> **来源：[研报客](https://pc.yanbaoke.cn)** # Alpha Professional Holdings Limited # 阿爾法企業控股有限公司* (Incorporated in Bermuda with limited liability) (於百慕達註冊成立的有限公司) (Stock Code 股份代號: 948) Interim Report 中期报告 2025 Corporate Information Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Condensed Consolidated Statement of Financial Position Condensed Consolidated Statement of Changes in Equity Condensed Consolidated Statement of Cash Flows Notes to the Unaudited Condensed Consolidated Interim Financial Information Report on Review of Interim Financial Information Management Discussion and Analysis Corporate Governance and Other Information 公司資料 2 簡明綜合損益及其他全面收益表 4 簡明綜合財務狀況表 6 簡明綜合權益變動表 7 簡明綜合現金流量表 8 未經審核簡明綜合中期財務資料附註 10 中期財務資料審閱報告 63 管理層討論與分析 65 企業管治及其他資料 81 # Corporate Information # 公司資料 # BOARD OF DIRECTORS # Executive Directors Mr. Zhao Lei (Chief Executive Officer) Ms. Wu Feizi (resigned on 2 July 2025) # Independent Non-executive Directors Mr. Li Chak Hung Mr. Tu Chunan Mr. Chen Jianguo Ms. Huang Xin (appointed on 1 October 2025) # COMMITTEES # Audit Committee Mr. Li Chak Hung (Chairman) Mr. Tu Chunan Mr. Chen Jianguo Ms. Huang Xin (appointed on 1 October 2025) # Remuneration Committee Mr. Chen Jianguo (Chairman) Mr. Zhao Lei Mr. Li Chak Hung Mr. Tu Chunan Ms. Huang Xin (appointed on 1 October 2025) Ms. Wu Feizi (ceased on 2 July 2025) # Nomination Committee Mr. Li Chak Hung (Chairman) Mr. Zhao Lei Mr. Tu Chunan Mr. Chen Jianguo Ms. Huang Xin (appointed on 1 October 2025) # Credit Committee Mr. Zhao Lei Ms. Wu Feizi (ceased on 2 July 2025) Mr. Li Chak Hung (ceased to be the chairman and a member on 2 July 2025) # COMPANY SECRETARY Mr. Chan Chun Hong # AUTHORISED REPRESENTATIVES Mr. Zhao Lei Mr. Chan Chun Hong # 董事會 # 執行董事 趙磊先生(行政總裁) 伍非子女士 (於二零二五年七月二日辭任) # 獨立非執行董事 李澤雄先生 涂春安先生 陳建國先生 黄馨女士 (於二零二五年十月一日獲委任) # 委員會 # 審核委員會 李澤雄先生(主席) 涂春安先生 陳建國先生 黄馨女士 (於二零二五年十月一日獲委任) # 薪酬委員會 陳建國先生(主席) 趙磊先生 李澤雄先生 涂春安先生 黄馨女士 (於二零二五年十月一日獲委任) 伍非子女士 (於二零二五年七月二日停任) # 提名委員會 李澤雄先生(主席) 趙磊先生 涂春安先生 陳建國先生 黄馨女士 (於二零二五年十月一日獲委任) # 信貸委員會 趙磊先生 伍非子女士 (於二零二五年七月二日停任) 李澤雄先生 (於二零二五年七月二日停任主席及成員) # 公司秘書 陳振康先生 # 授權代表 趙磊先生 陳振康先生 # AUDITOR Crowe (HK) CPA Limited 9th Floor, Leighton Centre, 77 Leighton Road Causeway Bay, Hong Kong # REGISTERED OFFICE The Penthouse, 5 Reid Street Hamilton, HM 11, Bermuda # BRANCH SHARE REGISTRAR AND TRANSFER OFFICE IN HONG KONG Tricor Investor Services Limited 17th Floor, Far East Finance Centre 16 Harcourt Road, Hong Kong # LEGAL ADVISER P C Woo & Co Room 1225, 12th Floor, Prince's Building 10 Chater Road, Central, Hong Kong # PRINCIPAL BANKER Citibank (Hong Kong) Limited Dah Sing Bank, Limited OCBC Bank (Hong Kong) Limited # PRINCIPAL OFFICE Room 1902, 19th Floor, Allied Kajima Building 138 Gloucester Road, Wanchai, Hong Kong # STOCK CODE 948 # WEBSITE www.hk-alpha.com # 核數師 國富浩華(香港)會計師事務所有限公司 香港銅鐑灣 禮頓道77號禮頓中心9樓 # 註冊辦事處 The Penthouse, 5 Reid Street Hamilton, HM 11, Bermuda # 香港股份過戶登記分處 卓佳證券登記有限公司 香港夏慤道16號 遠東金融中心17樓 # 法律顧問 胡百全律師事務所 香港中環遮打道10號 太子大厦12樓1225室 # 主要往來銀行 花旗銀行 (香港)有限公司 大新銀行有限公司 華僑銀行(香港)有限公司 # 主要辦事處 香港灣仔告士打道138號 聯合鹿島大廈19樓1902室 # 股份代號 948 # 網址 www.hk-alpha.com # Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income 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 The board (the "Board") of directors (the "Directors") of Alpha Professional Holdings Limited (the "Company") announces that the unaudited consolidated results of the Company and its subsidiaries (collectively, the "Group") for the six months ended 30 September 2025 with comparative figures for the six months ended 30 September 2024 are as follows: Alpha Professional Holdings Limited 阿爾法企業控股有限公司*（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，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綜合業績，連同截至二零二四年九月三十日止六個月之比較數字如下： <table><tr><td></td><td></td><td colspan="2">Six months ended 30 September 截至九月三十日止六個月</td></tr><tr><td></td><td></td><td>2025 二零二五年 HK$'000 千港元 (Unaudited) (未經審核)</td><td>2024 二零二四年 HK$'000 千港元 (Unaudited) (未經審核) (Restated) (經重列)</td></tr><tr><td></td><td></td><td>附註</td><td></td></tr><tr><td>Continuing operations</td><td>持續經營業務</td><td></td><td></td></tr><tr><td>Revenue</td><td>收入</td><td>5(a)</td><td>20,343 (18,206)</td></tr><tr><td>Cost of sales and provision of services</td><td>銷售及提供服務之成本</td><td></td><td></td></tr><tr><td>Gross profit</td><td>毛利</td><td></td><td>2,137</td></tr><tr><td>Net impairment losses of financial assets</td><td>金融資產減值虧損凈額</td><td>8(c)</td><td>(29)</td></tr><tr><td>Other income</td><td>其他收入</td><td>6</td><td>34</td></tr><tr><td>Other gains and losses, net</td><td>其他收益及虧損,淨額</td><td>7</td><td>(7,601)</td></tr><tr><td>Selling and distribution costs</td><td>銷售及分銷開支</td><td></td><td>(3,931)</td></tr><tr><td>Administrative expenses</td><td>行政費用</td><td></td><td>(10,360)</td></tr><tr><td>LOSS FROM OPERATIONS</td><td>來自經營之虧損</td><td></td><td>(19,750)</td></tr><tr><td>Finance costs</td><td>融資成本</td><td>8(a)</td><td>(3,299)</td></tr><tr><td>LOSS BEFORE TAXATION</td><td>除稅前虧損</td><td>8</td><td>(23,049)</td></tr><tr><td>Income tax expenses</td><td>所得稅開支</td><td>9</td><td>(40)</td></tr><tr><td>LOSS FOR THE PERIOD FROM CONTINUING OPERATIONS</td><td>來自持續經營業務之本期間虧損</td><td></td><td>(23,089)</td></tr><tr><td>Discontinued operation</td><td>已終止經營業務</td><td></td><td></td></tr><tr><td>(Loss)/profit for the period from discontinued operation</td><td>來自已終止經營業務之本期間(虧損)/溢利</td><td>10</td><td>(161)</td></tr><tr><td>Loss for the period</td><td>本期間虧損</td><td></td><td>(23,250)</td></tr><tr><td>OTHER COMPREHENSIVE (LOSS)/INCOME FOR THE PERIOD, NET OF INCOME TAX</td><td>本期間其他全面(虧損)/收益,扣除所得稅</td><td></td><td></td></tr><tr><td>Item that is or may be reclassified subsequently to profit or loss:</td><td>已或其後可能重新分類至損益的項目:</td><td></td><td></td></tr><tr><td>Exchange differences on translation of foreign operations</td><td>換算海外業務引致的匯兌差額</td><td></td><td>(6,374)</td></tr><tr><td>Other comprehensive (loss)/income for the period, net of income tax</td><td>本期間其他全面(虧損)/收益,扣除所得稅</td><td></td><td>(6,374)</td></tr><tr><td>TOTAL COMPREHENSIVE LOSS FOR THE