2025-12-29-港交所-汉港控股_中期报告_2025_x2f_2026_42页_2mb

> **来源：[研报客](https://pc.yanbaoke.cn)** # Contents 目錄 GLOSSARY 言彙 2 CORPORATE INFORMATION 公司資料 5 MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論與分析 7 CONDENSED CONSOLIDATED STATEMENT OF 簡明綜合全面收益表 16 COMPREHENSIVE INCOME CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 簡明綜合財務狀況表 18 CONDENSED CONSOLIDATED STATEMENT OF 簡明綜合權益變動表 CHANGES IN EQUITY CONDENSED CONSOLIDATED STATEMENT OF 簡明綜合現金流量表 CASH FLOWS 22 NOTES TO THE CONDENSED CONSOLIDATED 簡明綜合財務報表附註 FINANCIAL STATEMENTS 23 OTHER INFORMATION 34 # Glossary # 詞彙 Unless the context otherwise requires, the following terms used in the sections headed Corporate Information, Management Discussion and Analysis, Notes to the Condensed Consolidated Financial Statements and Other Information shall have the respective meanings set out below. 除文義另有所指外，下列用於公司資料、管理層討論與分析、簡明綜合財務報表附註及其他資料各節的詞彙應具有以下所載的各項涵義。 "1H 2024/25" 「二零二四／二五年度上半年」 指 the six months ended 30 September 2024 截至二零二四年九月三十日止六個月 "1H 2025/26" 「二零二五／二六年度上半年」 指 the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 "ASP" 「平均售價」 指 average selling price 平均銷售價格 "associate(s)" 「聯繫人」 指 has the meaning ascribed to it under the Listing Rules 具有上市規則所賦予的涵義 "Audit Committee" 「審核委員會」 指 audit committee of the Board 董事會審核委員會 "Board" 「董事會」 指 board of Directors 董事會 "BVI" 「英屬處女群島」 指 British Virgin Islands 英屬處女群島 "Chairman" or "Mr. Wong" 「主席」或「汪先生」 指 Mr. Wong Lam Ping, an Executive Director, the chairman of the Board, the Chief Executive Officer and the general manager of the Company 汪林冰先生，為執行董事、董事會主席、首席執行官兼本公司總經理 "Chief Executive Officer" 「首席執行官」 指 the chief executive officer of the Company 本公司首席執行官 "close associate(s)" 「緊密聯繫人」 指 has the meaning ascribed to it under the Listing Rules 具有上市規則所賦予的涵義 "Company" or "Sino Harbour" 「本公司」或「漢港控股」 指 Sino Harbour Holdings Group Limited, incorporated in Bermuda with limited liability, the Shares of which in issue are listed and traded on the main board of the Stock Exchange (Stock code: 1663) 漢港控股集團有限公司，一間於百慕達註冊成立之有限公司，其已發行股份於聯交所主板上市及交易(股份代號:1663) # Glossary # 詞彙 "controlling shareholder(s)" [控股股東] 指 has the same meaning ascribed to it under the Listing Rules 具有上市規則所賦予的涵義 "Corporate Governance Code" [企業管治守則] 指 corporate governance code contained in Appendix 14 to the Listing Rules 上市規則附錄十四所載之企業管治守則 "Director(s)" [董事] 指 director(s) of the Company 本公司董事 "EIT" [企業所得税] 指 Enterprise Income Tax 企業所得税 "Executive Director(s)" [執行董事] 指 executive Director(s) 執行董事 "Extra Good" [Extra Good] 指 Extra Good Enterprises Ltd., a company incorporated in the BVI Extra Good Enterprises Ltd., 於英屬處女群島註冊成立之公司 "GFA" [總建築面積] 指 gross floor area 總建築面積 "Group" [本集團] 指 the Company and its subsidiaries 本公司及其附屬公司 "HK$" [港元] 指 Hong Kong dollars, the lawful currency of Hong Kong 港元，香港法定貨幣 "HKASs" [香港會計準則] 指 Hong Kong Accounting Standards issued by the HKICPA 由香港會計師公會頒佈的香港會計準則 "HKFRSs" [香港財務報告準則] 指 Hong Kong Financial Reporting Standards issued by the HKICPA 由香港會計師公會頒佈的香港財務報告準則 "HKICPA" [香港會計師公會] 指 Hong Kong Institute of Certified Public Accountants 香港會計師公會 "Hong Kong" [香港] 指 the Hong Kong Special Administrative Region of the PRC 中國香港特別行政區 "INED(s)" [獨立非執行董事] 指 independent non-executive Director(s) 獨立非執行董事 "LAT" [土地增值稅] 指 Land Appreciation Tax 土地增值稅 # Glossary # 詞彙 "Listing Rules" 「上市規則」 指 Rules Governing the Listing of Securities on the Stock Exchange 聯交所證券上市規則 "Model Code" 「標準守則」 指 Model Code for Securities Transactions by Directors of Listed Issuers contained in Appendix 10 to the Listing Rules 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 "Ms. Chan" 「陳女士」 指 Ms. Chan Heung Ling, the wife of Mr. Wong 陳响玲女士，為汪先生之妻 "PRC" or "China" 「中國」 指 the People's Republic of China and, for the purpose of this interim report, excluding Hong Kong, the Macau Special Administrative Region and Taiwan 中華人民共和國，就本中期報告而言，不包括香港、澳門特別行政區及台灣 "RMB" 「人民幣」 指 Renminbi, the lawful currency of the PRC 人民幣，中國法定貨幣 "SFO" 「證券及期貨條例」 指 Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) 證券及期貨條例(香港法例第571章) "Share(s)"「股份」 指 ordinary share(s) of HK$0.01 each in the share capital of the Company 本公司股本中每股0.01港元之普通股 "Shareholder(s)"「股東」 指 holder(s) of the Share(s) 股份持有人 "sq.m." 「平方米」 指 square metre(s) 平方米 "Stock Exchange" 「聯交所」 指 The Stock Exchange of Hong Kong Limited 香港聯合交易所有限公司 "subsidiary(ies)"「附屬公司」 指 has the same meaning ascribed to it under the Listing Rules 具有上市規則所賦予的相同涵義 "Year 2024/25" 「二零二四／二五年度」 指 year ended 31 March 2025 截至二零二五年三月三十一日止年度 "%" [%] 指 per cent or percentage 百分比 # Corporate Information # 公司資料 # DIRECTORS # Executive Directors Mr. WONG Lam Ping (Chairman, Chief Executive Officer and General Manager) Mr. SHI Feng (Deputy Chairman) Mr. WONG Lui Ms. GAO Lan # Non-executive Director Mr. CHAN Kin Sang # Independent Non-executive Directors Mr. XIE Gang Mr. HE Dingding Mr. WONG Ping Kuen # COMPANY SECRETARY Sir Kwok Su Man KR # AUTHORISED REPRESENTATIVES Mr. WONG Lui Mr. WONG Lam Ping # AUDIT COMMITTEE Mr. WONG Ping