> **来源：[研报客](https://pc.yanbaoke.cn)** # MEDIALINK GROUP LIMITED # 羚邦集團有限公司 # 2026 # INTERIM REPORT # 中期報告 Incorporated in the Cayman Islands with limited liability 於開曼群島註冊成立的有限公司 Stock Code 股份代號：2230 # Contents # 目錄 2 Corporate Information 企業資料 6 Financial Highlights 財務摘要 8 Management Discussion and Analysis 管理層討論與分析 26 Corporate Governance Highlights 企業管治摘要 31 Independent Review Report 獨立審閱報告 33 Interim Condensed Consolidated Statement of Profit or Loss 中期簡明綜合損益表 34 Interim Condensed Consolidated Statement of Comprehensive Income 中期簡明綜合全面收益表 35 Interim Condensed Consolidated Statement of Financial Position 中期簡明綜合財務狀況表 37 Interim Condensed Consolidated Statement of Changes in Equity 中期簡明綜合權益變動表 38 Interim Condensed Consolidated Statement of Cash Flows 中期簡明綜合現金流量表 40 Notes to the Interim Condensed Consolidated Financial Information 中期簡明綜合財務資料附註 64 Other Information 其他资料 67 Definitions 釋義 73 Glossary of Technical Terms 技術詞彙 # PLACE OF INCORPORATION Cayman Islands # BOARD OF DIRECTORS # Executive Directors Ms. Chiu Siu Yin Lovinia Ms. Chiu Siu Fung Noletta Mr. Ma Ching Fung # Non-executive Director Ms. Wong Hang Yee, JP # Independent Non-executive Directors Mr. Fung Ying Wai Wilson, MH Ms. Leung Chan Che Ming Miranda Mr. Wong Kam Pui, BBS, JP # AUDIT COMMITTEE Mr. Fung Ying Wai Wilson, MH (Chairman) Ms. Leung Chan Che Ming Miranda Mr. Wong Kam Pui, BBS, JP Ms. Wong Hang Yee, JP # NOMINATION COMMITTEE Ms. Chiu Siu Yin Lovinia (Chairman) Mr. Wong Kam Pui, BBS, JP Ms. Leung Chan Che Ming Miranda # REMUNERATION COMMITTEE Mr. Wong Kam Pui, BBS, JP (Chairman) Mr. Fung Ying Wai Wilson, MH Ms. Wong Hang Yee, JP # 註冊成立地點 開曼群島 # 董事會 # 執行董事 趙小燕女士 趙小鳳女士 馬正鋒先生 # 非執行董事 黄幸怡女士(太平紳士) # 独立非執行董事 馮英偉先生(榮譽動章) 梁陳智明女士 黄錦沛先生(銅紫荊星章、太平紳士) # 審核委員會 馮英偉先生(榮譽動章)(主席) 梁陳智明女士 黃錦沛先生(銅紫荊星章、太平紳士) 黄幸怡女士(太平紳士) # 提名委員會 趙小燕女士(主席) 黄錦沛先生(銅紫荊星章、太平紳士) 梁陳智明女士 # 薪酬委員會 黄錦沛先生(銅紫荊星章、太平紳士)(主席) 馮英偉先生(榮譽動章) 黄幸怡女士(太平紳士) # AUTHORISED REPRESENTATIVES Ms. Wong Hang Yee, JP Mr. Ma Ching Fung # COMPANY SECRETARY Mr. Ma Ching Fung # REGISTERED OFFICE P.O. Box 3119 Grand Pavilion Hibiscus Way, 802 West Bay Road Grand Cayman KY1-1205 Cayman Islands # HEADQUARTER AND PRINCIPAL PLACE OF BUSINESS IN HONG KONG Suites 1801-6, 18/F Tower 2, The Gateway Harbour City 25 Canton Road Tsim Sha Tsui Kowloon Hong Kong # 授權代表 黄幸怡女士(太平紳士) 馬正鋒先生 # 公司秘書 馬正鋒先生 # 註冊辦事處 P.O. Box 3119 Grand Pavilion Hibiscus Way, 802 West Bay Road Grand Cayman KY1-1205 Cayman Islands # 總部及香港主要營業地點 香港九龍 尖沙咀 廣東道25號 海港城 港威大厦 2座18樓 1801-6室 # PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE Vistra (Cayman) Limited P.O. Box 31119 Grand Pavilion Hibiscus Way, 802 West Bay Road Grand Cayman KY1-1205 Cayman Islands # BRANCH SHARE REGISTRAR AND TRANSFER OFFICE IN HONG KONG Tricor Investor Services Limited 17/F, Far East Finance Centre 16 Harcourt Road Hong Kong # REGISTERED PUBLIC INTEREST ENTITY AUDITOR Ernst & Young 27/F, One Taikoo Place 979 King's Road Quarry Bay, Hong Kong # LEGAL ADVISOR AS TO HONG KONG LAW DLA Piper Hong Kong 25th Floor Three Exchange Square 8 Connaught Place Central, Hong Kong # 股份過戶登記總處 Vistra (Cayman) Limited P.O. Box 31119 Grand Pavilion Hibiscus Way, 802 West Bay Road Grand Cayman KY1-1205 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 # 註冊公眾利益實體核數師 安永會計師事務所 香港鰂魚涌 英皇道979號 太古坊一座27樓 # 香港法律顧問 歐華律師事務所 香港中環 康樂廣場8號 交易廣場三期 25樓 # PRINCIPAL BANKER Standard Chartered Bank (Hong Kong) Limited # LISTING INFORMATION # Place of Listing The Stock Exchange of Hong Kong Limited # Stock Code 2230 # Board Lot 5,000 shares # WEBSITE www.medialink.com.hk # INVESTOR RELATIONS