2025-12-24-港交所-万励达_二零二五年中期报告_59页_2mb

> **来源：[研报客](https://pc.yanbaoke.cn)** # 萬勵達國際有限公司 # WAN LEADER INTERNATIONAL LIMITED (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立之有限公司) StockCode股份代號：8482 # CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of investing in such companies and should make the decision to invest only after due and careful consideration. Given that the companies listed on GEM are generally small and mid-sized companies, there is a risk that securities traded on GEM may be more susceptible to high market volatility than securities traded on the Main Board of the Stock Exchange and no assurance is given that there will be a liquid market in the securities traded on GEM. Hong Kong Exchanges and Clearing Limited and the Stock Exchange take no responsibility for the contents of this report, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this report. This report, for which the directors of Wan Leader International Limited (the "Company") collectively and individually accept full responsibility, includes particulars given in compliance with the Rules Governing the Listing of Securities on GEM of the Stock Exchange (the "GEM Listing Rules") for the purpose of giving information with regard to the Company and its subsidiaries (together, the "Group"). The directors of the Company (the "Directors"), having made all reasonable enquiries, confirm that, to the best of their knowledge and belief (i) the information contained in this report is accurate and complete in all material respects and not misleading or deceptive, and (ii) there are no other matters the omission of which would make any statement herein or this report misleading. # 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市的公司帶有較高投資風險。有意投資的人士應了解投資於該等公司的潛在風險，並應經過審慎周詳考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於聯交所主板買賣之證券承受較大的市場波動風險，同時無法保證在GEM買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本報告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本報告乃遵照《聯交所GEM證券上市規則》(「GEM上市規則」)而刊載，旨在提供有關萬勵達國際有限公司(「本公司」)及其附屬公司(統稱「本集團」)的資料。本公司的董事(「董事」)願就本報告共同及個別地承擔全部責任。本公司各董事在作出一切合理查詢後，確認就其所深知及確信，(i)本報告所載資料在各重大方面均屬準確完備，沒有誤導或欺詐成分，及(ii)並無遺漏任何事項，足以令本報告所載任何陳述或本報告產生誤導。 Corporate Information 2-4 公司資料 Unaudited Condensed Consolidated Statement of Profit 5-6 or Loss and Other Comprehensive Income 未經審核簡明綜合損益及其他全面收益表 7 Financial Position 未經審核簡明綜合財務狀況表 Unaudited Condensed Consolidated Statement of 8-9 Changes in Equity 未經審核簡明綜合權益變動表 Unaudited Condensed Consolidated Statement of 10 Cash Flows 未經審核簡明綜合現金流量表 Notes to the Unaudited Condensed Consolidated 11-33 Financial Statements 未經審核簡明綜合財務報表附註 Management Discussion and Analysis 34-46 管理層討論及分析 Corporate Governance and Other Information 47-56 企業管治及其他資料 # CORPORATE INFORMATION # 公司資料 # BOARD OF DIRECTORS # Executive Directors Mr. Loy Hak Yu Thomas (Chairman) Ms. Qu Tianyun # Non-executive Directors Mr. Li Shiu Tong Andrew Mr. Yau Tung Shing # Independent Non-executive Directors Mr. Chow Chi Wing Mr. Tam Chi Ming George Mr. Wan San Fai Vincent # CHIEF EXECUTIVE OFFICER Mr. Liao Daichun # AUTHORISED REPRESENTATIVES (for the purpose of the GEM Listing Rules) Mr. Loy Hak Yu Thomas Mr. Wong Kok Hon # COMPANY SECRETARY Mr. Wong Kok Hon # 董事會 # 執行董事 吕克宜先生（主席） 渠天芸女士 # 非執行董事 李紹棠先生 邱柬成先生 # 独立非執行董事 周志榮先生 谭志明先生 温新輝先生 # 行政總裁 廖代春先生 # 授權代表 （就GEM上市規則而言） 吕克宜先生 黄國瀚先生 # 公司秘書 黄國瀚先生 # BOARD COMMITTEES # Audit Committee Mr. Tam Chi Ming George (Chairman) Mr. Chow Chi Wing Mr. Wan San Fai Vincent # Remuneration Committee Mr. Wan San Fai Vincent (Chairman) Mr. Chow Chi Wing Mr. Tam Chi Ming George # Nomination Committee Mr. Loy Hak Yu Thomas (Chairman) Mr. Chow Chi Wing Mr. Tam Chi Ming George Mr. Wan San Fai Vincent # AUDITOR SFAI (HK) CPA Limited Certified Public Accountants # LEGAL ADVISERS As to Hong Kong Laws Khoo & Co. # PRINCIPAL BANKERS Hang Seng Bank Limited Industrial and Commercial Bank of China (Asia) Limited # 董事委員會 # 審核委員會 谭志明先生（主席） 周志榮先生 温新辉先生 # 薪酬委員會 温新輝先生(主席) 周志榮先生 谭志明先生 # 提名委員會 吕克宜先生(主席) 周志榮先生 谭志明先生 温新輝先生 # 核數師 永拓富信會計師事務所有限公司 執業會計師 # 法律顧問 有關香港法例 丘焕法律師事務所 # 主要往來銀行 恒生銀行有限公司 中國工商銀行（亞洲）有限公司 # Corporate Information (Continued) # 公司資料(續) # REGISTERED OFFICE P.O.Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1-1205, Cayman Islands # HEADQUARTER AND PRINCIPAL PLACE OF BUSINESS IN HONG KONG Office Tower Unit 903, Hutchison Logistics Centre, Terminal 4, Kwai Chung Container Port, 18 Container Port Road South, Kwai Chung, New Territories, Hong Kong # PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE IN THE CAYMAN ISLAND Vistra (Cayman) Limited P.O.Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1-1205, Cayman Islands # HONG KONG BRANCH SHARE REGISTRAR AND TRANSFER OFFICE Tricor Investor Services Limited 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong # COMPANY'S WEBSITE www.wanleader.com # STOCK CODE 8482 # 註冊辦事處 P.O.Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1-1205, Cayman Islands # 公司總部及香港主要營業地點 香港新界葵涌 貨櫃碼頭南路18號 葵涌四號貨櫃碼頭 和黄物流中心 商業大樓903室 # 開曼群島股份過戶登記總處 Vistra (Cayman) Limited P.O.Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1-1205 Cayman Islands # 香港股份過戶登記分處 卓佳證券登記有限公司 香港 夏懸道16號 遠東金融中心17樓 # 公司網址 www.wanleader.com # 股份代號 8482 # UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR # LOSS AND OTHER COMPREHENSIVE INCOME # 未經審核簡明綜合損益及其他全面收益表 For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 # FINANCIAL RESULTS The board (the "Board") of directors (the "Directors") of Wan Leader International Limited (the "Company") is pleased to present the unaudited condensed consolidated financial results of the Company and its subsidiaries (collectively referred to as the "Group") for the six months ended 30 September 2025 (the "Review Period") together with the comparative unaudited figures for the six months ended 30 September 2024 (the "Previous Period"), are as follows: # 財務業績 萬勵達國際有限公司(「本公司」)董事(「董事」)會(「董事會」)欣然提呈本公司及其附屬公司(統稱「本集團」)截至二零二五年九月三十日止六個月(「回顧期間」)的未經審核簡明綜合財務業績，連同截至二零二四年九月三十日止六個月(「過往期間」)的未經審核比較數字如下： Six months ended 30 September 截至九月三十日止六個月 2025 2024 二零二五年 HK$'000 二零二四年 HK$'000 千港元 (unaudited) 千港元 (unaudited) (未經審核) (未經審核) 附註 Revenue 收益 4 75,547 Cost of services 服務成本 (73,203) Gross profit/(loss) 毛利／(損) 2,344 Other income 其他收入 6 128 Other gains and losses 其他收益及虧損 6 - Sales and marketing expenses 銷售及營銷開支 (1,312) Administrative expenses 行政開支 (8,045) Reversal of impairment losses 就貿易及其他應收款項、 recognised on trade and 按金及預付款項確認的 other receivables, deposit and 減值虧損撥回淨額 prepayments, net 212 Finance costs 融資成本 6 (1,062) Loss before taxation 除稅前虧損 6 (7,735) Income tax expenses 所得稅開支 5 (16) Loss for the period 期內虧損 (7,751) # Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Continued) # 未經審核簡明綜合損益及其他全面收益表(續) For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 Six months ended 30 September 截至九月三十日止六個月 2025 2024 二零二五年 HK$'000 二零二四年 HK$'000 千港元 (unaudited) 千港元 (unaudited) (未經審核) (未經審核) Other comprehensive income for the period 期內其他全面收益 Item that may be reclassified subsequently to profit or loss 隨後可能重新分類至損益的 項目 Exchange differences arising on translation of financial statements of foreign operations 因換算海外業務之財務報 表而產生之匯兑差額 - 17 Other comprehensive income for the period 期內其他全面收益 - 17 Total comprehensive expenses for the period 期內全面開支總額 (7,751) (15,530) Loss for the period attributable to: Owners of the Company 下列人士應佔期内虧損： 本公司擁有人 (7,751) (15,547) Total comprehensive expenses for the period attributable to: Owners of the Company 下列人士應佔期内全面 開支總額： 本公司擁有人 (7,751) (15,530) HK cents 港仙 HK cents 港仙 (restated) (經重列) Loss per share 每股虧損 Basic and diluted 基本及攤薄 8 (5.18) (12.46) # UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION # 未經審核簡明綜合財務狀況表 At 30 September 2025 於 二零二五年 九月三十日 HK$'000 千港元 (unaudited) (未經審核) At 31 March 2025 於 二零二五年 三月三十一日 HK$'000 千港元 (audited) (經審核) # UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 未經審核簡明綜合權益變動表 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 owners of the Company 本公司擁有人應佔 Share capital Share premium Other reserve (Note (ii)) Merger reserve (Note (iii)) Statutory reserve (Note (iii)) Exchange reserve Accumulated losses Total 股本 股份溢價 其他儲備 (附註(ii)) 合併儲備 (附註(ii)) 法定儲備 (附註(iii)) 外匯儲備 累計虧損 總計 HK$'000 千港元 HK$'000 千港元 HK$'000 千港元 HK$'000 千港元 HK$'000 千港元 HK$'000 千港元 HK$'000 千港元 HK$'000 千港元 At 1 April 2024 (audited) 於二零二四年四月一日(經審核) 12,478 94,418 14,118 1,091 357 (270) (63,507) 58,685 Loss for the period 期內虧損 - - - - - - (15,547) (15,547) Exchange differences arising on translation of financial statements of foreign operations 因換算海外業務之財務報表而產生之匯兑差額 - - - - - 17 - 17 Total comprehensive (expenses)/income for the period 期內全面(開支)/收益總額 - - - - - 17 (15,547) (15,530) At 30 September 2024 (unaudited) 於二零二四年九月三十日(未經審核) 12,478 94,418 14,118 1,091 357 (253) (79,054) 43,155 Attributable to owners of the Company 本公司擁有人應佔 Share capital Share premium Other reserve (Note (ii)) Merger reserve (Note (ii)) Statutory reserve (Note (iii)) Exchange reserve Accumulated losses Total 股本 股份溢價 其他儲備 (附註(i)) 合併儲備 (附註(ii)) 法定儲備 (附註(iii)) 外匯儲備 累計虧損 總計 HK$'000千港元 HK$'000千港元 HK$'000千港元 HK$'000千港元 HK$'000千港元 HK$'000千港元 HK$'000千港元 HK$'000千港元 At 1 April 2025 (audited) 於二零二五年四月一日(經審核) 14,974 95,113 14,118 1,091 - - (88,720) 36,576 Loss for the period 期內虧損 - - - - - - (7,751) (7,751) Exchange differences arising