Kuen (Chairman) Mr. XIE Gang Mr. HE Dingding # REMUNERATION COMMITTEE Mr. XIE Gang (Chairman) Mr. WONG Lam Ping Mr. HE Dingding Mr. WONG Ping Kuen Mr. SHI Feng # NOMINATION COMMITTEE Mr. XIE Gang (Chairman) Mr. HE Dingding Mr. WONG Ping Kuen Mr. WONG Lui Ms. GAO Lan Mr. CHAN Kin Sang # SHARE LISTING Place: Main Board of the Stock Exchange Stock Code: 01663 Board Lot: 2,000 Shares # 董事 # 執行董事 汪林冰先生 （主席、首席執行官兼總經理） 石峰先生 (副主席) 汪磊先生 高 崖女士 # 非執行董事 陳健生先生 # 独立非執行董事 解 剛先生 贺丁丁先生 黄炳權先生 # 公司秘書 郭兆文黎刹騎士動賢 # 授權代表 汪磊先生 汪林冰先生 # 審核委員會 黄炳權先生（主席） 解 剛先生 賀丁丁先生 # 薪酬委員會 解 刚先生(主席) 汪林冰先生 贺丁丁先生 黄炳權先生 石峰先生 # 提名委員會 解 刚先生(主席) 賀丁丁先生 黄炳權先生 汪磊先生 高 崖女士 陳健生先生 # 股份上市 地點：聯交所主板 股份代號：01663 每手買賣：2,000股 # Corporate Information # 公司資料 # COMPANY'S WEBSITE http://www.sinohabour.com.hk # HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS IN PRC Levels 25 and 26, Sino Harbour Kaixuan Center, Nanchang Honggu Kaixuan, No. 1568 Honggu Avenue, Honggu Tan Central District, Nanchang City, Jiangxi Province, The PRC # PRINCIPAL PLACE OF BUSINESS IN HONG KONG Room 1215, Tower B, Huonghom Commercial Centre, 37 - 39 Ma Tau Wai Road, Hunghom, Kowloon, Hong Kong Telephone: (852) 2363 1300 Facsimile: (852) 2764 2160 # REGISTERED OFFICE Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda # PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE Conyers Corporate Services (Bermuda) Limited Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda # BRANCH SHARE REGISTRAR AND TRANSFER OFFICE Boardroom Share Registrars (HK) Limited Room 2103B, 21/F., 148 Electric Road, North Point, Hong Kong # INDEPENDENT AUDITOR BDO Limited Certified Public Accountants # 公司網站 http://www.sinohabour.com.hk # 總部及中國主要營業地點 中國 江西省南昌市 紅谷中心區紅谷大道1568號 南昌紅谷崷旋 漢港凱旋中心25及26樓 # 香港主要營業地點 香港 九龍紅磚 馬頭圍道37-39號 紅磡商業中心 B座1215室 電話：(852) 2363 1300 傳真：(852) 2764 2160 # 註冊辦事處 Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda # 主要股份過戶登記處 Conyers Corporate Services (Bermuda) Limited Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda # 股份過戶登記分處 寶德隆證券登記有限公司 香港北角 電氣道148號 21樓2103B室 # 獨立核數師 香港立信德豪會計師事務所有限公司 執業會計師 # Management Discussion and Analysis 管理層討論與分析 REVIEW OF FINANCIAL RESULTS IN 1H 2025/26 COMPARED TO 1H 2024/25 Revenue 二零二五／二六年度上半年與二零二四／二五年度上半年之財務業績比較回顧 收入 1H 2025/26 二零二五/ 二六年度 上半年 RMB'000 人民幣千元 (Unaudited) (未經審核) 1H 2024/25 二零二四/ 二五年度 上半年 RMB'000 人民幣千元 (Unaudited) (未經審核) Revenue from contracts with customers under HKFRS 15 根據香港財務報告準則第15號來 自客戶合約之收入 Sales of properties held for sale 出售待售物業 210,782 419,863 Dental service income 口腔醫療服務收入 5,350 5,204 216,132 425,067 Revenue from other source 來自其他來源之收入 Rental income 租金收入 23,697 26,264 239,829 451,331 Revenue in 1H 2025/26 was approximately RMB239.8 million compared to approximately RMB451.3 million in 1H 2024/25, a decrease of $46.9\%$ . # Revenue from sales of properties held for sale Revenue in 1H 2025/26 was primarily derived from the delivery of residential units of Sino Harbour • Guanlan (漢港 • 觀瀾) Phase 2 in Yichun, China (the “Guenan Phase 2”). As the Group is primarily engaged in property development business, revenue recognition is dependent on the launch of new projects and completion of handover of properties that are sold. Consequently, revenue and profit for the Group looking across the quarters will appear irregular. 二零二五／二六年度上半年的收入約為人民幣239.8百萬元，較二零二四／二五年度上半年的約人民幣451.3百萬元減少 $46.9\%$ 。 # 出售待售物業之收入 二零二五/二六年度上半年的收入主要來自交付中國宜春漢港·觀瀾二期(「觀瀾二期」)的住宅單位。 由於本集團主要從事物業開發業務，收入確認取決於新項目之推出及已售物業之移交完成。因此，本集團每季度收入及溢利或會呈現不規則之勢。 # Management Discussion and Analysis # 管理層討論與分析 # REVIEW OF FINANCIAL RESULTS IN 1H 2025/26 COMPARED TO 1H 2024/25 (CONTINUED) # Cost of Sales and Gross Profit Margin In line with a decrease in revenue, cost of sales decreased to approximately RMB157.1 million in 1H 2025/26 from approximately RMB304.9 million in 1H 2024/25. Gross profit margin increased from $32.5\%$ in 1H 2024/25 to $34.5\%$ in 1H 2025/26. # Other Income Other income decreased from approximately RMB2.9 million in 1H 2024/25 to approximately RMB2.5 million in 1H 2025/26. The decrease was mainly attributable to a decrease of rental penalty income. # Selling and Distribution Expenses Selling and distribution expenses decreased from approximately RMB12.5 million in 1H 2024/25 to approximately RMB11.2 million in 1H 2025/26. The decrease of selling and distribution expenses in 1H 2025/26 was mainly due to a decrease in marketing expenses incurred for Sino Harbour • Guilan located in Yichun, China. # Administrative Expenses Administrative expenses decreased to approximately RMB17.1 million in 1H 2025/26 from approximately RMB24.8 million in 1H 2024/25. It was mainly due to the decrease of staff cost and utility expense. # Profit for 1H 2025/26 As a cumulative effect of the foregoing factors, the Group recorded a profit before income tax of approximately RMB44.2 million in 1H 2025/26, compared to approximately RMB103.0 million in 1H 2024/25. Income tax expense decreased from approximately RMB79.2 million in 1H 2024/25 to approximately RMB38.3 million in 1H 2025/26, which was mainly attributable to a decrease in the LAT and EIT provision in line with a decrease in profit in 1H 2025/26. As a result, profit after income tax was approximately RMB5.9 million in 1H 2025/26, a decrease of $75.4\%$ from approximately RMB23.9 million in 1H 2024/25. # 二零二五／二六年度上半年與二零二四／二五年度上半年之財務業績比較回顧(續) # 销售成本及毛利率 銷售成本由二零二四／二五年度上半年約人民幣304.9百萬元減少至二零二五／二六年度上半年約人民幣157.1百萬元，與收入減少一致。