maintained its efforts on the collection of trade receivables and the sell-through of inventories throughout 1H2025,which led to the overall health of

52、the treasury position and working capital as at period end.InventoriesThe Groups inventories principally comprise third-party apparel and footwear for resale to end customers.The balance of the Groups inventories increased from approximately HK$77.9 million as at 31 March 2024 to approximately HK$81

53、.8 million as at 30 September 2024.The increase in inventories was the reason of stocking up ahead of the anticipated demand for the coming seasons.In addition to pricing and promotional strategies,the Group monitors various metrics in relation to its inventories such as sell-through,gross margin by

54、 product,product performance,stock turns and inventory aging to ensure inventory balances are properly and actively managed relative to sales performance,and to ensure there are no significant unsold inventories.10 Interim Report 2024-2025Property,Plant and EquipmentProperty,plant and equipment cons

55、ists of leasehold improvements,furniture and fixtures and office equipment.The decrease of approximately HK$7.1 million from HK$40.7 million as at 31 March 2024 to HK$33.6 million as at 30 September 2024 was mainly from depreciation during 1H2025.Right of Use Assets and Lease LiabilitiesAs at 30 Sep

56、tember 2024 and 31 March 2024,the Groups rights of use assets amounted to approximately HK$28.3 million and HK$37.6 million,respectively,and the Groups lease liabilities amounted to approximately HK$34.1 million and HK$44.4 million,respectively.Rental DepositsAs at 30 September 2024 and 31 March 202

57、4,the Groups rental deposits amounted to approximately HK$9.2 million and HK$9.7 million,respectively.The decrease of approximately HK$0.5 million in rental deposits in 1H2025 was mainly due to the combined effect of the refund of deposits from the discontinuation of some office spaces,offset agains

58、t deposits paid for the venue of a festival event Hypefest which has been launched in Hong Kong on November 2024.Gearing RatioThe gearing ratio of the Group as at 30 September 2024 was nil(31 March 2024:nil).The gearing ratio is calculated based on total loans and borrowings(interest-bearing bank bo

59、rrowings and bank overdrafts)divided by total equity as at the period ended.Management Discussion and Analysis 11Treasury PolicyThe Group finances its operations through internally generated cash,equity and bank borrowings.The objective of the Groups treasury policy is to ensure there is sufficient

60、cash and access to capital to finance the Groups ongoing operations and execute its current and future plans.The Group has adopted a prudent financial management approach towards its treasury policies and thus maintained a healthy liquidity position for 1H2025.To manage liquidity risk,management clo

61、sely monitors the Groups liquidity position and ensures there is sufficient cash and cash equivalents and available credit facilities to settle payables of the Group.In light of uncertainties in the global economic climate,management has re-assessed and enhanced the Groups treasury policies to ensur

62、e ongoing liquidity and continued ability of the business to meet its obligations.Measures adopted include optimization of credit and collections policies to ensure timely receipt of amounts outstanding from customers,review of funding sources to ensure availability of borrowing capacity should the

63、need arises,engagement with banking partners to obtain assurance of support and understanding of limitations with respect to availability of funds,enhanced forecasting of cash flows to ensure accurate assessment of the Groups liquidity and treasury position and performance of internal assessments on

64、 cost efficiency to ensure the Groups cost structures remain efficient.With respect to cash generated through the Groups sales,the primary risk relates to credit and collections in relation to amounts outstanding from customers within the media segment.The Group strives to reduce exposure to credit

65、risk by performing credit assessments on new customers,ongoing credit assessments and evaluations of the financial status of its existing customers,as well as applying robust policies to monitor and collect on outstanding balances on a timely basis including,amongst others,late charges,prepayments f

66、or production services and regular monitoring of credit terms.Credit facilities available to the Group are summarized in the Liquidity and Financial Resources section above.While the Group considers its internally generated cash from operations as the first and most cost-efficient source of funding,

67、the Group assesses its capital needs on an ongoing basis and forms strategies on the utilization of available banking facilities based on operating and cash requirements.The Group maintains its facilities to provide added financial liquidity and flexibility.Management will continue to assess the eco

68、nomic situation and monitor risks against the Groups treasury policies to ensure there is sufficient cash and access to capital to execute its plans.Amongst other measures,the Group continues to optimize costs through robust budget management and reviewing methods of doing business which are more co

69、st efficient and maximizes use of the companys existing assets,including manpower,technology and other available resources.12 Interim Report 2024-2025Charges on Group AssetsAs at 30 September 2024,the Group pledged its bank deposits of approximately HK$10.0 million to a bank as collateral to secure

70、the available and unused bank facilities granted to the Group.Foreign Exchange ExposureThe Group undertakes certain operating transactions in foreign currency which expose the Group to foreign currency risk.The Groups foreign currency denominated monetary assets and liabilities are primarily held in

71、 US dollar and RMB.As the HK dollar is pegged with the US dollar under the Linked Exchange Rate System,and the Groups business operations and strategies involves revenues and expenditures in RMB,the Groups exposure to the US dollar,RMB exchange risk is not significant.The Group currently does not ha

72、ve a foreign currency hedging policy.However,management closely monitors foreign exchange exposure and will consider and execute the hedging of significant foreign currency exposure should such need arises.Capital StructureThe shares of the Company were successfully listed on the GEM of the Stock Ex

