2025-12-18-港交所-上善黄金_二零二五年中期报告_58页_4mb

> **来源：[研报客](https://pc.yanbaoke.cn)** # SHANGSHAN GOLD # INTERNATIONAL HOLDINGS LIMITED # 上善黄金國際控股有限公司 (formerly known as Tokyo Chuo Auction Holdings Limited)（前稱東京中央拍賣控股有限公司） (incorporated in Hong Kong with limited liability) (於香港註冊成立之有限公司) Stock Code 股份代號：1939.HK # CONTENTS # 目錄 Corporate Information 2 Chairman's Statement 主席報告 5 Management Discussion and Analysis 管理層討論及分析 9 Corporate Governance and Other Information 22 Interim Condensed Consolidated Income Statement (Unaudited) 中期簡明合併損益表（未經審計） 26 Interim Condensed Consolidated Statement of Comprehensive Income (Unaudited) 中期簡明合併綜合收益表 27 Interim Condensed Consolidated Balance Sheet (Unaudited) 中期簡明合併資產負債表 28 Interim Condensed Consolidated Statement of Changes in Equity 中期簡明合併權益變動表 (Unaudited) (未經審計) 30 Interim Condensed Consolidated Statement of Cash Flows 中期簡明合併現金流量表 (Unaudited) （未經審計） Notes to the Interim Condensed Consolidated Financial Information 中期簡明合併財務資料附註 33 # DIRECTORS # Executive Directors Mr. Ando Shokei (alias Liao Xianggui) (resigned on 20 June 2025) Mrs. Ando Eri (alias Feng Huijin) (resigned on 20 June 2025) Mr. Katsu Bunkai (alias Ge Wenhai) (resigned on 20 June 2025) Mr. Sun Hongyue (resigned on 20 June 2025) Mr. Huang Shikun (Chairman) (appointed on 30 May 2025) Mr. Huang Shifeng (appointed on 30 May 2025) Ms. Qian Yuanyuan (appointed on 30 May 2025) Mr. Tong Jun (appointed on 30 May 2025) # Non-executive Directors Mr. Li Jiefeng (appointed on 30 May 2025) Mr. Zheng Haoran (appointed on 30 May 2025) # Independent Non-executive Directors Mr. Chung Kwok Mo John (resigned on 20 June 2025) Ms. Lam Suk Ling Shirley (resigned on 20 June 2025) Mr. Chun Chi Man (resigned on 20 June 2025) Professor He Jia (appointed on 30 May 2025) Professor Hu Zuohao (appointed on 30 May 2025) Mr. Leung Ting Yuk (appointed on 30 May 2025) # COMPANY SECRETARY Mr. Chak Chi Shing # AUDIT COMMITTEE Ms. Lam Suk Ling Shirley (resigned on 20 June 2025) Mr. Chung Kwok Mo John (resigned on 20 June 2025) Mr. Chun Chi Man (resigned on 20 June 2025) Mr. Leung Ting Yuk (Chairman of audit committee) (re-designated on 20 June 2025) Mr. Li Jiefeng (re-designated on 20 June 2025) Professor He Jia (re-designated on 20 June 2025) # 董事 # 执行董事 安藤湘桂先生（又名廖湘桂） （於2025年6月20日辭任） 安藤惠理女士（又名馮慧瑾） （於2025年6月20日辭任） 葛文海先生 （於2025年6月20日辭任） 孫鴻月先生(於2025年6月20日辭任) 黄仕坤先生（主席）（於2025年5月30日獲委任） 黄仕峰先生（於2025年5月30日獲委任） 錢源源女士(於2025年5月30日獲委任) 童軍先生(於2025年5月30日獲委任) # 非执行董事 李杰峰先生（於2025年5月30日獲委任） 鄭浩然先生(於2025年5月30日獲委任) # 独立非執行董事 鐘國武先生（於2025年6月20日辭任） 林淑玲女士（於2025年6月20日辭任） 秦治民先生（於2025年6月20日辭任） 何佳教授（於2025年5月30日獲委任） 胡左浩教授（於2025年5月30日獲委任） 梁廷育先生（於2025年5月30日獲委任） # 公司秘書 翟志勝先生 # 審核委員會 林淑玲女士（於2025年6月20日辭任） 鐘國武先生（於2025年6月20日辭任） 秦治民先生（於2025年6月20日辭任） 梁廷育先生（審核委員會主席） （於2025年6月20日調任） 李杰峰先生（於2025年6月20日調任） 何佳教授（於2025年6月20日調任） # REMUNERATION COMMITTEE Mr. Chung Kwok Mo John (resigned on 20 June 2025) Ms. Lam Suk Ling Shirley (resigned on 20 June 2025) Mr. Chun Chi Man (resigned on 20 June 2025) Mrs. Ando Eri (resigned on 20 June 2025) Professor He Jia (Chairman of remuneration committee) (re-designated on 20 June 2025) Mr. Huang Shikun (re-designated on 20 June 2025) Professor Hu Zuohao (re-designated on 20 June 2025) # NOMINATION COMMITTEE Mr. Ando Shokei (resigned on 20 June 2025) Mr. Chung Kwok Mo John (resigned on 20 June 2025) Ms. Lam Suk Ling Shirley (resigned on 20 June 2025) Mr. Chun Chi Man (resigned on 20 June 2025) Mr. Huang Shikun (Chairman of nomination committee) (re-designated on 20 June 2025) Ms. Qian Yuanyuan (re-designated on 20 June 2025) Professor He Jia (re-designated on 20 June 2025) Professor Hu Zuohao (re-designated on 20 June 2025) Mr. Leung Ting Yuk (re-designated on 20 June 2025) # CORPORATE GOVERNANCE COMMITTEE Mr. Chun Chi Man (resigned on 20 June 2025) Mr. Ando Shokei (resigned on 20 June 2025) Mr. Chung Kwok Mo John (resigned on 20 June 2025) Ms. Lam Suk Ling Shirley (resigned on 20 June 2025) Professor Hu Zuohao (Chairman of corporate governance committee) (re-designated on 20 June 2025) Professor He Jia (re-designated on 20 June 2025) Mr. Huang Shifeng (re-designated on 20 June 2025) # AUTHORISED REPRESENTATIVES Mr. Ando Shokei (resigned on 20 June 2025) Mr. Chak Chi Shing Ms. Qian Yuanyuan (appointed on 20 June 2025) # AUDITOR HLB Hodgson Impey Cheng Limited # PRINCIPAL BANKERS Hongkong and Shanghai Banking Corporation Limited Sumitomo Mitsui Banking Corporation # 薪酬委員會 鐘國武先生（於2025年6月20日辭任） 林淑玲女士（於2025年6月20日辭任） 秦治民先生（於2025年6月20日辭任） 安藤惠理女士（於2025年6月20日辭任） 何佳教授（薪酬委員會主席） （於2025年6月20日調任） 黃仕坤先生（於2025年6月20日調任） 胡左浩教授（於2025年6月20日调任） # 提名委員會 安藤湘桂先生（於2025年6月20日辭任） 鐘國武先生(於2025年6月20日辭任) 林淑玲女士（於2025年6月20日辭任） 秦治民先生（於2025年6月20日辭任） 黃仕坤先生(提名委員會主席) （於2025年6月20日調任） 錢源源女士(於2025年6月20日調任) 何佳教授（於2025年6月20日調任） 胡左浩教授（於2025年6月20日调任） 梁廷育先生（於2025年6月20日調任） # 企業管治委員會 秦治民先生（於2025年6月20日辭任） 安藤湘桂先生（於2025年6月20日辭任） 鐘國武先生（於2025年6月20日辭任） 林淑玲女士（於2025年6月20日辭任） 胡左浩教授 (企業管治委員會主席) （於2025年6月20日調任） 何佳教授（於2025年6月20日調任） 黃仕峰先生(於2025年6月20日調任) # 授权代表 安藤湘桂先生（於2025年6月20日辭任） 翟志勝先生 錢源源女士(於2025年6月20日獲委任) # 核數師 國衛會計師事務所有限公司 # 主要往來銀行 香港上海匯豐銀行有限公司 三井住友銀行 # PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE Tricor Investor Services Limited 17/F, Far East Finance Centre 16 Harcourt Road, Admiralty Hong Kong # REGISTERED OFFICE Room 2601, 26/F Wing On Centre No. 111 Connaught Road Central Hong Kong # HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS IN JAPAN 2/F and 3/F Kyobashi-Square 3-7-5 Kyobashi Chuo-ku Tokyo Japan # CORPORATE WEBSITE www.shangshan-gold.com # STOCK CODE 1939 # 股份過戶登記總處 卓佳證券登記有限公司 香港 金鐘夏怒道16號 遠東金融中心17樓 # 註冊辦事處 香港 干諾道中111號 永安中心26楼2601室 # 總辦事處及日本主要營業地點 日本 東京都 中央區京橋3-7-5 Kyobashi-Square 2樓及3樓 # 公司網站 www.shangshan-gold.com # 股份代號 1939 # CHAIRMAN'S STATEMENT 主席报告 On behalf of the board (the "Board") of directors (the "Directors") of Shangshan Gold International Holdings Limited (formerly known as Tokyo Chuo Auction Holdings Limited) (the "Company") and its subsidiaries (collectively, the "Group"), I would like to present the interim results of the Group for the six months ended 30 September 2025 (the "Reporting