# EDGAR Filing Document

**Accession Number:** 0002031688
**File Stem:** 0001213900-25-093397
**Filing Date:** 2025-9
**Character Count:** 45290
**Document Hash:** b138fa6987b39411789a54c51a277968
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-093397.hdr.sgml**: 20250930

**ACCESSION NUMBER**: 0001213900-25-093397

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20250930

**DATE AS OF CHANGE**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Rich Sparkle Holdings Ltd
- **CENTRAL INDEX KEY:** 0002031688
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MISCELLANEOUS BUSINESS SERVICES [7380]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42724
- **FILM NUMBER:** 251358170

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** PORTION 2, 12TH FLOOR, THE CENTER
- **STREET 2:** 99 QUEEN'S ROAD CENTRAL
- **CITY:** HONG KONG
- **PROVINCE COUNTRY:** F4
- **BUSINESS PHONE:** (852) 6604 0990

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** PORTION 2, 12TH FLOOR, THE CENTER
- **STREET 2:** 99 QUEEN'S ROAD CENTRAL
- **CITY:** HONG KONG
- **PROVINCE COUNTRY:** F4

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER**

**PURSUANT TO RULE 13a-16 OR 15d-16**

**UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of September 2025**

**Commission File Number: 001-42724**

**Rich Sparkle Holdings Limited**

**(Registrant's Name)**

**Portion 2, 12th Floor, The Center,<br> 99 Queen's Road Central,<br> Hong Kong**

**(Address of Principal Executive Offices)**

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐

**Other Information**

Attached hereto as Exhibit 99.1 is a press release dated September 30, 2025, announcing Rich Sparkle Holdings Limited's (the "Company") unaudited financial and operating results for the six months ended March 31, 2025; attached hereto as Exhibit 99.2 are the unaudited condensed consolidated financial statements of the Company as of March 31, 2025 and for the six months ended March 31, 2025 and 2024; and attached hereto as Exhibit 99.3 is the management's discussion and analysis of financial condition and results of operations of the Company.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [Press Release, dated September 30, 2025 – Rich Sparkle Holdings Limited Announces Unaudited Financial Results For The Six Months Ended March 31, 2025](ea025915301ex99-1_rich.htm) |
| 99.2 | [Unaudited Interim Condensed Consolidated Financial Statements as of March 31, 2025 and for the six months ended March 31, 2025 and 2024](ea025915301ex99-2_rich.htm) |
| 99.3 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](ea025915301ex99-3_rich.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Rich Sparkle Holdings Limited** | **Rich Sparkle Holdings Limited** |
| Date: September 30, 2025 | By: | */s/ Ka Wo, NG* |
|  | Name: | Ka Wo, NG |
|  | Title: | Director and Chairman of the Board |

---

## Exhibit 99.1

**Exhibit 99.1**

![](ex99-1_001.jpg)

**Rich Sparkle Holdings Limited Announces Unaudited Financial Results For The Six Months Ended March 31, 2025**

Hong Kong, Sept. 30, 2025 (GLOBE NEWSWIRE) — Rich Sparkle Holdings Limited ("we", "ANPA" or the "Company") (Nasdaq: ANPA) is a company with limited liability incorporated under the laws of the British Virgin Islands ("BVI") with no material operations of its own. The Company conduct its operations as a professional specialist in the provision of financial printing services such as printing, typesetting and translation, advisory services including Environmental, Social and Governance ("ESG") and internal control reporting services and other services including standalone annual general meeting and extraordinary general meeting supporting service and other standalone services, through ANPA Financial Services Group Limited ("ANPA (HK)"), its sole operating subsidiary in Hong Kong.

The Company today announced its unaudited financial results for the six months ended March 31, 2025.

**First Half of 2024/25 Financial and Operating Highlights**

● Total revenue decreased by 2.9% from US$1,793,702 to US$1,741,985

● Gross profit increased by 8.7% from US$581,629 to US$632,059

● Net loss and total comprehensive loss increased by 70.0% from US$152,898 to US$259,984

Mr. Ka Wo, NG, Director and Chairman of the Company, commented, "Founded in 2016, we are a financial printing and corporate services provider which specializes in designing and printing high quality financial materials in Hong Kong. We are dedicated to providing exceptional service, setting benchmarks for reliability and convenience, and pride ourselves on our ability to deliver tailored solutions that cater to the unique needs of each client."

"We are also proud to announce that the Company has listed its shares on the Nasdaq Capital Market on July 9, 2025 and the shares of the Company are now trading on the Nasdaq under ticker "ANPA." We believe the listing on Nasdaq is an important milestone for the Company. We will actively explore options for the Company to grow further and create value for our shareholders" concluded Mr. Ng.

**FINANCIAL RESULTS**

***Revenue***

Revenue decreased by 2.9% from US$1,793,702 for the six months ended March 31, 2024 to US$1,741,985 for the six months ended March 31, 2025. The decrease was primarily due to the decrease of financial printing services of US$578,520 and the decrease of advisory services of US$44,903, which was partially offset by the increase of other services of US$571,706.

