2025-12-17-港交所-美亨实业_2025_x2f_2026_中期报告_62页_3mb

> **来源：[研报客](https://pc.yanbaoke.cn)** (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock Code 股份代號：1897) Corporate Information 公司資料 02 Management Discussion and Analysis 管理層討論及分析 05 Financial Review 財務回顧 11 Other Information 其他資料 14 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income 簡明綜合損益及其他全面收益表 29 Condensed Consolidated Statement of Financial Position 簡明綜合財務狀況表 30 Condensed Consolidated Statement of Changes in Equity 簡明綜合權益變動表 32 Condensed Consolidated Statement of Cash Flows 簡明綜合現金流量表 33 Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報表附註 35 Report on Review of Condensed Consolidated Financial Statements 簡明綜合財務報表審閱報告 57 Summary of Major Properties 主要物業摘要 59 In case of any inconsistency, the English text of this interim report shall prevail over the Chinese text. 本中期報告之中英文本如有任何歧義，概以英文本為準。 # CORPORATE INFORMATION # 公司資料 # BOARD OF DIRECTORS Mr. Wong Sue Toa, Stewart* (Chairman) Mr. Lee Cheuk Hung (Managing Director) Mr. Wong Kin Mr. Cha Mou Daid, Johnson* Mr. Tai Sai Ho* Mr. Chau On Ta Yuen# Mr. Cheung Kwong Tat# (appointed on 30 September 2025) Professor Hao Gang# Professor Ho Richard Yan Ki# Mr. Poon Kan Young# * Non-executive Director Independent Non-executive Director # AUDIT COMMITTEE Professor Ho Richard Yan Ki (Chairman) Mr. Chau On Ta Yuen Mr. Cheung Kwong Tat (appointed on 30 September 2025) Professor Hao Gang Mr. Poon Kan Young # NOMINATION COMMITTEE Professor Hao Gang (Chairlady) Mr. Wong Sue Toa, Stewart Mr. Tai Sai Ho Mr. Chau On Ta Yuen Mr. Cheung Kwong Tat (appointed on 30 September 2025) Professor Ho Richard Yan Ki Mr. Poon Kan Young # REMUNERATION COMMITTEE Mr. Poon Kan Young (Chairman) Mr. Wong Sue Toa, Stewart Mr. Tai Sai Ho Mr. Chau On Ta Yuen Mr. Cheung Kwong Tat (appointed on 30 September 2025) Professor Hao Gang Professor Ho Richard Yan Ki # INVESTMENT COMMITTEE Mr. Wong Sue Toa, Stewart (Chairman) Mr. Tai Sai Ho Mr. Lee Cheuk Hung # COMPANY SECRETARY Mr. Kwok Wing Fai # 董事會 王世涛先生\*（主席） 李卓雄先生（董事總經理） 黄健先生 查懋德先生* 戴世豪先生* 周安達源先生# 張廣達先生#（於2025年9月30日獲委任） 郝剛教授 何忻基教授 潘根澧先生 * 非執行董事 # 獨立非執行董事 # 審核委員會 何忻基教授(主席) 周安達源先生 張廣達先生(於2025年9月30日獲委任) 郝剛教授 潘根震先生 # 提名委員會 郝副教授(主席) 王世涛先生 戴世豪先生 周安達源先生 張廣達先生(於2025年9月30日獲委任) 何忻基教授 潘根濃先生 # 薪酬委員會 潘根澧先生(主席) 王世涛先生 戴世豪先生 周安達源先生 張廣達先生(於2025年9月30日獲委任) 郝刚教授 何忻基教授 # 投資委員會 王世濤先生(主席) 戴世豪先生 李卓雄先生 # 公司秘書 郭永輝先生 # REGISTERED OFFICE Maples Corporate Services Limited P.O.Box 309 Ugland House Grand Cayman KY1-1104 Cayman Islands # PRINCIPAL PLACE OF BUSINESS Office A, 20th Floor Kings Wing Plaza 1 3 On Kwan Street Shek Mun, Shatin New Territories Hong Kong # AUDITOR Deloitte Touche Tohmatsu Certified Public Accountants Registered Public Interest Entity Auditors # PRINCIPAL BANKERS Bank of China (Hong Kong) Limited The Bank of East Asia, Limited Hang Seng Bank Limited - The Hongkong and Shanghai Banking Corporation Limited Standard Chartered Bank (Hong Kong) Limited # 註冊辦事處 Maples Corporate Services Limited P.O.Box 309 Ugland House Grand Cayman KY1-1104 Cayman Islands # 主要營業地點 香港 新界 沙田石門 安群街3號 京瑞廣場一期 20樓A室 # 核數師 德勤·關黃陳方會計師行 執業會計師 註冊公眾利益實體核數師 # 主要往來銀行 中國銀行(香港)有限公司 東亞銀行有限公司 恒生銀行有限公司 香港上海匯豐銀行有限公司 渣打銀行(香港)有限公司 # SHARE REGISTRARS - Hong Kong Computershare Hong Kong Investor Services Limited Shops 1712-1716, 17th Floor Hopewell Centre 183 Queen's Road East Wan Chai Hong Kong Cayman Islands Maples Fund Services (Cayman) Limited P.O.Box 1093 Boundary Hall, Cricket Square Grand Cayman KY1-1102 Cayman Islands # LEGAL ADVISERS - Hong Kong Law Reed Smith Richards Butler Cayman Islands Law Maples and Calder (Hong Kong) LLP # STOCK CODE 1897 (ordinary shares) # WEBSITE www.millionhope.com.hk # 股份過戶登記處 香港 香港中央證券登記有限公司 香港 灣仔 皇后大道東183號 合和中心 17楼1712-1716室 開曼群島 Maples Fund Services (Cayman) Limited P.O.Box 1093 Boundary Hall, Cricket Square Grand Cayman KY1-1102 Cayman Islands # 法律顧問 香港法律 禮德齊伯禮律師行 開曼群島法律 邁普達律師事務所(香港) 有限法律责任合夥 # 股份代號 1897（普通股） # 網址 www.millionhope.com.hk The board of directors (the "Board") of Million Hope Industries Holdings Limited (the "Company") is pleased to present the interim report together with condensed consolidated financial statements of the Company and its subsidiaries (collectively the "Group") for the six months ended 30 September 2025. # INTERIM RESULTS The Group recorded unaudited consolidated revenue of HK$143.9 million for the six months ended 30 September 2025, representing a decrease of $47.0\%$ as compared to the revenue of HK$271.7 million for the six months ended 30 September 2024. Revenue for the current period was mainly contributed by renovation works at Branksome Crest, industry re-development at No. 18 Lee Chung Street, subsidized sale flats project at Kai Tak Area 2B1, and residential development projects at The Southside Package Six Property Development and Tong Yan San Tsuen. The significant decrease in revenue was due to the delay or suspension of master programmes of the Group's certain projects during the period and the downturn in property and construction markets. The Group's gross profit and gross profit margin for the six months ended 30 September 2025 was HK$13.5 million and 9.4% respectively, compared to that of HK$20.2 million and 7.4% respectively for the last corresponding period. The rise in gross profit margin in the current period was attributed to recognition of gross profit amounting to HK$4.2 million, which resulted from the completion of final account of a project completed in the previous year. The unaudited consolidated profit attributable to owners of the Company for the six months ended 30 September 2025 was HK$0.9 million, representing a decrease of 86.8% as compared to HK$6.8 million for the last corresponding period. The basic earnings per share and diluted earnings per share for the six months ended 30 September 2025 were HK0.22 cent, representing decreases of $86.6\%$ as compared to HK1.64 cents for the last corresponding period. 