Period"), together with the comparative figures for the corresponding period in 2024. # BUSINESS REVIEW We are a well-recognised auction house of Chinese and Japanese artworks in Hong Kong and Japan. We specialise in auctioneering a wide variety of artworks with emphasis on Chinese and Japanese artworks, including Chinese paintings and calligraphies, Chinese antiques and Japanese and Chinese teawares. With over ten years of operating experience in the Chinese and Japanese art auction industry, we have grown into a well-recognised and trusted auction brand in Hong Kong and Japan, through our "Tokyo Chuo Auction" brand. By offering appealing auction artworks and quality auction services, we have successfully gained recognition from our customers and established our market position, brand name and competitiveness. We take pride in being an auction house with the ability to explore and introduce the historical and cultural significance as well as the commercial value of each artwork. Over the past year, the Group took appropriate actions to improve our operations through different ways, including but not limited to, (i) adopting and utilising professional as well as history-focused and culture-oriented marketing techniques along with quality services to maximise the transaction prices of our auctioned artworks; (ii) further strengthening our market position and market share in the Chinese and Japanese art auction market in Hong Kong and Japan, and enhancing our brand recognition and awareness; (iii) diversifying our business scope by venturing into the field of contemporary artwork and fine & rare whisky and moutai; (iv) recruiting high calibre managers and experts and attracting, motivating and retaining quality employees to strengthen both the management and operating teams with a view to support sustainable growth; and (v) targeting to expand business footprint to other potential markets with an aim to establish and enhance brand image and brand influence in other major Asian cities and the global market. 本人謹代表上善黃金國際控股有限公司(前稱東京中央拍賣控股有限公司)(「本公司」)及其附屬公司(統稱「本集團」)之董事(「董事」)會(「董事會」), 呈報本集團截至2025年9月30日止六個月(「報告期間」)之中期業績, 連同2024年同期的比較數字。 # 業務回顧 我們是一間在香港及日本廣受認可的中日藝術品拍賣行。我們專門拍賣各類藝術品，主要為中國及日本藝術品，包括中國書畫、中國古玩及中日茶具。憑藉在中國及日本藝術品拍賣行業超過十年的營運經驗，我們的「東京中央拍賣」品牌已發展成為在香港及日本廣受認可和信任的拍賣品牌。透過給予具吸引力的拍賣藝術品及優質的拍賣服務，我們成功贏得客戶的認可，從而確立了我們的市場地位、品牌知名度及強大的競爭力。作為一間能夠探索及傳達每件藝術品歷史文化意義及商業價值的拍賣行，我們深感自豪。 過去一年，本集團通過不同的方法採取合適的行動以改善我們的營運，包括但不限於(i)在提供優質服務的同時，採取及運用專業且聚焦歷史及文化導向的營銷技術，達到拍賣藝術品的最高交易價；(ii)進一步加強我們於香港及日本的中國及日本藝術品拍賣市場的市場地位及市場佔有率，並加強品牌形象及知名度；(iii)通過投資於當代藝術作品及珍稀佳釀的領域以令我們的業務範圍多元化；(iv)招聘高質素的管理人才及專家，並吸引、激勵及保留優質僱員以同時加強管理及營運團隊，以支持可持續發展；及(v)以擴展業務足印至其他具潛質的市場為目標，旨在於其他主要亞洲城市及全球市場建立及加強品牌形象及品牌影響力。 During the period under review, Shangshan Technology Development Co., Limited, a wholly-owned subsidiary of the Company had obtained a trademarks licensing agreement and intellectual property rights agreement to gold and intelligent equipment-related business. According to the above agreements, the Group has the right to use the licensed trademarks and smart terminals for, including but not limited to, production, sales and operation of products with licensed trademarks itself, or to designate a third party to produce products with licensed trademarks in its stead. The smart terminals comprise an intelligent recycling machine and a self-service vending machine. The intelligent recycling machine will melt, refine, test, appraise, and pay the customers the appraised value of the gold after deduction of the service fees, with no human intervention required throughout the process. The self-service vending machine enables instant purchase and collection of the gold and gold products. The smart terminal offers customers a self-service ordering system and a convenient, efficient one-stop physical gold trading experience. The Group plans to prioritise market expansion by establishing flagship stores, standard outlets and franchised outlets in mainly East Asia, Southeast Asia and the Middle East. The direct-operated flagship stores will be established in selected landmark commercial locations and besides carrying the smart terminals, such outlets will feature dedicated areas for displaying gold products and contemporary art collectibles, as well as auction promotional materials. There will also be professional staff at such flagship stores to promote the Group's gold products and services, contemporary art collectibles sales and auction services. The revenue of the direct-operated flagship stores will primarily derive from the gold recycling service fees, gold product sales and contemporary art collectibles sales. The direct-operated standard outlets and franchised outlets will be situated in high-footfall commercial areas with relatively smaller floor space to carry the smart terminals. The Group's revenue for direct-operated standard outlets will mainly derive from gold recycling service fees and gold product sales, while the Group will generate revenue from franchised outlets primarily through smart terminal sales, equipment system maintenance fees, and business revenue sharing from gold recycling and gold product sales conducted by the franchisees. 於回顧期内，本公司之全資附屬公司上善科技發展有限公司已取得黃金及智能設備相關業務之商標許可協議及知識產權協議。根據上述協議約定，本集團有權自行使用許可商標及智能終端(包括但不限於)生產、銷售、運營許可商標產品，或者指定第三方代為生產許可商標產品。智能終端包括智能回收機及自助售賣機。智能回收機將會熔解、提純、檢測、估價，並向客戶支付黃金的評估值(經扣除服務費)，整個過程無需人手干预。自助售賣機可即時購買及提取所購黃金及黃金產品。智能終端為客戶提供自助下單系統、便捷高效的一站式實物黃金交易體驗。本集團計劃優先拓展市場，主要在東亞、東南亞及中東地區設立旗艦店、標準門店及特許經營門店。 直營旗艦店將設立於選定的地標性商業地點，除放置智能終端外，該等門店亦會設有專門區域用於展示黃金產品及當代藝術收藏品，以及拍賣宣傳材料。該等旗艦店亦有專業人員推廣本集團的黃金產品及服務、當代藝術收藏品銷售及拍賣服務。直營旗艦店的收益將主要來自黃金回收服務費、黃金產品銷售及當代藝術收藏品銷售。直營標準門店及特許經營門店將設於人流量高的商業區，營業面積相對較小，以放置智能終端為主。本集團直營標準門店的收益將主要來自黃金回收服務費及黃金產品銷售，而本集團將主要透過智能終端銷售、設備系統維護費以及來自特許經銷商進行的黃金回收及黃金產品銷售的業務收益分成而從特許經營門店產生收益。 