on translation of financial statements of foreign operations 因換算海外業務之財務報表而產生之匯兑差額 - - - - - - - - Total comprehensive (expenses)/income for the period 期內全面(開支)/收益總額 - - - - - - (7,751) (7,751) At 30 September 2025 (unaudited) 於二零二五年九月三十日(未經審核) 14,974 95,113 14,118 1,091 - - (96,471) 28,825 # Notes: (i) Other reserve represents the (i) deemed contribution by a non-controlling shareholder through acquisition of Orient Zen Logistics Services Limited ("Orient Zen"), (ii) acquisition of additional interest of Orient Zen and (iii) allotment of shares of Ever Metro International Limited ("Ever Metro") to strategic investors. (ii) Amount represents difference between the par value of the shares issued by Ever Metro for the combination of the entire equity interests in Union Air Cargo Limited ("Union Air") and Fu Yo Warehouse Logistics Company Limited ("Fu Yo") and the amount of share capital of Union Air and Fu Yo. The combination of Union Air and Fu Yo by Ever Metro have been accounted for using the principles of merger accounting as Union Air, Fu Yo and Ever Metro are under the common control of Mr. Loy Hak Yu Thomas both before and after the combination and the control is not transitory. (iii) The statutory reserve represents the amount transferred from net profit for the year of the subsidiaries established in the People's Republic of China (the "PRC") (based on the subsidiaries' PRC statutory financial statements) in accordance with the relevant PRC laws until the statutory reserve reaches $50\%$ of the registered capital of the subsidiaries. The statutory reserve cannot be reduced except either in setting off the accumulated losses or increasing capital. # 附註： (i) 其他儲備指(i)一名非控股股東透過收購東禪物流有限公司（「東禪」）的視作出資；(ii)收購東禪的額外權益及(iii)向策略性投資者配發Ever Metro International Limited（「Ever Metro」）的股份。 (ii) 該金額指Ever Metro就合併亨達貨運有限公司（「亨達」）及富友倉庫物流有限公司（「富友」）的全部股權而發行的股份之面值與亨達及富友股本金額的差額。 Ever Metro合併亨達及富友已採用合併會計處理原則入賬，原因为亨達、富友及Ever Metro於該等合併前後均由吕克宜先生控制，且有關控制權並非屬暫時性質。 (iii) 法定儲備指根據相關中華人民共和國（「中國」）法律自於中國成立的附屬公司的年內純利（根據附屬公司的中國法定財務報表）轉撥的金額，直至法定儲備達到該等附屬公司註冊資本的 $50\%$ 。除抵銷累計虧損或增加資本外，否則不可減少法定儲備。 # UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS # 未經審核簡明綜合現金流量表 For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 Six months ended 30 September 截至九月三十日止六個月 2025 2024 二零二五年 HK$'000 二零二四年 HK$'000 千港元 (unaudited) 千港元 (unaudited) (未經審核) (未經審核) Net cash used in operating activities 經營活動所用現金淨額 (1,658) (12,199) Investment activities 投資活動 Withdrawal of pledged bank deposit 提取有抵押銀行存款 - 2,019 Bank interest received 已收銀行利息 8 47 Purchased of property, plant and equipment 購買物業丶廠房及設備 (1,101) - Net cash (used in)/from investment activities 投資活動(所用)/ 所得現金淨額 (1,093) 2,066 Financing activities 融資活動 Repayment of bank and other borrowings 償還銀行及其他借款 (2,066) (247) Repayment of principal element of lease liabilities 償還租賃負債本金部分 (74) (835) Repayment of interest element of lease liabilities 償還租賃負債利息部分 (22) (27) Interest paid 已付利息 (1,040) (162) New borrowings from a financial institution raised 從金融機構籌集的新借貸 - 3,500 Net cash (used in)/from financing activities 融資活動(所用)/ 所得現金淨額 (3,202) 2,229 Net decrease in cash and cash equivalents 現金及現金等價物減少凈額 (5,953) (7,904) Cash and cash equivalents at the beginning of the period 期初現金及現金等價物 15,511 14,823 Effect of foreign exchange rate changes 外幣匯率變動影響 - (134) Cash and cash equivalents at the end of the period 期末現金及現金等價物 Represented by bank balance and cash 即:銀行結餘及現金 9,558 6,785 # 1. GENERAL INFORMATION Wan Leader International Limited (the "Company") was incorporated in the Cayman Islands as an exempted company with limited liability and its shares were listed on GEM of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") since 5 September 2018. The registered office of the Company is situated at P.O. Box 31119, Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1-1205, Cayman Islands. The principal place of business of the Company in Hong Kong is situated at Office Tower Unit 903, Hutchison Logistics Centre, Terminal 4, Kwai Chung Container Port, 18 Container Port Road South, Kwai Chung, New Territories, Hong Kong. The Company is an investment holding company. The Company and its subsidiaries (collectively referred to as the "Group") are principally engaged in provision of freight forwarding and related logistics services, and trading of fashion items. # 2. BASIS OF PREPARATION The unaudited condensed consolidated financial statements (the "Interim Financial Statements") have been prepared on the historical cost basis. The Interim Financial Statements have been prepared in accordance with the Hong Kong Accounting Standards 34 "Interim Financial Reporting" ("HKAS 34") issued by the Hong Kong Institute of Certified Public Accountants (the "HKICPA") and the applicable disclosure provisions of the GEM Listing Rules. # 1. 