73、change on 11 April 2016.On 8 March 2019,the transfer of listing of the Companys shares from GEM to the Main Board of the Stock Exchange was completed and dealing in the shares on the Main Board commenced.Save for the Subscription(as defined below)as set out in section headed“Purchase,sale or redempt

74、ion of listed securities of the Company”,there has been no change in the capital structure of the Company arisen from the transfer of listing to the Main Board of the Stock Exchange.The share capital of the Company only comprises of ordinary shares.CommitmentsAs at 30 September 2024,the contractual

75、lease commitments of the Group were primarily related to its office premises,warehouse,retail store and the Directors quarter.Management Discussion and Analysis 13Future Plans for Material Investments and Capital AssetsSave as disclosed in this report,the Group did not have other approved plans for

76、material investments or capital assets as of 30 September 2024.Material Acquisitions and Disposals of Subsidiaries and Affiliated CompaniesThere were no significant investment,material acquisition and disposal of subsidiaries and associated companies by the Company during the six months ended 30 Sep

77、tember 2024.Contingent LiabilitiesAs at 30 September 2024,the Group had no significant contingent liabilities.Employees and Remuneration PoliciesAs at 30 September 2024,the Group employed a total of 421 employees(30 September 2023:523 employees).Staff costs of our Group(including salaries,allowances

78、,other benefits and contribution to the defined contribution retirement plan)for the six months ended 30 September 2024 were approximately HK$133.8 million(for the six months ended 30 September 2023:approximately HK$171.1 million).The decrease was mainly led by the number of employees decreased in 1

79、H2025.For each of the six months ended 30 September 2024 and 30 September 2023,the Group had no employers voluntary contributions to the MPF Scheme that no forfeited contributions will be used to reduce the contributions payable by the Group.The remuneration package for our employees generally inclu

80、des salary and bonuses.Our employees also receive welfare benefits,including retirement benefits,occupational injury insurance,medical insurance and other miscellaneous incentives and compensation.We conduct annual reviews of the performance of our employees for determining the level of bonus and sa

81、lary adjustments and promotion decisions of our employees.Our human resources department also makes reference to the remuneration packages offered for similar positions in Hong Kong in order to keep our remuneration packages at a competitive level.The Company has adopted the Share Option Scheme whic

82、h is designed to provide long term incentives and rewards to help retain our outstanding employees.Significant Investments HeldThe Group did not hold any significant investments during the period ended 30 September 2024.14 Interim Report 2024-2025Condensed Consolidated Statement of Profit or Loss an

83、d Other Comprehensive IncomeFor the six months ended 30 September 2024For the six months ended 30 September20242023NOTESHK$000HK$000(Unaudited)(Unaudited)Revenue4360,498440,007Cost of revenue(187,273)(233,181)Gross profit173,225206,826Other income,other gains and losses53,1774,295Selling and marketi

84、ng expenses(65,241)(91,815)Administrative and operating expenses(84,577)(124,579)Impairment loss under expected credit losses model,net of reversal(1)Impairment losses recognised on intangible assets(20)(909)Finance costs(1,511)(1,556)Profit(loss)before tax25,052(7,738)Income tax expense6(4,817)(2,2

85、45)Profit(loss)for the period820,235(9,983)Other comprehensive income(expense)Item that may be reclassified subsequently to profit or loss:Exchange differences on translation of foreign operations1,678(15,621)Total comprehensive income(expense)for the period21,913(25,604)Earnings(loss)per share9 Bas

86、ic(HK cents)0.99(0.49)Diluted(HK cents)0.98(0.49)15Condensed Consolidated Statement of Financial PositionAs at 30 September 2024As at 30 SeptemberAs at 31 March20242024NOTESHK$000HK$000(Unaudited)(Audited)Non-current assetsProperty,plant and equipment1033,56740,715Intangible assets1621,21121,258Righ

87、t-of-use assets28,31537,582Financial assets at fair value through profit or loss(“FVTPL”)11,11411,114Rental and other deposits115,6426,047Deferred tax assets1,4041,404 101,253118,120 Current assetsInventories81,77477,924Trade and other receivables11205,307189,960Tax prepayments21,41120,915Contract a

88、ssets1220,5309,625Pledged bank deposits1310,00010,438Time deposits with original maturity over three months1364,48519,403Cash and cash equivalents13123,489183,492 526,996511,757 Current liabilitiesTrade and other payables1488,08673,387Contract liabilities25,95927,115Lease liabilities12,76618,308Tax

89、payables6,0094,686 132,820123,496 Net current assets394,176388,261 Total assets less current liabilities495,429506,381 Non-current liabilitiesLease liabilities21,38226,049 Net assets474,047480,332 Capital and reservesShare capital1520,54120,541Reserves453,506459,791 474,047480,332 16 Interim Report

90、2024-2025Condensed Consolidated Statement of Changes in EquityFor the six months ended 30 September 2024Share capitalShare premiumStatutory reserveTranslation reserveShare option reserveAccumulated profitsTotalHK$000HK$000HK$000HK$000HK$000HK$000HK$000(Note)At 1 April 2023(audited)20,54145,0365,486(