In particular, the target market of the Group's auction business has primarily been affluent persons whom collect antique goldware, exquisite jewelry, and contemporary sculptures and artworks, as such, such target market is likely to also be interested in the Group's gold business as well due to the collectible and valuable nature of both the auction collectibles and gold and gold products. Therefore, existing customers of the Group may also be interested in the gold and gold products offered by the Group and likewise, the future customers of the new gold business of the Group may become interested in certain auction collectibles, especially the contemporary art collectibles, and auction events offered by the Group. The shared interests of the existing customers of the Group and the future customers of the new gold business of the Group in valuable collectibles is likely to synergise and expand the target market of the Group. In the future, the Group aims at maintaining stable growth and development, and continuously uphold its principle of sourcing excellent artworks with good provenance to explore and collect more valuable artworks for art enthusiasts in the artwork auction market. The Group will aim at keeping stable growth and development, and continuously uphold its principle of sourcing excellent artworks for art enthusiasts in the artwork auction market. The Group will constantly enrich the categories of auction lots to fulfill the diversified preferences of the collectors. At the same time, the Group also intends to accelerate its global market presence and build a synergistic "Gold + Auction" dual-business ecosystem through further development and a closed-loop business structure, aligning with the Group's global structure. The Company aims to enrich its business portfolio, reduce reliance on a single business and enhance risk resistance by commencing gold and intelligent equipment-related business, leverage the development opportunities in the gold market and seek to cultivate new profit growth point. 特別是，本集團拍賣業務的目標市場主要為收藏古董金器、精緻珠寶及當代雕塑與藝術品的富裕人士，而拍賣收藏品與黃金及黃金產品均具收藏價值及高價值，故該目標市場亦可能對本集團的黃金業務感興趣。因此，本集團現有客戶可能對本集團提供的黃金及黃金產品感興趣；同樣地，本集團新黃金業務的未來客戶亦可能對本集團提供的若干拍賣收藏品（特別是當代藝術收藏品）及拍賣活動產生興趣。本集團現有客戶與本集團新黃金業務的未來客戶對珍貴收藏品的共同興趣，有望產生協同效應並擴大本集團的目標市場。 未來，本集團旨在維持穩定增長及發展，並繼續秉持其原則，自良好的來源徵集優秀藝術品，為藝術品拍賣市場的藝術品愛好者探索及徵集更多有價值的藝術品。本集團將力求穩定增長及發展，在藝術品拍賣市場上繼續秉承「為藝術品愛好者搜羅優秀藝術品」的宗旨。本集團將不斷豐富拍品種類，在滿足藏家的多樣化口味同時，本集團亦擬透過進一步發展及閉環業務架構加快其全球市場佈局及建立協同的「黃金+拍賣」雙業務生態系統，以配合本集團的全球架構。本公司開展黃金及智能設備相關業務，旨在豐富公司業務佈局，降低對單一業務的依賴，增強抗風險能力；借助黃金市場的發展機遇，培育新的盈利增長點。 I would like to take this opportunity to express my sincere gratitude to the shareholders, business partners and clients for their immense support and to the Group's management and staff for their dedication and commitment. I look forward to a successful 2025 with the help of you all. # Huang Shikun Chairman 27 November 2025 藉此機會，本人衷心感謝股東、業務夥伴及客戶的鼎力支持，以及本集團管理層及員工的熱誠投入及悉心努力，並期望在大家的協助下攜手共創輝煌的2025年。 # 黄仕坤 主席 2025年11月27日 # MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 # REVENUE During the Reporting Period, the revenue of the Group was approximately HK $76.5 million (six months ended 30 September 2024: approximately HK$ 31.9 million), which represents an increase of approximately HK$44.6 million or approximately 139.8% as compared to the same period in 2024. Such increase in revenue for the Reporting Period was mainly due to (i) increase in revenue from art auction and related business of approximately HK$38.8 million (six months ended 30 September 2024: HK$29.5 million), (ii) the increase in revenue from the artwork sales of approximately HK$37.5 million (six months ended 30 September 2024: HK$2.4 million) and (iii) increase in revenue from gold and gold related business of approximately HK$0.2 million (six months ended 30 September 2024: Nil) recognised for the Reporting Period. # GROSS PROFIT During the Reporting Period, gross profit of the Group increased by approximately $24.8\%$ to approximately HK\ $33.7 million (six months ended 30 September 2024: approximately HK\$ 27.0 million) as compared to the same period in 2024. Such increase in gross profit was in line with the increase in revenue from art auction and related business and artwork sales. Meanwhile, the gross profit margin decreased to approximately $44.1\%$ for the Reporting Period from approximately $84.5\%$ recorded for the same period in 2024, which was mainly due to the increase in revenue from artwork sales with low gross profit margin for the Reporting Period. # OTHER LOSSES Other losses of approximately HK $33,000 represented by exchange loss during the Reporting Period (six months ended 30 September 2024: HK$ 109,000). # OTHER INCOME Other income of approximately HK $391,000 mainly represented by the bidding deposits forfeited and penalties from the buyers and miscellaneous handling fee charged to customers during the Reporting Period (six months ended 30 September 2024: bidding deposits forfeited and penalties from the buyers and miscellaneous handling fee charged to customers of approximately HK$ 484,000). # 收益 於報告期間，本集團收益約為76.5百萬港元（截至2024年9月30日止六個月：約31.9百萬港元），較2024年同期增加約44.6百萬港元或約 $139.8\%$ 。於報告期間，該收益有所增加乃主要由於報告期間確認(i)藝術品拍賣及相關業務收益增加約38.8百萬港元（截至2024年9月30日止六個月：29.5百萬港元）；(ii)藝術品銷售收益增加約37.5百萬港元（截至2024年9月30日止六個月：2.4百萬港元）；及(iii)黃金及黃金相關業務收益增加約0.2百萬港元（截至2024年9月30日止六個月：無）。 # 毛利 於報告期間，本集團的毛利較2024年同期增加約 $24.8\%$ 至約33.7百萬港元（截至2024年9月30日止六個月：約27.0百萬港元）。有關毛利增加與藝術品拍賣及相關業務以及藝術品銷售的收益增加一致。同時，毛利率由2024年同期所錄得約 $84.5\%$ 下跌至報告期間約 $44.1\%$ ，乃主要由於報告期間低毛利率的藝術品銷售收益增加所致。 # 其他虧損 其他虧損約為33,000港元，指於報告期間的匯兑虧損（截至2024年9月30日止六個月：109,000港元）。 # 其他收入 其他收入約為391,000港元，主要指於報告期間向買家沒收的競投保證金及收取的罰款，以及向客戶收取的雜項手續費（截至2024年9月30日止六個月：向買家沒收的競投保證金及收取的罰款，以及向客戶收取的雜項手續費約484,000港元）。 # SELLING AND DISTRIBUTION EXPENSES Selling and distribution expenses consist primarily of employee benefit expenses paid to the sales and marketing staffs, advertising and promotion expenses, consultancy fee paid, transportation costs, travelling expenses and entertainment and business hospitality expenses. During the Reporting Period, selling and distribution expenses amounted to approximately HK$13.1 million (six months ended 30 September 2024: approximately HK$10.3 million). Such increase was in line with the increase in revenue for the Reporting Period. # ADMINISTRATIVE EXPENSES Administrative expenses mainly represent the employee benefit expenses, travelling expenses, rental expenses and depreciation. During the Reporting Period, the administrative expenses of the Group decreased by approximately $0.6\%$ to approximately HK\ $17.2 million (six months ended 30 September 2024: approximately HK\$ 17.3 million), which remained stable as compared with the same period in last year. # FINANCE INCOME/(COSTS) — NET The Group recorded finance income of approximately HK$49,000 (six months ended 30 September 2024: approximately HK$219,000) and finance costs of approximately HK$357,000 (six months ended 30 September 2024: approximately HK$520,000) during the Reporting Period. Finance income mainly represents interest income from bank deposit and interest income from certain consignor advance, and finance costs mainly represent interest expenses on bank and other borrowings and lease liabilities of the Group. # INCOME TAX EXPENSES Profits tax has been provided for our companies in both Hong Kong and Japan at the applicable rates on the estimated assessable profits. Income tax charged for the Reporting Period included the current tax charged of approximately HK$2.4 million (six months ended 30 September 2024: the current tax charged of approximately HK$440,000). # 銷售及分銷開支 銷售及分銷開支主要包括已付銷售及營銷員工的僱員福利開支、廣告及宣傳開支、已付顧問費、運輸成本、差旅開支以及娛樂及商務接待開支。於報告期間，銷售及分銷開支約為13.1百萬港元（截至2024年9月30日止六個月：約10.3百萬港元），有關增加與報告期間收益增加一致。 # 行政開支 行政開支主要指僱員福利開支、差旅開支、租金開支及折舊。於報告期間，本集團的行政開支減少約 $0.6\%$ 至約17.2百萬港元（截至2024年9月30日止六個月：約17.3百萬港元），與去年同期相比維持穩定。 # 財務收入/(成本)淨額 於報告期間，本集團錄得財務收入約49,000港元（截至2024年9月30日止六個月：約219,000港元）及財務成本約357,000港元（截至2024年9月30日止六個月：約520,000港元）。財務收入主要指銀行存款的利息收入及若干委託人預付款項利息收入，而財務成本則主要指與本集團的銀行及其他借款以及租賃負債相關的利息開支。 # 所得税開支 香港及日本公司已就估計應課税溢利按適用税率計提利得稅撥備。於報告期間，所得稅支出包括即期税項支出約2.4百萬港元（截至2024年9月30日止六個月：即期税項支出約440,000港元）。 # PROFIT/(LOSS) ATTRIBUTABLE TO OWNERS OF THE COMPANY During the Reporting Period, the Company recorded a profit attributable to owners of the Company of approximately HK$427,000 (six months ended 30 September 2024: loss attributable to the owners of the Company of approximately HK$1.1 million), which was mainly due to the increase in revenue from art auction and related business and artwork sales for the Reporting Period. # CONSIGNORS ADVANCE For the consignor advances as at 30 September 2025, the total principal amount was approximately HK$64.6 million (31 March 2025: HK$76.5 million) and the total outstanding principal was approximately HK\)59.1 million (31 March 2025: HK$59.0 million), one of the consignor advances were granted with interest rate of $12\%$ per annum and the rest of the advances was granted at nil interest rate (31 March 2025: two of the consignor advances were granted with interest rate of $1\%$ to $12\%$ per annum and the rest of the advances was granted at nil interest rate). During the Reporting Period, the consignor advances were granted to 27 consignors and all of them were either corporate or individual art collectors. The consignor advance was only granted to the consignors after the collateral (which is the consigned artwork) has been obtained by the Group and the consigned artwork should be proposed to sell in subsequent auctions, which was mutually agreed by consignors and the Group (normally within one year). To the best of the knowledge, information and belief of the Directors, all the consignors and their ultimate beneficial owners are third parties independent of the Company and the connected persons of the Company. As at 30 September 2025, the outstanding amount of consignor advances due from the largest consignor and five largest consignors accounted for approximately $13.4\%$ and $45.4\%$ of the total outstanding amount of consignor advances of the Group respectively (31 March 2025: the largest consignor and five largest consignors accounted for approximately $10.4\%$ and $33.8\%$ respectively). # 本公司擁有人應佔溢利／（虧損） 於報告期間，本公司錄得本公司擁有人應佔溢利約427,000港元（截至2024年9月30日止六個月：本公司擁有人應佔虧損約1.1百萬港元），乃主要由於報告期間藝術品拍賣及相關業務以及藝術品銷售的收益增加所致。 # 委託人預付款項 就於2025年9月30日的委託人預付款項而言，本金總額約為64.6百萬港元（2025年3月31日：76.5百萬港元）及未償還本金總額約為59.1百萬港元（2025年3月31日：59.0百萬港元），授出一項委託人預付款項，年利率為 $12\%$ ，而餘下預付款項則按零利率授出（2025年3月31日：授出兩項委託人預付款項，年利率為 $1\%$ 至 $12\%$ ，而餘下預付款項則按零利率授出）。於報告期間，委託人預付款項授予27名委託人，彼等均為企業或個人藝術品收藏家。委託人預付款項僅於本集團取得抵押品（即委託藝術品）後授予委託人，而委託藝術品應提呈於其後拍賣出售，其乃經委託人與本集團相互協定（一般於一年內進行）。就董事所深知、盡悉及確信，所有委託人及彼等之最終實益擁有人均為獨立於本公司及本公司關連人士之第三方。 於2025年9月30日，應收最大委託人及五大委託人的未償還委託人預付款項分別佔本集團未償還委託人預付款項總額約 $13.4\%$ 及 $45.4\%$ （2025年3月31日：最大委託人及五大委託人分別佔約 $10.4\%$ 及 $33.8\%$ ）。 In order to attract appealing artworks from artwork providers with long-term relationship and good credit history, during the six months ended 30 September 2025 and 2024, the Company has provided certain consignors with consignor advances carrying interest accruing on such consignor advances at nil or low interest rates. Under the consignment arrangement, the relevant consignor advances with interests payable (if any) shall be deducted from sales proceeds of the consigned artwork after receiving full payment of the purchase price from the auction, or in case the Company failed to sell the consigned artwork at the auction, the consigned artwork shall be returned to the consignor after obtaining full repayment of the consignor advances with accrued interest (if any) from the relevant artwork provider. The business of the Group heavily relies on the artworks provided by these artwork providers and therefore the provision of such advance is for the benefit of the Group's business and not merely for the purpose of earning interest income. When determining the grant of consignor advances, the Group would initially assess the background of the artwork and the consignors by the taking into factors including (i) obtaining personal information of the consignor and conduct available public search on the background of the consignor when necessary; (ii) the proposed value of the artwork and collateral offered by the consignor; (iii) the length of business relationship between the Group and the consignor; and (iv) the creditability of the consignor based on the credit history of the consignor. When determining any impairment made in respect of the consignor advances, the management assessed the expected losses individually by estimation based on general economic conditions of the consignor advance provided and the value of relevant consigned artwork and conditions at the reporting date. Since the fair value amounts of the consigned artwork were higher than the carrying amounts of consigner advance as at 30 September 2025, no impairments were recorded. 