PERIOD</td><td>本期間全面虧損總額</td><td></td><td>(29,624)</td></tr></table> * 僅供識別 # Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income # 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 <table><tr><td></td><td></td><td colspan="2">Six months ended 30 September 截至九月三十日止六個月</td></tr><tr><td></td><td></td><td>2025 二零二五年 HK$'000 千港元 (Unaudited) (未經審核)</td><td>2024 二零二四年 HK$'000 千港元 (Unaudited) (未經審核) (Restated) (經重列)</td></tr><tr><td></td><td></td><td>附註</td><td></td></tr><tr><td>LOSS FOR THE PERIOD ATTRIBUTABLE TO:</td><td>本期間虧損</td><td></td><td></td></tr><tr><td>Owners of the Company</td><td>應佔方:</td><td>(22,798)</td><td>(24,573)</td></tr><tr><td>Non-controlling interests</td><td>本公司股東 非控股權益</td><td>(452)</td><td>(272)</td></tr><tr><td></td><td></td><td>(23,250)</td><td>(24,845)</td></tr><tr><td>(LOSS)/PROFIT FOR THE PERIOD ATTRIBUTABLE TO OWNERS OF THE COMPANY</td><td>本公司股東 應佔本期間 (虧損)／溢利</td><td rowspan="3">(22,637) (161)</td><td rowspan="3">(25,032) 459</td></tr><tr><td>- from continuing operations</td><td>-來自持續經營業務</td></tr><tr><td>- from discontinued operation</td><td>-來自已終止經營業務</td></tr><tr><td></td><td></td><td>(22,798)</td><td>(24,573)</td></tr><tr><td>LOSS FOR THE PERIOD ATTRIBUTABLE TO NON-CONTROLLING INTERESTS</td><td>非控股權益應佔</td><td></td><td></td></tr><tr><td>- from continuing operations</td><td>本期間虧損 -來自持續經營業務</td><td>(452)</td><td>(272)</td></tr><tr><td>LOSS FOR THE PERIOD</td><td>本期間虧損</td><td>(23,250)</td><td>(24,845)</td></tr><tr><td>TOTAL COMPREHENSIVE LOSS FOR THE PERIOD ATTRIBUTABLE TO:</td><td>本期間全面虧損</td><td></td><td></td></tr><tr><td>Owners of the Company</td><td>總額應佔方：</td><td rowspan="2">(29,378) (246)</td><td rowspan="2">(20,971) (272)</td></tr><tr><td>Non-controlling interests</td><td>本公司股東 非控股權益</td></tr><tr><td></td><td></td><td>(29,624)</td><td>(21,243)</td></tr><tr><td>TOTAL COMPREHENSIVE (LOSS)/ PROFIT FOR THE PERIOD ATTRIBUTABLE TO OWNERS OF THE COMPANY</td><td>本公司股東 應佔本期間 全面（虧損）／溢利總額</td><td></td><td></td></tr><tr><td>- from continuing operations</td><td>-來自持續經營業務</td><td rowspan="2">(28,998) (380)</td><td rowspan="2">(21,446) 475</td></tr><tr><td>- from discontinued operation</td><td>-來自已終止經營業務</td></tr><tr><td></td><td></td><td>(29,378)</td><td>(20,971)</td></tr><tr><td></td><td></td><td>HK cents 港仙 (Unaudited) (未經審核)</td><td>HK cents 港仙 (Unaudited) (未經審核) (Restated) (經重列)</td></tr><tr><td>(LOSS)/EARNINGS PER SHARE</td><td>每股（虧損）／盈利</td><td>11</td><td></td></tr><tr><td>From continuing and discontinued operations</td><td>來自持續經營業務及 已終止經營業務</td><td></td><td></td></tr><tr><td>Basic</td><td>基本</td><td>(6.5)</td><td>(7.0)</td></tr><tr><td>From continuing operations</td><td>來自持續經營業務</td><td></td><td></td></tr><tr><td>Basic</td><td>基本</td><td>(6.5)</td><td>(7.1)</td></tr><tr><td>From discontinued operation</td><td>來自已終止經營業務</td><td></td><td></td></tr><tr><td>Basic</td><td>基本</td><td>-</td><td>0.1</td></tr></table> The notes on pages 10 to 62 form an integral part of these condensed consolidated interim financial information. 第10至62頁之附註為本簡明綜合中期財務資料之組成部分。 # Condensed Consolidated Statement of Financial Position # 簡明綜合財務狀況表 At 30 September 2025 於二零二五年九月三十日 <table><tr><td rowspan="2"></td><td rowspan="2"></td><td>At 30 September 2025 二零二五年 九月三十日 HK$'000 千港元 (Unaudited) (未經審核)</td><td rowspan="2">At 31 March 2025 二零二五年 三月三十一日 HK$'000 千港元 (Audited) (經審核)</td></tr><tr><td>附註</td></tr><tr><td>Non-current assets</td><td>非流動資產</td><td></td><td></td></tr><tr><td>Investment property</td><td>投資物業</td><td>14</td><td>-</td></tr><tr><td>Property, plant and equipment</td><td>物業、廠房及設備</td><td>15</td><td>19,079</td></tr><tr><td>Other intangible assets</td><td>其他無形資產</td><td>16</td><td>41</td></tr><tr><td>Goodwill</td><td>商譽</td><td>17</td><td>4,971</td></tr><tr><td>Interests in joint venture</td><td>於合營企業之權益</td><td></td><td>-</td></tr><tr><td>Financial assets at fair value through profit or loss</td><td>按公平價值計入損益之金融資產</td><td>18</td><td>10,176</td></tr><tr><td>Refundable rental and other deposits</td><td>可提還租金及其他按金</td><td>19</td><td>2,780</td></tr><tr><td>Deferred tax assets</td><td>遞延稅項資產</td><td></td><td>-</td></tr><tr><td></td><td></td><td></td><td>37,047</td></tr><tr><td>Current assets</td><td>流動資產</td><td></td><td></td></tr><tr><td>Inventories</td><td>存貨</td><td></td><td>63</td></tr><tr><td>Trade and other receivables</td><td>貿易及其他應收款項</td><td>19</td><td>6,902</td></tr><tr><td>Prepayments</td><td>預付款項</td><td></td><td>2,770</td></tr><tr><td>Income tax recoverable</td><td>可收回所得稅</td><td></td><td>2,464</td></tr><tr><td>Cash and cash equivalents</td><td>現金及現金等價物</td><td></td><td>11,919</td></tr><tr><td></td><td></td><td></td><td>24,118</td></tr><tr><td></td><td></td><td></td><td>76,230</td></tr><tr><td></td><td></td><td></td><td>100,348</td></tr><tr><td>Current liabilities</td><td>流動負債</td><td></td><td></td></tr><tr><td>Trade and other payables</td><td>貿易及其他應付款項</td><td>20</td><td>150,805</td></tr><tr><td>Lease liabilities</td><td>租賃負債</td><td></td><td>20,496</td></tr><tr><td>Other borrowings</td><td>其他借貸</td><td>21</td><td>47,651</td></tr><tr><td>Income tax payable</td><td>應付所得稅</td><td></td><td>131</td></tr><tr><td>Provisions</td><td>撥備</td><td>22</td><td>-</td></tr><tr><td></td><td></td><td></td><td>219,083</td></tr><tr><td>Liabilities directly associated with the assets classified as held for sale</td><td>與分類為持作出售之資產直接相關的負債</td><td>13</td><td>7,325</td></tr><tr><td></td><td></td><td></td><td>226,408</td></tr><tr><td></td><td></td><td></td><td>(126,060)</td></tr><tr><td>Net current liabilities</td><td>流動負債淨額</td><td></td><td>(89,013)</td></tr><tr><td>Total assets less current liabilities</td><td>資產總額減流動負債</td><td></td><td>9,302</td></tr><tr><td>Non-current liabilities</td><td>非流動負債</td><td></td><td></td></tr><tr><td>Lease liabilities</td><td>租賃負債</td><td></td><td>-</td></tr><tr><td>Loan from the ultimate controlling party</td><td>來自最終控股方之貸款</td><td>23</td><td>5,000</td></tr><tr><td>Deferred tax liabilities</td><td>遞延稅項負債</td><td></td><td>47</td></tr><tr><td>Defined benefit