> **来源：[研报客](https://pc.yanbaoke.cn)** # UBA INVESTMENTS LIMITED # 開明投資有限公司 (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:768 INTERIM REPORT 中期报告 2025/26 # CORPORATE INFORMATION # BOARD OF DIRECTORS Executive Directors Mr. CHAU Wai Hing (Elected as Chairman on 6 June 2025) Mr. CHENG Wai Lun, Andrew Dr. WONG Yun Kuen (Former Chairman, resigned on 6 June 2025) Independent Non-executive Directors Mr. TANG Hon Bui, Ronald Mr. KWOK Ming Fai, CPA Ms. KWOK Yuen Lam, Sophia # COMPANY SECRETARY Mr. LEUNG Man Lai, CPA # AUDITORS Asian Alliance (HK) CPA Limited Certified Public Accountants Registered Public Interest Entity Auditors # AUDIT COMMITTEE Mr. KWOK Ming Fai, CPA (Chairman) Mr. TANG Hon Bui, Ronald Ms. KWOK Yuen Lam, Sophia # REMUNERATION COMMITTEE Mr. KWOK Ming Fai, CPA (Chairman) Mr. TANG Hon Bui, Ronald Mr. CHENG Wai Lun, Andrew Ms. KWOK Yuen Lam, Sophia # NOMINATION COMMITTEE Mr. KWOK Ming Fai, CPA (Chairman) Mr. TANG Hon Bui, Ronald Mr. CHENG Wai Lun, Andrew Ms. KWOK Yuen Lam, Sophia # 公司資料 # 董事會 執行董事 周偉興先生 （於二零二五年六月六日獲推選為 董事會主席） 鄭偉倫先生 黄潤權博士 （前主席·於二零二五年六月六日辭任） 獨立非執行董事 鄧漢標先生 郭明辉先生·CPA 郭婉琳女士 # 公司秘書 梁文禮先生，CPA # 核數師 久安（香港）會計師事務所有限公司 執業會計師 註冊公眾利益實體核數師 # 審核委員會 郭明辉先生，CPA（主席） 鄧漢標先生 郭婉琳女士 # 薪酬委員會 郭明辉先生，CPA（主席） 鄧漢標先生 鄭偉倫先生 郭婉琳女士 # 提名委員會 郭明辉先生，CPA（主席） 鄧漢標先生 鄭偉倫先生 郭婉琳女士 # PRINCIPAL BANKER OCBC Bank (Hong Kong) Limited # STOCK CODE Hong Kong Stock Exchange: 768 # WEBSITE http://www.uba.com.hk # INVESTMENT MANAGER Upbest Assets Management Limited # PRINCIPAL PLACE OF BUSINESS IN HONG KONG Flat B, 16th Floor, Wah Kit Commercial Centre 300 Des Voeux Road Central Hong Kong # REGISTERED OFFICE P.O.Box 309 Ugland House Grand Cayman KY1-1104 Cayman Islands # CAYMAN ISLANDS PRINCIPAL REGISTRAR # Suntera (Cayman) Limited Suite 3204, Unit 2A, Block 3, Building D, P.O. Box 1586, Gradenia Court, Camana Bay, Grand Cayman, KY1-1100 Cayman Islands # HONG KONG BRANCH REGISTRAR # Tricor Investor Services Limited 17/F, Far East Finance Centre 16 Harcourt Road Hong Kong # 主要往來銀行 華僑銀行(香港)有限公司 # 股票代號 香港聯合交易所：768 # 網址 http://www.uba.com.hk # 投資經理 美建管理有限公司 # 香港主要營業地點 香港 德輔道中300號 華傑商業中心16樓B室 # 註冊辦事處 P.O.Box 309 Ugland House Grand Cayman KY1-1104 Cayman Islands # 開曼群島主要股份過戶登記處 # Suntera (Cayman) Limited Suite 3204, Unit 2A, Block 3, Building D, P.O. Box 1586, Gradenia Court, Camana Bay, Grand Cayman, KY1-1100 Cayman Islands # 香港股份過戶登記分處 # 卓佳證券登記有限公司 香港 夏恕道16號 遠東金融中心17樓 # RESULTS The board of directors (the "Board") of UBA Investments Limited (the "Company") is pleased to announce that the unaudited interim results of the Company and its subsidiaries (the "Group") for the six months ended 30 September 2025 and the Group's state of affairs as at that date together with the comparative figures as follows: # CONDENSED CONSOLIDATED INCOME STATEMENT For the six months ended 30 September # 業績 開明投資有限公司（「本公司」）董事會（「董事會」）欣然提呈本公司及其附屬公司（「本集團」）截至二零二五年九月三十日止六個月之中期報告及未經審核中期業績，連同上期比較數字分列如下： # 簡明綜合收益表 截至九月三十日止六個月 <table><tr><td></td><td></td><td>2025 二零二五年 (unaudited) (未經審核) HK$'000 千港元</td><td>2024 二零二四年 (unaudited) (未經審核) HK$'000 千港元</td></tr><tr><td>Gross proceeds from disposal of trading securities</td><td>出售交易證券的所得款項總額</td><td></td><td>52,496 31,920</td></tr><tr><td>Revenue</td><td>收入</td><td>4</td><td>3,171 4,118</td></tr><tr><td>Gain from changes in fair value of financial assets at fair value through profit or loss, net</td><td>按公平值變動於損益賬列賬之財務資產之收益凈額</td><td>5</td><td>7,085 3,548</td></tr><tr><td>Other income</td><td>其他收入</td><td>6</td><td>259 123</td></tr><tr><td>Administrative and other operating expenses</td><td>行政及其他營運支出</td><td></td><td>(3,102) (2,063)</td></tr><tr><td>Profit before taxation</td><td>除稅前溢利</td><td>7</td><td>7,413 5,726</td></tr><tr><td>Income tax expense</td><td>所得税開支</td><td>8</td><td>-</td></tr><tr><td>Profit and total comprehensive income for the period</td><td>本期間之收益及全面溢利總額</td><td></td><td>7,413 5,726</td></tr><tr><td>Earnings per share</td><td>每股溢利</td><td></td><td></td></tr><tr><td>Basic (HK cents)</td><td>基本(港仙)</td><td>9</td><td>0.58 0.45</td></tr><tr><td>Diluted (HK cents)</td><td>攤薄(港仙)</td><td>9</td><td>N/A 不適用 N/A 不適用</td></tr></table> # CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION # 簡明綜合財務狀況表 <table><tr><td></td><td></td><td>30 September 2025 二零二五年 九月三十日 (unaudited) (未經審核) HK$'000 千港元</td><td rowspan="2">31 March 2025 二零二五年 三月三十一日 (audited) (經審核) HK$'000 千港元</td></tr><tr><td></td><td></td><td>Notes 附註</td></tr><tr><td>CURRENT ASSETS</td><td>流動資產</td><td></td><td></td></tr><tr><td>Amounts due from related companies</td><td>應收關連公司款項</td><td rowspan="2">11</td><td>6,376</td></tr><tr><td>Deposits</td><td>按金</td><td>66</td></tr><tr><td>Financial assets at fair value through profit or loss</td><td>按公平值於損益賬列 賬之財務資產</td><td rowspan="2">10</td><td>75,879</td></tr><tr><td>Cash and cash equivalents</td><td>現金及現金等值項目</td><td>18,161</td></tr><tr><td></td><td></td><td></td><td>100,482</td></tr><tr><td></td><td></td><td></td><td>93,378</td></tr><tr><td>CURRENT LIABILITY</td><td>流動負債</td><td></td><td></td></tr><tr><td>Accruals</td><td>應付費用</td><td></td><td>(83)</td></tr><tr><td></td><td></td><td></td><td>(392)</td></tr><tr><td>NET CURRENT ASSETS AND NET ASSETS</td><td>流動資產淨值及 資產淨值</td><td></td><td>100,399</td></tr><tr><td></td><td></td><td></td><td>92,986</td></tr><tr><td>CAPITAL AND RESERVES</td><td>資本及儲備</td><td></td><td></td></tr><tr><td>Share capital</td><td>股本</td><td>12</td><td>12,717</td></tr><tr><td>Reserves</td><td>儲備</td><td></td><td>87,682</td></tr><tr><td>TOTAL EQUITY</td><td>總權益</td><td></td><td>100,399</td></tr><tr><td></td><td></td><td></td><td>92,986</td></tr><tr><td>NET ASSET VALUE PER SHARE (HK$)</td><td>每股資產淨值 (港元) 13</td><td></td><td>HK$0.08港元</td></tr><tr><td></td><td></td><td></td><td>HK$0.07港元</td></tr></table> # CONDENSED CONSOLIDATED # STATEMENT OF CHANGES IN EQUITY For the six months ended 30 September 2025 # 簡明綜合權益變動表 截至二零二五年九月三十日止六個月 <table><tr><td rowspan="5" colspan="2"></td><td colspan="4">Unaudited 未經審核</td></tr><tr><td>Share capital</td><td>Share premium</td><td>Accumulated