> **来源：[研报客](https://pc.yanbaoke.cn)** # EPS Creative Health Technology Group Limited EPS創健科技集團有限公司 (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立之有限公司) (Stock code 股份代號: 3860) # CONTENTS # 目錄 Corporate Information 2 公司資料 Financial Highlights 5 財務摘要 Financial Information 6 財務資料 Notes to the Condensed Consolidated Financial Statements 13 Management Discussion and Analysis 35 管理層討論及分析 Other Information 54 其他資料 # CORPORATE INFORMATION # 公司資料 # BOARD OF DIRECTORS # Executive Directors Mr. Washikita Kenichiro (Chairman and Chief Executive Officer) Mr. Miyano Tsumoru Mr. Narumi Shoichi Mr. Chiu Chun Tak Ms. Du Yao Mr. Liang Fei # Non-executive Directors Mr. Uematsu Takahiro Mr. Yan Ping # Independent Non-executive Directors Mr. Chan Cheuk Ho Mr. Choi Koon Ming Mr. Saito Hironobu Ms. Zhang Cuiping # COMPANY SECRETARY Mr. Chiu Chun Tak # AUTHORISED REPRESENTATIVES Mr. Miyano Tsumoru Mr. Chiu Chun Tak # AUDIT COMMITTEE Mr. Chan Cheuk Ho (Chairman) Mr. Choi Koon Ming Mr. Uematsu Takahiro # 董事會 # 執行董事 鷺北健一郎先生(主席兼行政總裁) 宫野穢先生 鳴海尚一先生 趙俊德先生 杜垚女士 梁非先生 # 非執行董事 植松高宏先生 嚴平先生 # 独立非執行董事 陳卓豪先生 蔡冠明先生 齋藤宏暢先生 張翠萍女士 # 公司秘書 趙俊德先生 # 授權代表 宫野穢先生 趙俊德先生 # 審核委員會 陳卓豪先生(主席) 蔡冠明先生 植松高宏先生 # REMUNERATION COMMITTEE Mr. Choi Koon Ming (Chairman) Mr. Miyano Tsumoru Mr. Chan Cheuk Ho # NOMINATION COMMITTEE Mr. Choi Koon Ming (Chairman) Ms. Du Yao Mr. Chan Cheuk Ho # AUDITOR Confucius International CPA Limited Room 1501-08, 15/F. Tai Yau Building 181 Johnston Road Wanchai Hong Kong # REGISTERED OFFICE Cricket Square Hutchins Drive P.O.Box 2681 Grand Cayman, KY1-1111 Cayman Islands # HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS IN HONG KONG Flat A, 17/F., Gemstar Tower 23 Man Lok Street, Hung Hom Kowloon, Hong Kong # PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE Conyers Trust Company (Cayman) Limited Cricket Square Hutchins Drive P.O.Box 2681 Grand Cayman, KY1-1111 Cayman Islands # 薪酬委員會 蔡冠明先生(主席) 宫野穢先生 陳卓豪先生 # 提名委員會 蔡冠明先生(主席) 杜垚女士 陳卓豪先生 # 核數師 天健國際會計師事務所有限公司 香港 灣仔 莊士敦道181號 大有大厦 15樓1501-08室 # 註冊辦事處 Cricket Square Hutchins Drive P.O.Box 2681 Grand Cayman, KY1-1111 Cayman Islands # 總辦事處及香港主要營業地點 香港九龍 紅磚民樂街23號 骏昇中心17樓A室 # 主要股份過戶登記處 Conyers Trust Company (Cayman) Limited Cricket Square Hutchins Drive P.O.Box 2681 Grand Cayman, KY1-1111 Cayman Islands # CORPORATE INFORMATION # 公司資料 # HONG KONG BRANCH SHARE REGISTRAR AND TRANSFER OFFICE Tricor Investor Services Limited 17/F, Far East Finance Centre 16 Harcourt Road, Hong Kong # LEGAL ADVISERS AS TO HONG KONG LAW CLKW Lawyers LLP # PRINCIPAL BANKERS MUFG Bank, Ltd. China Construction Bank (Asia) Corporation Limited The Hongkong and Shanghai Banking Corporation Limited Shanghai Commercial Bank Limited # COMPANY'S WEBSITE www.eps.hk # STOCK CODE 3860 # 香港股份過戶登記分處 卓佳證券登記有限公司 香港夏慤道16號 遠東金融中心17樓 # 香港法律顧問 CLKW Lawyers LLP # 主要往來銀行 三菱日聯銀行 中國建設銀行(亞洲)股份有限公司 香港上海匯豐銀行有限公司 上海商業銀行有限公司 # 公司網站 www.eps.hk # 股份代號 3860 # FINANCIAL HIGHLIGHTS # 財務摘要 Revenue of approximately HK$223.9 million was recorded for the Reporting Period; 報告期内錄得收益約223.9百萬港元； - Loss after taxation for the Reporting Period amounted to approximately HK$2.6 million;期内之除税後虧損為約2.6百萬港元； - Basic loss per share for the Reporting Period based on weighted average number of 522,177,419 ordinary shares of the Company was approximately 0.78 HK cent; and 根據本公司522,177,419股本公司普通股加權平均數計算，期內之每股基本虧損為約0.78港仙；及 - The Board does not recommend the payment of an interim dividend for the Reporting Period. 董事會並不建議派付報告期内之中期股息。 # FINANCIAL INFORMATION # 財務資料 # INTERIM RESULTS The board (the "Board") of directors (the "Directors") of EPS Creative Health Technology Group Limited (the "Company") is pleased to present the unaudited condensed consolidated results of the Company and its subsidiaries (collectively referred to as the "Group") for the six months ended 30 September 2025 (the "Reporting Period") together with comparative unaudited figures for the corresponding period in 2024 as follows: # CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the six months ended 30 September 2025 # 中期業績 EPS創健科技集團有限公司(「本公司」)董事(「董事」)會(「董事會」)欣然提呈，本公司及其附屬公司(統稱「本集團」)截至二零二五年九月三十日止六個月(「報告期間」)之未經審核簡明綜合業績，連同二零二四年同期之未經審核比較數字如下： # 簡明綜合損益及其他全面收益表 截至二零二五年九月三十日止六個月 <table><tr><td colspan="2" rowspan="2"></td><td colspan="2">Six months ended 30 September 截至九月三十日止六個月</td></tr><tr><td>2025 二零二五年 HK$'000 千港元 (unaudited) (未經審核)</td><td>2024 二零二四年 HK$'000 千港元 (unaudited) (未經審核)</td></tr><tr><td>Revenue</td><td>收益</td><td>3</td><td>223,932</td></tr><tr><td>Cost of sales</td><td>銷售成本</td><td></td><td>(186,165)</td></tr><tr><td>Gross profit</td><td>毛利</td><td></td><td>37,767</td></tr><tr><td>Other income and gains</td><td>其他收入及收益</td><td>5</td><td>3,215</td></tr><tr><td>Research and development expenses</td><td>研發開支</td><td></td><td>-</td></tr><tr><td>Selling and distribution expenses</td><td>銷售及分銷開支</td><td></td><td>(13,866)</td></tr><tr><td>Administrative expenses</td><td>行政開支</td><td></td><td>(24,543)</td></tr><tr><td>Finance costs</td><td>融資成本</td><td></td><td>(3,597)</td></tr><tr><td>(Loss) profit before taxation</td><td>除税前(虧損)溢利</td><td>8</td><td>(1,024)</td></tr><tr><td>Income tax expense</td><td>所得稅開支</td><td>6</td><td>(1,538)</td></tr><tr><td>(Loss) profit for the period</td><td>期內(虧損)溢利</td><td></td><td>(2,562)</td></tr><tr><td>(Loss) profit for the period attributable to:</td><td>以下人士應佔期内 (虧損)溢利:</td><td></td><td></td></tr><tr><td>Owners of the Company</td><td>本公司擁有人</td><td></td><td>(4,073)</td></tr><tr><td>Non-controlling interests</td><td>非控股權益</td><td></td><td>1,511</td></tr><tr><td></td><td></td><td></td><td>(2,562)</td></tr><tr><td>(Loss) earnings per share</td><td>每股(虧損)盈利</td><td></td><td></td></tr><tr><td>Basic and diluted (HK cents)</td><td>基本與攤薄(港仙)</td><td>9</td><td>(0.78)</td></tr><tr><td></td><td></td><td></td><td>2.83</td></tr><tr><td>(Loss) profit for the period</td><td>期內(虧損)溢利</td><td>(2,562)</td><td>17,066</td></tr><tr><td>Other comprehensive income (expense) for the