For the six months ended March 31, 2025 and 2024, all of the revenue was from clients in Hong Kong.

***Cost of services***

During the six months ended March 31, 2025 and 2024, the Company's cost of services was mainly comprised of staff costs, subcontracting fee, printing costs and other job-specific expenses. The Company incurred cost of services of US$1,109,926 for the six months ended March 31, 2025, compared to US$1,212,073 for the six months ended March 31, 2024, a decrease of US$102,147, or 8.4%. The decrease was generally in line with the decrease in revenue from financial printing services and advisory services. The decrease in printing costs and subcontracting fee were resulted from the reliance more on the internal resources.

The Company paid subcontracting fee for (i) translation services handled by professional linguists who ensure accuracy and cultural relevance, (ii) ESG and internal control services support, and (iii) client relationship maintenance support.

 ****

***Gross profit and gross profit margin***

The total gross profit was US$632,059 and US$581,629 for the six months ended March 31, 2025 and 2024, respectively. The overall gross profit margins were 36.3% and 32.4% for the six months ended March 31, 2025 and 2024, respectively. The total gross profit increased during the six months ended March 31, 2025, due to the increase of salary level and number of the staff to maintain our financial printing services and the reliance on our internal resources which resulting to the decrease in subcontracting fee from the six months ended March 31, 2025.

***Selling, General and Administrative expenses***

 ****

Selling, general and administrative expenses ("SG&A") mainly consist of administrative staff cost, depreciation of property, plant and equipment and right-of-use assets, property related expenses, legal and professional fees and other miscellaneous administrative expenses. The SG&A was US$905,329 and US$732,276 for the six months ended March 31, 2025 and 2024, respectively, or 52.0% and 40.8% of the total revenue for the corresponding periods. The increase was mainly due to the increase in the staff costs, property related expenses and miscellaneous expenses.

 ****

***Expected credit losses***

The expected credit losses were US$nil and US$30,633 for the six months ended March 31, 2025 and 2024, respectively.

 ****

The decrease in current expected credit losses by US$30,633 or 100%, for the six months ended March 31, 2025, compared to the six months ended March 31, 2024, was primarily attributable to the decrease of long outstanding accounts receivable as at March 31, 2025.

 **

***Other Expense, Net***

 **

The other expense was expense of US$31,682 and of US$3,312 for the six months ended March 31, 2025 and 2024, respectively.

An increase in other expense by US$28,370 or 856.6%, for the six months ended March 31, 2025, compared to the six months ended March 31, 2024, was primarily attributable to the increase of interest expense on lease liabilities of US$25,188 due to lease modification of its principal executive office during the second half of the year ended September 30, 2024..

***Income Tax Expenses***

 ****

The Company and its wholly owned subsidiary, Lore Heaven Holdings Limited ("Lore"), were incorporated in the BVI. Pursuant to the current rules and regulations, the BVI currently levy no taxes on individuals or corporations based upon profits, income, gains or appreciations and there is no taxation in the nature of inheritance tax or estate duty. Therefore, the Company is not subject to any income tax in the BVI.

The indirectly wholly-owned subsidiary, ANPA (HK), is subject to income tax within Hong Kong at the applicable tax rate on taxable income. Hong Kong profit tax rates are 8.25% on assessable profits up to HK$2,000,000 (US$257,143), and 16.5% on any part of assessable profits over HK$2,000,000 (US$257,143). For the six months ended March 31, 2025 and 2024, ANPA (HK) did not have any assessable profits in Hong Kong and no provision for paying the Hong Kong profits tax has been made accordingly.

 ****

The Company had income tax benefit of US$48,167 for the six months ended March 31, 2025, compared to US$30,458 for the six months ended March 31, 2024, an increase of US$17,709, or 58.1%, mainly due to the increase in loss before taxation. The Company's effective tax rate was approximately 16.5% for the six months ended March 31, 2025 and approximately 16.5% for the six months ended March 31, 2024.

 ****

***Net loss***

 

As a result of the foregoing, the net loss for the six months ended March 31, 2025 and 2024 was US$256,785 and US$154,134, respectively.

 ****

**About Rich Sparkle Holdings Limited**

Founded in 2016, the Company is a financial printing and corporate services provider which specializes in designing and printing high quality financial print materials in Hong Kong. The Company's service portfolio covers a myriad of deliverables, mainly including listing documents, financial reports, fund documents, circulars and announcements. The Company offers to its customers a wide range of convenient and quality financial printing services, from typesetting, proofreading, translation, design and printing. In addition, the Company also offered advisory services which could cater for its customers' different requirements, such as conducting internal control assessment and environmental, social and governance ("ESG") performance evaluation as well as other services including provision of co-working space at its leased office located at Portion 2, 12th Floor, The Center, 99 Queen's Road Central, Hong Kong, for its customers mainly to conduct meetings and conferences.