91、5,776)24,219377,099466,605Loss for the period(9,983)(9,983)Other comprehensive expense for the period(15,621)(15,621)Total comprehensive expense for the period(15,621)(9,983)(25,604)Recognition of equity-settled share-based payments1,8401,840 At 30 September 2023(unaudited)20,54145,0365,486(21,397)2

92、6,059367,116442,841 At 1 April 2024(audited)20,54145,0365,486(17,354)27,217399,406480,332Profit for the period20,23520,235Other comprehensive income for the period1,6781,678 Total comprehensive income for the period1,67820,23521,913Dividends paid(29,210)(29,210)Recognition of equity-settled share-ba

93、sed payments1,0121,012 At 30 September 2024(unaudited)20,54145,0365,486(15,676)28,229390,431474,047 Note:Under the Peoples Republic of China(the“PRC”)law,the wholly-owned PRC subsidiaries and the VIE(as defined in Note 1)are required to set aside at least 10%of their profit after taxation each year,

94、if any,to fund the statutory reserve until such reserve reaches 50%of its registered capital.The transfer had been made before the distribution of dividends to equity owners.Although the statutory reserves can be used,among other ways,to increase the registered capital and eliminate future losses in

95、 excess of retained earnings of the respective companies,the reserve funds are not distributable as cash dividends except in the event of liquidation.17Condensed Consolidated Statement of Cash FlowsFor the six months ended 30 September 2024For the six months ended 30 September20242023HK$000HK$000(Un

96、audited)(Unaudited)NET CASH GENERATED FROM OPERATING ACTIVITIES22,6353,092 INVESTING ACTIVITIESRefund of rental deposits1,715205Bank interest received3,0051,481Payments for rental deposits(1,215)(951)Purchase of property,plant and equipment(354)(834)Placement of time deposits with original maturity

97、over three months(45,082)Withdrawal of pledged bank deposits438Proceeds from disposal of financial assets at FVTPL3,200 NET CASH(USED IN)GENERATED FROM INVESTING ACTIVITIES(41,493)3,101 FINANCING ACTIVITIESDividend paid(29,210)Repayments of lease liabilities(12,029)(12,898)Interest paid for lease li

98、abilities(1,511)(1,525)Repayments of bank borrowings(2,536)Interest paid on bank borrowings(31)NET CASH USED IN FINANCING ACTIVITIES(42,750)(16,990)NET DECREASE IN CASH AND CASH EQUIVALENTS(61,608)(10,797)CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD183,492166,021EFFECT OF FOREIGN EXCHANGE RA

99、TE CHANGES1,605(15,530)CASH AND CASH EQUIVALENTS AT END OF THE PERIOD,represented by bank balances and cash123,489139,694 18 Interim Report 2024-2025Notes to the Condensed Consolidated Financial StatementsFor the six months ended 30 September 20241.General InformationThe Company was incorporated in

100、the Cayman Islands as an exempted company and registered in the Cayman Islands with limited liability under the Companies Law,Cap.22(Law 3 of 1961,as consolidated and revised)of the Cayman Islands on 25 September 2015.The Companys shares were listed on Main Board of the Stock Exchange of Hong Kong L

101、imited(the“Stock Exchange”).Its registered office is located at Third Floor,Century Yard,Cricket Square,P.O.Box 902,Grand Cayman,KY1-1103,Cayman Islands.The address of its principal place of business is 40/F,Cable TV Tower,No.9 Hoi Shing Road,Tsuen Wan,New Territories,Hong Kong.The Company is an inv

102、estment holding company and its subsidiaries and the variable interest entity(the“VIE”)(hereinafter together with the Company collectively referred to as the“Group”)are principally engaged in the provision of advertising spaces services,provision of services for creative agency projects,publication

103、of magazines and operation of online and offline retail platform.Its parent and ultimate holding company is CORE Capital Group Limited,a private company incorporated in the British Virgin Islands.Its ultimate controlling party is Mr.Ma Pak Wing Kevin(“Mr.Ma”).2.Basis of PreparationThe condensed cons

104、olidated financial statements have been prepared in accordance with International Accounting Standard 34“Interim Financial Reporting”issued by the International Accounting Standards Board(“IASB”)as well as the applicable disclosure requirements of Appendix 16 to the Rules Governing the Listing of Se

105、curities on the Stock Exchange(the“Listing Rules”).3.Principal Accounting PoliciesThe condensed consolidated financial statements have been prepared on the historical cost basis except for certain financial instruments,which are measured at fair values,as appropriate.Other than additional accounting

106、 policies resulting from application of amendments to International Financial Reporting Standards(“IFRSs”),the accounting policies and methods of computation used in the condensed consolidated financial statements for the six months ended 30 September 2024 are the same as those presented in the Grou

107、ps annual financial statements for the year ended 31 March 2024.Notes to the Condensed Consolidated Financial Statements 193.Principal Accounting Policies(Continued)Application of amendments to IFRSsIn the current interim period,the Group has applied the following amendments to IFRSs issued by the I

108、ASB,for the first time,which are mandatorily effective for the Groups annual period beginning on 1 April 2024 for the preparation of the Groups condensed consolidated financial statements:Amendments to IFRS 16Lease Liability in a Sale and LeasebackAmendments to IAS 1Classification of Liabilities as

