2025-12-30-港交所-中新控股_中期报告2025_x2f_2026_50页_1mb

> **来源：[研报客](https://pc.yanbaoke.cn)** # Interim Report 中期報告 2025/2026 # CHARACTERISTICS OF GEM ("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 (the "Director(s)") of China New Holdings Limited (formerly known as Royal Century Resources Holdings 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. The Directors, having made all reasonable enquiries, confirm that to the best of their knowledge and belief the information contained in this report is accurate and complete in all material respects and not misleading or deceptive, and 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（「GEM」）之特色 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，並應經過審慎周詳的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，並明確表示概不會就本報告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 本報告之資料乃遵照聯交所GEM證券上市規則（「GEM上市規則」）而刊載，旨在提供有關中新控股有限公司（前稱仁德資源控股有限公司）（「本公司」）之資料；本公司董事（「董事」）願就本報告之資料共同及個別地承擔全部責任。董事在作出一切合理查詢後，確認就其所知及所信，本報告所載資料在各重要方面均準確完備，沒有誤導或欺詐成分，且並無遺漏任何其他事項，足以令致本報告或其所載任何陳述產生誤導。 # BOARD OF DIRECTORS Executive Directors Ms. Miao Xianliu Mr. Law Hok Yu Ms. Ma Man Chi Ms. Chen Qiuling # Independent non-executive Directors Ms. Tsang Hau Wai Mr. Li Ka Chun Gordon Ms. Chan Wai Yan # COMPANY SECRETARY Mr. Law Hok Yu # BOARD COMMITTEE Audit committee Ms. Tsang Hau Wai (Chairman) Mr. Li Ka Chun Gordon Ms. Chan Wai Yan # Nomination committee Ms. Chan Wai Yan (Chairman) Ms. Tsang Hau Wai Mr. Li Ka Chun Gordon # Remuneration committee Mr. Li Ka Chun Gordon (Chairman) Ms. Tsang Hau Wai Ms. Chan Wai Yan # Compliance committee Ms. Tsang Hau Wai (Chairman) Mr. Li Ka Chun Gordon Ms. Chan Wai Yan # 董事會 # 執行董事 缪仙柳女士 羅學儒先生 馬敏姿女士 陳秋玲女士 # 独立非执行董事 曾巧慧女士 李家俊先生 陳慧恩女士 # 公司秘書 羅學儒先生 # 董事會委員會審核委員會 曾巧慧女士(主席) 李家俊先生 陳慧恩女士 # 提名委員會 陳慧恩女士(主席) 曾巧慧女士 李家俊先生 # 薪酬委員會 李家俊先生(主席) 曾巧慧女士 陳慧恩女士 # 合規委員會 曾巧慧女士(主席) 李家俊先生 陳慧恩女士 # AUTHORISED REPRESENTATIVES Ms. Miao Xianliu Mr. Law Hok Yu # AUDITORS Global Link CPA Limited Certified Public Accountants Registered Public Interest Entity Auditor # HEADQUARTER, REGISTERED OFFICE AND PRINCIPAL PLACE OF BUSINESS Unit 12,5/F, Tower 1, Harbour Centre, 1 Hok Cheung Street, Hung Hom, Kowloon, Hong Kong # PRINCIPAL BANKERS OCBC Wing Hang Bank HSBC # SHARE REGISTRAR AND TRANSFER OFFICE Tricor Investor Securities Limited 17/F., Far East Finance Centre 16 Harcourt Road Hong Kong # PRINCIPAL PLACE OF LISTING The Stock Exchange of Hong Kong Limited # COMPANY'S WEBSITE www.chinanewholdings.com.hk # STOCK CODE 8125 # 授權代表 缪仙柳女士 羅學儒先生 # 核數師 高嶺會計師有限公司 執業會計師 註冊公眾利益實體核數師 # 總部、註冊辦事處及主要營業地點 香港 九龍 紅 鹤翔街1號 維港中心第一座 5楼12室 # 主要往來銀行 華僑永亨銀行 匯豐銀行 # 股份過戶登記處 卓佳證券登記有限公司 香港 夏恕道16號 遠東金融中心17樓 # 主要上市地點 香港聯合交易所有限公司 # 公司網址 www.chinanewholdings.com.hk # 股份代號 8125 # THE FINANCIAL STATEMENTS # INTERIM RESULTS The board (the "Board") of directors (the "Director(s)") of China New Holdings Limited (formerly known as Royal Century Resources Holdings Limited) (the "Company") presents the unaudited condensed consolidated financial statements of the Company and its subsidiaries (collectively referred to as the "Group") for the six months ended 30 September 2025, together with the comparative unaudited figures for the corresponding period in 2024 as follows: # CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025 # 財務報表 # 中期業績 中新控股有限公司（前稱仁德資源控股有限公司）（「本公司」）董事（「董事」）會（「董事會」）公佈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之未經審核簡明綜合財務報表，連同二零二四年同期之未經審核比較數字如下： # 簡明綜合損益及其他全面收益表 截至二零二五年九月三十日止六個月 For the six months ended 30 September 截至九月三十日止六個月 2025 二零二五年 HK$'000 千港元 (Unaudited) (未經審核) 2024 二零二四年 HK$'000 千港元 (Unaudited) (未經審核) Revenue 收益 4 55,361 30,084 Cost of sales/services rendered 銷售/提供服務成本 (53,612) (26,922) Gross profit 毛利 1,749 3,162 Other income 其他收入 5 - 61 Allowance for expected credit loss ("ECL") on loan and interest receivables 應收貸款及利息預期信貸 虧損(「預期信貸虧損」) (31) - Allowance for ECL on trade receivables 撥備 (985) (3,326) Allowance for ECL on contract assets 合約資產預期信貸虧損 撥備 (186) (134) Administrative expenses 行政開支 (9,869) (4,878) Finance costs 融資成本 6 - (35) # CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (continued) FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025 # 