Exhibit 99.1
RAYTECH HOLDING LIMITED
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
| As of March 31, | (Unaudited) As of September 30, | |||||||||||
| 2025 | 2025 | 2025 | ||||||||||
| HKD | HKD | US$ | ||||||||||
| ASSETS | ||||||||||||
| CURRENT ASSETS | ||||||||||||
| Cash and cash equivalents | 84,850,995 | 121,544,270 | 15,620,850 | |||||||||
| Accounts receivable, net | 8,144,307 | 3,166,952 | 407,016 | |||||||||
| Merchandise inventories, net | 1,879,435 | 5,799,922 | 745,405 | |||||||||
| Prepayments | – | 15,194,115 | 1,952,745 | |||||||||
| TOTAL CURRENT ASSETS | 94,874,737 | 145,705,259 | 18,726,016 | |||||||||
| NON-CURRENT ASSETS | ||||||||||||
| Property and equipment, net | – | – | – | |||||||||
| Deferred initial public offering costs | – | 659,625 | 84,775 | |||||||||
| Long-term deposits | 16,200 | 16,200 | 2,082 | |||||||||
| TOTAL NON-CURRENT ASSETS | 16,200 | 675,825 | 86,857 | |||||||||
| TOTAL ASSETS | 94,890,937 | 146,381,084 | 18,812,873 | |||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
| CURRENT LIABILITIES | ||||||||||||
| Accounts payable | 466,327 | 1,072,335 | 137,817 | |||||||||
| Accounts payable - related parties | 14,984,393 | 22,266,672 | 2,861,709 | |||||||||
| Accruals | 1,786,314 | 1,351,231 | 173,660 | |||||||||
| Contract liabilities | 501,804 | 2,773,891 | 356,500 | |||||||||
| Tax payables | 190,082 | 1,304,285 | 167,626 | |||||||||
| TOTAL CURRENT LIABILITIES | 17,928,920 | 28,768,414 | 3,697,312 | |||||||||
| TOTAL LIABILITIES | 17,928,920 | 28,768,414 | 3,697,312 | |||||||||
| COMMITMENTS AND CONTINGENCIES | – | – | – | |||||||||
| SHAREHOLDERS’ EQUITY | ||||||||||||
| Ordinary Shares, US$0.0001 par value, 500,000,000 Ordinary Shares authorized, 1,100,818 shares and 2,724,880 shares issued and outstanding as of March 31, 2025 and September 30, 2025, respectively(1) (2) | 862 | 2,137 | 273 | |||||||||
| Additional paid-in capital | 37,717,487 | 73,616,990 | 9,461,244 | |||||||||
| Retained earnings | 39,243,668 | 43,993,543 | 5,654,044 | |||||||||
| TOTAL SHAREHOLDERS’ EQUITY | 76,962,017 | 117,612,670 | 15,115,561 | |||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 94,890,937 | 146,381,084 | 18,812,873 | |||||||||
| (1) | 1,624,062 ordinary shares were issued on July 1, 2025. (2) |
| (2) | Retroactively restated share consolidation that every sixteen (16) issued and unissued ordinary shares with a par value of US$0.00000625 each in the capital of the Company are hereby consolidated into one (1) ordinary share with a par value of US$0.0001 each, with the effective date on November 7, 2025. |
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
F-1
RAYTECH HOLDING LIMITED
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited) For the Six Months ended September 30, | ||||||||||||
| 2024 | 2025 | 2025 | ||||||||||
| HKD | HKD | US$ | ||||||||||
| REVENUE | ||||||||||||
| Sales of products | 42,101,829 | 37,578,932 | 4,829,638 | |||||||||
| Sales of tooling | 1,147,077 | – | – | |||||||||
| 43,248,906 | 37,578,932 | 4,829,638 | ||||||||||
| OPERATING EXPENSES | ||||||||||||
| Merchandise costs | (34,100,724 | ) | (27,708,506 | ) | (3,561,093 | ) | ||||||
| Selling, general and administrative expenses | (5,229,459 | ) | (5,177,047 | ) | (665,353 | ) | ||||||
| Total operating expenses | (39,330,183 | ) | (32,885,553 | ) | (4,226,446 | ) | ||||||
| INCOME FROM OPERATIONS | 3,918,723 | 4,693,379 | 603,192 | |||||||||
| OTHER INCOME (EXPENSE) | ||||||||||||
| Interest income | 1,431,474 | 1,362,022 | 175,048 | |||||||||
| Other income, net | – | 116,195 | 14,933 | |||||||||
| Loss from foreign currency exchange | (407,242 | ) | (307,518 | ) | (39,522 | ) | ||||||
| Total other income, net | 1,024,232 | 1,170,699 | 150,459 | |||||||||
| INCOME BEFORE INCOME TAX PROVISION | 4,942,955 | 5,864,078 | 753,651 | |||||||||
| PROVISION FOR INCOME TAXES | (290,920 | ) | (1,114,203 | ) | (143,197 | ) | ||||||
| NET INCOME | 4,652,035 | 4,749,875 | 610,454 | |||||||||
| WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES | ||||||||||||
| Basic and diluted(1) (2) (3) | 1,074,058 | 1,917,286 | 1,917,286 | |||||||||
| EARNINGS PER SHARE | ||||||||||||
| Basic and diluted | 4.33 | 2.48 | 0.32 | |||||||||
| (1) | 93,750ordinary shares were issued on May 15, 2024, and 7,068 ordinary shares were issued on July 5, 2024. (3) |
| (2) | 1,624,062 ordinary shares were issued on July 1, 2025. (3) |