losses</td><td>Total</td></tr><tr><td>股本</td><td>股份溢價</td><td>累計虧損</td><td>總計</td></tr><tr><td>HK$'000</td><td>HK$'000</td><td>HK$'000</td><td>HK$'000</td></tr><tr><td>千港元</td><td>千港元</td><td>千港元</td><td>千港元</td></tr><tr><td>As at 1 April 2025</td><td>於二零二五年四月一日結餘</td><td>12,717</td><td>107,217</td><td>(26,948)</td><td>92,986</td></tr><tr><td>Profit for the period</td><td>本期間溢利</td><td>-</td><td>-</td><td>7,413</td><td>7,413</td></tr><tr><td>As at 30 September 2025</td><td>於二零二五年九月三十日結餘</td><td>12,717</td><td>107,217</td><td>(19,535)</td><td>100,399</td></tr><tr><td rowspan="5" colspan="2"></td><td colspan="4">Unaudited 未經審核</td></tr><tr><td>Share capital</td><td>Share premium</td><td>Accumulated losses</td><td>Total</td></tr><tr><td>股本</td><td>股份溢價</td><td>累計虧損</td><td>總計</td></tr><tr><td>HK$'000</td><td>HK$'000</td><td>HK$'000</td><td>HK$'000</td></tr><tr><td>千港元</td><td>千港元</td><td>干港元</td><td>千港元</td></tr><tr><td>As at 1 April 2024</td><td>於二零二四年四月一日結餘</td><td>12,717</td><td>107,217</td><td>(37,219)</td><td>82,715</td></tr><tr><td>Profit for the period</td><td>本期間溢利</td><td>-</td><td>-</td><td>5,726</td><td>5,726</td></tr><tr><td>As at 30 September 2024</td><td>於二零二四年九月三十日結餘</td><td>12,717</td><td>107,217</td><td>(31,493)</td><td>88,441</td></tr></table> # CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS # 簡明綜合現金流動表 <table><tr><td colspan="2"></td><td colspan="2">For the six months ended 30 September 截至九月三十日止六個月</td></tr><tr><td rowspan="4" colspan="2"></td><td>2025</td><td>2024</td></tr><tr><td>二零二五年 (unaudited)</td><td>二零二四年 (unaudited)</td></tr><tr><td>HK$'000</td><td>(未經審核) HK$'000</td></tr><tr><td>千港元</td><td>千港元</td></tr><tr><td>Net cash (used in)/from operating activities</td><td>經營活動(應用)/產生之現金淨額</td><td>(12,676)</td><td>7,599</td></tr><tr><td>Cash flows from investing activities</td><td>投資活動之現金流動</td><td></td><td></td></tr><tr><td>Interest received</td><td>已收利息</td><td>259</td><td>123</td></tr><tr><td>Net cash generated from investing activities</td><td>投資活動產生之現金淨額</td><td>259</td><td>123</td></tr><tr><td>Net (decrease)/increase in cash and cash equivalents during the period</td><td>期內現金及現金等價物之(減少)/增加淨額</td><td>(12,417)</td><td>7,722</td></tr><tr><td>Cash and cash equivalents at the beginning of the period</td><td>期初之現金及現金等價物</td><td>30,578</td><td>5,542</td></tr><tr><td>Cash and cash equivalents at the end of the period</td><td>期末之現金及現金等價物</td><td>18,161</td><td>13,264</td></tr><tr><td>Representing: Cash and bank balances</td><td>代表: 現金及銀行結餘</td><td>18,161</td><td>13,264</td></tr></table> # NOTES TO THE CONDENSED FINANCIAL STATEMENTS # 1. GENERAL The Company is a public limited company incorporated in the Cayman Islands with its shares listed on The Stock Exchange of Hong Kong Limited (the "Stock Exchange"). The address of its registered office is P.O. Box 309, Ungland House, Grand Cayman, KY1-1104, Cayman Islands. The principal place of business is Flat B, 16th Floor, Wah Kit Commercial Centre, 300 Des Voeux Road Central, Hong Kong. The Company and its subsidiaries (collectively referred to as the "Group") are engaged in investment holding and trading of securities. The condensed consolidated financial statements are presented in Hong Kong dollars ("HK$"), which is the same as the functional currency of the Company and all values (including comparative information) are rounded to the nearest thousand (HK$'000) except when otherwise indicated. # 2. BASIS OF PREPARATION These unaudited condensed consolidated interim financial statements for the six months ended 30 September 2025 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") and with the applicable disclosure requirements of Appendix D2 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. # 簡明財務報告附註 # 1. 一般資料 開明投資有限公司（「本公司」）乃一間於開曼群島註冊成立有限責任之公眾公司，其股份於香港聯合交易所有限公司（「聯交所」）上市。本公司之註冊地址為P.O.Box309,UglandHouse,GrandCayman,KY1-1104,CaymanIslands。本公司之主要營業地點位於香港德輔道中300號華傑商業中心16樓B室。 本公司及其附屬公司（統稱為「本集團」）均從事投資控股及證券交易。 本簡明綜合財務報表乃以港元（「港元」）列示，港元亦為本公司之功能貨幣，而除另有註明外，所有數值（包括比較信息）均調整至最接近之千位數（千港元）。 # 2. 編製基準 截至二零二五年九月三十日止六個月之未經審核簡明綜合中期財務報表乃根據香港會計師公會（「香港會計師公會」）頌佈的香港會計準則第34號「中期財務報告」，以及香港聯合交易所有限公司上市規則附錄D2的適用披露條文編製。 # 2. BASIS OF PREPARATION (Continued) The unaudited condensed consolidated financial statements do not include all the information and disclosure required in the annual consolidated financial statements, and should be read in conjunction with the Group's annual consolidated financial statements for the year ended 31 March 2025. The directors of the Company (the "Directors") are satisfied that the Group will have sufficient financial resources to meet its financial obligations as they fall due for the foreseeable future. Accordingly, the consolidated financial statements have been prepared on a going concern basis. # 3. PRINCIPAL ACCOUNTING POLICIES The unaudited condensed consolidated financial statements have been prepared on the historical cost basis except for the financial assets at fair value through profit or loss that are measured at fair values at the end of each reporting period. Other than additional/changing in accounting policies resulting from application of amendments to HKFRS Accounting Standards, and application of certain accounting policies which became relevant to the Group in the current interim period, 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 financial statements for the year ended 31 March 2025. # 2. 編製基準(續) 本未經審核簡明綜合財務報表不包括所有須於年度綜合財務報表載列之資料及披露，並應與本集團於二零二五年三月三十一日的年度綜合財務報表一併閱讀。 本公司董事（「董事」）信納本集團將擁有足夠財務資源履行其於可預見之未來到期的財務責任。因此，綜合財務報表已按持續經營基準編製。 # 3. 重大會計政策概要 本未經審核簡明綜合財務報表乃根據歷史成本常規法編製，惟於每個報告期末按公平值於損益賬列賬之財務資產按公平值列賬。 除應用經修訂香港財務報告準則會計準則所產生的其他額外/變更會計政策外，以及應用於中期期間與本集團相關的若干會計政策外，截至二零二五年九月三十日止六個月簡明綜合財務報表所使用之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財務報表所呈現者一致。 # 3. PRINCIPAL ACCOUNTING POLICIES (Continued) 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 Group's annual period beginning on or after 1 April 2025 for the preparation of the Group's unaudited condensed consolidated financial statements: Amendments to HKAS 21 Lack of Exchangeability The application of the new and amendments to HKFRS Accounting Standards in the current period had no material impact on the Group's consolidated financial positions and performance for the current and prior periods and/or on the disclosures set out in these condensed consolidated financial statements. # 3. 