obligation</td><td>界定福利責任</td><td></td><td>261</td></tr><tr><td></td><td></td><td></td><td>5,308</td></tr><tr><td></td><td></td><td></td><td>15,201</td></tr><tr><td>Net liabilities</td><td>負債淨額</td><td></td><td>(94,321)</td></tr><tr><td></td><td></td><td></td><td>(65,134)</td></tr><tr><td>Capital and reserves</td><td>資本及儲備</td><td></td><td></td></tr><tr><td>Share capital</td><td>股本</td><td>26</td><td>2,720</td></tr><tr><td>Reserves</td><td>儲備</td><td></td><td>(101,892)</td></tr><tr><td>Amounts recognised in other comprehensive income and accumulated in equity relating to disposal group classified as held for sale</td><td>與分類為持作出售的出售組別相關於其他全面收益確認及於權益累計之金額</td><td></td><td>(131)</td></tr><tr><td></td><td></td><td></td><td>(69,925)</td></tr><tr><td>Equity attributable to owners of the Company</td><td>本公司股東應佔權益</td><td></td><td>4,982</td></tr><tr><td>Non-controlling interests</td><td>非控股權益</td><td></td><td>4,791</td></tr><tr><td>Capital deficiency</td><td>資本虧損</td><td></td><td>(94,321)</td></tr></table> The notes on pages 10 to 62 form an integral part of these condensed consolidated interim financial information. 第10至62頁之附註為本簡明綜合中期財務資料之組成部分。 # 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 <table><tr><td rowspan="3" colspan="2"></td><td colspan="8">Attributable to owners of the Company 本公司股東應佔</td></tr><tr><td>Share capital</td><td>Share premium</td><td>Foreign currency translation reserve</td><td>Accumulated losses</td><td>Cumulative other comprehensive income of disposal group classified as held for sale 分類為持作出售之出售組別之累計其他全面收益 HK$'000千港元</td><td>Total</td><td>Non-controlling interests</td><td>Total equity/ (capital deficiency)</td></tr><tr><td>股本 HK$'000 千港元</td><td>股份溢價 HK$'000 千港元</td><td>外幣換算 儲備 HK$'000 千港元</td><td>累計虧損 HK$'000 千港元</td><td>HK$'000 千港元</td><td>HK$'000 千港元</td><td>非控股權益 HK$'000 千港元</td><td>權益/ (資本虧損) 總額 HK$'000 千港元</td></tr><tr><td>At 1 April 2024 (audited)</td><td>於二零二四年四月一日 (經審核)</td><td>435,252</td><td>592,019</td><td>(11,157)</td><td>(897,881)</td><td>-</td><td>118,233</td><td>-</td><td>118,233</td></tr><tr><td>Loss for the period</td><td>本期間虧損</td><td>-</td><td>-</td><td>-</td><td>(24,573)</td><td>-</td><td>(24,573)</td><td>(272)</td><td>(24,845)</td></tr><tr><td>Exchange differences on translation of foreign operations</td><td>換算海外業務引致的 匯兌差額</td><td>-</td><td>-</td><td>3,602</td><td>-</td><td>-</td><td>3,602</td><td>-</td><td>3,602</td></tr><tr><td>Total comprehensive loss for the period</td><td>本期間全面虧損總額</td><td>-</td><td>-</td><td>3,602</td><td>(24,573)</td><td>-</td><td>(20,971)</td><td>(272)</td><td>(21,243)</td></tr><tr><td>Capital contribution by non-controlling interests of non-wholly-owned subsidiary</td><td>非全資附屬公司並控股權益 注資</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>293</td><td>293</td></tr><tr><td>Acquisition of subsidiaries (note 25(i))</td><td>收購附屬公司(附註25(ii))</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5,740</td><td>5,740</td></tr><tr><td>At 30 September 2024 (unaudited)</td><td>於二零二四年九月三十日 (未經審核)</td><td>435,252</td><td>592,019</td><td>(7,555)</td><td>(922,454)</td><td>-</td><td>97,262</td><td>5,761</td><td>103,023</td></tr><tr><td>At 1 April 2025 (audited)</td><td>於二零二五年四月一日 (經審核)</td><td>435,252</td><td>592,019</td><td>(2,047)</td><td>(1,095,149)</td><td>-</td><td>(69,925)</td><td>4,791</td><td>(65,134)</td></tr><tr><td>Loss for the period</td><td>本期間虧損</td><td>-</td><td>-</td><td>-</td><td>(22,798)</td><td>-</td><td>(22,798)</td><td>(452)</td><td>(23,250)</td></tr><tr><td>Exchange differences on translation of foreign operations</td><td>換算海外業務引致的 匯兌差額</td><td>-</td><td>-</td><td>(6,580)</td><td>-</td><td>-</td><td>(6,580)</td><td>206</td><td>(6,374)</td></tr><tr><td>Total comprehensive loss for the period</td><td>本期間全面虧損總額</td><td>-</td><td>-</td><td>(6,580)</td><td>(22,798)</td><td>-</td><td>(29,378)</td><td>(246)</td><td>(29,624)</td></tr><tr><td>Capital reorganisation (note 26)</td><td>資本重組(附註26)</td><td>(432,532)</td><td>(592,019)</td><td>-</td><td>1,024,551</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital contribution by non-controlling interests of non-wholly-owned subsidiary</td><td>非全資附屬公司 非控股權益 注貴</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>437</td><td>437</td></tr><tr><td>Reclassification</td><td>重新分類</td><td>-</td><td>-</td><td>131</td><td>-</td><td>(131)</td><td>-</td><td>-</td><td>-</td></tr><tr><td>At 30 September 2025 (unaudited)</td><td>於二零二五年九月三十日 (未經審核)</td><td>2,720</td><td>-</td><td>(8,496)</td><td>(93,396)</td><td>(131)</td><td>(99,303)</td><td>4,982</td><td>(94,321)</td></tr></table> # 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 <table><tr><td rowspan="5" colspan="2"></td><td colspan="2">Six months ended 30 September 截至九月三十日止六個月</td></tr><tr><td>2025</td><td>2024</td></tr><tr><td>二零二五年 HK$'000</td><td>二零二四年 HK$'000</td></tr><tr><td>千港元 (Unaudited)</td><td>千港元 (Unaudited)</td></tr><tr><td>(未經審核)</td><td>(未經審核)</td></tr><tr><td>Operating activities</td><td>經營活動</td><td></td><td></td></tr><tr><td>(Loss)/profit before taxation</td><td>除稅前(虧損)／溢利</td><td></td><td></td></tr><tr><td>- from continuing operations</td><td>-來自持續經營業務</td><td></td><td>(23,049) (25,129)</td></tr><tr><td>- from discontinued operation</td><td>-來自已終止經營業務</td><td>10</td><td>(161) 459</td></tr><tr><td>Adjustments for:</td><td>調整：</td><td></td><td></td></tr><tr><td>Interest income</td><td>利息收入</td><td>6</td><td>(3) (49)</td></tr><tr><td>Fair value gain on investment property</td><td>投資物業公平價值 收益</td><td>10</td><td>- (519)</td></tr><tr><td>Loss on of financial assets mandatorily measured at fair value through profit or loss</td><td>強制按公平價值計入 損益計量之金融 資產的虧損</td><td>7</td><td>2,052 337</td></tr><tr><td>- Listed equity securities</td><td>一上市股本證券</td><td>8(a)</td><td>3,299 1,582</td></tr><tr><td>Finance costs</td><td>融資成本</td><td>8(c)</td><td>9,540 151</td></tr><tr><td>Depreciation</td><td>折舊</td><td>8(c)</td><td>1,142 581</td></tr><tr><td>Amortisation of other intangible assets</td><td>其他無形資產之 攤銷</td><td>8(c)</td><td>29 581</td></tr><tr><td>Net impairment losses of