簡明綜合損益及其他全面收益表 (續) 截至二零二五年九月三十日止六個月 For the six months ended 30 September 截至九月三十日止六個月 2025 二零二五年 HK$'000 千港元 (Unaudited) (未經審核) 2024 二零二四年 HK$'000 千港元 (Unaudited) (未經審核) 附註 Loss before tax 除稅前虧損 7 (9,322) Income tax expense 所得稅開支 8 - Loss for the period and total comprehensive loss attributable to owners of the Company 本公司擁有人應佔期内虧損 及全面虧損總額 (9,322) (Restated) (經重列) Loss per share - Basic and diluted (HK$) 每股虧損 -基本及攤薄(港元) 9 (0.05) (0.12) # CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 30 SEPTEMBER 2025 # 簡明綜合財務狀況表 於二零二五年九月三十日 30 September 2025 二零二五年 九月三十日 HK$'000 千港元 (Unaudited) (未經審核) 31 March 2025 二零二五年 三月三十一日 HK$'000 千港元 (Audited) (經審核) Notes 附註 Non-current assets 非流動資產 Property, plant and equipment 物業、機器及設備 11 1,841 Goodwill 商譽 - Intangible assets 無形資產 2,250 4,091 Current assets 流動資產 Loan and interest receivables 應收貸款及利息 12 2,865 Inventories 存貨 6,102 Trade and other receivables 貿易及其他應收款項 13 62,820 Contract assets 合約資產 14(a) 21,177 Cash and bank balances 現金及銀行結餘 11,128 104,092 Current liabilities 流動負債 Trade and other payables 貿易及其他應付款項 15 16,068 Contract liabilities 合約負債 14(b) 5,179 Income tax payable 應付所得稅 126 21,373 Net current assets 淨流動資產 82,719 Total assets less current liabilities 總資產減流動負債 86,810 59,454 # CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued) AT 30 SEPTEMBER 2025 # 簡明綜合財務狀況表 編) 於二零二五年九月三十日 30 September 2025 二零二五年 九月三十日 HK$'000 千港元 (Unaudited) (未經審核) 31 March 2025 二零二五年 三月三十一日 HK$'000 千港元 (Audited) (經審核) 附註 Non-current liabilities 非流動負債 Deferred tax liabilities 遞延税項負債 272 NET ASSETS 淨資產 86,538 Equity 權益 Share capital 股本 16 284,851 Reserves 儲備 (198,313) TOTAL EQUITY 總權益 86,538 # CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025 # 簡明綜合權益變動表 截至二零二五年九月三十日止六個月 Share capital 股本 HK$'000 千港元 Accumulated losses 累計虧損 HK$'000 千港元 Total 總計 HK$'000 千港元 At 1 April 2025 (audited) 於二零二五年四月一日 (經審核) 248,173 (188,991) 59,182 Loss for the period 本期間虧損 - (9,322) (9,322) Total comprehensive loss for the period 本期間全面虧損總額 - (9,322) (9,322) Issue of shares 發行股份 39,147 - 39,147 Share issue expenses 股份發行開支 (2,469) - (2,469) At 30 September 2025 (unaudited) 於二零二五年九月三十日 (未經審核) 284,851 (198,313) 86,538 At 1 April 2024 (audited) 於二零二四年四月一日 (經審核) 240,814 (167,313) 73,501 Loss for the period 本期間虧損 - (5,484) (5,484) Total comprehensive loss for the period 本期間全面虧損總額 - (5,484) (5,484) Issue of shares 發行股份 7,563 - 7,563 Share issue expenses 股份發行開支 (204) - (204) At 30 September 2024 (unaudited) 於二零二四年九月三十日 (未經審核) 248,173 (172,797) 75,376 # CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025 # 簡明綜合現金流動表 截至二零二五年九月三十日止六個月 For the six months ended 30 September 截至九月三十日止六個月 2025 二零二五年 HK$'000 千港元 (Unaudited) (未經審核) 2024 二零二四年 HK$'000 千港元 (Unaudited) (未經審核) OPERATING ACTIVITIES 經營活動 Net cash used in operating activities 經營活動所用之淨現金 (43,057) (25,847) INVESTING ACTIVITIES 投資活動 Purchases of property, plant and equipment 購置物業、機器及設備 - (2,152) Compensation received from disposal/write-off of construction equipment 處置/註銷建築設備補償 - 17 Bank interest received 已收銀行利息 - 13 Net cash used in investing activities 投資活動所用之淨現金 - (2,122) FINANCING ACTIVITIES 融資活動 Proceeds from issue of shares 發行股份所得款項 13,405 7,563 Share issue expenses 股份發行開支 (2,469) (204) Interest paid 已付利息 - (35) Repayment of lease liabilities 償還租賃負債 - (940) Net cash from financing activities 融資活動所得之淨現金 10,936 6,384 Net decrease in cash and cash equivalents 現金及現金等價物凈減少 (32,121) (21,585) Cash and cash equivalents at the beginning of period 期初之現金及現金等價物 43,249 45,690 Cash and cash equivalents at the end of period 期末之現金及現金等價物 11,128 24,105 Analysis of balances of cash and cash equivalents: 現金及現金等價物之結餘分析： Cash and bank balance 現金及銀行結餘 11,128 24,105 # NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025 # 1. GENERAL China New Holdings Limited (formerly known as Royal Century Resources Holdings Limited) (the "Company", together with its subsidiaries, collectively the "Group") was incorporated in Hong Kong with limited liability and its shares are listed on GEM ("GEM") of The Stock Exchange of Hong Kong Limited (the "Stock Exchange"). The registered office and the principal place of business of the Company is situated at Unit 