For more information, please visit the Company's website: *<u>http://www.anpa.com.hk/</u>*.

**Forward-Looking Statements**

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as "approximates," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "will," "would," "should," "could," "may," or other similar expressions in this press release. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's announcement and other filings with the SEC.

For more information, please contact:

**Rich Sparkle Holdings Limited**

Email: anpa.info@anpa.com.hk

## Exhibit 99.2

**Exhibit 99.2**

**RICH SPARKLE HOLDINGS LIMITED<br> Interim Condensed Consolidated Balance Sheets<br> As of March 31, 2025 and September 30, 2024<br> (Currency expressed in United States Dollars ("US$"), except for number of shares)**

---

| | | |
|:---|:---|:---|
|  | **2025 <br> (Unaudited)** | **2024 <br> (Audited)** |
| **ASSETS** | | |
| **Current assets:** | | |
| Cash | $450928 | $320161 |
| Accounts receivable, net | 2530250 | 3540649 |
| Contract assets | 35278 | 35323 |
| Prepayments and other current assets | 19280 | 148005 |
| **Total current assets** | **3035736** | **4044138** |
| **Non-current assets:** |  |  |
| Property and equipment, net | 11606 | 17962 |
| Operating lease right-of-use assets | 923034 | 1172808 |
| Deferred initial public offering ("IPO)" costs | 1127082 | 694095 |
| Deferred tax assets, net | 272619 | 224755 |
| Other non-current assets | 170345 | 170564 |
| **Total non-current assets** | **2504686** | **2280184** |
| **TOTAL ASSETS** | $**5540422** | $**6324322** |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| **Current liabilities:** |  |  |
| Accounts payable | $349532 | $667390 |
| Contract liabilities | 15597 | 15617 |
| Amount due a related party | 679405 | 681188 |
| Operating lease liabilities, current | 492755 | 479130 |
| Income tax payable | 154257 | 154456 |
| Accrued expenses and other current liabilities | 1098943 | 1065717 |
| **Total current liabilities** | **2790489** | **3063498** |
| **Non-current liabilities:** |  |  |
| Operating lease liabilities, non-current | 446459 | 697346 |
| Post-employment benefit obligations | 14781 | 14801 |
| **Total non-current liabilities** | 461240 | 712147 |
| **TOTAL LIABILITIES** | **3251729** | **3775645** |
| Commitments |  |  |
| Contingencies |  |  |
| **SHAREHOLDERS' EQUITY** |  |  |
| Ordinary shares, with no par value, 50,000,000 ordinary shares authorized, 11,250,000 ordinary shares issued and outstanding\* | 1024034 | 1024034 |
| Additional paid-in-capital | 903051 | 903051 |
| Retained earnings | 341881 | 598666 |
| Accumulated other comprehensive income | 19727 | 22926 |
| **Total shareholders' equity** | **2288693** | **2548677** |
| **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | $**5540422** | $**6324322** |

---

\* Shares and per share data are presented on a retroactive basis to reflect the nominal share issuance and share split.

**RICH SPARKLE HOLDINGS LIMITED<br> Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss<br> For the Six Months Ended March 31, 2025 and 2024<br> (Currency expressed in United States Dollars ("US$"), except for number of shares)**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Revenues** | $1741985 | $1793702 |
| **Cost of services** | (1109926) | (1212073) |
| **Gross profit** | 632059 | 581629 |
| **Operating expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative | (905329) | (732276) |
| &nbsp;&nbsp;&nbsp;Expected credit losses | - | (30633) |
| **Total operating expenses** | (905329) | (762909) |
| **Loss from operations** | (273270) | (181280) |
| **Other income (expense)** |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | (31682) | (6494) |
| &nbsp;&nbsp;&nbsp;Gain from lease modification | - | 3182 |
| **Total other expense, net** | (31682) | (3312) |
| **Loss before provision for income taxes** | (304952) | (184592) |
| Income tax benefit | 48167 | 30458 |
| **Net loss** | $(256785) | $(154134) |
| **Other comprehensive loss** |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency adjustment | $(3199) | $1243 |
| &nbsp;&nbsp;&nbsp;Charged to post-employment benefit obligations | - | (7) |
| **Comprehensive loss** | $(259984) | $(152898) |
| Loss per share – Basic and Diluted\* | $(0.0228) | $(1233) |
| Weighted average shares outstanding – Basic and Diluted\* | 11250000 | 125 |

---

\* Shares and per share data are presented on a retroactive basis to reflect the nominal share issuance and share split.

