2025-12-30-港交所-裕承科金_中期报告_2025_x2f_2026_64页_2mb

> **来源：[研报客](https://pc.yanbaoke.cn)** # CONTENTS 目錄 2 Corporate Information 公司資料 4 Report on Review of Interim Financial Statements 中期財務報表審閱報告 6 Condensed Consolidated Statement of Profit or Loss 簡明綜合損益表 8 Condensed Consolidated Statement of Comprehensive Income 簡明綜合全面收入報表 9 Condensed Consolidated Statement of Financial Position 簡明綜合財務狀況報表 11 Condensed Consolidated Statement of Changes in Equity 簡明綜合權益變動表 13 Condensed Consolidated Statement of Cash Flows 簡明綜合現金流量表 14 Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報表附註 48 Management Discussion and Analysis 管理層討論及分析 56 Disclosure of Other Information 其他資料之披露 # BOARD OF DIRECTORS Executive Directors Mr. Xu Hao (Chief Executive Officer) Ms. Li Chuchu, Tracy (Chief Financial Officer) Non-executive Directors Dr. Cheng Chi-Kong, Adrian SBS, JP (Chairman) Independent Non-executive Directors Mr. Zhang Guangying Ms. Ling Kit Sum Imma Prof. Peng Qian # AUDIT COMMITTEE Ms. Ling Kit Sum Imma (Committee Chairlady) Mr. Zhang Guangying Prof. Peng Qian # REMUNERATION COMMITTEE Mr. Zhang Guangying (Committee Chairman) Mr. Xu Hao Prof. Peng Qian # NOMINATION COMMITTEE Ms. Ling Kit Sum Imma (Committee Chairlady) Mr. Zhang Guangying Ms. Li Chuchu, Tracy # COMPANY SECRETARY Ms. Li Chuchu, Tracy # 董事會 執行董事 許昊先生(行政總裁) 李楚楚女士（首席財務總監） # 非執行董事 鄭志剛博士SBSJP（主席） # 独立非執行董事 張广迎先生 凌潔心女士 彭倩教授 # 審核委員會 凌潔心女士(委員會主席) 張广迎先生 彭倩教授 # 薪酬委員會 張广迎先生(委員會主席) 許昊先生 彭倩教授 # 提名委員會 凌潔心女士(委員會主席) 張广迎先生 李楚楚女士 # 公司秘書 李楚楚女士 # AUDITOR Crowe (HK) CPA Limited 9/F Leighton Centre 77 Leighton Road Causeway Bay, Hong Kong # LEGAL COUNSELS Howse Williams 27/F Alexandra House 18 Chater Road, Central Hong Kong Cayman Islands Conyers Dill & Pearman 29th Floor, One Exchange Square 8 Connaught Place Central, Hong Kong # PRINCIPAL BANKER The Hongkong and Shanghai Banking Corporation Limited # REGISTERED OFFICE Cricket Square, Hutchins Drive P.O.Box 2681 Grand Cayman KY1-1111 Cayman Islands # PRINCIPAL PLACE OF BUSINESS Units 1-2, Level 9 K11 ATELIER King's Road 728 King's Road Quarry Bay, Hong Kong # BRANCH SHARE REGISTRAR AND TRANSFER OFFICE IN HONG KON Computershare Hong Kong Investor Services Limited Shops 1712-1716 17th Floor, Hopewell Centre 183 Queen's Road East Wan Chai Hong Kong # WEBSITE https://www.artechfin.com # TRADING OF SHARES The Stock Exchange of Hong Kong Limited (Stock Code: 279) # 核數師 國富浩華(香港)會計師事務所有限公司 香港銅鑼灣 禮頓道77號 禮頓中心9樓 # 法律顧問 何韋律師行 香港 中環遮打道18號 歷山大廈27樓 # 開曼群島 康德明律師事務所 香港中環 康樂廣場8號 交易廣場第一座29樓 # 主要往來銀行 香港上海匯豐銀行有限公司 # 註冊辦事處 Cricket Square, Hutchins Drive P.O.Box 2681 Grand Cayman KY1-1111 Cayman Islands # 主要營業地點 香港鰂魚涌 英皇道728號 K11 ATELIER King's Road 9楼1-2室 # 香港股份過戶登記分處 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號舖 # 網址 https://www.artechfin.com # 股份買賣 香港聯合交易所有限公司 （股份代號：279） # Crowe # TO THE BOARD OF DIRECTORS OF ARTA TECHFIN CORPORATION LIMITED (Incorporated in the Cayman Islands with limited liability) # INTRODUCTION We have reviewed the interim financial information set out on pages 6 to 60, which comprises the condensed consolidated statement of financial position of Arta TechFin Corporation Limited (the "Company") and its subsidiaries (together, the "Group") as at 30 September 2025 and the condensed consolidated statement of profit or loss, the condensed consolidated statement of comprehensive income, the condensed consolidated statement of changes in equity and the condensed consolidated cash flows statement for the six-month period then ended and other explanatory notes. The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") require the preparation of a report on interim financial information to be in compliance with the relevant provisions thereof and Hong Kong Accounting Standard 34 Interim Financial Reporting ("HKAS 34") issued by the Hong Kong Institute of Certified Public Accountants (the "HKICPA"). The directors are responsible for the preparation and presentation of this interim financial information in accordance with HKAS 34. Our responsibility is to express a conclusion on this interim financial information based on our review and to report our conclusion solely to you, as a body, in accordance with our agreed terms of engagement, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report. # SCOPE OF REVIEW We conducted our review in accordance with Hong Kong Standard on Review Engagements 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the HKICPA. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Hong Kong Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 國富浩華（香港）會計師事務所有限公司Crowe(HK)CPALimited 香港銅鑼灣禮頓道77號禮頓中心9樓 9/F Leighton Centre, 77 Leighton Road, Causeway Bay, Hong Kong # 致 裕承科金有限公司董事會 （於開曼群島註冊成立之有限公司） # 緒言 吾等已審閱第6至60頁所載的中期財務資料，當中包括裕承科金有限公司(「貴公司」)及其附屬公司(統稱「貴集團」)於二零二五年九月三十日的簡明綜合財務狀況報表，以及截至該日止六個月期間的簡明綜合損益表、簡明綜合全面收入報表、簡明綜合權益變動表及簡明綜合現金流量表，以及其他註釋。香港聯合交易所有限公司證券上市規則(「上市規則」)規定，就中期財務資料編製報告須符合當中的相關條文，以及由香港會計師公會(「香港會計師公會」)頒佈的香港會計準則第34號中期財務報告(「香港會計準則第34號」)。董事負責根據香港會計準則第34號編製及呈報本中期財務資料。 吾等的責任是根據吾等的審閱對本中期財務資料作出結論，並僅按照吾等已協定的委聘條款向閣下(作為整體)報告吾等的結論，除此之外不作其他用途。吾等不會就本報告的內容向任何其他人士負上或承擔任何責任。 # 審閱範圍 吾等已根據香港會計師公會頒佈之香港審閱工作準則第2410號由實體的獨立核數師執行中期財務資料審閱進行審閱。審閱中期財務資料包括向主要負責財務及會計事務之人員查詢，並進行分析及其他審閱程序。審閱範圍遠少於根據香港核數準則進行審核之範圍，故吾等不能保證吾等將知悉如在審核中可能發現之所有重大事項。因此，吾等不會發表審核意見。 # CONCLUSION Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial information is not prepared, in all material respects, in accordance with HKAS 34. # 結論 根據吾等審閱，吾等並無發現任何事宜，令吾等相信相關中期財務資料並未於所有重大方面根據香港會計準則第34號編製。 Crowe (HK) CPA Limited Certified Public Accountants Hong Kong, 28 November 2025 Chiu Lung Sang Practising Certificate Number P08091 國富浩華(香港)會計師事務所有限公司 執業會計師 香港，二零二五年十一月二十八日 趋龍生 執業證書編號PO8091 For the 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 附註 REVENUE 收益 5 66,548 Other income and gains, net 其他收入及收益凈額 5 3,035 Revenue and other income and gains, net 收益以及其他收入及收益凈額 69,583 Operating expenses 經營開支 Employee benefit expenses 僱員福利開支 (17,693) Consultancy, legal and professional fees 顧問、法律及專業費用 (32,544) Information technology and maintenance expenses 資訊科技及維護開支 (753) (Provision for)/reversal of provision for impairment loss of accounts receivable, net 應收賬款之減值虧損 (撥備)/撥備撥回淨額 16 (191) Share of results of associates 應佔聯營公司業績 - Other operating expenses 其他經營開支 (23,477) (74,658) (34,390) EBITDA (note) EBITDA(附註) (5,075) Depreciation and amortisation 折舊及攤銷 (3,576) Operating loss 經營虧損 (8,651) Finance costs 融資成本 6 (1,260) Loss before tax 除稅前虧損 7 (9,911) Income tax expense 所得稅開支 8 - LOSS FOR THE PERIOD 本期間虧損 (9,911) Note: EBITDA is defined as loss before interest expenses and finance costs, taxation, depreciation and amortisation. 附註： EBITDA界定為除利息開支及融資成本、稅項、折舊及攤銷前虧損。 For the six months ended 30 September 截至九月三十日止六個月 2025 2024 二零二五年 (Unaudited) 二零二四年 (Unaudited) (未經審核) (未經審核) HK$'000 HK$'000 港幣千元 港幣千元 附註 Attributable to: 下列人士應佔： Shareholders of the Company (the "Shareholders") 本公司股東(「股東」) (12,682) (21,762) Perpetual loans holder 永久貸款持有人 3,174 2,275 Non-controlling interests 非控股權益 (403) 90 (9,911) (19,397) LOSS PER SHARE ATTRIBUTABLE TO THE SHAREHOLDERS 股東應佔每股虧損 (Restated) (經重列) Basic and diluted 基本及攤薄 9 (港幣 HK 1.16 cents 仙) 2.27 cents 仙) For the six months ended 30 September 截至九月三十日止六個月 2025 2024 二零二五年 (Unaudited) 二零二四年 (Unaudited) (未經審核) HK$'000 (未經審核) HK$'000 港幣千元 港幣千元 LOSS FOR THE PERIOD 本期間虧損 (9,911) (19,397) OTHER COMPREHENSIVE INCOME 其他全面收益 Other comprehensive income not to be reclassified to profit or loss in subsequent periods: 不會於隨後期間重新分類至損益之其他全面收益: Equity investment at fair value through other comprehensive income ("FVOCI") – net movement in investment revaluation reserve (non-recycling) 透過其他全面收益以公平值列賬(「透過其他全面收益以公平值列賬」)之股權投資-投資重估儲備變動淨額(不可撥回) 90 - OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF TAX 本期間其他全面收益(除稅後) 90 - TOTAL COMPREHENSIVE LOSS FOR THE PERIOD 本期間全面虧損總額 (9,821) (19,397) Attributable to: The Shareholders 下列人士應佔： Perpetual loans holder 股東 (12,592) (21,762) Non-controlling interests 永久貸款持有人 非控股權益 3,174 (403) 2,275 90 (9,821) (19,397) The accompanying notes form an integral part of these condensed consolidated financial statements. 隨附附註構成該等簡明綜合財務報表之一部分。 30 September 2025 二零二五年 九月三十日 (Unaudited) (未經審核) HK$'000 港幣千元 31 March 2025 二零二五年 三月三十一日 (Audited) (經審核) HK$'000 港幣千元 附註 NON-CURRENT ASSETS 非流動資產 Property, plant and equipment 物業、廠房及設備 11 9,345 12,751 Goodwill 商譽 12 1,505 1,505 Other intangible assets 其他無形資產 13 17,703 18,404 Deposits 按金 1,340 1,902 Financial asset at FVOCI 透過其他全面收益以公平值 列賬之金融資產 14 344 254 Total non-current assets 非流動資產總值 30,237 34,816 CURRENT ASSETS 流動資產 Accounts receivable 應收賬款 16 5,085 5,094 Prepayments, deposits and other receivables 預付款項、按金及 其他應收款項 5,194 7,270 Cash held in a securities broker 在證券經紀持有之現金 17 130,000 Cash and bank balances 現金及銀行結餘 17 38,114 54,517 178,393 66,881 Assets classified as held for sale 分類為持作出售之資產 18 14,583 Total current assets 流動資產總值 192,976 66,881 