12, 5/F, Tower 1, Harbour Centre, 1 Hok Cheung Street, Hung Hom, Kowloon, Hong Kong. The Company is an investment holding company while the Group is principally engaged in: (i) provision of design, fitting out and engineering and procurement of furnishings and related products services; (ii) leasing of construction equipment and provision of related installation services; (iii) sourcing and merchandising of fine and rare wines; and (iv) provision of financial services comprising securities advisory services, securities dealing and brokerage services and asset management services and money lending. These condensed consolidated financial statements are unaudited but have been reviewed by the audit committee and approved for issue by the Board of the Company on 28 November 2025. # 2. BASIS OF PREPARATION The condensed consolidated financial statements for the six months ended 30 September 2025 have been prepared in accordance with the applicable disclosure requirements as prescribed in Chapter 18 of the Rules (the "GEM Listing Rules") Governing the Listing of Securities on GEM of the Stock Exchange and the Hong Kong Accounting Standard ("HKAS") 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants (the "HKICPA"). These condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group's annual financial statements for the year ended 31 March 2025. The condensed consolidated financial statements have been prepared on the historical cost basis. The condensed consolidated financial statements are presented in thousands ("HK$'000") of Hong Kong dollars ("HK$"), unless otherwise stated, which is also the functional currency of the Company and its subsidiaries. # 簡明綜合財務報表附註 截至二零二五年九月三十日止六個月 # 1. 一般資料 中新控股有限公司（前稱仁德資源控股有限公司）「本公司」，連同其附屬公司，統稱「本集團」於香港註冊成立為有限公司及其股份在香港聯合交易所有限公司（聯交所）GEM（GEM）上市。本公司之註冊辦事處及主要營業地點位於香港九龍紅磡鶴翔街1號維業中心第一座5樓12室。本公司為一間投資控股公司，而本集團主要從事(i)提供設計、裝修及工程以及採購傢俱及相關產品服務；(ii)租賃建築設備及提供相關安裝服務；(iii)美酒採購及營銷；及(iv)提供金融服務，包括就證券提供意見、證券交易及經紀服務、資產管理服務及放債。 此等簡明綜合財務報表乃未經審核，惟已於二零二五年十一月二十八日獲本公司審核委員會審閱及董事會批准刊發。 # 2. 編製基準 截至二零二五年九月三十日止六個月之簡明綜合財務報表乃按照聯交所GEM證券上市規則（「GEM上市規則」）第18章之適用披露規定及香港會計師公會（「香港會計師公會」）頒佈之香港會計準則（「香港會計準則」）第34號「中期財務報告」而編製。 此等簡明綜合財務報表並不包括所有於年度財務報表規定之資料及披露事宜，並應與本集團截至二零二五年三月三十一日止年度之年度財務報表共同閱覽。 簡明綜合財務報表按歷史成本基準編製。 除另有指明外，簡明綜合財務報表乃以千港元（「港元」）（「千港元」）呈列，其亦為本公司及其附屬公司之功能貨幣。 # 2. BASIS OF PREPARATION (continued) The financial information relating to the year ended 31 March 2025 included in this report as comparative information does not constitute the Company's statutory annual consolidated financial statements for that year but is derived from those financial statements. Further information relating to those statutory financial statements required to be disclosed in accordance with Section 436 of the Companies Ordinance (Cap. 622) is as follows: The Company has delivered the financial statements for the year ended 31 March 2025 to the Registrar of Companies as required by Section 662(3) of, and Part 3 of Schedule 6 to, the Companies Ordinance (Cap. 622). The Company's auditor has reported on the consolidated financial statements for the year ended 31 March 2025 of the Group. The auditor's report was unqualified; did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying its report; and did not contain a statement under Sections 406(2), 407(2) or 407(3) of the Companies Ordinance (Cap. 622). # 3. MATERIAL ACCOUNTING POLICIES AND ADOPTION OF NEW/REVISED HKFRS ACCOUNTING STANDARDS The material accounting policies that have been used in the preparation of the Group's condensed consolidated financial statements for the six months ended 30 September 2025 are consistent with those adopted in the preparation of the Group's annual financial statements for the year ended 31 March 2025. The HKICPA has issued a number of amendments to HKFRS Accounting Standards that are first effective for the current accounting period. None of these new/revised HKFRS Accounting Standards have had a material effect on how the Group's result and financial position for the current or prior periods have prepared or presented in the Group's condensed consolidated financial statements. The Group has not applied any new standard or interpretation that is not yet effective for the current accounting period. # 2. 