重大會計政策概要（續） 應用經修訂香港財務報告準則會計準則 於本中期期間，本集團編製簡明綜合財務報告時首次應用自二零二五年四月一日開始之年度期間強制生效的下列香港會計師公會頒佈的香港財務報告準則會計準則的修訂本： 香港會計準則第21號 缺乏可兌換性（修訂本） 在本期間應用新訂及經修訂之香港財務報告準則會計準則，對本集團本期間及過往期間的表現及綜合財務狀況及/或對該等綜合財務報表所載的披露並無重大影響。 # 4. REVENUE # 4. 收入 For the six months ended 30 September 截至九月三十日止六個月 2025 2024 二零二五年 二零二四年 (unaudited) (unaudited) （未經審核） （未經審核） HK$'000 HK$'000 千港元 千港元 Dividend income from: -Listed equity investment 股息收入來自：一上市股本證券 No analysis of the Group's revenue and contribution to operating profit for the current and prior periods set out by principal activities and geographical markets is provided as the Group has only one single business segment, investment holding and all the consolidated revenue and the consolidated results of the Group are attributable to the markets in Hong Kong. No information about major customers has been disclosed as a substantial portion of the Group's income is derived from the Group's investment and the disclosures of information regarding customers would not be meaningful. 3,171 4,118 由於本集團只有投資控股單一業務，以及本集團所有綜合收入及綜合業績乃源於香港市場，因此並無依據主要業務及地區市場，呈列本集團本期間及往年期間之收入及經營溢利。 由於本集團之營運收益絕大部份來自投資回報，所以沒有就主要客戶的資料作出披露及披露主要客戶資料並無意義。 # 5. GAIN FROM CHANGES IN FAIR VALUE OF FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS ("FVTPL"), NET The following is the analysis of the gain from changes in fair value of financial assets at FVTPL of the Group for the six months ended 30 September 2025 and 2024. The realised gain represents the fair value change of financial assets at FVTPL being disposed during the reporting period, while the unrealised gain/(loss) represents the changes in fair value of financial assets at FVTPL held by the Group as at the end of reporting period: # 5. 按公平值變動於損益賬列賬之財務資產之收益淨額 以下為本集團截至二零二五年及二零二四年九月三十日六個月止期度按公平值變動於損益賬列賬之財務資產之收益分析。已變現收益指報告期内出售按公平值於損益賬列賬之財務資產之公平值變動，而未變現收益/(虧損)指本集團於報告期末持有的按公平值於損益賬列賬之財務資產之公平值變動： <table><tr><td colspan="2"></td><td colspan="2">For the six months ended 30 September 截至九月三十日止六個月</td></tr><tr><td rowspan="3" colspan="2"></td><td>2025</td><td>2024</td></tr><tr><td>二零二五年 (unaudited)</td><td>二零二四年 (unaudited)</td></tr><tr><td>(HK$'000千港元</td><td>(未經審核) HK$'000千港元</td></tr><tr><td>- Listed equity investment</td><td>-上市股本證券</td><td></td><td></td></tr><tr><td>- Realised gain</td><td>-變現收益</td><td>1,306</td><td>1,875</td></tr><tr><td>- Unrealised gain</td><td>-未變現收益</td><td>5,779</td><td>1,703</td></tr><tr><td></td><td></td><td>7,085</td><td>3,578</td></tr><tr><td>- Unlisted equity investment (Note)</td><td>-非上市股本證券(註)</td><td></td><td></td></tr><tr><td>- Unrealised loss</td><td>-未變現虧損</td><td>-</td><td>(30)</td></tr><tr><td></td><td></td><td>7,085</td><td>3,548</td></tr></table> Note: The unlisted equity investment was disposed through disposal of subsidiaries during the year ended 31 March 2025. 註：非上市股本證券於截至二零二五年三月三十一日止年度透過出售附屬公司處置。 # 6. OTHER INCOME # 6. 其他收益 For the six months ended 30 September 截至九月三十日止六個月 2025 2024 二零二五年 二零二四年 (unaudited) (unaudited) （未經審核） （未經審核） HK$'000 HK$'000 千港元 千港元 Bank interest income 銀行利息 259 123 # 7. PROFIT BEFORE TAXATION Profit before taxation has been arrived at after charging the following: # 7. 除税前盈利 除税前溢利已扣除下列各項： <table><tr><td rowspan="6" colspan="2"></td><td colspan="2">For the six months ended 30 September 截至九月三十日止六個月</td></tr><tr><td>2025</td><td>2024</td></tr><tr><td>二零二五年 (unaudited)</td><td>二零二四年 (unaudited)</td></tr><tr><td>(未經審核)</td><td>(未經審核)</td></tr><tr><td>HK$'000</td><td>HK$'000</td></tr><tr><td>千港元</td><td>千港元</td></tr><tr><td>Investment management fee paid to a related company</td><td>支付予關連公司之投資管理費用</td><td>719</td><td>658</td></tr><tr><td>Short-term lease expenses</td><td>短期租賃費用</td><td>132</td><td>132</td></tr><tr><td>Staff costs (including Directors' remuneration)</td><td>員工成本（包括董事酬金）</td><td></td><td></td></tr><tr><td>- Salaries, bonuses and other benefits</td><td>- 工資、獎金和其他福利</td><td>335</td><td>349</td></tr><tr><td>- Contributions to retirement benefits scheme</td><td>- 強積金計劃界定供款</td><td>11</td><td>11</td></tr><tr><td>Total staff cost</td><td>員工成本總額</td><td>346</td><td>360</td></tr></table> # 8. INCOME TAX EXPENSE No provision of Hong Kong Profits Tax for the six months ended 30 September 2025 and 2024 has been provided as the assessable profits is wholly absorbed by the tax loss previously not recognised. # 9. EARNINGS PER SHARE # 8. 所得稅開支 由於本集團截至二零二五年及二零二四年九月三十日六個月止期度內應評稅溢利已全數由先前未確認的税項虧損抵銷，因此並無就香港利得稅作出任何撥備。 # 9. 每股盈利 For the six months ended 30 September 截至九月三十日止六個月 2025 2024 二零二五年 二零二四年 (unaudited) (unaudited) （未經審核） （未經審核） HK$'000 HK$'000 千港元 千港元 Profit for the period 本期間溢利 7,413 5,726 # Number of shares Weighted average number of ordinary shares for the purpose of basic profit per share # 股數 發行之普通股計算加權平均股數每股攤薄溢利 1,271,732,200 1,271,732,200 No diluted earnings per share for the six months ended 30 September 2025 and 2024 were presented as there were no potential ordinary shares in issue for both periods. 截至二零二五年九月三十日及二零二四年九月三十日止六個月均沒有每股攤薄溢利，因為在這兩個期間都沒有潛在的普通股的發行。 # 10. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS # 10. 按公平值於損益賬列賬之財務資產 <table><tr><td></td><td></td><td>30 September 2025 二零二五年 九月三十日 (unaudited) (未經審核) HK$'000 千港元</td><td>31 March 2025 二零二五年 三月三十一日 (audited) (經審核) HK$'000 千港元</td></tr><tr><td>Listed equity securities</td><td>上市股本證券</td><td>75,879</td><td>62,565</td></tr><tr><td>Market value of listed equity securities</td><td>上市股本證券之市值</td><td>75,879</td><td>62,565</td></tr></table> For the six months ended 30 September 2025 and year ended 31 March 2025, the fair value of the listed equity securities is determined based on the quoted market closing price available on the Stock Exchange at the end of the reporting period. 於二零二五年九月三十日止六個月及二零二五年三月三十一日止年度，上市股本證券的公平值乃根據報告期末聯交所的市場收市價釐定。 # 11. AMOUNTS DUE FROM RELATED COMPANIES The amounts are unsecured, interest-free and have no fixed terms of repayment. # 12. SHARE CAPITAL # 11. 應收關聯公司款項 應收款項為無抵押，免利息及無固定還款期。 # 12. 股本 <table><tr><td rowspan="2">Nominal value per share 每股面值</td><td>Number of shares</td><td>of ordinary shares</td></tr><tr><td>股份數目</td><td>普通股面值</td></tr></table> HK$'000 千港元 # Authorised ordinary 法定普通股： shares: At 31 March 2025 and 30 September 2025 於二零二五年三月三十一日及 二零二五年九月三十日 # Issued and fully paid 已發行及繳足普通股：ordinary shares: At 31 March 2025 and 30 September 2025 於二零二五年三月三十一日及 二零二五年九月三十日 # 13. NET ASSET VALUE PER SHARE The calculation of net asset value per share is based on the net assets of approximately HK$100,399,000 (31 March 2025: HK$92,986,000) and 1,271,732,200 (31 March 2025: 1,271,732,200) ordinary shares in issue as at 30 September 2025. # 14. INTERIM DIVIDEND The Board has resolved not to declare any interim dividend in respect of the six months ended 30 September 2025 (2024: Nil). <table><tr><td>0.01</td><td>2,000,000,000</td><td>20,000</td></tr></table> <table><tr><td>0.01</td><td>1,271,732,200</td><td>12,717</td></tr></table> # 13. 每股資產淨值 每股資產淨值乃根據資產淨值約100,399,000港元（二零二五年三月三十一日：92,986,000港元）及於二零二五年九月三十日之發行普通股1,271,732,200股（二零二五年三月三十一日：1,271,732,200股）計算。 # 14. 中期股息 董事會議決不會宣派就有關截至二零二五年九月三十日止六個月之任何中期股息（二零二四年：無）。 # 15. CONNECTED AND RELATED PARTY TRANSACTIONS # 15. 關連及關聯人士交易 <table><tr><td></td><td></td><td colspan="2">For the six months ended 30 September 截至九月三十日止六個月</td></tr><tr><td></td><td></td><td>2025</td><td>2024</td></tr><tr><td></td><td></td><td>二零二五年 (unaudited)</td><td>二零二四年 (unaudited)</td></tr><tr><td></td><td></td><td>(未經審核)</td><td>(未經審核)</td></tr><tr><td></td><td></td><td>HK$'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>附註</td><td></td></tr><tr><td>Investment management feepaid to Upbest Assets</td><td rowspan="2">支付投資管理費予美建管理有限公司(「美建管理」)</td><td>(a),(g)</td><td></td></tr><tr><td>Management Limited ("UAML")</td><td></td><td>719</td></tr><tr><td>Performance fee payable to UAML</td><td>應付表現費予美建管理(「a),(g)</td><td>-</td><td>-</td></tr><tr><td>Brokerage commission paid toUpbest Securities Company</td><td rowspan="2">支付經紀佣金予美建證券有限公司(「美建證券」)</td><td>(b),(g)</td><td></td></tr><tr><td>Limited("USCL")</td><td></td><td>278</td></tr><tr><td>Handling fee for dividendcollection paid to USCL</td><td>支付股息徵收手續費予美建證券</td><td>(c),(g)</td><td>16</td></tr><tr><td>Custodian fee paid to OCBC</td><td>支付託管費予華僑銀行(香港)有限公司</td><td>(e)</td><td>30</td></tr><tr><td>Bank (Hong Kong) Limited</td><td>Short-term lease expenses toChampion Assets Limited</td><td>(f),(g)</td><td></td></tr><tr><td></td><td></td><td></td><td>132</td></tr></table> # 15. CONNECTED AND RELATED PARTY TRANSACTIONS (Continued) Notes: (a) The Company and a subsidiary of Upbest Group Limited, Upbest Assets Management Limited ("UAML") as investment manager, have entered into the 2025 Investment Management Agreement on 22 January 2025. Pursuant to the 2025 Investment Management Agreement, monthly investment management fee is payable by the Company in advance and amounts to $1.5\%$ per annum of the net asset value as at the immediately preceding valuation date on the basis of the actual number of days in the relevant calendar month over a year of 365 days. In addition to the management fee, provided that the net asset value as at the end of the relevant financial year exceeds the higher (the "High Watermark") of (i) the net asset value as at the end of the reference year; and (ii) the net asset value as at the end of the most recent financial year after the reference year and in which the performance fee was paid. The Company will pay UAML the performance fee for the relevant financial year in Hong Kong dollars equal to $20\%$ of the amount by which the net asset value as at the end of the relevant financial year exceeds the High Watermark. The annual cap for the investment management fee and performance fee for the financial years ending 31 March 2026, 2027 and 2028 are HK$2,500,000, HK$2,600,000 and HK$2,700,000 respectively. These continuing connected transactions were approved on the extraordinary general meeting of the shareholders held on 25 March 2025. # 15. 關連及關聯人士交易（續） 附註： (a) 本公司與美建集團屬下一附屬公司美建管理有限公司（「美建管理」），為投資經理，於二零二五年一月二十二日簽訂二零二五年投資管理協議。根據二零二五年投資管理協議，每月之投資管理費乃由本公司預先支付並按本集團估值日之資產淨值1.5%之年利率及有關曆月實際日數除以全年365日之基準計算。此外，截至相關財政年度止的資產淨值如超過以下各項（「高水位」）：(i)參考年度止的資產淨值；及(ii)參考年度後最近一個需要支付表現費之財政年度的資產淨值。本公司將向美建管理支付相關財政年度的表現費（相當於相關財政年度止的資產淨值超過高水位金額的20%）。 截至二零二六年、二零二七年及二零二八年三月三十一日止財政年度之投資管理費及表現費之建議年度上限分別為2,500,000港元、2,600,000港元及2,700,000港元。此等持續關連交易已於二零二五年三月二十五日舉行之股東特別大會上獲批准。 # 15. CONNECTED AND RELATED PARTY TRANSACTIONS (Continued) Notes: (Continued) (a) (Continued) There was no performance fee for the six months ended 30 September 2025 and 2024, and the management fee has been included under administrative and other operating expenses. (b) The Company and six of its subsidiaries and USCL have entered into the 2025 securities brokerage supplemental agreements dated 22 January 2025 ("2025 Securities Brokerage Supplemental Agreements") in relation to the provision of securities brokerage service and agreed that the respective relevant original agreement will be extended from the period of 1 April 2025 to 31 March 2028. The annual cap regarding to the securities brokerage service for each of the financial year ending 31 March 2026, 2027 and 2028 is HK$800,000. (annual cap of 2025: HK$800,000). As one of the applicable percentage ratios (as defined under Rule 14.07 of the Listing Rules) is more than $5\%$ but less than $25\%$ , the transactions contemplated under 2025 Securities Brokerage Supplemental Agreements is subject to annual review and announcement requirement but exempt from the circular and shareholders' approval requirements. Brokerage commission fee is charged at $0.25\%$ (2024: $0.25\%$ ), the prevailing market rate, on the value of the transactions. # 15. 關連及關聯人士交易（續） 附註：（續） (a) (續) 截至二零二五年九月三十日及二零二四年九月三十日六個月止之期間沒有表現費，而投資管理費已包括在行政及其他經營支出內。 (b) 本公司與其六間附屬公司與美建證券分別就有關證券經紀服務於二零二五年一月二十二日簽訂二零二五年證券經紀補充協議（「二零二五年證券經紀補充協議」）並同意將相關原協議延長時期由二零二五年四月一日至二零二八年三月三十一日止。