> **来源：[研报客](https://pc.yanbaoke.cn)** 中期报告 Interim Report 2025/26 # DISTRIBUTION NETWORK # 分銷網絡 <table><tr><td></td><td>Countries and Regions 國家及地區</td><td>30 September 2025 2025年 9月30日</td><td>31 March 2025 2025年 3月31日</td><td>Changes 變化</td><td>31 December 2024 2024年 12月31日</td><td>Changes 變化</td></tr><tr><td rowspan="4">Self-operated Shops 自營店</td><td>Chinese Mainland1 中國內地1</td><td>124</td><td>99</td><td>+25</td><td>93</td><td>+31</td></tr><tr><td>Hong Kong, China2 中國香港2</td><td>5</td><td>6</td><td>-1</td><td>7</td><td>-2</td></tr><tr><td>Macao, China3 中國澳門3</td><td>0</td><td>0</td><td>-</td><td>1</td><td>-1</td></tr><tr><td>Sub-total 小計</td><td>129</td><td>105</td><td>+24</td><td>101</td><td>+28</td></tr><tr><td rowspan="3">Licensed Shops 品牌店</td><td>Mainland 内地</td><td>107</td><td>132</td><td>-25</td><td>139</td><td>-32</td></tr><tr><td>Overseas 海外</td><td>1</td><td>1</td><td>-</td><td>1</td><td>-</td></tr><tr><td>Sub-total 小計</td><td>108</td><td>133</td><td>-25</td><td>140</td><td>-32</td></tr><tr><td></td><td>Total 總計</td><td>237</td><td>238</td><td>-1</td><td>241</td><td>-4</td></tr></table> 1 Chinese Mainland: Hereafter refers to as “Mainland” 中國內地：往後稱為「內地」 2 Hong Kong, China: Hereafter refers to as "Hong Kong" 中國香港：往後稱為「香港」 3 Macao, China: Hereafter refers to as "Macao" 中國澳門：往後稱為「澳門」 # DISTRIBUTION NETWORK IN MAINLAND # 內地分銷網絡 As at 30 September 2025 於2025年9月30日 Northern China 華北區 Central China 華中區 Southern China 華南區 Eastern China 華東區 Tier I 一線 Tier II 二線 Tier III 三線 Tier IV & below 四線及以下 Remarks 註： The percentages refer to the contribution to the total no. of shops in Mainland 百分比代表該店舖數目對內地店舖總數之佔比 - Figures in brackets refer to the change between 30 September 2025 and 31 March 2025 括號內的數字為2025年9月30日與2025年3月31日之間的變化 Total No.of shops店舗總數：231(-) <table><tr><td>Total No. of Licensees 品牌商總數</td><td>69(-15)</td></tr><tr><td>Total No. of Provinces 省總數</td><td>22(-)</td></tr><tr><td>Total No. of Municipalities 直轄市總數</td><td>4(+1)</td></tr><tr><td>Total No. of Cities 城市總數</td><td>86(-1)</td></tr></table> <table><tr><td></td><td>Self-operated Shops 自營店</td><td>Licensed Shops 品牌店</td><td>Total 總數</td><td>Provinces 省</td><td>Municipalities 直轄市</td><td>Cities 城市</td></tr><tr><td>Regions 地區</td><td>No. of Shops 店舖數字</td><td>No. of Shops 店舖數字</td><td>No. of Shops 店舖數字</td><td>No. of Provinces 省數字</td><td>No. of Municipalities 直轄市數字</td><td>No. of Cities 城市數字</td></tr><tr><td>Northern China 華北區</td><td>67(+15)</td><td>41(-14)</td><td>108(+1)</td><td>8(-)</td><td>2(-)</td><td>42(+2)</td></tr><tr><td>Central China 華中區</td><td>18(+6)</td><td>16(-9)</td><td>34(-3)</td><td>6(-)</td><td>1(+1)</td><td>14(-4)</td></tr><tr><td>Southern China 華南區</td><td>12(-)</td><td>42(+1)</td><td>54(+1)</td><td>4(-)</td><td>(-)</td><td>14(-)</td></tr><tr><td>Eastern China 華東區</td><td>27(+4)</td><td>8(-3)</td><td>35(+1)</td><td>4(-)</td><td>1(-)</td><td>12(-)</td></tr><tr><td>Total 整體</td><td>124(+25)</td><td>107(-25)</td><td>231(-)</td><td>22(-)</td><td>4(+1)</td><td>82(-2)</td></tr></table> <table><tr><td></td><td>Self-operated Shops 自營店</td><td>Licensed Shops 品牌店</td><td>Total 總數</td><td>Municipalities/Cities 直轄市/城市</td></tr><tr><td>Regions 地區</td><td>No. of Shops 店舖數字</td><td>No. of Shops 店舖數字</td><td>No. of Shops 店舖數字</td><td>No. of Municipalities/ Cities 直轄市/城市數字</td></tr><tr><td>Tier I 一線</td><td>68(+20)</td><td>32(-8)</td><td>100(+12)</td><td>13(+3)</td></tr><tr><td>Tier II 二線</td><td>29(-6)</td><td>19(+1)</td><td>48(-5)</td><td>13(-)</td></tr><tr><td>Tier III 三線</td><td>9(+6)</td><td>29(-11)</td><td>38(-5)</td><td>24(-3)</td></tr><tr><td>Tier IV & below 四線及以下</td><td>18(+5)</td><td>27(-7)</td><td>45(-2)</td><td>36(-1)</td></tr><tr><td>Total 整體</td><td>124(+25)</td><td>107(-25)</td><td>231(-)</td><td>86(-1)</td></tr></table> # OPERATIONAL HIGHLIGHTS # 營運摘要 # REVENUE AND PROFIT ANALYSIS | 收入及溢利分析 Revenue and Segment Loss by Market 按市場劃分的收入及分部虧損 Revenue and Segment Loss by Business按業務劃分的收入及分部虧損 <table><tr><td>HK$M 百萬港元</td><td>Revenue 收入</td><td>Segment Loss 分部虧損</td><td>Segment Loss Margin 分部虧損率</td><td>Adjusted Segment Profit*經調整後的 分部溢利*</td><td>Adjusted Segment Profit Margin*經調整後的 分部溢利率*</td></tr><tr><td>Hong Kong, Macao & Overseas 香港、澳門及海外</td><td>91</td><td>(15)</td><td>-17%</td><td>7</td><td>7%</td></tr><tr><td>changes變化</td><td>+3%</td><td>Loss improved by 49% 虧損改善49%</td><td>+17 p.p. +17個百分點</td><td>Turned around from loss of HK$13m to profit 扭轉虧損 13百萬港元的情況</td><td>+22 p.p. +22個百分點</td></tr><tr><td>Mainland 內地</td><td>421</td><td>(114)</td><td>-27%</td><td>35</td><td>8%</td></tr><tr><td>changes變化</td><td>+49%</td><td>Loss increased by 96% 虧損增加96%</td><td>-6 p.p. -6個百分點</td><td>Turned around from loss of HK$14m to profit 扭轉虧損 14百萬港元的情況</td><td>+13 p.p. +13個百分點</td></tr><tr><td>Overall 整體</td><td>512</td><td>(129)</td><td>-25%</td><td>42</td><td>8%</td></tr><tr><td>changes變化</td><td>+38%</td><td>Loss increased by 47% 虧損增加47%</td><td>-1 p.p. -1個百分點</td><td>Turned around from loss of HK$27m to profit 扭轉虧損 27百萬港元的情況</td><td>+16 p.p. +16個百分點</td></tr></table> Remarks: Comparative figures for the six months ended 31 December 2024 ("1H FY2025") in the above chart are shown in brackets. 註： 上圖括號內為截至2024年12月31日止六個月(「2025財年上半年」)之比較數字 Adjusted Segment Profit/(Loss) is a non-HKFRS financial measure that refers to segment profit/(loss) excluding gold hedging losses. 經調整後的分部溢利/（虧損）為非香港財務報告準則的財務計量，指剔除黃金對沖虧損之分部溢利/（虧損） <table><tr><td>HK$M 百萬港元</td><td>Revenue 收入</td><td>Segment Loss 分部虧損</td><td>Segment Loss Margin 分部虧損率</td><td>Adjusted Segment Profit/(Loss)® 經調整後的 分部溢利/(虧損)*</td><td>Adjusted Segment Profit/(Loss)® Margin® 經調整後的分部 溢利/(虧損)率*</td></tr><tr><td rowspan="2">Retailing 零售</td><td>479</td><td>(126)</td><td>-26%</td><td>42</td><td>9%</td></tr><tr><td></td><td>Loss increased by 75%</td><td>-4 p.p.</td><td>Turned around from loss of HK$17m to profit</td><td>+14 p.p.</td></tr><tr><td>changes變化</td><td>+45%</td><td>虧損增加75%</td><td>-4個百分點</td><td>扭轉虧損17百萬港元的情况</td><td>+14個百分點</td></tr><tr><td rowspan="2">Wholesaling 批發</td><td>22</td><td>(2)</td><td>-7%</td><td>1</td><td>4%</td></tr><tr><td></td><td>Loss improved by 71%</td><td>+13 p.p.</td><td>Turned around from loss of HK$297K to profit</td><td>+6 p.p.