period</td><td>期內其他全面收益(開支)</td><td></td><td></td></tr><tr><td>Item that may be reclassified subsequently to profit or loss:</td><td>於其後可以重新分類至 損益賬之項目：</td><td></td><td></td></tr><tr><td>Exchange differences on translation of foreign operations</td><td>換算海外業務之匯兑差額</td><td>1,848</td><td>(1,059)</td></tr><tr><td>Other comprehensive income (expense) for the period</td><td>期內其他全面收益(開支)</td><td>1,848</td><td>(1,059)</td></tr><tr><td>Total comprehensive (expense) income for the period</td><td>期內全面(開支)收益總額</td><td>(714)</td><td>16,007</td></tr><tr><td>Total comprehensive (expense) income attributable to:</td><td>以下人士應佔全面 (開支)收益總額：</td><td></td><td></td></tr><tr><td>Owners of the Company</td><td>本公司擁有人</td><td>(2,831)</td><td>10,539</td></tr><tr><td>Non-controlling interests</td><td>非控股權益</td><td>2,117</td><td>5,468</td></tr><tr><td></td><td></td><td>(714)</td><td>16,007</td></tr></table> # CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION # 簡明綜合財務狀況表 At 30 September 2025 於二零二五年九月三十日 <table><tr><td colspan="2"></td><td>30 September 2025 二零二五年 九月三十日 HK$'000 千港元 (unaudited) (未經審核)</td><td>31 March 2025 二零二五年 三月三十一日 HK$'000 千港元 (audited) (經審核)</td></tr><tr><td>Non-current assets</td><td>非流動資產</td><td></td><td></td></tr><tr><td>Property, plant and equipment</td><td>物業、廠房及設備</td><td>10</td><td>4,732</td></tr><tr><td>Right-of-use assets</td><td>使用權資產</td><td>11</td><td>2,219</td></tr><tr><td>Other financial assets</td><td>其他金融資產</td><td></td><td>260</td></tr><tr><td>Goodwill</td><td>商譽</td><td></td><td>19,805</td></tr><tr><td>Intangible assets</td><td>無形資產</td><td></td><td>71,567</td></tr><tr><td>Refundable rental deposits</td><td>可退回租金按金</td><td>12</td><td>277</td></tr><tr><td></td><td></td><td></td><td>98,860</td></tr><tr><td>Current assets</td><td>流動資產</td><td></td><td></td></tr><tr><td>Inventories</td><td>存貨</td><td></td><td>32,929</td></tr><tr><td>Contract assets</td><td>合約資產</td><td></td><td>66</td></tr><tr><td>Trade and other receivables</td><td>貿易及其他應收款項</td><td>12</td><td>94,560</td></tr><tr><td>Other financial assets</td><td>其他金融資產</td><td></td><td>225</td></tr><tr><td>Tax recoverable</td><td>可收回税項</td><td></td><td>2,115</td></tr><tr><td>Pledged bank deposit</td><td>已抵押銀行存款</td><td></td><td>4,000</td></tr><tr><td>Bank and cash balances</td><td>銀行及現金結餘</td><td></td><td>118,704</td></tr><tr><td></td><td></td><td></td><td>252,599</td></tr><tr><td>Current liabilities</td><td>流動負債</td><td></td><td></td></tr><tr><td>Trade and other payables and accruals</td><td>貿易及其他應付款項以及 應計費用</td><td>13</td><td>64,885</td></tr><tr><td>Contract liabilities</td><td>合約負債</td><td></td><td>23,075</td></tr><tr><td>Amount due to related parties</td><td>應付關聯方款項</td><td></td><td>54,609</td></tr><tr><td>Amount due to non-controlling interests</td><td>應付非控股權益款項</td><td></td><td>29,244</td></tr><tr><td>Bank borrowings</td><td>銀行借貸</td><td></td><td>1,727</td></tr><tr><td>Lease liabilities</td><td>租賃負債</td><td></td><td>1,643</td></tr><tr><td>Tax payable</td><td>應付稅項</td><td></td><td>6,756</td></tr><tr><td></td><td></td><td></td><td>181,939</td></tr><tr><td>Net current assets</td><td>淨流動資產</td><td></td><td>70,660</td></tr><tr><td>Total assets less current liabilities</td><td>總資產減流動負債</td><td></td><td>169,520</td></tr></table> # FINANCIAL INFORMATION # 財務資料 <table><tr><td colspan="2"></td><td>30 September 2025 二零二五年 九月三十日 HK$'000 千港元 (unaudited) (未經審核)</td><td>31 March 2025 二零二五年 三月三十一日 HK$'000 千港元 (audited) (經審核)</td></tr><tr><td>Non-current liabilities</td><td>非流動負債</td><td></td><td></td></tr><tr><td>Lease liabilities</td><td>租賃負債</td><td>736</td><td>1,168</td></tr><tr><td>Amount due to a related party</td><td>應付一個關聯方款項</td><td>-</td><td>50,540</td></tr><tr><td>Amount due to non-controlling interests</td><td>應付非控股權益款項</td><td>-</td><td>29,987</td></tr><tr><td>Deferred tax liabilities</td><td>遞延稅項負債</td><td>11,809</td><td>12,409</td></tr><tr><td></td><td></td><td>12,545</td><td>94,104</td></tr><tr><td>NET ASSETS</td><td>淨資產</td><td>156,975</td><td>162,523</td></tr><tr><td>Capital and reserves</td><td>資本及儲備</td><td></td><td></td></tr><tr><td>Share capital</td><td>股本 14</td><td>5,222</td><td>5,222</td></tr><tr><td>Reserves</td><td>儲備</td><td>107,797</td><td>115,462</td></tr><tr><td>Equity attributable to the owners of the Company</td><td>本公司擁有人應佔權益</td><td>113,019</td><td>120,684</td></tr><tr><td>Non-controlling interests</td><td>非控股權益</td><td>43,956</td><td>41,839</td></tr><tr><td>TOTAL EQUITY</td><td>權益總額</td><td>156,975</td><td>162,523</td></tr></table> # 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 <table><tr><td rowspan="2" colspan="2"></td><td>Share capital</td><td>Share premium</td><td>Special reserve</td><td>Capital reserve</td><td>Statutory reserve</td><td>Share option reserve</td><td>Other reserve</td><td>Exchange reserve</td><td>Accumulated losses</td><td>Equity attributable to owners of the Company</td><td>Non-controlling interests</td><td>Total equity</td></tr><tr><td>股本HK$000千港元</td><td>股份溢價HK$000千港元</td><td>特別儲備HK$000千港元</td><td>資本儲備HK$000千港元</td><td>法定儲備HK$000千港元</td><td>購股權儲備HK$000千港元</td><td>其他儲備HK$000千港元</td><td>匯兑儲備HK$000千港元</td><td>保留溢利(累計虧損)HK$000千港元</td><td>本公司擁有人應佔權益HK$000千港元</td><td>非控股權益HK$000千港元</td><td>權益總額HK$000千港元</td></tr><tr><td>At 1 April 2024 (audited)</td><td>於二零二四年四月一日(經審核)</td><td>5,000</td><td>47,656</td><td>17,016</td><td>4,000</td><td>-</td><td>-</td><td>41,148</td><td>(384)</td><td>(49,081)</td><td>65,355</td><td>72,827</td><td>138,182</td></tr><tr><td>Profit for the period</td><td>期內溢利</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>14,684</td><td>14,684</td><td>2,382</td><td>17,066</td></tr><tr><td>Other comprehensive income(expense)</td><td>其他全面收益(開支)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(4,137)</td><td>-</td><td>(4,137)</td><td>3,087</td><td>(1,050)</td></tr><tr><td>Total comprehensive (expense)income for the period</td><td>期内全面(虧損)收益總額</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(4,137)</td><td>14,684</td><td>10,547</td><td>5,469</td><td>16,016</td></tr><tr><td>Issue