Strategic Financial Relations Limited Tel: (852) 2111 8468 Fax: (852) 2527 1196 E-mail: investor_enquiries@medialink.com.hk # 主要往來銀行 渣打銀行(香港)有限公司 # 上市資料 # 上市地點 香港聯合交易所有限公司 # 股份代號 2230 # 買賣單位 5,000股股份 # 網址 www.medialink.com.hk # 投资者關係 縱橫財經公關顧問有限公司 電話：(852) 2111 8468 傳真:(852)25271196 電郵：investor_enquiries@medialink.com.hk <table><tr><td rowspan="2" colspan="2"></td><td colspan="3">Six months ended 30 September 截至9月30日止六個月</td></tr><tr><td>2025 2025年 (Unaudited) (未經審核) HK$'000 千港元</td><td>2024 2024年 (Unaudited) (未經審核) HK$'000 千港元</td><td>Change 變動</td></tr><tr><td>Revenue</td><td>收益</td><td></td><td></td><td></td></tr><tr><td>— Media Content Distribution Business</td><td>— 媒體內容發行業務</td><td>165,197</td><td>176,969</td><td>-6.7%</td></tr><tr><td>— Brand Licensing Business</td><td>— 品牌授權業務</td><td>155,099</td><td>117,206</td><td>+32.3%</td></tr><tr><td>Total</td><td>總計</td><td>320,296</td><td>294,175</td><td>+8.9%</td></tr><tr><td>Gross Profit Margin</td><td>毛利率</td><td>47.6%</td><td>50.2%</td><td></td></tr><tr><td>Profit attributable to Shareholders of the Company</td><td>本公司股東應佔溢利</td><td>45,739</td><td>42,393</td><td>+7.9%</td></tr><tr><td>Interim dividend per share(1)</td><td>每股中期股息(1)</td><td>HK 1.20 cent 1.20港仙</td><td>HK 1.09 cent 1.09港仙</td><td></td></tr><tr><td></td><td></td><td></td><td>30 September 2025 2025年 9月30日 (Unaudited) (未經審核) HK$'000 千港元</td><td>31 March 2025 2025年 3月31日 (Audited) (經審核) HK$'000 千港元</td></tr><tr><td>Liquidity ratio</td><td>流動資金比率</td><td></td><td></td><td></td></tr><tr><td>Current ratio(2)</td><td>流動比率(2)</td><td></td><td>2.6</td><td>2.6</td></tr><tr><td>Cash ratio(3)</td><td>現金比率(3)</td><td></td><td>1.0</td><td>0.9</td></tr><tr><td>Capital adequacy ratio</td><td>資本充足比率</td><td></td><td></td><td></td></tr><tr><td>Debt to equity ratio(4)</td><td>債務權益比率(4)</td><td></td><td>N/A</td><td>N/A</td></tr><tr><td></td><td></td><td></td><td>不適用</td><td>不適用</td></tr><tr><td>(1)</td><td>Interim dividend per share was calculated by dividing interim dividend by the number of the Company's ordinary shares of 1,992,000,000 in issue as at the date of this interim report on 27 November 2025.</td><td>(1)</td><td>每股中期股息按中期股息除以於本中期報告 日期(2025年11月27日)本公司已發行普通股數 目1,992,000,000股計算。</td><td></td></tr><tr><td>(2)</td><td>Current ratio was calculated by dividing the total current assets by the total current liabilities as at the respective dates.</td><td>(2)</td><td>流動比率乃按各有關日期的流動資產總值除以 流動負債總額計算。</td><td></td></tr><tr><td>(3)</td><td>Cash ratio was calculated by dividing the cash and cash equivalents by the total current liabilities as at the respective dates.</td><td>(3)</td><td>現金比率乃按各有關日期的現金及現金等價 物除以流動負債總額計算。</td><td></td></tr><tr><td>(4)</td><td>The Group did not have any interest-bearing bank and other borrowings. Thus, the debt to equity ratio was not applicable.</td><td>(4)</td><td>本集團並無任何計息銀行及其他借貸。因此, 債務權益比率不適用。</td><td></td></tr></table> Turnover and Gross Profit Margin 營業額及毛利率 Net Profit 納利 Total Equity 權益總額 Number of Active Titles/Brands Available有效版權／可用品牌數目 <table><tr><td>Business Segment</td><td></td><td rowspan="2">As at 30 September 2025 於2025年 9月30日</td><td rowspan="2">As at 31 March 2025 於2025年 3月31日</td><td rowspan="2">Change during the period 期内 變動</td></tr><tr><td>業務分部</td><td></td></tr><tr><td>Media Content</td><td>媒體內容</td><td>791</td><td>752</td><td>+5.2%</td></tr><tr><td>Brand Licensing</td><td>品牌授權</td><td>444</td><td>425</td><td>+4.5%</td></tr></table> (HK$'million) (百萬港元) (HK$'million) (百萬港元) Interim Dividend per share 每股中期股息 # BUSINESS REVIEW AND OUTLOOK # Business