2025-12-29-港交所-香港食品投资_中期报告2025-2026_34页_2mb

> **来源：[研报客](https://pc.yanbaoke.cn)** # Hong Kong Food Investment Holdings Limited # 香港食品投资控股有限公司 Stock Code 股份代號：60 INTERIM REPORT 2025- 26 中期報告 The board of directors (the "Board") of Hong Kong Food Investment Holdings Limited (the "Company") presents the unaudited condensed consolidated statement of financial position as at 30 September 2025 of the Company and its subsidiaries (collectively referred to as the "Group") and the unaudited condensed consolidated statement of profit or loss, unaudited condensed consolidated statement of comprehensive income, unaudited condensed consolidated statement of changes in equity and unaudited condensed consolidated statement of cash flows for the six months ended 30 September 2025 as follows: 香港食品投資控股有限公司(「本公司」)董事會(「董事會」)謹提呈本公司及其附屬公司(以下統稱「本集團」)於二零二五年九月三十日之未經審核簡明綜合財務狀況表及截至二零二五年九月三十日止六個月之未經審核簡明綜合損益表、未經審核簡明綜合全面收益表、未經審核簡明綜合權益變動表及未經審核簡明綜合現金流量表如下： CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS 簡明綜合損益表 Six months ended 30 September 截至九月三十日止六個月 2025 二零二五年 Unaudited 未經審核 HK$'000 港幣千元 2024 二零二四年 Unaudited 未經審核 HK$'000 港幣千元 Notes 附註 REVENUE 收入 3 85,811 Cost of sales 銷售成本 (76,760) Gross profit 毛利 9,051 Other income and gains, net 其他收入及收益,淨額 3 1,220 Selling and distribution expenses 銷售及分銷費用 (8,126) Administrative expenses 行政開支 (12,299) Finance costs 融資成本 4 (612) Share of profits and losses of associates 應佔聯營公司溢利及虧損 3,884 LOSS BEFORE TAX 除税前虧損 5 (6,882) Income tax expense 所得稅開支 6 (20) LOSS FOR THE PERIOD 期內虧損 (6,902) Attributable to: 歸屬於: Equity holders of the Company 本公司權益所有者 (6,896) Non-controlling interests 非控股權益 (6) (6,902) HK cents 港仙 HK cents 港仙 LOSS PER SHARE 本公司普通權益所有者 ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE COMPANY 應佔每股虧損 - Basic and diluted - 基本及攤薄 7 (2.69) (2.38) CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 簡明綜合全面收益表 Six months ended 30 September 截至九月三十日止六個月 2025 2024 二零二五年 二零二四年 Unaudited Unaudited 未經審核 未經審核 HK$'000 HK$'000 港幣千元 港幣千元 LOSS FOR THE PERIOD 期内虧損 (6,902) (6,465) OTHER COMPREHENSIVE INCOME FOR THE PERIOD 期内其他全面收益 Other comprehensive income that may be reclassified to profit or loss in subsequent periods: 將於往後期間可能重新分類至損益之其他全面收益: Share of other comprehensive income of associates, net of tax 應佔聯營公司其他全面收益,除稅後 2,658 3,443 Exchange differences on translation of foreign operations 換算海外業務的匯兑差額 478 1,638 Net other comprehensive income that may be reclassified to profit or loss in subsequent periods 將於往後期間可能重新分類至損益之其他全面收益,淨額 3,136 5,081 Other comprehensive income that will not be reclassified to profit or loss in subsequent periods: 將不會於往後期間重新分類至損益之其他全面收益: Share of other comprehensive income of associates, net of tax and net other comprehensive income that will not be reclassified to profit or loss in subsequent periods 應佔聯營公司其他全面收益,除稅後及將不會於往後期間重新分類至損益之其他全面收益,淨額 720 109 OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF TAX 期内其他全面收益,除稅後 3,856 5,190 TOTAL COMPREHENSIVE LOSS FOR THE PERIOD 期内總全面虧損 (3,046) (1,275) Attributable to: Equity holders of the Company 歸屬於: Non-controlling interests 本公司權益所有者 (3,040) (991) (6) (284) (3,046) (1,275) CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 簡明綜合財務狀況表 30 September 2025 二零二五年 九月三十日 Unaudited 未經審核 HK$'000 港幣千元 31 March 2025 二零二五年 三月三十一日 Audited 已審核 HK$'000 港幣千元 Notes 附註 NON-CURRENT ASSETS 非流動資產 Property, plant and equipment 物業、廠房及設備 36,882 37,224 Right-of-use assets 使用權資產 2,672 4,965 Investment property 投資物業 12,837 12,664 Investments in associates 於聯營公司之投資 368,487 370,590 Deposits 訂金 2,917 2,862 Goodwill 商譽 2,103 2,103 Financial assets at fair value through profit or loss 按公平值透過損益入賬的金融資產 9,726 9,492 Deferred tax assets 遞延税項資產 675 675 Total non-current assets 非流動資產總值 436,299 440,575 CURRENT ASSETS 流動資產 Inventories 存貨 39,466 36,453 Trade receivables 應收貿易賬款 8 18,502 15,520 Prepayments, deposits and other receivables 預付款項、訂金及其他應收款項 7,759 4,928 Due from associates 應收聯營公司 10(b) 1,558 855 Financial assets at fair value through profit or loss 按公平值透過損益入賬的金融資產 6,151 5,899 Tax recoverable 可收回稅項 177 177 Cash and cash equivalents 現金及現金等值項目 65,873 80,294 Total current assets 流動資產總值 139,486 144,126 CURRENT LIABILITIES 流動負債 Trade and bills