截至2025年及2024年9月30日止六個月，為吸引具有長期關係及良好信貸記錄的藝術品供應商的具吸引力藝術品，本公司已向若干委託人提供委託人預付款項，按零利率或較低利率就有關委託人預付款項計算應計利息。根據委託安排，相關委託人預付款項及應付利息(如有)須於收到拍賣購買價的全數付款後自委託藝術品的銷售所得款項中扣除，或倘本公司未能於拍賣中出售委託藝術品，則委託藝術品須於相關藝術品供應商悉數償還委託人預付款項及應計利息(如有)後退還予委託人。本集團的業務高度依賴該等藝術品供應商提供的藝術品，因此提供有關預付款項乃為本集團的業務利益，而非僅為賺取利息收入。 於釐定授出委託人預付款項時，本集團將初步評估藝術品及委託人的背景，當中考慮的因素包括(i)取得委託人的個人資料及於必要時就委託人的背景進行公開調查；(ii)委託人所提供藝術品及抵押品的建議價值；(iii)本集團與委託人的業務關係年期；及(iv)委託人基於委託人信貸記錄的信用度。 在釐定就委託人預付款項作出的任何減值時，管理層藉基於獲提供的委託人預付款項的整體經濟狀況及於報告日期的相關委託藝術品價值及狀況進行估計且個別評估預期損失。由於委託藝術品於2025年9月30日的公平值金額高於委託預付款項的賬面值，故並無錄得任何減值。 # FINANCIAL POSITION AND LIQUIDITY The Group generally finances its operations with internally generated resources, banking facilities and net proceeds from the listing. As at 30 September 2025, the Group had current assets of approximately HK $441.9 million (as at 31 March 2025: approximately HK$ 381.4 million) while the Group's cash and cash equivalents amounted to approximately HK$66.6 million (as at 31 March 2025: approximately HK$76.5 million). As at 30 September 2025, the Group has interest-bearing bank borrowings of approximately HK$34.6 million (as at 31 March 2025: approximately HK$37.3 million) and of which approximately HK\)13.9 million (as at 31 March 2025: approximately HK$14.5 million) was repayable within one year. As at 30 September 2025 and 31 March 2025, the Group did not have other borrowings. As at 30 September 2025, the Group's gearing ratio was calculated on the basis of the amount of interest-bearing borrowings less cash and cash equivalents divided by shareholders' equity and the Group was in net cash position (as at 31 March 2025: net cash position). # CAPITAL COMMITMENTS As at 30 September 2025, the Group had no any material capital commitment (as at 31 March 2025: Nil). As at the date of this report, the Group had no plan for material investment or capital assets. # CONTINGENT LIABILITIES AND GUARANTEES As at 30 September 2025, the Group did not provide any guarantees for any third party and had no significant contingent liabilities (as at 31 March 2025: Nil). # SIGNIFICANT INVESTMENTS/MATERIAL ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES AND ASSOCIATED COMPANIES The Group did not hold any material investments, nor did the Group make any material acquisition and disposal of subsidiaries or associated companies of the Company during the Reporting Period. # 財務狀況及流動資金 本集團一般以內部產生的資源、銀行融資及其上市所得款項淨額為其營運提供資金。於2025年9月30日，本集團有流動資產約441.9百萬港元（於2025年3月31日：約381.4百萬港元），而本集團的現金及現金等價物約為66.6百萬港元（於2025年3月31日：約76.5百萬港元）。 於2025年9月30日，本集團有計息銀行借款約34.6百萬港元（於2025年3月31日：約37.3百萬港元），其中約13.9百萬港元（於2025年3月31日：約14.5百萬港元）須於一年內償還。 於2025年9月30日及2025年3月31日，本集團並無其他借款。 於2025年9月30日，本集團的資產負債比率乃按計息借款金額減現金及現金等價物除以股東權益計算，而本集團處於淨現金狀況(於2025年3月31日：淨現金狀況)。 # 资本承擔 於2025年9月30日，本集團並無任何重大資本承擔（於2025年3月31日：無）。於本報告日期，本集團並無有關重大投資或資本資產的計劃。 # 或然負債及擔保 於2025年9月30日，本集團並無為任何第三方提供任何擔保，且亦無重大或然負債（於2025年3月31日：無）。 # 重大投資/重大收購及出售附屬公司及聯營公司 本集團於報告期間並無持有任何重大投資，亦無作出有關本公司附屬公司或聯營公司的任何重大收購及出售。 # TREASURY POLICIES The Group adopted a prudent strategy towards the treasury and funding policies, and attached high importance to the risk control and transactions directly related to the Group's principal business. Funds, primarily denominated in Japanese Yen and Hong Kong Dollar, are normally placed with banks in short or medium term deposits for working capital of the Group. # DIVIDEND The directors of the Company do not recommend the payment of an interim dividend for the Reporting Period. # CAPITAL STRUCTURE AND FOREIGN CURRENCY EXPOSURE During the Reporting Period, the Group's operation was mainly financed by funds generated from its operation, borrowings and net proceeds from the listing. As at 30 September 2025, the borrowings were mainly denominated in Japanese Yen and Hong Kong dollars, while the cash and cash equivalents held by the Group were mainly denominated in Japanese Yen and Hong Kong dollars. All of the Group's borrowings were floating rate borrowings and were pledged by bank deposits of approximately HK$4.0 million to secure general bank facilities during the Reporting Period. The Group's revenue is mainly denominated in Japanese Yen and Hong Kong dollars, while its costs and expenses are mainly denominated in Japanese Yen and Hong Kong dollars. As the majority portion of the Group's assets, liabilities, revenues and payments during the Reporting Period were denominated in either Japanese Yen or Hong Kong dollars, and in view of the prevailing macro-economic environment, the Group may be exposed to the foreign exchange rate risk. The Group will closely monitor the volatility of foreign exchange rate and apply the appropriate hedging strategy as and when appropriate. # CHARGE ON ASSETS As at 30 September 2025, bank deposits amounting to HK $4.0 million (as at 31 March 2025: HK$ 4.0 million) was pledged to a bank to secure general banking facilities granted to the Group. Other than the aforesaid pledged bank deposits, there was no other charge on assets of the Group as at 30 September 2025 (as at 31 March 2025: Nil). # 庫務政策 本集團就庫務及撥款政策採取審慎策略，而且非常重視風險控制及與本集團主要業務直接有關的交易。資金(主要以日圓及港元計值)一般以中短期定期存款的形式存放於銀行，以用作本集團營運資金。 # 股息 本公司董事並不建議就報告期間派付中期股息。 # 資本架構及外匯風險 於報告期間，本集團主要以其營運、借款及其上市所得款項淨額所產生的資金為其營運提供資金。於2025年9月30日，借款主要以日圓及港元計值，而本集團所持現金及現金等價物主要以日圓及港元計值。於報告期間，本集團所有借款均為浮息借款及以銀行存款約4.0百萬港元作抵押，以擔保一般銀行融資。本集團的收益主要以日圓及港元計值，而其成本及開支則主要以日圓及港元計值。由於本集團於報告期間的大部分資產、負債、收益及付款以日圓或港元計值，且考慮到現時宏觀經濟環境，本集團可能承擔外匯風險。本集團將密切監控匯率波動及於適當時候使用合適的對沖策略。 # 資產押記 於2025年9月30日，銀行存款4.0百萬港元（於2025年3月31日：4.0百萬港元）已抵押予銀行，以擔保授予本集團的一般銀行融資。 