**RICH SPARKLE HOLDINGS LIMITED<br> Unaudited Interim Condensed Consolidated Statements of Changes in Shareholders' Equity<br> For the Six Months Ended March 31, 2025 and 2024<br> (Currency expressed in United States Dollars ("US$"), except for number of shares)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
|  | **Ordinary<br> Shares** | **Ordinary<br> Shares** | **Series A<br> Preferred Shares** | **Series A<br> Preferred Shares** | | | | | |
|  | **No. of <br> shares** | **Amount** | **No. of <br> shares** | **Amount** |<br>**Subscription<br> receivables** | **Additional**<br>**paid-in<br> capital** | **Accumulated<br> other**<br>**comprehensive<br> (loss) income** |<br>**Accumulated<br> losses** |<br>**Total** |
| Balance as of September 30, 2023 | 100 | $100 | 25 | $1023934 | $(1024034) | $1935109 | $(2902) | $(221727) | $1710480 |
| Foreign currency translation adjustment |  |  |  |  |  |  | 1243 |  | 1243 |
| Credited to post-employment benefit obligations |  |  |  |  |  |  | (7) |  | (7) |
| Net loss |  |  |  |  |  |  |  | (154134) | (154134) |
| Balance as of March 31, 2024 | 100 | $100 | 25 | $1023934 | $(1024034) | $1935109 | $(1666) | $(375861) | $1557582 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
|  | **Ordinary <br> Shares** | **Ordinary <br> Shares** | | | | | |
|  | **No. of <br> shares** | **Amount** |<br>**Subscription <br> receivables** | **Additional**<br>**paid-in-<br> capital** | **Accumulated <br> other**<br>**comprehensive <br> (loss) income** |<br>**Retained earnings** |<br>**Total** |
| Balance as of September 30, 2024 | 11250000 | $1024034 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $903051 | $22926 | $598666 | $2548677 |
| Foreign currency translation adjustment |  |  |  |  | (3199) |  | (3199) |
| Net loss |  |  |  |  |  | (256785) | (256785) |
| Balance as of March 31, 2025 | 11250000 | $1024034 | $— | $903051 | $19727 | $341881 | $2288693 |

---

\* Shares and per share data are presented on a retroactive basis to reflect the nominal share issuance and share split.

**RICH SPARKLE HOLDINGS LIMITED<br> Unaudited Interim Condensed Consolidated Statements of Cash Flows<br> For the Six Months Ended March 31, 2025 and 2024<br> (Currency expressed in United States Dollars ("US$"))**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| Net loss | $(256785) | $(154134) |
| Adjustments to reconcile net loss to cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 6335 | 6303 |
| &nbsp;&nbsp;&nbsp;Operating lease expense | 280019 | 330119 |
| &nbsp;&nbsp;&nbsp;Gain from lease modification |  | (3182) |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | (48167) | (30458) |
| &nbsp;&nbsp;&nbsp;Expected credit loss allowance |  | 30633 |
| Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable | 1005848 | 1485636 |
| &nbsp;&nbsp;&nbsp;Contract assets |  | (310692) |
| &nbsp;&nbsp;&nbsp;Prepayments, other current assets and other non-current assets | 128535 | 94776 |
| &nbsp;&nbsp;&nbsp;Accounts payable | (317000) | (360264) |
| &nbsp;&nbsp;&nbsp;Contract liabilities |  | (93450) |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 34595 | (133970) |
| &nbsp;&nbsp;&nbsp;Post-employment benefit obligations |  | 7 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | (267421) | (403009) |
| **Net cash provided by operating activities** | 565959 | 458315 |
| **Cash flows from financing activities:** |  |  |
| Payments of offering costs for initial public offering | (433879) | (124231) |
| Financings provided to related parties | (908) | (1116) |
| **Net cash (used in) financing activities** | (434787) | (125347) |
| Foreign currency translation adjustment | (405) | 913 |
| Net change in cash and cash equivalents | 130767 | 333881 |
| **CASH AND CASH EQUIVALENTS AT THE BEGINNING OF PERIOD** | 320161 | 184264 |
| **CASH AND CASH EQUIVALENTS AT THE END OF PERIOD** | $450928 | $518145 |
| **SUPPLEMENTAL NON-CASH FLOW INFORMATION** |  |  |
| Increase in right of use assets related to lease modification |  | 1261824 |
| Increase in lease obligation due to lease modification |  | 1258642 |

---

## Exhibit 99.3

**Exhibit 99.3** 

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND<br> RESULTS OF OPERATIONS**

**Overview**

Rich Sparkle Holdings Limited (the "Company") is a holding company incorporated as an exempted company under the laws of the Cayman Islands. As a holding company with no material direct operations of our own, we conduct our operations as a professional specialist in the provision of financial printing services such as printing, typesetting and translation, advisory services including Environmental, Social and Governance ("ESG") and internal control reporting services and other services including standalone annual general meeting and extraordinary general meeting supporting service and other standalone services, through ANPA (HK), our sole operating subsidiary in Hong Kong.