payables 應付貿易賬款及票據 9 5,577 10,898 Other payables and accruals 其他應付款項及應計負債 7,742 9,354 Due to associates 應付聯營公司 10(b) 305 216 Due to a non-controlling shareholder 應付非控股股東 10(b) 2,344 2,917 Tax payable 應付稅項 418 397 Interest-bearing bank borrowings 須繳付利息之銀行貸款 30,956 26,441 Lease liabilities 租賃負債 2,087 3,338 Total current liabilities 流動負債總值 49,429 53,561 NET CURRENT ASSETS 流動資產淨額 90,057 90,565 TOTAL ASSETS LESS CURRENT LIABILITIES 總資產減流動負債 526,356 531,140 # CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued) # 簡明綜合財務狀況表(續) 30 September 2025 二零二五年 九月三十日 Unaudited HK$'000 港幣千元 31 March 2025 二零二五年 三月三十一日 Audited 已審核 HK$'000 港幣千元 NON-CURRENT LIABILITIES 非流動負債 Provision 撥備 900 900 Lease liabilities 租賃負債 756 1,640 Deferred tax liabilities 遞延税項負債 1,387 1,388 Total non-current liabilities 非流動負債總值 3,043 3,928 Net assets 資產淨額 523,313 527,212 EQUITY 權益 Equity attributable to equity holders of the Company 歸屬於本公司權益 所有者的權益 Share capital 股本 115,689 116,333 Reserves 儲備 401,594 404,843 517,283 521,176 Non-controlling interests 非控股權益 6,030 6,036 Total equity 權益總值 523,313 527,212 # CONDENSED CONSOLIDATED # STATEMENT OF CHANGES IN EQUITY # 簡明綜合權益變動表 Attributable to equity holders of the Company 歸屬於本公司權益所有者 Share capital Exchange fluctuation reserve Share of other reserves of associates 應佔 聯營公司 Revaluation reserve Retained profits Total Non-controlling interests Total equity 股本 匯兑波動儲備 其他儲備 重估儲備 保留溢利 總計 非控股權益 權益總額 Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited 未经審核 未经審核 未经審核 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 港幣千元 港幣千元 港幣千元 港幣千元 港幣千元 港幣千元 港幣千元 At 1 April 2024 於二零二四年四月一日 117,095 (8,729) (11,270) 87 440,654 537,837 6,730 544,567 Loss for the period 期內虧損 - - - - (6,181) (6,181) (284) (6,465) Other comprehensive loss that may be reclassified to profit or loss in subsequent periods: Share of other comprehensive income of associates, net of tax 應佔聯營公司的其他全面收益，除稅後 - - 3,443 - - 3,443 - 3,443 Exchange differences on translation of foreign operations 換算海外業務的匯兑差額 - 1,638 - - - 1,638 - 1,638 Other comprehensive income that will not be reclassified to profit or loss in subsequent periods: 將不會於往後期間重新分類至損益之其他全面收益：應佔聯營公司的其他全面收益，除稅後 - - 109 - - 109 - 109 Total comprehensive loss for the period 期內總全面虧損 - 1,638 3,552 - (6,181) (991) (284) (1,275) Repurchase of shares not yet cancelled by associates 聯營公司購回股份未註銷 - - (25) - - (25) - (25) At 30 September 2024 於二零二四年九月三十日 117,095 (7,091) (7,743) 87 434,473 536,821 6,446 543,267 # CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (continued) # 簡明綜合權益變動表(續) Attributable to equity holders of the Company 歸屬於本公司權益所有者 Share capital Exchange fluctuation reserve Share of other reserves of associates 應佔 匯兑波動儲備 Revaluation reserve Retained profits Total Non-controlling interests Total equity 股本 Unaudited Unaudited 重估儲備 保留溢利 總計 非控股權益 權益總額 HK$'000 HK$'000 HK$'000 HK$'000 Unaudited Unaudited Unaudited Unaudited 港幣千元 港幣千元 港幣千元 港幣千元 HK$'000 HK$'000 HK$'000 HK$'000 At 1 April 2025 於二零二五年四月一日 116,333 (8,675) (8,186) 87 421,617 521,176 6,036 527,212 Loss for the period 期內虧損 - - - - (6,896) (6,896) (6) (6,902) Other comprehensive income that may be reclassified to profit or loss in subsequent periods: 於其後可能重新分類至損益之其他全面收益: Share of other comprehensive income of associates, net of tax 應佔聯營公司的其他全面收益，除稅後 - - 2,658 - - 2,658 - 2,658 Exchange differences on translation of foreign operations 換算海外業務的匯兑差額 - 478 - - - 478 - 478 Other comprehensive income that will not be reclassified to profit or loss in subsequent periods: 將不會於往後期間重新分類至損益之其他全面收益：應佔聯營公司的其他全面收益，除稅後 - - 720 - - 720 - 720 Total comprehensive loss for the period 期內總全面虧損 - 478 3,378 - (6,896) (3,040) (6) (3,046) Share repurchased 股份回購 (644) - - - (177) (821) - (821) Transfer to share of other reserves of associates 轉撥至應佔聯營公司之其他儲蓄 - - (2,588) - 2,556 (32) - (32) At 30 September 2025 於二零二五年九月三十日 115,689 (8,197)* (7,396)* 87* 417,100* 517,283 6,030 523,313 * These reserve accounts comprise the consolidated reserves of HK$401,594,000 (31 March 2025: HK$404,843,000) in the unaudited condensed consolidated statement of financial position. 該等儲備賬為計入未經審核簡明綜合財務狀況表中之綜合儲備401,594,000港元（二零二五年三月三十一日：404,843,000港元）。 # CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS # 簡明綜合現金流量表 Six months ended 30 September 截至九月三十日止六個月 2025 二零二五年 Unaudited 未經審核 HK$'000 港幣千元 2024 二零二四年 Unaudited 未經審核 HK$'000 港幣千元 CASH FLOWS FROM OPERATING ACTIVITIES 經營業務之現金流量 Loss before tax 除稅前虧損 (6,882) (5,891) Total non-cash adjustments 非現金調整總額 62 1,469 Total working capital changes 營運資金變動總額 (16,997) 12,243 Cash generated from/(used in) operations 經營業務所流入/(流出)之現金 (23,817) 7,821 Interest element of lease payments 租賃付款之利息部份 (101) (137) Hong Kong profits tax paid 已付香港利得税 - (53) Net cash flows from/(used in) operating activities 經營業務之現金流入/(流出)淨額 (23,918) 7,631 CASH FLOWS FROM INVESTING ACTIVITIES 投資業務之現金流量 Bank interest received 已收銀行利息 357 648 Dividends received from an associate 收取聯營公司股息 7,376 7,428 Purchases of items of property, plant and equipment 購入物業、廠房及設備項目 (812) (1,228) Proceeds from disposal of items of property,plant and equipment and a lease 出售物業、廠房及設備項目及 租賃之所得款項 - 2,800 Proceeds from disposal of partial interest in an associate 出售聯營公司部分權益之所得款項 1,500 4,375 Net cash flows from investing activities 投資業務之現金流入淨額 8,421 14,023 CASH FLOWS FROM FINANCING ACTIVITIES 融資活動之現金流量 New bank and trust receipt loans 新增銀行貸款及信託收據貸款 61,895 102,970 Repayment of bank and trust receipt loans 償還銀行貸款及信託收據貸款 (57,380) (110,211) Principal portion of lease payments 租賃付款之本金部分 (2,137) (4,046) Repurchases of shares 回購股份 (821) - Interest paid 已付利息 (512) (815) Net cash flows from/(used in) financing activities 融資活動之現金流入/(流出)淨額 1,045 (12,102) NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 現金及現金等值項目之淨額增加/(減少) (14,452) 9,552 Cash and cash equivalents at beginning of the period 期初之現金及現金等值項目 80,294 74,575 Effect of foreign exchange rate changes, net 外匯匯率變動影響,淨額 31 39 CASH AND CASH EQUIVALENTS AT END OF PERIOD 期末之現金及現金等值項目 65,873 84,166 ANALYSIS OF BALANCES OF CASH AND CASH EQUIVALENTS 現金及現金等值項目結存之分析 Cash and bank balances 現金及銀行結存 50,943 54,094 Time deposits with original maturity of less than three months when acquired 原有到期日少於三個月之定期存款 14,930 30,072 Cash and cash equivalents 現金及現金等值項目 65,873 84,166 # NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS # 1. ACCOUNTING POLICIES The unaudited condensed consolidated interim financial statements are prepared in accordance with the applicable disclosure requirements of Appendix D2 to the Rules Governing the Listing of Securities (the "Listing Rules") on The Stock Exchange of Hong Kong Limited ("Stock Exchange") and the Hong Kong Accounting Standard ("HKAS") 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA"). The accounting policies and basis of preparation adopted in the preparation of the unaudited condensed consolidated interim financial statements are consistent with those adopted in the preparation of the annual financial statements for the year ended 31 March 2025. The financial information relating to the year ended 31 March 2025 that is included in the unaudited condensed consolidated interim financial statements for the six months ended 30 September 2025 as comparative information does not constitute the Company's statutory annual consolidated financial statements for that year but is derived from those consolidated financial statements. Further information relating to these statutory financial statements required to be disclosed in accordance with section 436 of the Hong Kong Companies Ordinance is as follows: The Company has delivered the consolidated financial statements for the year ended 31 March 2025 to the Registrar of Companies as required by section 662(3) of, and Part 3 of Schedule 6 to, the Hong Kong Companies Ordinance. The Company's auditor has reported on the consolidated financial statements. The auditor's report was unqualified; did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying its report; and did not contain a statement under sections 406(2), 407(2) or (3) of the Hong Kong Companies Ordinance. In the current period, the Group has adopted the following amended HKFRS Accounting Standard, for the first time, which are effective for accounting periods beginning on or after 1 April 2025. Amendments to HKAS 21 Lack of Exchangeability # 簡明綜合財務報表附註 # 1. 