一般資料 萬勵達國際有限公司（「本公司」）為於開曼群島註冊成立的獲豁免有限公司，其股份自二零一八年九月五日起在香港聯合交易所有限公司（「聯交所」）GEM上市。本公司註冊辦事處位於P.O.Box31119,GrandPavilion,HibiscusWay,802WestBayRoad,GrandCayman,KY1-1205,CaymanIslands。本公司香港主要營業地點為香港新界葵涌貨櫃碼頭南路18號葵涌四號貨櫃碼頭和黃物流中心商業大樓903室。 本公司為一間投資控股公司。本公司及其附屬公司（統稱為「本集團」）乃主要從事提供貨運代理及相關物流服務及時尚物品貿易。 # 2. 編製基準 本未經審核簡明綜合財務報表（「中期財務報表」)已按歷史成本法編製。 中期財務報表乃根據香港會計師公會（「香港會計師公會」）頒佈的香港會計準則第34號「中期財務報表」（「香港會計準則第34號」）及GEM上市規則的適用披露規定而編製。 # Notes to the Unaudited Condensed Consolidated Financial Statements (Continued) 未經審核簡明綜合財務報表附註(續) For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 # 2. BASIS OF PREPARATION (Continued) The Interim Financial Statements include an explanation of events and transactions that are significant to an understanding of the changes in financial position and performance of the Group since 31 March 2025, and therefore, do not include all of the information required for full set of financial statements prepared in accordance with the Hong Kong Financial Reporting Standards ("HKFRSs") which collective term includes all applicable individual HKFRSs, Hong Kong Accounting Standard ("HKAS") and Interpretations issued by the HKICPA. They shall be read in conjunction with the audited consolidated financial statements of the Group for the year ended 31 March 2025 (the "2025 Audited Consolidated Financial Statements"). The accounting policies and methods of computation applied in the preparation of the Interim Financial Statements are consistent with those applied in the preparation of the 2025 Audited Consolidated Financial Statements. The Interim Financial Statements for the six months ended 30 September 2025 have not been audited by the Company's auditors but have been reviewed by the Company's audit committee. The Interim Financial Statements have been prepared on the historical costs basis and presented in Hong Kong dollars ("HK$"), which is the same as the functional currency of the Company and all values are rounded to the nearest thousand (HK$'000) except otherwise indicated. The adoption of the new/revised HKFRSs that are relevant to the Group and effective from the current period had no significant effects on the results and financial position of the Group for both periods. At the date of authorisation of the Interim Financial Statements, the Group has not early adopted the new/ revised HKFRSs that have been issued but are not yet effective. # 2. 編製基準(續) 中期財務報表包括對了解自二零二五年三月三十一日以來本集團的財務狀況及表現變動而言屬重大的事件及交易說明，因此並不包括根據香港財務報告準則（「香港財務報告準則」）編製完整財務報表所規定之全部資料，香港財務報告準則包括由香港會計師公會頒佈的所有適用個別香港財務報告準則、香港會計準則（「香港會計準則」）及詮釋。該等報表應與本集團截至二零二五年三月三十一日止年度經審核綜合財務報表（「二零二五年經審核綜合財務報表」）一併閱覽。 編製中期財務報表所用之會計政策及計算方法與編製二零二五年經審核綜合財務報表所用者一致。 截至二零二五年九月三十日止六個月的中期財務報表未經本公司核數師審核，但已由本公司審核委員會審閱。 中期財務報表乃以歷史成本法編製及以港元(「港元」)呈列，港元亦為本公司功能貨幣，所有數值均約整至最近的千位數（千港元），惟另有指示者除外。 採納與本集團有關且自本期間生效的新訂／經修訂香港財務報告準則對本集團於兩個期間的業績及財務狀況並無重大影響。 於授權刊發中期財務報表日期，本集團並未提早採納已頌佈但尚未生效的新訂／經修訂香港財務報告準則。 # 3. ESTIMATES The preparation of the unaudited condensed consolidated interim financial statements in conformity with HKAS 34 requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. In preparing this unaudited condensed consolidated interim financial information, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the 2025 Audited Consolidated Financial Statements. # 4. REVENUE AND SEGMENT INFORMATION The Group's revenue from freight forwarding and related logistics services are recognised over time when the customer simultaneously receives and consumes the benefits provided by the Group's performance as the Group performs, using output method. The Group's operating segments are determined based on information reported to the chief operating decision maker (the "CODM") of the Group, being Mr. Loy Hak Yu Thomas ("Mr. Thomas Loy"), for the purpose of resource allocation and performance assessment focuses on the different types of services. The Directors of the Company regularly review revenue and results analysis by (i) freight forwarding and related logistics services; and (ii) trading of fashion items during the Review Period. No analysis of segment assets and segment liabilities is presented as such information is not regularly provided to the CODM in current or prior period. During the period ended 30 September 2025, specifically, the Group's reportable segments are as follows: i) Provision of freight forwarding and related logistics services; and ii) Trading of fashion items. # 3. 