CURRENT LIABILITIES 流動負債 Accounts payable 應付賬款 19 9,834 11,057 Other payables and accruals 其他應付款項及應計費用 20 5,816 11,439 Contract liabilities 合約負債 640 Borrowing 借貸 21 - 39,908 Lease liabilities 租賃負債 3,001 3,795 19,291 66,199 Liabilities associated with assets classified as held for sale 分類為持作出售之資產之 相關負債 18 8,516 Total current liabilities 流動負債總值 27,807 66,199 Net current assets 流動資產淨值 165,169 682 Total assets less current liabilities 總資產減流動負債 195,406 35,498 30 September 2025 二零二五年 九月三十日 (Unaudited) (未經審核) HK$'000 港幣千元 31 March 2025 二零二五年 三月三十一日 (Audited) HK$'000 港幣千元 附註 NON-CURRENT LIABILITIES 非流動負債 Other payables and accruals 其他應付款項及應計費用 20 - Deferred tax liability 遞延税項負債 2,542 Lease liabilities 租賃負債 1,686 Total non-current liabilities 非流動負債總值 4,228 Net assets 資產淨值 191,178 EQUITY 權益 Issued capital 已發行股本 22 254,505 Reserves 儲備 (185,699) Equity attributable to the Shareholders 股東應佔權益 68,806 Equity attributable to immediate holding company in respect of a perpetual convertible instrument 直接控股公司就一項永久 可換股工具應佔權益 3,443 Equity attributable to immediate holding company in respect of perpetual loans 直接控股公司就永久貸款 應佔權益 24 119,441 Non-controlling interests 非控股權益 (512) Total equity 權益總值 191,178 The accompanying notes form an integral part of these condensed consolidated financial statements. 隨附附註構成該等簡明綜合財務報表之一部分。 For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 Attributable to the Shareholders of the Company 本公司股東應佔 Issued capital Share premium account Convertible instrument equity reserve Investment revaluation reserves (non-recycling) Accumulated losses Total Equity attributable to immediate holding company in respect of a perpetual convertible instrument直接控股公司就一項永久可換股工具應佔權益 (Unaudited) (未經審核) (HK$'000港幣千元) Equity attributable to immediate holding company in respect of perpetual loans直接控股公司就永久貸款應佔權益 (Unaudited) (未經審核) (HK$'000港幣千元) Non-controlling interests Total equity 已發行股本 (Unaudited) (未經審核) HK$'000港幣千元 股份溢價賬 (Unaudited) (未經審核) HK$'000港幣千元 可換股工具權益儲備 (Unaudited) (未經審核) HK$'000港幣千元 投資重估儲備 (不可撥回) (Unaudited) (未經審核) HK$'000港幣千元 累計虧損 (Unaudited) (未經審核) HK$'000港幣千元 總額 (Unaudited) (未經審核) HK$'000港幣千元 HK$'000港幣千元 HK$'000港幣千元 HK$'000港幣千元 HK$'000港幣千元 At 1 April 2025 於二零二五年四月一日 216,219 134,899 3,942 (3,667) (400,750) (49,357) 3,443 75,467 (109) Loss and total comprehensive loss for the period 本期間虧損及全面虧損總額 - - - 90 (12,682) (12,592) - 3,174 (403) Issue of shares (note 22(c)) 發行股份(附註22(c)) 38,286 92,469 - - - 130,755 - - 130,755 Issuance of a perpetual loan (note 24) 發行永久貸款(附註24) - - - - - - - 40,800 - Redemption of convertible bond (note 21) 贖回可換股債券(附註21) - - (3,942) - 3,942 - - - - At 30 September 2025 於二零二五年九月三十日 254,505 227,368 - (3,577) (409,490) 68,806 3,443 119,441 (512) For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 Attributable to the Shareholders of the Company 本公司股東應佔 Issued capital Share premium account Convertible instrument equity reserve Investment revaluation reserves (non-recycling) Accumulated losses Total Equity attributable to immediate holding company in respect of a perpetual convertible instrument直接控股公司就一項永久可換股工具應佔權益 (Unaudited) Equity attributable to immediate holding company in respect of perpetual loans直接控股公司就永久貸款應佔權益 (Unaudited) Non-controlling interests Total equity 已發行股本 (Unaudited) 股份溢價賬 (Unaudited) 可換股工具權益儲備 (Unaudited) 投資重估儲備 (不可撥回) 累計虧損 (Unaudited) 總額 (Unaudited) (未經審核) HK$'000 HK$'000 (未經審核) HK$'000 (未經審核) HK$'000 (未經審核) HK$'000 (未經審核) HK$'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 At 1 April 2024 於二零二四年四月一日 191,432 119,686 11,559 (3,667) (348,924) (29,914) 35,826 70,917 - Loss and total comprehensive loss for the period 本期間虧損及全面虧損總額 - - - - (21,762) (21,762) - 2,275 90 Non-controlling interests arising from incorporation of subsidiaries 註冊成立附屬公司所產生之非控股權益 - - - - - - - - 100 At 30 September 2024 於二零二四年九月三十日 191,432 119,686 11,559 (3,667) (370,686) (51,676) 35,826 73,192 190 The accompanying notes form an integral part of these condensed consolidated financial statements. 隨附附註構成該等簡明綜合財務報表之一部分。 