編製基準(續) 本報告所載有關截至二零二五年三月三十一日止年度之財務資料（作為比較資料）並不構成本公司於該年度之法定年度綜合財務報表，惟摘錄自該等財務報表。根據公司條例（第622章）第436條須予披露之有關該等法定財務報表進一步資料如下： 本公司已按公司條例（第622章）第662(3)條及附表6第3部之規定向公司註冊處處長遞交截至二零二五年三月三十一日止年度之財務報表。 本公司核數師已就本集團截至二零二五年三月三十一日止年度之綜合財務報表作出報告。核數師報告並無保留意見；並無載有核數師於出具無保留意見之情況下，提請注意任何引述之強調事項；亦未載有根據公司條例（第622章）第406(2)條、第407(2)條或第407(3)條作出之陳述。 # 3. 重大會計政策及採納新訂／經修訂之香港財務報告準則會計準則 編製本集團截至二零二五年九月三十日止六個月之簡明綜合財務報表時採用的重大會計政策，與編製本集團截至二零二五年三月三十一日止年度的年度財務報表所採納者一致。 香港會計師公會已頒佈於本會計期間首次生效的多項香港財務報告準則會計準則之修訂。該等新訂／經修訂香港財務報告準則會計準則並無對於本集團之簡明綜合財務報表編製或呈列本集團於本期間或過往期間之業績及財務狀況之方式造成重大影響。本集團並無應用任何於本會計期間尚未生效的新訂準則或詮釋。 # 4. REVENUE AND SEGMENT INFORMATION # Revenue An analysis of the Group's revenue for the period is as follows: # 4. 收益及分部資料 # 收益 本集团期内收益之分析如下： For the six months ended 30 September 截至九月三十日止六個月 2025 2024 二零二五年 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) Design, fitting out and engineering services income 設計丶裝修及工程服務收入 51,702 24,348 Rental and installation services income from leasing of construction equipment 租賃建築設備租金及安装服務收入 3,524 5,601 Sale of fine and rare wines 美酒銷售 - - Interest income from money lending 放債利息收入 135 135 55,361 30,084 Revenue from contracts with customer within HKFRS 15: 香港財務報告準則第15號內來自客戶合約的收益： Revenue recognised at a point in time 於某一時間點確認之收益 - Sale of fine and rare wines - - Revenue recognised over time 於某一段時間內確認之收益 - Design, fitting out and engineering services income 一設計丶裝修及工程服務收入 51,702 24,348 51,702 24,348 Revenue from other sources 其他來源收益 Rental income from leasing of construction equipment 租賃建築設備租金收入 3,524 5,601 Interest income from money lending 放債利息收入 135 135 Total segment revenue 總分部收益 55,361 30,084 The revenue from contracts with customers within HKFRS 15 is based on fixed price. 香港財務報告準則第15號內來自客戶合約的收益是按固定價格計算。 # 4. REVENUE AND SEGMENT INFORMATION (continued) Segment information Information reported to the executive directors, being the chief operating decision maker, for the purposes of resource allocation and assessment of segment performance focuses on types of goods or services delivered or provided. No operating segments identified by the executive directors have been aggregated in arriving at the reportable segments of the Group. Specifically, the Group's reportable and operating segments are as follows: (1) Provision of design, fitting out and engineering and procurement of furnishings and related products services ("Design, fitting out and engineering services"); (2) Leasing of construction equipment and provision of related installation services ("Leasing of construction equipment"); (3) Sourcing and merchandising of fine and rare wines ("Wines merchandising"); and (4) Financial services business comprising securities advisory services, securities dealing and brokerage services and asset management services and money lending ("Financial services business"). # (a) Segment revenue and results The following is an analysis of the Group's revenue and results by reportable and operating segment: For the six months ended 30 September 2025 # 4. 收益及分部資料（續）分部資料 向執行董事，即主要經營決策者，呈報以分配資源及評估分部表現之資料集中於已付運或提供之貨品或服務種類。於達致本集團之可呈報分部時，執行董事並無將任何已識別之經營分部合併。 具體而言，本集團可呈報及經營分部如下： (1) 提供設計，裝修及工程及採購傢俱及相關產品服務（「設計丶裝修及工程服務」）； (2) 租賃建築設備及提供相關安裝服務（「租賃建築設備」）； (3) 美酒採購及營銷（「營銷美酒」）；及 (4) 金融服務業務包括就證券提供意見、證券交易及經紀服務、資產管理服務及放債（「金融服務業務」）。 # (a) 分部收益及業績 以下為本集團收益及業績按可呈報及經營分部作出之分析： 截至二零二五年九月三十日止六個月 Design, fitting out and engineering services 設計、裝修及 工程服務 HK$'000 千港元 (Unaudited) (未經審核) Leasing of construction equipment Wines merchandising Financial services business Total 租賃建築設備 HK$'000 千港元 (Unaudited) (未經審核) 營銷美酒 HK$'000 千港元 (Unaudited) (未經審核) 金融服務業務 HK$'000 千港元 (Unaudited) (未經審核) 總計 HK$'000 千港元 (Unaudited) (未經審核) Segment revenue 分部收益 51,702 3,524 - 135 55,361 Segment profit/(loss) 分部溢利／(虧損) 762 (5,680) - (2,251) (7,169) Unallocated: 未分配： (2,153) Central administrative costs 中央行政成本 Loss before tax 除稅前虧損 (9,322) # 4. REVENUE AND SEGMENT INFORMATION (continued) Segment information (continued) (a) Segment revenue and results (continued) For the six months ended 30 September 2024 # 4. 