美亨實業控股有限公司（「本公司」）董事會（「董事會」）欣然提呈本公司及其附屬公司（統稱「本集團」）截至2025年9月30日止六個月之中期報告連同簡明綜合財務報表。 # 中期業績 截至2025年9月30日止六個月，本集團錄得未經審核綜合收益143,900,000港元，較截至2024年9月30日止六個月之收益271,700,000港元減少 $47.0\%$ 。本期間收益主要由Branksome Crest翻新工程、利眾街18號的工業重建項目、啟德第2B1區的資助出售房屋項目，以及The Southside第六期物業發展及唐人新村的住宅發展項目貢獻。收益大幅減少主要由於本期間本集團若干項目的總體計劃延誤或暫停，以及物業及建築市場下行所致。 截至2025年9月30日止六個月，本集團之毛利及毛利率分別為13,500,000港元及 $9.4\%$ ，而去年同期則分別為20,200,000港元及 $7.4\%$ 。本期間毛利率上升，主要由於本期間確認因上年度一個已完成項目的最終工程造價已完成而產生毛利4,200,000港元。 截至2025年9月30日止六個月，本公司擁有人應佔未經審核綜合溢利為900,000港元，較去年同期的6,800,000港元減少86.8%。 截至2025年9月30日止六個月之每股基本盈利及每股攤薄盈利為0.22港仙，較去年同期的1.64港仙減少86.6%。 # DIVIDEND The Board has resolved to pay a first interim dividend of HK0.3 cent per share for the six months ended 30 September 2025 (for the six months ended 30 September 2024: HK0.5 cent per share) to the shareholders of the Company (the "Shareholders") whose names appear on the register of members of the Company on 1 December 2025, being the record date for determining Shareholders' entitlement to the first interim dividend. The dividend is expected to be paid to the Shareholders on 12 December 2025. # OPERATIONS REVIEW # Major Project Completed During the Six Months Ended 30 September 2025 (1) Residential development at TPTL 230, Tai Po Road, Tai Po Kau, New Territories - Design, supply and installation of curtain wall, canopies, windows, doors, claddings, louvres and glass balustrades # Major Projects Undertaken During the Six Months Ended 30 September 2025 (1) Industry re-development at No. 22 Yip Shing Street, Kwai Chung, Kowloon – Façade works (curtain wall) installation (2) Residential development at Site F, The Southside Package Six Property Development, Aberdeen Inland Lot No. 467, Hong Kong - Design, supply and installation of curtain wall system, sliding door, bifolding door, glass wall and skylight # 股息 董事會決議向於2025年12月1日（即用以釐定股東有權收取第一次中期股息之記錄日期）名列本公司股東名冊之本公司股東（「股東」）派付截至2025年9月30日止六個月之第一次中期股息每股0.3港仙（截至2024年9月30日止六個月：每股0.5港仙）。預期股息將於2025年12月12日派付予股東。 # 業務回顧 # 截至2025年9月30日止六個月已完成的主要工程 (1) 新界大埔滘大埔公路大埔市地段第230號之住宅發展項目一設計、供應及安裝幕牆、天幕、窗、門、保護層、百葉窗及玻璃欄杆 # 截至2025年9月30日止六個月承接的主要工程 (1) 九龍葵涌業成街22號工業重建項目一外牆工程 (幕牆) 安裝 (2) 香港香港仔內地段第467號港島南岸第六期物業發展地盤F之住宅發展項目一設計、供應及安裝幕牆系統、滑門、摺疊門、玻璃牆及天窗 (3) Renovation works at Branksome Crest, No. 3A Tregunter Path, Hong Kong - Design, supply and installation of façade works (4) Subsidized sale flats project at Kai Tak Area 2B1, Kowloon - Design, supply and installation of aluminium windows, glazed doors and podium glass works (5) Industry re-development at No. 18 Lee Chung Street, Chai Wan, Hong Kong - Design, supply and installation of façade works (6) Residential development at Lot No. 2413 in DD121, Tong Yan San Tsuen, Yuen Long, New Territories - Design, supply and installation of curtain wall system, glass and metal works (7) Public housing development at Pik Wan Road Site B, Yau Tong, Kowloon – Design, supply and installation of aluminium window and louvre (8) Residential development at RBL 1221, No. 2, 4, 6 and 8 Mansfield Road, The Peak, Hong Kong - Design, supply and installation of curtain walls, metal claddings, aluminium windows, sliding doors and folding doors (Towers 2A and 2B) (9) Public housing developments at Kam Sheung Road Site 6 (Phases 1 and 2), Yuen Long, New Territories – Design, supply and installation of aluminium works and louvres (3) 香港地利根德里3A號Branksome Crest翻新工程一設計、供應及安裝外牆工程 (4) 九龍啟德第2B1區資助出售房屋項目一設計、供應及安裝鋁窗、玻璃門及平台玻璃工程 (5) 香港柴灣利眾街18號工業重建項目一設計、供應及安裝外牆工程 (6) 新界元朗唐人新村丈量約份第121約地段第2413號之住宅發展項目一設計、供應及安裝幕牆系統、玻璃及金屬工程 (7) 九龍油塘碧雲道B地盤公營房屋發展項目一設計、供應及安裝鋁窗及百葉窗 (8) 香港山頂文輝道2、4、6及8號鄉郊建屋地段第1221號的住宅發展項目一設計、供應及安裝幕墻、金屬保護層、鋁窗、滑門及摺疊門（2A及2B座） (9) 新界元朗錦上路6號地盤公營房屋發展項目（第一及第二期）一設計、供應及安裝鋁質工程及百葉窗 # Major Projects Awarded During the Six Months Ended 30 September 2025 (1) Residential development at RBL 1221, No.9 and 11 Mansfield Road, The Peak, Hong Kong - Design, supply and installation of curtain walls, metal claddings, aluminium windows, sliding doors and folding doors (2) Remaining works for residential development at NKIL 6551, Kai Tak, Kowloon (3) Construction of public housing redevelopment at Mei Tung Estate (older part) –Design, supply and installation of aluminum windows (4) Redevelopment of Cameron Lodge at No. 5 Mount Cameron Road, The Peak, Hong Kong - Design, supply and installation of external façade (5) Commercial and residential development at 1 Fat Tseung Street, NKIL 6631, Cheung Sha Wan, Kowloon - Design, supply and installation of aluminium windows The total amount of contracts on hand of the Group as at 30 September 2025 was HK$798.4 million. # 截至2025年9月30日止六個月獲授的主要工程 (1) 香港山頂文輝道9及11號鄉郊建屋地段第1221號的住宅發展項目一設計、供應及安裝幕墻、金屬保護層、鋁窗、滑門及摺疊門 (2) 九龍啟德新九龍內地段第6551號的住宅發展項目整改工程 (3) 美東邨 (較舊部分) 公營房屋重建項目建築工程一設計、供應及安裝鋁窗 (4) 香港山頂金馬麟山道5號Cameron Lodge重建項目一設計、供應及安裝外牆 (5) 九龍長沙灣新九龍內地段第6631號發祥街1號商業及住宅發展項目一設計、供應及安裝鋁窗 於2025年9月30日，本集團的手頭合約價值總額為798,400,000港元。 # OUTLOOK The operating environment for Hong Kong's construction industry has been challenging this year. According to data from the Housing Bureau, only 6,100 private residential units were under construction in the first half of 2025, representing a significant decrease of $57\%$ compared to 14,200 units in the same period of 2024. Developers have generally slowed down their property development pace, resulting in fewer new construction projects being launched on the market. Intense price competition within the industry has significantly increased the difficulty of winning bids. Even when successful, the expected gross profit margins of these projects are generally under pressure. Despite the significant challenges, the market is showing positive signs. Data from the Rating and Valuation Department shows that private residential property prices have rebounded by $1.14\%$ in the first nine months of the year, indicating that the market has stabilized after a period of decline. The Federal Reserve has cut interest rates twice this year, totaling 0.5 basis points, and the market generally expects further rate cuts next year. Hong Kong will also follow suit, providing interest rate support for the property market. On the other hand, Hong Kong's comprehensive "lifting of cooling measures" and proactive "compete for talents" policies have yielded significant results, injecting new demand momentum into the market. In addition, the number of non-local students in Hong Kong continues to grow rapidly, with a research report indicating that it has reached 92,000 in the 2024/25 academic year, a significant increase of $84\%$ compared to 2020. This trend is expected to provide sustained momentum to the private residential market, and we anticipate that as the market further stabilizes and improves, developers will regain confidence and launch more construction projects. # 展望 今年以來，香港建築業的經營環境充滿挑戰。根據房屋局數據，2025年上半年私人住宅施工量僅為6,100伙，較2024年同期的14,200伙大幅減少 $57\%$ 。發展商普遍放緩物業發展步伐，市場上新推出的工程項目數量減少，同業間價格競爭激烈，中標難度顯著提高。即使成功中標，項目的預期毛利率也普遍受壓。 儘管挑戰嚴峻，市場正顯現積極信號。差餉物業估價署數據顯示，今年首9個月私人住宅樓價已回升1.14%，市場呈現止跌回穩態勢。美聯儲於年內已兩次降息共0.5個基點，市場普遍預期明年將繼續降息，香港亦會跟隨，為楼市提供利率支援。另一方面，香港全面「撒辣」及積極的「搶人才」政策成效顯著，為市場注入了新的需求動力，加上香港非本地學生人數持續快速增長，有研究報告指出，2024/25學年已達92,000人，較2020年大幅增長84%，這一趨勢預計將為私人住宅市場帶來持久動力，我們期待隨著私人住宅市場進一步回穩向上，發展商將重拾信心，推出更多建築工程項目。 This year has undoubtedly been challenging, and we thank all our colleagues for their hard work and our clients for their long-term trust. During the current period, the Group successfully secured new projects totaling approximately HK$167 million. We are committed to continuing to provide professional, high-quality services and products to fully support developers' construction plans and live up to clients' expectations. 今年無疑是充滿考驗的一年，感謝全體同事的辛勤付出與各客戶的長期信任。在本期間，本集團仍成功獲得新增工程總額約1.67億港元。我們承諾，將繼續以專業的態度、優質的服務和產品，全力配合發展商的建築計劃，不負客戶所託。 # GROUP LIQUIDITY AND FINANCIAL RESOURCES The Group adopts a prudent approach in managing its cash balance and maintains sound cash flow generating capability. The total cash and bank balances of the Group amounted to HK $172.7 million as at 30 September 2025 (31 March 2025: HK$ 218.6 million), which accounted for $42.3\%$ of the current assets (31 March 2025: $52.8\%$ ). The Group mainly financed its operations through internally generated cash flows and utilised the banking facilities for performance bonds for carrying out its projects during the six months ended 30 September 2025. The Group has access to facilities from banks with an aggregate amount of HK$450.0 million, of which HK$123.6 million has been utilised for performance bonds as at 30 September 2025. There was no bank loans drawn down by the Group as at 30 September 2025. The performance bonds under these banking facilities bear charges at prevailing market condition. As at 30 September 2025, the Group was in a net cash position as there was no bank loans outstanding and the gearing ratio was not applicable. As at 30 September 2025, the Group's net current assets was HK$344.6 million (31 March 2025: HK$346.2 million) and the current ratio (current assets divided by current liabilities) was 6.4 times (31 March 2025: 6.1 times). With its sufficient cash balances and banking facilities available, the Group's liquidity position will remain healthy, ensuring adequate financial resources to meet its obligations, operational needs, and future development requirements. # TREASURY POLICY The Group's treasury policy is designed to minimise its exposure to fluctuations in the exchange rate and avoid engaging in highly leveraged or speculative derivative products. Foreign currency exposures of the Group arise mainly from the purchase of raw materials using Renminbi in the Mainland China. The Group currently does not have any hedging arrangements to control the risks related to fluctuations in exchange rates, and will determine if any hedging is required, depending upon the size and nature of the exposure, and the prevailing market circumstances. # 集團流動資金及財務資源 本集團會審慎管理其現金結餘，並維持穩健現金流量產生能力。於2025年9月30日，本集團之現金及銀行結餘總額為172,700,000港元（2025年3月31日：218,600,000港元），佔流動資產42.3%（2025年3月31日：52.8%）。 截至2025年9月30日止六個月，本集團主要透過內部產生的現金流量撥付營運資金，及動用銀行融資支付履約保證金，藉以開展項目。於2025年9月30日，本集團可動用之銀行融資總額為450,000,000港元，其中123,600,000港元已用作履約保證金。於2025年9月30日，本集團並無提取銀行貸款。該等銀行融資下之履約保證金按現行市況計算利息。 於2025年9月30日，由於並無未償還銀行貸款，本集團為淨現金之狀況，故資產負債比率並不適用。本集團於2025年9月30日之流動資產淨值為344,600,000港元（2025年3月31日：346,200,000港元）及流動比率（流動資產除以流動負債）為6.4倍（2025年3月31日：6.1倍）。 憑藉充足的現金結餘及可供動用的銀行融資，本集團之流動資金狀況將維持穩健，確保擁有足夠財務資源以應付其承擔、營運需求及未來發展需要。 # 財資管理政策 本集團之財資管理政策旨在減低匯率波動之風險及避免參與高槓桿比率或投機性衍生產品交易。本集團之外幣風險，主要因在中國內地使用人民幣購買原材料而起。本集團目前並無任何對沖安排以控制與匯率波動有關的風險，且在決定是否有對沖之需要時，本集團將視乎風險之大小及性質，以及當時市況而作決定。 