Review # 業務回顧及展望 # 業務回顧 # REVENUE 收益 HKD320.3 million 320.3百萬港元 Period-on-Period Change 環比改變 8.9% # MEDIA CONTENT DISTRIBUTION BUSINESS 媒體內容發行業務 Revenue收益： HKD165.2 million 165.2百萬港元 Period-on-Period Change 環比改變 6.7% # NET PROFIT 純利 HKD45.7 million 45.7百萬港元 Period-on-Period Change 環比改變 7.9% # BRAND LICENSING BUSINESS 品牌授權業務 Revenue收益：HKD155.1 million 155.1百萬港元 Period-on-Period Change 環比改變 32.3% ▲ # Content Business Medialink Group Limited (the "Company") and its subsidiaries (collectively, the "Group") continue to expand its content distribution business in Southeast Asia. We continuously acquire top quality anime series. During the six months ended 30 September 2025 (the "Reporting Period"), the latest and most popular titles are: "Dr. Stone (Season 4)", "Takopi's Original Sin", "My Hero Academia: Vigilantes", "Gachiakuta" and "Kaiju No. 8 (Season 2)". In particular, the anime series "Gachiakuta" ranked within the Top 10 TV Shows on Netflix for four consecutive weeks from its initial launch in July 2025. For our Ani-One® YouTube channels in Asia, the total subscription has exceeded 9.3 million, with cumulative views surpassing 2.1 billion. Following Ani-One® Asia and Ani-One®中文官方频道，Ani-One® Thailand has become the third channel to break through the 1 million subscribers mark. The Group continues to promote Chinese anime content across Southeast Asia. Our $\mathrm{Ani - Mi^{TM}}$ YouTube channels have achieved over 400,000 subscriptions in Asia and accumulated over 85 million views, driven by our various offline events. # 内容業務 羚邦集團有限公司(「本公司」)及其附屬公司(統稱「本集團」)繼續擴展其內容發行業務到東南亞各地。我們持續採購優質動畫系列。 於截至2025年9月30日止六個月（「報告期」），最新及最受歡迎的作品包括：《石紀元第四季》、《章魚囉的原罪》、《正義使者—我的英雄學院之非法英雄》、《Gachiakuta》及《怪獸8號第二季》。尤其，動畫系列《Gachiakuta》自其於2025年7月首播以來，連續四周於Netflix上躊身十大電視節目。 就我們於亞洲的Ani-One® YouTube頻道而言，總訂閱人數已超過9.3百萬，累計觀次數超過21億次。繼Ani-One® Asia及Ani-One® 中文官方頻道後，Ani-One® Thailand已成為第三個突破1百萬訂閱人數大關的頻道。 本集團繼續將中國動畫內容推廣至東南亞各地。我們的Ani-Mi™ YouTube頻道於亞洲的訂閱人數已實現超過400,000，並累積超過85百萬觀看次數，此乃受惠於我們多個線下活動。 The Group continues to strengthen its film content portfolio as a core focus, releasing more than 10 movie titles in theatres across Hong Kong, Macau, Taiwan, and Southeast Asia in the first half of the financial year 2025/26. Additionally, we delivered premium inflight entertainment content and celebrated the 20th anniversary of "Gintama", one of the popular titles, by having its special featured movie available on flights. # Strategic co-investment # Expand Location-Based Entertainment Business The Group's brand for music and live performance business Ani-Music-One® has organized its first live music concert titled "Tatsuya Kitani Asia Tour 2025 in Hong Kong & Bangkok". # Licensing Business # Partnership with the lifestyle brand During the Reporting Period, the Group continued to identify opportunities to do crossover projects with lifestyle brands, such as partnership with CASETiFY to launch "Le Petit Prince x CASETiFY" collection for the celebration of International Little Prince Day. # Growth of original in-house product Following the second 5-years growth strategy, the Group created Linku®, our first original design toy series, debut at the 2025 Animation-Comic-Game Hong Kong and Anti-Mall®, with an overwhelming response, with several collections selling out almost instantly. # Overseas Expansion For overseas expansion, the Group has brought "Chainsaw Man Exhibition" to Taipei and Seoul for its second and third international showcases. The exhibition recreates the original anime event, featuring animation setting drafts, character