截至二零二六年、二零二七年及二零二八年三月三十一日止財政年度各年的證券經紀服務之建議年度上限為800,000港元。（二零二五年上限：800,000港元）。而因其中一項適用百分比率（定義見上市規則第14.07條）超過 $5\%$ 但低於 $25\%$ ，根據二零二五年證券經紀補充協議擬進行的交易須遵守年度審閱和公告要求，但獲豁免遵守通函及股東批准規定。 佣金收費為所買賣證券價值 $0.25\%$ （二零二四年： $0.25\%$ ），這是普遍的市場交易費用。 # 15. CONNECTED AND RELATED PARTY TRANSACTIONS (Continued) Notes: (Continued) (c) Handling fee for dividend collection is charged at minimum of HK\\(30 or \(0.5\%\) per transaction amount. (d) The Company and two of its subsidiaries had separately entered into 2025 Financial Assistance Supplemental Agreements dated on 22 January 2025 ("Financial Assistance Supplemental Agreements") with Upbest Investment Company Limited ("UICL") in relation to the provision of securities margin financing service. According to the 2025 Financial Assistance Supplemental Agreements, the respective relevant original agreement is further extended for a period of three years commencing from 1 April 2025 to 31 March 2028. The agreements are subject to renewal by written supplemental agreements between the contracting parties. The annual cap for the securities margin financial assistance under the 2025 Financial Assistance Supplemental Agreements for each of the financial year ending 31 March 2026, 2027 and 2028 are set at HK$18,000,000. These continuing connected transactions were approved at the extraordinary general meeting of the shareholders held on 25 March 2025. # 15. 關連及關聯人士交易（續） 附註：（續） (c) 股息徵收手續費的最低收費為30港元或每筆交易金額之 $0.5\%$ 。 (d) 本公司及其兩間附屬公司與美建投資有限公司（「美建投資」）分別就提供證券開展融資服務於二零二五年一月二十二日簽訂二零二五年財務資助補充協議（「財務資助補充協議」）。根據二零二五年財務資助補充協議，相關的原始協議再次延續期限三年由二零二五年四月一日至二零二八年三月三十一日。協議雙方可以書面補充協議更新此協議。截至二零二六年、二零二七年及二零二八年三月三十一日止各財政年度之二零二五年財務資助補充協議項下之財務資助之年度上限乃訂為18,000,000港元。此等持續關連交易已於二零二五年三月二十五日舉行之股東特別大會上通過。 # 15. CONNECTED AND RELATED PARTY TRANSACTIONS (Continued) Notes: (Continued) (d) (Continued) The securities margin financing services interest rate is charged at $4.25\%$ (2024: $4.25\%$ ) above prime rate per annum inclusive of custodian fee; and the provision of IPO financing at an interest rate from $0.2\%$ to $1.5\%$ (2024: $0.2\%$ to $1.5\%$ ) per annum above the borrowing costs of UICL. There were no interests for the securities margin financing services and IPO financing services for the six months ended 30 September 2025 and 2024. (e) Pursuant to a custodian agreement dated 22 December 1999 between the Company and a custodian, the custodian agrees to provide securities custodian services to the Company including the safe custody of the Group's securities and the settlement of the securities of the Group, the collection of dividends and other entitlements on behalf of the Group. The appointment of the custodian commenced on the date of commencement of trading of the Company's shares on the Stock Exchange and will continue in force until it is terminated by either party giving a written notice to the other party at any time. The custodian is regarded as a connected person of the Company under Rule 21.13 of the Listing Rules, but the custodian fee falls below the de-minimis threshold under Rule 14A of the Listing Rules. # 15. 關連及關聯人士交易（續） 附註：（續） (d) (续） 證券開展融資服務年利率收費為最優惠利率之上加 $4.25\%$ （二零二四年： $4.25\%$ ），當中包含保管費，而為首次公開招股融資提供借貸利率為美建投資之借貸成本加年利率 $0.2\%$ 至 $1.5\%$ （二零二四年： $0.2\%$ 至 $1.5\%$ ）。截至二零二五年及二零二四年九月三十日六個月止之期間，並無證券開展融資服務及首次公開招股融資服務的利息。 (e) 根據本公司與託管人於一九九九年十二月二十二日訂立之託管協議，託管人同意向本公司提供證券託管服務，包括本集團證券之妥善託管、本集團證券之結算、代表本集團領取股息及其他權益。託管人之委任期限自本公司股份於聯交所開始買賣日期起生效，並將持續有效，直至任何一方於任何時候以書面通知另一方予以終止為止。 根據上市規則第21.13條，託管人被視為本公司之關連人士，惟託管費乃低於上市規則第14A條之最低限額。 # 15. CONNECTED AND RELATED PARTY TRANSACTIONS (Continued) Notes: (Continued) (f) The Company entered into a tenancy agreement with Champion Assets Limited since 1 January 2011. On 1 April 2025, the tenancy agreement was renewed and commenced on 1 April 2025 with a term of one year. The total rent paid during the period from 1 April 2025 to 30 September 2025 amounted to HK$132,000 (2024: HK$132,000). The transactions were carried out at an amount agreed by both parties. The entire issued share capital of Fung Fai Growth Limited, a substantial shareholder of the Company, is owned by a trust of which the discretionary objects are family members of Mr. Cheng Kai Lun, Andrew, including Mr. Cheng Kai Ming, Charles. Mr. Cheng Kai Ming, Charles has beneficial interest in Champion Assets Limited. (g) Fung Fai Growth Limited, an investment holding company, holds approximately $26.74\%$ of the Company. CCAA Group Limited, an investment company, holds approximately $74.29\%$ (2024: $74.29\%$ ) interest in Upbest Group Limited. The ultimate beneficial owner of Fung Fai Growth Limited and CCAA Group Limited is Cheng's Family Trust. UAML, USCL, Upbest Bullion Company Limited and UICL are wholly-owned subsidiaries of Upbest Group Limited, a company incorporated in Cayman Islands with limited liability and with its shares listed on the Stock Exchange. Knight Sky Holdings Limited, an investment holding company, is the substantial shareholder and holds approximately $42.99\%$ of the Company. Knight Sky Holdings Limited is wholly owned by Mr. Cheng Kai Ming Charles, who is also one of the beneficiaries of the trust which assets include assets in the entire issued share capital of Fung Fai Growth limited. Interested beneficiaries of the trust include Mr. CHENG Kai Ming, Charles and Mr. CHENG Wai Lun, Andrew and their family members. # 15. 關連及關聯人士交易（續） 附註：（續） 本公司與協緯有限公司簽署租賃協議，於二零一一年一月一日起生效。於二零二五年四月一日，租賃協議重續一年，並於二零二五年四月一日起生效。二零二五年四月一日至二零二五年九月三十日期間之已付租金總額為132,000港元（二零二四年：132,000港元）。交易之金額由雙方同意協定。Fung Fai Growth Limited（本公司之主要股東）之全部已發行股本乃由一項信託持有，其酌情受益人乃鄭偉倫先生之家族成員，包括鄭啟明先生。鄭啟明先生擁有協緯有限公司的實益權益。 (g) 投資控股公司Fung Fai Growth Limited持有本公司約26.74%權益。投資控股公司CCAA Group Limited持有美建集團有限公司約74.29%(二零二四年：74.29%)權益。Fung Fai Growth Limited及CCAA Group Limited之最終實益擁有人為鄭氏家族信託。美建管理、美建證券、美建金業有限公司及美建投資均為美建集團有限公司(於開曼群島註冊成立之有限公司及其股份於聯交所上市)之全資附屬公司。 投資控股公司Knight Sky Holdings Limited為本公司主要股東，並持有本公司約42.99%權益。Knight Sky Holdings Limited由鄭啟明先生全資擁有，而鄭啟明先生亦為一項信託之其中一位實益擁有人，該信託之資產包括Fung Fai Growth Limited所有已發行股本。信託之實益擁有人包括鄭啟明先生及鄭偉倫先生及其家人。 # 15. CONNECTED AND RELATED PARTY TRANSACTIONS (Continued) The above transactions were carried out in the normal course of the Group's business on terms mutually agreed between the parties. # 16. FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS # Fair value measurements and valuation processes The Directors are responsible to determine the appropriate valuation techniques and inputs for fair value measurements. In estimating the fair value, the Group uses market-observable data to the extent it is available. For instruments with significant unobservable inputs under Level 3, the Group engages third party qualified valuers to perform the valuation. The Directors works closely with the qualified external valuers to establish the appropriate valuation techniques and inputs to the model. The fair values of these financial assets and financial liabilities are determined (in particular, the valuation technique(s) and inputs used), as well as the level of the fair value hierarchy into which the fair value measurements are categorised (Levels 1 to 3) based on the degree to which the inputs to the fair value measurements are observable. Level 1: fair value measurements are based on quoted prices (unadjusted) in active markets for identical financial assets and liabilities. # 15. 關連及關聯人士交易（續） 以上交易乃以本集團一般業務情況及由訂約人互相同意之條款所協定。 # 16. 金融工具之公平值計量 # 公平價值計量及估值過程 董事負責就公平值計量釐定合適估值技術及輸入數據。 於估計公平值時，本集團盡可能使用可觀察市場數據。對於具有重大不可觀察輸入數據的第三級工具，本集團聘請第三方合資格估值師進行估值。董事與合資格外聘估值師緊密合作，為模型確立合適估值技術及輸入數據。 釐定該等金融資產及金融負債的公平值（特別是所使用的估值技術及輸入數據），以及公平值層級中根據公平值計量輸入數據可觀察程度分類的公平值計量等級（第一級至第三級）。 第一級：公平值計量是根據在活躍市場相同資產或負債之（未經調整）報價。 # 16. FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS (Continued) Level 2: fair value measurements are those derived from inputs (other than quoted prices included within Level 1) that are observable for the financial asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 3: fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). # Fair value of the Group's financial assets that are measured at fair value on a recurring basis # 30 September 2025 (unaudited) # 16. 金融工具之公平值计量（續） 第二級：公平價值計量是自財務資產或負債可直接（即價格）或間接（源自價格）觀察的輸入數據（不包括第一級級內的報價）。 第三級：公平價值計量是指根據估值技術得出的計量，該估值技術包括非基於可觀察市場數據（不可觀察的輸入）的資產或負債輸入值。 # 以經常基準按公平值計量之本集團財務資產的公平值 # 二零二五年九月三十日（未經審核） Level 1 Total 第一級 總計 HK$'000 HK$'000 千港元 千港元 # Financial assets Financial assets at FVTPL 31 March 2025 (audited) # 財務資產 按公平值於損益賬列賬之財務資產 75,879 75,879 二零二五年三月三十一日（經審核） Level 1 Total 第一級 總計 HK$'000 HK$'000 千港元 千港元 Financial assets Financial assets at FVTPL 財務資產 按公平值於損益賬列賬之財務資產 62,565 62,565 # 16. FAIR VALUE MEASUREMENT OF FINANCIAL # INSTRUMENTS (Continued) # 16. 金融工具之公平值计量（續） <table><tr><td rowspan="2">Fair value 公平值 30 September 2025 (unaudited)</td><td>Fair value 公平值 31 March 2025</td><td rowspan="2">Fair value technique and key input(s)</td><td rowspan="2">Valuation Inputs (unaudited)</td><td>Significant unobservable</td><td>Significant unobservable</td></tr><tr><td>(audited)</td><td>Inputs (unaudited)</td><td>Inputs (unaudited)</td></tr><tr><td>二零二五年</td><td>二零二五年</td><td></td><td></td><td>重大不可</td><td>重大不可</td></tr><tr><td>九月三十日 (未經審核)</td><td>三月三十一日 (經審核)</td><td colspan="2">估值方法及 主要输入值</td><td>觀察輸入值 (未經審核)</td><td>觀察輸入值 (經審核)</td></tr><tr><td></td><td></td><td colspan="2">30 September 2025</td><td></td><td>31 March 2025</td></tr><tr><td>HK$'000</td><td>HK$'000</td><td></td><td></td><td>二零五年</td><td>二零五年</td></tr><tr><td>千港元</td><td>千港元</td><td></td><td></td><td>九月三十日</td><td>三月三十一日</td></tr></table> # Financial assets at FVTPL # 按公平值於損益賬列賬之財務資產 <table><tr><td rowspan="3">- Listed equity securities trading in the Stock Exchange</td><td>75,879</td><td>62,565</td><td>Level 1</td><td rowspan="2">Quoted bid prices in an active market</td><td>N/A</td><td>N/A</td></tr><tr><td></td><td></td><td>第一級</td><td>不適用</td><td>不適用</td></tr><tr><td></td><td></td><td></td><td>於活躍市場之買入 報價</td><td></td><td></td></tr></table> There were no changes in valuation techniques during the period. There were no transfer of fair value measurements between levels of fair value hierarchy during the period ended 30 September 2025. # Fair value of the Group's financial assets and financial liability that are not measured at fair value on a recurring basis The Directors consider that the carrying amounts of financial assets and financial liability recorded at amortised cost in the consolidated financial statements approximate their fair values due to short-term maturities as at 30 September 2025 and 31 March 2025. 期內估值法並無變動。 截至二零二五年九月三十日止期間公平值層級之間並無公平值計量轉移。 # 並非以經常基準按公平值計量之本集團財務資產及財務負債的公平值 於二零二五年九月三十日及二零二五年三月三十一日，董事認為，由於在短期內到期，於綜合財務報表按攤銷成本列賬之財務資產及財務負債的賬面值與公平值相若。 # MANAGEMENT DISCUSSION AND ANALYSIS # Business Review The Group recorded a net profit of approximately HK$7.41 million for the six months ended 30 September 2025 as compared to the net profit of approximately HK$5.73 million in the same corresponding period of last year. The increase of net profit was mainly due to the realised and unrealised gain on financial assets at fair value through profit or loss, in relation to the listed equity investment of approximately HK$7.1 million for the period ended 30 September 2025 as compared with the realised and unrealised gain of HK$3.5 million in the last corresponding period. There was no unrealised loss in relation to the unlisted equity investment (2024: unrealised loss of HK$0.03 million), since the unlisted equity investment was disposed of through subsidiaries during the year ended 31 March 2025. Gross proceeds from disposal of trading securities increase nearly 63% from HK$32 million to HK$52 million compared with the same corresponding period of last year, as the Group result was from the proactive investment strategy adopted by the management during this period and consistent and in line with the increasing securities market turnover (Main board and Gem listed in Hong Kong) of approximately 122% in Hang Seng Index as # 管理層討論及分析 # 業務回顧 本集團截至二零二五年九月三十日止六個月期間錄得淨溢利為約7,410,000港元，而去年同期淨溢利則約5,730,000港元。淨利潤增加主要由於截至二零二五年九月三十日止期間有關上市股本證券按公平值於損益賬列賬之財務資產產生變現及未變現盈利約7,100,000元，而去年同期變現及未變現盈利僅約3,500,000元。