2025-12-31-港交所-星太链集团_中期报告_2025-2026_50页_1mb

> **来源：[研报客](https://pc.yanbaoke.cn)** # STARCOIN GROUP LIMITED # 星太鍵集團有限公司 (Formerly known as Innovative Pharmaceutical Biotech Limited) (Incorporated in the Cayman Islands and continued in Bermuda with limited liability) （前稱領航醫藥及生物科技有限公司） （於開曼群島註冊成立並於百慕達存續之有限公司） (StockCode股份代號：399) INTERIM REPORT 中期报告 2025/26 # Contents 目錄 2 Corporate Information 公司資料 4 Management Discussion and Analysis 管理層討論及分析 11 Other Information Provided in Accordance with the Listing Rules 根據上市規則披露之其他資料 15 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 17 Condensed Consolidated Statement of Financial Position 簡明綜合財務狀況表 20 Condensed Consolidated Statement of Changes in Equity 簡明綜合權益變動表 22 Condensed Consolidated Statement of Cash Flows 簡明綜合現金流量表 23 Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報表附註 # Corporate Information # 公司資料 # BOARD OF DIRECTORS # Executive Directors Yeung Yung (Chairman) Gao Yuan Xing Tang Rong Li Jiehong (resigned on 7 April 2025) Qi Shujuan Long Fai (appointed on 7 April 2025) Wu Ming (appointed on 7 April 2025) Zhang Shen (appointed on 11 April 2025) # Non-executive Directors Jiang Nian (resigned 7 April 2025) Zhang Yi (appointed on 11 April 2025) # Independent Non-executive Directors Chen Weijun Wang Rongliang Chen Jinzhong Xia Tingkang, Tim (appointed on 7 April 2025) Sun Sizheng (appointed on 11 April 2025) # Audit Committee Chen Weijun (Chairman) Wang Rongliang Chen Jinzhong # Remuneration Committee Wang Rongliang (Chairman) Yeung Yung Chen Jinzhong # Nomination Committee Yeung Yung (Chairman) Wang Rongliang Chen Jinzhong Chen Weijun # HONORARY CHAIRMAN Mao Yumin # 董事會 # 執行董事 仰融（主席） 高源興 唐榕 李杰鴻（於二零二五年四月七日辭任） 齊淑娟 龍凡（於二零二五年四月七日獲委任） 伍鳴（於二零二五年四月七日獲委任） 張慎 （於二零二五年四月十一日獲委任） # 非執行董事 蔣年（於二零二五年四月七日辭任） 張羿 （於二零二五年四月十一日獲委任） # 独立非執行董事 陳偉君 王榮樑 陳金中 夏廷康 （於二零二五年四月七日獲委任） 孫思崢 （於二零二五年四月十一日獲委任） # 審核委員會 陳偉君(主席) 王榮樑 陳金中 # 薪酬委員會 王榮樑(主席) 仰融 陳金中 # 提名委員會 仰融(主席) 王榮樑 陳金中 陳偉君 # 名譽主席 毛裕民 # COMPANY SECRETARY Poon Hon Yin # REGISTERED OFFICE Clarendon House 2 Church Street Hamilton HM 11, Bermuda # PRINCIPAL PLACE OF BUSINESS IN HONG KONG Unit 2002, 20th floor On Hong Commercial Building 145 Hennessy Road Wan Chai, Hong Kong # PRINCIPAL SHARE REGISTRAR AND TRANSFER AGENT Conyers Corporate Services (Bermuda) Limited Clarendon House 2 Church Street Hamilton HM 11, Bermuda # BRANCH SHARE REGISTRAR AND TRANSFER AGENT IN HONG KONG Tricor Investor Services Limited 17/F, Far East Finance Centre 16 Harcourt Road Hong Kong # PRINCIPAL BANKER Bank of Communications Co., Ltd. # STOCK CODE 399 # COMPANY WEBSITE www.starcoingroup.com www.irasia.com/listco/hk/starcoingroup # 公司秘書 潘漢彥 # 註冊辦事處 Clarendon House 2 Church Street Hamilton HM 11, Bermuda # 香港主要營業地點 香港灣仔 軒尼斯道145號 安康商業大廈 20樓2002室 # 股份登記總處及過戶代理處 Conyers Corporate Services (Bermuda) Limited Clarendon House 2 Church Street Hamilton HM 11, Bermuda # 香港股份登記分處及過戶代理處 卓佳證券登記有限公司 香港 夏愁道16號 遠東金融中心17樓 # 主要往來銀行 交通银行股份有限公司 # 股份代號 399 # 公司網站 www.starcoingroup.com www.irasia.com/listco/hk/starcoingroup # Management Discussion and Analysis 管理層討論及分析 # GROUP RESULTS Revenue of the Group for the Financial Period amounted to approximately HK$3.2 million, representing an increase of approximately 5.8% as compared with the total revenue of approximately HK$3.0 million that was recorded in the Previous Financial Period. The increase was mainly attributable to the increase in business of the trading of beauty and health products segment during the Financial Period. The Group recorded a loss attributable to the owners of the Company amounted to approximately HK$116.1 million for the Financial Period as compared to profit of HK$101.7 million in Previous Financial Period. The profit of in the Previous Financial Period was attributable to the non-cash item result from the completion of the amendment of Convertible Bonds. # BUSINESS REVIEW # Trading of beauty and health products During the Financial Period, revenue arising from the trading of beauty and health products amounted to approximately HK$3.2 million, representing an increase of 5.8% from the revenue in the amount of approximately HK$3.0 million that was recorded in the Previous Financial Period. During the Financial Period, the Group engaged a registered pharmacist to formulate dietary supplements for the insulin health and blood sugar management. In September 2025, the Group already lunched its own health supplement product under the brand of "Pancreon PRO"「胰太寶」. # Research and development The in-process research and development project (the "In-process R&D") represented an in-process research and development project involving an oral insulin product (the "Product"). The Group will inject additional resources into clinical trial of the In-process R&D and consolidate the effort of the project team in order to facilitate the development of it. The In-process R&D was recorded as intangible asset in Group's consolidated statement of financial position with net carrying value of HK$1,076 million. The management performs the impairment assessment at the end of each reporting period. # 集團業績 於本財政期間，本集團之收益約3,200,000港元，較上一財政期間錄得之總收益約3,000,000港元增加約 $5.8\%$ 。有關增加主要由於本財政期間美容及保健產品貿易分部之業務增加。