For the six months ended 30 September 截至九月三十日止六個月 2025 2024 二零二五年 (Unaudited) 二零二四年 (Unaudited) (未經審核) HK$'000 (未經審核) HK$'000 港幣千元 港幣千元 附註 Cash used in operations 營運所動用之現金 (1,402) Interest received 已收利息 5 147 Interest paid 已付利息 (815) Net cash flows used in operating activities 營運活動所動用之現金流量淨額 (2,070) CASH FLOWS FROM INVESTING ACTIVITIES 投資活動所產生之現金流量 Additions to property, plant and equipment 添置物業、廠房及設備 11 - Placement of time deposits with original maturity of not less than three months 存置原到期日不少於三個月之 定期存款 (1,500) Withdrawal of time deposits with original maturity of not less than three months 支取原到期日不少於三個月之 定期存款 1,500 Non-controlling interest's contribution to a subsidiary 非控股權益向一間附屬公司注資 100 Capital injection to associates 向聯營公司注資 (4,000) Placement of time deposit 存置定期存款 (130,000) Net cash flows used in investing activities 投資活動所動用之現金流量淨額 (130,000) CASH FLOWS FROM FINANCING ACTIVITIES 融資活動所產生之現金流量 Payments of capital element of lease liabilities 租賃負債之本金元素付款 (2,081) Proceeds from issue of shares under placing 發行配售股份所得款項 130,755 Proceeds from issue of a perpetual loan 發行永久貸款所得款項 40,800 Repayment of a borrowing 償還借貸 (40,000) Net cash flows generated from/(used in) financing activities 融資活動所產生/(動用)之 現金流量淨額 129,474 NET DECREASE IN CASH AND CASH EQUIVALENTS 現金及現金等值物減少凈額 (2,596) Cash and cash equivalents at beginning of period 期初之現金及現金等值物 53,017 CASH AND CASH EQUIVALENTS AT END OF PERIOD 期末之現金及現金等值物 50,421 ANALYSIS OF CASH AND CASH EQUIVALENTS 現金及現金等值物分析 Cash and bank balances of assets classified as held for sale 分類為持作出售之資產之 現金及銀行結餘 18 13,807 Cash and bank balances 現金及銀行結餘 17 36,614 67,504 50,421 The accompanying notes form an integral part of these condensed consolidated financial statements. 隨附附註構成該等簡明綜合財務報表之一部分。 # 1. CORPORATE AND GROUP INFORMATION Arta TechFin Corporation Limited (the "Company") is a limited liability company incorporated in the Cayman Islands. The principal place of business of the Company is located at Units 1-2, Level 9, K11 ATELIER King's Road, 728 King's Road, Quarry Bay, Hong Kong. The Company's shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited (the"Stock Exchange"). During the period, the Company and its subsidiaries (collectively, referred to as the "Group") were principally engaged in the financial services sector, including (a) global markets business (comprising securities and futures brokerage businesses, corporate and securities advisory, placing, underwriting and margin financing businesses), (b) investment advisory and asset management, (c) the provision of insurance brokerage and wealth planning and related services, (d) investment business, and (e) the provision of wealth management and consultancy services. The immediate holding company of the Company is Radiant Alliance Limited, a company incorporated in the British Virgin Islands (the "BVI"), which is wholly-owned by Divine Artemis Limited, a company incorporated in the BVI, as the ultimate holding company of the Company. Dr. Cheng Chi-Kong, Adrian SBS, JP ("Dr. Cheng"), as the ultimate controlling party of the Group, wholly-owns Divine Artemis Limited. # 2. BASIS OF PREPARATION This interim financial report has been prepared in accordance with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, including compliance with Hong Kong Accounting Standard ("HKAS") 34, Interim financial reporting, issued by the Hong Kong Institute of Certified Public Accountants (the "HKICPA"). These condensed consolidated financial statements do not include all the information and disclosures required in the annual consolidated financial statements, and should be read in conjunction with the Group's annual consolidated financial statements for the year ended 31 March 2025. The accounting policies adopted in the preparation of these condensed consolidated financial statements are consistent with those followed in the preparation of the Group's annual consolidated financial statements for the year ended 31 March 2025, other than any changes in accounting policies which are set out in note 3. # 1. 公司及集團資料 裕承科金有限公司(「本公司」)為一間於開曼群島註冊成立之有限公司。本公司之主要營業地點位於香港鰂魚涌英皇道728號K11ATELIER King's Road 9樓1-2室。本公司股份在香港聯合交易所有限公司(「聯交所」)主板上市。 本期間，本公司及其附屬公司（統稱「本集團」）主要從事金融服務業，包括(a)全球市場業務（包括證券及期貨經紀業務、企業及證券顧問、配售、包銷及開展融資業務）；(b)投資諮詢及資產管理；(c)提供保險經紀以及理財規劃及相關服務；(d)投資業務；及(e)提供財富管理及顧問服務。 本公司之直接控股公司為Radiant Alliance Limited，一間於英屬處女群島（「英屬處女群島」）註冊成立之公司，由Divine Artemis Limited全資擁有，其為一間於英屬處女群島註冊成立之公司，為本公司之最終控股公司）。鄭志剛博士SBS, JP(「鄭博士」)作為本集團之最終控制方，全資擁有Divine Artemis Limited。 # 2. 編製基準 本中期財務報告已根據香港聯合交易所有限公司證券上市規則適用披露條文編製，當中包括符合香港會計師公會(「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。 該等簡明綜合財務報表並不包括須於年度綜合財務報表載列之所有資料及披露，並應與本集團截至二零二五年三月三十一日止年度之年度綜合財務報表一併閱讀。 編製該等簡明綜合財務報表時所採用之會計政策與編製本集團截至二零二五年三月三十一日止年度之年度綜合財務報表所採用者一致，惟附註3所載之會計政策之任何變動除外。 # 2. BASIS OF PREPARATION (Continued) The preparation of this interim financial report in conformity with HKAS 34 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses on a year-to-date basis. Actual results may differ from these estimates. These condensed consolidated financial statements for the six months ended 30 September 2025 have been reviewed by the Company's Audit Committee, and have not been audited, but have been reviewed by the Company's external auditor, Crowe (HK) CPA Limited in accordance with Hong Kong Standard on Review Engagements 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the HKICPA. # 3. CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES The Group has applied the amendments to HKAS 21, The effects of changes in foreign exchange rates – Lack of exchangeability issued by the HKICPA to these condensed consolidated financial statements for the current accounting period. The amendments do not have a material impact on these condensed consolidated financial statements as the Group has not entered into any foreign currency transactions in which the foreign currency is not exchangeable into another currency. The Group has not applied any new standard or interpretation that is not yet effective for the current accounting period. # 2. 編製基準(續) 編製符合香港會計準則第34號之本中期財務報告時，管理層須作出對應用政策以及按年初至今基準所呈報資產及負債、收入及開支金額構成影響之判斷、估計及假設。實際結果可能有別於該等估計。 該等截至二零二五年九月三十日止六個月的簡明綜合財務報表已由本公司審核委員會審閱但尚未審核，惟已由本公司外部核數師國富浩華(香港)會計師事務所有限公司根據香港會計師公會頒佈的香港審閱工作準則第2410號由實體的獨立核數師執行中期財務資料審閱進行審閱。 # 3. 會計政策及披露之變動 本集團已於本會計期間之該等簡明綜合財務報表應用香港會計師公會頌佈之香港會計準則第21號之修訂外匯匯率變動之影響一缺乏可兌換性。由於本集團並無訂立外幣不可兌換為另一種貨幣之任何外幣交易，故該等修訂對該等簡明綜合財務報表並無重大影響。 本集團尚無應用於本會計期間尚未生效之任何新訂準則或詮釋。 # 4. OPERATING SEGMENT INFORMATION For management purposes, the Group is organised into business units based on their services and has reportable operating segments as follows: (a) global markets business segment composes of brokerage operations including (i) securities and futures brokerage and margin financing operations; (ii) placing, in both equity capital market and debt capital market, and underwriting; and (iii) provision of advisory services for private structured finance transactions and mergers and acquisitions; (b) asset management business segment offers full spectrum asset management products and services, including investment advisory, external asset management, portfolio management, fund incubation and transaction execution to professional and institutional investors; (c) insurance brokerage business segment engages in insurance brokerage business and the provision of wealth planning and related services; (d) investment business segment engages in the investments of low-risk and high liquidity investment portfolio and proprietary trading; and (e) wealth management and consultancy services business segment offers tailored services, as well as IT services, and an all-in-one solution to meet the unique needs of each client, including but not limited to family offices, institutional investors and ultra-high-net-worth families. Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as senior management and directors of the Company that makes strategic decisions. # 4. 經營分部資料 本集團將業務單位按其服務劃分，以方便管理，並有下列可報告經營分部： (a) 全球市場業務分部包括經紀業務，包含 (i)證券及期貨經紀以及開展融資業務； (ii)配售(於股權資本市場及債務資本市場)以及包銷；及(iii)為私募結構性融資交易以及併購提供顧問服務； (b) 資產管理業務分部向專業及機構投資者提供全方位資產管理產品及服務，包括投資顧問、外部資產管理、投資組合管理、基金孵化及交易執行； (c) 保險經紀業務分部從事保險經紀業務以及提供理財規劃及相關服務； (d) 投資業務分部從事投資低風險及高流動性投資組合以及自營交易；及 (e) 財富管理及顧問服務業務分部從事向家族辦公室、機構投資者及超高淨值人士等客戶提供量身定制的服務以及資訊科技服務及一站式解決方案，以滿足不同客戶的獨特需求。 經營分部按照向首席營運決策人提供的內部報告貫徹一致的方式報告。首席營運決策人負責分配資源及評估經營分部的表現，被視為作出策略決定的本公司高級管理層及董事。 # 4. OPERATING SEGMENT INFORMATION (Continued) 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 profit/(loss) before tax except that bank and other interest income (excluding interest income from the provision of finance and margin financing), finance costs as well as head office and corporate expenses are excluded from such measurement. Intersegment transactions are made with reference to the prices used for services made to independent third parties at the then prevailing market prices. No analysis of the Group's assets and liabilities by operating segments was provided to the management for review during the six months ended 30 September 2025 and 2024 for the purposes of resources allocation and performance assessment. Geographical segment information in relation to the location of the Group's revenue is not presented since $100\%$ of