accessories, life-sized models, as well as exclusive photo spots and merchandise available only at the overseas exhibitions. # Enhanced movie pop-up experience In July 2025, the Group proudly introduced the "Dream Animals: The Movie" pop-up store at ELEMENTS Hong Kong, where the limited-time bakery-themed shop featured beloved characters Lion and Elephant were invented for fans engagement. "Dream Animals", a classic animal-shaped biscuit brand owned by Ginbis, served as the inspiration behind this charming event. # Creating values for our representing brands Being the licensing agent for both "Sesame Street" and "LINE FRIENDS", the Group successfully connected these two powerful IPs to join forces for a dream collaboration, debuting on the giant billboards of New York's Times Square in the summer of 2025 — officially marking the start of their partnership! 本集團繼續加強其電影內容組合，並視之為核心重點，於2025/26財政年度的上半年在香港、澳門、台灣及東南亞的影院上映超過10部電影。此外，我們提供優質的機上娛樂內容，並為慶祝人氣作品《銀魂》20週年，於航班上提供其特別劇場版電影。 # 戰略共同投資 # 擴展實體娛樂業務 本集團旗下音樂及現場表演業務品牌Ani-Music-One®舉辦其首個名為「Tatsuya Kitani Asia Tour 2025 in Hong Kong & Bangkok」的現場音樂會。 # 授權業務 # 與生活品牌合作 於報告期内，本集團繼續尋求機會與生活品牌進行跨界合作項目，例如與CASETiFY合作推出「小王子× CASETiFY」系列，以慶祝世界小王子日。 # 原創自有產品增長 繼第二個五年增長策略後，本集團創作了我們首個原創設計玩具系列Linku®，於2025年香港動漫電玩節及Ani-Mall®首度亮相，反應熱烈，當中數個系列幾乎瞬間售罄。 # 海外擴展 就海外擴展而言，本集團已將「《鍾锯人》展覽」帶到台北及首爾，作為其第二站及第三站的國際展出。該展覽重現了動漫原作活動，展示動畫設定稿、角色飾物、真人大小的模型，以及僅於海外展覽提供的獨家拍照區及商品。 # 提升電影快閃體驗 於2025年7月，本集團榮幸地於香港圓方推出《愉快動物餅大電影》快閃店，該限時麵包主題店舖以深受喜愛的獅子及大象角色為特色，專為粉絲互動而設。《愉快動物餅》乃一個經典動物造型餅乾品牌，由金必氏擁有，並為此迷人活動提供了靈感。 # 為我們代理的品牌創造價值 作為《芝麻街》及《LINE FRIENDS》的授權代理，本集團成功促成此兩個強大IP聯手實現夢幻合作，於2025年夏季首度亮相於紐約時代廣場的巨型廣告牌—正式標誌著其合作夥伴關係的開始！ # Number of active titles of media contents and brands available # 可用的有效媒體內容版權及品牌數目 <table><tr><td></td><td>As at 30 September 2025 於2025年 9月30日</td><td>As at 31 March 2025 於2025年 3月31日</td></tr></table> Number of active titles of media contents 可用的有效媒體內容版權數目 available 791 752 Number of brands available 可用的品牌數目 444 425 # BUSINESS OUTLOOK AND FUTURE PLANS The Group will continue and enhance its role in being the platform of IP trading hub in Asia and build on the depth and breadth of our Media Content Distribution Business and Brand Licensing Business with the following focus areas: - The Group will continue expanding its regional presence and monetization efforts to strengthen revenue streams and broaden our footprints across local markets. We will continue to secure top-tier content from anime that demonstrate strong commercial potential and fans engagement. - Anti-One® will establish more localized channels in different regions. - We will continue to adopt a proactive approach in purchasing more regional cinematic hits to further strengthen the Group's leading position in supplying in-flight contents. - The Group will continue to explore strategic investment opportunities in anime and movie production. We will also continue to look for opportunities for joint ventures and invest in companies that would bring value to the business and our Shareholders. - We will further develop our music and live performance business under the Anti-Music-One® brand to fulfil the growing demand for location-based entertainment. - The Group will continue to expand its presence in Southeast Asia and strengthen its portfolio through acquisition of international brands worldwide. We will expand our Linku® business to other territories. # 業務展望及未來計劃 本集團將繼續加強其作為亞洲知識產權交易平台的角色，並在以下重點領域內加強媒體內容發行業務及品牌授權業務的深度及廣度： 本集團將繼續擴大其區域佈局及變現能力，以鞏固收入來源並擴大我們在本地市場的覆蓋範圍。 我們將繼續採購具備強大商業潛力及粉絲互動性的頂級動畫內容。 - Ani-One®將於不同地區設立更多本地化頻道。 