of new shares, net of share issue expenses</td><td>發行新股份</td><td>222</td><td>21,778</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>22,000</td><td>-</td><td>22,000</td></tr><tr><td>At 30 September 2024(unaudited)</td><td>於二零二四年九月三十日(未經審核)</td><td>5,222</td><td>69,434</td><td>17,016</td><td>4,000</td><td>-</td><td>-</td><td>41,148</td><td>(4,521)</td><td>(34,397)</td><td>97,902</td><td>78,296</td><td>176,198</td></tr><tr><td>At 1 April 2025 (audited)</td><td>於二零二五年四月一日(經審核)</td><td>5,222</td><td>69,434</td><td>17,016</td><td>4,000</td><td>877</td><td>266</td><td>37,881</td><td>(2,639)</td><td>(11,373)</td><td>120,684</td><td>41,839</td><td>162,523</td></tr><tr><td>(Loss) profit for the period</td><td>期內溢利</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(4,073)</td><td>(4,073)</td><td>1,511</td><td>(2,562)</td></tr><tr><td>Other comprehensive income</td><td>其他全面收益/(開支)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,242</td><td>-</td><td>1,242</td><td>606</td><td>1,848</td></tr><tr><td>Total comprehensive (expense)income for the period</td><td>期内全面(虧損)收益總額</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,242</td><td>(4,073)</td><td>(2,831)</td><td>2,117</td><td>(714)</td></tr><tr><td>Dividend paid</td><td>已付股息</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(5,222)</td><td>(5,222)</td><td>-</td><td>(5,222)</td></tr><tr><td>Recognition of equity-settledshare-based payment</td><td>確認以權益結算以股份為基礎之付款開支</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>408</td><td>-</td><td>-</td><td>-</td><td>408</td><td>-</td><td>408</td></tr><tr><td>Share options lapsed</td><td>購股權失效</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(20)</td><td>-</td><td>-</td><td>-</td><td>(20)</td><td>-</td><td>(20)</td></tr><tr><td>At 30 September 2025(unaudited)</td><td>於二零二五年九月三十日(未經審核)</td><td>5,222</td><td>69,434</td><td>17,016</td><td>4,000</td><td>877</td><td>654</td><td>37,881</td><td>(1,397)</td><td>(20,668)</td><td>113,019</td><td>43,956</td><td>156,975</td></tr></table> # CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS For the six months ended 30 September 2025 # 簡明綜合現金流量表 截至二零二五年九月三十日止六個月 <table><tr><td colspan="2" rowspan="2"></td><td colspan="2">Six months ended 30 September 截至九月三十日止六個月</td></tr><tr><td>2025 二零二五年 HK$'000 千港元 (unaudited) (未經審核)</td><td>2024 二零二四年 HK$'000 千港元 (unaudited) (未經審核)</td></tr><tr><td>OPERATING ACTIVITIES</td><td>經營活動</td><td></td><td></td></tr><tr><td>(Loss) profit before taxation</td><td>除稅前(虧損)溢利</td><td>(1,024)</td><td>19,302</td></tr><tr><td>Adjustments for:</td><td>就下列各項所作調整：</td><td></td><td></td></tr><tr><td>Depreciation of property, plant and equipment</td><td></td><td>2,529</td><td>1,078</td></tr><tr><td>Depreciation of right-of-use assets</td><td>使用權資產折舊</td><td>1,450</td><td>1,048</td></tr><tr><td>Amortisation of intangible assets</td><td>無形資產攤銷</td><td>4,787</td><td>4,771</td></tr><tr><td>Gain on early termination of lease</td><td>提前終止租賃安排產生的收益</td><td>(5)</td><td>-</td></tr><tr><td>Write-down of inventories (included in costs of sales)</td><td>存貨撇減(計入銷售成本)</td><td>188</td><td>1,304</td></tr><tr><td>Finance costs</td><td>融資成本</td><td>3,225</td><td>4,746</td></tr><tr><td>Fair value gain on promissory note due to non-controlling interests</td><td>非控股權益產生的承兌票據</td><td></td><td></td></tr><tr><td></td><td>公平值收益</td><td>(743)</td><td>(16,403)</td></tr><tr><td>Fair value gain on financial assets at fair value through profit or loss</td><td>按公平值計入損益之金融資產 之公平值收益</td><td>(229)</td><td>-</td></tr><tr><td>Share-based payment expenses</td><td>以股份為基礎之付款開支</td><td>388</td><td>-</td></tr><tr><td>Interest income</td><td>利息收入</td><td>(67)</td><td>(724)</td></tr><tr><td>Operating cash flows before working capital changes</td><td>營運資金變動前經營現金流量</td><td></td><td></td></tr><tr><td>Increase in inventories</td><td>存貨增加</td><td>10,499</td><td>15,122</td></tr><tr><td>Increase in trade and other receivables</td><td>貿易及其他應收款項增加</td><td>(16,326)</td><td>(10,662)</td></tr><tr><td>Increase in trade and other payables and accruals</td><td>貿易及其他應付款項以及應計費 用增加</td><td>(19,296)</td><td>(63,022)</td></tr><tr><td>Increase in contract assets</td><td>合約資產增加</td><td>32,797</td><td>56,370</td></tr><tr><td>Increase (decrease) in contract liabilities</td><td>合約負債增加(減少)</td><td>(19)</td><td>(840)</td></tr><tr><td></td><td></td><td>12,216</td><td>(2,381)</td></tr><tr><td>Cash generated from (used in) operations</td><td>經營產生(所用)現金</td><td>19,871</td><td>(5,413)</td></tr><tr><td>Income tax paid</td><td>已繳所得稅</td><td>(3,604)</td><td>(737)</td></tr><tr><td>NET CASH GENERATED FROM (USED IN) OPERATING ACTIVITIES</td><td>經營活動產生(所用)現金淨額</td><td>16,267</td><td>(6,150)</td></tr><tr><td>INVESTING ACTIVITIES</td><td>投資活動</td><td></td><td></td></tr><tr><td>Purchase of property, plant and equipment</td><td>購買物業、廠房及設備</td><td>(1,714)</td><td>(1,550)</td></tr><tr><td>Release of pledged bank deposit</td><td>支取已抵押銀行存款</td><td>-</td><td>5,000</td></tr><tr><td>Interest received</td><td>已收利息</td><td>67</td><td>724</td></tr><tr><td>NET CASH (USED IN) GENERATED FROM INVESTING ACTIVITIES</td><td>投資活動(所用)產生現金淨額</td><td>(1,647)</td><td>4,174</td></tr><tr><td>FINANCING ACTIVITIES</td><td>融資活動</td><td></td><td></td></tr><tr><td>Proceeds from issuance of shares</td><td>發行股份所得款項</td><td>-</td><td>22,000</td></tr><tr><td>Proceeds from bank borrowings</td><td>銀行借貸所得款項</td><td>2,340</td><td>-</td></tr><tr><td>Repayment of bank borrowings</td><td>償還銀行借貸</td><td>(3,510)</td><td>-</td></tr><tr><td>Repayment to related parties</td><td>向關聯方還款</td><td>(14,017)</td><td>(8,707)</td></tr><tr><td>Repayment to ultimate holding company</td><td>向最終控股公司還款</td><td>-</td><td>(26,859)</td></tr><tr><td>Repayment of lease liabilities</td><td>償還租賃負債</td><td>(1,566)</td><td>(1,483)</td></tr><tr><td>Interest paid</td><td>已付利息</td><td>(104)</td><td>(387)</td></tr><tr><td>Dividend paid</td><td>已付股息</td><td>(5,222)</td><td>-</td></tr><tr><td>Repayment