估計 遵照香港會計準則第34號編製未經審核簡明綜合中期財務報表時，管理層需作出影響會計政策之應用及資產及負債以及收益及開支之呈報金額的判斷、估計及假設。實際結果可能與該等估計有所差異。 編製本未經審核簡明綜合中期財務資料時，管理層對應用本集團會計政策及估計的不明朗因素主要來源作出的重要判斷，與二零二五年經審核綜合財務報表所用者相同。 # 4. 收益及分部資料 當客戶於本集團履約時同時接受及使用本集團履約所提供之利益，本集團來自貨運代理及相關物流服務的收益隨時間以輸出法確認。 本集團的經營分部乃根據向本集團最高營運決策人（「最高營運決策人」）（即吕克宜先生（「吕克宜先生」)）呈報以分配資源及評估表現的資料釐定，該等資料乃集中於不同種類之服務。本公司董事於回顧期間按(i)貨運代理及相關物流服務；及(ii)時尚物品貿易定期審閱收益及業績分析。由於本期間或過往期間並無定期向最高營運決策人提供分部資產及分部負債分析，故並無呈列有關資料。 具體而言，於截至二零二五年九月三十日止期間，本集團之可呈報分部如下： i) 提供貨運代理及相關物流服務；及 ii) 時尚物品貿易。 # Notes to the Unaudited Condensed Consolidated Financial Statements (Continued) 未經審核簡明綜合財務報表附註(續) For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 # 4. REVENUE AND SEGMENT INFORMATION 4. 收益及分部資料(續) (Continued) An analysis of the Group's revenue for the Review Period is as follows: 本集團於回顧期間的收益分析如下： Six months ended 30 September 截至九月三十日止六個月 2025 2024 二零二五年 HK$'000 二零二四年 HK$'000 千港元 千港元 (unaudited) (unaudited) (未經審核) (未經審核) Revenue from contracts with customers within the scope of HKFRS 15 香港財務報告準則第15號 範圍內的客戶合約收益 Freight forwarding and related logistics services 貨運代理及相關物流服務 - Air freight -空運服務 75,547 78,356 - Sea freight -海運服務 - 121 75,547 78,477 Trading of fashion items 時尚物品貿易 - 583 Total 總計 75,547 79,060 # 4. REVENUE AND SEGMENT INFORMATION 4. 收益及分部資料(續) (Continued) For the period ended 30 September 2025 截至二零二五年九月三十日止期間 Freight forwarding and related logistics services (未經審核) Trading of fashion items Total 貨運代理及 相關物流服務 HK$'000 千港元 (unaudited) 總計 HK$'000 千港元 (unaudited) 時尚物品貿易 千港元 (unaudited) (未經審核) Revenue 收益 Segment revenue 分部收益 75,547 - 75,547 Result 業績 Segment loss 分部虧損 (2,613) - (2,613) Other income 其他收入 128 Corporate expenses 企業開支 (4,188) Finance costs 融資成本 (1,062) Loss before taxation 除稅前虧損 (7,735) # Notes to the Unaudited Condensed Consolidated Financial Statements (Continued) 未經審核簡明綜合財務報表附註(續) For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 # 4. REVENUE AND SEGMENT INFORMATION 4. 收益及分部資料(續) (Continued) For six months ended 30 September 2024 截至二零二四年九月三十日止六個月 Freight forwarding and related logistics services 貨運代理及 相關物流服務 HK$'000 千港元 ( unaudited) (未經審核) Trading of fashion items Total 總計 HK$'000 千港元 (unaudited) (未經審核) Revenue 收益 Segment revenue 分部收益 78,477 583 79,060 Result 業績 Segment (loss)/profit 分部(虧損)／溢利 (10,398) 233 (10,165) Other income 其他收入 62 Corporate expenses 企業開支 (5,251) Finance costs 融資成本 (189) Loss before taxation 除税前虧損 (15,543) During the Review Period and Previous Period, all performance obligations for freight forwarding and related logistics services are for period of one year or less. As permitted under HKFRS 15, the transaction price allocated to unsatisfied/partially unsatisfied performance obligations as at 30 September 2025 and 30 September 2024 are not disclosed. 於回顧期間及過往期間，貨運代理及相關物流服務的全部履約責任均為期一年或以下。誠如香港財務報告準則第15號所允許，於二零二五年九月三十日及二零二四年九月三十日分配至未履行／部分未履行履約責任的交易價格並無披露。 # 4. REVENUE AND SEGMENT INFORMATION # (Continued) # Geographical information The Group's revenue by geographical market based on the location of operations: For the period ended 30 September 2025 # 4. 收益及分部資料(續) # 地區資料 本集團根據營運地點按地區市場劃分業務的收益： 截至二零二五年九月三十日止期間 Freight forwarding and related logistics service 貨運代理及 相關物流服務 HK$'000 千港元 (unaudited) (未經審核) Trading of fashion items Total 時尚物品貿易 HK$'000 千港元 (unaudited) (未經審核) 總計 HK$'000 千港元 (unaudited) (未經審核) Hong Kong (place of domicile) 香港(註冊地點) 75,547 - 75,547 Total 總計 75,547 - 75,547 For the period ended 30 September 2024 截至二零二四年九月三十日止期間 Freight forwarding and related logistics service 貨運代理及 相關物流服務 HK$'000 千港元 ( unaudited) (未經審核) Trading of fashion items Total 時尚物品貿易 HK$'000 千港元 (unaudited) (未經審核) 總計 HK$'000 千港元 (unaudited) (未經審核) Hong Kong (place of domicile) 香港(註冊地點) 78,477 583 79,060 Total 總計 78,477 583 79,060 # Notes to the Unaudited Condensed Consolidated Financial Statements (Continued) 未經審核簡明綜合財務報表附註(續) For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 # 5. INCOME TAX EXPENSES # 5. 所得税開支 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 HK$'000 HK$'000 千港元 千港元 (unaudited) (unaudited) (未經審核) (未經審核) Current tax: 即期税項: - Hong Kong Profit Tax - 香港利得稅 - - - - Deferred taxation 遞延税項 16 4 16 4 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$2 million will be taxed at 16.5%. For the periods ended 30 September 2025 and 2024, Hong Kong profits tax of the qualified entity of the Group is calculated in accordance with the two-tiered profits tax rates regime. The profits of other group entities in Hong Kong not qualifying for the two-tiered profits tax rates regime will continue to be taxed at the flat rate of 16.5%. Pursuant to the rules and regulations of the Cayman Islands and the British Virgin Islands (the "BVI"), the Group is not subject to any income tax in the Cayman Islands and the BVI. 