於本財政期間，本集團錄得本公司擁有人應佔虧損約116,100,000港元，上一財政期間則錄得溢利101,700,000港元。於上一財政期間的溢利乃歸因於完成可換股債券修訂而產生的非現金項目所致。 # 業務回顧 # 美容及保健產品貿易 於本財政期間，美容及保健產品貿易所得收益約為3,200,000港元，較上一財政期間錄得之收益約3,000,000港元增加 $5.8\%$ 。於本財政期間，本集團聘請一名註冊藥劑師配製胰島素保健及血糖管理的膳食補充劑。於二零二五年九月，本集團已推出「胰太寶」品牌的保健產品。 # 研發 現正進行之研發項目(「研發過程」)指涉及口服胰島素產品(「該產品」正在進行的研發項目。本集團將向研發過程的臨床試驗注入額外資源並綜合項目團隊的努力以促進其發展。 研發過程於本集團綜合財務狀況表入賬列作無形資產，賬面淨值為1,076,000,000港元。管理層於各報告期末進行減值評估。 # Management Discussion and Analysis 管理層討論及分析 At the end of the Financial Period, the Directors of the Company have performed impairment assessment on the intangible asset. The recoverable amount of the intangible asset is determined based on the estimated fair value of the In-process R&D. Based on the assessment, the recoverable amount of the Group's intangible asset is estimated to be higher than the carrying amount and therefore the Directors of the Company considered that no further impairment is necessary as at 30 September 2025. The enrolment of the first batch of patients for the Clinical Trial testing has commenced in July 2020. Currently, about 405 patients have been enrolled in selected participating hospitals to take place in the Clinical Trial. The enrolment of patients will be an ongoing process. Based on the latest information available to the Company, the Product is expected to be launched in the market and available for sale at selected hospitals by third quarter of 2028. The Group is expected to generate a stable source of revenue and profit after the launch of the Product taking into account that (i) there is massive demand in the PRC for innovative insulin products in light of the growing diabetic population; (ii) once the Product is launched, it is expected to become the first oral insulin drug available in the market; (iii) the Product is expected to be sold at a reasonable price range and will provide a superior and effective treatment method for diabetes patients; and (iv) once the Product is launched, it will be protected for a period of 5 years under the current regulations in the PRC which prohibits other companies from manufacturing and/or undergoing clinical trial for similar products. The Group will make further announcements depending on situation and in accordance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") if there is any material development. 於本財政期間末，本公司董事已對無形資產作出減值評估。無形資產的可收回款項基於研發過程的估計公平值釐定。根據該評估，估計本集團無形資產的可收回款項將高於其賬面值，因此，本公司董事認為毋須於二零二五年九月三十日作出進一步減值。 就臨床試驗招募第一批患者已於二零二零年七月開始。現時已於指定參與醫院招募約405名患者參與臨床試驗。患者招募過程將持續進行。 根據本公司最近可得之資料，預計該產品將於二零二八年第三季前於市場上推出並於指定醫院銷售。經考慮下列各項，本集團預期該產品推出後將產生穩定的收益及盈利來源：(i)鑿於糖尿病患者人數日增，中國對創新胰島素產品需求強勁；(ii)該產品推出後，預期將為市場上首款口服胰島素藥物；(iii)該產品預期將於合理價格範圍出售，並將為糖尿病患者提供更佳及更有效的治療方式；及(iv)該產品一經推出，將根據中國的現有法規得到五年保障期，期間禁止其他公司生產及/或進行類似產品的臨床試驗。 倘出現任何重大進展，本集團將根據情況按照香港聯合交易所有限公司證券上市規則(「上市規則」)作出進一步公告。 # Management Discussion and Analysis 管理層討論及分析 # PROSPECTS # Trading of beauty and health products The major trading products of the Group are beauty and health products, and sales of these beauty and health products represent the major component that contributes to the Group's revenue. The Group's core mission is to provide reliable health supplement solutions for the vast diabetic and pre-diabetic population which is identical with the Group's principal activities, that is, to develop products with aim to provide solution for diabetic patients. There will be several insulin related health products to be launched in Hong Kong with one product "Pancreon PRO" already launched at the end of September 2025 under the brand of「胰太寶」. The management is going to have been more proactive about diversification on the product range in the trading business which may bring high profit margin and contribution to the Group. # Research and development To further ensure that the Product will be able to commercialise in third quarter of 2028, the project team of the Group will regularly monitor the progress and make regular reports to the management of the Company so as to ensure the In-process R&D can be completed according to the Group's schedule to commercialise the Product in third quarter of 2028. As part of the Group's initiative to expand its exposure in the biotech area, the Group has been in discussions with medical experts in John Hopkins University School for over six months to reach cooperation. On 16 October 2025, the Group entered into a Preliminary Partnership Agreement with The Scaling Lab. by Dr. J. Hunter Young at Johns Hopkins University School of Medicine. Under the cooperation agreement, among others, the two parties will cooperate to further study on Dr. Young's work on the genetic epidemiology and physiology of cardiovascular disease and its risk factors, especially diabetes and its treatments other than insulin. # 前景 # 美容及保健產品貿易 本集團的主要貿易產品為美容及保健產品，而銷售該等美容及保健產品為本集團貢獻大部分收益。 本集團的核心使命是為廣大的糖尿病及糖尿病前期患者提供可靠的健康補充劑解決方案，這與本集團的主要業務(即開發旨在為糖尿病患者提供解決方案的產品)相符。本集團將在香港推出多款胰島素相關保健產品，其中一款名為「Pancreon PRO」的產品已於二零二五年九月底以「胰太寶」品牌推出市場。管理層將更加積極多元化貿易業務的產品範圍，以為本集團帶來高利潤率及貢獻。 # 研發 為進一步確保該產品能夠在二零二八年第三季實現商品化，本集團的項目團隊將定期監測進度及定期向本公司管理層報告，確保按照本集團的時間表完成研發過程，以實現該產品於二零二八年第三季商品化。 為拓展本公司在生物科技領域的業務，本集團已與約翰·霍普金斯大學(John Hopkins University School)的醫學專家進行超過六個月的磋商，以期達成合作。於二零二五年十月十六日，本集團與約翰斯·霍普金斯大學醫學院(Johns Hopkins University School of Medicine)的J. Hunter Young 博士領導的The Scaling Lab.