會計政策 本未經審核簡明綜合中期財務報表乃根據香港聯合交易所有限公司(「聯交所」)證券上市規則(「上市規則」)附錄D2所載之適用披露規定以及香港會計師公會(「香港會計師公會」)頒佈之香港會計準則(「香港會計準則」)第34號「中期財務報告」編製。 編製本未經審核簡明綜合中期財務報表時所採納之會計政策及編製基準與編製截至二零二五年三月三十一日止年度之全年財務報表所採用者相同。 載於本公司截至二零二五年九月三十日止六個月之未經審核簡明綜合中期財務報表內的有關二零二五年三月三十一日止年度之財務資料只作比較用途，並不構成本公司於該年度之法定年度綜合財務報表，但有關資料數據是來自該等綜合財務報表。根據香港公司條例第436條須予披露之有關該等法定財務報表的進一步資料如下： 本公司已按香港公司條例第662(3)條和附表6第3部向公司註冊處處長遞交截至二零二五年三月三十一日止年度之綜合財務報表。本公司核數師已就該等綜合財務報表提交報告。報告中核數師並無保留意見；亦無在無保留意見的情況下，附加說明段落，強調須予注意事項；及並無根據香港公司條例第406(2)、407(2)或(3)條載有陳述。 於本期間，本集團首次應用以下於二零二五年四月一日或之後開始之會計期間必須生效之經修訂香港財務報告準則會計準則。 香港會計準則第21號（修訂本） 缺乏可兌換性 # 1. ACCOUNTING POLICIES (continued) The nature and impact of the amended HKFRS Accounting Standard are described below: Amendments to HKAS 21 specify how an entity shall assess whether a currency is exchangeable into another currency and how it shall estimate a spot exchange rate at a measurement date when exchangeability is lacking. The amendments require disclosures of information that enable users of financial statements to understand the impact of a currency not being exchangeable. As the currencies that the Group had transacted with and the functional currencies of group entities for translation into the Group's presentation currency were exchangeable, the amendments did not have any impact on the interim condensed consolidated financial information. # 2. OPERATING SEGMENT INFORMATION For management purposes, the Group is organised into business units based on their products and services and has three reportable operating segments for the period ended 30 September 2025 as follows: (a) the trading segment is engaged in the trading of frozen meats, seafood and vegetables in Hong Kong and Japan; (b) the catering segment is engaged in restaurant operations in Hong Kong; and (c) the "others" segment consists of communication and advertising design. Management monitors the results of the Group's operating segments separately for the purpose of making decisions about resources allocation and performance assessment. Segment performance is evaluated based on reportable segment profit/loss, which is a measure of adjusted profit/loss before tax. The adjusted profit/loss before tax is measured consistently with the Group's loss before tax except that bank interest income, other unallocated gains/losses, non-lease-related finance costs, share of profits and losses of associates and corporate and other unallocated expenses are excluded from such measurement. Segment assets exclude investments in associates, tax recoverable, deferred tax assets, certain items of property, plant and equipment, an investment property, and corporate and other unallocated assets as these assets are managed on a group basis. Segment liabilities exclude tax payable, deferred tax liabilities and corporate and other unallocated liabilities as these liabilities are managed on a group basis. Intersegment sales and transfers are transacted with reference to the selling prices used for sales made to third parties at the then prevailing market prices. # 1. 會計政策(續) 經修訂香港財務報告準則會計準則的性質及影響闡述如下： 香港會計準則第21號(修訂本)訂明實體應如何評估貨幣是否可兌換為另一貨幣，以及於計量日期在缺乏可兌換性之情況下應如何估計即期匯率。該等修訂本規定須披露讓財務報表使用者理解貨幣不可兌換所產生影響之資料。由於本集團進行交易之貨幣以及集團實體用以換算為本集團呈列貨幣之功能貨幣均可兌換，因此該等修訂本對中期簡明綜合財務資料並無任何影響。 # 2. 經營分部資料 就管理而言，本集團根據其產品及服務而劃分業務單位，截至二零二五年九月三十日止有以下三個須予報告之經營分部： (a) 貿易分部為在香港及日本從事冷凍肉類、海鮮及蔬菜貿易； (b) 餐飲分部為在香港經營餐廳；及 (c)「其他」分部為傳訊和廣告設計。 管理層獨立監察本集團之經營分部業績，以決定資源分配及評估表現。分部表現根據須予報告分部溢利／虧損(即經調整之除稅前溢利／虧損之方式計算)評估。經調整之除稅前溢利／虧損與本集團之除稅前虧損之計量一致，惟銀行利息收入、其他未分配收益／虧損、非租賃相關之融資成本、應佔聯營公司溢利及虧損，以及公司及其他未分配開支則不撥入該項計算中。 分部資產不包括於聯營公司之投資、可收回稅項、遞延稅項資產、若干物業、廠房及設備、投資物業，及公司及其他未分配資產，此乃由於該等資產作為整體資產進行管理。 分部負債不包括應付稅項、遞延稅項負債，及公司及其他未分配負債，此乃由於該等負債作為整體負債進行管理。 各分部間之銷售及轉讓乃經參考與第三方交易時之售價，按當時現行市價進行交易。 # 2. OPERATING SEGMENT INFORMATION (continued) Six months ended 30 September 2025 # 2. 