收益及分部資料（續） 分部資料（續） (a) 分部收益及業績(續) 截至二零二四年九月三十日止六個月 Design, fitting out and engineering services 設計、裝修及 工程服務 HK$'000 千港元 (Unaudited) (未經審核) Leasing of construction equipment 租賃建築設備 HK$'000 千港元 (Unaudited) (未經審核) Wines merchandising 營銷美酒 HK$'000 千港元 (Unaudited) (未經審核) Financial services business 金融服務業務 HK$'000 千港元 (Unaudited) (未經審核) Total 總計 HK$'000 千港元 (Unaudited) (未經審核) Segment revenue 分部收益 24,348 5,601 - 135 30,084 Segment profit/(loss) 分部溢利／(虧損) 1,764 (4,733) (38) (62) (3,069) Unallocated: 未分配： 27 Other income 其他收入 (2,073) Central administrative costs 中央行政成本 (35) Finance costs 融資成本 Loss before tax 除稅前虧損 (5,150) The accounting policies of the operating segments are the same as the Group's accounting policies. Segment profit/ (loss) represents the profit/(loss) earned by each segment without allocation of certain other income, central administrative costs (including directors' emoluments) and certain finance costs. This is the measure reported to the executive directors for the purposes of resource allocation and performance assessment. 經營分部之會計政策與本集團會計政策相同。分部溢利／（虧損）指未分配若干其他收入、中央行政成本（包括董事酬金）及若干融資成本之各分部所賺取之溢利／（虧損）。此乃向執行董事呈報以分配資源及評估表現之衡量基準。 # 4. REVENUE AND SEGMENT INFORMATION (continued) Segment information (continued) # (b) Segment assets and liabilities The following is an analysis of the Group's assets and liabilities by reportable and operating segment: # 4. 收益及分部資料（續） 分部資料（續） # (b) 分部資產及負債 以下為本集團資產及負債按可呈報及經營分部作出之分析： # As at 30 September 2025 # 於二零二五年九月三十日 Design, fitting out and engineering services 設計、裝修及 工程服務 HK$'000 千港元 (Unaudited) (未經審核) Leasing of construction equipment Wines merchandising Financial services business Total 租賃建築設備 HK$'000 千港元 (Unaudited) (未經審核) 營銷美酒 HK$'000 千港元 (Unaudited) (未經審核) 金融服務業務 HK$'000 千港元 (Unaudited) (未經審核) 總計 HK$'000 千港元 (Unaudited) (未經審核) Segment assets 分部資產 Non-current assets 非流動資產 Property, plant and equipment 4 1,836 - - 1,840 Intangible assets 無形資產 - - - 1,670 1,670 4 1,836 - 1,670 3,510 Current assets 流動資產 64,600 6,643 5,259 2,947 79,449 Segment assets 分部資產 64,604 8,479 5,259 4,617 82,959 Unallocated: Cash and bank balances 現金及銀行結餘 11,128 Others 其他 14,096 Total assets per condensed consolidated statement of financial position 簡明綜合財務狀況表 資產總值 108,183 Segment liabilities 分部負債 Non-current liabilities 非流動負債 Deferred tax liabilities 遞延稅項負債 - - - 276 276 Subtotal 小計 - - - 276 276 Current liabilities 流動負債 10,520 2,863 - 25 13,408 Segment liabilities 分部負債 10,520 2,863 - 301 13,684 Unallocated: 未分配: Others 其他 7,961 Total liabilities per condensed consolidated statement of financial position 簡明綜合財務狀況表 負債總值 21,645 # 4. REVENUE AND SEGMENT INFORMATION (continued) Segment information (continued) (b) Segment assets and liabilities (continued) As at 31 March 2025 # 4. 收益及分部資料(續) 分部資料（續） (b) 分部資產及負債(續) 於二零二五年三月三十一日 Design, fitting out and engineering services 設計、裝修及 工程服務 HK$'000 千港元 (Audited) (經審核) Leasing of construction equipment 租賃建築設備 HK$'000 千港元 (Audited) (經審核) Wines merchandising 營銷美酒 HK$'000 千港元 (Audited) (經審核) Financial services business 金融服務業務 HK$'000 千港元 (Audited) (經審核) Total 總計 HK$'000 千港元 (Audited) (經審核) Segment assets 分部資產 Non-current assets 非流動資產 Property, plant and equipment 4 3,696 - - 3,700 Intangible assets 無形資產 - - - 1,670 1,670 4 3,696 - 1,670 5,370 Current assets 流動資產 42,971 8,972 5,259 3,013 60,215 Segment assets 分部資產 42,975 12,668 5,259 4,683 65,585 Unallocated: Cash and bank balances 現金及銀行結餘 43,249 Others 其他 2,915 Total assets per consolidated statement of financial position 綜合財務狀況表 資產總值 111,749 Segment liabilities 分部負債 Non-current liability 非流動負債 Deferred tax liabilities 遞延稅項負債 - - - 276 276 Current liabilities 流動負債 15,279 3,154 - 25 18,458 Segment liabilities 分部負債 15,279 3,154 - 301 18,734 Unallocated: 未分配: Others 其他 33,833 Total liabilities per consolidated statement of financial position 綜合財務狀況表 負債總值 52,567 # 4. REVENUE AND SEGMENT INFORMATION (continued) Segment information (continued) # (b) Segment assets and liabilities (continued) For the purpose of monitoring segment performance and allocating resources between segments: - all assets are allocated to reportable segments other than certain property, plant and equipment, certain prepayments, deposits and other receivables and cash and bank balances as these assets are managed on a group basis. - all liabilities are allocated to reportable segments other than certain accrued expenses and other payables, income tax payable and certain deferred tax liabilities as these liabilities are managed on a group basis. # 4. 