</td></tr><tr><td>changes變化</td><td>-14%</td><td>虧損改善71%</td><td>+13個百分點</td><td>扭轉虧損297,000港元的情況</td><td>+6個百分點</td></tr><tr><td rowspan="2">Licensing 品牌業務</td><td>11</td><td>(1)</td><td>-12%</td><td>(1)</td><td>-12%</td></tr><tr><td></td><td>Loss improved by 88%</td><td>+63 p.p.</td><td>Loss improved by 88%</td><td>+63 p.p.</td></tr><tr><td>changes變化</td><td>-25%</td><td>虧損改善88%</td><td>+63個百分點</td><td>虧損改善88%</td><td>+63個百分點</td></tr><tr><td rowspan="2">Overall 整體</td><td>512</td><td>(129)</td><td>-25%</td><td>42</td><td>8%</td></tr><tr><td></td><td>Loss increased by 47%</td><td>-1 p.p.</td><td>Turned around from loss of HK$27m to profit</td><td>+16 p.p.</td></tr><tr><td>changes變化</td><td>+38%</td><td>虧損增加47%</td><td>-1個百分點</td><td>扭轉虧損27百萬港元的情況</td><td>+16個百分點</td></tr></table> # OPERATIONAL HIGHLIGHTS # 營運摘要 REVENUE AND PROFIT ANALYSIS (Continued) 收入及溢利分析(續) Remarks: Comparative figures for 1H FY2025 in the above chart are shown in brackets 註：上圖括號內為2025財年上半年之比較數字 Sales¹ and Gross Profit² by Product 按產品劃分的銷售¹及毛利² <table><tr><td>HK$M 百萬港元</td><td>Sales1 銷售1</td><td>Gross Profit2 毛利2</td><td>Gross Margin 毛利率</td></tr><tr><td>Gold & Platinum3 黃金及铂金3</td><td>425</td><td>154</td><td>36%</td></tr><tr><td>changes變化</td><td>+47%</td><td>+79%</td><td>+6個百分點</td></tr><tr><td>Fixed Price Jewellery 定價首飾</td><td>76</td><td>30</td><td>40%</td></tr><tr><td>changes變化</td><td>+15%</td><td>+52%</td><td>+10個百分點</td></tr><tr><td>Overall 整體</td><td>501</td><td>184</td><td>37%</td></tr><tr><td>changes變化</td><td>+41%</td><td>+74%</td><td>+7個百分點</td></tr></table> <table><tr><td>HK$M 百萬港元</td><td>Sales1 銷售1</td><td>Gross Profit2 毛利2</td><td>Gross Margin 毛利率</td></tr><tr><td>Gold & Fixed Price Gold Jewellery 黃金及定價黃金首飾</td><td>474</td><td>174</td><td>37%</td></tr><tr><td>changes變化</td><td>+44%</td><td>+60%</td><td>+4 p.p. +4個百分點</td></tr><tr><td>Mix組合</td><td rowspan="2">95% +2 p.p. +2個百分點</td><td rowspan="2">94% -8 p.p. -8個百分點</td><td>N/A</td></tr><tr><td>changes變化</td><td>不適用</td></tr></table> Sales = Revenue - Licensing Income 銷售 = 收入 - 品牌業務收入 2 Gross Profit = Consolidated Gross Profit - Gross Profit of Licensing Business 毛利 = 综合毛利 - 品牌業務毛利 3 Gold & Platinum refers to gold & platinum products sold by weight basing on international market price, i.e. at non-fixed price黄金及铂金是指根據國際市場價格按重量出售的黃金及鉑金產品(即非定價) # RETAIL SALES PERFORMANCE | 零售銷售表現 <table><tr><td rowspan="2"></td><td colspan="2">For the Six Months Ended 30 September 2025 截至2025年9月30日止六個月</td></tr><tr><td>SSS1 同店銷售1</td><td>Revenue Changes 收入變化</td></tr><tr><td>Overall 整體</td><td>+16%</td><td>+45%</td></tr><tr><td>Gold & Platinum 黃金及鉑金</td><td>+20%</td><td>+50%</td></tr><tr><td>Fixed Price Jewellery 定價首飾</td><td>-3%</td><td>+20%</td></tr><tr><td>Hong Kong & Macao 香港及澳門</td><td>-7%</td><td>+3%</td></tr><tr><td>Gold & Platinum 黃金及鉑金</td><td>-6%</td><td>0%</td></tr><tr><td>Fixed Price Jewellery 定價首飾</td><td>-9%</td><td>+9%</td></tr><tr><td>Mainland 內地</td><td>+24%</td><td>+60%</td></tr><tr><td>Gold & Platinum 黃金及鉑金</td><td>+28%</td><td>+64%</td></tr><tr><td>Fixed Price Jewellery 定價首飾</td><td>+2%</td><td>+30%</td></tr></table> 1 Same Store Sales ("SSS") represented a comparison of sales of the same self-operated shop having full day operations in the comparable periods and such data did not include sales of licensed shops 同店銷售(「同店銷售」)為同一間自營店於可比較期內有完整日營運的銷售額比較,有關數據並不包括品牌店的銷售額 # FINANCIAL HIGHLIGHTS # 財務摘要 FINANCIAL PERFORMANCE | 財務表現 <table><tr><td>HK$M 百萬港元</td><td>1H FY20263 2026財年上半年</td><td>1H FY2025 2025財上半年</td><td>Changes 變化</td></tr><tr><td>Revenue 收入</td><td>512</td><td>370</td><td>+38%</td></tr><tr><td>Gross Profit 毛利</td><td>185</td><td>120</td><td>+54%</td></tr><tr><td>Operating Loss 經營虧損</td><td>(162)</td><td>(91)</td><td>+79%</td></tr><tr><td>Adjusted Operating Profit/(loss) (exclude Gold Hedging Loss)1 經調整經營溢利／(虧損)（不包括黃金對沖虧損）1</td><td>8</td><td>(30)</td><td>-128%</td></tr><tr><td>Loss for the Period 期內虧損</td><td>(179)</td><td>(113)</td><td>+59%</td></tr><tr><td>Loss Attributable to Equity Holders 權益持有人應佔虧損</td><td>(90)</td><td>(50)</td><td>+81%</td></tr><tr><td>Gross Margin 毛利率</td><td>36%</td><td>32%</td><td>+4 p.p.個百分點</td></tr><tr><td>Operating Margin 經營溢利率</td><td>-32%</td><td>-24%</td><td>-8 p.p.個百分點</td></tr><tr><td>Adjusted Operating Margin (exclude Gold Hedging Loss)1 經調整經營溢利率（不包括黃金對沖虧損）1</td><td>2%</td><td>-8%</td><td>+10 p.p.個百分點</td></tr><tr><td>Net Margin 淨利率</td><td>-35%</td><td>-30%</td><td>-5 p.p.個百分點</td></tr><tr><td>EBITDA1 未計利息、稅項、折舊及攤銷前盈利1</td><td>(127)</td><td>(60)</td><td>+109%</td></tr><tr><td>EBITDA Margin 未計利息、稅項、折舊及攤銷前盈利率1</td><td>-25%</td><td>-16%</td><td>-9 p.p.個百分點</td></tr><tr><td>Adjusted EBITDA12 經調整未計利息、稅項、折舊及攤銷前盈利率12</td><td>(147)</td><td>(79)</td><td>+87%</td></tr><tr><td>Adjusted EBITDA Margin12 經調整未計利息、稅項、折舊及攤銷前盈利率12</td><td>-29%</td><td>-21%</td><td>-8 p.p.個百分點</td></tr><tr><td>Total Operating Expenses to Revenue Ratio1 總經營開支佔收入比率1</td><td>35%</td><td>44%</td><td>-9 p.p.個百分點</td></tr><tr><td>Effective Tax Rate 實際稅率</td><td>2%</td><td>-1%</td><td>+3 p.p.個百分點</td></tr></table> 1 Represent non-HKFRS measures 指非香港財務報告準則計量 2 Adjusted EBITDA represents the EBITDA without adding back depreciation of right-of-use assets. Management considers the adjusted EBITDA better reflects the operating performance of the Group after the adoption of HKFRS 16 經調整後未計利息、稅項、折舊及攤銷前盈利代表未計利息、稅項、折舊及攤銷前盈利不加回使用權資產折舊。管理層認為經調整後未計利息、稅項、折舊及攤銷前盈利更能反映本集團採用香港財務報告準則第16號後之營運表現 3 1H FY2026: Refers to six months ended 30 September 2025 2026财年上半年：此為截至2025年9月30日止六個月 KEY FINANCIAL INDICATORS 主要財務指標 <table><tr><td>(HK$M)(百萬港元)</td><td>As at 30 Sep 2025 於2025年9月30日</td><td>As at 31 Mar 2025 於2025年3月31日</td><td>Changes 變化</td></tr><tr><td>Inventories 存貨</td><td>1,408</td><td>1,070</td><td>+32%</td></tr><tr><td>Average Inventory Turnover Days1 平均存貨周轉日1</td><td>715</td><td>550</td><td>+165</td></tr><tr><td>Closing Inventory Turnover Days2 期末存貨周轉日2</td><td>813</td><td>654</td><td>+159</td></tr><tr><td>Cash and Bank Balances 現金及銀行結餘</td><td>30</td><td>53</td><td>-43%</td></tr><tr><td>Bank Borrowings & Gold loans 銀行貸款及黃金借貸</td><td>988</td><td>715</td><td>+38%</td></tr><tr><td>Net Borrowing3 净貸款3</td><td>(958)</td><td>(662)</td><td>+45%</td></tr><tr><td>Adjusted Net (Borrowing)/Cash4 經調整凈(貸款)/現金4</td><td>(100)</td><td>32</td><td>-416%</td></tr><tr><td>Net Gearing Ratio5 净債務比率5</td><td>-187%</td><td>-156%</td><td>-31 p.p.