經營分部資料(續) 截至二零二五年九月三十日止六個月 Trading 貿易 Unaudited 未經審核 HK$'000 港幣千元 Catering 餐飲 Unaudited 未經審核 HK$'000 港幣千元 Others 其他 Unaudited 未經審核 HK$'000 港幣千元 Total 總計 Unaudited 未經審核 HK$'000 港幣千元 Segment revenue Sales to external customers Intersegment sales 分部收入 銷售予外界客戶 內部銷售 74,436 856 10,241 - 10,241 1,134 6 1,140 85,811 862 Reconciliation: 對賬: Elimination of intersegment sales 內部銷售抵銷 (862) Total revenue 總收入 85,811 Segment results 分部業績 (6,618) 199 443 (5,976) Reconciliation: 對賬: Bank interest income 銀行利息收入 357 Other unallocated gains 其他未分配收益 490 Finance costs (other than interest on lease liabilities) 融資成本(租賃負債之利息除外) (511) Share of profits and losses of associates 應佔聯營公司溢利及虧損 3,884 Corporate and other unallocated expenses 公司及其他未分配開支 (5,126) Loss before tax 除稅前虧損 (6,882) # 2. OPERATING SEGMENT INFORMATION (continued) Six months ended 30 September 2024 # 2. 經營分部資料(續) 截至二零二四年九月三十日止六個月 Trading 貿易 Unaudited 未經審核 HK$'000 港幣千元 Catering 餐飲 Unaudited 未經審核 HK$'000 港幣千元 Others 其他 Unaudited 未經審核 HK$'000 港幣千元 Total 總計 Unaudited 未經審核 HK$'000 港幣千元 Segment revenue 分部收入 Sales to external customers 銷售予外界客戶 81,777 15,977 1,727 99,481 Intersegment sales 內部銷售 3,041 - 4 3,045 84,818 15,977 1,731 102,526 Reconciliation: 對賬： (3,045) Elimination of intersegment sales 內部銷售抵銷 Total revenue 總收入 99,481 Segment results 分部業績 (3,430) (4,615) 652 (7,393) Reconciliation: 對賬： Bank interest income 銀行利息收入 648 Other unallocated gains 其他未分配收益 757 Finance costs (other than interest on lease liabilities) 融資成本(租賃負債之利息除外) (815) Share of profits and losses of associates 應佔聯營公司溢利及虧損 6,043 Corporate and other unallocated expenses 公司及其他未分配開支 (5,131) Loss before tax 除稅前虧損 (5,891) # 2. OPERATING SEGMENT INFORMATION (continued) As at 30 September 2025 # 2. 經營分部資料(續) 於二零二五年九月三十日 Trading 貿易 Unaudited 未經審核 HK$’000 港幣千元 Catering 餐飲 Unaudited 未經審核 HK$’000 港幣千元 Others 其他 Unaudited 未經審核 HK$’000 港幣千元 Total 總計 Unaudited 未經審核 HK$’000 港幣千元 Segment assets 分部資產 110,885 12,645 7,875 131,405 Reconciliation: 對賬： Elimination of intersegment receivables 內部應收款項抵銷 (129) Investments in associates 於聯營公司之投資 368,487 Corporate and other unallocated assets 公司及其他未分配資產 76,022 Total assets 資產總值 575,785 Segment liabilities 分部負債 43,715 2,264 132 46,111 Reconciliation: 對賬： Elimination of intersegment payables 內部應付款項抵銷 (129) Corporate and other unallocated liabilities 公司及其他未分配負債 6,490 Total liabilities 負債總值 52,472 # As at 31 March 2025 # 於二零二五年三月三十一日 Trading 貿易 Audited 已審核 HK$'000 港幣千元 Catering 餐飲 Audited 已審核 HK$'000 港幣千元 Others 其他 Audited 已審核 HK$'000 港幣千元 Total 總計 Audited 已審核 HK$'000 港幣千元 Segment assets 分部資產 124,220 14,765 7,614 146,599 Reconciliation: 對賬： Elimination of intersegment receivables 內部應收款項抵銷 (110) Investments in associates 於聯營公司之投資 370,590 Corporate and other unallocated assets 公司及其他未分配資產 67,622 Total assets 資產總值 584,701 Segment liabilities 分部負債 45,548 3,453 146 49,147 Reconciliation: 對賬： Elimination of intersegment payables 內部應付款項抵銷 (110) Corporate and other unallocated liabilities 公司及其他未分配負債 8,452 Total liabilities 負債總值 57,489 # 3. REVENUE, OTHER INCOME AND GAINS, NET Revenue represents the net invoiced value of goods sold, after allowances for returns and trade discounts. An analysis of revenue, other income and gains, net is as follows: # 3. 收入、其他收入及收益，淨額 收入指除去退貨及貿易折扣後售出貨品之發票價值。收入、其他收入及收益，淨額之分析如下： Six months ended 30 September 截至九月三十日止六個月 2025 2024 二零二五年 二零二四年 Unaudited Unaudited 未經審核 未經審核 HK$'000 HK$'000 港幣千元 港幣千元 Disaggregation of revenue 收入之分列 Sales of goods 銷售貨品 74,436 81,777 Restaurant operations 經營餐廳 10,241 15,977 Others 其他 1,134 1,727 85,811 99,481 Timing of revenue recognition 收入確認時間 At a point in time 於時間點確認 85,811 99,481 Other income 其他收入 Bank interest income 銀行利息收入 357 648 Gross rental income 總租金收入 351 943 Sundry income 雜項收入 83 110 Total other income 其他收入總值 791 1,701 Gains/(losses), net 收益/(虧損)，淨額 Fair value gains on financial assets at fair valuethrough profit or loss, net 按公平值透過損益入賬的金融資產之公平值收益，淨額 490 757 Loss on disposal of partial interest in an associate 出售聯營公司權益之虧損 (459) (1,336) Foreign exchange difference, net 匯兑差異，淨額 398 456 Total gains/(losses), net 收益/(虧損)，淨額總值 429 (123) Total other income and gains, net 其他收入及收益，淨額總值 1,220 1,578 # 4. FINANCE COSTS An analysis of finance costs is as follows: # 4. 融资成本 融资成本之分析如下： Six months ended 30 September 截至九月三十日止六個月 2025 2024 二零二五年 二零二四年 Unaudited Unaudited 未經審核 未經審核 HK$'000 HK$'000 港幣千元 港幣千元 Interest on bank and trust receipt loans 銀行貸款及信託收據貸款利息 511 815 Interest on lease liabilities 租賃負債之利息 101 137 612 952 # 5. LOSS BEFORE TAX The Group's loss before tax is arrived at after charging: # 5. 