收益及分部資料（續）分部資料（續） # (b) 分部資產及負債 (續) 就監察分部表現及分配各分部資源而言： - 除若干物業、機器及設備、若干預付款項、按金及其他應收款項及現金及銀行結餘以外，所有資產均分配至可呈報分部，因該等資產乃按集團基礎管理。 - 除若干應計開支及其他應付款項、應付所得稅及若干遞延稅項負債以外，所有負債均分配至可呈報分部，因該等負債乃按集團基礎管理。 # 5. OTHER INCOME # 5. 其他收入 For the six months ended 30 September 截至九月三十日止六個月 2025 2024 二零二五年 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) Bank interest income 銀行利息收入 - 13 Sundry income 雜項收入 - 48 - 61 # 6. FINANCE COSTS # 6. 融資成本 For the six months ended 30 September 截至九月三十日止六個月 2025 2024 二零二五年 HK$'000 二零二四年 HK$'000 千港元 (Unaudited) (未經審核) 千港元 (Unaudited) (未經審核) Interest on: 以下各項之利息： - Lease liabilities 一租賃負債 - 35 # 7. LOSS BEFORE TAX Loss before tax has been arrived at after charging/(crediting): # 7. 除税前虧損 除稅前虧損乃經扣除／（計入）下列各項後達致： For the six months ended 30 September 截至九月三十日止六個月 2025 2024 二零二五年 二零二四年 HK$'000 HK$'000 千港元 千港元 (Unaudited) (Unaudited) (未經審核) (未經審核) Salaries and wages included in cost of sales/services rendered 薪金及工資(包括於銷售/提供服務成本中) 539 697 Salaries and wages included in administrative expenses: 薪金及工資(包括於行政開支中): Directors' emoluments (including contribution to defined contribution plans) 董事酬金(包括界定供款計劃供款) 1,781 484 Salaries, wages and other benefits (excluding directors' emoluments) 薪金、工資及其他福利(不包括董事酬金) 2,574 888 Contribution to defined contribution plans (excluding directors) (Note (i)) 界定供款計劃供款(不包括董事)(附註(i)) 106 33 5,000 2,102 Depreciation of property, plant and equipment (Note (ii)) 物業、機器及設備折舊(附註(ii)) 1,862 2,846 Depreciation of right-of-use assets 使用權資產折舊 - 905 Lease payments under short-term leases on premises and warehouses 物業及倉庫短期租賃之租金 1,610 370 # Notes: (i) For the six months ended 30 September 2025, the Group had no material forfeited contributions available to reduce its contributions to the pension schemes in future years (six months ended 30 September 2024: Nil). (ii) Depreciation of property, plant and equipment for the six months ended 30 September 2025 amounted to approximately HK$1,861,000 (six months ended 30 September 2024: HK$2,844,000) was included in cost of sales/services rendered. # 附註： (i) 截至二零二五年九月三十日止六個月，本集團並無重大沒收供款可用於抵減往後年度其對退休金計劃的供款（截至二零二四年九月三十日止六個月：無）。 (ii) 截至二零二五年九月三十日止六個月，物業、機器及設備折舊金額約為1,861,000港元（截至二零二四年九月三十日止六個月：2,844,000港元）已包括於銷售/提供服務成本內。 # 8. INCOME TAX EXPENSE The major components of income tax expense in the condensed consolidated statement of profit or loss and other comprehensive income are: # 8. 所得稅開支 簡明綜合損益及其他全面收益表中所得稅開支之主要組成部分為： For the six months ended 30 September 截至九月三十日止六個月 2025 2024 二零二五年 二零二四年 HK$'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 profits tax 香港利得稅 - 334 (i) Under the two-tiered profits tax rates regime, the first HK$2,000,000 of profits of a qualifying group entity are taxed at 8.25% and profits above HK$2,000,000 are taxed at 16.5%. The profits of other group entities in Hong Kong not qualifying for the two-tiered profits tax rates regime continue to be taxed at a flat rate of 16.5%. (ii) Pursuant to the rules and regulations of the British Virgin Islands ("BVI"), the Group is not subject to any income tax in the BVI. (iii) Macau Complementary Income Tax is calculated at the progressive rate on the estimated assessable profits. The tax rate is $12\%$ for both periods. (i) 根據利得稅兩級制，合資格集團實體首2,000,000港元之溢利將按稅率8.25%課稅，而超過2,000,000港元之溢利將按稅率16.5%課稅。不符合利得稅兩級制之其他香港集團實體之溢利將繼續按統一稅率16.5%課稅。 (ii) 根據英屬處女群島（「英屬處女群島」）的規則和法例，本集團毋須繳納英屬處女群島的任何所得稅項。 (iii) 澳門所得補充稅根據估計應課稅溢利按累進稅率計算。兩個期間稅率為 $12\%$ 。 # 9. LOSS PER SHARE The calculation of the basic and diluted loss per share amounts is based on the loss for the year attributable to owners of the Company, and the weighted average number of ordinary shares of approximately 186,290,000 (six months ended 30 September 2024: approximately 47,387,000) in issue during the period. The loss per share for the six months ended 30 September 2024 is restated to reflect the share consolidation and rights issue during the six months ended 30 September 2025. # 9. 