我們將繼續採取積極主動的方針，採購更多地區性的熱門電影，以進一步鞏固本集團在提供機上內容方面的領先地位。 本集團將繼續探索於動畫及電影製作方面的戰略投資機會。我們亦將繼續尋求機會成立合營企業，並投資於將為業務及我們的股東帶來價值的公司。 我們將進一步發展Ani-Music-One®品牌下的音樂及現場表演業務，以滿足對實景娛樂日益增長的需求。 本集團將繼續擴大在東南亞各地的業務，並透過在全球收購更多國際品牌來加強其產品組合。 我們將擴展我們的Linku®業務至其他地區。 # FINANCIAL REVIEW # Revenue The following table sets forth a breakdown of the revenue by business segment during the periods indicated, both in absolute amount and as a percentage of total revenue: # 財務回顧 # 收益 下表載列於所示期間按業務分部劃分的收益分析，當中包括其絕對金額和所佔總收益的百分比： <table><tr><td rowspan="4" colspan="2"></td><td colspan="4">For the six months ended 30 September 截至9月30日止六個月</td></tr><tr><td colspan="2">2025</td><td colspan="2">2024</td></tr><tr><td colspan="2">2025年</td><td colspan="2">2024年</td></tr><tr><td>HK$'000 千港元 (Unaudited) (未經審核)</td><td>% % (Unaudited) (未經審核)</td><td>HK$'000 千港元 (Unaudited) (未經審核)</td><td>% % (Unaudited) (未經審核)</td></tr><tr><td>Media Content Distribution Business</td><td>媒體內容發行業務</td><td>165,197</td><td>51.6</td><td>176,969</td><td>60.2</td></tr><tr><td>Brand Licensing Business</td><td>品牌授權業務</td><td>155,099</td><td>48.4</td><td>117,206</td><td>39.8</td></tr><tr><td>Total</td><td>總計</td><td>320,296</td><td>100.0</td><td>294,175</td><td>100.0</td></tr></table> A notable shift in the Group's revenue composition occurred during the reporting period. The Media Content Distribution Business segment remained the predominant contributor, accounting for $51.6\%$ of the total revenue, albeit down from $60.2\%$ in the prior period. The segment's revenue of HK\ $165.2 million was principally underpinned by a strong contribution from the distribution of licensed media contents activities, which recorded a revenue of HK\$ 131.4 million, compared to HK\ $97.3 million in the previous period, reflecting a growth of \(35.1\%$ . The Brand Licensing Business segment exhibited robust momentum, with revenue surging by $32.3\%$ to HK\\)155.1 million. This impressive growth was largely fueled by a HK\ $35.2 million$ (55.2\%) $expansion in sub-licensing of brands revenue which culminated at HK\$ 99.1 million. Concurrently, revenue generated from licensing agency business escalated by HK\\)9.4 million $(72.8\%)$ to HK\\(22.2 million. # Profitability and Margin Performance Cost of sales, predominantly comprised of royalty payments to licensors, increased by \(14.7\%\) to HK\\(167.9 million, a movement that aligns directly with the elevated revenue base. Gross profit demonstrated a robust increase of HK $4.7 million$ (3.1\%) $to HK$ 152.4 million. Despite this growth, the gross profit margin contracted by $2.6\%$ from $50.2\%$ to $47.6\%$ . This was principally due to a decrease in the proportion of revenue from the high-margin feature films distribution business compared to the prior period. 於報告期内，本集團收益結構出現顯著轉變。媒體內容發行業務分部仍為主要貢獻來源，佔總收益的 $51.6\%$ ，儘管較上一期間的 $60.2\%$ 有所下降。該分部的收益為165.2百萬港元，主要得益於媒體內容發行業務中發行授權媒體內容活動的強勁貢獻，其收入為131.4百萬港元，而去年同期為97.3百萬港元，增長了 $35.1\%$ 。品牌授權業務分部顯示強勁的動力，收益激增 $32.3\%$ 至155.1百萬港元。該顯著增長主要得益於品牌再授權收益擴大35.2百萬港元 $(55.2\%)$ ，最終達99.1百萬港元。同時，授權代理業務產生的收益大幅增長9.4百萬港元 $(72.8\%)$ 至22.2百萬港元。 # 盈利能力及利潤率表現 銷售成本(主要包括向授權方支付之特許權使用費)增加14.7%至167.9百萬港元，該變動直接與提升後的收益基數相符。 毛利強勁增長4.7百萬港元 $(3.1\%)$ 至152.4百萬港元。儘管毛利增長，毛利率由 $50.2\%$ 收窄 $2.6\%$ 至 $47.6\%$ 。此乃主要由於利潤率較高的長篇電影發行業務的收益比例較上一期間下降所致。 # Detailed Review of Income and Expenses Other income and gains, net, decreased by HK$3.8 million from the same period of last year to HK$5.6 million. This decline was primarily driven by lower bank interest income, reduced sponsorship revenue and diminished exchange gains compared to the prior period. The decrease was partially offset by a gain on disposal of a motor vehicle and an increase in other interest income during the Reporting Period. Selling and distribution expenses decreased by \(9.8\%\) to HK\\(54.8 million. This reduction was primarily attributable to lower withholding tax expenses, decreased film-related marketing and promotion expenditures, and a general reduction in other expenses resulting from cost control initiatives. These savings were partially offset by an increase in staff costs due to expanded manpower to support business operations. Overall general and administrative expenses increased by \(16.3\%\) to HK\\(31.8 million, primarily driven by higher staff costs in supportive business areas. Despite this, a disciplined approach to overheads enabled a reduction in core administrative expenses, achieved through rigorous cost control measures in central functions. During the Reporting Period, the Group recorded share of results of a joint venture and an associate, amounting to HK$0.8 million (Six months ended 30 September 2024: HK$3.4 million). Other expenses, net, amounted to HK $18.3 million, representing a decrease of HK$ 4.4 million or $19.2\%$ compared to the prior period. This reduction was primarily driven by the absence of last year's HK$21.4 million loss on payments to falsified bank accounts. The decrease was partially offset by a higher write-down of licensed animation rights by HK$9.4 million, an increase in the impairment of other receivables by HK$4.9 million, an increase in net of impairment and reversal of impairment of trade receivables of HK$1.8 million after taking into account the aged trade receivable balances and customers that were in financial difficulties, and the decrease of HK$1.0 million write-back of trade payables that had benefited the prior period. The Group recorded no fair value gain on its investment in an unlisted convertible bond for the Reporting Period (Six months ended 30 September 2024: HK$0.4 million gain recognised in profit or loss). # 收入與支出詳細審閱 其他收入及收益淨較去年同期減少3.8百萬港元至5.6百萬港元。該下降主要由於相較上一期間，銀行利息收入減少、贊助收益減少及匯兑收益下降。該減少被本期間錄得的出售一輛汽車的收益和其他利息收入增加所部份抵銷。 銷售及分銷開支減少9.8%至54.8百萬港元。該減少主要由於預扣税開支下降、與電影相關的市場推廣及宣傳開支減少，以及因成本控制措施而導致其他開支整體減少。該等節省部分被困擴充人手以支持業務運作而增加的員工成本所部份抵銷。 整體一般及行政開支增加16.3%至31.8百萬港元，主要由於支援業務範疇的員工成本上升所致。儘管如此，本集團通過在核心職能部門實施嚴格的成本控制措施，規範管理間接費用，令核心行政開支減少。 於報告期内，本集團錄得應佔一間合營企業及一間聯營企業的業績為0.8百萬港元（截至2024年9月30日止六個月：3.4百萬港元）。 其他開支淨額為18.3百萬港元，較上一期間減少4.4百萬港元或 $19.2\%$ 。該減少主要由於並無去年向假冒的銀行賬戶付款所產生的虧損21.4百萬港元。該減少被授權動畫版權撇減增加9.4百萬港元、其他應收款項撇銷增加4.9百萬港元、經考慮長期賬齡的貿易應收款項結餘及有財務困難的客戶、貿易應收款項減值及減值撥回淨額增加1.8百萬港元及上一期間的貿易應付款項撥回減少1.0百萬港元所部份抵銷。 本集團於報告期内並無錄得未上市可換股債券投資的公平值收益(截至2024年9月30日止六個月：於損益確認收益0.4百萬港元)。 # Profit for the Reporting Period and Taxation Income tax expense for the Reporting Period amounted to HK$8.1 million (Six months ended 30 September 2024: HK$7.6 million), representing an effective tax rate (income tax expense divided by profit before tax) of $15.0\%$ for the Reporting Period (Six months ended 30 September 2024: $15.2\%$ ). As a result of the foregoing, profit for the period increased by HK$3.3 million or 7.9% to HK$45.7 million. Net profit margin of 14.3% was similar to the same period of last year. # Balance Sheet and Liquidity Position # Intangible assets Intangible assets comprise media content commercial rights, computer software, brand licensing contracts and ERP system. The movements of the intangible assets during the periods are set out below: # 期内溢利及税項 報告期内所得稅開支為8.1百萬港元(截至2024年9月30日止六個月：7.6百萬港元），期內實際稅率(所得稅開支除以除稅前溢利)為 $15.0\%$ （截至2024年9月30日止六個月： $15.2\%$ ）。 