ANPA (HK) was founded in 2016. We are a financial printing services provider which specializes in designing and printing high quality financial print materials in Hong Kong. In our operating history of more than eight years, we started offering a comprehensive solution in typesetting, proofreading, translation, design, and printing, ensuring comprehensive support for all stages of document preparation to Hong Kong listed companies and companies that are preparing for their initial listing on the HK Stock Exchange. Our service portfolio covers a myriad of deliverables, mainly including listing documents, financial reports, fund documents, circulars and announcements. We offer to our customers a wide range of convenient and quality financial printing services, from typesetting, proofreading, translation, design and printing. In addition, we also offered advisory services which could cater for our customers' different requirements, such as conducting internal control assessment and environmental, social and governance performance evaluation as well as other services including provision of co-working space at our leased office located at Portion 2, 12<sup>th</sup> Floor, The Center, 99 Queen's Road Central, Hong Kong, for our customers mainly to conduct meetings and conferences.

**Recent Developments**

The shares of the Company began trading on the Nasdaq Capital Market on July 8, 2025, under the ticker symbol "ANPA". The Company consummated its initial public offering of 1,250,000 ordinary shares. As a result, the Company has raised aggregate gross proceeds of US$5,000,000 in the initial public offering, prior to deducting underwriting discounts and commissions and estimated offering expenses payable by the Company.

On August 7, 2025, the board of directors of the Company approved and adopted an equity incentive plan, which authorized the issuance of the lesser of (i) 2,500,000 ordinary shares of the Company; or (ii) 20% of the number of fully-diluted ordinary shares outstanding as of September 30th of the preceding calendar year, to the employees, directors or consultants of the Company. As of the date of this filing, the Company has not issued any shares pursuant to the equity incentive plan.

**Summary of Results of Operations**

The following discussion is based on our Group's historical results of operations and may not be indicative of our Group's future operating performance.

**Comparison of Six Months Ended March 31, 2025 and 2024**

The following table sets forth key components of our results of operations for the six months ended March 31, 2025 and 2024. The historical results presented below are not necessarily indicative of the results that may be expected for any future period.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Changes** | **Changes** |
|  | **2025** | **2024** | **Amount** | **%** |
|  | *US$* | *US$* | *US$* |  |
| Revenue | 1741985 | 1793702 | (51717) | (2.9) |
| Cost of services | (1109926) | (1212073) | 102147 | (8.4) |
| **Gross profit** | **632059** | **581629** | 50430 | 8.7 |
| **Operating expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative | (905329) | (732276) | (173053) | 23.6 |
| &nbsp;&nbsp;&nbsp;Expected credit losses | - | (30633) | 30633 | (100.0) |
| **Total operating expenses** | (905329) | (762909) | (142420) | 18.7 |
| **Loss from operations** | (273270) | (181280) | (91990) | 50.7 |
| **Other (expense) income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | (31682) | (6494) | (25188) | 387.9 |
| &nbsp;&nbsp;&nbsp;Other income | - | 3182 | (3182) | (100.0) |
| **Total other expense, net** | (31682) | (3312) | (28370) | 856.6 |
| **Loss before provision for income taxes** | (304952) | (184592) | (120360) | 65.2 |
| Income tax benefit | 48167 | 30458 | 17709 | 58.1 |
| **Net loss** | **(256785)** | **(154134)** | (102651) | 66.6 |
| **Other comprehensive loss** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency adjustment | (3199) | 1243 | (4442) | (357.4) |
| &nbsp;&nbsp;&nbsp;Charged to post-employment benefit obligations | - | (7) | 7 | (100.0) |
| **Comprehensive loss** | **(259984)** | **(152898)** | (107086) | 70.0 |

---

 ****

***Revenue***

As set forth in the following table, during the six months ended March 31, 2025 and 2024, our revenue was derived from the provision of financial printing services, advisory services and other services:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
|  | *US$* | *%* | *US$* | *%* |
| Revenue |  |  |  |  |
| Financial printing services | $865391 | 49.7 | $1443911 | 80.5 |
| Advisory services | 147097 | 8.4 | 192000 | 10.7 |
| Other | 729497 | 41.9 | 157791 | 8.8 |
| **Total** | $**1741985** | **100.0** | $**1793702** | **100.0** |

---

Our revenue decreased by US$51,717 or 2.9% to US$1,741,985 for the six months ended March 31, 2025 from US$1,793,702 for the six months ended March 31, 2024. Such decrease was mainly attributable to the decrease of financial printing services of US$578,520 and the decrease of advisory services of US$44,903, which was partially offset by the increase of advisory services of US$571,706.

For the six months ended March 31, 2025 and 2024, all of the revenue was from clients in Hong Kong.