簽訂初步合作協議。根據合作協議，(其中包括)雙方將合作深入研究Young 博士在心血管疾病及其風險因素的遺傳流行病學及生理學方面的研究成果，尤其是糖尿病及胰島素以外的治療方法)。 # Management Discussion and Analysis 管理層討論及分析 Dr. J. Hunter Young is an associate professor of medicine and assistant professor of gynecology and obstetrics at the Johns Hopkins University School of Medicine. His areas of clinical expertise include insulin resistance, genetic epidemiology, hypertension and general internal medicine. Founded in 1876 as the America's first research university, Johns Hopkins has been advancing knowledge and bringing discoveries to the world for nearly 150 years. Each year since 1979, Johns Hopkins has been the leading recipient of research funding from the federal government. Johns Hopkins Medicine is a governing structure for the University's School of Medicine and the health system, coordinating their research, teaching, patient care, and related enterprises. The Group's consider the cooperation with Johns Hopkins University School of medicine a highly valuable opportunity to build foundation for the Group to tap into other research for treatments for diabetes. The Group plans to apply blockchain technology to add value to its health-related businesses. As set out in the announcement dated 25 April 2025, the initiative to explore new opportunity in blockchain technology solutions aligns with global digital transformation trends and creates opportunities to diversify the revenue streams of the Group. The Group considers the Great Health Industry, covering medical services, health management, pharmaceutical distribution, biomedicine, elderly care, and health financing, has become a new growth driver for the Chinese economy J.Hunter Young 博士是約翰斯·霍普金斯大學醫學院(Johns Hopkins University School of Medicine)的醫學副教授及婦產科助理教授。他的臨床專業領域包括胰島素抗性、遺傳流行病學、高血壓及一般內科。約翰·霍普金斯大學於一八七六年成立，是美國第一所研究型大學，於接近150年以來致力於推動知識進步，並將世界帶來新研究成果。自一九七九年起，約翰·霍普金斯大學一直是聯邦政府科研經費的主要受惠者。約翰斯·霍普金斯大學醫學院是該大學的醫學院及醫療系統的監管機構，負責協調其研究、教學、病患護理及相關工作。 本集團認為與約翰斯·霍普金斯大學醫學院的合作是難能可貴的機會，可為本集團開拓其他糖尿病治療研究奠定基礎。 本集團計劃運用區塊鏈技術為其保健相關業務增值。誠如日期為二零二五年四月二十五日的公告所載，探索區塊鏈技術解決方案新機遇的計劃符合全球數碼轉型趨勢，並提供機會令本集團的收益來源更多元化。本集團認為，涵蓋醫療服務、健康管理、醫藥分銷、生物醫藥、養老護理及健康融資等領域的大健康產業已成為中國經濟新的增長動力。 # Management Discussion and Analysis # 管理層討論及分析 # FINANCIAL REVIEW # Capital structure # 財務回顧 # 資本架構 30 September 2025 二零二五年 九月三十日 HK$'000 千港元 31 March 2025 二零二五年 三月三十一日 HK$'000 千港元 Authorised: 120,000,000,000 ordinary shares of HK$0.01 each (the "Shares") 法定： 120,000,000,000股每股面值0.01港元之普通股(「股份」) 1,200,000 500,000 Issued and fully paid: 2,142,787,625 Shares (As at 31 March 2025: 1,822,202,924 Shares) 已發行及已繳足： 2,142,787,625股股份 (於二零二五年三月三十一日:1,822,202,924股股份) 21,428 18,222 # Liquidity and financial resources As at 30 September 2025, the Group had bank and cash balances of approximately HK$18.1 million (31 March 2025: approximately HK$3.7 million). As at 30 September 2025, total borrowings of the Group were approximately HK$1,143.0 million (31 March 2025: approximately HK$1,049.2 million) which reflected the debt value of the Company's unconverted convertible bonds, amounts due to non-controlling interests, amounts due to former non-controlling interests, loans from a substantial shareholder, amount due to a former associate, and loans from a former associate and a non-controlling interest. # 流動資金及財務資源 於二零二五年九月三十日，本集團之銀行及現金結餘約18,100,000港元（二零二五年三月三十一日：約3,700,000港元）。 於二零二五年九月三十日，本集團之總借貸約1,143,000,000港元（二零二五年三月三十一日：約1,049,200,000港元），反映本公司之未轉換可換股債券之債務價值、應付非控股權益款項、應付前非控股權益款項、來自主要股東貸款、應付前聯營公司款項及來自前聯營公司及非控股權益貸款。 # Management Discussion and Analysis 管理層討論及分析 The ratio of current assets to current liabilities of the Group was 0.02 as at 30 September 2025 as compared to the 0.01 as at 31 March 2025. The Group's gearing ratio as at 30 September 2025 was 1.07 (31 March 2025: 0.98) which is calculated based on the Group's total liabilities of approximately HK$1,191.1 million (31 March 2025: approximately HK$1,059.8 million) and the Group's total assets of approximately HK$1,110.7 million (31 March 2025: approximately HK$1,085.1 million). The Group places importance on security, short-term commitment, and availability of the surplus cash and cash equivalents. # Placing of new shares under general mandate The Company completed the placing of 23,555,000 shares at a placing price of HK$0.175 per share under the general mandate pursuant to the placing agreement dated 29 May 2025 (the "Placing"). The Placing was completed on 23 June 2025 and generated gross proceeds of approximately HK$4,122,000. After deducting all relevant expenses (including, but not limited to, placing commission, legal fees, and disbursements), the net proceeds amounted to approximately HK$4,000,000. The Company intended to apply the net proceeds in full for the general working capital of the Group. As at 30 September 2025, the net proceeds from the Placing had been fully utilized for such purposes. # Significant acquisition and investments The Group had no significant investments, nor had it made any material acquisition or disposal of the Group's subsidiaries or associated companies during the Financial Period. # Charges on the Group's assets As at 30 September 2025, the Group and the Company did not have any charges on their assets (31 March 2025: Nil). 