除上述已抵押銀行存款外，本集團於2025年9月30日並無其他資產押記（於2025年3月31日：無）。 # EMPLOYEES AND EMOLUMENT POLICY As at 30 September 2025, the Group had 21, 13, 1 and 1 full-time staff based in Japan, Hong Kong, Taiwan and the PRC respectively. The Group regularly reviews compensation and benefit policies according to industry benchmark as well as individual performance of employees. Other fringe benefits, mandatory provident fund and share options are provided to retain loyal employees with the aim to form a professional staff and management team that can bring the Group to different levels of success. The Group operates a defined contribution retirement benefits scheme under the Mandatory Provident Fund Schemes Ordinance (Chapter 485 of the Laws of Hong Kong) for all of its employees in Hong Kong. Contributions are made based on a percentage of the employees' base salaries. The Group also made contributions to provident funds, elderly insurance, medical insurance, unemployment insurance and work-related injury insurance in accordance with applicable laws and regulations in Japan, Taiwan and the PRC respectively. # SHARE OPTION SCHEME The Group has adopted a share option scheme on 13 September 2018 (the "2018 Share Option Scheme") as a reward to eligible high-calibre employees and to attract similar high-quality personnel that are valuable to the Group. Details of the 2018 Share Option Scheme are set out in the circular of the Company dated 13 September 2018. On 24 April 2023, 48,000,000 share options were granted to certain Director, senior managements and employees of the Group (the "Grantees"), as disclosed in the announcement of the Company dated 24 April 2023. The share options granted shall vest in the Grantees in accordance with their respective timetable. Details of the grant of share options are set out in the announcement of the Company dated 24 April 2023. # 僱員及薪酬政策 於2025年9月30日，本集團於日本、香港、台灣及中國分別有21名、13名、1名及1名全職員工。本集團根據行業標準及僱員之個人表現定期檢討報酬及福利政策。本集團亦提供其他附加福利、強制性公積金及購股權以挽留忠誠僱員，旨在形成可令本集團取得不同層面成功之專業僱員及管理團隊。 本集團根據香港法例第485章強制性公積金計劃條例為其所有香港僱員營運一個界定供款退休福利計劃。供款按僱員基本薪金的若干百分比作出。本集團亦分別根據日本、台灣及中國的適用法律及法規作出公積金、養老保險、醫療保險、失業保險及工傷保險供款。 # 購股權計劃 本集團已於2018年9月13日採納購股權計劃（「2018年購股權計劃」）以獎勵合資格高質素僱員及吸引對本集團而言屬寶貴的類似優質人才。有關2018年購股權計劃的詳情載於本公司日期為2018年9月13日的通函。 誠如本公司日期為2023年4月24日之公告所披露，於2023年4月24日，48,000,000份購股權已授予本集團若干董事、高級管理層及僱員（「承授人」）。所授出的購股權將根據各自的時間表歸屬於承授人。有關授出購股權的詳情載於本公司日期為2023年4月24日的公告。 Details of the share option movements during the period from 1 April 2025 to 30 September 2025 under the 2018 Share Option Scheme are as follows. 2018年購股權計劃項下的購股權於2025年4月1日至2025年9月30日期間的變動詳情如下。 Number of share options 購股權數目 Lapsed/cancelled during the six months ended 30 September 2025 Outstanding as at 30 September 2025 Holder ofShare Options Date of Grant Exercise period Exercise priceper Share Outstandingas at1 April 2025 Grantedduring thesix monthsended30 September 2025 Exercisedduring thesix monthsended30 September 2025 30 September2025 30 September2025 30 September2025 購股權持有人 授出日期 行使期間 每股行使價(HK$)(港元) 於2025年4月1日尚未行使 截至2025年9月30日止六個月授出 截至2025年9月30日止六個月獲行使 截至2025年9月30日止六個月失效/註銷 截至2025年9月30日尚未行使 Executive Director 執行董事 Katsu Bunkai (Note 2) 24 April 2023 24.4.2024 to 23.4.2029 0.80 5,000,000 - - (5,000,000) - 葛文海 (附註2) 2023年4月24日 2024年4月24日至2029年4月23日 Employees 24 April 2023 24.4.2024 to 23.4.2029 0.80 43,000,000 - - (43,000,000) - 僱員 2023年4月24日 2024年4月24日至2029年4月23日 Total 48,000,000 - - (48,000,000) - 總計 # Notes: (1) The closing price of the Company's share immediately before the date (23 April 2023) on which the share options were granted was HK$0.76. (2) Katsu Bunkai resigned as an executive Director on 20 June 2025. (3) 48,000,000 share options had been tendered for cancellation under the option offer on 20 June 2025. For details, please refer to the joint announcements dated 2 May 2025, 23 May 2025, 30 May 2025 and 20 June 2025 (the "Joint Announcements") and circular dated 30 May 2025 (the "Circular"). # 附註： (1) 本公司股份於緊接授出購股權日期（2023年4月23日）前的收市價為0.76港元。 (2) 葛文海於2025年6月20日辭任執行董事。 (3) 購股權要約項下的48,000,000份購股權已於2025年6月20日交回註銷。詳情請參閱日期為2025年5月2日、2025年5月23日、2025年5月30日及2025年6月20日的聯合公告（「該等聯合公告」）以及日期為2025年5月30日的通函（「該通函」）。 On 4 September 2023, at the annual general meeting (the "2023 AGM"), the Company proposed adoption of the share option scheme (the "2023 Share Option Scheme") and termination of the 2018 Share Option Scheme were duly passed by the Shareholders by way of poll. Details of the 2023 Share Option Scheme are set out in the circular of the Company dated 28 July 2023 and the poll result of the 2023 AGM are set out in the announcement of the Company dated 4 September 2023. The total number of shares that may be issued in respect of options granted under all schemes of the Company during the year ended 31 March 2025 divided by the weighted average numbers of shares in issue for the year ended 31 March 2025 was approximately $9.6\%$ . As at 1 April 2025 and the date of this report, the total number of shares available for issue under the 2023 Share Option Scheme was 50,000,000, representing approximately $10\%$ of the issued shares of the Company as at such date. The Group had not granted any share options under the 2023 Share Option Scheme to its eligible directors and employees during the Reporting Period. The total number of shares that may be issued in respect of options granted under all schemes of the Company during the six months ended 30 September 2025 divided by the weighted average numbers of shares in issue for the period ended 30 September 2025 was approximately $9.6\%$ . As at 30 September 2025, the total number of shares available for issue under the 2023 Share Option Scheme was 50,000,000 (1 April 2025: 50,000,000, representing approximately $10\%$ of the issued shares of the Company as at such date), representing approximately $10\%$ of the issued shares of the Company as at such date. None of the Directors is a trustee of the 2023 Share Option Scheme or has a direct or indirect interest in the trustees of the 2023 Share Option Scheme (if any). There is no trustee appointed for the purposes of the 2023 Share Option Scheme. 