個百分點</td></tr><tr><td>Debt-to-Equity Ratio5 負債權益比率5</td><td>562%</td><td>556%</td><td>+6 p.p.個百分點</td></tr><tr><td>Return on Equity (ROE)7 股東權益回報率7</td><td>18%</td><td>22%</td><td>-4 p.p.個百分點</td></tr><tr><td>Return on Total Assets8 總資產回報率8</td><td>-5%</td><td>-6%</td><td>+1 p.p.個百分點</td></tr><tr><td>Current Ratio 流動比率</td><td>60%</td><td>58%</td><td>+2 p.p.個百分點</td></tr></table> 1 (Opening Inventory + Closing Inventory) ÷ 2 ÷ Cost of Inventories Sold x Number of Days for the Year (期初存貨 + 期末存貨) ÷ 2 ÷ 已售存貨成本x年內日數 ${}^{2}$ Closing Inventory $\div$ Cost of Inventories Sold x Number of Days for the Year 期末存货÷已售存货成本x年内日数 3 Net Borrowings = Cash and Bank Balances - Bank Borrowing - Gold Loans淨貸款 $=$ 現金及銀行結餘-銀行貸款-黃金借貸 4 Adjusted Net (Borrowings)/Cash = Cash and Bank Balances - Bank Borrowing 經調整淨(貸款)/現金 = 現金及銀行結餘- 銀行貸款 5 Net (Borrowings)/Cash ÷ Capital and Reserves Attributable to Equity Holders of the Company (淨 (贷款)/現金÷本公司權益持有人應佔資本及儲備 (Non-Current Liabilities + Current Liabilities) $\div$ Capital and Reserves Attributable to Equity Holders of the Company (非流動負債+流動負債)÷本公司權益持有人應佔資本及儲備 7 Loss Attributable to Equity Holders of the Company $\div$ Capital and Reserves Attributable to Equity Holders of the Company. 本公司權益持有人應佔虧損÷本公司權益持有人應佔資本及儲備 8 Loss Attributable to Equity Holders of the Company $\div$ (Non-Current Liabilities + Current Liabilities) 本公司權益持有人應佔虧損÷(非流動負債+流動負債) # CONTENTS # 目錄 Distribution Network 分銷網絡 Operational Highlights 營運摘要 Financial Highlights 財務摘要 1 Management Discussion and Analysis 管理層討論及分析 21 Corporate Governance and Other Information 企業管治及其他資料 30 Condensed Consolidated Financial Statements 簡明綜合財務報表 38 Notes to the Condensed Consolidated Interim Financial Information 簡明綜合中期財務資料附註 79 Corporate Information 公司資料 # MANAGEMENT DISCUSSION AND ANALYSIS # 管理層討論及分析 # FINANCIAL PERFORMANCE Revenue 收入 HK$512M百萬港元 ↑38% Operating Loss 經營虧損 HK$162M百萬港元 ↑79% Loss for the Period 期内虧損 HK$179M百萬港元 159% Loss Attributable to Equity Holders 權益持有人應佔虧損 HK$90M百萬港元 ↑81% Represented a non-HKFRS financial measure. 1 The change of total number of shops refers to comparison between 30 September 2025 and 31 March 2025 # Results The surge in multiple central banks' gold reserves, a softer dollar, and elevated geopolitical and policy uncertainty that boosted safe-haven demand, has contributed to elevating gold prices to record levels during the six months ended 30 September 2025 (the "Period"). Despite facing various challenges, including macroeconomic uncertainties and cautious consumer sentiment, the Group continued to benefit from the implementation of its retail network expansion strategies following the acquisition by Luk Fook Holdings (International) Limited ("Luk Fook") which took place in January 2024. As a result, total revenue for the Period increased by $38\%$ to HK\ $512,019,000 (six months ended 31 December 2024: HK\$ 370,250,000). Additionally, the Group's overall gross margin improved by 4 p.p. to $36\%$ (six months ended 31 December 2024: $32\%$ ), leading to a $54\%$ rise in gross profit, which reached HK\\)184,838,000 (six months ended 31 December 2024: HK\\(119,660,000). # 財務表現 Gold Hedging Losses 黃金對沖虧損 HK$171M百萬港元 ↑182% Adjusted Operating Profit# (exclude gold hedging losses) 經調整經營溢利#（撇除黃金對沖虧損） HK$8M百萬港元 N/A 不適用 Adjusted Loss for the Period# (exclude gold hedging losses) 經調整期內虧損#（撇除黃金對沖虧損） HK$8M百萬港元 ↓84% Total Number of Shops1 店舖總數1 237 ↓1 指非香港財務報告準則的財務計量 店舖總數變化指2025年9月30日與2025年3月31日之間的比較 # 業績 多間央行黃金儲備激增，美元走軟加上地緣政治及政策不確定性增加，加劇推升避險需求，導致黃金價格於截至2025年9月30日止六個月（「本期間」）內升至創紀錄水平。儘管面對宏觀經濟不明朗及消費意欲審慎等多種挑戰，本集團仍持續受惠於六福集團(國際)有限公司（「六福」）在2024年1月完成收購事項後實施的零售網絡擴展策略。因此，本期間總收入增加38%至512,019,000港元（截至2024年12月31日止六個月：370,250,000港元）。此外，本集團的整體毛利率改善4個百分點至36%（截至2024年12月31日止六個月：32%），令毛利上升54%至184,838,000港元（截至2024年12月31日止六個月：119,660,000港元）。 # MANAGEMENT DISCUSSION AND ANALYSIS # 管理層討論及分析 The surge in gold prices resulted in gold hedging losses of HK\(170,581,000 for the Period (six months ended 31 December 2024: HK\)60,438,000). The gold rally accelerated toward the end of the Period, with more than half of the total hedging losses for the Period incurred in September 2025 alone. Consequently, the operating loss rose significantly by \(79\%\) to HK\)162,329,000 (six months ended 31 December 2024: HK\)90,697,000), with the operating loss margin increased to \(32\%\) (six months ended 31 December 2024: \(24\%\)). Overall, loss for the Period increased by \(59\%\) to HK$178,972,000 (six months ended 31 December 2024: HK$112,721,000), while the net loss margin increased by 5 p.p. to \(35\%\) (six months ended 31 December 2024: \(30\%\)). Furthermore, loss attributable to equity holders of the Group increased by \(81\%\) to HK$90,310,000 (six months ended 31 December 2024: HK$49,978,000). Excluding the impact of gold hedging losses, the adjusted operating profit would be HK$8,252,000 (six months ended 31 December 2024: adjusted operating loss of HK$30,259,000), representing a turnaround from a loss-making position to profitability, while the adjusted loss for the Period would be HK$8,391,000 (six months ended 31 December 2024: HK$52,283,000), reflecting a reduction of \(84\%\). The businesses which turned around from loss-making position to profitability (excluding gold hedging losses) included Hong Kong and Mainland retailing and wholesaling. # Overview As at 30 September 2025, the Group had a global network of 237 shops (31 March 2025: 238 shops), with business spanning across Hong Kong, Mainland and Thailand. Distribution Network 金價飄升導致本期間黃金對沖虧損170,581,000港元(截至2024年12月31日止六個月：60,438,000港元)。黃金漲勢於本期間未加速，僅2025年9月單月產生的對沖虧損就佔本期間總額的一半以上。因此，經營虧損大幅上升79%至162,329,000港元(截至2024年12月31日止六個月：90,697,000港元)，經營虧損率上升至32%（截至2024年12月31日止六個月：24%)。整體而言，本期間虧損增加59%至178,972,000港元(截至2024年12月31日止六個月：112,721,000港元），而淨虧損率則增加5個百分點至35%（截至2024年12月31日止六個月：30%)。此外，本集團權益持有人應佔虧損增加81%至90,310,000港元(截至2024年12月31日止六個月：49,978,000港元)。若撇除黃金對沖虧損的影響，經調整經營溢利#為8,252,000港元(截至2024年12月31日止六個月：經調整經營虧損*30,259,000港元)，即由虧損狀況轉為盈利，而本期間的經調整虧損#為8,391,000港元(截至2024年12月31日止六個月：52,283,000港元)，減幅為84%。