毛利率由二零二四／二五年度上半年的 $32.5\%$ 增加至二零二五／二六年度上半年的 $34.5\%$ 。 # 其他收入 其他收入由二零二四／二五年度上半年約人民幣2.9百萬元減少至二零二五／二六年度上半年約人民幣2.5百萬元。減少主要由於租賃罰款收入減少所致。 # 銷售及分銷費用 銷售及分銷費用由二零二四／二五年度上半年約人民幣12.5百萬元減少至二零二五／二六年度上半年約人民幣11.2百萬元。二零二五／二六年度上半年銷售及分銷費用減少主要由於位於中國宜春的漢港觀瀾的推廣費用減少所致。 # 管理費用 管理費用由二零二四／二五年度上半年約人民幣24.8百萬元減少至二零二五／二六年度上半年約人民幣17.1百萬元，主要由於員工成本及公用事業開支減少所致。 # 二零二五/二六年度上半年溢利 受以上因素的綜合影響，本集團於二零二五／二六年度上半年錄得除所得稅前溢利約人民幣44.2百萬元，而二零二四／二五年度上半年則錄得約人民幣103.0百萬元。 所得税開支由二零二四／二五年度上半年約人民幣79.2百萬元減少至二零二五／二六年度上半年約人民幣38.3百萬元，主要由於二零二五／二六年度上半年溢利減少，令土地增值稅及企業所得稅撥備亦相應減少所致。 因此，二零二五／二六年度上半年的除所得税後溢利約為人民幣5.9百萬元，較二零二四／二五年度上半年約人民幣23.9百萬元減少75.4%。 # Management Discussion and Analysis 管理層討論與分析 # REVIEW OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2025 # Properties Held Under Development As at 30 September 2025, the Group's properties held under development increased to approximately RMB1,051.9 million from approximately RMB1,049.4 million as at 31 March 2025. The increase was due to the construction in Leping project. # Properties Held For Sale Properties held for sale decreased to approximately RMB347.9 million as at 30 September 2025 from approximately RMB474.6 million as at 31 March 2025. The decrease was mainly due to the handover of property units of Guilan Phase 2. The properties held for sale are transferred to cost of sales in line with the recognition of revenue upon the handover of properties. # Prepayments and Other Receivables As at 30 September 2025, the Group's prepayments and other receivables increased to approximately RMB490.1 million from approximately RMB479.6 million as at 31 March 2025. The increase was mainly due to the net effect of the prepayments paid to the contractors and the receipts from other receivables. # Accounts Payable, Accruals and Other Payables and Contract Liabilities Accounts payable decreased from approximately RMB26.4 million as at 31 March 2025 to approximately RMB23.2 million as at 30 September 2025, mainly due to the settlement of the construction costs payable in 1H 2025/26. Accruals and other payables mainly comprised the accrued construction costs and project-related expenses that are based on the progress of project development but are not due for payment. Contract liabilities were the advance receipts from customers in respect of the deposits and prepayments for pre-sales of the Group's properties. Accruals and other payables decreased from approximately RMB169.6 million as at 31 March 2025 to approximately RMB166.2 million as at 30 September 2025. The decrease was mainly due to the settlement of the accrued construction cost. # 於二零二五年九月三十日之財務狀況回顧 # 開發中物業 於二零二五年九月三十日，本集團的開發中物業由二零二五年三月三十一日約人民幣1,049.4百萬元增加至約人民幣1,051.9百萬元。增加乃由於建設樂平項目所致。 # 待售物業 待售物業由二零二五年三月三十一日約人民幣474.6百萬元減少至二零二五年九月三十日約人民幣347.9百萬元。減少主要由於交付觀瀾二期物業單位所致。於交付物業時，待售物業緊隨確認收入轉撥至銷售成本。 # 預付款項及其他應收款項 於二零二五年九月三十日，本集團的預付款項及其他應收款項由二零二五年三月三十一日約人民幣479.6百萬元增加至約人民幣490.1百萬元。增加主要由於向承建商支付的預付款項與收回其他應收款項的綜合效應所致。 # 應付賬款、應計款項及其他應付款項以及合約負債 應付賬款由二零二五年三月三十一日約人民幣26.4百萬元減少至二零二五年九月三十日約人民幣23.2百萬元，主要由於二零二五／二六年度上半年償付應付建築成本所致。 應計款項及其他應付款項主要包括根據開發中項目進度所預提的建築成本及項目相關費用(尚未到期支付)。 合約負債主要來自客戶就本集團物業預售預先支付的按金及預付款項。 應計款項及其他應付款項由二零二五年三月三十一日約人民幣169.6百萬元減少至二零二五年九月三十日約人民幣166.2百萬元。減少主要由於償付應計建築成本所致。 # Management Discussion and Analysis # 管理層討論與分析 # REVIEW OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2025 (CONTINUED) # Accounts Payable, Accruals and Other Payables and Contract Liabilities (Continued) Contract liabilities decreased from approximately RMB512.7 million as at 31 March 2025 to approximately RMB300.9 million as at 30 September 2025. The decrease was mainly due to the handover of the Guilan Phase 2. # LIQUIDITY AND FINANCIAL RESOURCES # Cash Position # Cash and Bank Balances In 1H 2025/26, the Group had recorded a net cash outflow of approximately RMB8.5 million (1H 2024/25: inflow of approximately RMB84.9 million) from operating activities, mainly attributable to the net effect of decrease of properties held for sale and decrease of contract liabilities. Net cash inflow from investing activities in 1H 2025/26 was approximately RMB9.4 million (1H 2024/25: inflow of approximately RMB5.3 million), which was mainly due to the decrease in pledged bank deposits. Net cash outflow from financing activities in 1H 2025/26 was approximately RMB56.4 million (1H 2024/25: outflow of approximately RMB104.5 million), which was mainly attributable to the repayment of borrowings and finance cost and dividend distributed to minority shareholder. As at 30 September 2025, the Group had cash and bank balances of approximately RMB44.4 million (31 March 2025: RMB132.3 million), which consisted of cash and cash equivalents of approximately RMB41.6 million (31 March 2025: RMB97.2 million) and bank balances restricted for construction work of approximately RMB2.8 million (31 March 2025: RMB35.1 million), of which most of them were denominated in RMB. 