於2023年9月4日，在股東週年大會（「2023年股東週年大會」）上，本公司建議採納購股權計劃（「2023年購股權計劃」）及終止2018年購股權計劃已獲股東按投票表決方式正式通過。2023年購股權計劃之詳情載於本公司日期為2023年7月28日的通函，而2023年股東週年大會投票表決結果載於本公司日期為2023年9月4日的公告。 就截至2025年3月31日止年度本公司所有計劃項下已授出購股權而言可予發行的股份總數除以截至2025年3月31日止年度已發行股份加權平均數約為9.6%。 於2025年4月1日及本報告日期，2023年購股權計劃項下可予發行股份總數為50,000,000股，相當於本公司於該日期已發行股份約 $10\%$ 。 於報告期間，本集團概無根據2023年購股權計劃向其合資格董事及僱員授出任何購股權。 就截至2025年9月30日止六個月本公司所有計劃項下已授出購股權而言可予發行的股份總數除以截至2025年9月30日止期間已發行股份加權平均數約為 $9.6\%$ 。 於2025年9月30日，2023年購股權計劃項下可予發行股份總數為50,000,000股（2025年4月1日：50,000,000股，相當於本公司於該日期已發行股份約 $10\%$ ），相當於本公司於該日期已發行股份約 $10\%$ 。 概無董事為2023年購股權計劃之受託人或於2023年購股權計劃之受託人(如有)中擁有直接或間接權益。概無就2023年購股權計劃委任受託人。 Summary of matters relating to the share option scheme reviewed by the Remuneration Committee: # Grant of share options under the 2023 share option scheme Having considered the past performance and contributions to the Group of the Grantees, the Remuneration Committee and the Board consider that the grant of such share options with vesting period: (i) all of the Grantees are middle to senior level management of the Group, which are directly involved in the strategy making and daily operations of the Group; (ii) grant of the Share Options to those key employees not only can provide incentive or reward to staff but also encourage them to make continuing effort and contribution to the Group; (iii) encourages those junior staff and/or new employees to contribute more to the Group as there is a chance to share results of the development of the Company no matter which departments they are working for. The following is a summary of the principal terms of the 2023 Share Option Scheme: # (a) Eligible participants Eligible participants include (i) any employee of the Company or any of its subsidiaries ("Employee Participant"); (ii) any non-executive directors of the Company or any of its subsidiaries; (iii) any director or employee of the holding companies, fellow subsidiaries or associated companies of the Company ("Related Entity Participant(s)"); and (iv) any person who provides services to the Group on a continuing or recurring basis in its ordinary and usual course of business which are in the interests of the long-term growth of the Group ("Service Provider"). # (b) The maximum entitlement of each participant The maximum number of shares issued or to be issued in respect of all options granted to a participant at any one time or in aggregate (excluding any options and awards lapsed in accordance with the terms of the 2023 Share Option Scheme or the other share scheme) under the 2023 Share Option Scheme and any other Share Scheme in the 12-month period up to and including the date of such further grant representing in aggregate over $1\%$ of the total number of shares in issue (" $1\%$ Individual Limit"), such grant must be separately approved by Shareholders in general meeting with such grantee and his close associates (or his associates if the grantee is a connected person of the Company) abstaining from voting. 薪酬委員會審閱的有關購股權計劃的事宜摘要： # 2023年購股權計劃項下授出的購股權 經考慮承授人過往表現及對本集團的貢獻，薪酬委員會及董事會認為授出該等具歸屬期的購股權： (i) 所有承授人均為本集團的中高層管理人員，直接參與本集團的策略制定及日常營運； (ii) 向該等主要員工授出購股權，不單可為員工提供激勵或獎勵，更可鼓勵彼等持續為本集團作出努力貢獻； (iii) 鼓勵該等初級員工及/或新員工為本集團作出更多貢獻，因為不論彼等任職的部門，均有機會分享本公司發展的成果。 以下為2023年購股權計劃主要條款的摘要： # (a) 合資格參與者 合資格參與者包括(i)本公司或其任何附屬公司的任何僱員（「僱員參與者」）；(ii)本公司或其任何附屬公司的任何非執行董事；(iii)本公司控股公司、同系附屬公司或聯營公司的任何董事或僱員（「關聯實體參與者」）；及(iv)在本集團的一般及日常業務過程中持續或經常性地向本集團提供對其長期增長有利的服務的任何人士（「服務提供者」）。 # (b) 每名參與者的最高配額 根據2023年購股權計劃及任何其他股份計劃，於截至有關進一步授出日期（包括該日）止12個月期間內，就向一名參與者於任何一次或合共授出的所有購股權所發行或將予發行的股份最高數目（不包括根據2023年購股權計劃或其他股份計劃的條款已失效的任何購股權及獎勵)合共佔已發行股份總數超過1%（「1%個人限額」），有關授出必須由股東於股東大會上單獨批准，而該承授人及其緊密聯繫人(或(倘承授人為本公司的關連人士)其聯繫人)必須放棄投票。 Where any grant of options or awards to an independent non-executive Director or a substantial shareholder of the Company or any of their respective associates, would result in the Shares issued and to be issued upon exercise of all options and awards granted (excluding any options and awards lapsed in accordance with the terms of the 2023 Share Option Scheme or the relevant Share Scheme) to such person in the 12-month period up to and including the date of such grant representing in aggregate over $0.1\%$ of the Shares in issue, such grant of options or awards must be approved by the Shareholders in general meeting (with such grantee, his associates and all core connected persons of the Company abstaining from voting in favour). # (c) Acceptance and exercise of option An offer shall have been accepted by an eligible participant when the duplicate letter comprising acceptance of the offer duly signed by the eligible participant together with a remittance in favour of the Company of HK$1.00 by way of consideration for the grant thereof is received by the Company within such time as may be specified in the offer (which shall not be later than 21 days from the date of the offer). An option may be exercised in accordance with the terms of the 2023 Share Option Scheme at any time during a period to be determined and notified by the Directors to the grantee, which period may commence from the date of offer but shall end in any event not later than 10 years from the date of offer of that option subject to the provisions for early termination thereof. Unless otherwise determined by the Directors and stated in the offer to a grantee, there is no minimum period required under the 2023 Share Option Scheme for the holding of an option before it can be exercised. # (d) Vesting period The vesting period in respect of any option granted to any eligible participant shall not be shorter than 12 months from the date of acceptance of the offer. 倘向本公司獨立非執行董事或主要股東或彼等各自的任何聯繫人授出任何購股權或獎勵，將導致在截至有關授出日期（包括該日）止12個月期間向該人士授出的所有購股權及獎勵（不包括根據2023年購股權計劃或有關股份計劃的條款已失效的任何購股權及獎勵）在行使時已發行及將予發行的股份合共佔超過已發行股份的0.1%，則有關購股權或獎勵的授出必須由股東於股東大會上批准（該承授人、其聯繫人及本公司所有核心關連人士必須放棄投贊成票）。 # (c) 接納及行使購股權 當本公司於要約可能註明的時間（不得遲於要約日期起計21日）內接獲合資格參與者正式簽署的要約接納函件副本，連同支付予本公司的1.00港元匯款（作為獲授出購股權的代價）時，則該合資格參與者應為接納要約。 根據2023年購股權計劃的條款，購股權可在董事決定並通知承授人的期間內隨時行使，該期間可由要約日期開始，惟在任何情況下均不得遲於該購股權要約日期起計10年結束，且須符合提前終止的條文。