本集團於二零二五年九月三十日之流動資產對流動負債之比率為0.02，而於二零二五年三月三十一日則為0.01。本集團於二零二五年九月三十日之資本負債比率為1.07（二零二五年三月三十一日：0.98），乃根據本集團之負債總額約1,191,100,000港元（二零二五年三月三十一日：約1,059,800,000港元）及本集團之資產總額約1,110,700,000港元（二零二五年三月三十一日：約1,085,100,000港元）計算。 本集團重視盈餘現金及現金等價物之安全、短期承諾和可用性。 # 根据一般授权配售新股份 本公司根據二零二五年五月二十九日訂立之配售協議，按配售價每股0.175港元完成配售23,555,000股股份（「配售事項」）。配售事項已於二零二五年六月二十三日完成，並產生所得款項總額約4,122,000港元。扣除所有相關開支（包括但不限於配售佣金、法律費用及支出）後，所得款項淨額約為4,000,000港元。本公司擬將所得款項淨額全數用作本集團的一般營運資金。於二零二五年九月三十日，配售所得款項淨額已悉數用作上述用途。 # 重大收購及投資 本集團於本財政期間並無任何重大投資，亦無作出任何重大收購或出售本集團附屬公司或聯營公司之行為。 # 本集團資產抵押 於二零二五年九月三十日，本集團及本公司並無任何資產抵押（二零二五年三月三十一日：無）。 # Management Discussion and Analysis 管理層討論及分析 # Foreign exchange exposure The monetary assets and liabilities and businesses of the Group are mainly conducted in Hong Kong Dollars, Renminbi, and United States Dollars. The Group maintains a prudent strategy in its foreign exchange risk management, with the foreign exchange risk being minimised through balancing the foreign currency monetary assets against foreign currency monetary liabilities, and foreign currency revenue against foreign currency expenditure. The Group did not use any financial instruments to hedge against foreign currency risk during the Financial Period. The Group will continue to monitor its foreign currency exposure closely and consider hedging foreign currency exposure should the need arise. # Number and numeration of employees As at 30 September 2025, the Group had 29 full time employees (31 March 2025: 20), most of whom work in the Company's subsidiaries in the PRC. It is the Group's policy that the remuneration of employees and Directors are in line with the market and commensurate with their responsibilities. Discretionary year-end bonuses are payable to the employees based on individual performance. Other employee benefits include medical insurance, retirement schemes, training programmes, and education subsidies. Total staff costs including the Directors' remuneration for the Financial Period amounts to approximately HK\ $3.6 million (Previous Financial Period: approximately HK\$ 2.9 million). # Segment information Details of the segment information are set out in note 3 to unaudited condensed consolidated financial statements. # 外匯風險 本集團之貨幣資產及負債以及業務主要以港元、人民幣及美元進行。本集團對其外匯風險管理維持審慎策略，並透過對沖外幣資產與外幣負債以及外幣收益與外幣開支減低外匯風險。於本財政期間，本集團並無使用任何金融工具對沖外幣風險。本集團將繼續密切監察外幣風險，並將於有需要時考慮對沖外幣風險。 # 僱員人數及薪酬 於二零二五年九月三十日，本集團有29名（二零二五年三月三十一日：20名）全職僱員，大部分均任職本公司於中國之附屬公司。本集團之政策乃僱員及董事之薪酬須與市場一致，並與彼等職責相符。酌情年末花紅乃根據個人表現而向僱員支付。其他僱員福利包括醫療保險、退休計劃、培訓課程及教育資助。 於本財政期間之員工總成本(包括董事酬金)約為3,600,000港元(上一財政期間：約2,900,000港元）。 # 分部資料 分部資料之詳情載於未經審核簡明綜合財務報表附註3。 Yeung Yung Chairman Hong Kong, 28 November 2025 仰融 主席 香港，二零二五年十一月二十八日 # Other Information Provided in Accordance with the Listing Rules 根據上市規則披露之其他資料 # PURCHASE, SALE OR REDEPMENT OF THE COMPANY'S LISTED SECURITIES During the Financial Period, neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company's listed securities. # COMPLIANCE WITH THE CORPORATE GOVERNANCE CODE The Company is committed to striving good corporate governance practices and emphasising on transparency and accountability to its shareholders and stakeholders for enhancing investor confidence. Throughout the Financial Period, the Company has adopted and complied with all the code provisions as set out in the Corporate Governance Code ("CG Code") as set forth in Appendix 14 to the Listing Rules, save and except for the deviations from code provisions F.1.1. # Code provision F.1.1 Code provision F.1.1 stipulates that the Company should have a policy on payment of dividends. The Company has not established a dividend policy as the Company considers it more appropriate to determine a dividend payment after taking into account those factors including the Company's then financial performance, operating and capital requirements and market conditions, to enable the Company be in a better position to cope with its future development, which is to the best interest of the Company and its shareholders as a whole. # AUDIT COMMITTEE The Audit Committee reviews with the management the accounting policies and practices adopted by the Group and discusses the auditing, internal control and financial reporting matters. The Group's unaudited interim financial statements for the Financial Period have been reviewed by the Audit Committee. # 購買、出售或贖回本公司之上市證券 於本財政期間，本公司或其任何附屬公司概無購買、出售或贖回本公司之任何上市證券。 # 遵守企業管治守則 本公司致力於達致良好的企業管治常規及注重向其股東及持份者保持透明度及間責性，以提升投資者信心。於整個財政期間，本公司已採納及遵守上市規則附錄十四所載之企業管治守則(「企業管治守則」)所載之一切守則條文，惟守則條文第F.1.1條之偏離情況除外。 # 守則條文第F.1.1條 守則第F.1.1條規定，本公司應設有分紅政策，本公司尚未設立股息分紅政策。為了本公司和股東整體的最大利益，本公司認為更合適的股息分紅政策需要綜合考慮本公司當時的財務狀況、經營狀況、資本要求和市場條件，使本公司能夠更好地應對未來的發展這些因素後確定股息分紅政策。 # 審核委員會 審核委員會與管理層審閱本集團採納之會計政策及慣例，並討論審計、內部監控及財務報告事宜。審核委員會已審閱本集團於本財政期間之未經審核中期財務報表。 # Other Information Provided in Accordance with the Listing Rules 根據上市規則披露之其他資料 # DIRECTORS' SECURITIES TRANSACTIONS The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers (the "Model Code") as set out in Appendix 10 to the Listing Rules as the code of conduct regarding Directors' securities transactions. Upon specific enquiries being made with all the Directors, each of them have confirmed that they have fully complied with the required standards set out in the Model Code throughout the Financial Period in relation to their securities dealings, if any. # DIRECTORS' INTERESTS IN SHARES As at 30 September 2025, the interests or short positions of the Directors, chief executive of the Company or their associates in any Shares, underlying shares or debentures of the Company or any of its associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance ("SFO")) which were required to be recorded in the register and required to be kept by the Company under Section 352 of the SFO, or which is otherwise required to be notified to the Company and the Stock Exchange pursuant to the Model Code were as follows: # Long positions in the issued share capital of the Company # 董事進行之證券交易 本公司已採納上市規則附錄十所載上市發行人董事進行證券交易的標準守則（「標準守則」），作為董事進行證券交易之行為守則。向所有董事作出特定查詢後，彼等各自已確認，於整個財政期間，彼等已就其證券交易（如有）全面遵守標準守則所載之規定標準。 # 董事於股份之權益 於二零二五年九月三十日，本公司董事、高級行政人員或彼等之聯繫人士於本公司或其任何相聯法團（定義見證券及期貨條例(「證券及期貨條例」第XV部)之任何股份、相關股份或債券中擁有須記錄於根據證券及期貨條例第352條本公司須存置之登記冊內或須根據標準守則以其他方式知會本公司及聯交所之權益或淡倉如下： # 於本公司已發行股本之好倉 Name of Director Capacity Number of shares/ underlying shares held Percentage of the issued share capital of the Company 董事姓名 身份 持有之股份/ 相關股份數目 佔本公司已發行股 本百分比 Tang Rong Beneficial owner 396,200 0.02% 唐榕 實益擁有人 Save as disclosed above, as at 30 September 2025, none of the Directors, chief executive of the Company nor their associates had any interests or short positions in the shares, underlying shares or debentures of the Company or any of its associated corporations (within the meaning of Part XV of the SFO), which were recorded in the register required to be kept by the Company under Section 352 of the SFO, or which is otherwise notified to the Company and the Stock Exchange pursuant to the Model Code. 除上文披露者外，於二零二五年九月三十日，概無本公司董事、高級行政人員或彼等之聯繫人士於本公司或其任何相聯法團(定義見證券及期貨條例第XV部)之股份、相關股份或債券中擁有須記錄於根據證券及期貨條例第352條本公司須存置之登記冊或須根據標準守則以其他方式知會本公司及聯交所之任何權益或淡倉。 # Other Information Provided # in Accordance with the Listing Rules 根據上市規則披露之其他資料 # SUBSTANTIAL SHAREHOLDERS' AND OTHER PERSONS' INTERESTS AND SHORT POSITIONS IN SHARES AND UNDERLYING SHARES As at 30 September 2025, the register of interests and short positions in the shares and underlying shares of the Company kept under Section 336 of the SFO showed that, the following, other than a Director or chief executive of the Company, had an interest or deemed interest of $5\%$ or more in the issued share capital of the Company: Long/Short positions in the issued share capital of the Company 主要股東及其他人士於股份及相關股份之權益及淡倉 於二零二五年九月三十日，根據證券及期貨條例第336條存置之本公司股份及相關股份之權益及淡倉登記冊所載，下列人士(不包括本公司之董事或高級行政人員)於本公司已發行股本中擁有或被視為擁有5%或以上權益： 於本公司已發行股本之好倉/淡倉 Name of Shareholder 股東姓名/名稱 Capacity 身份 Number of shares/ underlying shares held 持有之股份/ 相關股份數目 Long (L) or Short (S) position 好倉(L)或 淡倉(S) Percentage of the issued share capital of the Company 佔本公司已發行 股本百分比 Dr. Mao Yumin (note 1) 毛裕民博士(附註1) Beneficial owner 實益擁有人 1,405,441,094 L 65.58% Interest of a controlled corporation 受控制法團之權益 94,603,960 L 4.41% United Gene Holdings Limited (note 1) 聯合基因控股有限公司(附註1) Interest of a controlled corporation 受控制法團之權益 94,603,960 L 4.41% Blowwindow Gene Development (Hong Kong) Limited (note 1)(附註1) Interest of a controlled corporation 受控制法團之權益 94,603,960 L 4.41% JNJ Investments Limited (note 1)(附註1) Beneficial owner 實益擁有人 55,000,000 L 2.56% Interest of a controlled corporation 受控制法團之權益 39,603,960 L 1.84% United Gene International Holdings Ltd 聯合基因國際有限公司 Beneficial owner 實益擁有人 39,603,960 L 1.84% Dr. Xie Yi (note 2) 謝毅博士(附註2) Interest of a controlled corporation 受控制法團之權益 94,603,960 L 4.41% Ease Gold Investments Limited (note 2)(附註2) Interest of a controlled corporation 受控制法團之權益 94,603,960 L 4.41% Chau Yiu Ting 周耀庭 Beneficial owner 實益擁有人 185,244,900 L 8.64% # Other Information Provided in Accordance with the Listing Rules 根據上市規則披露之其他資料 # Notes: 1. These include (i) 310,724,751 ordinary shares held by Dr. Mao directly; (ii) 1,094,716,343 and 39,603,960 derivative shares held by Dr. Mao and United Gene International Holdings Group Limited respectively, which shall be issued by the Company upon exercise of the conversion rights attached to the convertible bonds in an aggregate principal amount of HK$231,500,000 issued by the Company; (iii) 55,000,000 ordinary shares held through JNJ Investments Limited ("JNJ"), JNJ is an wholly-owned subsidiary of Blowwindow Gene Development (Hong Kong) Limited which is also an wholly-owned subsidiary of United Gene Group Limited, which is in turn owned as to $33\%$ by United Gene Holdings Limited. United Gene International Holdings Group Limited is wholly-owned by JNJ. 2. Ease Gold Investments Limited, is wholly-owned by Dr. Xie Yi ("Dr. Xie"), which owns $33\%$ equity interests of United Gene Group Limited. Save as disclosed above, the directors were not aware of any other relevant interests or short positions of $5\%$ or more in the issued share capital of the Company as at 30 September 2025. # PURCHASE, SALE OR REDEPMENT OF THE COMPANY'S LISTED SECURITIES During the Financial Period, neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company's listed securities. # 附註： 1. 