The Group does not have significant exposure to gains or losses arising from the movement of foreign currency exchange rate against the Hong Kong dollar as most of the income, expenses, assets and liabilities of the Group are denominated in Hong Kong dollar. # CAPITAL STRUCTURE The capital structure of the Group consists of equity, comprising share capital and reserves. Details of the share capital of the Company are set out in note 12 to the condensed consolidated financial statements. The Group had no bank loans as at 30 September 2025 (31 March 2025: nil). # INVESTMENT IN A JOINT VENTURE The Group's investment in a joint venture as at 30 September 2025 represented its $50\%$ interest in the redevelopment project at No. 55 Nga Tsin Wai Road, Kowloon, Hong Kong, comprised loan to a joint venture of HK$78.1 million (31 March 2025: HK$77.0 million). The loan to a joint venture was granted to finance the joint venture's redevelopment project and was unsecured, non-interest bearing and had no fixed terms of repayment. During the six months ended 30 September 2025, the share of loss of the joint venture recognised amounted to HK$78,000 (for the six months ended 30 September 2024: nil). # MATERIAL ACQUISITIONS AND DISPOSALS There was no material acquisitions and disposals that should be notified to the Shareholders during the six months ended 30 September 2025. # DETAILS OF CHARGES ON ASSETS As at 30 September 2025, the Group did not pledge any assets to banks or other financial institutions (31 March 2025: nil). # PERFORMANCE BONDS AND CONTINGENT LIABILITIES As at 30 September 2025, the Group had outstanding performance bonds in respect of construction contracts amounting to HK$123.6 million (31 March 2025: HK$122.8 million). 由於本集團大部分收入、開支、資產與負債均以港元計值，因此本集團於外幣兌港元之外匯兌換率變動所產生之損益不會有重大風險。 # 資本結構 本集團的資本結構由權益(包含股本及儲備)組成。有關本公司股本的詳情載於簡明綜合財務報表附註12。於2025年9月30日，本集團並無銀行貸款（2025年3月31日：無）。 # 於合營企業的投資 於2025年9月30日，本集團於合營企業的投資為其於香港九龍銜前圍道55號重建項目的50%權益，其中包括向合營企業作出之貸款78,100,000港元（2025年3月31日：77,000,000港元）。該筆向合營企業作出之貸款乃為資助合營企業的重建項目而授出，屬無抵押、不計息及無固定還款期限。截至2025年9月30日止六個月，已確認應佔合營企業虧損為78,000港元（截至2024年9月30日止六個月：無）。 # 重大收購及出售事項 於截至2025年9月30日止六個月，並無重大收購及出售事項須知會股東。 # 資產質押詳情 於2025年9月30日，本集團並未向銀行或其他金融機構抵押任何資產（2025年3月31日：無）。 # 履約保證金及或然負債 於2025年9月30日，本集團就建築合約持有之履約保證金達123,600,000港元（2025年3月31日：122,800,000港元）。 A subsidiary of the Company provided a corporate guarantee of proportionate share to a bank for securing a banking facility granted to a joint venture to finance the redevelopment project in No. 55 Nga Tsin Wai Road, Kowloon, Hong Kong. As at 30 September 2025, $50\%$ proportionate share of the bank loan balance was HK$38.6 million (31 March 2025: HK$38.6 million). Save as disclosed above, the Group did not have significant contingent liabilities as at 30 September 2025 (31 March 2025: nil). # COMMITMENT The Group's share of the commitment made jointly with a joint ventureer relating to a joint venture, but not recognised at the end of the reporting period is as follows: 本公司一家附屬公司按股權比例就擔保合營企業獲取之銀行融資向銀行提供公司擔保，以為香港九龍銜前圍道55號之重建項目提供資金。於2025年9月30日，股權比例50%之銀行貸款結餘為38,600,000港元（2025年3月31日：38,600,000港元）。 除上文披露者外，本集團於2025年9月30日並無任何重大或然負債（2025年3月31日：無）。 # 承擔 本集團與合營夥伴就合營企業共同作出但於報告期末尚未確認之承擔份額如下： 30.9.2025 2025年9月30日 HK$'000 港幣千元 31.3.2025 2025年3月31日 HK$'000 港幣千元 Commitment to provide loan 作出貸款之承擔 84,505 85,255 The Group will finance its portion of commitment from its internal resources and available banking facilities. Save as disclosed above, the Group had no material commitment as at 30 September 2025 (31 March 2025: nil). # FUTURE PLAN FOR MATERIAL INVESTMENTS AND CAPITAL ASSETS Save as the commitment to provide shareholder's loan to a joint venture as disclosed above, as at the date of this interim report, the Group did not have any plan for material investments or capital assets in the coming year. 本集團將以內部資源及可用銀行融資撥付其承擔份額。 除上文披露者外，於2025年9月30日，本集團並無重大承擔（2025年3月31日：無）。 # 未來重大投資及資本資產計劃 除上文披露向合營企業提供股東貸款的承擔外，於本中期報告日期，本集團並無有關下一年度重大投資或資本資產的任何計劃。 # DIRECTORS' INTERESTS AND SHORT POSITIONS IN SHARES, UNDERLYING SHARES AND DEBENTURES As at 30 September 2025, the interests of the directors and chief executives in the shares and underlying shares of the Company as recorded in the register required to be kept by the Company under Section 352 of Part XV of the Securities and Futures Ordinance (the "SFO") or as otherwise notified to the Company and The Stock Exchange of Hong Kong Limited (the "Stock Exchange") pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers (the "Model Code") as set out in Appendix C3 to the Rules Governing the Listing of Securities on the Stock Exchange (the "Listing Rules") were as follows: # 董事於股份、相關股份及債權證之權益與淡倉 於2025年9月30日，董事及最高行政人員於本公司之股份及相關股份中，擁有記錄於本公司根據證券及期貨條例（「證券及期貨條例」）第XV部第352條須存置之登記冊內，或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C3所載之上市發行人董事進行證券交易的標準守則（「標準守則」）須知會本公司及聯交所之權益如下： # (i) Long position in the shares of the Company # (i) 於本公司股份之好倉 Name Capacity Number of ordinary shares held Total number of ordinary shares held Approximate percentage of issued share capital (Note iv) 佔已發行股本 概約百分比 (附註iv) 姓名 身份 所持普通股數目 所持普通股總數 Wong Sue Toa, Stewart 王世濤 Beneficial owner 寶益擁有人 Interest of controlled corporation 受控法團之權益 Interest of spouse 配偶權益 16,313,054 1,708,389 (Note i) (附註i) 5,325,194 (Note ii) (附註ii) 23,346,637 5.74% Cha Mou Daid, Johnson 查懋德 Beneficial owner 寶益擁有人 Beneficiary of discretionary trusts 酌情信託之受益人 3,585,400 215,823,617 (Note iii) (附註iii) 219,409,017 54.01% Tai Sai Ho 戴世豪 Beneficial owner 寶益擁有人 8,590,288 8,590,288 2.11% Lee Cheuk Hung 李卓雄 Beneficial owner 寶益擁有人 560,000 560,000 0.13% Wong Kin 黃健 Beneficial owner 寶益擁有人 146,800 146,800 0.03% Ho Richard Yan Ki 何忻基 Beneficial owner 寶益擁有人 436,000 436,000 0.10% Poon Kan Young 潘根濃 Beneficial owner 寶益擁有人 436,000 436,000 0.10% # Notes: (i) Mr. Wong Sue Toa, Stewart's corporate interests in the Company arise from the fact that he owns $50\%$ of the share capital of Executive Plaza Limited, which holds 1,708,389 shares of the Company. (ii) These shares are held by Ms. Wong Lui Kwok Wai, the wife of Mr. Wong Sue Toa, Stewart. (iii) These shares are held under certain but not identical discretionary trusts, of which Mr. Cha Mou Daid, Johnson is among the members of the classes of discretionary beneficiaries. (iv) The percentage is calculated based on the total number of issued shares of the Company as at 30 September 2025 (i.e. 406,233,630 shares). # 附註： (i) 王世濤先生在本公司之公司權益是透過其擁有世濤投資有限公司50%股本而持有，該公司持有本公司1,708,389股股份。 (ii) 該等股份由王世濤先生之配偶王雷國慧女士持有。 (iii) 該等股份由若干不同酌情信託所持有，查懋德先生為若干不同酌情信託之酌情受益人組別其中之成員。 (iv) 百分比乃根據本公司於2025年9月30日已發行股份總數（即406,233,630股股份）計算。 # (ii) Share options Director's interests in share options are set out in the section headed "Share Option Scheme" below. Save as disclosed above, as at 30 September 2025, none of the directors and chief executives of the Company or their associates held any interests or short positions in the shares, underlying shares and debentures of the Company or any of its associated corporations (within the meaning of Part XV of the SFO) which were required to be notified to the Company and the Stock Exchange pursuant to the Model Code, or which were recorded in the register required to be kept by the Company under Section 352 of Part XV of the SFO. Save as disclosed above, none of the directors and chief executives of the Company had been granted any right to subscribe for the shares and debentures of the Company or any of its associated corporations (within the meaning of Part XV of the SFO) or had exercised any such right during the six months ended 30 September 2025. # SHARE OPTION SCHEME Pursuant to the share option scheme of the Company (the "Scheme") adopted on 25 August 2020 (the "Adoption Date"), all directors (including independent non-executive directors), full-time employees of any member the Group and any advisers, consultants, distributors, contractors, suppliers, agents, customers, business partners, joint venture partners, promoters, service providers of any member of the Group who the Board considers, in its sole discretion, to have contributed or will contribute to the Group are eligible to participate in the Scheme. # (ii) 購股權 董事於購股權之權益載於下文「購股權計劃」一節。 除上文所披露者外，於2025年9月30日，本公司董事及最高行政人員或其聯繫人於本公司或其任何相聯法團（定義見證券及期貨條例第XV部）的股份、相關股份及債權證中，概無擁有根據標準守則須知會本公司及聯交所或記錄於本公司根據證券及期貨條例第XV部第352條須存置之登記冊內之任何權益或淡倉。 除上文所披露者外，於截至2025年9月30日止六個月，本公司董事及最高行政人員概無獲授任何可認購本公司或其任何相聯法團（定義見證券及期貨條例第XV部）的股份及債權證之權利，亦無行使任何該等權利。 # 購股權計劃 根據本公司於2020年8月25日（「採納日期」）採納的購股權計劃（「該計劃」），董事會全權酌情認為已對或將對本集團作出貢獻的本集團任何成員公司的所有董事（包括獨立非執行董事）、全職職員及本集團任何成員公司的任何顧問、諮詢人、分銷商、承包商、供應商、代理、客戶、業務夥伴、合營企業業務夥伴、發起人、服務提供商合資格參與該計劃。 The purpose of the Scheme is to reward participants who have contributed or will contribute to the Group and to encourage participants to work towards enhancing the value of the Company for the benefit of the Company and the Shareholders as a whole, and to maintain or attract business relationships with participants whose contributions are or may be beneficial to the growth of the Group. The Scheme shall be valid and effective for a period of ten years commencing from the Adoption Date and will expire on 24 August 2030. Details of the movement of share options granted under the Scheme during the six months ended 30 September 2025 were as follows: 該計劃旨在為獎勵已對或將對本集團作出貢獻的參與者，以及鼓勵參與者為本公司及股東的整體利益，努力提升本公司的價值，並維持或吸引其貢獻或可能對本集團發展有利的參與者建立業務關係。該計劃將於採納日期起計10年期間有效及生效並將於2030年8月24日屆滿。 截至2025年9月30日止六個月，該計劃項下授出之購股權之變動詳情如下： Category or Name of participant 參與者類型或姓名 Date of grant 授出日期 Exercise price per share 每股行使價 Exercise period (Note i) 行使期間(附註) Balance as at 1.4.2025 於2025年 4月1日 之結餘 Granted during the period 於期內授出 Exercised during the period 於期內行使 Cancelled during the period 於期內注销 Lapsed during the period 於期內失效 (Note iii) (附註iii) Balance as at 30.9.2025 於2025年 9月30日 之結餘 Approximate percentage of issued share capital (Note iv) 佔已發行股本 概約百分比 (附註iv) Directors of the Company 本公司之董事 Chung Sam Tin Abraham 鐘心田 9.10.2020 2020年10月9日 HK$0.59 0.59港元 9.10.2020 to 8.10.2025 2020年10月9日至 2025年10月8日 327,000 - - - (327,000) - - Lee Cheuk Hung 李卓雄 9.10.2020 2020年10月9日 HK$0.59 0.59港元 9.10.2020 to 8.10.2025 2020年10月9日至 2025年10月8日 1,745,000 - - - - 1,745,000 0.43% Wong Kin 黃健 9.10.2020 2020年10月9日 HK$0.59 0.59港元 9.10.2020 to 8.10.2025 2020年10月9日至 2025年10月8日 506,000 - - - - 506,000 0.12% Chau On Ta Yuen 周安達源 9.10.2020 2020年10月9日 HK$0.59 0.59港元 9.10.2020 to 8.10.2025 2020年10月9日至 2025年10月8日 87,000 - - - - 87,000 0.02% 2,665,000 - - - (327,000) 2,338,000 Employees of the Group 本集團之僱員 9.10.2020 2020年10月9日 HK$0.59 0.59港元 9.10.2020 to 8.10.2025 2020年10月9日至 2025年10月8日 2,377,000 - - - - 2,377,000 0.59% 2,377,000 - - - - 2,377,000 Other participant (Note ii) 其他參與者 (附註ii) 9.10.2020 2020年10月9日 HK$0.59 0.59港元 9.10.2020 to 8.10.2025 2020年10月9日至 2025年10月8日 945,000 - - - - 945,000 0.23% 945,000 - - - - 945,000 Total 總計 5,987,000 - - - (327,000) 5,660,000 # Notes: (i) The share options vested immediately on the date of grant. (ii) Mr. Chuk Kin Lun resigned as a non-executive director of the Company with effect from 19 March 2025 but remains a consultant of the Group. His entitlement of 945,000 share options was reclassified from the category of directors of the Company to the category of other participant during the year ended 31 March 2025. (iii) Mr. Chung Sam Tin Abraham resigned as a non-executive director of the Company with effect from 3 July 2025 and his entitlement of 327,000 shares options was lapsed accordingly. (iv) The percentage is calculated based on the total number of issued shares of the Company as at 30 September 2025 (i.e. 406,233,630 shares). The maximum number of shares which may be issued upon exercise of all share options to be granted under the Scheme and any other schemes of the Company shall not exceed $10\%$ of the number of the Company's shares in issue as at the date of approval of the Scheme, subject to renewal as approved by the Shareholders. Upon the refreshment of the Scheme mandate limit at the annual general meeting of the Company held on 24 August 2021, the number of share options available for grant under the Scheme mandate as at 1 April 2025 and 30 September 2025 was 42,394,763. # 附註： (i) 購股權於授出日期即時歸屬。 (ii) 祝健麟先生已辭任本公司非執行董事，自2025年3月19日起生效，但仍為本集團顧問。截至2025年3月31日止年度內，彼獲授的945,000份購股權已由本公司董事類別重新分類至其他參與者類別。 (iii) 鍾心田先生已辭任本公司非執行董事，自2025年7月3日起生效，彼327,000份認股權之權利已相應失效。 (iv) 百分比乃根據本公司於2025年9月30日已發行股份總數(即406,233,630股)計算。 根據該計劃及本公司任何其他計劃擬授出之全部購股權獲行使時可予發行之最高股份數目不得超過該計劃批准日期已發行本公司股份數目之10%，可經股東批准更新。於本公司在2021年8月24日舉行股東週年大會更新該計劃授權上限後，於2025年4月1日及2025年9月30日根據該計劃授權可供授予的購股權數目為42,394,763份。 # INTERESTS OF SHAREHOLDERS DISCLOSEABLE UNDER THE SFO So far as is known to the Company, as at 30 September 2025, in addition to those interests of the directors and chief executives of the Company as disclosed above, the interests of the Shareholders in the shares and underlying shares of the Company as recorded in the register required to be kept by the Company under Section 336 of Part XV of the SFO were as follows: # 根據證券及期貨條例須予披露的股東權益 據本公司所知，於2025年9月30日，除上文所披露本公司董事及最高行政人員之該等權益外，股東於本公司股份及相關股份中，擁有記錄於本公司根據證券及期貨條例第XV部第336條須存置之登記冊之權益如下： Long position in the shares of the Company 於本公司股份之好倉 Name Capacity Number of ordinary shares held Approximate percentage of issued share capital (Note vi) 佔已發行股本 概約百分比 (附註vi) 姓名/名稱 身份 所持普通股數目 CCM Trust (Cayman) Limited (“CCM Trust”) Trustee 信託人 195,104,050 (Note i) (附註i) 48.02% Interest of controlled corporations 受控法團之權益 Mingly Corporation ( "Mingly " ) 名力集團控股有限公司 (「名力」) Interest of controlled corporation 受控法團之權益 41,720,554 (Note ii) (附註ii) 10.27% Mingly Asia Capital Limited ( "Mingly Asia " ) Beneficial owner 寶益擁有人 41,720,554 (Note ii) (附註ii) 10.27% LBJ Regents (PTC) Limited ( "LBJ " ) Trustee 信託人 27,131,828 (Note iii) (附註iii) 6.67% Interest of controlled corporation 受控法團之權益 David Michael Webb Interest of controlled corporations 受控法團之權益 30,008,399 (Note iv) (附註iv) 7.38% Karen Ann Webb Interest of controlled corporations 受控法團之權益 30,008,399 (Note iv) (附註iv) 7.38% Wong Lui Kwok Wai 王雷國慧 Beneficial owner 實益擁有人 23,346,637 (Note v) (附註v) 5.74% Interest of controlled corporation 受控法團之權益 Interest of spouse 配偶權益 # Notes: (i) These share interests comprise 153,383,496 shares directly held by CCM Trust and 41,720,554 shares held indirectly through a wholly-owned subsidiary of Mingly. CCM Trust is interested in $87.5\%$ equity interest in Mingly. CCM Trust is holding the 153,383,496 shares as the trustee of certain but not identical discretionary trusts of which members of the Cha Family (comprising, inter alios, Mr. Cha Mou Daid, Johnson, being the director of the Company) are among the discretionary objects. Mr. Cha Mou Daid, Johnson is also a director of CCM Trust. (ii) These shares are held directly by Mingly Asia which is a direct wholly-owned subsidiary of Mingly. Mr. Cha Mou Daid, Johnson is also a director of Mingly and Mingly Asia. (iii) These share interests comprise 24,409,172 shares directly held by LBJ and 2,722,656 shares held indirectly through Bie Ju Enterprises Limited, its wholly-owned subsidiary. LBJ is holding the 24,409,172 shares as the trustee of certain but not identical discretionary trusts of which members of the Cha Family (comprising, inter alios, Mr. Cha Mou Daid, Johnson, being the director of the Company) are among the discretionary objects. Mr. Cha Mou Daid, Johnson is also a director of LBJ. # 附註： (i) 該等股份權益包括由CCM Trust直接持有之153,383,496股股份及透過名力一間全資附屬公司間接持有之41,720,554股股份。CCM Trust擁有名力87.5%之權益。CCM Trust以信託人身份為若干不同酌情信託持有153,383,496股股份，該等信託之酌情受益人其中有查氏家族成員（當中包括本公司董事查懋德先生）。查懋德先生亦為CCM Trust董事。 (ii) 該等股份由名力之直接全資附屬公司Mingly Asia直接持有。查懋德先生亦為名力及 Mingly Asia之董事。 (iii) 該等股份權益包括由LBJ直接持有之24,409,172股股份及透過其全資附屬公司Bie Ju Enterprises Limited間接持有之2,722,656股股份。LBJ以信託人身份為若干不同酌情信託持有24,409,172股股份，該等信託之酌情受益人其中有查氏家族成員（當中包括本公司董事查懋德先生）。查懋德先生亦為LBJ董事。 (iv) These share interests comprise 16,928,467 shares directly held by Preferable Situation Assets Limited and 13,079,932 shares directly held by Member One Limited, both companies are jointly held by Mr. David Michael Webb and Ms. Karen Anne Webb. (v) Ms. Wong Lui Kwok Wai is the wife of Mr. Wong Sue Toa, Stewart and is deemed under the SFO to be interested in 16,313,054 shares beneficially owned by her spouse. Ms. Wong is personally interested in 5,325,194 shares and owns $50\%$ equity interest in Executive Plaza Limited which is holding 1,708,389 shares of the Company. (vi) The percentage is calculated based on the total number of issued shares of the Company as at 30 September 2025 (i.e. 406,233,630 shares). Save as disclosed above, as at 30 September 2025, the Company has not been notified by any persons (other than the directors and chief executives of the Company) who had any interests or short positions in the shares and underlying shares of the Company which were recorded in the register required to be kept by the Company under section 336 of the SFO. # CHANGES IN DIRECTORS AND COMPOSITION OF BOARD COMMITTEES (i) Mr. Yip Kai Yung resigned as an independent nonexecutive director of the Company, the chairman of the audit committee of the Company (the "Audit Committee") and a member of each of the nomination committee of the Company (the "Nomination Committee") and the remuneration committee of the Company (the "Remuneration Committee") with effect from 1 July 2025. (iv) 該等股份權益包括由Preferable Situation Assets Limited直接持有之16,928,467股股份及由Member One Limited直接持有之13,079,932股股份，兩間公司均由David Michael Webb先生及Karen Anne Webb女士共同持有。 (v) 王雷國慧女士為王世濤先生之配偶，根據證券及期貨條例，其被視為於由其配偶實益擁有之16,313,054股股份中擁有權益。王女士個人持有5,325,194股股份，並擁有世濤投資有限公司的50%股本，該公司持有本公司1,708,389股股份。 (vi) 百分比乃根據本公司於2025年9月30日已發行股份總數(即406,233,630股股份)計算。 除上文所披露者外，於2025年9月30日，本公司並不知悉任何人士（本公司董事及最高行政人員除外）於本公司股份及相關股份中擁有記錄於本公司根據證券及期貨條例第336條須存置之登記冊之任何權益或淡倉。 # 董事及董事委員會組成變動 (i) 自2025年7月1日起，葉啓容先生辭任本公司獨立非執行董事、本公司審核委員會（「審核委員會」）主席、本公司提名委員會（「提名委員會」）及本公司薪酬委員會（「薪酬委員會」）成員。 Following the resignation of Mr. Yip Kai Yung, the Company did not have an independent nonexecutive director with appropriate professional qualifications or accounting or related financial management expertise (the "Relevant Qualification"). The Company was thus not in compliance with Rules 3.10 (2) and 3.21 of the Listing Rules, which stipulate that the Company and the Audit Committee must have at least one independent non-executive director with the Relevant Qualification. The Board has used its best effort to identify a suitable candidate with the Relevant Qualification to act as an independent non-executive director and appointed Mr. Cheung Kwong Tat as an independent non-executive director of the Company with effect from 30 September 2025 as mentioned in item (v) below. (ii) Professor Ho Richard Yan Ki has been re-designated as the chairman of the Audit Committee and ceased to be the chairman of the Nomination Committee with effect from 1 July 2025, but he remains a member of the Nomination Committee. (iii) Professor Hao Gang has been re-designated as the chairlady of the Nomination Committee with effect from 1 July 2025. (iv) Mr. Chung Sam Tin Abraham resigned as a nonexecutive director of the Company with effect from 3 July 2025. (v) Mr. Cheung Kwong Tat, who possesses the Relevant Qualification, has been appointed as an independent non-executive director of the Company and a member of each of the Audit Committee, the Nomination Committee and the Remuneration Committee with effect from 30 September 2025. 葉啓容先生辭任後，本公司並無具備適當專業資格或會計或相關財務管理專業知識（「相關資格」）的獨立非執行董事。因此，本公司不符合上市規則第3.10(2)及3.21條的規定，該等規則規定本公司及審核委員會必須至少有一名獨立非執行董事具備相關資格。 董事會已盡最大努力物色具備相關資格的合適人選擔任獨立非執行董事，並如下文第(v)項所述，自2025年9月30日起委任張廣達先生為本公司獨立非執行董事。 (ii) 自2025年7月1日起，何祈基教授調任為審核委員會主席，且不再擔任提名委員會主席，惟將繼續擔任提名委員會成員。 (iii) 自2025年7月1日起，郝剛教授調任提名委員會主席。 (iv) 自2025年7月3日起，鐘心田先生辭任本公司非執行董事。 (v) 自2025年9月30日起，張廣達先生（具備相關資格）獲委任為本公司獨立非執行董事以及審核委員會、提名委員會及薪酬委員會各自之成員。 Following the appointment of Mr. Cheung Kwong Tat, the Company has re-complied with Rules 3.10(2) and 3.21 of the Listing Rules as the Company and the Audit Committee have at least one independent non-executive director with the Relevant Qualification. # UPDATE ON DIRECTORS' INFORMATION PURSUANT TO RULE 13.51B(1) OF LISTING RULES Pursuant to Rule 13.51B(1) of the Listing Rules, the changes in the information of the directors of the Company are set out below: (i) Professor Hao's term of appointment as the Associate Dean (China Executive Programmes and Advancement) of the College of Business of City University of Hong Kong has ended on 31 July 2025. (ii) Mr. Cha Mou Daid, Johnson's appointment as a co-opted external member to the Finance Committee of the Council of The Hong Kong University of Science and Technology ("HKUST") has been renewed for a term up to 30 June 2026 and his appointment as a member to the Court of HKUST has been renewed for a 3-year term up to 18 September 2028. (iii) Mr. Cheung Kwong Tat has been appointed as an independent non-executive director of Golden Leaf International Group Limited (stock code: 8549) ("Golden Leaf Int") with effect from 22 September 2025 and an independent non-executive director of Renheng Enterprise Holdings Limited (stock code: 3628) ("Renheng Ent") with effect from 31 October 2025. The securities of Golden Leaf Int are listed on GEM of the Stock Exchange since 10 October 2025, while the securities of Renheng Ent are listed on the Main Board of the Stock Exchange. Save as disclosed above, there is no other information required to be disclosed pursuant to Rule 13.51B(1) of the Listing Rules. 自張廣達先生獲委任後，本公司已重新符合上市規則第3.10(2)及3.21條的規定，因本公司及審核委員會擁有至少一名獨立非執行董事具備相關資格。 # 根據上市規則第13.51B(1)條更新董事資料 根據上市規則第13.51B(1)條，本公司董事資料變動載列如下： (i) 郝教授於香港城市大學擔任商學院副院長（中國高管課程及發展）的任期已於2025年7月31日結束。 (ii) 查懋德先生獲委任為香港科技大學（「科大」）校董會財務委員會增選外部委員的任命已獲重續至2026年6月30日為止，而彼獲委任為科大顧問委員會委員的任命已獲重續3年至2028年9月18日。 (iii) 張廣達先生自2025年9月22日起獲委任為金葉國際集團有限公司（股份代號：8549）（「金葉國際」）獨立非執行董事及自2025年10月31日起獲委任為仁恒實業控股有限公司（股份代號：3628）（「仁恒實業」）獨立非執行董事。金葉國際的證券自2025年10月10日起於聯交所GEM上市及仁恒實業的證券於聯交所主板上市。 除上文所披露者外，概無根據上市規則第13.51B(1)條須予披露的其他資料。 # CORPORATE GOVERNANCE The corporate governance principles of the Company emphasise a quality Board and transparency and accountability to all Shareholders. Throughout the six months ended 30 September 2025, the Company has complied with all the Code Provisions of the Corporate Governance Code (the "CG Code") as set out in Appendix C1 to the Listing Rules, except for the following deviation: Code Provision C.1.6 of the CG Code stipulates that independent non-executive directors and other non-executive directors shall attend general meetings and develop a balanced understanding of the views of the Shareholders. Mr. Cha Mou Daid, Johnson, the non-executive director of the Company, was unable to attend the Company's 2025 annual general meeting due to other important engagement. However, there were sufficient directors, including executive directors, non-executive directors and other independent non-executive directors of the Company, present to enable the Board to develop a balanced understanding of the views of the Shareholders. # MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS The Company has adopted the Model Code as set out in Appendix C3 to the Listing Rules as its own code of conduct regarding directors' securities transactions. Having made specific enquiry to all directors of the Company, they confirmed that they have complied with the required standard set out in the Model Code during the six months ended 30 September 2025. # 企業管治 本公司的企業管治原則強調董事會之高質素、高透明度及對全體股東負責。 