financial assets</td><td>金融資產減值虧損淨額</td><td>8(c)</td><td>29 515</td></tr><tr><td>Gain on disposal of property, plant and equipment</td><td>出售物業、廠房及設備 的收益</td><td>7</td><td>- (3)</td></tr><tr><td>Loss on early termination of leases</td><td>提前終止租賃的虧損應付補償</td><td>7</td><td>238 -</td></tr><tr><td>Penalty interest on compensation payables</td><td>之罰息</td><td>7</td><td>5,315 -</td></tr><tr><td>Operating cash flows before working capital changes</td><td>營運資金變動前之 經營現金流量</td><td></td><td>(1,598) (22,163)</td></tr><tr><td>Decrease/(increase) in inventories</td><td>存貨減少／(增加)</td><td></td><td>252 (798)</td></tr><tr><td>Decrease in trade and other receivables</td><td>貿易及其他應收款項 減少</td><td></td><td>1,162 32,326</td></tr><tr><td>Decrease/(increase) in prepayments</td><td>預付款項減少／(增加)</td><td></td><td>1,846 (1,209)</td></tr><tr><td>Decrease in trade and other payables</td><td>貿易及其他應付款項 減少</td><td></td><td>(2,335) (8,869)</td></tr><tr><td>Decrease in contract liabilities</td><td>合約負債減少</td><td></td><td>- (172)</td></tr><tr><td>Cash used in operations</td><td>經營所用現金</td><td></td><td>(673) (885)</td></tr><tr><td>Australia Corporate Income Tax paid</td><td>已付澳洲企業所得稅</td><td></td><td>- (251)</td></tr><tr><td>Net cash used in operating activities</td><td>經營活動所用現金淨額</td><td></td><td>(673) (1,136)</td></tr></table> # 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 <table><tr><td rowspan="3" colspan="2"></td><td colspan="2">Six months ended 30 September 截至九月三十日止六個月</td></tr><tr><td>2025 二零二五年 HK$'000 千港元 (Unaudited) (未經審核)</td><td rowspan="2">2024 二零二四年 HK$'000 千港元 (Unaudited) (未經審核)</td></tr><tr><td>附註</td></tr><tr><td rowspan="7">Investing activities</td><td>投資活動</td><td></td><td></td></tr><tr><td>Purchase of property,plant and equipment</td><td>購置物業丶廠房及設備</td><td>(4) (619)</td></tr><tr><td>Proceeds from disposal of property,plant and equipment</td><td>來自於出售物業丶廠房及設備之所得款項</td><td>11 3</td></tr><tr><td>Purchase of other intangible assets</td><td>購置其他無形資產</td><td>- (49)</td></tr><tr><td>Interest received</td><td>已收利息</td><td>3 49</td></tr><tr><td>Purchase of financial assets atfair value through profit or loss</td><td>購置按公平價值計入損益之金融資產</td><td>- (5,036)</td></tr><tr><td>Net cash outflow from acquisition ofsubsidiaries</td><td>收購附屬公司之現金流出淨額 25</td><td>- (11,183)</td></tr><tr><td>Net cash generated from/(used in)investing activities</td><td>投資活動所得/(所用)現金淨額</td><td></td><td>10 (16,835)</td></tr><tr><td rowspan="7">Financing activities</td><td>融資活動</td><td></td><td></td></tr><tr><td>Capital element of leaseliabilities paid</td><td>已付租賃負債之資本部分</td><td>(7,314) (335)</td></tr><tr><td>Interest element of leaseliabilities paid</td><td>已付租賃負債之利息部分</td><td>(458) (12)</td></tr><tr><td>Loan from the ultimate controllingparty</td><td>來自最終控股方之貸款</td><td>5,000 -</td></tr><tr><td>Proceeds from other borrowing</td><td>其他借貸之所得款項</td><td>4,372 -</td></tr><tr><td>Interest paid for other borrowing</td><td>已付其他借貸利息</td><td>- (1,570)</td></tr><tr><td>Capital contribution by non-controllinginterests of non-wholly-ownedsubsidiary</td><td>非全資附屬公司非控股權益注資</td><td>- 293</td></tr><tr><td>Net cash generated from/(used in)financing activities</td><td>融資活動所得/(所用)現金淨額</td><td></td><td>1,600 (1,624)</td></tr><tr><td>Net increase/(decrease) in cash andcash equivalents</td><td>現金及現金等價物增加/(減少)淨額</td><td></td><td>937 (19,595)</td></tr><tr><td>Cash and cash equivalents atbeginning of the period</td><td>期初現金及現金等價物</td><td></td><td>10,701 47,277</td></tr><tr><td>Effect of foreign exchange ratechanges, net</td><td>外匯匯率變動之影響,淨額</td><td></td><td>623 2,888</td></tr><tr><td>Cash and cash equivalents atend of the period</td><td>期末現金及現金等價物</td><td></td><td>12,261 30,570</td></tr><tr><td rowspan="3">Analysis of the balances of cash andcash equivalents</td><td>現金及現金等價物之結餘分析</td><td></td><td></td></tr><tr><td>Cash and bank balances as stated incondensed consolidated statementof financial position</td><td>簡明綜合財務狀況表所列之現金及銀行結餘</td><td>11,919 30,570</td></tr><tr><td>Cash and cash equivalentsattributable to disposal groupclassified as held for sale</td><td>分類為持作出售的出售組別應佔現金及現金等價物 13</td><td>342 -</td></tr><tr><td></td><td></td><td></td><td>12,261 30,570</td></tr></table> The notes on pages 10 to 62 form an integral part of these condensed consolidated interim financial information. 第10至62頁之附註為本簡明綜合中期財務資料之組成部分。 # Notes to the Unaudited Condensed Consolidated Interim Financial Information 未經審核簡明綜合中期財務資料附註 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 (Registration No. 39519) was incorporated in Bermuda on 30 January 2007 under the Companies Act 1981 of Bermuda as an exempted company with limited liability. The registered office of the Company is located at The Penthouse, 5 Reid Street, Hamilton, HM11, Bermuda. Its principal place of business is located at Room 1902, 19th Floor, Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong. At 30 September 2025, the Company's immediate parent was Well Dynasty Investments Limited ("Well Dynasty"), a company incorporated in Hong Kong with limited liability. The ultimate parent of the Company was Miracle Planet Developments Limited, a company incorporated in the British Virgin Islands with limited liability, and the ultimate controlling party of the Company was Ms. Chong Sok Un ("Ms. Chong"). The Company is an investment holding company. The principal activities of its subsidiaries are trading of milk powder and foods (the "Milk Products Business"); and provision of warehouse logistics services and cleaning services (the "Services Business"). The business of property investment (the "Property Investment") was discontinued in the current period. # 2. BASIS OF PREPARATION AND MATERIAL ACCOUNTING POLICY INFORMATION # (a) Basis of preparation The condensed consolidated interim financial information has been prepared in accordance with the applicable disclosure provisions of the Rules Governing the Listing of Securities (the "Listing Rules") on The Stock Exchange of Hong Kong Limited (the "Stock Exchange") including compliance with International Accounting Standard ("IAS") 34 "Interim Financial Reporting" issued by the International Accounting Standards Board ("IASB"). The condensed consolidated interim financial information has been prepared in accordance with the same accounting policies adopted in the 2025 annual financial statements, except for new accounting policies resulting from application of amendments to IFRS Accounting Standards ("IFRSs") as set out in note 2(c) and application of certain accounting policies which became relevant to the Group that are expected to be reflected in the 2026 annual financial statements which are set out in note 2(b). The preparation of the condensed consolidated interim financial information in conformity with IAS 34 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses on a period to date basis. Actual results may differ from these estimates. # 1. 