於二零二五年九月三十日之財務狀況回顧(續) # 應付賬款、應計款項及其他應付款項以及合約負債(續) 合約負債由二零二五年三月三十一日約人民幣512.7百萬元減少至二零二五年九月三十日約人民幣300.9百萬元。減少主要由於交付觀瀾二期所致。 # 資金流動性及財務資源 # 現金狀況 # 現金及銀行結餘 於二零二五／二六年度上半年，本集團自經營活動錄得現金流出淨額約人民幣8.5百萬元(二零二四／二五年度上半年：流入約人民幣84.9百萬元)，主要由於待售物業減少與合約負債減少的綜合效應所致。 於二零二五／二六年度上半年，自投資活動的現金流入淨額約為人民幣9.4百萬元(二零二四／二五年度上半年：流入約人民幣5.3百萬元)，主要由於已抵押銀行存款減少所致。 於二零二五／二六年度上半年，自融資活動的現金流出淨額約為人民幣56.4百萬元(二零二四／二五年度上半年：流出約人民幣104.5百萬元)，主要由於償還借貸及支付融資成本及向少數股東分派股息所致。 於二零二五年九月三十日，本集團現金及銀行結餘約為人民幣44.4百萬元(二零二五年三月三十一日：人民幣132.3百萬元)，包括現金及現金等價物約人民幣41.6百萬元(二零二五年三月三十一日：人民幣97.2百萬元)及限於工程使用的銀行結餘約人民幣2.8百萬元(二零二五年三月三十一日：人民幣35.1百萬元)，當中大部分以人民幣計值。 # Management Discussion and Analysis 管理層討論與分析 # LIQUIDITY AND FINANCIAL RESOURCES (CONTINUED) # Cash Position (Continued) # Bank Loans and Finance Cost As at 30 September 2025, the Group had total borrowings of approximately RMB537.5 million, decreased from approximately RMB565.0 million as at 31 March 2025. The decrease mainly represented repayment of borrowings in 1H 2025/26. The Group's bank loans were denominated in RMB. The Group recorded approximately RMB14.8 million finance costs before capitalisation in FY2026Q2, which had decreased from approximately RMB15.6 million in FY2025Q2. The decrease was mainly attributable to the repayment of bank loans and the decrease of effective interest rate. # Gearing Ratio Gearing ratio is measured by borrowings (total amount of bank loans) less related deposit collateral over total equity and then multiplied by $100\%$ . As at 30 September 2025, the Group's gearing ratio was $27.3\%$ (31 March 2025: $28.6\%$ ). The Group has implemented certain loan management policies which include close monitoring of the gearing ratio and any changes in interest rates. # Funding and Treasury Policies The Group adopts a prudent funding and treasury policy with regard to its overall business operations. Historically, we have met our capital expenditures, working capital and other liquidity requirements principally from cash generated from our operations and bank and other borrowings. Going forward, we expect to fund our working capital, capital expenditures and other capital requirements with a combination of various sources, including but not limited to cash generated from our operations, bank and other borrowings as well as other external equity and debt financing. The Group's objectives are to maintain a prudent financial policy, to monitor liquidity ratios against risk limits and to maintain contingency plan for funding to ensure that the Group maintains sufficient cash to meet its liquidity requirements. # 資金流動性及財務資源(續) # 現金狀況(續) # 銀行貸款及融資成本 於二零二五年九月三十日，本集團總借貸約為人民幣537.5百萬元，較二零二五年三月三十一日約人民幣565.0百萬元有所減少。減少主要為二零二五／二六年度上半年償還借貸所致。本集團的銀行貸款以人民幣計值。於二零二六財年第二季度資本化前，本集團錄得融資成本由二零二五財年第二季度的約人民幣15.6百萬元減少至約人民幣14.8百萬元。減少主要由於償還銀行貸款及實際利率減少所致。 # 資本與負債比率 資本與負債比率按借貸(銀行貸款總額)減相關抵押存款除以權益總額再乘以100%計量。於二零二五年九月三十日，本集團之資本與負債比率為27.3%(二零二五年三月三十一日：28.6%)。本集團已施行若干貸款管理政策，其中包括嚴謹監控資本與負債比率及利率的任何變動。 # 資金及財務政策 本集團就其整體業務營運採納嚴謹的資金及財務政策。過去，我們主要透過營運所得現金以及銀行及其他借貸滿足資本開支、營運資金及其他流動資金的需求。未來，我們預期將透過結合多項資源(包括但不限於我們的營運所得現金、銀行及其他借貸以及其他外部權益及債務融資)為營運資金、資本開支及其他資金需求提供資金。本集團之目標旨在維持謹慎的財務政策，以監察流動資金比率是否符合風險限額，並維持集資或然計劃，以確保本集團持有充足現金以滿足其流動資金需求。 # Management Discussion and Analysis # 管理層討論與分析 # FOREIGN CURRENCY RISK Most of the Group's transactions are carried out in RMB which is the functional currency of the Company and most of its operating subsidiaries. Exposures to currency exchange rates arise from certain of the Group's cash and bank balances which are denominated in HK$. The Group does not use derivative financial instruments to hedge its foreign currency risk. The Group reviews its foreign currency exposures regularly and believes that there is no significant exposure on its foreign exchange risk. # MATERIAL ACQUISITION AND DISPOSAL During 1H 2025/26, the Company had no material acquisition or disposal of assets, subsidiaries, associated companies or joint ventures. # SIGNIFICANT INVESTMENT The Group did not hold any significant investment in 1H 2025/26 (1H 2024/25: nil). # CONTINGENT LIABILITIES As at 30 September 2025, the Group had no significant contingent liabilities (31 March 2025: nil). # EMPLOYEE AND REMUNERATION POLICY There were 215 employees in the Group as at 30 September 2025 (31 March 2025: 268). Staff remuneration packages are determined, taking the market conditions and the performance of the individuals concerned into consideration, and are subject to review from time to time. The Group also provides other staff benefits including medical insurance and discretionary incentive bonuses to eligible staff based on their performance and contributions to the Group. Employee costs, including Directors' emoluments, amounted to approximately RMB13.0 million in 1H 2025/26 (1H 2024/25: RMB23.2 million). # 外幣風險 本集團大部分交易以人民幣進行，而人民幣乃本公司及其大多數營運附屬公司之功能貨幣。