彼等包括(i)由毛博士直接持有的310,724,751股普通股；(ii)於行使可換股債券附帶之轉換權後，由本公司發行之衍生股份一本金總額為231,500,000港元之可換股債券，乃分別由毛博士持有1,094,716,343股及聯合基因國際有限公司持有39,603,960股；(iii)透過JNJ Investments Limited（「JNJ」）持有55,000,000股普通股，JNJ為Blowwindow Gene Development(Hong Kong)Limited之全資附屬公司，Blowwindow Gene Development(Hong Kong)Limited亦為United Gene Group Limited之全資附屬公司，而United Gene Group Limited由聯合基因控股有限公司擁有 $33\%$ 。聯合基因國際有限公司由JNJ全資擁有。 2. Ease Gold Investments Limited (由謝毅博士(「謝博士」)全資擁有) 擊有 United Gene Group Limited 之 $33\%$ 股權。 除上文披露者外，於二零二五年九月三十日，董事並不知悉佔本公司已發行股本5%或以上之任何其他相關權益或淡倉。 # 購買、出售或贖回本公司之上市證券 於本財政期間，本公司或其任何附屬公司概無購買、出售或贖回本公司之任何上市證券。 # 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 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 Revenue 收益 3 3,206 3,029 Cost of sales and services 銷售及服務成本 (2,759) (2,722) Gross profit 毛利 447 307 Other gains and losses, net 其他收益及虧損凈額 4 - 224,291 Administrative expenses 行政開支 (12,386) (6,683) Research and development expenses 研發開支 (4,062) (709) Finance costs 財務費用 5 (103,303) (116,240) Profit before tax 稅前溢利 (119,304) 100,966 Income tax 所得稅 - - Profit for the period 期內溢利 6 (119,304) 100,966 Other comprehensive expense 其他全面開支 Items that may be subsequently reclassified to profit or loss: 其後可能重新分類至損益之項目: Exchange difference on translation of foreign operations 換算海外業務之匯兑差額 58 28 58 28 Total comprehensive income for the period 期内全面收益總額 (119,246) 100,994 # 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 Six months ended 30 September 截至九月三十日止六個月 2025 二零二五年 HK$'000 千港元 (unaudited) 2024 二零二四年 HK$'000 千港元 (unaudited) 附註 (未經審核) 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 (116,176) 101,741 Non-controlling interests 非控股權益 (3,128) (775) (119,304) 100,966 Total comprehensive income (expense) for the period attributable to: 以下人士應佔期内全面 收益(開支)總額: Owners of the Company 本公司擁有人 (116,118) 101,769 Non-controlling interests 非控股權益 (3,128) (775) (119,246) 100,994 HK cents 港仙 HK cents 港仙 Earnings (loss) per share 每股盈利(虧損) 8 5.87 Basic 基本 (5.97) Diluted 攤薄 (5.97) (0.20) # 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 At 30 September 2025 於二零二五年 九月三十日 HK$'000 千港元 (unaudited) (未經審核) At 31 March 2025 於二零二五年 三月三十一日 HK$'000 千港元 (audited) (經審核) Non-current assets 非流動資產 Right-of-use assets 使用權資產 10 10,808 - Intangible assets 無形資產 10 1,076,240 1,076,240 Current assets 流動資產 Inventories 存貨 11 134 - Trade receivables 貿易應收賬款 11 3,660 3,371 Prepayments, deposits and other receivables 預付款項、按金及 其他應收款項 1,815 1,815 Bank and cash balances 銀行及現金結餘 18,071 3,703 23,680 8,889 # 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 At 30 September 2025 於二零二五年 九月三十日 HK$'000 千港元 (unaudited) (未經審核) At 31 March 2025 於二零二五年 三月三十一日 HK$'000 千港元 (audited) (經審核) Current liabilities 流動負債 Trade payables 貿易應付賬款 12 1,050 Lease liabilities 租賃負債 11,130 Accruals and other payables 應計費用及其他應付 款項 35,911 Amounts due to non-controlling interests 應付非控股權益款項 3,092 Amounts due to former non-controlling interests 應付前非控股權益 款項 724 Loan from a substantial shareholder 來自主要股東貸款 8,190 Amount due to a former associate 應付前聯營公司款項 41,947 Convertible Bonds 可換股債券 13 1,005,759 1,107,803 Net current liabilities 流動負債淨額 (1,084,123) Total assets less current liabilities 總資產減流動負債 2,925 113,064 # 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 At 30 September 2025 於二零二五年 九月三十日 HK$'000 千港元 (unaudited) (未經審核) At 31 March 2025 於二零二五年 三月三十一日 HK$'000 千港元 (audited) (經審核) YEUNG YUNG 仰融 CHAIRMAN 主席 TANG RONG 唐榕 DIRECTOR 董事 # 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 Attributable to owners of the Company 本公司擁有人應佔 Share capital Share premium Convertible bonds equity reserve Other reserve Foreign currency translation Accumulated losses Total Non-controlling interests Total equity 股本 HK$'000 千港元 股份溢價 HK$'000 千港元 可與股債券 權益儲備 HK$'000 千港元 其他儲備 HK$'000 千港元 外幣兑換 儲備 HK$'000 千港元 累計虧損 HK$'000 千港元 (Note a) (附註a) 總計 HK$'000 千港元 非控股權益 HK$'000 千港元 權益總額 HK$'000 千港元 At 1 April 2024 (audited) 於二零二四年四月一日(經審核) 17,232 1,376,204 396,352 4,140 (166) (2,405,274) (611,512) 930,943 319,431 Profit/(Loss) for the period 期内溢利/(虧損) - - - - - 101,741 101,741 (775) 100,966 Other comprehensive income (expense) for the period 期内其他全面收益(開支) - - - - 28 - 28 - 28 Total comprehensive income (expense) for the period 期内全面收益(開支)總額 - - - - 28 101,741 101,769 (775) 100,994 Issue of convertible bonds 發行可換股債券 - - 48,212 - - - 48,212 - 48,212 Conversion of convertible bonds 轉換可換股債券 990 30,082 (28,461) - - - 2,611 - 2,611 At 30 September 2024 (unaudited) 於二零二四年九月三十日(未經審核) 18,222 1,406,286 416,103 4,140 (138) (2,303,533) (458,920) 930,168 471,248 # Condensed Consolidated Statement of Changes in Equity # 簡明綜合權益變動表 For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 Attributable to owners of the Company 本公司擁有人佔佔 Share capital Share premium Convertible bonds equity reserve 可換股債券 權益儲備 Other reserve Foreign currency translation reserve 外幣兑換 儲備 Accumulated losses Total Non-controlling interests Total equity 股本 HK$'000 股份溢價 HK$'000 HK$'000 千港元 HK$'000 千港元 HK$'000 千港元 HK$'000 千港元 HK$'000 千港元 非控股權益 HK$'000 千港元 權益總額 HK$'000 千港元 At 1 April 2025 (audited) 於二零二五年四月一日(經審核) 18,222 1,399,796 308,906 228,235 (173) (2,636,179) (681,193) 706,534 25,341 Profit/(Loss) for the period 期内溢利/(虧損) - - - - - (116,176) (116,176) (3,128) (119,304) Other comprehensive income (expense) for the period 期内其他全面收益(開支) - - - - 58 - 58 - 58 Total comprehensive income (expense) for the period 期内全面收益(開支)總額 - - - - 58 (116,176) (116,118) (3,128) (119,246) Issue of shares 發行股份 236 3,845 - - - - 4,081 - 4,081 Conversion of convertible bonds 轉換可換股債券 2,970 72,424 (65,934) - - - 9,460 - 9,460 At 30 September 2025 (unaudited) 於二零二五年九月三十日(未經審核) 21,428 1,476,065 242,972 228,235 (115) (2,752,355) (783,770) 703,406 (80,364) # Note: (a) Remittance outside the PRC of retained profits of the subsidiaries established in the PRC is subject to approval of the local authorities and the availability of foreign currencies generated and retained by these subsidiaries. # 附註： (a) 於中國成立之附屬公司之保留溢利之境外匯款須經當地政府當局批准及視乎此等附屬公司產生及保留外幣之可能性而定。 # 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 截至九月三十日止六個月 2025 二零二五年 (unaudited) (未經審核) 2024 二零二四年 (unaudited) (未經審核) NET CASH GENERATED FROM (USED IN) OPERATING ACTIVITIES 經營活動所得(所用)現金 淨額 10,447 (2,630) FINANCING ACTIVITIES 融資活動 Interest paid on lease liabilities 租賃負債之已付利息 (81) - Repayment of lease liabilities 償還租賃負債 (43) - Net proceeds of issue of shares 發行股份所得款項淨額 4,081 - NET CASH GENERATED FROM FINANCING ACTIVITIES 融資活動所得 現金淨額 3,957 - NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 現金及現金等價物 增加(減少)淨額 14,404 (2,630) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 3,703 3,075 EFFECT OF FOREIGN EXCHANGE RATE CHANGES 外幣匯率變動影響 (36) (17) CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD, represented by bank balances and cash 期末現金及現金等價物, 指銀行結餘及現金 18,071 428 # 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. BASIS OF PREPARATION The condensed consolidated financial statements have been prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants (the "HKICPA") as well as with the applicable disclosure requirements of Appendix 16 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. # 1.1 Going Concern Basis In preparing these condensed consolidated financial statements, the directors have considered the future liquidity of the Group, including but not limited to the followings: (i) During the period ended 30 September 2025, the Group incurred a loss attributable to owners of the Company of approximately HK$116,176,000. In addition, as at 30 September 2025, the Group had net current liabilities and deficit attributable to owners of the Company of approximately HK$1,084,123,000 and HK$783,770,000, respectively; # 1. 編製基準 簡明綜合財務報表乃按香港會計師公會(「香港會計師公會」)頒佈之香港會計準則第34號「中期財務報告」及香港聯合交易所有限公司證券上市規則附錄十六之適用披露規定編製。 # 1.1 持續經營基準 於編製簡明綜合財務報表時，董事已考慮本集團的未來流動資金狀況，包括但不限於以下各項： (i) 截至二零二五年九月三十日止期間，本集團產生本公司擁有人應佔虧損約116,176,000港元。此外，於二零二五年九月三十日，本集團之流動負債淨額及本公司擁有人應佔虧紛分別約為1,084,123,000港元及783,770,000港元； # 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. BASIS OF PREPARATION (Continued) # 1.1 Going Concern Basis (Continued) (ii) As at 30 September 2025, the Group had amounts due to the Non-controlling Interests, amounts due to former noncontrolling interests, amount due to the Former Associate, loan from the Substantial Shareholder, loans from the Former Associate and convertible bonds with an aggregate amount of approximately HK$1,059,712,000 which would be due and repayable within one year, while its bank balances and cash amounted to approximately HK$18,071,000 only; and (iii) The Group's major assets, being the development of oral insulin product in the PRC, is currently under the stage of Phase III clinical trial ("Clinical Trial"), the validity of future cash flow arising from the commercialisation of the oral insulin product is depending on the successful of the Clinical Trial and obtaining the necessary approval from National Medical Products Administration. These conditions indicate the existence of a material uncertainty which may cast significant doubt about the Group's ability to continue as a going concern and therefore the Group may be unable to realise its assets and discharge its liabilities in the normal course of business. # 1. 編製基準(續) # 1.1 持續經營基準(續) (ii) 於二零二五年九月三十日，本集團應付非控股權益款項、應付前非控股權益款項、應付前聯營公司款項、主要股東貸款、前聯營公司貸款及可換股債券總額約1,059,712,000港元將於一年內到期及償還，其銀行結餘及現金僅約為18,071,000港元；及 (iii) 本集團之主要資產為在中國開發口服胰島素產品，目前正處於臨床試驗第三期（「臨床試驗」），而口服胰島素產品商品化產生的未來現金流量之有效性取決於臨床試驗的成功，及取得國家藥品監督管理局的必要批准。 該等狀況顯示存在重大不確定性，或會令人對本集團的持續經營能力產生重大疑問，因此，本集團可能無法在日常業務過程中變現其資產及償還其負債。 # 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. BASIS OF PREPARATION (Continued) # 1.1 Going Concern Basis (Continued) Notwithstanding the aforesaid conditions, these condensed consolidated financial statements have been prepared on a going concern basis on the assumption that the Group will be able to operate as a going concern for the foreseeable future. In the opinion of the Directors, the Group can meet its financial obligations as and when they fall due within next 12 months from the date of the condensed consolidated financial statements, after taking into consideration of the following measures and arrangements: (i) The Company obtained a confirmation from the Group's former associate and confirm in written that they will not demand for repayment of approximately HK\\(41,947,000 as at 30 September 2025 for a period of at least 12 months from the date of these condensed consolidated financial statements. (ii) The Company obtained the financial support of the substantial shareholder and confirm in written that he will not demand for repayment of approximately HK$8,190,000 as at 30 September 2025 for a period of at least 12 months from the date of these condensed consolidated financial statements. He also agreed to provide the Company with sufficient financial support to enable the Company to meet its obligations to third parties as and when they fall due and to continue as a going concern. # 1. 