一般資料 本公司（註冊編號39519）於二零零七年一月三十日根據百慕達一九八一年公司法在百慕達註冊成立為獲豁免有限公司。本公司的註冊辦事處位於The Penthouse，5 Reid Street，Hamilton, HM11，Bermuda。其主要營業地點位於香港灣仔告士打道138號聯合鹿島大廈19樓1902室。 於二零二五年九月三十日，本公司直接母公司為華得投資有限公司（「華得」，一間於香港註冊成立的有限公司）。本公司最終母公司為Miracle Planet Developments Limited（一間於英屬處女群島註冊成立之有限公司），本公司最終控股方為莊舜而女士（「莊女士」）。 本公司為一間投資控股公司。其附屬公司的主要業務為奶粉及食品貿易（「奶類產品業務」）；及提供倉儲物流服務及清潔服務（「服務業務」）。物業投資（「物業投資」）業務於本期間終止經營。 # 2. 編製基準及重大會計政策資料 # (a) 編製基準 簡明綜合中期財務資料乃根據香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）之適用披露條文（包括遵守由國際會計準則理事會（「國際會計準則理事會」）頒佈之國際會計準則（「國際會計準則」）第34號「中期財務報告」）而編製。 簡明綜合中期財務資料乃根據與二零二五年度財務報表所採納之相同會計政策編製，惟預期將於二零二六年度財務報表反映的因應用附註2(c)所載國際財務報告準則會計準則（「國際財務報告準則」）修訂本及應用若干與本集團相關的會計政策所產生的新會計政策除外，有關內容載於附註2(b)。 編製符合國際會計準則第34號之簡明綜合中期財務資料需要管理層作出判斷、估計及假設，而該等判斷、估計及假設會影響政策之應用及期內截至目前為止的所呈報資產及負債、收入及開支的金額。實際結果可能與該等估計有所不同。 # Notes to the Unaudited Condensed Consolidated Interim Financial Information # 未經審核簡明綜合中期財務資料附註 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 MATERIAL ACCOUNTING POLICY INFORMATION (Continued) # (a) Basis of preparation (Continued) This condensed consolidated interim financial information contains selected explanatory notes. The notes 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 the 2025 annual financial statements. This condensed consolidated interim financial information and notes thereon do not include all of the information required for a full set of financial statements prepared in accordance with IFRSs. The financial information relating to the financial year ended 31 March 2025 that is included in the condensed consolidated interim financial information as comparative information does not constitute the Company's statutory annual consolidated financial statements for that financial year but is derived from those financial statements. Statutory annual consolidated financial statements for the year ended 31 March 2025 are available in the Company's registered office and principal place of business. # Going concern basis The Group incurred a net loss of HK$23,250,000 for the six months ended 30 September 2025. As of that date, the Group's current liabilities exceeded its current assets by HK$126,060,000 and the Group's total liabilities exceeded its total assets by HK$94,321,000. In view of such circumstances, the Directors have prepared a cash flow forecast of the Group covering a period of fifteen months. In preparing the cash flow forecast, the Directors have given careful consideration to its operating needs, the future liquidity of the Group and its available sources of financing in assessing whether the Group will be able to repay the outstanding debts and be able to finance its future working capital and other financial requirements. In addition, the Directors are undertaking a number of plans and measures to improve the Group's liquidity and financial position, including, inter alia: (i) The Group has sought an opinion from legal advisor and considered that the results of the Arbitrations (defined in note 22) would not result in adverse cash flow impact to the Group. The Directors, based on the legal opinion obtained, expect that the operations and assets of the Company and the other subsidiaries of the Group, all being separate legal entities, would not be affected by the Statutory Demand (defined in note 22) and the Arbitration Awards (defined in note 22). # 2. 編製基準及重大會計政策資料(續) # (a) 編製基準(續) 本簡明綜合中期財務資料包括選定的解釋附註，其包括對了解本集團自二零二五年度財務報表以來的財務狀況及表現變動而言屬重要的事件及交易的解釋。本簡明綜合中期財務資料及當中附註並不包括根據國際財務報告準則編製完整財務報表所需的所有資料。 簡明綜合中期財務資料所載有關截至二零二五年三月三十一日止財政年度的財務資料（作為比較資料）並不構成本公司於該財政年度的法定年度綜合財務報表，惟乃摘錄自該等財務報表。截至二零二五年三月三十一日止年度的法定年度綜合財務報表可於本公司註冊辦事處及主要營業地點查閱。 # 持續經營基準 截至二零二五年九月三十日止六個月，本集團錄得淨虧損23,250,000港元。截至該日期，本集團之流動負債超過其流動資產126,060,000港元及本集團之負債總額超過其資產總額94,321,000港元。 鑒於此等情況，董事已編製本集團涵蓋十五個月之現金流量預測。在編製該現金流量預測時，董事已審慎考慮其營運需求、本集團未來流動資金及其可用融資來源，以評估本集團能否償還未償債務及滿足未來營運資金與其他財務需求。 此外，董事正實施多項計劃及措施以改善本集團的流動資金及財務狀況，包括(其中包括)： (i) 本集團已徵求法律顧問的意見並認為，該等仲裁（定義見附註22）的結果不會對本集團產生不利的現金流量影響。董事根據獲得的法律意見預計，本公司及本集團其他附屬公司（均為獨立的法人實體）的業務及資產不會受到法定要求償債書（定義見附註22）及該等仲裁裁決（定義見附註22）的影響。 # Notes to the Unaudited Condensed Consolidated Interim Financial Information 未經審核簡明綜合中期財務資料附註 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 MATERIAL ACCOUNTING POLICY INFORMATION (Continued) (a) Basis of preparation (Continued) Going concern basis (Continued) (ii) The ultimate controlling party of the Company, Ms. Chong agreed to provide financial support to the Group. On 25 June 2025, Ms. Chong entered into a loan agreement with the Company for an interest-free line of credit with principal amount of HK$80,000,000 for the purpose of providing general working capital to the Group. As at 30 September 2025, the unutilised line of credit available to the Company amounted to HK$75,000,000. On 12 November 2025, a supplemental loan agreement to extend the credit facility for further six months to 24 June 2027 was entered into by Ms. Chong and the Company. (iii) The Group will take a more vigilant approach in managing the progress of projects and related costs with the aim to enable the Group to attain more profitable operations by controlling costs and to improve its operating cashflows. (iv) On 30 September 2025, the Group as vendor entered into the sale and purchase agreement (the "Sale and Purchase Agreement") with Stlet International Group Limited (the "Purchaser"), pursuant to which, the Group shall sell and the Purchaser shall purchase the $70\%$ of the economic benefit of Shenyang Jinyi e-commerce Co., Ltd.