貨幣匯率風險來自本集團以港元計值之若干現金及銀行結餘。本集團並無使用衍生金融工具以對沖其外幣風險。本集團定期檢討其外幣風險，及相信並無重大外匯風險。 # 重大收購及出售 於二零二五／二六年度上半年，本公司並無對資產、附屬公司、聯營公司或合營企業進行任何重大收購或出售。 # 重大投資 於二零二五／二六年度上半年，本集團並無持有任何重大投資（二零二四／二五年度上半年：無）。 # 或然負債 於二零二五年九月三十日，本集團並無重大或然負債(二零二五年三月三十一日：無)。 # 僱員及薪酬政策 於二零二五年九月三十日，本集團共有215名員工（二零二五年三月三十一日：268名）。員工薪酬待遇經考慮市場狀況及有關人士之表現而釐定，並須不時檢討。本集團亦提供其他員工福利（包括醫療保險），並根據彼等表現及對本集團之貢獻向合資格員工授予酌情獎勵花紅。於二零二五／二六年度上半年，僱員成本（包括董事酬金）約為人民幣13.0百萬元（二零二四／二五年度上半年：人民幣23.2百萬元）。 # Management Discussion and Analysis # 管理層討論與分析 # COMPANY UPDATE # Property Pre-sales The results of property pre-sale launches (as at 24 November 2025) are summarised in the table below: Residential Units # 公司最新消息 # 物業預售 物業預售業績(於二零二五年十一月二十四日)概列如下： 住宅單位 Yichun Sino Harbour Guanlan Phase 2 (宜春漢港) 觀瀾二期) Estimated total GFA released for sale (total units) 223,643 sq.m. (1,920 units) 估計推出可供銷售之總建築面積(總單位數目) 223,643平方米 (1,920個單位) Estimated total GFA pre-sold (total units) 223,643 sq.m. (1,920 units) 估計已預售之總建築面積(總單位數目) 223,643平方米 (1,920個單位) Percentage of pre-sale 100% 預售比率 100% Pre-sale GFA (units pre-sold) not handed over to buyers as at 30 September 2025^ 33,366 sq.m. (277 units) 截至二零二五年九月三十日尚未移交買家之 已預售總建築面積(已預售單位數目)^ 33,366平方米 (277個單位) Pre-sale value not handed over to buyers as at 30 September 2025^ RMB275.6 million 截至二零二五年九月三十日尚未移交買家之 已預售價值^ 人民幣 275.6百萬元 ASP per sq.m.* RMB8,260 每平方米平均售價* 人民幣8,260元 Expected completion date 預期完成日期 Completed 已完成 ^: Pre-sale value not handed over to buyers is computed as follows: Beginning period pre-sales plus new pre-sales during the period less those handed over to buyers during the period (Recognised as sales during the period). ^: 尚未移交買家之已預售價值計算方法如下：期初預售金額加期内新預售金額減期内已移交買家金額(於期内確認為銷售)。 *: ASP of the projects is computed as follows: Pre-sale value not handed over to buyers divided by pre-sale GFA not handed over to buyers. *: 該等項目之平均售價計算方法如下：尚未移交買家之已預售價值除以尚未移交買家之已預售總建築面積。 # Management Discussion and Analysis # 管理層討論與分析 # FUTURE OUTLOOK # Address cyclical fluctuation and anchor steady operation As of November 2025, China's real estate market is still undergoing adjustments. From January to October, investment in real estate development declined by $14.7\%$ , while sales areas decreased by $6.8\%$ . Areas held for sale have been decreasing, thus gradually easing inventory pressure. The Group's residential projects experienced a slower sales pace, with specific projects such as "Sino Harbour • Guanlan phase 2" encountering a sales gap after delivery, which has led to temporary revenue fluctuations. The Company will consider this as a normal industry adjustment, while continuing to optimize its cash flow and delivery. The central government continues to promote "stabilizing the property market and reversing its downturn", with inventory reduction, ensuring project delivery and building quality homes as its focuses. Measures such as urban village redevelopment and acquisition of existing properties are being implemented to stabilize the market. The Group remains closely aligned with such policies, focusing on core cities and adjusting its sales strategies to improve cash collection, while exercising caution in new investments to safeguard liquidity thresholds. # Continue to deepen our diversified layout and stabilize the development of the big health business The "Big Health" segment has always been a key area for the Group's development. Since the establishment of Pingxiang Ganghua Dentistry Hospital Company Limited (萍鄉港華口腔醫院有限公司), a subsidiary of the Group, in 2023, a solid foundation has been laid for the Group's goal of building a chain of dental specialty hospitals, further outlining the development blueprint for the "Big Health" business of the Group. In the context of an uncertain outlook for the real estate industry, the "Big Health" business has served to diversify the Group's operating risks and identify new growth opportunities. In the future, the Group will continue to deeply cultivate this business segment to ensure the sustainable development of the Group. # 未來展望 # 正視週期波動 鍍定穩健經營 截至2025年11月，中國房地產市場持續調整，1-10月開發投資下降 $14.7\%$ ，銷售面積下降 $6.8\%$ ，待售面積連續減少，庫存壓力逐步緩解。本集團住宅項目去化節奏放緩，個別如「宜春漢港－觀瀾二期」交付後出現銷售空檔，導致收入階段性波動，將視為行業正常調整，持續優化現金流與交付。中央持續推動「止跌回穩」，強調去庫存、保交樓及好房子建設，通過城中村改造、存量房收儲等措施穩定市場。本集團緊扣政策，聚焦核心城市，調整銷售策略改善回款，審慎控制新投資，守住流動性底線。 # 繼續深化多元佈局 稳大健康業務發展 「大健康」板塊一直為本集團著重發展的業務，自2023年本集團附屬公司萍鄉港華口腔醫院有限公司的成立，為本集團打造連鎖口腔專科醫院的目標打下了堅實的基礎，進一步規劃了本集團「大健康」業務的發展藍圖。在房地產行業發展前景不明朗的情況下，「大健康」業務發揮了為本集團分散運營風險和尋找新的增長契機的功能。未來本集團將繼續深耕這板塊業務，以穩集團的可持續發展。 # Management Discussion and Analysis 管理層討論與分析 # FUTURE OUTLOOK (CONTINUED) # Restructure resource structure to reduce costs and stabilize development Facing an ever-changing market environment and short-term debts that are due soon, the Group has continuously and prudently evaluated its operating conditions. To ensure sufficient resources for steady development, the Group has begun to implement a streamlining and cost-saving plan. This initiative aims to optimize operational efficiency and concentrate resources on core business to strengthen the financial foundation, ensure the Company's continued operation, and lay a solid foundation for future sustainable growth. We will implement this plan responsibly, leading the Company towards a more sustainable future. # Prudent and upright, steady and far-reaching The Group will adhere to "solidifying real estate and advancing diversification": to orderly promote the sales of existing inventory, to cultivate a stable source of income from the "Big Health" business and to focus on national strategic opportunities. The management will adhere to bottom lines concerning debts and cash reserves, in order to safeguard long-term Shareholder value with pragmatic strategies. # 未來展望(續) # 重整資源架構 減成本穩發展 面對多變的市場環境，及即將到期的短期債務，本集團已不斷審慎評估運營狀況。為確保擁有充足資源實現穩健發展，本集團已開始實施架構精簡與成本節約計劃。此舉措旨在優化運營效率，集中資源於核心業務，以強化財務基礎，保障公司持續運營，並為未來的可持續增長奠定堅實基礎。我們將以負責任的態度執行此計劃，帶領公司邁向更可持續的未來。 # 持重守正 行稳致遠 本集團堅持「地產固本、多元協進」：有序推進存量去化，培育「大健康」穩定收益，關注國家戰略機會。管理層嚴守負債及現金底線，以務實策略護航股東長期價值。 # Condensed Consolidated Statement of Comprehensive Income # 簡明綜合全面收益表 For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 Six months ended 30 September 2025 截至 二零二五年 九月三十日 止六個月 RMB'000 人民幣千元 (Unaudited) (未經審核) Six months ended 30 September 2024 二零二四年 九月三十日 止六個月 RMB'000 人民幣千元 (Unaudited) (未經審核) Notes 附註 Revenue 收入 3 239,829 Cost of sales 銷售成本 (157,139) Gross profit 毛利 82,690 Other income 其他收入 4 2,460 Selling and distribution expenses 銷售及分銷費用 (11,209) Administrative expenses 管理費用 (17,098) Operating profit 經營溢利 56,843 Finance costs 融資成本 5 (12,692) Profit before income tax 除所得税前溢利 5 44,151 Income tax expense 所得稅開支 6 (38,280) Profit for the period 期内溢利 5,871 Other comprehensive income (net of tax) 其他全面收益(扣除税項) Item that may be reclassified subsequently to profit or loss: 其後可能重新分類至損益 之項目： Exchange differences on translation of financial statements of foreign operations 換算海外業務財務報表之 匯兌差額 (135) Other comprehensive income for the period 期內其他全面收益 (135) (624) Total comprehensive income for the period 期內全面收益總額 5,736 # Condensed Consolidated Statement of Comprehensive Income # 簡明綜合全面收益表 For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 Six months ended 30 September 2025 截至 二零二五年 九月三十日 止六個月 RMB'000 人民幣千元 (Unaudited) (未經審核) Six months ended 30 September 2024 二零二四年 九月三十日 止六個月 RMB'000 人民幣千元 (Unaudited) (未經審核) Note 附註 Profit/(loss) for the period attributable to: 以下人士應佔期内 溢利/(虧損): Owners of the Company 本公司擁有人 5,936 25,202 Non-controlling interests 非控股權益 (65) (1,352) 5,871 23,850 Total comprehensive income attributable to: 以下人士應佔全面收益總額: Owners of the Company 本公司擁有人 5,801 24,578 Non-controlling interests 非控股權益 (65) (1,352) 5,736 23,226 Earnings per share for profit attributable to owners of the Company during the period (in RMB cents) 期内本公司擁有人 應佔溢利之每股盈利 (人民幣分) Basic and diluted 基本及攤薄 8 0.24 # Condensed Consolidated Statement of Financial Position # 簡明綜合財務狀況表 As at 30 September 2025 於二零二五年九月三十日 As at 30 September 於二零二五年 九月三十日 RMB'000 人民幣千元 (Unaudited) (未經審核) As at 31 March 於二零二五年 三月三十一日 RMB'000 人民幣千元 (Audited) (經審核) ASSETS AND LIABILITIES 資產及負債 Non-current assets 非流動資產 Property, plant and equipment 物業、廠房及設備 9 38,305 41,280 Investment properties 投資物業 1,438,850 1,438,850 Right-of-use assets 使用權資產 8,667 9,777 Financial assets at fair value through other comprehensive income 按公允值於其他全面收益列 虬之金融資產 7,650 7,650 Deposit paid 已付按金 698 698 Pledged deposits 已抵押存款 5,500 5,500 Deferred tax assets 遞延税項資產 41,152 41,152 1,540,822 1,544,907 Current assets 流動資產 Properties held under development 開發中物業 1,051,871 1,049,395 Properties held for sale 待售物業 347,901 474,335 Prepayments and other receivables 預付款項及其他應收款項 490,056 479,616 Contract cost assets 合約成本資產 - 3,078 Pledged deposits 已抵押存款 36,437 49,042 Cash and bank balances 現金及銀行結餘 44,437 132,306 1,970,702 2,187,772 Current liabilities 流動負債 Accounts payable 應付賬款 10 23,166 26,428 Accruals and other payables 應計款項及其他應付款項 166,222 169,628 Contract liabilities 合約負債 300,891 512,743 Lease liabilities 租賃負債 2,889 3,704 Bank loans 銀行貸款 11 137,350 158,550 Provision for tax 稅項撥備 402,458 368,661 1,032,976 1,239,714 # Condensed Consolidated Statement of Financial Position # 簡明綜合財務狀況表 As at 30 September 2025 於二零二五年九月三十日 As at 30 September 於二零二五年 九月三十日 RMB'000 人民幣千元 (Unaudited) (未經審核) As at 31 March 於二零二五年 三月三十一日 RMB'000 人民幣千元 (Audited) (經審核) Net current assets 流動資產淨值 937,726 Total assets less current liabilities 總資產減流動負債 2,478,548 Non-current liabilities 非流動負債 Bank loans 銀行貸款 11 400,100 Lease liabilities 租賃負債 24,843 Deferred tax liabilities 遞延税項負債 108,104 533,047 539,700 Net assets 淨資產 1,945,501 EQUITY 權益 Equity attributable to owners of the Company 本公司擁有人應佔權益 Share capital 股本 12 20,735 Reserves 儲備 