109、Current or Non-currentAmendments to IAS 1Non-current Liabilities with CovenantsAmendments to IAS 7 and IFRS 7Supplier Finance ArrangementsThe application of the amendments to IFRSs in the current interim period has had no material impact on the Groups financial positions and performance for the curr

110、ent and prior periods and/or on the disclosures set out in these condensed consolidated financial statements.4.Revenue and Segment InformationRevenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods sold and services provided in th

111、e normal course of business,net of discounts and sales related taxes.The Groups turnover includes revenues from sales of goods through online and offline retail platform,commission fee from consignment sales,provision of advertising spaces,provision of services for creative agency projects and bever

112、age income.Specifically,the Groups reportable and operating segments under IFRS 8 Operating Segments are as follows:(i)Media segmentProvision of advertising spaces,provision of services for creative agency projects and publication of magazines(ii)E-Commerce and retail segmentOperation of online and

113、offline retail platform for the sale of third-party branded clothing,shoes and accessories,commission fee from consignment sales,exhibition income and beverage income20 Interim Report 2024-20254.Revenue and Segment Information(Continued)For the six months ended 30 SeptemberMediaE-Commerce and retail

114、Total202420232024202320242023HK$000HK$000HK$000HK$000HK$000HK$000(Unaudited)(Unaudited)(Unaudited)(Unaudited)(Unaudited)(Unaudited)Sales of goods through online and offline retail platform73,974149,04473,974149,044Commission fee from consignment sales9142,0079142,007Provision of advertising spaces24

115、0,003222,2932,909738242,912223,031Provision of services for creative agency projects37,69560,61137,69560,611Publication of magazines920207 920207 Exhibition income 1,1493,2141,1493,214Beverage income2,9341,8932,9341,893 Total revenue from contracts with customers278,618283,11181,880156,896360,498440

116、,007 Geographical markets(Note)Hong Kong12,98514,31327,13640,99040,12155,303The PRC25,27630,54411,63120,43036,90750,974United States(“US”)140,768108,62118,65938,960159,427147,581Other countries99,589129,63324,45456,516124,043186,149 Total278,618283,11181,880156,896360,498440,007 Timing of revenue re

117、cognitionA point in time38,61560,81877,822154,257116,437215,075Over time240,003222,2934,0582,639244,061224,932 Total278,618283,11181,880156,896360,498440,007 Note:Analysis of the Groups revenue from external customers by geographic locations are determined based on the locations of customers.Notes t

118、o the Condensed Consolidated Financial Statements 214.Revenue and Segment Information(Continued)The following is an analysis of the Groups revenue and results by operating and reportable segments:Six months ended 30 September 2024MediaE-Commerce and retailConsolidatedHK$000HK$000HK$000(Unaudited)(Un

119、audited)(Unaudited)Total segment revenue278,61881,880360,498 Segment results69,398(10,334)59,064 Finance costs(1,511)Share-based payment expense(1,012)Impairment loss recognised on intangible assets(20)Central administration costs(26,200)Unallocated expenses(5,269)Profit before tax25,052 22 Interim

120、Report 2024-20254.Revenue and Segment Information(Continued)Six months ended 30 September 2023MediaE-Commerce and retailConsolidatedHK$000HK$000HK$000(Unaudited)(Unaudited)(Unaudited)Total segment revenue283,111156,896440,007 Segment results62,694(19,020)43,674 Finance costs(1,556)Share-based paymen

121、t expense(1,840)Impairment loss recognised on intangible assets(909)Central administration costs(31,948)Unallocated expenses(15,159)Loss before tax(7,738)Notes to the Condensed Consolidated Financial Statements 235.Other Income,Other Gains and LossesFor the six months ended 30 September20242023HK$00

122、0HK$000(Unaudited)(Unaudited)Net exchange(losses)gains(109)2,576Bank interest income3,0051,481Other income261671Logistics service fee income 329Gain(loss)on disposal of property,plant and equipment20(828)Gain on lease termination66 3,1774,295 6.Income Tax ExpenseFor the six months ended 30 September

123、20242023HK$000HK$000(Unaudited)(Unaudited)Current tax:Hong Kong Profits Tax5,514 The PRC Enterprise Income Tax426458 US Income tax(1,334)Other jurisdictions2111,787 PRC withholding tax on dividend declared from PRC subsidiaries to its holding company 4,8172,245Deferred tax:Credit for the period 4,81

124、72,245 24 Interim Report 2024-20256.Income Tax Expense(Continued)Income tax expense at concessionary rateUnder the two-tiered profits tax rates regime of Hong Kong Profits Tax,the first HK$2 million of profits of the qualifying group entity will be taxed at 8.25%,and profits above HK$2 million will

125、be taxed at 16.5%.The profits of group entities not qualifying for the two-tiered profits tax rates regime will continue to be taxed at a flat rate of 16.5%.Accordingly,the Hong Kong Profits Tax of the qualifying group entity is calculated at 8.25%on the first HK$2 million of the estimated assessabl