* (潘陽金蟬電子商務有限公司) ("Shenyang Jinyi"), a variable interest entity controlled by the Group, and the rights of the shareholder's loan owed by Shenyang Jinyi to the Group at the aggregate consideration of HK$27,500,000 (the "Disposal"). The Disposal was completed on 23 October 2025 and the cash consideration of HK$27,500,000 was fully received by the Group upon completion which enhance the Group's liquidity. Based on the cash flow forecast, assuming the above plans can be successfully implemented as scheduled, the Directors are of the opinion that the Group would have sufficient working capital to finance its operations and to meet its financial obligations as and when they fall due over the period of the cash flow forecast so as to enable the Group to continue as a going concern. Therefore, the Directors considered that it is appropriate to prepare this condensed consolidated interim financial information on a going concern basis. The above events and conditions indicate that the existence of a material uncertainty which may cast significant doubt about the Group's ability to continue as a going concern and, therefore it may be unable to realise its assets and discharge its liabilities in the normal course of business. # 2. 編製基準及重大會計政策資料(續) (a) 編製基準(續) 持續經營基準(續) (ii) 本公司最終控股方莊女士同意向本集團提供財務支持。於二零二五年六月二十五日，莊女士與本公司訂立貸款協議，以提供本金為80,000,000港元的無息信貸額度，用於向本集團提供一般營運資金。於二零二五年九月三十日，本公司可動用的信貸額度為75,000,000港元。於二零二五年十一月十二日，莊女士與本公司訂立補充貸款協議以將信貸融資進一步延長六個月至二零二七年六月二十四日。 (iii) 本集團將採取更謹慎的方法來管理項目進度及相關成本，以期通過控制成本及改善經營現金流使本集團的業務更有利可圖。 (iv) 於二零二五年九月三十日，本集團（作為賣方）與Stlet International Group Limited（「買方」）訂立買賣協議（「買賣協議」），據此，本集團將出售及買方將按總代價27,500,000港元購買本集團所控制之可變權益實體藩陽金蟬電子商務有限公司（「藩陽金蟬」） $70\%$ 的經濟利益及藩陽金蟬結欠本集團的股東貸款權利（「出售事項」）。出售事項已於二零二五年十月二十三日完成，本集團已於完成時悉數收取現金代價27,500,000港元，從而提升了本集團的流動資金。 根據現金流量預測及假設上述計劃能夠按計劃成功實施，董事認為，本集團將有充足的營運資金為其營運提供資金及於現金流量預測期内按時履行到期的財務義務，從而使本集團能夠持續經營。因此，董事認為，按持續經營基準編製本簡明綜合中期財務資料屬適當。 上述事件及情況顯示存在重大不確定性，可能致使公眾對本集團持續經營的能力產生重大疑問，因此本集團或無法在正常業務過程中變現資產及清償負債。 # Notes to the Unaudited Condensed Consolidated Interim Financial Information # 未經審核簡明綜合中期財務資料附註 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 MATERIAL ACCOUNTING POLICY INFORMATION (Continued) (a) Basis of preparation (Continued) Going concern basis (Continued) The condensed consolidated interim financial information does not include any adjustments that may be necessary should the going concern basis of preparation be determined to be inappropriate. These would include any adjustments to write down the Group's assets to their net realisable amounts, to provide for any liabilities which may arise and to reclassify non-current assets and non-current liabilities as current assets and current liabilities, respectively. The effect of these adjustments has not been reflected in this condensed consolidated interim financial information. (b) Material accounting policy which became relevant to the Group for the current period Non-current assets classified as held for sale and discontinued operations (i) Non-current assets classified as held for sale A non-current asset (or disposal group) is classified as held for sale if it is highly probable that its carrying amount will be recovered through a sale transaction rather than through continuing use and the asset (or disposal group) is available for sale in its present condition subject only to terms that are usual and customary for sale of such asset (or disposal group). Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification. A disposal group is a group of assets to be disposed of together as a group in a single transaction, and liabilities directly associated with those assets that will be transferred in the transaction. When the Group is committed to a sale plan involving loss of control of a subsidiary, all the assets and liabilities of that subsidiary are classified as held for sale when the above criteria for classification as held for sale are met, regardless of whether the Group will retain a noncontrolling interest in the subsidiary after the sale. # 2. 編製基準及重大會計政策資料(續) (a) 編製基準(續) 持續經營基準(續) 倘確定持續經營的編製基準屬不適當，則簡明綜合中期財務資料不會計入可能屬必要的任何調整。該等調整可能包括將本集團的資產撇減至其可變現淨值，以為可能出现的任何負債作出撥備，以及將非流動資產及非流動負債分別重新分類為流動資產及流動負債。該等調整的影響並未於本簡明綜合中期財務資料中反映。 (b) 本期間與本集團有關的重大會計政策 分類為持作出售之非流動資產及已終止經營業務 (i) 分類為持作出售之非流動資產 倘一項非流動資產(或出售組別)之賬面值極可能透過出售交易(而非透過持續使用)收回,以及該資產(或出售組別)可在現況下出售,則分類為持作出售,僅受限於就銷售有關資產(或出售組別)而言屬一般及慣常之條款。管理層須致力進行出售,且出售預計在分類日期起計一年內合資格確認為已完成出售。出售組別為一組將於單一交易中一併出售之資產組別,以及與將於交易中轉讓之該等資產直接相關之負債。 當本集團致力執行涉及失去附屬公司之控制權之出售計劃，該附屬公司之所有資產及負債於達致上述持作出售之分類標準時分類為持作出售，而不論本集團會否於出售後保留於該附屬公司之非控股權益。 # Notes to the Unaudited Condensed Consolidated Interim Financial Information 未經審核簡明綜合中期財務資料附註 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 MATERIAL ACCOUNTING POLICY INFORMATION (Continued) (b) Material accounting policy which became relevant to the Group for the current period (Continued) Non-current assets classified as held for sale and discontinued operations (Continued) (i) Non-current assets classified as held for sale (Continued) Immediately before classification as held for sale, the measurement of the non-current assets (and all individual assets and liabilities in a disposal group) is brought up-to-date in accordance with the accounting policies before the classification. Then, on initial classification as held for sale and until disposal, the non-current assets (except for certain assets as explained below), or disposal groups, are recognised at the lower of their carrying amounts and fair value less costs to sell. The principal exceptions to this measurement policy so far as the financial statements of the Group and the Company are concerned are deferred tax assets, assets arising from employee benefits, financial assets (other than investments in subsidiaries, associates and joint