the Group's revenue is generated in Hong Kong for the six months ended 30 September 2025 and 2024. Accordingly, in the opinion of the chief operating decision-maker, the presentation of geographical information would provide no addition useful information to the users of these condensed consolidated financial statements. Geographical segment information in relation to the location of the Group's assets is not presented since over $90\%$ of the Group's assets are located in Hong Kong at 30 September 2025 and 31 March 2025. Accordingly, in the opinion of the chief operating decision-maker, the presentation of geographical information would provide no additional useful information to the users of these condensed consolidated financial statements. # 4. 經營分部資料(續) 管理層在作出資源分配及表現評估之決策時會獨立監察本集團經營分部之業績。分部表現會按照可報告分部溢利／（虧損)評估，而可報告分部溢利／(虧損)用作計量經調整除稅前溢利／(虧損)。經調整除稅前溢利／(虧損)之計量方式與本集團除稅前溢利／(虧損)一致，惟有關計量會剔除銀行及其他利息收入（不包括提供融資及開展融資之利息收入）、融資成本以及總辦事處與公司開支。 分部間交易參照按當時市場價格向獨立第三方提供服務所用價格進行。 截至二零二五年及二零二四年九月三十日止六個月並無就資源分配及表現評估向管理層提供本集團按經營分部劃分的資產及負債分析，以供其審閱。 由於本集團於截至二零二五年及二零二四年九月三十日止六個月全部收益來自香港，故並無呈列與本集團收益所在地有關的地區分部資料。因此，首席營運決策人認為，呈列地區資料將不會為該等簡明綜合財務報表使用者提供額外有用資料。 由於本集團於二零二五年九月三十日及二零二五年三月三十一日超過 $90\%$ 的資產位於香港，故並無呈列與本集團資產所在地有關的地區分部資料。因此，首席營運決策人認為，呈列地區資料將不會為該等簡明綜合財務報表使用者提供額外有用資料。 # 4. OPERATING SEGMENT INFORMATION (Continued) For the six months ended 30 September 2025 # 4. 經營分部資料(續) 截至二零二五年九月三十日止六個月 Global markets business (Unaudited) (HK$'000)港幣千元 Asset management business (Unaudited) (HK$'000)港幣千元 Insurance brokerage business (HK$'000)港幣千元 Investment business (Unaudited) (HK$'000)港幣千元 Wealth management and consultancy services business (Unaudited) (HK$'000)港幣千元 Total (Unaudited) (HK$'000)港幣千元 Segment revenue: Revenue from external customers 分部收益: 外部客戶收益 521 5,484 27,890 - 32,653 66,548 Intersegment revenue 分部間收益 - - - - - - 521 5,484 27,890 - 32,653 66,548 Reconciliation: 調整: Elimination of intersegment revenue 分部間收益抵銷 - Total revenue 收益總額 66,548 Segment results: 分部業績： (1,223) 5,472 (1,557) (2) (2,150) 540 Reconciliation: 調整： Bank interest income 銀行利息收入 248 Other interest income 其他利息收入 147 Corporate and other unallocated expenses 公司及其他未分配開支 (9,586) Finance costs 融資成本 (1,260) Loss before tax 除稅前虧損 (9,911) # 4. OPERATING SEGMENT INFORMATION (Continued) For the six months ended 30 September 2024 # 4. 經營分部資料(續) 截至二零二四年九月三十日止六個月 Global markets business (Unaudited) (未經審核) HK$'000 港幣千元 Asset management business (Unaudited) (未經審核) HK$'000 港幣千元 Insurance brokerage business (Unaudited) (未經審核) HK$'000 港幣千元 Investment business (Unaudited) (未經審核) HK$'000 港幣千元 Wealth management and consultancy services business 財富管理及顧問服務業務 (Unaudited) (未經審核) HK$'000 港幣千元 Total 總額 (Unaudited) (未經審核) HK$'000 港幣千元 Segment revenue: 分部收益: Revenue from external customers 外部客戶收益 2,592 5,152 2,583 3,565 6,485 20,377 Intersegment revenue (note) 分部間收益(附註) - - 35 - - 35 2,592 5,152 2,618 3,565 6,485 20,412 Reconciliation: 調整: Elimination of intersegment revenue 分部間收益抵銷 (35) Total revenue 收益總額 20,377 Segment results: 分部業績： (1,971) 3,646 597 3,335 (741) 4,866 Reconciliation: 調整： Other interest income 其他利息收入 30 Other unallocated income 其他未分配收入 194 Corporate and other unallocated expenses 公司及其他未分配開支 (21,618) Finance costs 融資成本 (2,869) Loss before tax 除稅前虧損 (19,397) Note: Elimination of intersegment revenue represents elimination of insurance brokerage transactions. 附註：分部間收益抵銷指抵銷保險經紀交易。 # 5. REVENUE AND OTHER INCOME AND GAINS, NET Revenue represents income from placing and underwriting services; income from insurance brokerage; commission and brokerage income from securities and futures dealings; interest income on margin financing activities; income from asset management and advisory services; income from investment business and income from wealth management and consultancy services. An analysis of revenue and other income and gains, net was as follows: # 5. 收益以及其他收入及收益淨額 收益指配售及包銷服務收入；保險經紀收入；證券及期貨買賣佣金及經紀收入；開展融資活動之利息收入；資產管理及顧問服務收入；投資業務收入以及財富管理及顧問服務收入。 