1,739,027 1,759,762 Non-controlling interests 非控股權益 185,739 Total equity 權益總額 1,945,501 # Condensed Consolidated Statement of Changes in Equity # 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 Unaudited 未經審核 Equity attributable to owners of the Company 本公司擁有人應佔權益 Non-controllinginterest Totalequity Sharecapital Sharepremium Statutoryreserve Fair valuethrough othercomprehensiveincome reserve Propertyrevaluationreserve Exchangereserve Retainedprofits Total 股本RMB'000人民幣千元 股份溢價RMB'000人民幣千元 法定儲備RMB'000人民幣千元 按公允值於其他全面收益列賬之儲備RMB'000人民幣千元 物業重估儲備RMB'000人民幣千元 匯兑儲備RMB'000人民幣千元 留存溢利RMB'000人民幣千元 總計RMB'000人民幣千元 非控股權益RMB'000人民幣千元 權益總額RMB'000人民幣千元 As at 1 April 2025 (Audited) 於二零二五年四月一日(經審核) 20,735 565,212 146,500 (23,357) 58,500 (6,477) 992,848 1,753,961 199,304 1,953,265 Profit/(loss) for the period 期內溢利/(虧損) - - - - - - 5,936 5,936 (65) 5,871 Other comprehensive income 其他全面收益換算海外業務財務報表之匯兑差額 Exchange differences on translation of financial statements of foreign operations - - - - - (135) - (135) - (135) Total comprehensive income 期内全面收益總額 for the period - - - - - - (135) 5,936 5,801 (65) 5,736 Dividend distribution to minority shareholder 向少數股東分派股息 - - - - - - - - (13,500) (13,500) As at 30 September 2025 (Unaudited) 於二零二五年九月三十日(未經審核) 20,735 565,212 146,500 (23,357) 58,500 (6,612) 998,784 1,759,762 185,739 1,945,501 # Condensed Consolidated Statement of Changes in Equity # 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 Unaudited 未經審核 Equity attributable to owners of the Company 本公司擁有人應佔權益 Non-controllinginterest Totalequity Sharecapital Sharepremium Statutoryreserve Fair valuethrough othercomprehensiveincome reserv按公允值於其他全面收益列賬之儲備RMB'000人民幣千元 Propertyrevaluationreserve Exchangereserve Retainedprofits Total 股本RMB'000人民幣千元 股份溢價RMB'000人民幣千元 法定儲備RMB'000人民幣千元 RMB'000人民幣千元 物業重估儲備RMB'000人民幣千元 匯兑儲備RMB'000人民幣千元 留存溢利RMB'000人民幣千元 總計RMB'000人民幣千元 非控股權益RMB'000人民幣千元 權益總額RMB'000人民幣千元 As at 1 April 2024 (Audited) 於二零二四年四月一日(經審核) 20,735 565,212 144,164 (23,357) 58,500 (7,669) 976,287 1,733,872 276,466 2,010,338 Profit/(loss) for the period 期內溢利/(虧損) - - - - - - 25,202 25,202 (1,352) 23,850 Other comprehensive income 其他全面收益 Exchange differences on translation of financial statements of foreign operations 換算海外業務財務報表之匯兑差額 - - - - - (624) - (624) - (624) Total comprehensive income for the period 期內全面收益總額 - - - - - (624) 25,202 24,578 (1,352) 23,226 Dividend distribution to minority shareholder 向少數股東分派股息 - - - - - - - - (70,800) (70,800) As at 30 September 2024 (Unaudited) 於二零二四年九月三十日(未經審核) 20,735 565,212 144,164 (23,357) 58,500 (8,293) 1,001,489 1,758,450 204,314 1,962,764 # Condensed Consolidated Statement of Cash Flows # 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 2025 截至 二零二五年 九月三十日 止六個月 RMB'000 人民幣千元 (Unaudited) (未經審核) Six months ended 30 September 2024 截至 二零二四年 九月三十日 止六個月 RMB'000 人民幣千元 (Unaudited) (未經審核) Net cash (used in)/generated from operating activities 經營活動(所用)/所產生 現金淨額 (8,485) 84,859 Net cash generated from investing activities 投資活動所產生現金淨額 9,365 5,130 Net cash used in financing activities 融資活動所用現金淨額 (56,392) (104,470) Net decrease in cash and cash equivalents 現金及現金等價物減少凈額 (55,512) (14,481) Effect of foreign exchange rates, net 匯率之影響凈額 (93) (407) Cash and cash equivalents at beginning of the period 期初現金及現金等價物 97,234 88,215 Cash and cash equivalents at end of the period 期末現金及現金等價物 41,629 73,327 # Notes to the Condensed Consolidated Financial Statements # 簡明綜合財務報表附註 For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 # 1. GENERAL INFORMATION The Company was incorporated in Bermuda on 5 January 2011 as an exempted company with limited liability under the Companies Act 1981 of Bermuda. The registered office of the Company is located at Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda and the principal place of business of the Company in Hong Kong is located at Room 1215, Tower B, Hunghom Commercial Centre, 37-39 Ma Tau Wai Road, Hunghom, Kowloon, Hong Kong. The Company acts as an investment holding company and its subsidiaries are principally engaged in property development in the PRC. # 2. BASIS OF PREPARATION AND PRINCIPAL ACCOUNTING POLICIES The unaudited consolidated interim results of the Group for 1H 2025/26 (the "Unaudited Results") have been prepared in accordance with accounting principles generally accepted in Hong Kong, HKASs and HKFRSs issued by the HKICPA and the disclosure requirements of the Listing Rules. They have been prepared under the historical cost basis except for investment properties and financial assets at fair value through other comprehensive income, which are stated at fair value. The Unaudited Results do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the audited consolidated financial statements of the Group for the year 2024/25. The Board is of the view that the going concern assumption remains appropriate for the preparation of these condensed interim financial statements. Notwithstanding this view, the Board acknowledges that the martial uncertainty which may cast significant doubt on the Group's ability to continue as a going concern, as disclosed in the audited consolidated financial statements for the Year 2024/25, remains in existence as at 30 September 2025. # 1. 