to non-controlling interests</td><td>已付股息予非控股權益</td><td>(10,215)</td><td>-</td></tr><tr><td>NET CASH USED IN FINANCING ACTIVITIES</td><td>融資活動所用現金淨額</td><td>(32,294)</td><td>(15,436)</td></tr><tr><td>NET DECREASE IN CASH AND CASH EQUIVALENTS</td><td>現金及現金等價物減少凈額</td><td>(17,674)</td><td>(17,412)</td></tr><tr><td>CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD</td><td>期初的現金及現金等價物</td><td>135,691</td><td>115,540</td></tr><tr><td>EFFECT OF FOREIGN EXCHANGE RATE CHANGES</td><td>匯率變動之影響</td><td>687</td><td>(6,843)</td></tr><tr><td>CASH AND CASH EQUIVALENTS AT END OF THE PERIOD</td><td>期末的現金及現金等價物</td><td>118,704</td><td>91,285</td></tr></table> # 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 of EPS Creative Health Technology Group Limited (the "Company") and its subsidiaries (collectively referred to as the "Group") have been prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA") as well as with the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. # 2. PRINCIPAL ACCOUNTING POLICIES The condensed consolidated financial statements have been prepared on the historical cost basis except for certain financial instruments that are measured at fair values. Other than changes in accounting policies resulting from application of amendments to HKFRS Accounting Standards, 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 presented in the Group's annual consolidated financial statements for the year ended 31 March 2025. # Application of amendments to HKFRS Accounting Standards In the current interim period, the Group has applied the following amendments to HKFRS Accounting Standards issued by the HKICPA, for the first time, which are mandatorily effective for the annual period beginning on 1 April 2025 for the preparation of the Group's condensed consolidated financial statements: Amendments to HKAS 21 Lack of Exchangeability The application of the amendments to HKFRS Accounting Standards in the current interim period has had no material impact on the Group's financial positions and performance for the current and prior periods and/or on the disclosures set out in these condensed consolidated financial statements. # 1. 編製基準 EPS創健科技集團有限公司(「本公司」)及其附屬公司(統稱「本集團」)的簡明綜合財務報表乃根據香港會計師公會(「香港會計師公會」)頌佈之香港會計準則第34號「中期財務報告」以及香港聯合交易所有限公司證券上市規則之適用披露規定而編製。 # 2. 主要會計政策 簡明綜合財務報表乃按歷史成本基準編製，惟若干金融工具乃以公平值計量。 除應用香港財務報告準則之修訂本導致會計政策變動外，截至二零二五年九月三十日止六個月之簡明綜合財務報表所採用的會計政策及計算方法與本集團截至二零二五年三月三十一日止年度之年度綜合財務報表中所呈列者相同。 # 應用香港財務報告準則之修訂本 於本中期期間，就編製本集團之簡明綜合財務報表而言，本集團首次應用下列由香港會計師公會頒佈並於二零二五年四月一日開始之年度期間強制生效之香港財務報告準則之修訂本： 香港會計準則 缺乏可兌換性 第21號修訂本 於本中期期間應用香港財務報告準則之修訂本對本集團於本期間及過往期間的財務狀況及表現及/或該等簡明綜合財務報表所載披露並無重大影響。 # NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS # 簡明綜合財務報表附註 For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 # 3. REVENUE An analysis of the Group's revenue is as follows: # 3. 收益 以下為本集團收益分析： <table><tr><td rowspan="2" colspan="2"></td><td colspan="2">Six months ended 30 September 截至九月三十日止六個月</td></tr><tr><td>2025 二零二五年 HK$'000 千港元 (unaudited) (未經審核)</td><td>2024 二零二四年 HK$'000 千港元 (unaudited) (未經審核)</td></tr><tr><td>Trading of apparel products</td><td>服裝產品貿易</td><td></td><td></td></tr><tr><td>- Womenswear</td><td>- 女裝</td><td>63,767</td><td>212,842</td></tr><tr><td>- Menswear</td><td>- 男裝</td><td>13,092</td><td>27,823</td></tr><tr><td>- Kidswear</td><td>- 童裝</td><td>-</td><td>4,316</td></tr><tr><td></td><td></td><td>76,859</td><td>244,981</td></tr><tr><td>Trading of healthcare and medicated products</td><td>保健及醫藥產品貿易</td><td></td><td></td></tr><tr><td></td><td></td><td>96,812</td><td>68,317</td></tr><tr><td>Provision of innovative research organisation ("IRO") and specialised contract research organisation ("CRO") services</td><td>提供創新研究 機構(「IRO」)及 專業受託研究機構 (「CRO」)服務</td><td>45,364</td><td>28,489</td></tr><tr><td>Revenue from contracts with customers</td><td>客戶合約收益</td><td></td><td></td></tr><tr><td>Leasing of medical devices</td><td>醫療器械租賃</td><td>219,035</td><td>341,787</td></tr><tr><td></td><td></td><td>4,897</td><td>5,091</td></tr><tr><td>Total</td><td>總計</td><td>223,932</td><td>346,878</td></tr><tr><td>Timing of revenue recognition:</td><td>收益確認時間: Over time A point in time</td><td>50,261 於一段時間內</td><td>34,602 173,671</td></tr><tr><td></td><td></td><td>223,932</td><td>346,878</td></tr></table> # 4. SEGMENT INFORMATION Operating segments are determined based on the Group's internal reports which are submitted to the chief executive officer, being the chief operating decision maker of the Group, for the purpose of performance assessment and resources allocation. This is also the basis upon which the Group is organised and managed. The Group's reportable segments are therefore as follows: (a) Trading of apparel products ("Garment Business") (b) Trading of healthcare and medicated products and leasing of medical devices ("Healthcare Products Business") (c) Provision of IRO and CRO services and In-house R&D Business ("IRO with CRO and In-House R&D Business") # 4. 分部資料 經營分部乃根據本集團向行政總裁(即本集團的主要經營決策者)提交的內部報告釐定，以作表現評估及資源分配，其亦是本集團組織及管理的基礎。 因此，本集團的可報告分部如下： (a) 服裝產品貿易（「服裝業務」） (b) 保健及醫藥產品貿易及醫療器械租賃（「保健產品業務」） (c) 提供IRO及CRO服務和內部研發業務(「IRO及CRO和內部研發業務」) # 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 # 4. SEGMENT INFORMATION (CONTINUED) # Segment revenues and results The following is an analysis of the Group's revenue by reportable segments: # 4. 