根據兩級制利得稅率制度，合資格企業的首2百萬港元溢利將按8.25%的稅率徵稅，而超過2百萬港元的溢利將按16.5%的稅率徵稅。截至二零二五年及二零二四年九月三十日止期間，本集團合資格之實體的香港利得稅均按兩級制利得稅率制度計算。不符合兩級制利得稅率制度資格之其他香港集團實體之溢利將繼續按單一稅率16.5%繳納稅項。 根據開曼群島及英屬處女群島（「英屬處女群島」）的規則及規例，本集團毋須繳納任何開曼群島及英屬處女群島的所得税。 # 6. LOSS BEFORE TAXATION Loss before taxation has been arrived at after charging/ (crediting): # 6. 除税前虧損 除税前虧損已經扣除/（計入）： Six months ended 30 September 截至九月三十日止六個月 2025 2024 二零二五年 HK$'000 二零二四年 HK$'000 千港元 (unaudited) 千港元 (unaudited) (未經審核) (未經審核) Depreciation of Property, plant and equipment 物業、廠房及設備折舊 278 923 Expenses related to short-term leases 與短期租賃有關開支 42 63 Interest income on bank deposits 銀行存款利息收入 (8) (61) Interest income on rental deposits 租賃按金利息收入 - (1) Sundry income 雜項收入 (120) - Total other income 其他收入總額 (128) (62) Exchange loss, net 匯兌淨虧損 - 6 Total other gains and losses 其他收益及虧損總額 - 6 Interest expenses on lease liabilities 租賃負債利息開支 22 27 Interest expenses on bank and other borrowings 銀行及其他借款利息開支 1,040 13 Interest expenses on borrowings from a financial institution 金融機構借貸利息開支 - 149 Total finance costs 融資成本總額 1,062 189 # Notes to the Unaudited Condensed Consolidated Financial Statements (Continued) 未經審核簡明綜合財務報表附註(續) For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 # 7. DIVIDENDS The Board does not recommend payment of interim dividend for the Review Period (Previous Period: nil). # 8. LOSS PER SHARE # (a) Basic The calculation of the basic and diluted loss per share attributable to the owners of the Company is based on the following data: # 7. 股息 於回顧期間，董事會不建議派付中期股息（過往期間：無）。 # 8. 每股虧損 # (a) 基本 計算本公司擁有人應佔每股基本及攤薄虧損時乃基於以下數據： Six months ended 30 September 截至九月三十日止六個月 2025 2024 二零二五年 HK$’000 二零二四年 HK$’000 千港元 (unaudited) 千港元 (unaudited) (未經審核) (未經審核) Loss: 虧損： Loss for the period attributable to owners of the Company 本公司擁有人應佔 期内虧損 (7,751) (15,547) Loss for the purpose of calculating basic loss per share 計算每股基本虧損 所用虧損 (7,751) (15,547) Six months ended 30 September 截至九月三十日止六個月 2025 2024 二零二五年 ＇000 of shares ＇000 of shares 千股 (unaudited) 千股 (unaudited) (未經審核) (未經審核) (restated) (經重列) Number of shares: 股份數目： Weighted average number of ordinary shares for the purpose of calculating basic loss per share 就計算每股基本虧損而言 普通股加權平均數 149,740 124,783 # 8. LOSS PER SHARE (Continued) # (a) Basic (Continued) Pursuant to the Company's announcement dated 23 December 2024, 8 January 2025 and 15 January 2025 and the Company's circular dated 31 December 2024, the share consolidation (the "Share Consolidation") implemented on the basis that every ten (10) issued and unissued existing shares of HK$0.01 each has been consolidated into one (1) consolidated share of HK$0.10 each became effective on 17 January 2025. For comparative purpose, the Weighted average number of ordinary shares for the purpose of calculating basic loss per share for the 6 months ended 30 September 2024 has been restated under the same basis that every ten (10) issued and unissued existing shares of HK$0.01 each be consolidated into one (1) consolidated share of HK$0.10 each. # (b) Diluted Diluted loss per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. There were no potential ordinary shares in issue during the six months ended 30 September 2025 and 2024. # 9. PROPERTY, PLANT AND EQUIPMENT # Acquisitions and disposals of owned assets During the Review Period, the Group acquired a motor vehicles with HK $1,101,000 (Previous Period: HK$ 50,000 as leasehold improvement). During the Review Period, the Group did not acquired any right-of use assets (Previous Period: Aggregate carrying amount of HK$304,000 as a leased property). During the Review Period, the Group did not write off any property, plant and equipment (Previous Period: Nil). # 8. 每股虧損（續） # (a) 基本（續） 根据本公司日期為二零二四年十二月二十三日、二零二五年一月八日及二零二五年一月十五日之公告及本公司日期為二零二四年十二月三十一日之通函，按每十(10)股每股面值0.01港元之已發行及未發行現有股份已合併為一(1)股每股面值0.10港元之合併股份的基準實施之股份合併（「股份合併」）已於二零二五年一月十七日生效。 為方便比較，計算截至二零二四年九月三十日止六個月每股基本虧損之普通股加權平均數已按每十(10)股每股面值0.01港元之已發行及未發行現有股份合併為一(1)股每股面值0.10港元之合併股份的相同基準重列。 # (b) 攤薄 每股攤薄虧損在假設全部具潛在攤薄影響的普通股均獲轉換的情況下，按調整發行在外普通股的加權平均數計算。於截至二零二五年及二零二四年九月三十日止六個月並無已發行潛在普通股。 # 9. 物業、廠房及設備 # 收購及出售自有資產 於回顧期間，本集團以1,101,000港元購入一輛汽車（過往期間：50,000港元作租賃物業裝修）。 於回顧期間，本集團並無購入任何使用權資產（過往期間：總賬面值304,000港元的租賃物業）。 於回顧期間，本集團並無撇銷任何物業、廠房及設備（過往期間：無）。 # Notes to the Unaudited Condensed Consolidated Financial Statements (Continued) 未經審核簡明綜合財務報表附註(續) For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 # 10. TRADE AND OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS # 10. 