本期間沒有非上市投資未變現虧損（二零二四年：未變現虧損約30,000港元），由於非上市股本投資於截至二零二五年三月三十一日止年度透過出售附屬公司處置。出售交易證券的所得款項總額由去年同期約32,000,000港元上升約 $63\%$ 至約52,000,000港元，因本集團管理階層於本期間採取積極投資策略，這也與同期證券市場成交量（香港上市主板和創業板）約 $122\%$ 的升幅一致。同時，本集團亦保留更多的高息和藍籌上市證券，以便產生足夠的股息收入作為營運用途並為未來的投資機會提供足夠的資金。此外， # MANAGEMENT DISCUSSION AND ANALYSIS (Continued) Business Review (Continued) compared with the last corresponding period. Meanwhile, the Group still holds significant high yield and blue chip listed securities in order to generate dividend for operations and sufficient fund to meet any investment opportunities. Also, it may neutralize any potential loss from the highly volatile stock markets. Moreover, the Group maintained cash and cash equivalents of approximately HK$18.2 million and HK$30.6 million as at six months period ended 30 September 2025 and as at year ended 31 March 2025 respectively, the Group has deposited part of the cash into banks for generation of interest income, which the Group considered to be healthy and in good liquidity. The net asset value was increased by 8.1% from HK$92.9 million to HK$100.4 million which was in line with the increment of 16.2% the Hang Seng Index ("HSI") during the period. # 管理層討論及分析（續） 業務回顧（續） 還可以最大限度地中和股票市場波動時產生的任何潛在損失。另外，本集團於二零二五年九月三十日止六個月期間及二零二五年三月三十一日止年度的現金水平分別約為18,200,000港元及30,600,000港元，本集團將部分現金存入銀行以產生利息收入，這能保持健康水平及良好流動性。資產淨值由約92,900,000港元上升約 $8.1\%$ 至100,400,000港元，走勢也與恆生指數（「恆生指數」）同期上升 $16.2\%$ 一致。 # MANAGEMENT DISCUSSION AND # ANALYSIS (Continued) # Business Review (Continued) During the period, the global and local equity markets had experienced an optimistic upturn. As at 30 September 2025, the Group's proactive investment strategy was to maximise profit for shareholders, and the Group's investment portfolio was well diversified and comprised of different sectors including that of telecommunications, transportation, consumer goods, properties, manufacturing, construction, etc, of which investment in listed securities amounted to HK$75.9 million (31 March 2025: HK$62.6 million) which matched with the Group's strategy. The Group disposed of its only unlisted equity investment during year ended 31 March 2025 and no further additional unlisted equity investment during this period. All dividend incomes were from the listed securities investment during this period. The strategy of the Group in the short term is to trade listed securities depending on market sentiment and to maintain a sufficient dividend income level for the Group's operations. The "Long term strategy" is to balance the listed and unlisted investment so as to bring better returns for our shareholders and to maintain sufficient liquidity for future opportunities against fluctuation in stock markets, as investing in unlisted investment may have higher potentials. In addition, the Group would conduct further review on acquisition of the unlisted equity investment from time to time. # 管理層討論及分析（續） # 業務回顧（續） 在相應期間，全球及本地股票市場經歷了可觀的回升。截至二零二五年九月三十日，本集團期間的積極投資策略是為股東利潤最大化，本集團之投資組合頗多元化，其中包括電訊服務、交通運輸、家用電器、地產、製造業及建造業等不同業務。當中上市股本證券約為75,900,000港元（二零二五年三月三十一日：約62,600,000港元），亦符合本集團之投資方針。本集團於截至二零二五年三月三十一日止年度處置了唯一的非上市股本投資，於本期間內亦未作進一步新增非上市股本投資。期間全部股息收入均來自上市股本證券。 本集團短期投資策略為買賣上市證券以維持足夠的股息收入水平以運作集團業務。而「長期策略」是平衡上市及非上市投資，目的為股東帶來更佳回報，並在維持充足流動資金以便可以在股票市場波動時及可能出现具有高潛力之非上市投資時作出投資。此外，本集團未來將不時對收購非上市投資進行進一步審查。 # MANAGEMENT DISCUSSION AND ANALYSIS (Continued) Business Review (Continued) During the corresponding period, the trend of stock markets worldwide was generally positive with some volatility experiencing a moderate rebound. The main factors influencing the U.S. stock markets were the monetary policy actions of the U.S. Federal Reserve (the "Fed"), which in mid-September 2025 cut the interest rate by $0.25\%$ relative to a benchmark rate range of $4.00\%$ to $4.25\%$ , marking the first rate cut since December 2024. Furthermore, the U.S. trade tariff environment throughout the period reflects an assertive trade policy with high tariff rates, broadening coverage and ongoing reciprocal measures on global trade, especially after multiple rounds of negotiation resulting in temporary tariff reduction for China since 9 April 2025 and later extended to November 2025. Significant impact on the earnings growth in Artificial Intelligence sector also underpin the equity market outlook. All those positive news stimulated investors' investment desire and pushed the Dow Jones Index up by approximately $10.5\%$ from 42,001 at the end of March 2025 to 46,397 at the end of September 2025. 管理層討論及分析（續） 業務回顧（續） 在相應期間，全球股市雖然有一定波動，但整體趨勢向好並經歷了適度反彈。影響美國股市的主要因素是美國聯邦儲備委員會（「聯儲局」）的貨幣政策行動，二零二五年九月中旬將利率下調 $0.25\%$ ，基準利率區間調整由 $4.00\%$ 至 $4.25\%$ ，這是自二零二四年十二月以來的首次降息。同期間美國的貿易關稅環境反映出強硬的貿易政策，關稅率高且覆蓋面廣，並及後持續採取互惠措施，尤其是在自二零二五年四月九日起經過多輪談判後暫時降低對中國關稅並延長至二零二五年十一月。人工智能產業盈利增長的顯著影響，支撐了股市前景。這些正面消息刺激了投資者的投資欲望，推動道瓊斯指數從二零二五年三月底的42,001上漲約 $10.5\%$ 至九月底的46,397。 # MANAGEMENT DISCUSSION AND # ANALYSIS (Continued) # Business Review (Continued) On the other hand, the Chinese stock market sentiment was characterized by moderate domestic growth during this period especially after the negotiation of the temporary tariff reduction from U.S. since early of April 2025. In addition, the People's Bank of China (PBOC) maintained a supportive monetary policy stance, cutting the seven-day reverse purchase rate by $0.1\%$ and the banks' reserve requirements by $0.5\%$ during the period so as to release liquidity into the financial markets. Together with regulatory measures and the promotion of government campaign, "internal circulation" and "anti-involution" policies by the Chinese government to boost consumption and curb unfair competition, helped lifted confidence, these reflect China's strategic shift to rely more on domestic demand and productivity improvements to sustain growth amid global uncertainties and geopolitical tensions. All those positive effects affected investment desire of investors which stimulated the economy and equity markets. As a result, the Shanghai Composite Index increased sharply by nearly $16.4\%$ from 3,335 at end of March 2025 to 3,882 at the end of September 2025. # 管理層討論及分析（續） # 業務回顧（續） 另方面，中國股市情緒在此期間表現溫和增長，尤其是在二零二五年四月初美國暫時降低關稅的協議後。