轉虧為盈(撇除黃金對沖虧損)的業務包括香港及內地零售及批發。 # 概览 於2025年9月30日，本集團的全球網絡共有237間（2025年3月31日：238間）店舖，業務遍及香港、內地及泰國。 分銷網絡 <table><tr><td></td><td>Countries and Regions 國家及地區</td><td>30 September 2025 2025年 9月30日</td><td>31 March 2025 2025年 3月31日</td><td>Changes 變化</td><td>31 December 2024 2024年 12月31日</td><td>Changes 變化</td></tr><tr><td rowspan="4">Self-operated Shops 自營店</td><td>Mainland 内地</td><td>124</td><td>99</td><td>+25</td><td>93</td><td>+31</td></tr><tr><td>Hong Kong 香港</td><td>5</td><td>6</td><td>-1</td><td>7</td><td>-2</td></tr><tr><td>Macao �澳門</td><td>0</td><td>0</td><td>-</td><td>1</td><td>-1</td></tr><tr><td>Sub-total 小計</td><td>129</td><td>105</td><td>+24</td><td>101</td><td>+28</td></tr><tr><td rowspan="3">Licensed Shops 品牌店</td><td>Mainland 内地</td><td>107</td><td>132</td><td>-25</td><td>139</td><td>-32</td></tr><tr><td>Overseas 海外</td><td>1</td><td>1</td><td>-</td><td>1</td><td>-</td></tr><tr><td>Sub-total 小計</td><td>108</td><td>133</td><td>-25</td><td>140</td><td>-32</td></tr><tr><td></td><td>Total 總計</td><td>237</td><td>238</td><td>-1</td><td>241</td><td>-4</td></tr></table> # MANAGEMENT DISCUSSION AND ANALYSIS # 管理層討論及分析 Revenue and Segment Loss by Business 按業務劃分的收入及分部虧損 Revenue 收入 Segment Loss 分部虧損 Retailing 零售 Wholesaling 批發 Licensing 品牌業務 * Comparative figures for 1H FY2025 in the above chart are shown in brackets * 上圖括號內為2025財年上半年之比較數字 <table><tr><td>HK$M 百萬港元</td><td>Revenue 收入</td><td>Segment Loss 分部虧損</td><td>Segment Loss Margin 分部虧損率</td><td>Adjusted Segment Profit/(Loss)# 經調整後的 分部溢利/ (虧損) #</td><td>Adjusted Segment Profit/(Loss)# Margin# 經調整後的 分部溢利/ (虧損) 率#</td></tr><tr><td>Retailing 零售</td><td>479</td><td>(126)</td><td>-26%</td><td rowspan="2">42 Turned around from loss of HK$17m to profit 扭轉虧損 17百萬港元 的情況</td><td>9%</td></tr><tr><td>changes變化</td><td>+45%</td><td>Loss increased by 75% 虧損增加 75%</td><td>-4 p.p. -4個百分點</td><td>+14 p.p. +14個百分點</td></tr><tr><td>Wholesaling 批發</td><td>22</td><td>(2)</td><td>-7%</td><td rowspan="2">1 Turned around from loss of HK$297k to profit 扭轉虧損 297,000港元 的情況</td><td>4%</td></tr><tr><td>changes變化</td><td>-14%</td><td>Loss improved by 71% 虧損改善 71%</td><td>+13 p.p. +13個百分點</td><td>+6 p.p. +6個百分點</td></tr><tr><td>Licensing 品牌業務</td><td>11</td><td>(1)</td><td>-12%</td><td>(1)</td><td>-12%</td></tr><tr><td>changes變化</td><td>-25%</td><td>Loss improved by 88% 虧損改善 88%</td><td>+63 p.p. +63個百分點</td><td>Loss improved by 88% 虧損改善 88%</td><td>+63 p.p. +63個百分點</td></tr><tr><td>Overall 整體</td><td>512</td><td>(129)</td><td>-25%</td><td rowspan="2">42 Turned around from loss of HK$27m to profit 扭轉虧損 27百萬港元 的情況</td><td>8%</td></tr><tr><td>changes變化</td><td>+38%</td><td>Loss increased by 47% 虧損增加 47%</td><td>-1 p.p. -1個百分點</td><td>+16 p.p. +16個百分點</td></tr></table> Adjusted Segment Profit/(Loss) is a non-HKFRS financial measure that refers to segment profit/(loss) excluding gold hedging losses 經調整後的分部溢利／(虧損)為非香港財務報告準則的財務計量，指剔除黃金對沖虧損之分部溢利／(虧損) # MANAGEMENT DISCUSSION AND ANALYSIS # 管理層討論及分析 # Revenue and Segment Loss by Business During the Period, retailing business was the main source of revenue of the Group. The Group's retailing revenue increased by $45\%$ to HK\ $479,380,000 (six months ended 31 December 2024: HK\$ 330,502,000), accounting for $94\%$ (six months ended 31 December 2024: $89\%$ ) of the Group's total revenue, while its segment loss was widened to HK\ $126,496,000 (six months ended 31 December 2024: HK\$ 72,332,000) with segment loss margin of $26\%$ (six months ended 31 December 2024: $22\%$ ). Excluding the gold hedging losses attributed to the retailing segment, its adjusted segment result# turned around from a loss to a profit of HK\\)41,667,000 (six months ended 31 December 2024 adjusted segment loss#: HK\ $16,526,000) and the adjusted segment profit margin# would be \(9\%$ (six months ended 31 December 2024 adjusted segment loss margin#: $5\%$ ). The Group's wholesaling revenue decreased by \(14\%\) to HK\(21,788,000 (six months ended 31 December 2024: HK\)25,317,000), accounting for \(4\%\) (six months ended 31 December 2024: \(7\%\)) of the Group's total revenue, while its segment loss was HK\)1,453,000 (six months ended 31 December 2024: HK\)4,929,000) with segment loss margin of \(7\%\) (six months ended 31 December 2024: \(19\%\)). Excluding the gold hedging losses attributed to the wholesaling business, its adjusted segment profit\# would amount to HK\)965,000 (six months ended 31 December 2024 adjusted segment loss\#: HK\)297,000), resulting in an adjusted segment profit margin\# of \(4\%\) (six months ended 31 December 2024 adjusted segment loss margin\#: \(1\%\)). During the Period, the licensing income decreased by $25\%$ to HK\ $10,851,000 (six months ended 31 December 2024: HK\$ 14,431,000), accounting for $2\%$ (six months ended 31 December 2024: $4\%$ ) of the Group's total revenue, while its segment loss margin was $12\%$ (six months ended 31 December 2024: $75\%$ ), with its segment loss decreased to HK\\)1,317,000 (six months ended 31 December: HK\\(10,813,000). # 按業務劃分的收入及分部虧損 於本期間內，零售業務為本集團的主要收入來源。本集團的零售收入增加45%至479,380,000港元（截至2024年12月31日止六個月：330,502,000港元），佔本集團總收入的94%（截至2024年12月31日止六個月：89%），而其分部虧損擴大至126,496,000港元（截至2024年12月31日止六個月：72,332,000港元），分部虧損率为26%（截至2024年12月31日止六個月：22%）。倘不計及零售分部應佔的黃金對沖虧損，其經調整分部業績#則轉虧為盈至41,667,000港元（截至2024年12月31日止六個月經調整分部虧損#:16,526,000港元），而經調整分部利潤率#則為9%（截至2024年12月31日止六個月經調整分部虧損率#:5%）。 本集團的批發收入減少14%至21,788,000港元（截至2024年12月31日止六個月：25,317,000港元），佔本集團總收入的4%（截至2024年12月31日止六個月：7%），而其分部虧損為1,453,000港元（截至2024年12月31日止六個月：4,929,000港元），分部虧損率为7%（截至2024年12月31日止六個月：19%）。倘不計及批發業務應佔的黃金對沖虧損，其經調整分部溢利#則為965,000港元（截至2024年12月31日止六個月經調整分部虧損#:297,000港元），經調整分部利潤率#則為4%（截至2024年12月31日止六個月經調整分部虧損率#:1%）。 於本期間內，品牌業務收入減少25%至10,851,000港元（截至2024年12月31日止六個月：14,431,000港元），佔本集團總收入的2%（截至2024年12月31日止六個月：4%），而其分部虧損率为12%（截至2024年12月31日止六個月：75%），其分部虧損減少至1,317,000港元（截至2024年12月31日止六個月：10,813,000港元）。 # MANAGEMENT DISCUSSION AND ANALYSIS # 管理層討論及分析 Sales<sup>1</sup> and Gross Profit<sup>2</sup> by Product 按產品劃分的銷售<sup>1</sup>及毛利<sup>2</sup> * Comparative figures for 1H FY2025 in the above chart are shown in brackets 上圖括號內為2025財年上半年之比較數字 <table><tr><td>HK$M 百萬港元</td><td></td><td>Sales1 銷售1</td><td>Gross Profit2 毛利2</td><td>Gross Margin 毛利率</td></tr><tr><td rowspan="2">Gold & Platinum3 黃金及鉑金3</td><td rowspan="2">changes變化</td><td>425</td><td>154</td><td>36%</td></tr><tr><td>+47%</td><td>+79%</td><td>+6個百分點</td></tr><tr><td rowspan="2">Fixed Price Jewellery 定價首飾</td><td rowspan="2">changes變化</td><td>76</td><td>30</td><td>40%</td></tr><tr><td>+15%</td><td>+52%</td><td>+10個百分點</td></tr><tr><td rowspan="2">Overall 整體</td><td rowspan="2">changes變化</td><td>501</td><td>184</td><td>37%</td></tr><tr><td>+41%</td><td>+74%</td><td>+7個百分點</td></tr></table> <table><tr><td>HK$M 百萬港元</td><td>Sales1 銷售1</td><td>Gross Profit2 毛利2</td><td>Gross Margin 毛利率</td></tr><tr><td>Gold & Fixed Price Gold Jewellery 黃金及定價黃金首飾 changes變化</td><td>474 +44%</td><td>174 +60%</td><td>37% +4 p.p. +4個百分點</td></tr><tr><td>Mix組合 changes變化</td><td>95% +2 p.p. +2個百分點</td><td>94% -8 p.p. -8個百分點</td><td>N/A 不適用</td></tr></table> Sales = Revenue - Licensing Income 2 Gross Profit = Consolidated Gross Profit - Gross Profit of Licensing Business 3 Gold & Platinum refers to gold & platinum products sold by weight basing on international market price, i.e. at non-fixed price 1 售售 $=$ 收入-品牌業務收入 毛利 $=$ 綜合毛利-品牌業務毛利 黃金及鉑金是指根據國際市場價格按重量出售的黃金及鉑金產品(即非定價) # MANAGEMENT DISCUSSION AND ANALYSIS # 管理層討論及分析 # Sales and Gross Profit by Product During the Period, the average international gold price in USD per ounce increased by around \(24\%\). Nevertheless, as the Group has expanded its distribution network as part of its strategic initiatives, sales of gold and platinum products increased by \(47\%\) to HK\\(425,472,000 (six months ended 31 December 2024: HK\\)289,859,000), accounting for \(85\%\) (six months ended 31 December 2024: \(81\%\)) of the overall sales amount (revenue of the Group minus licensing income). Its gross margin increased by 6 p.p. to \(36\%\) (six months ended 31 December 2024: \(30\%\)) mainly because of the rise in gold prices. Gross profit of gold and platinum products therefore increased by \(79\%\) to HK\\)153,843,000 (six months ended 31 December 2024: HK\\)85,985,000), accounting for \(83\%\) (six months ended 31 December 2024: \(81\%\)) of the overall gross profit (gross profit of the Group minus gross profit of licensing business). On the other hand, the sales of fixed price jewellery products increased 15% to HK$75,696,000 (six months ended 31 December 2024: HK$65,960,000), accounting for 15% (six months ended 31 December 2024: 19%) of the overall sales amount (revenue of the Group minus licensing income). Gross margin of fixed price jewellery products increased by 10 p.p. to 40% (six months ended 31 December 2024: 30%) with its gross profit increased by 52% to HK$30,419,000 (six months ended 31 December 2024: HK$20,067,000), accounting for 17% (six months ended 31 December 2024: 19%) of the overall gross profit (gross profit of the Group minus gross profit of licensing business). During the Period, the overall Same Store Sales¹ of the Group was +16% (six months ended 30 September 2024: -24%). SSS for gold and platinum products was +20% (six months ended 30 September 2024: -20%), and -3% (six months ended 30 September 2024: -39%) for fixed price jewellery products. # 按產品劃分的銷售及毛利 於本期間內，國際平均金價(每盎司允美元)上揚約24%。儘管如此，由於本集團採取策略性措施擴大分銷網絡，黃金及鈦金產品的銷售額增加47%至425,472,000港元（截至2024年12月31日止六個月：289,859,000港元），佔整體銷售額(本集團收入減去品牌業務收入)的85%（截至2024年12月31日止六個月：81%）。其毛利率增加6個百分點至36%（截至2024年12月31日止六個月：30%），主要原因为金價上升。因此，黃金及鈦金產品的毛利增加79%至153,843,000港元（截至2024年12月31日止六個月：85,985,000港元），佔整體毛利(本集團綜合毛利減去品牌業務毛利)的83%（截至2024年12月31日止六個月：81%)。 另一方面，定價首飾產品的銷售額增加15%至75,696,000港元（截至2024年12月31日止六個月：65,960,000港元），佔整體銷售額（本集團收入減去品牌業務收入）的15%（截至2024年12月31日止六個月：19%）。定價首飾產品的毛利率增加10個百分點至40%（截至2024年12月31日止六個月：30%），其毛利則上升52%至30,419,000港元（截至2024年12月31日止六個月：20,067,000港元），佔整體毛利（本集團毛利減去品牌業務毛利）的17%（截至2024年12月31日止六個月：19%）。於本期間內，本集團整體同店銷售為+16%（截至2024年9月30日止六個月：-24%）。黃金及鉑金產品的同店銷售為+20%（截至2024年9月30日止六個月：-20%），而定價首飾產品的同店銷售則為-3%（截至2024年9月30日止六個月：-39%）。 # MANAGEMENT DISCUSSION AND ANALYSIS # 管理層討論及分析 BUSINESS REVIEW 業務回顧 Revenue and Segment Loss by Market 按市場劃分的收入及分部虧損 * Comparative figures for 1H FY2025 in the above chart are shown in brackets * 上圖括號內為2025財年上半年之比較數字 <table><tr><td>HK$M 百萬港元</td><td>Revenue 收入</td><td>Segment Loss 分部虧損</td><td>Segment Loss Margin 分部虧損率</td><td>Adjusted Segment Profit# 經調整後的 分部溢利#</td><td>Adjusted Segment Profit Margin# 經調整後的 分部溢利率#</td></tr><tr><td>Hong Kong, Macao & Overseas 香港、澳門及海外</td><td>91</td><td>(15)</td><td>-17%</td><td rowspan="2">7 Turned around from loss of HK$13m to profit 扭轉虧損 13百萬港元 的情況</td><td rowspan="2">7% +22 p.p. +22個百分點</td></tr><tr><td>changes變化</td><td>+3%</td><td>Loss improved by 49% 虧損改善 49%</td><td>+17 p.p. +17個百分點</td></tr><tr><td>Mainland內地</td><td>421</td><td>(114)</td><td>-27%</td><td rowspan="2">35 Turned around from loss of HK$14m to profit 扭轉虧損 14百萬港元 的情況</td><td rowspan="2">8% +13 p.p. +13個百分點</td></tr><tr><td>changes變化</td><td>+49%</td><td>Loss increased by 96% 虧損增加 96%</td><td>-6 p.p. -6個百分點</td></tr><tr><td>Overall整體</td><td>512</td><td>(129)</td><td>-25%</td><td rowspan="2">42 Turned around from loss of HK$27m to profit 扭轉虧損 27百萬港元 的情況</td><td rowspan="2">8% +16 p.p. +16個百分點</td></tr><tr><td>changes變化</td><td>+38%</td><td>Loss increased by 47% 虧損增加 47%</td><td>-1 p.p. -1個百分點</td></tr></table> Adjusted Segment Profit/(Loss) is a non-HKFRS financial measure that refers to segment profit/(loss) excluding gold hedging losses 經調整後的分部溢利／(虧損)為非香港財務報告準則的財務計量，指剔除黃金對沖虧損之分部溢利／(虧損) # MANAGEMENT DISCUSSION AND ANALYSIS # 管理層討論及分析 Hong Kong, Macao and Overseas 香港·澳門及海外 Revenue 收入 Retailing 零售 Wholesaling 批發 Licensing 品牌業務 * Comparative figures for 1H FY2025 in the above chart are shown in brackets 上圖括號內為2025財年上半年之比較數字 <table><tr><td>HK$M 百萬港元</td><td>Revenue 收入</td><td>Segment Profit/ (Loss) 分部溢利／(虧損)</td><td>Segment Profit/ (Loss) Margin 分部溢利／(虧損)率</td><td>Adjusted Segment Profit#經調整後的分部溢利#</td><td>Adjusted Segment Profit Margin#經調整後的分部溢利率#</td></tr><tr><td>Retailing 零售</td><td>88</td><td>(17)</td><td>-20%</td><td>5</td><td>5%</td></tr><tr><td>changes變化</td><td>+3%</td><td>Loss improved by 43% 虧損改善 43%</td><td>+16 p.p. +16個百分點</td><td>Turned around from loss of HK$14m to profit扭轉虧損14百萬港元的情況</td><td>+21 p.p. +21個百分點</td></tr><tr><td>Wholesaling 