由於上述原因，期內溢利增加3.3百萬港元(或7.9%)至45.7百萬港元。純利率14.3%與去年同期相若。 # 資產負債表及流動性狀況 # 無形資產 無形資產由媒體內容商業權利、電腦軟件，品牌授權合約及開發中的企業資源計劃系統組成。 期內無形資產之變動載列如下： <table><tr><td></td><td></td><td>2025 2025年 HK$'000 千港元 (Unaudited) (未經審核)</td><td>2024 2024年 HK$'000 千港元 (Unaudited) (未經審核)</td></tr><tr><td>At 1 April</td><td>於4月1日</td><td>6,455</td><td>8,700</td></tr><tr><td>Additions</td><td>添置</td><td>1,250</td><td>143</td></tr><tr><td>Amortisation</td><td>攤銷</td><td>(822)</td><td>(552)</td></tr><tr><td>Impairment</td><td>減值</td><td>(189)</td><td>-</td></tr><tr><td>Exchange realignment</td><td>匯兑調整</td><td>33</td><td>84</td></tr><tr><td>At 30 September</td><td>於9月30日</td><td>6,727</td><td>8,375</td></tr></table> # Investments in media contents The Group has invested in certain media content production projects of which the Group is guaranteed by the respective media content producers for a fixed rate of return or minimum amount of return after the release of the media contents within the specified periods. In addition, the Group is also entitled to certain distribution rights of related media contents as stipulated in the respective agreements. # 投資媒體內容 本集團已投資若干媒體內容製作項目，這令本集團獲各媒體內容製作商保證可於在規定時間內發行媒體內容後獲得固定回報率或最低回報額。此外，本集團亦有權根據各協議的規定獲得相關媒體內容的若干發行權。 The movements of the investments in media contents during the periods are set out below: 期內投資媒體內容之變動載列如下： <table><tr><td></td><td></td><td>2025 2025年 HK$'000 千港元 (Unaudited) (未經審核)</td><td>2024 2024年 HK$'000 千港元 (Unaudited) (未經審核)</td></tr><tr><td>At 1 April</td><td>於4月1日</td><td>14,734</td><td>15,355</td></tr><tr><td>Settlements</td><td>結算</td><td>(3,394)</td><td>—</td></tr><tr><td>Change in fair value</td><td>公平值變動</td><td>59</td><td>131</td></tr><tr><td>At 30 September</td><td>於9月30日</td><td>11,399</td><td>15,486</td></tr></table> # Licensed Assets Licensed assets increased by HK $5.9 million to HK$ 340.2 million as at 30 September 2025, of which HK$21.0 million (as at 31 March 2025: HK$16.5 million) related to prepayments for licensed assets with licence periods which have yet to begin. The change primarily reflects the acquisition of media content distribution rights, partially offset by write-down of licensed rights to net realisable value and derecognition of licensed rights upon recognition of related revenue during the Reporting Period. # Trade Receivables and Payables Trade receivables increased by $8.8\%$ during the Reporting Period, reflecting expanded business activity and sales growth. Meanwhile, trade payables were similar to the level at the end of last financial year. # LIQUIDITY, FINANCIAL RESOURCES AND GEARING RATIO The Group's liquidity position is exceptionally strong. As at 30 September 2025, cash and cash equivalents stood at HK$360.4 million (as at 31 March 2025: HK$326.4 million), most of which were denominated in Renminbi, US dollars and New Taiwan dollars, supported by net current assets of HK$599.3 million (as at 31 March 2025: HK$556.4 million) and a healthy current ratio of 2.6 times (as at 31 March 2025: 2.6 times). As at 31 March 2025 and 30 September 2025, the Group did not have any interest-bearing bank and other borrowings. Thus, neither the gearing ratio nor the debt to equity ratio was applicable to the Group. # 授權資產 授權資產增加5.9百萬港元至截至於2025年9月30日的340.2百萬港元，其中涉及授權資產預付款項21.0百萬港元（於2025年3月31日：16.5百萬港元），授權期限尚未開始。有關變動主要反映報告期内之收購媒體內容發行權，惟部分被所授權撇減至可變現淨值及於確認相關收益後終止確認授權所抵銷。 # 貿易應收及應付款項 貿易應收款項於報告期内增加 $8.8\%$ ，主要反映進行業務活動擴展及銷售增長。同時，貿易應付款項與上個財政年度結束日相若。 # 流動資金、財務資源及資本負債比率 本集團的流動性狀況強勁。於2025年9月30日，本集團的現金及現金等價物為360.4百萬港元(於2025年3月31日：326.4百萬港元)，其中大部分以人民幣、美元及台幣計值。