貿易及其他應收款項、按金及預付款項 At 30 September 2025 於二零二五年 九月三十日 HK$'000 千港元 (unaudited) (未經審核) At 31 March 2025 於二零二五年 三月三十一日 HK$'000 千港元 (audited) (經審核) Receivables at amortised cost comprise: 按攤銷成本計量之應收款項包括： Trade receivables 貿易應收款項 24,025 32,286 Less: Allowances 減：撥備 (390) (507) 23,635 31,779 Prepayment, deposits and other receivables comprise: 預付款項、按金及其他應收款項包括： - Rental deposits -租賃按金 92 92 - Logistics and warehouse services -物流及倉儲服務 - 2,160 - Suppliers of fashion items -時尚物品的供應商 13,867 16,667 - Other deposits and prepayments -其他按金及預付款項 164 348 - Other receivables -其他應收款項 2,558 5,158 16,681 24,425 Less: Allowances 減：撥備 (369) (464) 16,312 23,961 Total trade and other receivables, deposits and prepayment 貿易及其他應收款項、按金及預付款項總額 39,947 55,740 Analysed as: 分析為： - Current 一流動 39,862 55,655 - Non-current -非流動 85 85 39,947 55,740 # 10. TRADE AND OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS (Continued) The following is an aging analysis of trade receivables net of allowance for expected credit losses of trade receivables, presented based on the invoice date, which approximates the respective revenue recognition dates, at the reporting date: # 10. 貿易及其他應收款項、按金及預付款項(續) 下表載列於報告日期的貿易應收款項（扣除貿易應收款項預期信貸虧損撥備）根據發票日期（與各收益確認日期相若）呈列的賬齡分析： At 30 September 2025 於二零二五年 九月三十日 HK$'000 千港元 (unaudited) (未經審核) At 31 March 2025 於二零二五年 三月三十一日 HK$'000 千港元 (audited) (經審核) Within 30 days 30日以內 8,326 16,545 More than 30 but within 60 days 超過30日但於60日以內 9,299 9,292 More than 60 but within 90 days 超過60日但於90日以內 861 13 More than 90 days but within 1 year 超過90日但於1年以內 - 516 More than 1 year 超過1年 5,149 5,413 23,635 31,779 # Notes to the Unaudited Condensed Consolidated Financial Statements (Continued) 未經審核簡明綜合財務報表附註(續) For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 # 11. AMOUNT DUE FROM A RELATED COMPANY # 11.應收一間關連公司款項 At 30 September 2024 於二零二四年 九月三十日 HK$'000 千港元 (unaudited) (未經審核) At 31 March 2024 於二零二四年 三月三十一日 HK$'000 千港元 (audited) (經審核) Maximum amount outstanding during the period 期內最高 未償還金額 HK$'000 千港元 Name of related company 關連公司名稱 Zhejiang Jiyueke Brand Management Co., Ltd. ("Zhejiang Jiyueke")* 浙江集約客品牌管理有限公司 (「浙江集約客」) 2,017 1,901 2,017 Mr. Liao Daichun, chief executive officer and a substantial shareholder of the Company, is a legal representative, a director and a shareholder of Zhejiang Jiyueke. As at 30 September 2024 and 31 March 2024, the amount due from a related company is unsecured, interest-free and has no fixed repayment terms. 本公司行政總裁及主要股東廖代春先生為浙江集約客的法定代表人、董事及股東。 於二零二四年九月三十日及二零二四年三月三十一日，應收一間關連公司款項為無抵押、免息及無固定還款期。 # 12. TRADE AND OTHER PAYABLES # 12. 貿易及其他應付款項 At 30 September 2025 於二零二五年 九月三十日 HK$'000 千港元 (unaudited) (未經審核) At 31 March 2025 於二零二五年 三月三十一日 HK$'000 千港元 (audited) (經審核) Trade payables 貿易應付款項 12,274 22,413 Other payables and accrued expenses 其他應付款項及應計費用 2,595 3,504 14,869 25,917 Analysed as: 分析為： -Current 一流動 14,353 25,401 -Non-current 非流動 516 516 14,869 25,917 # Notes to the Unaudited Condensed Consolidated Financial Statements (Continued) 未經審核簡明綜合財務報表附註(續) For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 # 12. TRADE AND OTHER PAYABLES (Continued) The following is an aging analysis of trade payables presented based on the invoice date at the end of the reporting period. # 12. 貿易及其他應付款項(續) 以下為於報告期末根據發票日期呈列的貿易應付款項的賬齡分析。 At 30 September 2025 於二零二五年 九月三十日 HK$'000 千港元 (unaudited) (未經審核) At 31 March 2025 於二零二五年 三月三十一日 HK$'000 千港元 (audited) (經審核) Within 30 days 30日以內 8,079 16,223 More than 30 but within 60 days 超過30日但於60日以內 3,653 5,566 More than 60 but within 90 days 超過60日但於90日以內 - 82 More than 90 days but within 1 year 超過90日但於1年以內 - - More than 1 year 超過1年 542 542 12,274 22,413 # 13. CONTRACT LIABILITIES # 13. 合約負債 At 30 September 2024 於二零二四年 九月三十日 HK$’000 千港元 (unaudited) (未經審核) At 31 March 2024 於二零二四年 三月三十一日 HK$’000 千港元 (audited) (經審核) Freight forwarding and related logistics services 貨運代理及相關物流服務 - 323 Contract liabilities represent the Group's obligations to transfer services to a customer for which an amount of consideration is due from the customer. During the period ended 30 September 2024, no revenue was recognised in the Review Period relating to contract liabilities at the beginning of the period (Previous Period: approximately HK$2,155,000). The Group makes advance billings to customers at the commencement of services. The advance billings related to non-cancellable contracts that are due for payment resulted in contract liabilities being recognised through the shipment period until the completion of shipment. 合約負債指本集團應收客戶代價金額而有責任向客戶轉讓服務。於截至二零二四年九月三十日止期間，概無就期初合約負債於回顧期間確認收益（過往期間：約為2,155,000港元）。 本集團於開始提供服務時提前向客戶出具賬單。與到期付款的不可註銷合約有關的提前出具賬單所產生的合約負債乃於運送期間直至完成運送予以確認。 # Notes to the Unaudited Condensed Consolidated Financial Statements (Continued) 未經審核簡明綜合財務報表附註(續) For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 # 14. BANK AND OTHER BORROWINGS The followings are carrying amounts of bank and other borrowings presented based on contractual scheduled repayment dates set out in the loan agreements: # 14. 銀行及其他借款 以下為基於載於貸款協議內之合約定期償付日期呈列的銀行及其他借款之賬面值： At 30 September 2025 於二零二五年 九月三十日 HK$'000 千港元 (unaudited) (未經審核) At 31 March 2025 於二零二五年 三月三十一日 HK$'000 千港元 (audited) (經審核) Within one year 一年内 7,033 9,099 After one year but within two years 超過一年但少於兩年期間 - - 7,033 9,099 Less: Amount due within one year and shown under current liabilities 減：於一年內到期並於流動負債項下顯示之金額 (7,033) (9,099) Amount due after one year and shown under non-current liabilities 於一年後到期並於非流動負債項下顯示之金額 - - # 15. BORROWINGS FROM A FINANCIAL INSTITUTION During the Review Period, the Group obtained a loan of HK\(3,500,000 from a local financial institution (at 31 March 2024: Nil). # 15. 金融機構借貸 於回顧期間，本集團自一間本地金融機構取得3,500,000港元貸款（於二零二四年三月三十一日：無）。 # 16. PROVISIONS # 16. 擬備 At 30 September 2025 於二零二五年 九月三十日 HK$'000 千港元 (unaudited) (未經審核) At 31 March 2025 於二零二五年 三月三十一日 HK$'000 千港元 (audited) (經審核) Analysed for reporting purposes as: Non-current liabilities 就呈報目的分析為： 非流動負債 150 150 Provision for reinstatement expense 修復開支撥備 HK$'000 千港元 Total 總計 HK$'000 千港元 At 31 March 2025 and 1 April 2025 (audited) 於二零二五年三月三十一日及 二零二五年四月一日 (經審核) 150 150 At 30 September 2025 (unaudited) 於二零二五年九月三十日 (未經審核) 150 150 # Notes to the Unaudited Condensed Consolidated Financial Statements (Continued) 未經審核簡明綜合財務報表附註(續) For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 # 17. SHARE CAPITAL Details of movements of authorised and issued capital of the Company are as follows: # 17. 股本 本公司法定及已發行股本之變動詳情如下： Number of shares ’000 of shares 千股 Share capital 股本 HK$ 港元 Authorised 法定 At 31 March 2025 (audited), 1 April 2025 (audited) and 30 September 2025 (unaudited) (ordinary share at HK$0.1 per share) 於二零二五年三月三十一日 （經審核）、二零二五年 四月一日(經審核)及 二零二五年九月三十日 （未經審核） (每股普通股 0.1港元） 1,000,000 100,000 Issued and fully paid 已發行及繳足 At 31 March 2024 (audited) and 1 April 2024 (audited) 於二零二四年三月三十一日 （經審核）及二零二四年 四月一日(經審核) 1,247,830 12,478 Share consolidation (note (i) below) 股份合併(下文附註(i)) (1,123,047) - Share issued under the March 2025 Placing (note (ii) below) 二零二五年三月配售事項下 已發行股份(下文附註(ii)) 24,956 2,496 At 31 March 2025 (audited), 1 April 2025 (audited) and 30 September 2025 (unaudited) (ordinary share at HK$0.1 per share) 於二零二五年三月三十一日 （經審核）、二零二五年 四月一日(經審核)及 二零二五年九月三十日 （未經審核） (每股普通股 0.1港元) 149,739 14,974 Note: 附註： # (i) Share Consolidation Pursuant to the Company's announcement dated 23 December 2024, the Board of Directors of the Company (the "Board") proposed to implement the share consolidation (the "Share Consolidation") on the basis that every ten (10) issued and unissued existing shares of HK$0.01 each would be consolidated into one (1) consolidated share of HK$0.10 each. # (i) 股份合併 根据本公司日期為二零二四年十二月二十三日的公告，本公司董事會（「董事會」）建議實施股份合併（「股份合併」），基準為每十(10)股已發行及未發行現有股份（每股面值0.01港元）將合併為一(1)股合併股份（每股面值0.10港元）。 # Notes to the Unaudited Condensed Consolidated Financial Statements (Continued) # 未經審核簡明綜合財務報表附註(續) For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 # 17. SHARE CAPITAL (Continued) Note: (Continued) # (i) Share Consolidation (Continued) As at 23 December 2024, the authorised share capital of the Company was HK$100,000,000 divided into 10,000,000,000 existing shares of par value of HK$0.01 each, of which 1,247,830,000 existing shares have been issued and were fully paid or credited as fully paid. Upon the Share Consolidation becoming effective and assuming that no new existing shares would be issued or repurchased from 23 December 2024 until the effective date of the Share Consolidation, the authorised share capital of the Company would become HK$100,000,000 divided into 1,000,000,000 consolidated shares of par value of HK$0.10 each, of which 124,783,000 consolidated shares would be in issue which were fully paid or credited as fully paid. Pursuant to the Company's announcement dated 15 January 2025, the Company announced that at the Company's extraordinary general meeting held on 15 January 2025, the proposed Share Consolidation was duly approved by the Shareholders of the Company by way of poll. All consolidated shares rank pari passu with each other in all respects with, and have the same rights and privileges as, the shares in issue prior to the approved consolidated share and thus, the Share Consolidation became effective on 17 January 2025. Further details of the above are set out in the Company's announcements dated 23 December 2024, 8