批發</td><td>1</td><td>0</td><td>26%</td><td>0</td><td>26%</td></tr><tr><td>changes變化</td><td>-58%</td><td>Turned around from loss of HK$107k 扭轉虧損107,000港元的情況</td><td>+36 p.p. +36個百分點</td><td>Turned around from loss of HK$107k to profit扭轉虧損107,000港元的情況</td><td>+36 p.p. +36個百分點</td></tr><tr><td>Licensing 品牌業務</td><td>2</td><td>2</td><td>100%</td><td>2</td><td>100%</td></tr><tr><td>changes變化</td><td>+176%</td><td>+208%</td><td>+10 p.p. +10個百分點</td><td>+208%</td><td>+10 p.p. +10個百分點</td></tr><tr><td>Overall 整體</td><td>91</td><td>(15)</td><td>-17%</td><td>7</td><td>7%</td></tr><tr><td>changes變化</td><td>+3%</td><td>Loss improved by 49% 虧損改善 49%</td><td>+17 p.p. +17個百分點</td><td>Turned around from loss of HK$13m to profit扭轉虧損13百萬港元的情況</td><td>+22 p.p. +22個百分點</td></tr></table> Adjusted Segment Profit/(Loss) is a non-HKFRS financial measure that refers to segment profit/(loss) excluding gold hedging losses 經調整後的分部溢利／（虧損）為非香港財務報告準則的財務計量，指剔除黃金對沖虧損之分部溢利／（虧損） # MANAGEMENT DISCUSSION AND ANALYSIS # 管理層討論及分析 # Hong Kong, Macao and Overseas # Hong Kong and Macao The Hong Kong and Macao market continues to be affected by changes in the consumption patterns of outbound travellers and mainland tourists. The retailing revenue increased $3\%$ to HK\ $88,398,000 (six months ended 31 December 2024: HK\$ 86,230,000) during the Period. As at 30 September 2025, the Group operated 5 self-operated shops (31 March 2025: 6) in Hong Kong. # Overseas As at 30 September 2025, the Group operated 1 licensed shop (31 March 2025: 1) in Thailand. Overall speaking, revenue from the Hong Kong, Macao and overseas markets increased by $3\%$ to HK\ $90,677,000 (six months ended 31 December 2024: HK\$ 87,967,000) during the Period, accounting for $18\%$ (six months ended 31 December 2024: $24\%$ ) of the Group's total revenue. Its segment loss was HK\ $15,385,000 (six months ended 31 December 2024: HK\$ 30,041,000) with segment loss margin of $17\%$ (six months ended 31 December 2024: $34\%$ ). Excluding the gold hedging losses incurred, its adjusted segment profit# would be HK\\)6,492,000 (six months ended 31 December 2024 adjusted segment loss#: HK\ $13,213,000), and the adjusted segment profit margin# would be \(7\%$ (six months ended 31 December 2024: adjusted segment loss margin#: $15\%$ ). The overall SSS in the Hong Kong and Macao market was $-7\%$ (six months ended 30 September 2024: $-42\%$ ). SSS for gold and platinum products was $-6\%$ (six months ended 30 September 2024: $-37\%$ ), and $-9\%$ (six months ended 30 September 2024: $-49\%$ ) for fixed price jewellery products. # 香港、澳門及海外 # 香港及澳門 香港及澳門市場繼續受到外遊旅客及內地旅客消費模式轉變所影響。於本期間內，零售收入增加3%至88,398,000港元（截至2024年12月31日止六個月：86,230,000港元）。於2025年9月30日，本集團在香港經營5間自營店（2025年3月31日：6間）。 # 海外 於2025年9月30日，本集團於泰國經營1間品牌店（2025年3月31日：1間）。 整體而言，於本期間內，來自香港、澳門及海外市場的收入增加3%至90,677,000港元（截至2024年12月31日止六個月：87,967,000港元），佔本集團總收入的18%（截至2024年12月31日止六個月：24%）。其分部虧損為15,385,000港元（截至2024年12月31日止六個月：30,041,000港元），分部虧損率为17%（截至2024年12月31日止六個月：34%）。倘不計及所產生的黃金對沖虧損，其經調整分部溢利#則為6,492,000港元（截至2024年12月31日止六個月經調整分部虧損#:13,213,000港元），而經調整分部溢利率#則為7%（截至2024年12月31日止六個月經調整分部虧損率#:15%）。 香港及澳門市場的整體同店銷售為-7%（截至2024年9月30日止六個月：-42%），黃金及鉑金產品的同店銷售為-6%（截至2024年9月30日止六個月：-37%），而定價首飾產品的同店銷售則為-9%（截至2024年9月30日止六個月：-49%）。 # MANAGEMENT DISCUSSION AND ANALYSIS # 管理層討論及分析 * Comparative figures for 1H FY2025 in the above chart are shown in brackets 上圖括號內為2025財年上半年之比較數字 <table><tr><td>HK$M 百萬港元</td><td>Revenue 收入</td><td>Segment Loss 分部虧損</td><td>Segment Loss Margin 分部虧損率</td><td>Adjusted Segment (Loss)/Profit# 經調整後的 分部(虧損)/ 溢利#</td><td>Adjusted Segment (Loss)/Profit Margin# 經調整後的 分部(虧損)/ 溢利率#</td></tr><tr><td>Retailing 零售</td><td>391</td><td>(109)</td><td>-28%</td><td>37</td><td>9%</td></tr><tr><td>changes變化</td><td>+60%</td><td>Loss increased by 161% 虧損增加161%</td><td>-11 p.p. -11個百分點</td><td>Turned around from loss of HK$3m to profit 扭轉虧損 3百萬港元的情況</td><td>+11 p.p. +11個百分點</td></tr><tr><td>Wholesaling 批發</td><td>21</td><td>(2)</td><td>-7%</td><td>1</td><td>4%</td></tr><tr><td>changes變化</td><td>-12%</td><td>Loss improved by 67% 虧損改善67%</td><td>+13 p.p. +13個百分點</td><td>Turned around from loss of HK$190k to profit 扭轉虧損 190,000港元 的情況</td><td>+5 p.p. +5個百分點</td></tr><tr><td>Licensing 品牌業務</td><td>9</td><td>(3)</td><td>-35%</td><td>(3)</td><td>-35%</td></tr><tr><td>changes變化</td><td>-34%</td><td>Loss improved by 72% 虧損改善72%</td><td>+48 p.p. +48個百分點</td><td>Loss improved by 72% 虧損改善 72%</td><td>+48 p.p. +48個百分點</td></tr><tr><td>Overall 整體</td><td>421</td><td>(114)</td><td>-27%</td><td>35</td><td>8%</td></tr><tr><td>changes變化</td><td>+49%</td><td>Loss increased by 96% 虧損增加96%</td><td>-6 p.p. -6個百分點</td><td>Turned around from loss of HK$14m to profit 扭轉虧損 14百萬港元的情況</td><td>+13 p.p. +13個百分點</td></tr></table> Adjusted Segment Profit/(Loss) is a non-HKFRS financial measure that refers to segment profit/(loss) excluding gold hedging losses 經調整後的分部溢利/(虧損)為非香港財務報告準則的財務計量，指剔除黃金對沖虧損之分部溢利/(虧損) # MANAGEMENT DISCUSSION AND ANALYSIS # 管理層討論及分析 # Mainland As the Group continued to broaden its distribution network of self-operated shops in Mainland, the retailing revenue in Mainland increased by $60\%$ to HK\ $390,982,000 (six months ended 31 December 2024: HK\$ 244,272,000), accounting for $93\%$ (six months ended 31 December 2024: $86\%$ ) of Mainland market's revenue and $76\%$ (six months ended 31 December 2024: $66\%$ ) of the Group's total revenue during the Period. Its segment loss was HK\\)109,171,000 (six months ended 31 December 2024: HK\ $41,808,000) with segment loss margin of \(28\%$ (six months ended 31 December 2024: $17\%$ ). The overall SSS in Mainland was $+24\%$ (six months ended 30 September 2024: $-19\%$ ). The SSS for its gold and platinum products was $+28\%$ (six months ended 30 September 2024: $-16\%$ ), and $+2\%$ (six months ended 30 September 2024: $-33\%$ ) for its fixed price jewellery products. Excluding the gold hedging losses attributed, its adjusted segment result# turned around from a loss to a profit of HK\\)37,115,000 (six months ended 31 December 2024 adjusted segment loss#: HK\ $2,829,000) and the adjusted segment profit margin# would be \(9\%$ (six months ended 31 December 2024 adjusted segment