分部資料(續) 分部收益及業績 以下為本集團按可報告分部劃分之收益分析： <table><tr><td rowspan="3" colspan="2"></td><td colspan="4">Six months ended 30 September 2025 截至二零二五年九月三十日止六個月</td></tr><tr><td>Garment Business</td><td>Healthcare Products Business</td><td>IRO with CRO and In-house R&D Business</td><td>Consolidated</td></tr><tr><td>服裝業務 HK$'000 千港元 ( unaudited) (未經審核)</td><td>保健產品業務 HK$'000 千港元 ( unaudited) (未經審核)</td><td>CRO和內部 研發業務 HK$'000 千港元 ( unaudited) (未經審核)</td><td>綜合 HK$'000 千港元 ( unaudited) (未經審核)</td></tr><tr><td>Segment revenue</td><td>分部收益</td><td>76,859</td><td>101,709</td><td>45,364</td><td>223,932</td></tr><tr><td>Segment profit (loss)</td><td>分部溢利(虧損)</td><td>(2,497)</td><td>6,911</td><td>925</td><td>5,339</td></tr><tr><td>Unallocated amounts:</td><td>未分配金額：</td><td></td><td></td><td></td><td>67</td></tr><tr><td>Bank interest income</td><td>銀行利息收入</td><td></td><td></td><td></td><td>(8,484)</td></tr><tr><td>Unallocated corporate expenses</td><td>未分配企業開支</td><td></td><td></td><td></td><td>2,070</td></tr><tr><td>Unallocated corporate income</td><td>未分配企業收入</td><td></td><td></td><td></td><td>(16)</td></tr><tr><td>Finance costs on lease liabilities</td><td>租賃負債之融資成本</td><td></td><td></td><td></td><td>(1,024)</td></tr><tr><td>Loss before taxation</td><td>除稅前虧損</td><td></td><td></td><td></td><td></td></tr></table> # NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS # 簡明綜合財務報表附註 For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 # 4. SEGMENT INFORMATION (CONTINUED) Segment revenues and results (Continued) # 4. 分部資料(續) 分部收益及業績(續) <table><tr><td></td><td></td><td colspan="4">Six months ended 30 September 2024 截至二零二四年九月三十日止六個月</td></tr><tr><td></td><td></td><td>Garment Business</td><td>Healthcare Products Business</td><td rowspan="2">IRO with CRO and In-house R&D Business IRO及 CRO和內部 研發業務 HK$'000 千港元 (unaudited) (未經審核)</td><td>Consolidated</td></tr><tr><td></td><td></td><td>服裝業務 HK$'000 千港元 (unaudited) (未經審核)</td><td>保健產品業務 HK$'000 千港元 (unaudited) (未經審核)</td><td>綜合 HK$'000 千港元 (unaudited) (未經審核)</td></tr><tr><td>Segment revenue</td><td>分部收益</td><td>244,981</td><td>73,408</td><td>28,489</td><td>346,878</td></tr><tr><td>Segment profit (loss)</td><td>分部溢利(虧損)</td><td>4,237</td><td>5,306</td><td>(4,369)</td><td>5,174</td></tr><tr><td>Unallocated amounts:</td><td>未分配金額：</td><td></td><td></td><td></td><td rowspan="2">724</td></tr><tr><td>Bank interest income</td><td>銀行利息收入</td><td></td><td></td><td></td></tr><tr><td>Unallocated corporate expenses</td><td>未分配企業開支</td><td></td><td></td><td></td><td>(6,463)</td></tr><tr><td>Unallocated corporate income</td><td>未分配企業收入</td><td></td><td></td><td></td><td>20,041</td></tr><tr><td>Finance costs on lease liabilities</td><td>租賃負債之融資成本</td><td></td><td></td><td></td><td>(174)</td></tr><tr><td>Profit before taxation</td><td>除稅前溢利</td><td></td><td></td><td></td><td>19,302</td></tr></table> # NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS # 簡明綜合財務報表附註 For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 # 4. SEGMENT INFORMATION (CONTINUED) # Segment assets and liabilities The following is an analysis of the Group's assets and liabilities by operating and reportable segment: As at 30 September 2025 (unaudited) # 4. 分部資料(續) # 分部資產及負債 本集團按經營及可報告分部劃分之資產及負債分析如下： 於二零二五年九月三十日（未經審核） <table><tr><td rowspan="2" colspan="2"></td><td>Garment Business</td><td>Healthcare Products Business</td><td>IRO with CRO and In-House R&D Business</td><td>Consolidated</td></tr><tr><td>服裝業務 HK$'000 千港元</td><td>保健產品 業務 HK$'000 千港元</td><td>IRO及 CRO和內部 研發業務 HK$'000 千港元</td><td>綜合 HK$'000 千港元</td></tr><tr><td>Segment assets</td><td>分部資產</td><td>78,364</td><td>185,284</td><td>38,954</td><td>302,602</td></tr><tr><td>Other assets</td><td>其他資產</td><td></td><td></td><td></td><td>48,857</td></tr><tr><td>Consolidated assets</td><td>綜合資產</td><td></td><td></td><td></td><td>351,459</td></tr><tr><td>Segment liabilities</td><td>分部負債</td><td>28,255</td><td>50,033</td><td>34,650</td><td>112,938</td></tr><tr><td>Other liabilities</td><td>其他負債</td><td></td><td></td><td></td><td>81,546</td></tr><tr><td>Consolidated liabilities</td><td>綜合負債</td><td></td><td></td><td></td><td>194,484</td></tr></table> As at 31 March 2025 (audited) 於二零二五年三月三十一日（經審核） <table><tr><td></td><td></td><td>Garment Business</td><td>Healthcare Products Business</td><td>IRO with CRO and In-House R&D Business IRO及 CRO和內部 研發業務</td><td>Consolidated</td></tr><tr><td></td><td></td><td>服裝業務 HK$'000 千港元</td><td>保健產品 業務 HK$'000 千港元</td><td>HK$'000 千港元</td><td>HK$'000 千港元</td></tr><tr><td>Segment assets</td><td>分部資產</td><td>73,278</td><td>175,150</td><td>21,599</td><td>270,027</td></tr><tr><td>Other assets</td><td>其他資產</td><td></td><td></td><td></td><td>66,822</td></tr><tr><td>Consolidated assets</td><td>綜合資產</td><td></td><td></td><td></td><td>336,849</td></tr><tr><td>Segment liabilities</td><td>分部負債</td><td>20,662</td><td>77,618</td><td>21,465</td><td>119,745</td></tr><tr><td>Other liabilities</td><td>其他負債</td><td></td><td></td><td></td><td>54,581</td></tr><tr><td>Consolidated liabilities</td><td>綜合負債</td><td></td><td></td><td></td><td>174,326</td></tr></table> # NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS # 簡明綜合財務報表附註 For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 # 4. SEGMENT INFORMATION (CONTINUED) # Geographic information The Group's operation of Garment Business, Healthcare Products Business and IRO with CRO and In-House R&D Business are located in Hong Kong, Japan and the PRC. The Group's revenue from external customers and information about non-current assets by geographical location of the customers and assets, respectively, are set out below: # 4. 分部資料(續) # 地區資料 本集團之服裝業務、保健產品業務以及IRO及CRO和內部研發業務在香港、日本及中國經營。 本集團來自外部客戶之收益及有關非流動資產之資料分別按客戶及資產所在地區載列如下： <table><tr><td rowspan="2" colspan="2"></td><td colspan="2">Revenues from external customers 來自外部客戶之收益 Six months ended 30 September 截至九月三十日止六個月</td><td colspan="2">Non-current assets 非流動資產</td></tr><tr><td>2025 二零二五年 HK$'000 千港元 (unaudited) (未經審核)</td><td>2024 二零二四年 HK$'000 千港元 (unaudited) (未經審核)</td><td>As at 30 September 2025 於二零二五年 九月三十日 HK$'000 千港元 (unaudited) (未經審核)</td><td>As 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)</td></tr><tr><td>Hong Kong</td><td>香港</td><td>8,321</td><td>16,470</td><td>92,331</td><td>96,486</td></tr><tr><td>Japan</td><td>日本</td><td>75,893</td><td>88,592</td><td>4,488</td><td>5,478</td></tr><tr><td>Mainland China</td><td>中國內地</td><td>127,250</td><td>81,592</td><td>1,504</td><td>1,826</td></tr><tr><td>Europe</td><td>歐洲</td><td>11,598</td><td>73,988</td><td>-</td><td>-</td></tr><tr><td>United States</td><td>美國</td><td>576</td><td>84,126</td><td>-</td><td>-</td></tr><tr><td>Other countries</td><td>其他國家</td><td>294</td><td>2,110</td><td>-</td><td>-</td></tr><tr><td colspan="2"></td><td>223,932</td><td>346,878</td><td>98,323</td><td>103,790</td></tr></table> Note: Non-current assets exclude financial assets. 