126、e profits and at 16.5%on the estimated assessable profits above HK$2 million.Basic income tax expenseThe basic tax rate of the Companys PRC subsidiaries is 25%for both periods under the Law of the PRC on Enterprise Income Tax(the“EIT Law”)and Implementation Regulations of the EIT Law.Under the U.S.T

127、ax Cuts and Jobs Act,the U.S.federal corporate income tax rate has charged at flat rate of 21%during both periods.In addition,under the relevant rules of U.S.state and city taxes,the relevant tax rates are charged at ranging from 6.60%to 9.50%during both periods.Under the EIT Law of PRC,withholding

128、tax is imposed on dividends declared in respect of profits earned by PRC subsidiaries from 1 January 2008 onwards.Taxation arising in other jurisdictions is calculated at the rates prevailing in the relevant jurisdictions.7.DividendDuring the six months ended 30 September 2024,a final dividend of HK

129、$0.00359 per ordinary share in an aggregate amount of HK$7,370,000 and a special dividend of HK$0.01063 per ordinary share,in an aggregate amount of HK$21,830,000,were declared and paid to the owners of the Company.Subsequent to the end of the current interim period,the directors of the Group have d

130、etermined that an interim dividend of HK$0.00179 per share amounting to HK$3,677,000 in aggregate will be paid to owners of the Company whose names appear on the register of members of the Company on 11 December 2024.Notes to the Condensed Consolidated Financial Statements 258.Profit(Loss)for the Pe

131、riodFor the six months ended 30 September20242023HK$000HK$000(Unaudited)(Unaudited)Profit(loss)for the period has been arrived at after charging:Cost of inventories recognised as an expense(included in cost of revenue)52,14797,122Depreciation of property,plant and equipment7,5038,239Depreciation of

132、right-of-use assets11,10912,177Amortisation of intangible assets5049Write-down of inventories(included in costs of inventories recognised as an expense)2,1703,134Impairment loss recognised on intangible assets20909 26 Interim Report 2024-20259.Earnings(Loss)Per ShareThe calculation of basic and dilu

133、ted earnings(loss)per share is based on the following data:For the six months ended 30 September20242023HK$000HK$000(Unaudited)(Unaudited)Earnings(loss)Earnings(loss)for the purpose of calculating basic and diluted earnings(loss)per share (Profit(loss)for the period attributable to owners of the Com

134、pany)20,235(9,983)For the six months ended 30 September20242023000000(Unaudited)(Unaudited)Number of sharesWeighted average number of ordinary shares for the purpose of basic earnings(loss)per share2,054,1292,054,129 Effect of dilutive potential ordinary shares:Share options691 Weighted average numb

135、er of ordinary shares for the purpose of diluted earnings(loss)per share2,054,8202,054,129 Earnings(loss)per share Basic(HK cents)0.99(0.49)Diluted(HK cents)0.98(0.49)Notes to the Condensed Consolidated Financial Statements 279.Earnings(Loss)Per Share(Continued)For the six months ended 30 September

136、2024,diluted earnings per share did not assume the exercise of certain share options granted by the Company since the exercise prices for the computation of diluted earnings per share of those share options were higher than the average market price for shares.The computation of diluted loss per shar

137、e for the six months ended 30 September 2023 did not assume the exercise of share options granted since the exercise would result in a decrease in loss per share for the six months ended 30 September 2023.10.Property,Plant and EquipmentProperty,plant and equipmentDuring the six months ended 30 Septe

138、mber 2024,leasehold improvements,furnitures and fixtures and office equipment of approximately HK$526,000(six months ended 30 September 2023:leasehold improvements,furnitures and fixtures and office equipment of approximately HK$1,111,000)are recognised as the additions of property,plant and equipme

139、nt.28 Interim Report 2024-202511.Trade and Other ReceivablesAs at 30 SeptemberAs at 31 March20242024HK$000HK$000(Unaudited)(Audited)Trade receivables133,500125,372Unbilled receivables(Note(b)29,08317,181 Trade and unbilled receivables162,583142,553Less:allowance for credit losses(2,444)(2,437)Trade

140、and unbilled receivables (net carrying amount)160,139140,116Advance to staff1,0571,533Rental and utilities deposits14,16414,652Prepayments22,17018,744Deposit paid for long-term investment1,9581,958Consideration receivable related to disposal of a joint venture3,1493,149Other receivables8,31215,855 T

141、otal210,949196,007 Analysed as:Current205,307189,960Non-current(Note(a)5,6426,047 Total210,949196,007 Notes:(a)The amounts included certain rental deposit and deposit paid for long-term investment.(b)Certain tax bureaus in the PRC have set monthly quotas on the aggregate invoice amounts for transact

142、ions in the media segment.The unbilled receivables represent the amount of unconditional right to the consideration for completed performance obligations but the related invoices have not been issued as at period end as the quota limit has been exceeded.Notes to the Condensed Consolidated Financial

143、Statements 2911.Trade and Other Receivables(Continued)The Group allows credit periods ranging from 30 to 60 days to its trade customers derived from provision of advertising spaces and creative agency projects,whereas no credit period is granted to customers from online and offline retail platform a

144、nd consignor from consignment sales commission income.The following is an aging analysis of trade receivables presented,net of allowances for credit losses,based on the invoice date at the end of the reporting period:As at 30 SeptemberAs at 31 March20242024HK$000HK$000(Unaudited)(Audited)Within 60 d