除税前虧損 本集團之除稅前虧損已扣除： Six months ended 30 September 截至九月三十日止六個月 2025 2024 二零二五年 二零二四年 Unaudited Unaudited 未經審核 未經審核 HK$'000 HK$'000 港幣千元 港幣千元 Cost of inventories sold 已售存貨之成本 76,760 84,203 Depreciation of items of property, plant and equipment 物業、廠房及設備項目之折舊 1,433 1,401 Depreciation of right-of-use assets 使用權資產之折舊 2,293 3,561 Lease payments not included in the measurement of lease liabilities 未計入租賃負債計量的 租賃付款 4,365 4,396 Impairment/(reversal of impairment) of trade receivables 應收貿易賬款減值/ (撥回減值) (4) 31 # 6. INCOME TAX Hong Kong profits tax has been provided at the rate of $16.5\%$ (2024: $16.5\%$ ) on the estimated assessable profits arising in Hong Kong during the period, except for one subsidiary of the Group which is a qualifying entity under the two-tiered profits tax rates regime. The first HK$2,000,000 (2024: HK$2,000,000) of assessable profits of this subsidiary is taxed at $8.25\%$ (2024: $8.25\%$ ) and the remaining assessable profits are taxed at $16.5\%$ (2024: $16.5\%$ ). # 6. 所得税 香港利得税乃按照期内於香港產生之估計應課税溢利按稅率 $16.5\%$ （二零二四年： $16.5\%$ ）計提撥備，惟本集團的一間附屬公司除外，該公司為符合利得税兩級制的實體。該附屬公司應課税溢利的首2,000,000港元（二零二四年：2,000,000港元）按 $8.25\%$ （二零二四年： $8.25\%$ ）的稅率計算，而餘下應課稅溢利按 $16.5\%$ （二零二四年： $16.5\%$ ）計算。 Six months ended 30 September 截至九月三十日止六個月 2025 2024 二零二五年 二零二四年 Unaudited Unaudited 未經審核 未經審核 HK$'000 HK$'000 港幣千元 港幣千元 Current charge for the period 本期間即期税項 - Hong Kong - 香港 21 53 Deferred 遞延 (1) 521 Total tax charge for the period 期内總稅務開支 20 574 The share of tax charge attributable to associates amounting to HK$4,078,000 (2024: HK$3,369,000) is included in "Share of profits and losses of associates" in the unaudited condensed consolidated statement of profit or loss. 應佔聯營公司之税項開支共4,078,000港元（二零二四年：3,369,000港元）已包括於未經審核簡明綜合損益表之「應佔聯營公司溢利及虧損」內。 # 7. LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE COMPANY The calculation of the basic loss per share amounts is based on the loss for the period attributable to ordinary equity holders of the Company of HK$6,896,000 (2024: HK$6,181,000), and the weighted average number of ordinary shares of 256,188,471 (2024: 259,586,000) outstanding during the period. The Group had no potentially dilutive ordinary shares outstanding during the six months ended 30 September 2025 and 2024. The calculation of the basic and diluted loss per share are based on: # 7. 本公司普通權益所有者應佔每股虧損 每股基本虧損乃根據期內本公司普通權益所有者應佔虧損6,896,000港元（二零二四年：6,181,000港元），及年內發行在外普通股之加權平均數256,188,471股（二零二四年：259,586,000股）計算。 本集團截至二零二五年及二零二四年九月三十日止期内均無具潛在攤薄潛力之發行在外普通股。 每股基本及攤薄虧損乃根據下列基準計算： Six months ended 30 September 截至九月三十日止六個月 2025 2024 二零二五年 二零二四年 Unaudited Unaudited 未經審核 未經審核 HK$’000 HK$’000 港幣千元 港幣千元 Loss 虧損 Loss attributable to ordinary equity holders of the Company, used in the basic and diluted loss per share calculation 計算每股基本及攤薄虧損所使用之本公司普通權益所有者應佔虧損 (6,896) (6,181) Number of shares 股份數目 2025 2024 二零二五年 二零二四年 Unaudited Unaudited 未經審核 未經審核 Shares 股份 Weighted average number of ordinary shares outstanding during the period used in the basic and diluted loss per share calculation 計算每股基本及攤薄虧損之期內發行在外普通股之加權平均數 256,188,471 259,586,000 # 8. TRADE RECEIVABLES # 8. 應收貿易賬款 30 September 2025 二零二五年 九月三十日 Unaudited HK$'000 港幣千元 31 March 2025 二零二五年 三月三十一日 Audited 已審核 HK$'000 港幣千元 Trade receivables 應收貿易賬款 18,785 15,807 Impairment 減值 (283) (287) 18,502 15,520 The Group's trading terms with its customers are mainly on credit, except for new customers, where payment in advance is normally required. The credit period is generally one to three months. 本集團與客戶之貿易賬期以信貸為主，惟新客戶一般需要預先付款。信貸期一般為一至三個月。 # 8. TRADE RECEIVABLES (continued) An ageing analysis of the trade receivables as at 30 September 2025 and 31 March 2025, based on the invoice date and net of loss allowance, is as follows: # 8. 應收貿易賬款(續) 於二零二五年九月三十日及二零二五年三月三十一日，根據發票日期及扣除虧損撥備之應收貿易賬款之賬齡分析如下： 30 September 2025 二零二五年 九月三十日 Unaudited HK$'000 港幣千元 31 March 2025 二零二五年 三月三十一日 Audited 已審核 HK$'000 港幣千元 Within 1 month 1個月內 12,794 11,185 1 to 2 months 1至2個月 4,443 2,157 Over 2 months 2個月以上 1,265 2,178 18,502 15,520 # 9. TRADE AND BILLS PAYABLES An ageing analysis of the trade and bills payables as at 30 September 2025 and 31 March 2025, based on the invoice date, is as follows: # 9.