收益以及其他收入及收益淨額之分析如下： For the six months ended 30 September 截至九月三十日止六個月 2025 2024 二零二五年 (Unaudited) 二零二四年 (Unaudited) (未經審核) HK$'000 (未經審核) HK$'000 港幣千元 港幣千元 Revenue from contracts with customers within the scope of Hong Kong Financial Reporting Standard ("HKFRS") 15 香港財務報告準則 (「香港財務報告準則」) 第15號範圍內的客戶合約收益 Placing and underwriting income 配售及包銷收入 - 1,279 Commission and brokerage income from securities and futures dealings 證券及期貨買賣佣金及 經紀收入 521 1,312 Insurance brokerage income 保險經紀收入 27,890 2,583 Asset management and advisory fee income 資產管理及諮詢費收入 5,484 5,152 Wealth management and consultancy fee income 財富管理及顧問費收入 32,653 6,485 66,548 16,811 Revenue from other sources 其他來源收益 Interest income on margin financing activities 升展融資活動之利息收入 - 1 Fair value gain from the sales of investments at FVTPL, net (note a) 出售透過損益以公平值列賬之投資 之公平值收益凈額(附註a) - 589 Interest income on treasury investment 財務投資之利息收入 - 2,976 - 3,566 Total revenue 收益總額 66,548 20,377 # 5. REVENUE AND OTHER INCOME AND GAINS, NET (Continued) An analysis of revenue and other income and gains, net was as follows: (Continued) # 5. 收益以及其他收入及收益凈額(續) 收益以及其他收入及收益淨額之分析如下：(續) For the six months ended 30 September 截至九月三十日止六個月 2025 2024 二零二五年 (Unaudited) 二零二四年 (Unaudited) (未經審核) HK$'000 (未經審核) HK$'000 港幣千元 港幣千元 Other income and gains, net 其他收入及收益凈額 Government subsidy (note b) 政府補貼(附註b) 500 - Bank interest income 銀行利息收入 248 - Other interest income 其他利息收入 147 30 Gain on disposal of interest in a subsidiary 出售於一間附屬公司之權益之收益 601 - Marketing and management fee income 市場推廣及管理費收入 716 - Others (note c) 其他(附註c) 823 194 Total other income and gains, net 總其他收入及收益凈額 3,035 224 Total 總額 69,583 20,601 Timing of revenue recognition 收益確認時間 At a point in time 按時間點 61,064 16,811 Transferred over time 隨時轉讓 5,484 - 66,548 16,811 # Notes: (a) There were no gross proceeds from the sale of listed shares included in investments at FVTPL for the six months ended 30 September 2024. (b) There were no unfulfilled conditions or contingencies relating to this grant. (c) Others mainly included written back of other payable of approximately HK$558,000 and IT service income of approximately HK$82,000. # 附註： (a) 截至二零二四年九月三十日止六個月，概無出售上市股份所得款項總額計入透過損益以公平值列賬之投資。 (b) 並無與該補助有關的未達成條件或者或然事項。 (c) 其他主要包括撥回其他應付款項約港幣558,000元及資訊科技服務收入約港幣82,000元。 # 6. FINANCE COSTS # 6. 融資成本 For the six months ended 30 September 截至九月三十日止六個月 2025 2024 二零二五年 二零二四年 (Unaudited) (Unaudited) (未經審核) (未經審核) HK$'000 HK$'000 港幣千元 港幣千元 Interests on a borrowing (note) 借貸之利息(附註) 892 2,595 Interests on lease liabilities 租賃負債之利息 353 274 Other finance cost 其他融資成本 15 - 1,260 2,869 Note: Interests on a borrowing included imputed interests of HK$892,000 (2024: HK$2,595,000) on convertible bond from an independent bond subscriber. Details of the borrowing are set out in note 21. 附註：借貸之利息包括一名獨立債券認購人之可換股債券之估算利息港幣892,000元（二零二四年：港幣2,595,000元）。有關借貸之詳情載於附註21。 # 7. LOSS BEFORE TAX The Group's loss before tax was arrived at after charging/ (crediting): # 7. 除税前虧損 本集團之除稅前虧損已扣除/(計入)： For the six months ended 30 September 截至九月三十日止六個月 2025 2024 二零二五年 (Unaudited) 二零二四年 (Unaudited) (未經審核) HK$'000 (未經審核) HK$'000 附註 港幣千元 Employee benefit expenses (excluding directors' remuneration): Salaries and allowances 僱員福利開支 (不包括董事酬金): 薪金及津貼 14,001 11,946 Retirement benefit scheme contributions (defined contribution scheme) 退休福利計劃供款 (定期供款計劃) 222 14,223 12,186 Depreciation - property, plant and equipment 折舊-物業、廠房及設備 11 1,521 Depreciation - right-of-use assets 折舊-使用權資產 11 1,693 Amortisation 攤銷 13 362 Provision for/(reversal of provision for) impairment loss of accounts receivable, net 應收賬款之減值虧損 撥備/(撥備撥回)淨額 16 191 (319) # 8. INCOME TAX EXPENSE The Group is subject to income tax on an entity basis on profits arising in or derived from the jurisdictions in which members of the Group are domiciled and operated. Pursuant to the rules and regulations of the BVI and the Cayman Islands, the Group is not subject to any income tax in the BVI and the Cayman Islands respectively. On 21 March 2018, the Hong Kong Legislative Council passed The Inland Revenue (Amendment) (No. 7) Bill 2017 (the "Bill") which introduces the two-tiered profits tax rates regime. The Bill was signed into law on 28 March 2018 and was gazetted on the following day. Under the two-tiered profits tax rates regime, the first HK$2 million of profits of qualifying corporation will be taxed at 8.25%, and profits above HK$2 million will be taxed at 16.5%. For the six months ended 30 September 2025 and 2024, Hong Kong profits tax of the qualified entity of the Group is calculated in accordance with the two-tiered profits tax rates regime. The profits of other group entities in Hong Kong not qualifying for the two-tiered profits tax rates regime will continue to be taxed at the flat rate of 16.5%. No Hong Kong profits tax has been provided for in the condensed consolidated financial statements as the