每股虧損 每股基本及攤薄虧損金額按本公司擁有人應佔年內虧損及期內已發行普通股加權平均數約186,290,000股（截至二零二四年九月三十日止六個月：約47,387,000股）計算。截至二零二四年九月三十日止六個月之每股虧損已重列，以反映截至二零二五年九月三十日止六個月內股份合併及供股。 # 9. LOSS PER SHARE (continued) The calculation of the basic and diluted losses per share attributable to the owners of the Company is based on the following data: # 9. 每股虧損（續） 本公司應有人應佔每股基本及攤薄虧損按下列數據計算： Loss for the period 期内虧損 For the six months ended 30 September 截至九月三十日止六個月 2025 2024 二零二五年 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) Loss attributable to owners of the Company for the purpose of basic and diluted loss per share 就每股基本及攤薄虧損而言本公司擁有人應佔之虧損 (9,322) (5,484) Number of shares 股份數目 For the six months ended 30 September 截至九月三十日止六個月 2025 2024 二零二五年 二零二四年 ＇000 shares ＇000 shares 千股 千股 (Unaudited) (Unaudited) (未經審核) (Restated) (Restated) (經重列) Weighted average number of ordinary shares for the purpose of basic and diluted loss per share 就每股基本及攤薄虧損而言之普通股加權平均數 186,290 47,387 For the six months ended 30 September 截至九月三十日止六個月 2025 2024 二零二五年 二零二四年 HK$ HK$ 港元 港元 (Unaudited) (Unaudited) (未經審核) (未經審核) (經重列) Loss per share 每股虧損 (0.05) (0.12) Basic and dilutes 基本及攤薄 Since there were no potential dilutive shares in issue during the six months ended 30 September 2024 and 2025, basic and diluted losses per share are the same for both periods. 由於截至二零二四年及二零二五年九月三十日止六個月並無潛在攤薄已發行股份，故兩個期間的每股基本及攤薄虧損相同。 # 10. INTERIM DIVIDENDS The Directors do not recommend the payment of an interim dividend for the six months ended 30 September 2025 (six months ended 30 September 2024: Nil). # 11. PROPERTY, PLANT AND EQUIPMENT During the six months ended 30 September 2025, the Group spent approximately nil (six months ended 30 September 2024: approximately HK$2,152,000) on additions to property, plant and equipment. # 12. LOAN AND INTEREST RECEIVABLES # 10. 中期股息 董事不建議就截至二零二五年九月三十日止六個月派付中期股息（截至二零二四年九月三十日止六個月：無）。 # 11. 物業、機器及設備 截至二零二五年九月三十日止六個月期間，本集團動用約零港元（截至二零二四年九月三十日止六個月：約2,152,000港元)增設物業、機器及設備。 # 12. 應收貸款及利息 30 September 2025 二零二五年 九月三十日 HK$'000 千港元 (Unaudited) (未經審核) 31 March 2025 二零二五年 三月三十一日 HK$'000 千港元 (Audited) (經審核) Loan receivables 應收貸款 3,000 3,000 Interest receivables 應收利息 715 580 Less: Loss allowance 減:虧損撥備 (850) (819) 2,865 2,761 The Group's loan and interest receivables, which arise from the money lending business in Hong Kong, are denominated in Hong Kong dollar. Loan receivables are unsecured, interest-bearing at $9\%$ (31 March 2025: $9\%$ ) per annum and have been matured as at the end of the reporting period. The maximum exposure to credit risk at each of the reporting dates is the carrying value of the receivables mentioned above. 本集團應收貸款及利息來自於香港提供借貸的業務，並以港元計值。應收貸款為無抵押，以年利率 $9\%$ （二零二五年三月三十一日： $9\%$ ）計息並已於報告期末到期。於各報告日期所面臨的最大信貸風險為上文所述應收款項的賬面值。 # 12. LOAN AND INTEREST RECEIVABLES (continued) There had not been a significant change in credit quality of the loan receivables. Regular reviews on these loan and interest receivables are conducted by the management and allowance for expected credit losses has been assessed based on the historical information about counterparty default rate, latest status of these loan and interest receivables and the latest available information about the borrowers. The aged analysis of loan and interest receivables (net of impairment) that is not considered to be impaired is as follows: # 12. 應收貸款及利息(續) 應收貸款信貸質量並無重大改變。管理層根據有關方違約率的過往資料、該等應收貸款及利息的最新狀況及借方的最新可得資料對該等應收貸款及利息進行定期審核，並就預期信貸虧損撥備作出評估。 未被視為減值的應收貸款及利息（扣除減值）的賬齡分析如下： 30 September 2025 二零二五年 九月三十日 HK$'000 千港元 (Unaudited) (未經審核) 31 March 2025 二零二五年 三月三十一日 HK$'000 千港元 (Audited) (經審核) Past due but not impaired more than 180 days 已逾期，但未減值超過180日 2,865 2,761 The movements in the loss allowance for loan and interest receivables are as follows: 應收貸款及利息虧損撥備之變動如下： 30 September 2025 二零二五年 九月三十日 HK$'000 千港元 (Unaudited) (未經審核) 31 March 2025 二零二五年 三月三十一日 HK$'000 千港元 (Audited) (經審核) At beginning of the period/year 於期初／年初 819 1,168 Allowance for ECL for the period/year, net 期内／年內預期信貸虧損撥備，淨額 31 (349) At end of the period/year 於期末／年末 850 819 # 13. TRADE AND OTHER RECEIVABLES # 13. 