應付貿易賬款及票據 於二零二五年九月三十日及二零二五年三月三十一日，根據發票日期之應付貿易賬款及票據之賬齡分析如下： 30 September 2025 二零二五年 九月三十日 Unaudited HK$'000 港幣千元 31 March 2025 二零二五年 三月三十一日 Audited 已審核 HK$'000 港幣千元 Within 1 month 1個月內 5,577 7,617 1 to 2 months 1至2個月 - 3,281 5,577 10,898 The trade payables are non-interest-bearing and are normally settled on terms of 30 to 60 days. 應付貿易賬款為免息及一般按30日至60日期限結付。 # 10. RELATED PARTY TRANSACTIONS (a) The Group had the following material transactions with its related parties during the period: # 10. 關連人士交易 (a) 期內，本集團與其關連人士訂立下列重大交易： Six months ended 30 September 截至九月三十日止六個月 2025 二零二五年 Unaudited HK$’000 港幣千元 2024 二零二四年 Unaudited HK$’000 港幣千元 Notes 附註 Sales of goods to an associate 向聯營公司銷售貨品 (i) 4,2472,396 Purchases of goods from a non-controlling shareholder of a subsidiary 向附屬公司之非控股股東採購貨品 (ii) 9,9655,630 Notes: (i) The sales to an associate were determined between the parties with reference to the prevailing market price. (ii) The purchases from a non-controlling shareholder of a subsidiary were agreed between parties. The related party transactions in respect of items (i) and (ii) above constitute continuing connected transactions as defined in Chapter 14A of the Listing Rules. Item (i) above is entered in accordance with the master supply agreement between an associate of the Group and the Group. Since the transactions are more than $0.1\%$ but less than $5\%$ of each of the applicable percentage ratios (other than the profits ratio) for the parties, the transactions are subject to reporting and announcement requirements but exempt from the independent shareholders' approval requirements under Chapter 14A of the Listing Rules. Details of which are included in the Group's announcement dated 31 March 2025. Item (ii) above is entered in accordance with the master supply agreement between a non-controlling shareholder and the Group, details of which are included in the Group's announcement dated 21 September 2018, 25 March 2021, 7 December 2021 and 19 March 2024, and are subject to reporting and announcement requirements but exempt from the independent shareholders' approval requirement pursuant to Rule 14A.101 of the Listing Rules. (b) Outstanding balances with related parties: The balances with associates and the amount due to a noncontrolling shareholder are unsecured, interest-free and repayable under normal trading terms. 附註： (i) 向聯營公司銷售乃由訂約各方按現行市價而協定。 (ii) 向附屬公司之非控股股東採購乃由訂約各方協定。 上文第(i)項及第(ii)項所涉關連人士交易構成上市規則第14A章所界定之持續關聯交易。 上文第(i)項是根據本集團之關聯公司與本集團之間的主要供應協議進行。由於該等交易金額均超過各方適用百分比(利潤率除外)的0.1%但低於5%，故須遵守上市規則第14A章規定的報告及公告規定，但可豁免獨立股東批准。相關詳情載於集團日期為二零二五年三月三十一日的公告中。 上文(ii)項乃根據一名非控股股東與本集團訂立之總供應協議進行，詳情載於本集團日期二零一八年九月二十一日、二零二一年三月二十五日、二零二一年十二月七日及二零二四年三月十九日之公告內，並須遵守上市規則第14A.101條之申報及公佈規定，惟獲豁免遵守獨立股東批准之規定。 (b) 與關連人士之尚未償還結餘： 該等聯營公司之結餘及應付附屬公司之非控股股東之款項並無抵押、免息，及按一般貿易條款償還。 # 10. RELATED PARTY TRANSACTIONS (continued) (c) Compensation of key management personnel of the Group: # 10. 關連人士交易(續) (c) 本集團主要管理人員之報酬： Short term employee benefits Pension scheme contributions 短期僱員福利 退休金計劃供款 Six months ended 30 September 截至九月三十日止六個月 2025 2024 二零二五年 二零二四年 Unaudited Unaudited 未經審核 未經審核 HK$'000 HK$'000 港幣千元 港幣千元 2,256 2,161 28 24 2,284 2,185 # 11. FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS The Group's financial assets at fair value through profit or loss were carried at fair value. Management has assessed that the fair values of cash and cash equivalents, trade receivables, trade and bills payables, financial assets included in prepayments, deposits and other receivables, financial liabilities included in other payables and accruals, amounts due from/to associates, an amount due to a non-controlling shareholder and interest-bearing bank borrowings approximate to their carrying amounts largely due to the short term maturities of these instruments. The Group's finance team is responsible for determining the policies and procedures for the fair value measurement of financial instruments. The finance team reports directly to the executive directors and the audit committee. At each reporting date, the finance team analyses the movements in the values of financial instruments and determines the major inputs applied in the valuation. The valuation is reviewed and approved by the