Group has no assessable profits for the six months ended 30 September 2025 and 2024 except for one subsidiary of the Group that no provision for taxation in Hong Kong has been made as the subsidiary has sufficient tax losses brought forward to set off against the assessable profit for both six months ended 30 September 2025 and 2024. Under the law of the People's Republic of China ("PRC") on Enterprise Income Tax (the "EIT Law") and Interpretation Regulation of the EIT Law, the tax rate of the PRC subsidiaries is $25\%$ for the six months ended 30 September 2025 and 2024. No provision for PRC Enterprise Income Tax has been made for the six months ended 30 September 2025 and 2024 as the Group's subsidiary established in the PRC had no assessable profits arising in the PRC. # 8. 所得稅開支 本集團須按實體就產生自或源自本集團成員公司的所在及經營司法權區的溢利繳納所得稅。 根據英屬處女群島及開曼群島的規則及法規，本集團毋須分別在英屬處女群島及開曼群島繳納任何所得税。 於二零一八年三月二十一日，香港立法會通過《二零一七年税務(修訂)(第7號)條例草案》(「條例草案」)，引入利得稅兩級制。該條例草案於二零一八年三月二十八日經簽署成為法律，並於翌日刊憲。根據利得稅兩級制，合資格法團首港幣2,000,000元之溢利按税率 $8.25\%$ 繳稅，而超過港幣2,000,000元之溢利將以稅率 $16.5\%$ 繳稅。截至二零二五年及二零二四年九月三十日止六個月，本集團合資格實體之香港利得稅按利得稅兩級制計算。不符合利得稅兩級制之香港其他集團實體的溢利將繼續按統一稅率 $16.5\%$ 繳稅。 由於本集團於截至二零二五年及二零二四年九月三十日止六個月均無應課稅溢利，故並無於簡明綜合財務報表內計提香港利得稅，惟本集團一間附屬公司除外，其於香港並無計提税項撥備，原因是該附屬公司於截至二零二五年及二零二四年九月三十日止六個月均擁有已結轉的充足税項虧損可抵銷應課稅溢利。 根據《中華人民共和國(「中國」)企業所得税法》(「企業所得稅法」)及《企業所得稅法實施條例》，截至二零二五年及二零二四年九月三十日止六個月，中國附屬公司的稅率為 $25\%$ 。由於本集團於中國成立的附屬公司並無在中國產生應課稅溢利，故截至二零二五年及二零二四年九月三十日止六個月並無計提中國企業所得稅撥備。 # 9. LOSS PER SHARE ATTRIBUTABLE TO THE SHAREHOLDERS (a) Basic loss per share The calculation of the basic loss per share is based on the loss for the period attributable to the Shareholders of HK$12,682,000 (2024: HK$21,762,000), and the weighted average number of ordinary shares of 1,094,696,152 in issue during the period (2024: 957,158,994, after adjusting for the share consolidation (restated)). The calculation of weighted average number of ordinary shares at the end of the reporting period was as follows: # 9. 股東應佔每股虧損 (a) 每股基本虧損 每股基本虧損基於股東應佔本期間虧損港幣12,682,000元(二零二四年：港幣21,762,000元)及本期間已發行普通股加權平均數1,094,696,152股(二零二四年：957,158,994股，經股份合併調整(經重列))計算。 於報告期末普通股加權平均數計算如下： For the 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 (Restated) （經重列） Number of shares Issued ordinary shares at beginning of period Effect of share consolidation Effect of issue of new shares Weighted average number of ordinary shares at end of period 股份數目 於期初之已發行普通股 股份合併之影響 發行新股份之影響 於期末之普通股加權平均數 21,621,946,019 19,143,179,880 (20,540,848,719) (18,186,020,886) 13,598,852 1,094,696,152 957,158,994 (b) Diluted loss per share The calculation of the diluted loss per share is based on the loss for the period attributable to the Shareholders of HK$12,682,000 (2024: HK$21,762,000), and the weighted average number of ordinary shares of 1,094,696,152 in issue during the period (2024: 957,158,994, after the adjusting for the share consolidation (restated)). For the six months ended 30 September 2025, diluted loss per share is same as basic loss per share as there were no potential ordinary shares in issue. No adjustment has been made to the basic loss per share amount presented for the six months ended 30 September 2024 in respect of a dilution. The calculation of diluted loss per share for the six months ended 30 September 2024 does not assume the exercise of the Company's outstanding convertible instruments as they had an anti-dilutive effect on the basic loss per share. (b) 每股摊薄虧損 每股攤薄虧損根據股東應佔期内虧損港幣12,682,000元（二零二四年：港幣21,762,000元）及期內已發行普通股加權平均數1,094,696,152股（二零二四年：957,158,994股，經股份合併調整（經重列)）計算。 截至二零二五年九月三十日止六個月，由於並無已發行潛在普通股，故每股攤薄虧損與每股基本虧損相同。 截至二零二四年九月三十日止六個月所呈列之每股基本虧損金額並無作出攤薄調整。計算截至二零二四年九月三十日止六個月之每股攤薄虧損並未假設本公司之未行使可換股工具獲行使(原因为其對每股基本虧損具有反攤薄影響)。 # 10. INTERIM DIVIDEND The board (the "Board") of directors of the Company (the "Directors" and each, a "director") does not recommend the payment of an interim dividend for the six months ended 30 September 2025 (2024: nil). # 11. PROPERTY, PLANT AND EQUIPMENT # 10. 中期股息 本公司董事(「董事」)會(「董事會」)不建議就截至二零二五年九月三十日止六個月派付中期股息(二零二四年：無)。 # 11. 物業、廠房及設備 30 September 2025 31 March 2025 二零二五年 九月三十日 (Unaudited) 二零二五年 三月三十一日 (Audited) (未經審核) HK$'000 (經審核) HK$'000 附註 港幣千元 Carrying amount 賬面值 At beginning of period/year 於期/年初 12,751 5,725 Additions to property, plant and equipment 添置物業、廠房及設備 - 3,671 Additions to right-of-use asset 添置使用權資產 481 8,705 Disposal of property, plant and equipment 出售物業、廠房及設備 (92) (9) Disposal of right-o