貿易及其他應收款項 30 September 2025 二零二五年 九月三十日 HK$'000 千港元 (Unaudited) (未經審核) 31 March 2025 二零二五年 三月三十一日 HK$'000 千港元 (Audited) (經審核) Trade receivables 貿易應收款項 From third parties 從第三方 - Sales and service income receivables 一銷售及服務收入應收款項 and lease income receivables 及租金收入應收款項 49,303 36,984 Less: Loss allowance 減:虧損撥備 (8,018) (7,033) 41,285 29,951 Other receivables 其他應收款項 Deposits and prepayment 按金及預付款項 8,046 4,063 Advance to suppliers and sub-contractors 向供應商及分包商墊款 12,000 5,889 Prepayments of share issue expenses related to rights issue 與供股有關之股份發行開支之預付款項 - 521 Others 其他 1,489 704 21,535 11,177 Total trade and other receivables 貿易及其他應收款項總額 62,820 41,128 The Group allows an average credit period ranging from 30 to 60 days to its trade customers. The following is an aged analysis of trade receivables net of loss allowance based on the invoice date as at the end of the reporting period. 本集團向其貿易客戶提供為期30至60日不等之平均信貸期。以下為於報告期末按發票日期呈列之貿易應收款項已扣除虧損撥備之賬齡分析。 30 September 2025 二零二五年 九月三十日 HK$'000 千港元 (Unaudited) (未經審核) 31 March 2025 二零二五年 三月三十一日 HK$'000 千港元 (Audited) (經審核) Within 90 days 90日內 14,547 15,523 91 days to 180 days 91日至180日以内 11,575 459 181 days to 270 days 181日至270日以内 8,904 1,031 271 days to 365 days 271日至365日以内 39 8,732 More than 365 days 365日以上 6,220 4,206 41,285 29,951 # 13. TRADE AND OTHER RECEIVABLES (continued) The movements in the loss allowance for trade receivables are as follows: # 13. 貿易及其他應收款項（續） 貿易應收款項虧損撥備之變動載列如下： 30 September 2025 二零二五年 九月三十日 HK$'000 千港元 (Unaudited) (未經審核) 31 March 2025 二零二五年 三月三十一日 HK$'000 千港元 (Audited) (經審核) At the beginning of the period/year 於期初／年初 7,033 6,643 Allowance for ECL for the period/year, net 期内／年內預期信貸 虧損撥備，淨額 985 390 At the end of the period/year 於期末／年末 8,018 7,033 # 14. CONTRACT ASSETS AND CONTRACT LIABILITIES # (a) Contract assets # 14. 合約資產及合約負債 # (a) 合約資產 30 September 2025 二零二五年 九月三十日 HK$'000 千港元 (Unaudited) (未經審核) 31 March 2025 二零二五年 三月三十一日 HK$'000 千港元 (Audited) (經審核) Unbilled revenue in respect of provision of design, fitting out and engineering and procurement of furnishings and related products services Less: Loss allowance 提供設計、裝修及工程及採購 傢俱及相關產品服務的 未開具發票收益 減:虧損撥備 21,632 12,825 (455) (269) 21,177 12,556 The contract assets primarily relate to the Group's rights to consideration for work completed but not yet billed at the end of the reporting period. The contract assets are transferred to trade receivables when the rights become unconditional. Retention receivables are included in contract assets until the end of the retention period as the Group's entitlement to the final payment is conditional on the Group's work satisfactorily passing inspection. 合約資產主要關於本集團享有於報告期末已完成但未發出賬單工程的代價的權利。合約資產於有關權利成為無條件時轉入貿易應收款項。 應收保留金包括在合約資產中直至保留期結束，因為本集團獲得最終付款的權利取決於本集團的工作是否圓滿通過驗收。 # 14. CONTRACT ASSETS AND CONTRACT LIABILITIES (continued) (a) Contract assets (continued) The movements in the loss allowance for contract assets are as follows: # 14. 合約資產及合約負債（續） (a) 合約資產(續) 合約資產虧損撥備之變動如下： 30 September 2025 二零二五年 九月三十日 HK$'000 千港元 (Unaudited) (未經審核) 31 March 2025 二零二五年 三月三十一日 HK$'000 千港元 (Audited) (經審核) At beginning of the period/year 於期初／年初 269 66 Allowance for ECL for the period/year, net 期内╱年內預期信貸 虧損撥備，淨額 186 203 At end of the period/year 於期末╱年末 455 269 (b) Contract liabilities (b) 合約負債 30 September 2025 二零二五年 九月三十日 HK$'000 千港元 (Unaudited) (未經審核) 31 March 2025 二零二五年 三月三十一日 HK$'000 千港元 (Audited) (經審核) Provision of design, fitting out and engineering and procurement of furnishings and related products services 提供設計、裝修及工程及採購傢俱及相關產品服務 5,179 4,491 The contract liabilities primarily relate to the advance consideration received from customers, for which revenue is recognised based on the progress of the provision of related services. 合約負債主要與已收客戶的代價墊款有關，有關收益乃根據提供有關服務的進度確認。 The Group has applied practical expedient in paragraph 121 of HKFRS 15 to exempt the disclosure of revenue expected to be recognised in the future arising from contracts with customers in existence at the reporting date to its design, fitting out and engineering services income, commission income from introducing brokerage services and sale of fine and rare wines as the performance obligation is part of a contract th