executive directors. The valuation process and results are discussed with the audit committee twice a year for interim and annual financial reporting. The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The fair values of listed equity investments are based on quoted market prices. The fair value of the unlisted club debenture is based on market observable transactions. The fair value of an unlisted equity investment is estimated using an adjusted net asset value valuation technique. The fair values of other unlisted investments are estimated using a net asset value valuation technique based on parameters that are supported by observable market price or rates. # 11. 金融工具之公平值及公平值層級 本集團之按公平值透過損益入賬之金融資產乃按公平值列賬。 管理層已評估，現金及現金等值項目、應收貿易賬款、應付貿易賬款及票據、包括於預付款項、訂金及其他應收款項之金融資產、包括於其他應付賬款及應計負債之金融負債、應收／付聯營公司之款項、應付非控股股東款項以及須繳付利息之銀行貸款之公平值與其賬面值大致相若，主要由於該等工具於短期內到期。 本集團的財務團隊負責決定金融工具公平值計量的政策及程序。財務團隊直接向執行董事及審核委員會匯報。於每個報告日期，財務團隊分析金融工具價值的變動，並決定應用於估值的主要輸入值。估值由執行董事審閱及批准。估值過程及結果每年兩次於中期及全年財務報告時與審核委員會討論。 金融資產及負債的公平值以該工具自願交易方（強迫或清盤出售除外)當前交易下的可交易金額入賬。 上市權益投資的公平值以市場報價為基礎。非上市會所債券的公平值以可觀察市場交易為基礎。非上市權益投資之公平值採用經調整資產淨值估值技術進行估計。其他非上市投資之公平值使用基於可觀察市場價格或利率支持的參數的資產淨值估值方法。 # 11. FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS (continued) Fair value hierarchy The following tables illustrate the fair value measurement hierarchy of the Group's financial instruments: Assets measured at fair value: As at 30 September 2025 # 11. 金融工具之公平值及公平值層級（續） 公平值架構 下表顯示本集團的金融工具的公平值計量架構： 按公平值計量的資產： 於二零二五年九月三十日 Fair value measurement using公平值計量採用 Quote prices in active markets (Level 1) 活躍 市場報價 (第一層) Unaudited 未經審核 HK$'000 港幣千元 Significant observable inputs (Level 2) 重大可觀察 輸入值 (第二層) Unaudited 未經審核 HK$'000 港幣千元 Significant unobservable inputs (Level 3) 重大不可觀察 輸入值 (第三層) Unaudited 未經審核 HK$'000 港幣千元 Total 合計 Unaudited 未經審核 HK$'000 港幣千元 Financial assets at fair value through profit or loss: Listed equity investments Unlisted club debenture Unlisted equity investments 按公平值透過損益入賬的 金融資產： 上市權益投資 非上市會所債券 非上市權益投資 6,151 - - 6,151 - 2,051 - 2,051 - 3,784 3,891 7,675 6,151 5,835 3,891 15,877 # 11. FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS (continued) Fair value hierarchy (continued) The following tables illustrate the fair value measurement hierarchy of the Group's financial instruments: (continued) Assets measured at fair value: (continued) As at 31 March 2025 # 11. 金融工具之公平值及公平值層級（續） 公平值架构（續） 下表顯示本集團的金融工具的公平值計量架構：(續) 按公平值計量的資產：（續） # 於二零二五年三月三十一日 Fair value measurement using公平值計量採用 Quote pricesin active markets(Level 1) Significantobservableinputs(Level 2) Significantunobservableinputs(Level 3) Total 活躍市場報價(第一層) 重大可觀察輸入值(第二層) 重大不可觀察輸入值(第三層) 合計 Audited經審核 Audited經審核 Audited經審核 Audited經審核 HK$'000港幣千元 HK$'000港幣千元 HK$'000港幣千元 HK$'000港幣千元 Financial assets at fair value 按公平值透過損益入賬的 through profit or loss: 金融資產： Listed equity investments 上市權益投資 Unlisted club debenture 非上市會所債券 Unlisted equity investments 非上市權益投資 During the period ended 30 September 2025, there were no transfers of fair value measurements between Level 1 and Level 2 and no transfers into or out of Level 3 for both the financial assets and financial liabilities (31 March 2025: Nil). The Group did not have any financial liabilities measured at fair value as at 30 September 2025 (31 March 2025: Nil). # 12. CAPITAL COMMITMENT No material capital commitment was contracted but not provided for as at 30 September 2025 (31 March 2025: Nil). # 13. EVENT AFTER REPORTING PERIOD No material events have occurred after the end of the period under review and up to the date of these interim financial statements. 5,899 - - 5,899 - 2,051 - 2,051 - 3,551 3,890 7,441 5,899 5,602 3,890 15,391 於二零二五年九月三十日期內，金融資產及金融負債在第一層及第二層之間並無轉移公平值計量，而金融資產及金融負債於第三層並無轉入或轉出之情況（二零二五年三月三十一日：無）。 於二零二五年九月三十日，本集團並無任何按公平值計量之金融負債（二零二五年三月三十一日：無）。 # 12. 资本承擔 截至二零二五年九月三十日止，並無重大已訂約但未撥備之資本承擔（二零二五年三月三十一日：無）。 # 13. 報告期間後事項 於回顧期間結束後及直至本中期財務報表日期止，概無發生任何重大事項。 # INTERIM DIVIDEND The Board does not recommend the payment of any interim dividend for the six months ended 30 September 2025 (2024: Nil). # MANAGEMENT DISCUSSION AND ANALYSIS # BUSINESS REVIEW For the six months ended 30 September 2025, the Group's consolidated revenue was HK\(85,811,00