| (3) | Retroactively restated share consolidation that every sixteen (16) issued and unissued ordinary shares with a par value of US$0.00000625 each in the capital of the Company are hereby consolidated into one (1) ordinary share with a par value of US$0.0001 each, with the effective date on November 7, 2025. |
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
F-2
RAYTECH HOLDING LIMITED
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
| Ordinary shares | Additional | Total | ||||||||||||||||||
| No. of Shares(3) | Par Value | Paid-in Capital | Retained Earnings | Shareholders’ Equity | ||||||||||||||||
| HKD | HKD | HKD | HKD | |||||||||||||||||
| For the six months ended September 30, 2024: | ||||||||||||||||||||
| BALANCE, March 31, 2024 | 1,000,000 | 783 | 99,217 | 30,975,301 | 31,075,301 | |||||||||||||||
| Initial Public Offering of shares (1) | 100,818 | 79 | 37,618,270 | – | 37,618,349 | |||||||||||||||
| Net income | – | – | – | 4,652,035 | 4,652,035 | |||||||||||||||
| BALANCE, September 30, 2024 | 1,100,818 | 862 | 37,717,487 | 35,627,336 | 73,345,685 | |||||||||||||||
| For the six months ended September 30, 2025: | ||||||||||||||||||||
| BALANCE, March 31, 2025 | 1,100,818 | 862 | 37,717,487 | 39,243,668 | 76,962,017 | |||||||||||||||
| Follow On Offering of shares (2) | 1,624,062 | 1,275 | 35,899,503 | – | 35,900,778 | |||||||||||||||
| Net income | – | – | – | 4,749,875 | 4,749,875 | |||||||||||||||
| BALANCE, September 30, 2025 | 2,724,880 | 2,137 | 73,616,990 | 43,993,543 | 117,612,670 | |||||||||||||||
| BALANCE, September 30, 2025 (US$) | 273 | 9,461,244 | 5,654,044 | 15,115,561 | ||||||||||||||||
| (1) | 93,750 ordinary shares were issued on May 15, 2024, and 7,068 ordinary shares were issued on July 5, 2024. (3) |
| (2) | 1,624,062 ordinary shares were issued on July 1, 2025. (3) |
| (3) | Retroactively restated share consolidation that every sixteen (16) issued and unissued ordinary shares with a par value of US$0.00000625 each in the capital of the Company are hereby consolidated into one (1) ordinary share with a par value of US$0.0001 each, with the effective date on date of November 7, 2025. |
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
F-3
RAYTECH HOLDING LIMITED
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) For the Six Months ended September 30, | ||||||||||||
| 2024 | 2025 | 2025 | ||||||||||
| HKD | HKD | US$ | ||||||||||
| Cash flows from operating activities | ||||||||||||
| Net income | 4,652,035 | 4,749,875 | 610,454 | |||||||||
| Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||
| Loss from unrealized foreign currency translation | 406,530 | 100,934 | 12,972 | |||||||||
| Changes in operating assets and liabilities | ||||||||||||
| Accounts receivable, net | 978,597 | 4,984,224 | 640,572 | |||||||||
| Merchandise inventories, net | 720,618 | (3,924,830 | ) | (504,419 | ) | |||||||
| Prepayments | – | (15,211,885 | ) | (1,955,029 | ) | |||||||
| Accounts payable | 372,876 | 606,657 | 77,967 | |||||||||
| Accounts payable - related parties | (3,694,385 | ) | 7,288,868 | 936,764 | ||||||||
| Accruals | (97,717 | ) | (435,398 | ) | (55,957 | ) | ||||||
| Contract liabilities | (1,008,415 | ) | 2,274,680 | 292,342 | ||||||||
| Taxes payables | 290,920 | 1,114,203 | 143,197 | |||||||||
| Net cash provided by operating activities | 2,621,059 | 1,547,328 | 198,863 | |||||||||
| Cash flows from investing activity | ||||||||||||
| Repayment of amount due from a director | 145,166 | – | – | |||||||||
| Net cash provided by investing activity | 145,166 | – | – | |||||||||
| Cash flows from financing activities | ||||||||||||
| Proceed from Initial Public / Follow On Offering of shares | 42,772,241 | 35,900,778 | 4,613,962 | |||||||||
| Deferred initial public offering cost | – | (659,625 | ) | (84,775 | ) | |||||||
| Net cash from financing activities | 42,772,241 | 35,241,153 | 4,529,187 | |||||||||
| Change in cash | 45,538,466 | 36,788,481 | 4,728,050 | |||||||||
| Effect of foreign exchange on cash | (377,030 | ) | (95,206 | ) | (13,638 | ) | ||||||
| Cash at the beginning of the period | 35,885,666 | 84,850,995 | 10,906,438 | |||||||||
| Cash at the end of the period | 81,047,102 | 121,544,270 | 15,620,850 | |||||||||
| Supplementary cash flow information | ||||||||||||
| Cash paid for income tax | – | – | – | |||||||||
| Cash paid for interest expense | – | – | – | |||||||||
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
F-4