ventures) and investment properties. These assets, even if held for sale, would continue to be measured in accordance with the relevant policies. Impairment losses on initial classification as held for sale, and on subsequent remeasurement while held for sale, are recognised in profit or loss. As long as a non-current asset is classified as held for sale, or is included in a disposal group that is classified as held for sale, the non-current asset is not depreciated or amortised. # (ii) Discontinued operations A discontinued operation is a component of the Group's business, the operations and cash flows of which can be clearly distinguished from the rest of the Group, that either has been disposed of, or is classified as held for sale, and which represents a separate major line of business or geographical area of operations, is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations, or is a subsidiary acquired exclusively with a view to resale. Classification as a discontinued operation also occurs if the operation is abandoned and the above criteria are met. Where an operation is classified as discontinued, a single amount is presented on the face of the consolidated statement of profit or loss, which comprises: - the post-tax profit or loss of the discontinued operation; and - the post-tax gain or loss recognised on the measurement to fair value less costs to sell, or on the disposal of the assets or disposal group(s) constituting the discontinued operation. # 2. 編製基準及重大會計政策資料(續) (b) 本期間與本集團有關的重大會計政策(續) 分類為持作出售之非流動資產及已終止經營業務(續) (ⅰ) 分類為持作出售之非流動資產 (續) 緊接分類為持作出售前，非流動資產（及出售組別之所有個別資產及負債）之計量於分類前根據會計政策作出更新。其後，於初步分類為持作出售及直至出售前，非流動資產（惟下文闡述之若干資產除外）或出售組別會按賬面值與公平價值減銷售成本兩者中之較低者確認。就本集團及本公司之財務報表而言，此計量政策之主要例外情況為遞延稅項資產、僱員福利所產生之資產、金融資產（於附屬公司、聯營公司及合營企業之投資除外）及投資物業。該等資產即使為持作出售，仍會繼續根據有關政策計量。 於初步分類為持作出售及其後在持作出售期間重新計量之減值虧損於損益確認。只要非流動資產仍分類為持作出售或納入分類為持作出售之出售組別，非流動資產均不予折舊或攤銷。 # (ii) 已終止經營業務 已終止經營業務為已被處置或分類為持作出售之本集團業務組成部分，其經營業務及現金流量可與本集團之其他部分清楚區分，且其代表一項單獨主要業務線或經營地區，或為處置一項單獨主要業務線或經營地區之單一協調計劃之一部分，或為專門為轉售而收購之附屬公司。 分類為已終止經營業務的情況亦於經營業務被終止且符合上述條件時發生。 當經營業務被分類為已經止時，則於綜合損益表呈列單一金額，其包括： 已終止經營業務之除稅後損益；及 就計量構成已終止經營業務之資產或出售組別之公平價值減出售成本或處置該等資產或出售組別確認之除稅後收益或虧損。 # Notes to the Unaudited Condensed Consolidated Interim Financial Information # 未經審核簡明綜合中期財務資料附註 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 MATERIAL ACCOUNTING POLICY INFORMATION (Continued) # (c) Application of New and Revised Standards In the current period, the Group has applied for the first time, the following new amendments to IFRSs issued by the IASB which are mandatorily effective for the Group's annual period beginning on 1 April 2025, for the preparation of the Group's condensed consolidated interim financial information: Amendments to Lack of Exchangeability IAS 21 The Group has not applied any new standard or amendment that is not yet effective for the current accounting period. The application of the amendments to IFRSs in the current period has had no material impact on the Group's financial positions and performance for the current and prior periods and on the disclosures set out in this condensed consolidated interim financial information. # 3. ACCOUNTING JUDGEMENTS AND ESTIMATION UNCERTAINTIES In preparing these condensed consolidated interim financial information, management has made judgements and estimates that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. The significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty are the same as those described in the 2025 annual consolidated financial statements. # 2. 編製基準及重大會計政策資料(續) # (c) 應用新訂及經修訂準則 於本期間，本集團已首次應用下列由國際會計準則理事會頒佈於本集團自二零二五年四月一日開始之年度期間強制生效的國際財務報告準則新修訂本，以編製本集團簡明綜合中期財務資料： 國際會計準則 缺乏可兌換性第21號修訂本 本集團並無應用於本會計期間仍未生效的任何新準則或修訂本。於本期間應用該等國際財務報告準則修訂本並無對本集團於當前及先前期間的財務狀況及表現產生重大影響，亦無對本簡明綜合中期財務資料所載之披露產生重大影響。 # 3. 會計判斷及估計不確定性 於編製該等簡明綜合中期財務資料時，管理層已作出會影響會計政策應用及所呈報資產與負債丶收入與支出的金額的判斷及估計。實際結果可能與該等估計不同。 管理層於應用本集團會計政策時作出的重大判斷及估計不確定性的主要來源與二零二五年度綜合財務報表所述者相同。 # Notes to the Unaudited Condensed Consolidated Interim Financial Information 未經審核簡明綜合中期財務資料附註 For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 # 4. SEGMENT INFORMATION The Group manages its businesses by divisions, which are organised by business lines (products and services). In a manner consistent with the way in which information is reported internally to the executive Directors (the chief operating decision maker) for the purposes of resource allocation and performance assessment, the Group has presented the following two reportable segments. No operating segments have been aggregated to form the following reportable segments. 1. The Milk Products Business; and 2. The Services Business. The Milk Products Business derives revenue primarily from the sales of milk powder and foods. The Services Business derives revenue primarily from the provision of warehouse logistics services and cleaning services. The business of Property Investment, which derives revenue primarily from rental income arising from the lease of a property, was discontinued in the current period. The following segment information does not include any amounts for the discontinued operation, which is described in more details in note 10. # (a) Segment results, assets and liabilities For the purposes of assessing segment performance and allocating resources between segments, the executive Directors (the chief operating decision maker ("CODM")) monitor the results, assets and liabilities attributable to each reportable segment on the following bases: Segment assets include all tangible, intangible assets and current assets with the exception of financial assets at fair value through profit or loss and other corporate assets. Segment liabilities include trade and other payables, lease liabilities, income tax payable, provisions, deferred tax liabilities and defined benefit obligation attributable to the activities of the individual segments. # 4. 分部資料 本集團按不同分部管理其業務，而各業務分部乃以業務線（產品及服務）組成。與為了進行資源分配及表現評估而在內部向執行董事（主要營運決策者）呈報資料之方式一致，本集團呈列以下兩個須予報告分部。組成以下須予報告分部時並無整合不同的經營分部。 1. 奶類產品業務；及 2. 服務業務。 奶類產品業務之收入主要來自銷售奶粉及食品。 