附註：非流動資產不包括金融資產。 # 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 # 4. SEGMENT INFORMATION (CONTINUED) # Geographic information (Continued) # Revenue from major customers: Revenue from customers individually contributed over $10\%$ of the total revenue of the Group for both periods are as follows: # 4. 分部資料(續) 地區資料(續) 来自主要客戶之收益： 於兩個期間內為本集團之總收益個別貢獻10%以上之客戶收益如下： Customer A (from Garment Business) 客戶A(來自服裝業務) Customer B (from Garment Business) 客戶B(來自服裝業務) * The corresponding revenue did not contribute over 10% of the total revenue of the Group. Six months ended 30 September 截至九月三十日止六個月 <table><tr><td>2025 二零二五年 HK$'000 千港元 (unaudited) (未經審核)</td><td>2024 二零二四年 HK$'000 千港元 (unaudited) (未經審核)</td></tr><tr><td>-</td><td>148,419</td></tr><tr><td>25,294</td><td>N/A*</td></tr></table> 相應的收益並未超過本集團收益的 $10\%$ 。 # 5. OTHER INCOME AND GAINS The following table sets out the Group's other income and gains: # 5. 其他收入及收益 下表载列本集團之其他收入及收益： <table><tr><td rowspan="2" colspan="2"></td><td colspan="2">Six months ended 30 September 截至九月三十日止六個月</td></tr><tr><td>2025 二零二五年 HK$'000 千港元 (unaudited) (未經審核)</td><td>2024 二零二四年 HK$'000 千港元 (unaudited) (未經審核)</td></tr><tr><td>Interest income</td><td>利息收入</td><td>67</td><td>724</td></tr><tr><td>Government grants</td><td>政府補助</td><td>-</td><td>4,708</td></tr><tr><td>Sample sales income</td><td>樣本销售收入</td><td>1,150</td><td>819</td></tr><tr><td>Sundry income</td><td>雜項收入</td><td>371</td><td>3,644</td></tr><tr><td>Fair value gain on promissory note due to non-controlling interests</td><td>非控股權益產生的承兌票據 公平值收益</td><td>743</td><td>16,403</td></tr><tr><td>Fair value gain on financial assets at fair value through profit or loss</td><td>按公平值計入損益之金融資產之公平值收益</td><td>229</td><td>-</td></tr><tr><td>Gain on exchange difference, net</td><td>匯兌收益凈額</td><td>655</td><td>3,433</td></tr><tr><td colspan="2"></td><td>3,215</td><td>29,731</td></tr></table> # 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 # 6. INCOME TAX EXPENSE The Group's income tax expense analysis is as follows: # 6. 所得稅開支 本集團所得税開支分析如下： <table><tr><td rowspan="2" colspan="2"></td><td colspan="2">Six months ended 30 September 截至九月三十日止六個月</td></tr><tr><td>2025 二零二五年 HK$'000 千港元 (unaudited) (未經審核)</td><td>2024 二零二四年 HK$'000 千港元 (unaudited) (未經審核)</td></tr><tr><td colspan="2">The taxation comprises:</td><td></td><td></td></tr><tr><td colspan="2">Current tax:</td><td>即期税項:</td><td></td></tr><tr><td colspan="2">Hong Kong Profits Tax</td><td rowspan="2">香港利得税 期内支出</td><td rowspan="2">1,314</td></tr><tr><td colspan="2">Charge for the period</td></tr><tr><td colspan="2">PRC Enterprise Income Tax</td><td rowspan="2">中國企業所得稅 期内支出</td><td rowspan="2">221</td></tr><tr><td colspan="2">Charge for the period</td></tr><tr><td colspan="2">Underprovision (overprovision) in respect of prior year</td><td>過往年度不足撥備 （超額撥備）</td><td>5</td></tr><tr><td colspan="2">Japan Corporate Income Tax</td><td>日本企業所得稅</td><td></td></tr><tr><td colspan="2">Charge for the period</td><td>期内支出</td><td>900</td></tr><tr><td colspan="2">Overprovision in respect of prior year</td><td>過往年度超額撥備</td><td>(112)</td></tr><tr><td colspan="2"></td><td></td><td>2,328</td></tr><tr><td colspan="2">Deferred tax credit for the period</td><td>期内遞延稅項抵免</td><td>(790)</td></tr><tr><td colspan="2">Total income tax expense</td><td>所得税總開支</td><td>1,538</td></tr></table> Under the two-tiered profits tax regime, the first HK$2 million of assessable profits of the qualifying group entity will be taxed at 8.25% and profits above HK$2 million will be taxed at 16.5%. The profits of group entities not qualifying for the two-tiered profits tax rates regime will continue to be taxed at a flat rate of 16.5% for both periods. Under the Law of PRC on Enterprise Income Tax (the "EIT Law") and Implementation Regulation of the EIT Law, the tax rate of the PRC subsidiaries is $25\%$ for both periods. Under the rule of Japan Corporate Income Tax, the tax rate of the Japan subsidiaries is $34.59\%$ for both periods. 根據利得稅兩級制，合資格集團實體之首2百萬港元應課税溢利將按8.25%計税，而超出2百萬港元之溢利將按16.5%計税。不符合利得稅兩級制資格之集團實體之溢利將繼續按16.5%之統一稅率在兩個期間計税。 根據中國企業所得税法(「企業所得稅法」)及企業所得稅法實施條例，中國附屬公司於兩個期間之稅率均為 $25\%$ 。 根據日本企業所得税法，日本附屬公司於兩個期間之稅率均為 $34.59\%$ 。 # 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 # 7. DIVIDEND Final dividend in respect of the year ended 31 March 2025 of HK1.0 cent per ordinary share, in an aggregate amount of HK$5,221,774, was approved and paid during the Reporting Period. No dividend was proposed for the Reporting Period. No dividends were paid, declared or proposed during the six months ended 30 September 2024. The Board does not recommend any payment of interim dividend in respect of the current interim period. # 8. (LOSS) PROFIT BEFORE TAXATION # 7. 股息 截至二零二五年三月三十一日止年度的末期股息為每股普通股1.0港仙，總額為5,221,774港元，已獲批准並於報告期間內派發。報告期間內未提出任何股利發放建議。 截至二零二四年九月三十日的六個月期間，沒有支付、宣布或提議支付任何股息。 董事會並不建議就本中期期間派付任何中期股息。 # 8. 除税前（虧損）溢利 <table><tr><td rowspan="2" colspan="2"></td><td colspan="2">Six months ended 30 September 截至九月三十日止六個月</td></tr><tr><td>2025 二零二五年 HK$'000 千港元 (unaudited) (未經審核)</td><td>2024 二零二四年 HK$'000 千港元 (unaudited) (未經審核)</td></tr><tr><td>(Loss) profit before taxation is arrived at after charging:</td><td>除稅前(虧損)溢利乃於 扣除下列各項後得出：</td><td></td><td></td></tr><tr><td>Staff costs (including Directors' remuneration):</td><td>員工成本(包括董事薪酬):</td><td></td><td></td></tr><tr><td>Salaries, wages and other benefits</td><td>薪金、工資及其他福利 退休福利計劃供款</td><td>20,189</td><td>25,320</td></tr><tr><td>Contributions to retirement benefit scheme</td><td></td><td>726</td><td>1,227</td></tr><tr><td>Share-based payment expense</td><td>以股份為基礎之付款開支</td><td>388</td><td>-</td></tr><tr><td></td><td></td><td>21,303</td><td>26,547</td></tr><tr><td>Depreciation of property, plant and equipment</td><td>物業、廠房及設備折舊</td><td>2,529</td><td>1,078</td></tr><tr><td>Depreciation of right-of-use assets</td><td>使用權資產折舊</td><td>1,450</td><td>1,048</td></tr><tr><td>Amortisation of intangible assets</td><td>無形資產攤銷</td><td>4,787</td><td>4,771</td></tr><tr><td>Write-down of inventories (included in cost of sales)</td><td>存貨撇減(計入銷售成本)</td><td>188</td><td>1,304</td></tr></table> # NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS # 簡明綜合財務報表附註 For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 # 9. (LOSS) EARNINGS PER SHARE The calculation of the basic (loss) earnings per share is based on the following: # 9. 