此外，在此期間中國央行一中國人民銀行（人行）維持支持性的貨幣政策，下調七天逆回購利率0.1%及銀行存款準備金率0.5%，以釋放更多流動性進入金融市場。加上中國政府推行的監管措施及「內循環」和「反內捲」政策以促進消費和抑制不公平競爭，進一步提升了市場信心，反映中國在全球不確定性和地緣政治緊張局勢中，戰略性轉向更多依賴國內需求和生產率提升以維持增長。所有這些正面因素刺激了投資者的投資意願，從而推動經濟和股市發展。因此，上海綜合指數從二零二五年三月底的3,335上升近16.4%至九月底的3,882。 # MANAGEMENT DISCUSSION AND ANALYSIS (Continued) Business Review (Continued) Hong Kong equity markets were sensitive to the news on the global economic situations, especially the interest rate cut in U.S. and the stimulus policies issued by the Chinese Government during the period. As a result of the U.S. interest rate cut during this period, Hong Kong also cut interest rate by $0.25\%$ immediately in September 2025 which decreased the burden for investors. As a result of the above, benefit from the Chinese Government stimulus policies and interest rate cut, northbound capital has continued to significantly increase its position in the Hong Kong stock markets to becoming the largest source of incremental fund pouring into the Hong Kong equity market during this period. Subsequently, the HSI increased approximately $16.2\%$ from 23,119 at the end of March 2025 to 26,855 at the end of September 2025. 管理層討論及分析（續） 業務回顧（續） 至於香港股票市場，其對周邊環球經濟形勢十分敏感，尤其是美國減息和中國政府制定的刺激政策。由於美國在此期間減息，香港於二零二五年九月立即跟隨減息0.25%，以減輕投資者的負擔。由於上述中國政府刺激政策和減息降準的利好條件下，港股通北水資金持續大量增持香港股市，成為該期間香港股市資金流入的最大來源。結果，恒生指數從二零二五年三月底的23,119上漲約16.2%至九月底的26,855。 # MANAGEMENT DISCUSSION AND ANALYSIS (Continued) # Prospects We expect the global stock markets remain cautiously optimistic in the coming months, supported by potential interest rate cut in U.S., improved earnings growth, Chinese Government stimulus measures, and strong inflows from southbound capital to Hong Kong. However, the Group will also closely monitor risks persisting including global geopolitical tensions, uncertainty in U.S. monetary policy, inflation trends, and trade policies especially the U.S.-China trade relations that could impact market volatility. We may consider investing in relatively high yield listed securities and maintain sufficient liquidity for future investment opportunities to enrich our investment portfolios. We will also continue to adopt and maintain a cautious and pragmatic investment approach in order to bring better returns for our shareholders. # 管理層討論及分析（續） # 前景 我們預計全球股市在未來幾個月將保持謹慎樂觀，尤其是包括美國潛在的減息、盈利增長改善、中國政府的刺激措施，以及北水資金強勁流入香港市場。然而，本集團亦會密切關注持續存在的風險影響，包括全球地緣政治緊張、美國貨幣政策的不確定性、通脹走勢及貿易政策，尤其是中美貿易關係可能對市場波動造成的影響。 我們會考慮投資於股息相對較高的上市證券，並為未來的投資機會保持充足的流動性，以優化我們的投資組合。我們將繼續採取及保持謹慎和務實的投資方針，期望為我們的股東帶來更好的回報。 # MANAGEMENT DISCUSSION AND # ANALYSIS (Continued) # Investment Review The Group holds a lot of listed investment with fair value as at the period ended 30 September 2025. The top ten listed investment represented significant portion in the net assets of the Group as at the period ended 30 September 2025 as below: # 管理層討論及分析（續） # 投资回顾 於二零二五年九月三十日，本集團持有很多上市股本證券投資。十大上市股本證券投資於二零二五年九月三十日亦佔本集團總資產十分重要的比重，茲顯示如下： Listed securities investment 上市股本證券投資 <table><tr><td></td><td colspan="3">As at 30 September 2025 於二零二五年九月三十日</td><td colspan="3">As at 31 March 2025 於二零二五年三月三十一日</td></tr><tr><td>Name of investee companies</td><td>Number of share</td><td>Fair Value</td><td>Approximately % of total assets of the Group 佔本集團</td><td>Number of share</td><td>Fair Value</td><td>Approximately % of total assets of the Group 佔本集團</td></tr><tr><td>投資公司名稱</td><td>股份數目</td><td>公平值 HK$'000 千港元</td><td>總資產之百分比</td><td>股份數目</td><td>公平值 HK$'000 千港元</td><td>總資產之百分比</td></tr><tr><td>CK Hutchison Holdings Limited (Stock Code: 0001)</td><td>40,000</td><td>2,050</td><td>2.04%</td><td>110,000</td><td>4,812</td><td>5.15%</td></tr><tr><td>長江和記實業有限公司(股票編號:0001)</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Power Assets Holdings Limited (Stock Code: 0006)</td><td>126,000</td><td>6,209</td><td>6.18%</td><td>20,000</td><td>932</td><td>1.00%</td></tr><tr><td>電能實業有限公司(股票編號:0006)</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>PCCW Limited (Stock Code: 0008)</td><td>5,800,265</td><td>30,915</td><td>30.77%</td><td>5,800,265</td><td>28,073</td><td>30.06%</td></tr><tr><td>電訊盈科有限公司(股票編號:0008)</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Swire Pacific Limited (Stock Code: 19)</td><td>29,000</td><td>1,913</td><td>1.90%</td><td>10,000</td><td>686</td><td>0.73%</td></tr><tr><td>太古股份有限公司(股票編號:0019)</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>MTR Corporation Limited (Stock Code: 0066)</td><td>183,775</td><td>4,848</td><td>4.82%</td><td>183,775</td><td>4,677</td><td>5.01%</td></tr><tr><td>香港鐵路有限公司(股票編號:0066)</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Midea Group Co., Ltd (Stock Code: 300)</td><td>85,000</td><td>6,991</td><td>6.96%</td><td>-</td><td>-</td><td>-</td></tr><tr><td>美的集團股份有限公司(股票編號:0300)</td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table> # MANAGEMENT DISCUSSION AND # ANALYSIS (Continued) Investment Review (Continued) Listed securities investment (Continued) # 管理層討論及分析（續） # 投資回顧（續） 上市股本證券投資(續) As at 30 September 2025 於二零二五年九月三十日 <table><tr><td rowspan="2">Name of investee companies</td><td rowspan="2">Number of share</td><td rowspan="2">Fair Value</td><td rowspan="2" colspan="2">Approximately % of total assets of the Group 佔本集團</td><td rowspan="2">Number of share</td><td rowspan="2">Fair Value</td><td rowspan="2">Approximately % of total assets of the Group 佔本集團</td></tr><tr></tr><tr><td>投資公司名稱</td><td>股份數目</td><td>公平值 HK$'000 千港元</td><td>總資產之百分比</td><td></td><td>股份數目</td><td>公平值 HK$'000 千港元</td><td>總資產之百分比</td></tr><tr><td>Asia Financial Holdings Limited (Stock Code: 0662)</td><td>510,000</td><td>2,168</td><td>2.16%</td><td></td><td>510,000</td><td>1,989</td><td>2.13%</td></tr><tr><td>亞洲金融集團(控股)有限公司 (股票編號:0662)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Xinjiang Xinxin Mining Industry Co., Ltd. (Stock Code: 3833)</td><td>1,600,000</td><td>3,968</td><td>3.95%</td><td></td><td>1,600,000</td><td>1,552</td><td>1.66%</td></tr><tr><td>新疆新鑫礦業股份有限公司 (股票編號:3833)</td><