145、ays86,79293,0146190 days17,6417,14791180 days18,89221,329181365 days6,7682,016Over 365 days3,4071,866 133,500125,372 12.Contract AssetsAs at 30 SeptemberAs at 31 March20242024HK$000HK$000(Unaudited)(Audited)Provision of advertising spaces20,5309,625 The contract assets primarily relate to the Groups

146、 right to consideration for the advertisement launched in the online platform or social media platform but not billed because the rights are conditioned on the satisfaction of the target impression rate or click rate pursuant to the contract.The contract assets are transferred to trade and unbilled

147、receivables upon the satisfaction of the target impression rate or click rate at the end of advertising period.As at 30 September 2024 and 31 March 2024,all contract assets are expected to be settled within 1 year,and accordingly classified as current assets.30 Interim Report 2024-202513.Pledged Ban

148、k Deposits/Time Deposits with Original Maturity Over Three months/Cash and Cash EquivalentsDeposits amounting to HK$10,000,000(31 March 2024:HK$10,438,000)have been pledged to secure a bank borrowing and the banking facilities which carry interest at prevailing market rates at 4.28%per annum(31 Marc

149、h 2024:3.92%).Bank balances carry interest at prevailing market rates of 0.625%to 5.54%per annum as at 30 September 2024(31 March 2024:0.001%to 5.80%).14.Trade and Other PayablesAs at 30 SeptemberAs at 31 March20242024HK$000HK$000(Unaudited)(Audited)Trade payables29,25620,726Commission payable to st

150、aff9,3628,993Accrual for campaign cost(Note)9,6777,992Other payables and accrued expenses39,79135,676 88,08673,387 Note:Accrual for campaign cost represents the accrual for expenses incurred for rendering the creative agency campaign and media project which include video shooting and photography.The

151、 average credit period on purchases of goods is 30 days.The aging analysis of the Groups trade payables below is presented based on the invoice date at the end of the reporting period:As at 30 SeptemberAs at 31 March20242024HK$000HK$000(Unaudited)(Audited)Within 30 days18,10010,3133160 days2,3153,71

152、06190 days1,1971,138Over 90 days7,6445,565 29,25620,726 Notes to the Condensed Consolidated Financial Statements 3115.Share CapitalNumber of sharesShare capital000HK$000 Ordinary shares of HK$0.01 eachAuthorised:At 1 April 2023(Audited),30 September 2023(Unaudited),1 April 2024(Audited)and 30 Septem

153、ber 2024(Unaudited)6,000,00060,000 Issued:At 1 April 2023(Audited),30 September 2023(Unaudited),1 April 2024(Audited)and 30 September 2024(Unaudited)2,054,12920,541 The new shares rank pari passu with the existing shares in all respect.16.Intangible AssetsIntangible assets consist of crypto currenci

154、es of Bitcoin and Ethereum amounted to approximately HK$20,613,000 and domain cost amounted to approximately HK$598,000 as at 30 September 2024.The Group purchased approximately 30 units of Bitcoin with purchase cost of approximately HK$13,200,000 on December 2021 and received approximately 440 unit

155、s of Ethereum as a project revenue with the cost of approximately HK$6,700,000 on May 2022.The market value of Bitcoin and Ethereum amounted to HK$22,807,000 and HK$12,047,000,respectively as at 21 November 2024.32 Interim Report 2024-2025Disclosure of InterestsDirectors and Chief Executives Interes

156、ts and Short Positions in the Shares,the Underlying Shares or Debentures of the Company and its Associated CorporationsAs at 30 September 2024,the interests and short positions of the Directors and chief executives of the Company in the shares,underlying shares and debentures of the Company or any o

157、f its associated corporations(within the meaning of Part XV of the Securities and Futures Ordinance(“SFO”)which were notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO(including interests or short positions which they were taken or deemed to have under

158、 such provisions of the SFO),or which were recorded in the register required to be kept by the Company pursuant to Section 352 of the SFO,or which were required,pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules(the“Mo

159、del Code”),to be notified to the Company and the Stock Exchange,were as follows:(1)Long positions in ordinary shares of the Company:Name of DirectorNature of interestNumber of ordinary shares of the CompanyApproximatepercentage of the Companys total issued shares*Mr.Ma Pak Wing KevinInterest in a co

160、ntrolled corporation(Note)1,485,000,00072.29%Beneficial owner780,0000.04%1,485,780,00072.33%*The percentage represents the number of ordinary shares divided by the number of the Companys issued shares as at 30 September 2024.Note:These shares were held by CORE Capital Group Limited(“CORE Capital”),a

161、 controlled corporation of Mr.Ma Pak Wing Kevin.Disclosure of Interests 33(2)Long positions in underlying shares of the Company:Share options physically settled unlisted equity derivativesName of DirectorNature of InterestNumber of underlying shares in respect of the share options grantedApproximate

162、 percentage of the Companys total issued shares*Mr.Ma Pak Wing KevinBeneficial owner9,600,0000.47%Ms.Lee Yuen Tung Janice Beneficial owner9,600,0000.47%Details of the shares options granted by the Company are set out under the section“Share Option Scheme”in this report.*The percentage represents the