loss margin#: $1\%$ ). The revenue of the wholesaling business decreased by $12\%$ to HK\ $21,339,000 (six months ended 31 December 2024: HK\$ 24,242,000), which accounted for $5\%$ (six months ended 31 December 2024: $9\%$ ) of Mainland market's revenue and $4\%$ (six months ended 31 December 2024: $7\%$ ) of the Group's total revenue during the Period. Its segment loss decreased by $67\%$ to HK\\)1,571,000 (six months ended 31 December 2024: HK\ $4,822,000), with segment loss margin at \(7\%$ (six months ended 31 December 2024: $20\%$ ). Excluding gold hedging losses attributed to the wholesaling business, its adjusted segment result turned around from a loss to a profit of HK\\)847,000 (six months ended 31 December 2024 adjusted segment loss#: HK\ $190,000) and the adjusted segment profit margin would be \(4\%$ (six months ended 31 December 2024 adjusted segment loss margin#: $1\%$ ). Licensing income in the Mainland market decreased by $34\%$ to HK\ $9,021,000 (six months ended 31 December 2024: HK\$ 13,769,000), which accounted for $2\%$ (six months ended 31 December 2024: $5\%$ ) of Mainland market's revenue and $2\%$ (six months ended 31 December 2024: $3\%$ ) of the Group's total revenue during the Period. Its segment loss was HK\\)3,139,000 (six months ended 31 December 2024: HK\ $11,404,000) with segment loss margin of \(35\%$ (six months ended 31 December 2024: $83\%$ ). As at 30 September 2025, the Group had a total of 231 shops (31 March 2025: 231 shops) in Mainland, including 107 licensed shops (31 March 2025: 132 licensed shops) and 124 self-operated shops (31 March 2025: 99 self-operated shops). # 内地 由於本集團持續擴大於內地的自營店分銷網絡，其內地零售收入增加60%至390,982,000港元（截至2024年12月31日止六個月：244,272,000港元），佔內地市場收入的93%（截至2024年12月31日止六個月：86%）及本集團本期間總收入的76%（截至2024年12月31日止六個月：66%）。其分部虧損為109,171,000港元（截至2024年12月31日止六個月：41,808,000港元），分部虧損率為28%（截至2024年12月31日止六個月：17%）。內地的整體同店銷售為+24%（截至2024年9月30日止六個月：-19%）。其黃金及鉑金產品的同店銷售為+28%（截至2024年9月30日止六個月：-16%），而定價首飾產品的同店銷售則為+2%（截至2024年9月30日止六個月：-33%）。倘不計及應佔黃金對沖虧損，其經調整分部業績#則轉虧為盈至37,115,000港元（截至2024年12月31日止六個月經調整分部虧損#:2,829,000港元），而經調整分部利潤率#則為9%（截至2024年12月31日止六個月經調整分部虧損率#:1%）。 批發業務收入減少12%至21,339,000港元(截至2024年12月31日止六個月：24,242,000港元)，佔內地市場收入的5%（截至2024年12月31日止六個月：9%）及本集團本期間總收入的4%（截至2024年12月31日止六個月：7%）。其分部虧損減少67%至1,571,000港元（截至2024年12月31日止六個月：4,822,000港元），分部虧損率為7%（截至2024年12月31日止六個月：20%）。倘不計及批發業務應佔的黃金對沖虧損，其經調整分部業績#則轉虧為盈至847,000港元（截至2024年12月31日止六個月經調整分部虧損#:190,000港元），而經調整分部利潤率#則為4%（截至2024年12月31日止六個月經調整分部虧損率#:1%）。 內地市場的品牌業務收入減少34%至9,021,000港元(截至2024年12月31日止六個月：13,769,000港元)，佔內地市場收入的2%（截至2024年12月31日止六個月：5%）及本集團本期間總收入的2%（截至2024年12月31日止六個月：3%）。其分部虧損為3,139,000港元（截至2024年12月31日止六個月：11,404,000港元），分部虧損率为35%（截至2024年12月31日止六個月：83%）。 於2025年9月30日，本集團於內地共有231間店舖（2025年3月31日：231間店舖），包括107間品牌店（2025年3月31日：132間品牌店）及124間自營店（2025年3月31日：99間自營店）。 # MANAGEMENT DISCUSSION AND ANALYSIS # 管理層討論及分析 # 1H FY2026 Mainland E-commerce Business Performance 2026財年上半年內地電子商務表現 Sales by Product 按產品劃分的銷售 Gold & Platinum 黄金及铂金 Fixed Price Jewellery 定價首飾 * Comparative figures for 1H FY2025 in the above chart are shown in brackets 上圖括號內為2025財年 上半年之比較數字 <table><tr><td>Revenue 收入</td><td>Changes 變化</td></tr><tr><td>HKD114 million 114百萬港元</td><td>+41%</td></tr><tr><td>RMB105 million 人民幣105百萬元</td><td>+41%</td></tr><tr><td colspan="2">Contribution to Mainland Retailing Revenue1: 佔內地零售收入1：</td></tr><tr><td>29%</td><td>-4 p.p.個百分點</td></tr><tr><td colspan="2">Contribution to Group's Retailing Revenue1: 佔集團零售收入1：</td></tr><tr><td>24%</td><td>0 p.p.個百分點</td></tr><tr><td colspan="2">Average Selling Price2 平均售價2</td></tr><tr><td>RMB4,045 人民幣4,045元</td><td>+24%</td></tr></table> 1 Sales of self-operated shops and e-commerce business 1 自營店及電子商務銷售額 2 ASP included value-added tax (VAT) 2 平均售價包含增值稅 # MANAGEMENT DISCUSSION AND ANALYSIS # 管理層討論及分析 # Mainland E-commerce Business Performance During the Period, revenue of e-commerce business from Mainland increased $41\%$ to HK\ $113,524,000 (six months ended 31 December 2024: HK\$ 80,697,000), accounting for $29\%$ (six months ended 31 December 2024: $33\%$ ) of the retailing revenue in Mainland and $24\%$ (six months ended 31 December 2024: $24\%$ ) of the Group's retailing revenue. Sales of gold and platinum products accounted for $97\%$ (six months ended 31 December 2024: $96\%$ ) of its sales mix and $3\%$ (six months ended 31 December 2024: $4\%$ ) for its fixed price jewellery products. Overall speaking, revenue from the Mainland market increased 49% to HK$421,342,000 (six months ended 31 December 2024: HK$282,283,000), accounting for 82% (six months ended 31 December 2024: 76%) of the Group's total revenue for the Period. Its segment loss increased to HK$113,881,000 (six months ended 31 December 2024: HK$58,033,000), with segment loss margin of 27% (six months ended 31 December 2024: 21%). Excluding the gold hedging losses attributed to the Mainland market, its adjusted segment result# would turn around from a loss to a profit of HK$34,823,000 (six months ended 31 December 2024 adjusted segment loss#: HK$14,423,000) and the adjusted segment profit margin# would be 8% (six months ended 31 December 2024 adjusted segment loss margin#: 5%). # 內地電子商務業務表現 於本期間內，內地電子商務業務收入增加41%至113,524,000港元（截至2024年12月31日止六個月：80,697,000港元），佔內地零售收入的29%（截至2024年12月31日止六個月：33%）及本集團零售收入的24%（截至2024年12月31日止六個月：24%）。黃金及鈦金產品的銷售佔其銷售組合的97%（截至2024年12月31日止六個月：96%），其定價首飾產品則佔3%（截至2024年12月31日止六個月：4%）。 整體而言，來自內地市場的收入增加49%至421,342,000港元（截至2024年12月31日止六個月：282,283,000港元），佔本集團本期間總收入的82%（截至2024年12月31日止六個月：76%）。其分部虧損增加至113,881,000港元（截至2024年12月31日止六個月：58,033,000港元），分部虧損率为27%（截至2024年12月31日止六個月：21%）。倘不計及內地市場應佔的黃金對沖虧損，其經調整分部業績#則轉虧為盈至34,823,000港元（截至2024年12月31日止六個月經調整分部虧損#:14,423,000港元），而經調整分部利潤率#則為8%（截至2024年12月31日止六個月經調整分部虧損率#:5%）。 # MANAGEMENT DISCUSSION AND ANALYSIS # 管理層討論及分析 # FINANCIAL REVIEW # Non-HKFRS Financial Measure To supplement the consolidated interim results of the Group prepared in accordance with HKFRS, non-HKFRS financial measures, EBITDA, EBITDA margin and total operating expenses to revenue ratio have been presented in this report. The Company's management believes that such non-HKFRS financial measures provide investors with clearer view on the Group's financial results, and with useful supplementary information to assess the performance of the Group's strategic operations by excluding the impact of certain non-cash items. Nevertheless, the use of these non-HKFRS financial measures has limitations as an analytical tool. These unaudited non-HKFRS financial measures should be considered in addition to, not as a substitute for, analysis of the Group's financial performance prepared in accordance with HKFRS. In addition, these non-HKFRS financial measures may be defined differently from similar terms used by other companies. # Liquidity and Financial Resources As at 30 September 2025, the Group's cash and cash equivalents amounted to HK\(30,329,000 (31 March 2025: HK\)53,340,000). Excluded loans from fellow subsidiaries and gold loans from a fellow subsidiary, net borrowing was HK\)134,531,000 (31 March 2025: Net cash of HK$31,533,000). The debt-to-equity ratio was \(562\%\) (31 March 2025: \(556\%\)), being the ratio of total liabilities of HK\)2,883,877,000 (31 March 2025: HK$2,357,097,000) against total shareholders' deficit of HK$512,973,000 (31 March 2025: HK$423,872,000). As at 30 September 2025, the Group utilised banking facilities of approximately HK$164,860,000 (31 March 2025: HK$21,807,000). The Group's income and expenditure streams are mainly denominated in Renminbi. # 財務回顧 # 非香港財務報告準則財務計量 為補充根據香港財務報告準則編製的本集團綜合中期業績，本報告已呈列非香港財務報告準則財務計量、未計利息、稅項、折舊及攤銷前盈利、未計利息、稅項、折舊及攤銷前盈利率及總經營開支佔收入比率。本公司管理層相信，該等非香港財務報告準則財務計量可向投資者提供更清晰的本集團財務業績，並透過撇除若干非現金項目的影響來評估本集團策略性業務表現的有用補充資料。然而，使用該等非香港財務報告準則財務計量作為分析工具有其限制。該等未經審核非香港財務報告準則財務計量應視為根據香港財務報告準則編製的本集團財務表現分析的補充，而非替代。此外，該等非香港財務報告準則財務計量的定義可能有別於其他公司所使用的類似詞彙。 # 流動資金及財務資源 於2025年9月30日，本集團的現金及現金等價物為30,329,000港元（2025年3月31日：53,340,000港元）。撇除若干同系附屬公司之貸款及一間同系附屬公司之黃金貸款，借款淨額為134,531,000港元（2025年3月31日：淨現金31,533,000港元）。負債權益比率為 $562\%$ （2025年3月31日： $556\%$ ），此乃按總負債2,883,877,000港元（2025年3月31日：2,357,097,000港元）相對股東虧紛總額512,973,000港元（2025年3月31日：423,872,000港元）之比例計算。於2025年9月30日，本集團已動用銀行信貸额度約164,860,000港元（2025年3月31日：21,807,000港元）。本集團之收支項目主要以人民幣列值。 # MANAGEMENT DISCUSSION AND ANALYSIS # 管理層討論及分析 Inventory 存貨 # Inventory Turnover Days (By Product) # 存貨周轉日（按產品劃分） <table><tr><td></td><td colspan="2">Average Inventory 平均存貨</td><td colspan="2">Closing Inventory 期末存貨</td></tr><tr><td>Turnover Days 周轉日數</td><td>six months ended 30 September 2025 截至2025年 9月30日止六個月</td><td>changes 變化</td><td>six months ended 30 September 2025 截至2025年 9月30日止六個月</td><td>changes 變化</td></tr><tr><td>Gold & Platinum 黃金及鉑金</td><td>552</td><td>+155</td><td>632</td><td>+132</td></tr><tr><td>Fixed Price Jewellery 定價首飾</td><td>1,694</td><td>+221</td><td>1,897</td><td>+311</td></tr><tr><td>Overall 整體</td><td>715</td><td>+165</td><td>813</td><td>+159</td></tr></table> As at 30 September 2025, as self-operated shops increased, the Group's inventory increased by $32\%$ to HK\ $1,407,515,000 (31 March 2025: HK\$ 1,069,901,000). The average inventory turnover days were 715 days (31 March 2025: 550 days), among which the average inventory turnover days of gold and platinum products were 552 days (31 March 2025: 397 days). The average inventory turnover days of fixed price jewellery products were 1,694 days (31 March 2025: 1,473 days). The inventory turnover days calculated basing on closing inventory were 813 days (31 March 2025: 654 days) with the closing inventory turnover days of gold and platinum products being 632 days (31 March 2025: 500 days) and 1,897 days (31 March 2025: 1,586 days) for fixed price jewellery products. 於2025年9月30日，由於自營店的增加，本集團的存貨增加32%至1,407,515,000港元（2025年3月31日：1,069,901,000港元），而平均存貨周轉日數為715日（2025年3月31日：550日），其中黃金及鉑金產品之平均存貨周轉日數為552日（2025年3月31日：397日）。定價首飾產品之平均存貨周轉日數則為1,694日（2025年3月31日：1,473日）。 以期末存貨計算之存貨周轉日數為813日（2025年3月31日：654日），其中黃金及鈦金產品的期末存貨周轉日數為632日（2025年3月31日：500日），定價首飾產品之期末存貨周轉日數則為1,897日（2025年3月31日:1,586日）。 # MANAGEMENT DISCUSSION AND ANALYSIS # 管理層討論及分析 # Capital Expenditure During the Period under review, the Group's capital expenditures amounted to HK$19,382,000 (31 March 2025: HK$30,645,000), including the leasehold improvements, furniture, fixtures and equipment. # Capital Commitments As at 30 September 2025, the Group's total capital commitments amounted to HK $3,055,000 (31 March 2025: HK$ 19,000). # Contingent Liabilities and Guarantee As at 30 September 2025, the Company had provided corporate financial guarantee amounting to HK $400,000,000 (31 March 2025: HK$ 400,000,000) to bank in respect of the aggregate amount of banking facilities granted to its intermediate holding company. As at 30 September 2025, no loss allowance was recognised (31 March 2025: Nil) under the expected credit loss model in respect of such corporate financial guarantee in the Company's statement of financial position whereas no financial impact on the consolidated financial statements. As at 30 September 2025 and 31 March 2025, the Group had no significant contingent liabilities. # 資本開支 於回顧期間內，本集團資本開支為19,382,000港元（2025年3月31日：30,645,000港元），包括租賃物業裝修、傢俬、裝置及設備成本。 # 資本承擔 於2025年9月30日，本集團的資本承擔總額為3,055,000港元（2025年3月31日：19,000港元）。 # 或然負債及擔保 於2025年9月30日，本公司已就向其中間控股公司授予之銀行融資總額向銀行出具公司財務擔保400,000,000港元（2025年3月31日：400,000,000港元）。 於2025年9月30日，根據預期信貸虧損模式，於本公司財務狀況表並無就該公司財務擔保確認虧損撥備（2025年3月31日：無），對綜合財務報表並無財務影響。 於2025年9月30日及2025年3月31日，本集團並無任何重大或然負債。 # MANAGEMENT DISCUSSION AND ANALYSIS # 管理層討論及分析 # Human Capital Policy As at 30 September 2025, the number of employees of the Group was 1,349 (31 March 2025: 1,158). The management reviews and examines the remuneration policies on a regular basis to ensure that fair rewards and compensation are provided to our employees. Remuneration packages are determined with reference to comparable market rates while bonuses and other rewards are linked to the performances of the Group and the employees. This policy aims to motivate employees with monetary incentives to work together to enhance the Group's business performance. # OUTLOOK The continuation of U.S. tariff measures is exerting a discernible influence on the global economy and further intensifying China-U.S. geopolitical and trade frictions. In this context, the Mainland authorities have been advancing the "dual circulation" strategy, prioritizing the expansion of domestic demand and introducing a series of polic