編製基準(續) # 1.1 持續經營基準(續) 儘管出現上述狀況，簡明綜合財務報表乃按持續經營基準編製，並假設本集團能於可見未來持續經營。董事經考慮下列的措施及安排之後，認為本集團可應付由簡明綜合財務報表日期起計的十二個月內到期的財務責任。有關措施及安排如下： 本公司已取得本集團前聯營公司之確認，並以書面方式確認，彼等不會於簡明綜合財務報表日起計至少十二個月內要求本公司償還於二零二五年九月三十日之約41,947,000港元。 (ii) 本公司獲得主要股東之財政支持，並以書面形式確認，彼不會於簡明綜合財務報表日期起計至少十二個月內要求本公司償還於二零二五年九月三十日之約8,190,000港元。彼亦同意向本公司提供充裕財政支持，使本公司得以向第三方履行到期還款責任，並繼續按持續經營基準經營。 # 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. BASIS OF PREPARATION (Continued) # 1.1 Going Concern Basis (Continued) (iii) The management of the Company is currently working on the Clinical Trial which has been commenced in July 2020. The management is making every effort to achieve the expected timeline that the oral insulin product will be launched in the third quarter of 2028. As at the date of this announcement, there is no negative feedback from the Clinical Trial. The Group performs tests of impairment on intangible asset and no further impairment is required. (iv) The Company is in the final stages of negotiation with bondholders regarding the extension and restructuring of the Convertible Bonds due on 28 July 2025. An agreement is expected to be reached shortly, which would alleviate the Group's short-term debt pressure. (v) The management of the Company is looking for other financing and borrowing opportunity. # 1. 編製基準(續) # 1.1 持續經營基準(續) (iii) 本公司管理層現正進行臨床試驗。臨床試驗已於二零二零年七月開始，管理層戮力實行預期時間表，使口服胰島素產品將於二零二八年第三季推出。於本公告日期，臨床試驗並無出現負面的反饋。本集團就無形資產進行年度減值測試，並且無需進行減值。 (iv) 本公司正與債券持有人就二零二五年七月二十八日到期的可換股債券的延期及重組進行最後階段的磋商。預計短期內可達成協議，進而緩減本集團的短期債務壓力。 本公司管理層現正物色其他融資及借貸機會。 # 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. BASIS OF PREPARATION (Continued) # 1.1 Going Concern Basis (Continued) On the basis of the foregoing, and after assessing the Group's current and forecasted cash positions, the Directors are satisfied that the Group will be able to meet in full the Group's financial obligations as they fall due for the period of twelve months from the date of these condensed consolidated financial statements. Accordingly, the condensed consolidated financial statements of the Group have been prepared on the going concern basis. Notwithstanding the above, significant uncertainties exist as to whether management of the Company will be able to implement the abovementioned plans and measures. Whether the Group will be able to continue as a going concern would depend on the Group's ability to generate financial and operating cash flows through the successful to complete the Clinical Trial and the Product have launch in the third quarter of 2028. Should the above measures not be implemented as planned, the adoption of going concern basis may not be appropriate, and adjustments would have to be made to write down the carrying amounts of the Group's assets to their net realisable amounts, and reclassify non-current assets and noncurrent liabilities as current assets and current liabilities, respectively. The effects of these adjustments have not been reflected in these condensed consolidated financial statements. # 1. 編製基準(續) # 1.1 持續經營基準(續) 基於上文所述及經評估本集團的目前及預計現金狀況後，董事信納本集團將可繼續於其財務責任於簡明綜合財務報表日期起計十二個月期間到期時全面履行有關責任。據此，本集團的簡明綜合財務報表已按持續基準編製。 儘管如此，本公司管理層能否實施上述計劃及措施仍存有重大的不確定性。本集團能否以持續經營基礎繼續經營，將視乎本集團能否成功完成臨床試驗並於二零二八年第三季推出該產品以獲得融資及經營現金流量。 倘若上述措施未能按計劃實行，採取持續經營基準不一定恰當，並須作出調整，將本集團資產之賬面值撇減至可呈現淨額，並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。該等調整之影響並未於簡明綜合財務報表中反映。 # 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. PRINCIPAL ACCOUNTING POLICIES The condensed consolidated financial statements have been prepared on the historical cost basis except for certain financial instruments, which are measured at revalued amounts or fair values, as appropriate. Except as described below, the accounting policies and methods of computation used in the condensed consolidated financial statements for the six months ended 30 September 2025 are the same as those followed in the preparation of the Group's annual financial statements for the year ended 31 March 2025. # Application of new and amendments to HKFRSs In the current interim period, the Group has applied, for the first time, the following amendments to HKFRSs issued by the HKICPA which are mandatory effective for the annual period beginning on or after 1 April 2025 for the preparation of the Group's condensed consolidated financial statements: # 2. 主要會計政策 簡明綜合財務報表乃根據過往成本編撰，惟若干按重估金額或公平值計量(如適用)之財務工具除外。 除以下陳述外，截至二零二五年九月三十日止六個月的簡明綜合財務報表所採用的會計政策及計算方法與編製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所遵循者一致。 # 應用新訂及經修訂香港財務報告準則 本集團於本中期期間首次應用以下由香港會計師公會頒佈之經修訂香港財務報告準則(其自二零二五年四月一日或之後開始的年度期間強制生效)以編製本集團簡明綜合財務報表： HKAS 21 Amendments 香港會計準則第21號之修訂本 Lack of Exchangeability 缺乏可兑换性 The application of the amendments to HKFRSs in the current period ha