163、 number of underlying shares interested divided by the number of the Companys issued shares as at 30 September 2024.(3)Long positions in ordinary shares of associated corporation CORE Capital Group Limited,the Companys holding company:Name of DirectorNature of interestNumber of ordinary shares of CO

164、RE CapitalPercentage of CORE Capitals total issued shares*Mr.Ma Pak Wing KevinBeneficial owner39,00078%Ms.Lee Yuen Tung JaniceBeneficial owner11,00022%*The percentage figure is calculated with reference to the issued share capital of CORE Capital as enlarged by the allotment of shares of CORE Capita

165、l to Mr.Ma Pak Wing Kevin and Ms.Lee Yuen Tung Janice.Save as disclosed above,as at 30 September 2024,none of the Directors nor the chief executives of the Company had any interests or short positions in any shares,underlying shares or debentures of the Company or any of its associated corporations(

166、within the meaning of Part XV of the SFO)as recorded in the register required to be kept by the Company pursuant to section 352 of the SFO.34 Interim Report 2024-2025Substantial Shareholders Interests and Short Positions in the Shares,the Underlying Shares or Debentures of the CompanyAs at 30 Septem

167、ber 2024,the following parties(other than the Directors or the chief executives of the Company)had interests of 5%or more in the shares of the Company as recorded in the register required to be kept by the Company pursuant to section 336 of the SFO:Long positions in ordinary shares of the Company:Na

168、me of substantial shareholderNature of interestNumber of ordinary shares of the CompanyApproximatepercentage of the Companys total issued shares*CORE CapitalBeneficial owner(Note)1,485,000,00072.29%*The percentage represents the number of ordinary shares divided by the number of the Companys issued

169、shares as at 30 September 2024.Note:The interest of CORE Capital was also disclosed as the interests of Mr.Ma Pak Wing Kevin in the above paragraph“Directors and Chief Executives Interests and Short Positions in the Shares,the Underlying Shares or Debentures of the Company and its Associated Corpora

170、tions”.Save as disclosed above,as at 30 September 2024,the Company is not aware of any other person(other than the Directors or chief executives of the Company)who had an interest or short position in the shares or underlying shares of the Company as recorded in the register required to be kept by t

171、he Company under section 336 of the SFO.Disclosure of Interests 35Competing and Conflict of InterestsThe Directors are not aware of any business or interest of the Directors nor the controlling shareholder of the Company nor any of their respective associates(as defined in the Listing Rules)that com

172、pete or may compete with the business of the Company and any other conflicts of interest which any such person has or may have with the Group during the six months ended 30 September 2024.None of the Directors,the controlling shareholders or substantial shareholders of the Company or any of its resp

173、ective close associates has engaged in any business that competes or may compete,either directly or indirectly,with the businesses of the Group,as defined in the Listing Rules,or has any other conflict of interests with the Group during the six months ended 30 September 2024,and confirm that none of

174、 them is engaged in any business which directly or indirectly,competes or is likely to compete with the business of the Company and any of its subsidiaries or has interest in such business.Proposed Interim DividendThe Board has resolved to declare an interim dividend of HK$0.00179 per ordinary share

175、 for 1H2025(the“Interim Dividend”)(1H2024:Nil).The Interim Dividend will be paid in cash on Monday,23 December 2024 to the shareholders of the Company(the“Shareholders”)whose names appear on the register of members of the Company at the close of business on Wednesday,11 December 2024.Closure of Regi

176、ster of MembersFor determining the entitlement of the Shareholders to receive the Interim Dividend,the Companys register of members will be closed from Monday,9 December 2024 to Wednesday,11 December 2024,both days inclusive,during which period no transfer of shares will be registered.In order to be

177、 eligible to receive the Interim Dividend,unregistered holders of shares of the Company shall ensure that all transfer documents accompanied by the relevant share certificates must be lodged with the Companys branch share registrar in Hong Kong,Computershare Hong Kong Investor Services Limited,at Sh

178、ops 17121716,17/F,Hopewell Centre,183 Queens Road East,Wan Chai,Hong Kong for registration not later than 4:30 p.m.on Friday,6 December 2024.36 Interim Report 2024-2025Purchase,Sale or Redemption of Listed Securities of the CompanyNeither the Company nor any of its subsidiaries has purchased,sold or

179、 redeemed any of the Companys listed securities(including sale of treasury shares)during the six months ended 30 September 2024.As at 30 September 2024,there were no treasury shares held by the Company.Corporate Governance PracticeThe Company recognizes the importance of corporate transparency and a

180、ccountability.The Company is committed to achieving and maintaining a high standard of corporate governance,as the Board believes that effective corporate governance practices are key to obtaining and maintaining the trust of the shareholders and other stakeholders of the Company,and are essential f

181、or encouraging accountability and transparency so as to sustain the success of the Group in its creation of long-term value for the shareholders of the Company.To the best knowledge of the Board,the Company has met the code provisions set out in the Corporate Governance Code(the“CG Code”)contained i

182、n Appendix C1 to the Listing Rules during the six months ended 30 September 2024,save for the deviation from the code provision C.2.1.Code provision C.2.1 of the CG Code stipulates that the roles of chairman and chief executive should be separate and should not be performed by the same individual.Th