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***Cost of services***

The following table sets forth the breakdown of our cost of services for the six months ended March 31, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
|  | *US$* | *%* | *US$* | *%* |
| Cost of services |  |  |  |  |
| Staff costs | $670372 | 60.4 | $606024 | 50.0 |
| Subcontracting fee | 393600 | 35.4 | 478715 | 39.5 |
| Printing costs | 45046 | 4.1 | 109549 | 9.0 |
| Other job-specific expenses | 908 | 0.1 | 17785 | 1.5 |
| **Total** | $**1109926** | **100.0** | $**1212073** | **100.0** |

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During the six months ended March 31, 2025 and 2024, our Group's cost of services was mainly comprised of staff costs, subcontracting fee, printing costs and other job-specific expenses. We incurred cost of services of US$1,109,926 for the six months ended March 31, 2025, compared to US$1,212,073 for the six months ended March 31, 2024, a decrease of US$102,147, or 8.4%. The decrease was in line with the decrease in revenue from financial printing services. The decrease in printing costs and subcontracting fee were resulted from the reliance more on the internal resources.

The Company paid subcontracting fee for (i) translation services handled by professional linguists who ensure accuracy and cultural relevance, (ii) ESG and internal control services support, and (iii) client relationship maintenance support.

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***Gross profit and gross profit margin***

Our gross profit was US$632,059 for the six months ended March 31, 2025, compared to US$581,629 for the six months ended March 31, 2024, an increase of US$50,430, or 8.7%. Our overall gross profit margins were 36.3% and 32.4% for the six months ended March 31, 2025 and 2024, respectively. Our total gross profit increased during the six months ended March 31, 2025, due to the increase of salary level and number of the staff to maintain our financial printing services and the reliance more on our internal resources which resulting to the decrease in subcontracting fee from the six months ended March 31, 2024.

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***Selling, General and Administrative expenses***

The following table sets forth the breakdown of our selling, general and administrative (SG&A) expenses for the six months ended March 31, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
|  | *US$* | *%* | *US$* | *%* |
| Staff costs | $286464 | 31.6 | $263415 | 36.0 |
| Depreciation | 254673 | 28.1 | 329928 | 45.1 |
| Property related expenses | 142105 | 15.7 | 27353 | 3.7 |
| Legal and professional fees | 508 | 0.1 | 22280 | 3.0 |
| Miscellaneous expenses | 221579 | 24.5 | 89300 | 12.2 |
| **Total** | $**905329** | **100.0** | $**732276** | **100.0** |

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SG&A mainly consist of administrative staff cost, depreciation of property, plant and equipment and right-of-use assets, property related expenses, legal and professional fees and other miscellaneous expenses. Our SG&A were US$905,329 and US$732,276 for the six months ended March 31, 2025 and 2024, respectively, or 52.0% and 40.8% of our revenue for the corresponding period. The increase was mainly due to the increase in our staff costs, property related expenses and miscellaneous expenses.

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***Expected credit losses***

Our expected credit losses were US$ nil and US$30,633 for the six months ended March 31, 2025 and 2024, respectively.

A decrease in current expected credit losses by US$30,633 or 100%, for the six months ended March 31, 2025, compared to the corresponding six months ended March 31, 2024, was primarily attributable to the decrease of long outstanding accounts receivables as at March 31, 2025.

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***Other Expense, Net***

The following table sets forth the breakdown of our other income (expense) for the six months ended March 31, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
|  | *US$* | *%* | *US$* | *%* |
| Gain from lease modification |  |  | 3182 | (96.1) |
| Interest expense on lease liabilities | (31682) | 100.0 | (6494) | 196.1 |
| **Total** | $**(31682)** | **100.0** | $**(3312)** | **100.0** |

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Our other expense were expense of US$31,682 and of US$3,312 for the six months ended March 31, 2025 and 2024, respectively.

An increase in other expense by US$28,370 or 856.6%, for the six months ended March 31, 2025, compared to the corresponding six months ended March 31, 2024, was primarily attributable to the increase of interest expense on lease liabilities of US$25,188 due to lease modification of its principal executive office during the second half of the year ended September 30, 2024.

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***Income Tax Benefit***

The Company and our wholly owned subsidiary, Lore, were incorporated in the BVI. Pursuant to the current rules and regulations, the BVI currently levy no taxes on individuals or corporations based upon profits, income, gains or appreciations and there is no taxation in the nature of inheritance tax or estate duty. Therefore, the Company is not subject to any income tax in the BVI.

Our indirectly wholly-owned subsidiary, ANPA (HK), is subject to income tax within Hong Kong at the applicable tax rate on taxable income. Hong Kong profit tax rates are 8.25% on assessable profits up to HK$2,000,000 (US$257,143), and 16.5% on any part of assessable profits over HK$2,000,000 (US$257,143). For the six months ended March 31, 2025 and 2024, our Group did not have any assessable profits in Hong Kong.

We had income tax benefit of US$48,167 for the six months ended March 31, 2025, compared to US$30,458 for the six months ended March 31, 2024, an increase of US$17,709, or 58.1%, mainly due to the increase in loss before taxation. Our effective tax rate was 16.5% for the six months ended March 31, 2025 and 16.5% for the six months ended March 31, 2024.

