EX-99.1 2 ea027250001ex99-1_raytech.htm UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2025

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.

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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.

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