每股盈利/（虧損） 每股基本盈利／（虧損）乃根據以下各項計算： <table><tr><td rowspan="2" colspan="2"></td><td colspan="2">Six months ended 30 September 截至九月三十日止六個月</td></tr><tr><td>2025 二零二五年 HK$'000 千港元 (unaudited) (未經審核)</td><td>2024 二零二四年 HK$'000 千港元 (unaudited) (未經審核)</td></tr><tr><td>(Loss) earnings:</td><td>(虧損)盈利:</td><td></td><td></td></tr><tr><td>(Loss) earnings for the period attributable to owners of the Company for the purpose of basic (loss) earnings per share</td><td>就計算每股基本(虧損)盈利之本公司擁有人應佔期內(虧損)盈利</td><td>(4,073)</td><td>14,684</td></tr><tr><td></td><td></td><td>'000 千股</td><td>'000 千股</td></tr><tr><td>Number of shares:</td><td>股份數目:</td><td></td><td></td></tr><tr><td>Weighted average number of ordinary shares for the purpose of basic (loss) earnings per share</td><td>就計算每股基本(虧損)盈利之普通股加權平均數</td><td>522,177</td><td>519,632</td></tr><tr><td colspan="2">Basic and diluted loss per share for the Reporting Period are the same since the potential shares from options are anti-dilutive.</td><td colspan="2">由於購股權帶來的潛在股份具有反攤薄性，因此報告期間内的基本每股虧損和攤薄每股虧損相同。</td></tr><tr><td colspan="2">No diluted earnings per share has been presented for the six months ended 30 September 2024 as there were no potential dilutive ordinary shares outstanding during the respective periods.</td><td colspan="2">由於截至二零二四年九月三十日止六個月並無發行在外的潛在攤薄普通股，故並無呈列相應期間之每股攤薄盈利。</td></tr></table> # 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 # 10. PROPERTY, PLANT AND EQUIPMENT During the Reporting Period, the Group acquired property, plant and equipment of approximately HK$1,714,000 (for the six months ended 30 September 2024: approximately HK$1,550,000). # 11. RIGHT-OF-USE-ASSETS During the Reporting Period, the Group has addition to right-of-use assets of approximately HK$739,000 (for the six months ended 30 September 2024: approximately HK$1,086,000). # 12. TRADE AND OTHER RECEIVABLES <table><tr><td colspan="2"></td><td>As at 30 September 2025 於二零二五年 九月三十日 HK$'000 千港元 (unaudited) (未經審核)</td><td>As 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)</td></tr><tr><td>Trade debtors, net of loss allowance</td><td>應收賬款(扣除虧損撥備)</td><td>60,994</td><td>29,984</td></tr><tr><td>Bills receivable</td><td>應收票據</td><td>518</td><td>2,242</td></tr><tr><td>Deposits and other receivables</td><td>按金及其他應收款項</td><td>19,440</td><td>12,979</td></tr><tr><td>Prepayments</td><td>預付款項</td><td>13,885</td><td>29,565</td></tr><tr><td></td><td></td><td>94,837</td><td>74,770</td></tr><tr><td>Analysed for reporting purpose as:</td><td>於報告分析如下：</td><td></td><td></td></tr><tr><td>Current assets</td><td>流動資產</td><td>94,560</td><td>73,732</td></tr><tr><td>Non-current assets</td><td>非流動資產</td><td>277</td><td>1,038</td></tr><tr><td></td><td></td><td>94,837</td><td>74,770</td></tr></table> The Group's credit terms on Garment Business and Healthcare Products Business generally range from 30 to 90 days, while allows an average credit period of 60 to 120 days to its customers of the provision of IRO and CRO services. Credit period of 180 days is granted to a customer for the IRO and CRO services with whom the Group has a good business relationship and who is in sound financial condition. # 10. 物業、廠房及設備 於報告期間，本集團收購物業、廠房及設備約1,714,000港元（截至二零二四年九月三十日止六個月：約1,550,000港元）。 # 11. 使用權資產 於報告期間，本集團已添置使用權資產約739,000港元（二零二四年九月三十日止六個月：約1,086,000港元）。 # 12. 貿易及其他應收款項 本集團服裝業務及保健產品業務之信貸期限一般介乎30至90日，給予其提供IRO及CRO服務客戶之平均信貸期限則為60至120日。與本集團有良好業務關係且財務狀況良好之IRO及CRO服務客戶獲授予180日之信貸期限。 # 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 # 12. TRADE AND OTHER RECEIVABLES (CONTINUED) The following is an ageing analysis of trade debtors presented based on the invoice date at the end of the reporting periods: # 12. 貿易及其他應收款項(續) 於報告期末按發票日期呈列之應收賬款之賬齡分析如下： <table><tr><td></td><td></td><td>As at 30 September</td><td>As at 31 March</td></tr><tr><td></td><td></td><td>2025</td><td>2025</td></tr><tr><td></td><td></td><td>於二零二五年 九月三十日</td><td>於二零二五年 三月三十一日</td></tr><tr><td></td><td></td><td>HK$'000</td><td>HK$'000</td></tr><tr><td></td><td></td><td>千港元</td><td>千港元</td></tr><tr><td></td><td></td><td>(unaudited)</td><td>(audited)</td></tr><tr><td></td><td></td><td>(未經審核)</td><td>(經審核)</td></tr><tr><td>1-30 days</td><td>1至30日</td><td>34,308</td><td>14,194</td></tr><tr><td>31-60 days</td><td>31至60日</td><td>20,526</td><td>2,697</td></tr><tr><td>61-90 days</td><td>61至90日</td><td>5,790</td><td>11,985</td></tr><tr><td>Over 90 days</td><td>90日以上</td><td>370</td><td>1,108</td></tr><tr><td></td><td></td><td>60,994</td><td>29,984</td></tr></table> # 13. TRADE AND OTHER PAYABLES AND ACCRUALS # 13. 貿易及其他應付款項以及應計費用 <table><tr><td colspan="2"></td><td>As at 30 September 2025 於二零二五年 九月三十日 HK$'000 千港元 (unaudited) (未經審核)</td><td>As at 31 March 2025 於二零二五年 三月三十一日 HK$'000 千港元 (audited) (經審核)</td></tr><tr><td>Trade payables</td><td>貿易應付款項</td><td>39,772</td><td>17,451</td></tr><tr><td>Accrued staff costs</td><td>應計員工成本</td><td>1,529</td><td>1,152</td></tr><tr><td>Accrued expenses</td><td>應計開支</td><td>17,427</td><td>8,645</td></tr><tr><td>Other payables</td><td>其他應付款項</td><td>6,157</td><td>4,552</td></tr><tr><td colspan="2"></td><td>64,885</td><td>31,800</td></tr></table> # NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS # 簡明綜合財務報表附註 For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 # 13. TRADE AND OTHER PAYABLES AND ACCRUALS (CONTINUED) An ageing analysis of the trade payables presented based on the invoice dates as follow: # 13．