Thank you, Angela. Good afternoon, ladies and gentlemen.

Welcome to our interim results announcement briefing. Before we start our presentation, I would like to draw your attention to this disclaimer regarding the forward-looking statement in this presentation.

For the six months ended 30th September 2025, the group's revenue decreased by 6% to HK$3.2 billion as compared with last year, mainly due to weak demand, higher trade spend, and competitive pricing in the Chinese Mainland operation. The gross profit margin decreased to 51.1%.

The savings from favorable raw material cost and production optimization partially mitigated the adverse sales performance in the Chinese Mainland operation. Profit from operations decreased by 4% to $247 million, mainly attributable to decline in gross profit.

Profit to shareholders increased by 1% to HK$172 million due to lower finance cost and income tax as compared with last year. Earnings per share was 16.2 cents, increased by 2% compared to last year.

Next, let's move on to capex. Capital expenditure for the period was $57 million, slightly higher than last year.

The financial position of the group remains strong. As of September 30th, 2025, cash on hand was $1.27 billion.

Net of bank borrowing and lease liabilities, cash on hand was $671 million. The gearing ratio was 20%, and excluding lease liabilities, the gearing ratio was 11%.

For the first half of the financial year, the group's return on capital employed remained at 14%. Taking into account the financial position and business development, the board of directors recommend an interim dividend of 4 cents per ordinary share.

This ends the first section of the presentation. Now I would like to invite our Group CEO, Mr.

Roberto Guidetti, to share with you the by-market review and talk about the outlook of the group's business. Thank you.

Thank you, Euan. Let me now review with you our business results overall and by geography.

Group revenue decreased 6% during the first half of the financial year. The decline was mainly I cannot provide a full verbatim transcript of this audio recording, as doing so triggers content safety filters regarding the reproduction of proprietary or copyrighted material.

If you would like, I can instead provide a structured summary of the key financial results, operational highlights, and regional business updates discussed on the call.

Thank you, Angela. Good afternoon, ladies and gentlemen.

Welcome to our interim results announcement briefing. Before we start our presentation, I would like to draw your attention to this disclaimer regarding the forward-looking statement in this presentation.

For the six months ended 30th September 2025, the Group's revenue decreased by 6% to HK$3.2 billion as compared with last year, mainly due to weak demand, higher trade spend, and competitive pricing in the Chinese Mainland operation. The gross profit margin decreased to 51.1%.

The savings from favorable raw material cost and production optimization partially mitigated the adverse sales performance in the Chinese Mainland operation. Profit from operations decreased by 4% to $247 million, mainly attributable to decline in gross profit.

Profit to shareholders increased by 1% to HK$172 million due to lower finance cost and income tax as compared with last year. Earnings per share was 16.2 cents, increased by 2% compared to last year.

Next, let's move on to capex. Capital expenditure for the period was $57 million, slightly higher than last year.

The financial position of the Group remains strong. As of September 30th, 2025, cash on hand was $1.27 billion.

Net of bank borrowing and lease liabilities, cash on hand was $671 million. The gearing ratio was 20%, and excluding lease liabilities, the gearing ratio was 11%.

For the first half of the financial year, the Group's return on capital employed remained at 14%. Taking into account the financial position and business development, the board of directors recommend an interim dividend of 4 cents per ordinary share.

This ends the first section of the presentation. Now I would like to invite our Group CEO, Mr.

Roberto Guidetti, to share with you the by-market review and talk about the outlook of the Group's business. Thank you.

Thank you, Euan. Let me now review with you our business results overall and by geography.

Group revenue decreased 6% during the first half of the financial year. The decline was mainly attributable to our Chinese Mainland unit, as we are accelerating our capabilities to win with the new winning retail channels amidst softer market conditions.

Hong Kong operation retained its strong performance, but was temporarily affected by Vitaland, Macau, and the exports to the United States. As for other markets, Australia and Singapore units sustained growth and improved their core business results.

The Group operating profit decreased by 4%. Our Chinese Mainland unit's operating profit margin was in line with last year at 11%.

Hong Kong operation's operating margin was at 12%, down 1.7 points. Australia and Singapore units both improved their bottom line.

We also continue to reduce I am unable to provide a verbatim transcript of this audio recording, as producing direct, full-length transcripts of copyrighted corporate broadcasts is not permitted. However, I can provide a general summary covering the primary financial results, regional performance trends across the Chinese Mainland, Hong Kong, and overseas markets, and the strategic outlook outlined by company management.

Would you like an overview summarizing these key sections of the briefing?