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***Net loss***

As a result of the foregoing, our net loss for the six months ended March 31, 2025 and 2024 was US$256,785 and US$154,134, respectively.

**Discussion of Certain Balance Sheet Items**

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| | | |
|:---|:---|:---|
|  | **As of <br> March 31, <br> 2025** | **As of <br> September 30, <br> 2024** |
|  | **(Unaudited)** | **(Audited)** |
|  | *US$* | *US$* |
| **ASSETS** |  |  |
| **Current assets:** |  |  |
| Cash | 450928 | 320161 |
| Accounts receivable, net | 2530250 | 3540649 |
| Contract assets | 35278 | 35323 |
| Prepayments and other current assets | 19280 | 148005 |
| **Total current assets** | **3035736** | **4044138** |
| **Non-current assets:** |  |  |
| Property and equipment, net | 11606 | 17962 |
| Operating lease right-of-use assets | 923034 | 1172808 |
| Deferred initial public offering ("IPO") costs | 1127082 | 694095 |
| Deferred tax assets, net | 272619 | 224755 |
| Other non-current assets | 170345 | 170564 |
| **TOTAL ASSETS** | **5540422** | **6324322** |
| **LIABILITIES** |  |  |
| **Current liabilities:** |  |  |
| Accounts payable | 349532 | 667390 |
| Contract liabilities | 15597 | 15617 |
| Amount due to a related party | 679405 | 681188 |
| Operating lease liabilities, current | 492755 | 479130 |
| Income tax payable | 154257 | 154456 |
| Accrued expenses and other current liabilities | 1098943 | 1065717 |
| **Total current liabilities** | **2790489** | **3063498** |
| **Non-current liabilities:** |  |  |
| Operating lease liabilities, non-current | 446459 | 697346 |
| Post-employment benefit obligations | 14781 | 14801 |
| **TOTAL LIABILITIES** | **3251729** | **3775645** |

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***Cash***

Our cash increased from US$320,162 as of September 30, 2024 to US$450,928 as of March 31, 2025. The increase mainly resulted from the decrease in account receivables during the six months ended March 31, 2025.

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***Accounts receivable, net***

Our accounts receivable, net decreased from US$3,540,649 as of September 30, 2024 to US$2,530,250 as of March 31, 2025, which was mainly due to the settlement of account receivables during the first half of the year ending September 31, 2025, which is consistent to the seasonal factor of the financial printing services industry.

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***Contract assets***

Our contract assets decreased from US$35,323 as of September 30, 2024 to US$35,278 as of March 31, 2025, mainly because our major Hong Kong listed clients are using December 31 as their financial year-end date. They are publishing their annual reports in April every year. The financial printing services of these projects were not completed as at March 31 and were completed as at 30 September every year.

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***Deferred IPO costs***

Our deferred costs are deferred IPO costs, mainly include professional fees paid in relation to our listing activities.

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***Operating lease right-of-use assets***

Our operating lease right-of-use ("ROU") assets decreased from US$1,172,808 as of September 30, 2024 to US$923,034 as of March 31, 2025, mainly attributable to the amortization of its office premises recognized for the Company's use during the six months ended March 31, 2025.

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***Accounts payable***

Our accounts payable is mainly comprised of payables to subcontractors. Our accounts payable decreased from US$667,390 as of September 30, 2024 to US$349,532 as of March 31, 2025, primarily due to reply on more internal resources which resulting to the decrease in the subcontracting fee and printing costs during the six months ended March 31, 2025.

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***Operating lease liabilities***

As of September 30, 2024 and March 31, 2025, we had operating lease liabilities of US$1,176,476 and US$939,214, respectively. The decrease in our operating lease liabilities as of March 31, 2025 was mainly due to the repayment of lease payments during the six months ended March 31, 2025.

**Liquidity and Capital Resources**

Our liquidity and working capital requirements primarily related to finance our working capital needs, and fund our capital expenditures and the growth of our operations. Historically, we have met our working capital and other liquidity requirements primarily through our equity capital and cash generated from our operations. Going forward, we expect to fund our working capital and other liquidity requirements from various sources, including but not limited to cash generated from our operations, loans from banking facilities, the net proceeds from this offering and other equity and debt financings as and when appropriate.

As of March 31, 2025, we had US$450,928 in cash. Our working capital requirements are influenced by the size of our operations, the progress of execution on our services, and the timing for collecting accounts receivable, and repayment of accounts payable.

As of March 31, 2025 and September 30, 2024, we had no outstanding bank borrowings.