貿易及其他應付款項以及應計費用（續） 按發票日期呈列之貿易應付款項之賬齡分析如下： <table><tr><td colspan="2"></td><td>As at 30 September 2025 於二零二五年 九月三十日 HK$'000 千港元 (unaudited) (未經審核)</td><td>As at 31 March 2025 於二零二五年 三月三十一日 HK$'000 千港元 (audited) (經審核)</td></tr><tr><td>1-30 days</td><td>1至30日</td><td>21,569</td><td>5,590</td></tr><tr><td>31-60 days</td><td>31至60日</td><td>7,911</td><td>1,303</td></tr><tr><td>61-90 days</td><td>61至90日</td><td>9,591</td><td>5,313</td></tr><tr><td>Over 90 days</td><td>90日以上</td><td>701</td><td>5,245</td></tr><tr><td colspan="2"></td><td>39,772</td><td>17,451</td></tr></table> # 14. SHARE CAPITAL Details of movements of share capital of the Company during the Reporting Period are as follows: # 14. 股本 於報告期間本公司之股本變動詳情如下： <table><tr><td colspan="2"></td><td>Number of shares 股份數目 '000 千股</td><td>Share Capital 股本 HK$'000 千港元</td></tr><tr><td>Ordinary shares of HK$0.01 each</td><td>每股面值0.01港元之普通股</td><td></td><td></td></tr><tr><td>Authorised: At 1 April 2024, 30 September 2024, 1 April 2025 and 30 September 2025</td><td>法定： 於二零二四年四月一日、 二零二四年九月三十日、 二零二五年四月一日及 二零二五年九月三十日</td><td>1,000,000</td><td>10,000</td></tr><tr><td rowspan="2">Issued and fully paid: At 1 April 2024 Issued of new shares under subscription agreement (note)</td><td rowspan="2">已發行及繳足： 於二零二四年四月一日 根據認購協議發行新股(附註)</td><td>500,000</td><td>5,000</td></tr><tr><td>22,177</td><td>222</td></tr><tr><td>At 30 September 2024, 1 April 2025 and 30 September 2025</td><td>於二零二四年九月三十日、 二零二五年四月一日及 二零二五年九月三十日</td><td>522,177</td><td>5,222</td></tr></table> Note: On 22 April 2024, 22,177,419 new ordinary shares were allotted and issued to the subscribers at a subscription price of HK$0.992 per share. Details of which are set out in the Company's announcements dated 9 April 2024 and 22 April 2024. 附註： 於二零二四年四月二十二日，22177419股新普通股已按每股0.992港元的認購價配發及發行予認購人。有關詳情載於本公司日期為二零二四年四月九日及二零二四年四月二十二日的公告。 # 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 # 15. SHARE-BASED PAYMENT TRANSACTIONS The Company adopted a share option scheme (the "Scheme") on 31 May 2017. The primary purpose of the Scheme is to provide incentives or rewards to eligible employees and other selected participants as specified under the Scheme. The total number of shares which may be allotted and issued upon exercise of all options (excluding, for this purpose, options which have lapsed in accordance with the terms of the Scheme and any other share scheme of the Group) to be granted under the Scheme and any other share scheme of the Group) to be granted under the Scheme and any other share scheme of the Group must not in aggregate exceed \(10\%\) of the Shares in issue at the time dealings in the Shares first commence on the Stock Exchange. The Company may, subject to the issue of a circular, the Shareholders' approval in general meeting and/or such other requirements prescribed under the Listing Rules, refresh this limit at any time to \(10\%\) of the total number of shares in issue as at the date of the Shareholders' approval. The total number of shares issued and which may fall to be issued upon exercise of the options granted under the Scheme and any other share option scheme of the Group to each participant in any 12-month period shall not exceed \(1\%\) of the issued share capital of the Company for the time being, without prior approval from the Shareholders. Options granted to substantial shareholders or independent non-executive directors or any of their respective associates as defined under the Scheme which would result in the shares issued and to be issued upon exercise of all options under the Scheme already granted and to be granted (including options exercised, cancelled and outstanding) to such person in the 12-month period up to and including the date of such grant represent in aggregate in excess of \(0.1\%\) of the Company's issued share capital and with an aggregate value in excess of HK\\(5.0 million must be approved in advance by the Shareholders. # 15. 以股份為基礎之付款交易 本公司於二零一七年五月三十一日採納一項購股權計劃(「計劃」)。計劃主要旨在向合資格僱員及計劃指定之其他經選定人士提供激勵或獎勵。 計劃及本集團任何其他股權計劃項下將授出之所有購股權(就此而言，不包括根據計劃及本集團任何其他股權計劃之條款而失效之購股權)獲行使時可予配發及發行的股份總數目合共不得超過股份首次於聯交所開始買賣時已發行股份之 $10\%$ 。待通函刊發後，在股東於股東大會批准之情況下及/或根據上市規則訂明之其他規定，本公司可隨時更新此上限至於獲股東批准當日已發行股份總數之 $10\%$ 。未經股東事先批准情況下，於任何12個月期間行使根據計劃及本集團任何其他購股權計劃已授出之購股權時已發行及可能將發行予各參與者之股份總數，不得超過本公司當時已發行股本之 $1\%$ 。倘向主要股東或獨立非執行董事或彼等各自之聯繫人(定義見計劃)授出之購股權將導致行使於12個月期間直至授出日期(包括該日)計劃項下之所有已授出或將授出之購股權(包括已行使、已註銷及未獲行使之購股權)時已發行及將發行予該人士之股份合共超過本公司已發行股本之 $0.1\%$ 且總值超過5.0百萬港元，有關授出必須獲得股東事先批准。 # 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 # 15. SHARE-BASED PAYMENT TRANSACTIONS (CONTINUED) Options granted must be taken up within 21 days of the date of the offer of grant of the option. A nominal consideration of HK$1.00 is payable on acceptance of the grant of an option. Options may be exercised at any time from the date of acceptance of the share option to such date as determined by the directors but in any event not exceeding 10 years. The exercise price is determined by the directors, but shall not be less than the highest of (i) the closing price of the shares as stated in the Stock Exchange's daily quotation sheets on the date of the offer of grant, which must be a business day; (ii) the average closing price of the shares as stated in the Stock Exchange's daily quotation sheets for the five trading days immediately preceding the date of the offer of grant of the option; and (iii) the nominal value of a share. On 28 February 2025, the Company granted share options to employees of the Group to subscribe for a total of 5,600,000 Shares under the Scheme. # 15. 以股份為基礎之付款交易(續) 購股權須於提呈授出購股權要約日期起21日內獲接納，接納授出購股權時應付名義代價1.00港元。 購股權可於購股權獲接納日期起至董事釐定的有關日期(惟無論如何不超過10年)內隨時行使。行使價由董事釐定，惟不得低於(i)股份於授出要約日期(須為營業日)在聯交所每日報價表所報的收市價；(ii)股份於緊接提呈授出購股權要約日期前五個交易日在聯交所每日報價表所報的平均收市價；及(iii)股份面值的最高者。 於二零二五年二月二十八日，本公司根據計劃向本集團僱員授出購股權以認購合共5,600,000股股份。 # NOTES TO THE CONDENSE