183、e division of responsibilities between the chairman and chief executive should be clearly established.Mr.Ma Pak Wing Kevin currently assumes the role of both chairman and chief executive officer of the Company.The Board considers that consolidation of these roles by Mr.Ma provides strong and consist

184、ent leadership to the Company which facilitates effective planning and efficient management of the Company.Furthermore,having considered Mr.Mas extensive experience in the digital media industry,the relationships Mr.Ma has built with the customers and the historical development of the Group,the Boar

185、d considers that it is beneficial for the Group for Mr.Ma to continue to act as both chairman and chief executive officer of the Company.Directors Securities TransactionsThe Company adopted the required standard of dealings set out in the Model Code for Securities Transactions by Directors of Listed

186、 Issuers as set out in Appendix C3 to the Listing Rules,as part of its code of conduct regarding Directors transactions in the securities of the Company.Specific enquiry has been made of all the Directors and all Directors confirmed that they had fully complied with the required standard of dealings

187、 and there was no event of non-compliance throughout the six months ended 30 September 2024.37Share Option SchemesOn 18 March 2016,the Company conditionally approved and adopted the pre-IPO share option scheme(the“Pre-IPO Scheme”)and the post-IPO share option scheme(the“Post-IPO Scheme”)where eligib

188、le participants may be granted options entitling them to subscribe for the Companys shares.The purpose of the share option schemes is to enable the Company to grant share options to selected participants as incentives or rewards for their contributions.No share option available for grant under the P

189、re-IPO Scheme as at 1 April 2024 and 30 September 2024,respectively.114,270,833 and 114,270,833 shares options are available for grant under the Post-IPO Scheme as at 1 April 2024 and 30 September 2024,respectively.Details of the movements within the two share option schemes of the Company for the s

190、ix months ended 30 September 2024 are set out below:(1)Pre-IPO SchemeNumber of share optionsCategory of granteeDate of grantExercise periodExercise price per shareAs at 1 April 2024Exercised during the periodAs at 30 September 2024(HK$)Employees in aggregate18 March 2016From 18 March 2019 to 17 Marc

191、h 20260.026750,000750,000 Total750,000750,000 Notes:(1)The vesting period of the share options is from the date of grant until the commencement of the exercise period.(2)No share options have been granted/cancelled/lapsed under the Pre-IPO Scheme during the six months ended 30 September 2024.38 Inte

192、rim Report 2024-2025(2)Post-IPO SchemeNumber of share optionsCategory of granteeDate of grantExercise periodExercise price per shareAs at 1 April 2024Granted during the periodExercised during the periodLapsed during the periodCancelled during the periodAs at 30 September 2024(HK$)DirectorMr.Ma Pak W

193、ing Kevin 28 June 2019From 28 June 2019 to 27 June 20291.044,800,0004,800,0008 December 2020 From 8 December 2024 to 7 December 20300.7884,800,0004,800,000Ms.Lee Yuen Tung Janice28 June 2019From 28 June 2019 to 27 June 20291.044,800,0004,800,0008 December 2020 From 8 December 2024 to 7 December 2030

194、0.7884,800,0004,800,000 19,200,00019,200,000 Employees in aggregate 6 July 2017From 6 July 2020 to 5 July 20270.198333,333333,33310 August 2018From 10 August 2021 to 9 August 20280.628,300,0008,300,00028 June 2019From 28 June 2022 to 27 June 20291.042,766,6662,766,66628 June 2019From 28 June 2023 to

195、 27 June 20291.0410,725,00010,725,0008 December 2020 From 8 December 2023 to 7 December 20300.7886,866,6676,866,6678 December 2020 From 8 December 2024 to 7 December 20300.7886,825,0006,825,000 35,816,66635,816,666 Total55,016,66655,016,666 Notes:(1)The vesting period of the share options is from th

196、e date of grant until the commencement of the exercise period.(2)No share options have been granted/exercised/lapsed/cancelled under the Post-IPO Scheme during the six months ended 30 September 2024.The Group recognised total expenses of approximately HK$1,012,000 for the six months ended 30 Septemb

197、er 2024(for the six months ended 30 September 2023:HK$1,839,000)in relation to the share options granted by the Company.Share Option Schemes 39Review by Audit CommitteeThe interim results and the unaudited condensed consolidated interim financial information of the Group for the six months ended 30

198、September 2024 have been reviewed by the audit committee of the Company.Events after the Reporting PeriodSave as disclosed above,there have been no important events subsequent to 30 September 2024 and up to the date of this interim report,which would affect the Groups business operations in material

199、 aspects.By Order of the Board Hypebeast Limited Ma Pak Wing KevinChairman and executive DirectorHong Kong,22 November 2024As at the date of this report,the executive Directors are Mr.Ma Pak Wing Kevin and Ms.Lee Yuen Tung Janice;and the independent non-executive Directors are Ms.Poon Lai King,Mr.Wong Kai Chi and Ms.Kwan Shin Luen Susanna.40 Interim Report 2024-2025LIMITED 20242025Interim Report 中期報告LIMITED20242025INTERIM REPORT中期報告