**Cash flows**

The following tables set forth a summary of our cash flows information for the periods indicated:

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| | | |
|:---|:---|:---|
|  | **For the six months ended <br> March 31,** | **For the six months ended <br> March 31,** |
|  | **2025** | **2024** |
|  | *US$* | *US$* |
| **Cash and cash equivalents at beginning of the period** | $320161 | $184264 |
| Net cash provided by operating activities | 565959 | 458315 |
| Net cash used in financing activities | (434787) | (125347) |
| Net increase in cash and cash equivalents | 131172 | 332968 |
| Effect of foreign exchange rate changes | (405) | 913 |
| **Cash and cash equivalents as at end of the period** | $450928 | $518145 |

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***Cash flows from operating activities***

Cash provided by operating activities was US$565,959 for the six months ended March 31, 2025, mainly derived from (i) net loss of US$256,785 for the six months ended March 31, 2025; (ii) the decrease in accounts receivable, net by US$1,005,848 ; (iii) the increase in accounts payable by US$317,000; and (iv) decrease in prepayments, other current assets and other non-current assets by US128,535.

Cash provided by operating activities was US$458,315 for the six months ended March 31, 2024, mainly derived from (i) net loss of US$154,134 for the six months ended March 31, 2024; (ii) the decrease in accounts receivable, net by US$1,485,636; (iii) the increase in contract assets by US$310,692; and (iv) the increase in accounts payable by US$360,264.

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***Cash flows from investing activities***

There was no cash from investing activities for the six months ended March 31, 2025 and 2024.

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***Cash flows from financing activities***

Cash used in financing activities was US$434,787 for the six months ended March 31, 2025, which was mainly attributable to payments of offering costs for initial public offering of US$433,879.

Cash used in financing activities was US$125,347 for the six months ended March 31, 2024, which was mainly attributable to (i) payment of deferred offering cost of US$124,231; and (ii) advances to related parties amounted to US$1,116.

**Capital Expenditures**

We did not incur any capital expenditure for the six months ended March 31, 2025 and 2024.

**Commitments and Contingencies**

In the normal course of business, we are subject to loss contingencies, such as legal proceedings and claims arising out of our business, that cover a wide range of matters, including, among others, government investigations and tax matters. In accordance with ASC No. 450-20, "Loss Contingencies", we will record accruals for such loss contingencies when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated.

The following table summarizes our contractual obligations as of March 31, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** |
| <br>**Contractual obligations** | **Total** | **Less than<br> 1 year** | **1 – 3<br> years** | **3 – 5<br> years** | **More than<br> 5 years** |
|  | *US$* | *US$* | *US$* | *US$* | *US$* |
| Operating lease<sup>(1)</sup> | $995648 | $534842 | $460806 | $— | $— |

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(1) We lease offices which are classified as operating leases in accordance with Topic 842.
As of March 31, 2025, our future lease payments totalled US$995,648.

**Off-Balance Sheet Transactions**

For the periods presented, we did not have, and we do not currently have, any off-balance sheet financing arrangements or any relationships with unconsolidated entities or financial partnerships, including entities sometimes referred to as structured finance or special purpose entities, that were established for the purpose of facilitating off-balance sheet arrangements or for some other contractually narrow or limited purpose.

**Quantitative and Qualitative Disclosures about Market Risk**

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***Credit Risk***

For the credit risk related to accounts receivable and contract assets, we perform periodic credit evaluations of our customers' financial condition and generally does not require collateral. We establish an allowance for credit losses based upon estimates, factors surrounding the credit risk of specific customers and other information. Allowance for credit losses was US$1,069,620 and US$984,429 as at March 31, 2025 and March 31, 2024, respectively. Our management believes its contract acceptance, billing, and collection policies are adequate to minimize credit risk. Application for progress payment of contract works is made on a regular basis. We seek to maintain strict control over its outstanding receivables. Overdue balances are reviewed regularly by the management.

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***Liquidity Risk***

We are also exposed to liquidity risk, which is risk we will be unable to provide sufficient capital resources and liquidity to meet our commitments and business needs. Liquidity risk is controlled by the application of financial position analysis and monitoring procedures. When necessary, we will turn to financial institutions and related parties to obtain short-term funding to cover any liquidity shortage.

Based on the above considerations, management is of the opinion we have sufficient funds to meet our working capital requirements and debt obligations, for at least the next 12 months. There are several factors that could potentially arise that could undermine our plans, such as changes in the demand for its services, economic conditions, its operating results continuing to deteriorate and its shareholders unable to provide continued financial support.

We maintain sufficient cash and bank balances, and internally generated cash flows to finance the activities and management is satisfied that funds are available to finance the operations.

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***Foreign Exchange Risk***

Our reporting currency is the U.S. dollar, and all of our consolidated revenues and consolidated costs and expenses are denominated in Hong Kong Dollars ("HKD"). Our assets are denominated primarily in HKD. As a result, we are exposed to foreign exchange risk as our revenues and results of operations may be affected by fluctuations in the exchange rate between the US$ and HKD. If the HKD depreciates against the US$, the value of our HKD revenues, earnings and assets as expressed in our US$ financial statements will decline. We have not entered into any hedging transactions in an effort to reduce our exposure to foreign exchange risk.