一般資料 本公司於二零一一年一月五日在百慕達根據百慕達一九八一年公司法註冊成立為獵豁免有限責任公司。 本公司註冊辦事處位於Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda，而本公司之香港主要營業地點位於香港九龍紅磡馬頭圍道37-39號紅磡商業中心B座1215室。 本公司為投資控股公司，其附屬公司主要在中國從事房地產開發。 # 2. 編製基準及主要會計政策 本集團二零二五／二六年度上半年未經審核綜合中期業績(「未經審核業績」)乃根據香港普遍認可之會計政策、香港會計師公會頌佈之香港會計準則及香港財務報告準則以及上市規則之披露規定編製。除投資物業及按公允值於其他全面收益列賬之金融資產按公允值呈列外，乃根據歷史成本法編製。未經審核業績不包括所有載於年度財務報表的資訊及披露，並須與本集團二零二四／二五年度之經審核綜合財務報表一併閱讀。董事會認為，就編製該等簡明中期財務報表而言，持續經營的假設仍屬適當。雖然持這個看法，但董事會認同，二零二四／二五年度經審核綜合財務報表所披露或會對本集團持續經營能力產生重大疑慮的重大不確定性，於二零二五年九月三十日依然存在。 # Notes to the Condensed Consolidated Financial Statements # 簡明綜合財務報表附註 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 AND PRINCIPAL ACCOUNTING POLICIES (CONTINUED) The accounting policies used in the preparation of the Unaudited Results are consistent with those used in the annual financial statements for the Year 2024/25, except for the adoption of the standards, amendments and interpretations issued by the HKICPA mandatory for annual periods beginning on or after 1 April 2025. The Group has initially adopted the following new and revised HKFRSs for the financial period beginning on or after 1 April 2025: Amendments to HKAS 21 Lack of Exchangeability The effect of the adoption of these standards, amendments and interpretations was not material to the Group's results of operations or financial position. # 3. SEGMENT REPORTING An operating segment is a component of the Group that is engaged in business activities from which the Group may earn revenue and incur expenses, and is identified on the basis of the internal management reporting information that is provided to and regularly reviewed by the executive Directors in order to allocate resources and assess performance of the segment. For the period presented, executive Directors considered the segment from a business perspective, including sale and leasing of self-constructed properties ("Property Development") and other businesses (mainly including investment and operation in chemistry, manufacturing and control process and medical service sector) ("Others"). The Group's executive Directors assess the performance of the operating segments based on the measure of segment result. # 2. 編製基準及主要會計政策(續) 編製未經審核業績所採用之會計政策與二零二四/二五年度之年度財務報表所採用者一致，惟採納香港會計師公會頒佈於二零二五年四月一日或之後開始之年度期間強制生效之準則、修訂本及詮釋除外。 本集團已於二零二五年四月一日或之後開始之財政期間，首次採納下列新訂及經修訂香港財務報告準則： 香港會計準則第21號(修訂本) 缺乏可兌換性 採納此等準則、修訂本及詮釋對本集團經營業績或財務狀況的影響並不重大。 # 3. 分部報告 營運分部是從事本集團可從中賺取收入及產生費用之商業活動之本集團組成部分，本集團根據提供予執行董事並由彼等定期審閱以進行資源分配及分部表現評估之內部管理呈報資料確定營運分部。就所呈列期間而言，執行董事從業務角度考慮分部，包括自建物業的銷售及租賃(「物業開發」)及其他業務(主要包括化學、生產和控制過程及醫療服務行業的投資及營運)(「其他」)。本集團執行董事以分部業績為指標評估營運分部的表現。 # Notes to the Condensed Consolidated Financial Statements # 簡明綜合財務報表附註 For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 # 3. SEGMENT REPORTING (CONTINUED) Reconciliations of segment revenue, profit or loss, assets and liabilities: # 3. 分部報告(續) 分部收入、損益、資產及負債對賬： Property Development物業開發 Others其他 Total合計 1H 2025/26二零二五／二六年度上半年RMB'000人民幣千元(Unaudited)(未經審核) 1H 2024/25二零二四／二五年度上半年RMB'000人民幣千元(Unaudited)(未經審核) 1H 2025/26二零二五／二六年度上半年RMB'000人民幣千元(Unaudited)(未經審核) 1H 2024/25二零二四／二五年度上半年RMB'000人民幣千元(Unaudited)(未經審核) 1H 2025/26二零二五／二六年度上半年RMB' 000人民幣千元(Unaudited)(未經審核) 1H 2024/25二零二四／二五年度上半年RMB'000人民幣千元(Unaudited)(未經審核) Revenue from external customers 來自外部客戶之收入 234,479 446,127 5,350 5,204 239,829 451,331 Segment profit/(loss) from operating activities 來自經營活動之分部溢利/(虧損) 52,782 123,140 (7,321) (18,677) 45,461 104,463 Unallocated expenses* 未分配費用* (1,310) (1,456) Profit before income tax 除所得税前溢利 44,151 103,007 Income tax expense 所得税開支 (38,280) (79,157) Profit for the period 期內溢利 5,871 23,850 # Notes to the Condensed Consolidated Financial Statements # 簡明綜合財務報表附註 For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 # 3. SEGMENT REPORTING (CONTINUED) # 3. 分部報告(續) As at 30 September 2025 於二零二五年 九月三十日 RMB'000 人民幣千元 (Unaudited) (未經審核) As at 31 March 2025 於二零二五年 三月三十一日 RMB'000 人民幣千元 (Audited) (經審核) As at 30 September 2025 於二零二五年 九月三十日 RMB'000 人民幣千元 (Unaudited) (未經審核) As at 31 March 2025 於二零二五年 三月三十一日 RMB'000 人民幣千元 (Audited) (經審核) As at 30 September 2 2025 於二零二五年 九月三十日 RMB'000 人民幣千元 (Unaudited) (未經審核) As at 31 March 2025 於二零二五年 三月三十一日 RMB'000 人民幣千元 (Audited) (經審核) Segment assets 分部資產 3,450,454 3,669,360 60,133 62,358 3,510,587 3,669,360 Other corporate assets# 其他企業資產# 937 961 Total assets 總資產 3,511,524 3,732,679 Segment liabilities 分部負債 (1,553,267) (1,760,439) (12,693) (18,912) (1,565,960) (1,779,351) Other corporate liabilities# 其他企業負債# (63) (63) Total liabilities 總負債 (1,566,023) (1,779,414) * The unallocated expenses mainly consist of staff costs, Directors' emoluments and exchange differences. The other corporate assets and liabi