除非董事另有決定，並於向承授人發出的要約中作出說明，否則根據2023年購股權計劃，在購股權可供行使之前，概無規定持有購股權的最低期限。 # (d) 歸屬期 有關授予任何合資格參與者的任何購股權的歸屬期不得短於接納要約日期起計12個月。 # (e) Subscription price The subscription price for the shares on the exercise of an option under the option scheme shall be determined by the Board in its absolute discretion but in any event shall not be less than the highest of (i) the closing price of shares as stated in the Stock Exchange's daily quotations sheet on the date of the offer, which must be a business day; (ii) the average closing price of the shares as stated in the Stock Exchange's daily quotations sheets for the five business days immediately preceding the date of the offer; and (iii) (where applicable) the nominal value of a share. # (f) Performance target There is no performance target attached to the options. Having considered that (i) each of the Grantees is a middle to senior level management who has been working for the Group for over four years and have contributed directly to the overall business performance, sustainable development and/or good corporate governance of the Group, and (ii) the options are subject to the terms of the 2023 Share Option Scheme, which already covers situations where the share options will lapse in the event that the Grantees cease to be employees of the Group, the remuneration committee of the Company and the Board believe that without additional performance target, the grant of the Share Options aligns the interests of the Grantees with that of the Company and the shareholders of the Company, provides incentive to the Grantees to devote to the future continuous competitiveness, results of operation and growth of the Company, and reinforce their commitment to long term services of the Company, which is in line with the purpose of the 2023 Share Option Scheme. # (g) Clawback mechanism If any Grantee ceases to be a Director or an employee of the Group for any reason other than death, ill-heath or retirement in accordance with his/her contract of employment, any Share Options granted (to the extent not already exercised) shall lapse on the date of cessation or termination of employment. # (e) 認購價 根據購股權計劃行使購股權時的股份認購價將由董事會全權酌情釐定，惟無論如何不得低於以下最高者：(i)於要約日期（必須為營業日）在聯交所每日報價表所報的股份收市價；(ii)緊接要約日期前5個營業日在聯交所每日報價表所報的股份平均收市價；及(iii)(如適用)股份的面值。 # (f) 緩效目標 該等購股權並無附帶績效目標。 經考慮(j)各承授人均為中高層管理人員，彼等於本集團工作超過4年，並直接為本集團的整體業務表現、可持續發展及/或良好企業管治作出貢獻，及(ii)該等購股權須遵守2023年購股權計劃的條款，計劃已涵蓋在承授人不再為本集團僱員的情況下購股權將失效的情況，本公司薪酬委員會及董事會相信，在並無額外績效目標的情況下，授出購股權使承授人的利益與本公司及本公司股東的利益保持一致，激勵承授人致力於本公司未來的持續競爭力、經營業績及增長，並加強其對本公司長期服務的承諾，乃與2023年購股權計劃的目的一致。 # (g) 回撥機制 倘任何承授人因身故、疾病或按照其僱傭合約退休以外的任何原因不再為董事或本集團僱員，則任何已授出購股權（以尚未行使者為限）將於停止或終止僱傭日期失效。 # (h) The remaining life of the 2023 Share Option Scheme Subject to any early termination determined by the Board in accordance with the rules of the Share Option Scheme, the 2023 Share Option Scheme is valid and effective for a term of 10 years commencing on its adoption date (i.e. 4 September 2023 to 3 September 2033). # EVENTS AFTER THE REPORTING PERIOD On 29 September 2025, the Company and Soochow Securities International Brokerage Limited ("Placing Agent") entered into a placing agreement and on 20 October 2025, the Company and Placing Agent entered into a supplemental placing agreement (the "Supplemental Agreement"), pursuant to which the Company has conditionally agreed to place, through the Placing Agent on a best effort basis, up to 11,880,000 placing shares to not less than six places at the placing price of HK$7.71 per placing shares (the "Placing"). The Placing was completed on 6 November 2025. For details, please refer to the announcement of the Company regarding on the placing of new shares under general mandate dated on 29 September 2025, 20 October 2025 and 6 November 2025 (the "Announcements"). # (h) 2023年購股權計劃的餘下年期 除非董事會根據2023年購股權計劃規則決定提前終止，否則該購股權計劃自其採納日期起計10年內（即2023年9月4日至2033年9月3日）有效及生效。 # 報告期間後事項 於2025年9月29日，本公司與東吳證券國際經紀有限公司（「配售代理」）訂立一份配售協議，而於2025年10月20日，本公司與配售代理訂立一份補充配售協議（「補充協議」），據此，本公司已有條件同意透過配售代理按盡力基準按每股配售股份7.71港元的配售價向不少於六名承配人配售最多11,880,000股配售股份（「配售」）。配售已於2025年11月6日完成。有關詳情，請參閱本公司日期為2025年9月29日、2025年10月20日及2025年11月6日有關根據一般授權配售新股份的公告（「該等公告」）。 # PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES OF THE COMPANY Neither the Company nor any of its subsidiaries has purchased, sold or redeemed any of the Company's securities listed on the Stock Exchange during the Reporting Period. # DIRECTORS' AND CHIEF EXECUTIVE'S INTERESTS AND SHORT POSITIONS IN THE SHARES, UNDERLYING SHARES AND DEBENTURES OF THE COMPANY OR ANY ASSOCIATED CORPORATION As at the date of this report, the interests and short positions of the Directors and the chief executive of the Company in the shares, underlying shares and debentures of the Company or any associated corporation (within the meaning of Part XV of the Securities and Futures Ordinance, Chapter 571 of the Laws of Hong Kong (the "SFO")), as recorded in the register required to be kept under Section 352 of the SFO, or as otherwise notified to the Company and the Stock Exchange pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers (the "Model Code") set out in Appendix 10 to the Rules Governing the Listing of Securities (the "Listing Rules") on the Stock Exchange, were as follows: Long position in shares: # 購買、出售或贖回本公司上市證券 於報告期間，本公司及其任何附屬公司概無購買、出售或贖回本公司於聯交所上市之任何證券。 # 董事及最高行政人員於本公司或任何相聯法團的股份、相關股份及債權證的權益及淡倉 於本報告日期，本公司董事及最高行政人員於本公司或任何相聯法團（定義見香港法例第571章證券及期貨條例（「證券及期貨條例」）第XV部）的股份、相關股份及債權證中擁有記錄於根據證券及期貨條例第352條須予備存的登記冊的權益及淡倉，或根據聯交所證券上市規則（「上市規則」）附錄十所載上市發行人董事進行證券交易的標準守則（「標準守則」）須另行知會本公司及聯交所的權益及淡倉如下： 於股份的好倉： Name Name of Group member/associated corporation Nature of interest Number of shares interested Approximate percentage of interest held in the Company 本公司持有的 權益之概約 百分比 姓名 本集團成員公司/ 相聯法團名稱 權益性質 擁有權益股份數目 (Note 1) (附註1) Mr. Huang Shikun The Company Beneficial owner (Note 2) 334,157,278(L) 66.8% 黃仕坤先生 本公司 實益擁有人(附註2) Mr. Li Jiefeng The Company Beneficial owner 15,000,000(L) 3.0% 李杰峰先生 本公司 實益擁有人 Mr. Zheng Haoran The Company Beneficial owner 15,000,000(L) 3.0% 鄭浩然先生 <