服務業務之收入主要來自提供倉儲物流服務及清潔服務。 物業投資業務之收入主要來自物業租賃產生的租金收入，該分部已於本期間終止經營。以下分部資料並不包括已經止經營業務（更多詳情載於附註10）的任何金額。 # (a) 分部業績、資產及負債 為了評估分部表現及在各分部之間分配資源，執行董事（主要營運決策者（「主要營運決策者」）按以下基準監察各個須予報告分部的業績、資產及負債： 分部資產包括所有有形資產、無形資產及流動資產，惟按公平價值計入損益之金融資產及其他企業資產除外。分部負債包括個別分部的活動應佔之貿易及其他應付款項、租賃負債、應付所得稅、撥備、遞延稅項負債及界定福利責任。 # Notes to the Unaudited Condensed Consolidated Interim Financial Information # 未經審核簡明綜合中期財務資料附註 For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 # 4. SEGMENT INFORMATION (Continued) # (a) Segment results, assets and liabilities (Continued) Revenue and expenses are allocated to the reportable segments with reference to sales generated by those segments and the expenses incurred by those segments or which otherwise arise from the depreciation and amortisation of assets attributable to those segments. The measure used for reporting segment profit/loss is "adjusted EBITDA" i.e. "adjusted earnings before interest, taxes, depreciation and amortisation", where "interest" is regarded as including investment income and "depreciation and amortisation" is regarded as including impairment losses on non-current assets. To arrive at adjusted EBITDA, the Group's earnings are further adjusted for items not specifically attributed to individual segments, such as Directors' and auditors' remuneration and other head office or corporate administration costs. Disaggregation of revenue from contracts with customers by the timing of revenue recognition, as well as information regarding the Group's reportable segments as provided to the executive Directors for the purposes of resource allocation and assessment of segment performance for the six months ended 30 September 2025 and 2024 is set out below. # 4. 分部資料(續) # (a) 分部業績、資產及負債 (續) 收入及開支乃根據須予報告分部所產生的銷售以及該等分部所產生的開支或該等分部應佔之資產折舊及攤銷另外產生之開支，分配至該等分部。 用於申報分部溢利／虧損之計量方法為「經調整EBITDA」，即「扣除利息、稅項、折舊及攤銷前之經調整盈利」，其中「利息」被視為包括投資收入而「折舊及攤銷」被視為包括非流動資產之減值虧損。為計量經調整EBITDA，本集團之盈利乃對並非指定屬於個別分部之項目（如董事及核數師的薪酬以及其他總辦事處或企業行政開支）作出進一步調整。 為進行資源分配及評估分部表現而向執行董事所提供之截至二零二五年及二零二四年九月三十日止六個月按收入確認時間劃分來自客戶合約之收入連同與本集團須予報告分部相關之資料載於下文。 # Notes to the Unaudited Condensed Consolidated Interim Financial Information # 未經審核簡明綜合中期財務資料附註 For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 # 4. SEGMENT INFORMATION (Continued) (a) Segment results, assets and liabilities (Continued) Continuing operations # 4. 分部資料(續) (a) 分部業績、資產及負債 (續) 持續經營業務 Six months ended 30 September 2025 截至二零二五年九月三十日止六個月 <table><tr><td>Milk Products</td><td>Services</td><td></td></tr><tr><td>Business</td><td>Business</td><td>Total</td></tr><tr><td>奶類產品業務</td><td>服務業務</td><td>總計</td></tr><tr><td>HK$'000</td><td>HK$'000</td><td>HK$'000</td></tr><tr><td>千港元</td><td>千港元</td><td>千港元</td></tr><tr><td>(Unaudited)</td><td>(Unaudited)</td><td>(Unaudited)</td></tr><tr><td>(未經審核)</td><td>(未經審核)</td><td>(未經審核)</td></tr></table> # Reportable segment revenue Disaggregated by timing of revenue recognition - Point in time -Over time Revenue from contracts with external customers and reportable segment revenue # 須予報告分部收入 按收入確認時間劃分 即時 一隨時間推移 來自外部客戶合約之收入及 須予報告分部收入 # Profit or loss Reportable segment (loss)/profit (adjusted EBITDA) Bank interest income Depreciation Amortisation Finance costs Loss on financial assets mandatorily measured at fair value through profit or loss Unallocated head office and corporate income and expenses other than bank interest income, depreciation, amortisation and finance costs Consolidated loss before taxation # 損益 須予報告分部（虧損）/ 溢利（經調整EBITDA） 银行利息收入 折舊 攤銷 融資成本 強制按公平價值計入損益計量之 金融資產的虧損 未分配之總辦事處及 企業收入及開支 （银行利息收入） 折舊、攤銷及融資成本除外） 除税前綜合虧損 <table><tr><td>6,217</td><td>-</td><td>6,217</td></tr><tr><td>-</td><td>14,126</td><td>14,126</td></tr></table> <table><tr><td>6,217</td><td>14,126</td><td>20,343</td></tr></table> <table><tr><td>(11,098)</td><td>7,850</td><td>(3,248)</td></tr></table> 3 (9,540) (1,142) (3,299) (2,052) (3,771) (23,049) # Notes to the Unaudited Condensed Consolidated Interim Financial Information # 未經審核簡明綜合中期財務資料附註 For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 # 4. SEGMENT INFORMATION (Continued) (a) Segment results, assets and liabilities (Continued) Continuing operations (Continued) # 4. 分部資料(續) (a) 分部業績、資產及負債(續) 持續經營業務(續) At 30 September 2025 於二零二五年九月三十日 # Reportable segment assets Assets classified as held for sale Unallocated head office and corporate assets Cash and cash equivalents Financial assets at fair value through profit or loss - Other unallocated assets Consolidated total assets # 須予報告分部資產 分類為持作出售之資產 未分配之總辦事處及企業資產一現金及現金等價物 一按公平價值計入損益之金融資產 -其他未分配之資產 綜合資產總額 # Reportable segment liabilities Liabilities directly associated with the assets classified as held for sale Unallocated head office and corporate liabilities - Loan from the ultimate controlling party - Other borrowings - Other unallocated liabilities Consolidated total liabilities # 須予報告分部負債 與分類為持作出售之 資產直接相關的負債 未分配之總辦事處及企業負債 一來自最終控股方之貸款 一其他借贷 -其他未分配之負債 綜合負債總額 11,112 38,273 49,385 76,230 1.535 10.176 76 69 137,395 170.077 7,325 5.000 47,651 1,663 231,716 # Notes to the Unaudited Condensed Consolidated Interim Financial Information 未經審核簡明綜合中期財務資料附註 For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 # 4. SEGMENT INFORMATION (Continued) (a) Segment results, assets and liabilities (Continued) Continuing operations (Continued) # 4. 分部資料(續) (a) 分部業績、資產及負債 (續) 持續經營業務(續) Six months ended 30 September 2024 截至二零二四年九月三十日止六個月 <table><tr><td>Milk Products</td><td>Services</td><td></td></tr><tr><td>Business</td><td>Business</td><td>Total</td></tr><tr><td>奶類產品業務</td><td>服務業務</td><td>總計</td></tr><tr><td>HK$'000</td><td>HK$'000</td><td>HK$'000</td></tr><tr><td>千港元</td><td>千港元</td><td>千港元</td></tr><tr><td>(Unaudited)</td><td>(Unaudited)</td><td>(Unaudited)</td></tr><tr><td>(未經審核)</td><td>(未經審核)</td><td>(未經審核) (Restated)</td></tr><tr><td></td><td></td><td>(經重列)</td></tr></table> # Reportable segment revenue Disaggregated by timing of revenue recognition - Point in time -Over time Revenue from contracts with external customers and reportable segment revenue # Profit or loss Reportable segment