於截至2025年9月30日止六個月內，本公司已遵守上市規則附錄C1所載之《企業管治守則》（「企業管治守則」）的所有守則條文，惟下述偏離者除外： - 企業管治守則之守則條文第C.1.6條規定，獨立非執行董事及其他非執行董事應出席股東大會，並對股東之意見作出公正了解。本公司非執行董事查懋德先生因需要處理其他重要事務而未能出席本公司2025年股東週年大會。然而，本公司有足夠董事（包括執行董事、非執行董事及其他獨立非執行董事）出席大會，使董事會能夠對股東之意見作出公正了解。 # 董事進行證券交易的標準守則 本公司已採納上市規則附錄C3所載之標準守則作為其自身有關董事進行證券交易之行為守則。 經向本公司全體董事作出具體查詢後，彼等確認，彼等於截至2025年9月30日止六個月內均已遵守標準守則所載之規定標準。 # DISCLOSURE UNDER RULE 13.22 OF THE LISTING RULES The financial assistance given to, committed capital injection to, and guarantees given for banking facilities granted to affiliated companies of the Company amounted to approximately HK$172.4 million which represented approximately 27.8% of the total assets of the Company at 30 September 2025. Details of which are as follows: # 根據上市規則第13.22條作出之披露 向本公司聯屬公司提供之財務資助及承諾向本公司聯屬公司作出之注資以及就授予本公司聯屬公司之銀行融資提供之擔保約172,400,000港元相當於本公司於2025年9月30日之資產總值約 $27.8\%$ 。其詳情如下： Total amount of financial assistance given to, committed capital injection to and guarantees given for facilities granted to, affiliated company as at 30 September 2025 於2025年 9月30日向聯屬 公司提供之財務 資助、向聯屬公司 作出之承諾注資 以及就授予 聯屬公司之融資 提供之擔保總額 HK$'000 港幣千元 Name of affiliated company 聯屬公司名稱 本公司 於聯屬公司之 股權 Wealth King Ventures Limited (“Wealth King”) and its subsidiaries Wealth King Ventures Limited (「Wealth King」)及其附屬公司 50% 172,400 (Note) (附註) 172,400 # OTHER INFORMATION 其他資料 Note: The total capital commitment shall be contributed by the Group in proportion to its equity interest in the joint venture in respect of any funding need arising from any payment obligation of Wealth King concerned. The proforma combined statement of financial position of the above affiliated companies at 30 September 2025 is as follows: 附註：本集團就Wealth King相關之任何付款義務產生之任何資金需要按其於合營企業之股權比例將予出資之資本承擔總額。 上述聯屬公司2025年9月30日之備考合併財務狀況表如下： HK$'000 港幣千元 Current assets 流動資產 15,251 Current liabilities 流動負債 - Non-current assets 非流動資產 213,923 Non-current liabilities 非流動負債 (254,070) Net liabilities 負債淨值 (24,896) # PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES OF THE COMPANY During the six months ended 30 September 2025, the Company repurchased 982,000 shares of the Company on the Stock Exchange, of which 912,000 shares and 70,000 shares were repurchased pursuant to the general mandate granted by the then Shareholders at the annual general meetings held on 20 August 2024 and 19 August 2025 respectively. The aggregate consideration paid (excluding transaction costs) for these repurchases was approximately HK$443,000. 912,000 shares of these repurchased shares were cancelled during the period and the remaining 70,000 shares were subsequently cancelled in November 2025. The Company did not hold any treasury shares as at 30 September 2025. # 購買、出售或贖回本公司上市證券 截至2025年9月30日止六個月，本公司於聯交所購回982,000股本公司股份，其中912,000股股份及70,000股股份乃分別根據於2024年8月20日及2025年8月19日舉行之股東週年大會上當時股東授予的一般授權購回。就該項購回已付的總代價（不包括交易成本）約為443,000港元。於該等已購回股份中，有912,000股股份已於期內註銷，而餘下70,000股股份則隨後於2025年11月註銷。於2025年9月30日，本公司未持有任何庫存股份。 Month of repurchase 購回月份 Number of ordinary shares repurchased 已購回普通股數目 Purchase price paid per share 已付每股股份購買價 Aggregate consideration paid (excluding transaction costs) 已付總代價(不包括交易成本) HK$'000千港元 Highest 最高 HK$ 港元 Lowest 最低 HK$ 港元 April 2025 2025年4月 218,000 0.450 0.430 98 July 2025 2025年7月 348,000 0.450 0.450 157 August 2025 2025年8月 346,000 0.450 0.450 156 September 2025 2025年9月 70,000 0.470 0.445 32 982,000 443 Save as disclosed above, during the six months ended 30 September 2025, neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company's listed securities (including sale of treasury shares). # EMPLOYEES AND REMUNERATION POLICY As at 30 September 2025, the Group had 250 full time employees (of which 113 employees were in Mainland China). The Group offers competitive remuneration packages, including discretionary bonus, share options and depending on the position, cash allowances, to its employees. The Group also provides retirement schemes, medical benefits, on-the-job training to its employees and sponsors its employees to attend various external training courses. 除上文披露者外，於截至2025年9月30日止六個月內，本公司或其任何附屬公司並無購買、出售或贖回任何本公司之上市證券（包括出售庫存股份）。 # 僱員及酬金政策 於2025年9月30日，本集團有250名全職僱員（其中113名僱員在中國內地）。本集團為僱員提供具競爭力的薪酬組合，包括酌情花紅、購股權及現金津貼（視乎職位而定）。本集團亦為僱員提供退休金計劃、醫療福利及在職培訓，以及資助僱員參加各種外部培訓課程。 # REVIEW OF INTERIM RESULTS The Company has engaged Messrs. Deloitte Touche Tohmatsu, the Group's auditor, to assist the Audit Committee to review the unaudited condensed consolidated financial statements of the Group for the six months ended 30 September 2025. The unaudited condensed consolidated financial statements for the six months ended 30 September 2025 has been reviewed by the Audit Committee. On behalf of the Board Wong Sue Toa, Stewart Chairman Hong Kong, 11 November 2025 In case of any inconsistency, the English text of this interim report shall prevail over the Chinese text. # 中期業績審閱 本公司委託本集團核數師德勤·關黃陳方會計師行協助本公司審核委員會審閱本集團截至2025年9月30日止六個月之未經審核簡明綜合財務報表。截至2025年9月30日止六個月之未經審核簡明綜合財務報表已經由審核委員會審閱。 代表董事會 王世涛主席 香港，2025年11月11日 本中期報告之中英文本如有任何歧義，概以英文本為準。 # CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME # 簡明綜合損益及其他全面收益表 FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025 截至2025年9月30日止六個月 For the six months ended 30 September 截至9月30日止六個月 附註 2025 2025年 HK$'000 港幣千元 (Unaudited) (未經審核) Revenue 收益 3 143,910 Cost of sales 銷售成本 (130,452) Gross profit 毛利 13,458 Other income 其他收入 4,304 Other gains and losses 其他收益及虧損 (1,029) (Impairment loss) reversal of impairment loss under expected credit loss model, net 預期信貸虧損模式項下之 (減值虧損)減值虧損撥回淨額 (372) Loss on change in fair value of investment properties 投資物業之公平值變動虧損 (931) Administrative expenses 行政開支 (13,754) Share of loss of a joint venture 應佔合營企業虧損 (78) Finance costs 財務費用<