於2025年9月30日，本集團的流動資產淨值為599.3百萬港元(於2025年3月31日：556.4百萬港元)，而本集團的流動比率為2.6倍(於2025年3月31日：2.6倍)。 於2025年3月31日及2025年9月30日，本集團並無任何計息銀行及其他借貸。因此，資本負債比率及債務權益比率均不適用於本集團。 The Group's operations are mainly financed by internal resources including but not limited to existing cash and cash equivalents, anticipated cash flow from its operating activities and the net proceeds generated from the listing of the shares of the Company on the Main Board of the Stock Exchange on 21 May 2019 (the "Listing"). With a strong liquidity position, the Group is able to expand in accordance with its business strategy. The Group did not have any significant contingent liabilities as at 31 March 2025 and 30 September 2025. # EXPOSURE TO FLUCTUATION IN EXCHANGE RATE AND TREASURY POLICIES The majority of the transactions, assets and liabilities of the Group was denominated in Renminbi, United States ("US") dollars, New Taiwan dollars and Hong Kong dollars. During the Period under review, no financial instruments were used for hedging purpose, and the Group did not commit to any financial instruments to hedge its exposure to exchange rate risk, as the expected exchange rate risk is not significant. The senior management of the Group will continue to monitor the foreign exchange exposure and will consider applicable derivatives when necessary. The Group did not have any derivatives for hedging against the foreign exchange rate risk as at 30 September 2025. # CAPITAL STRUCTURE The shares of the Company have been listed on the Stock Exchange since 21 May 2019. There has been no change in the capital structure of the Company since then and share capital of the Company only comprises ordinary shares. As at the date of this interim report, the Company has 1,992,000,000 ordinary shares in issue. 本集團的經營主要以內部資源(包括但不限於現存現金及現金等價物、預計經營活動所得現金流量及本公司股份於2019年5月21日在聯交所主板上市(「上市」)所得款項淨額)撥付。憑藉強勁流動資金狀況，本集團可按照業務策略進行擴張。 於2025年3月31日及2025年9月30日，本集團並無任何重大或然負債。 # 匯率波動風險及財資政策 本集團大多數交易、資產及負債以人民幣、美元、台幣及港元計值。於回顧期內，並無就對沖目的使用金融工具，且本集團並無承諾使用任何金融工具對沖匯率風險，因為預期匯率風險並不重大。本集團高級管理層將繼續監控外匯風險，並在必要時考慮適用的衍生工具。於2025年9月30日，本集團並無持有任何衍生工具以對沖匯率風險。 # 資本架構 本公司股份自2019年5月21日起在聯交所上市。此後本公司資本架構並無變動，且本公司股本僅由普通股組成。於本中期報告日期，本公司已發行1,992,000,000股普通股。 # MATERIAL ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES There was no material acquisition or disposal of subsidiaries, associates and joint venture during the six months ended 30 September 2025. # PLEDGE OF ASSETS As at 30 September 2025, none of the assets of the Group were pledged (as at 31 March 2025: Nil). # EMPLOYEES As at 30 September 2025, our Group had a total of 199 full-time and part-time employees (as at 31 March 2025: 181 full-time and part-time employees) in Hong Kong, Chinese Mainland, Taiwan, Singapore, Malaysia and Indonesia. # REMUNERATION POLICY The remuneration policy of our Company is reviewed regularly, making reference primarily to the market conditions and performance of our Company and individual staff (including the Directors). Remuneration package includes, as the case may be, basic salary, contribution to pension schemes, discretionary bonus relating to financial performance of our Group and individual performance. The Company adopted a share award scheme on 6 February 2020. The purposes of the share award scheme are to reward the Eligible Persons for their past, present or expected contribution and loyalty to the Group and align their interests with those of the Shareholders through the grant of award shares. The share award scheme is funded solely by the existing shares of the Company. The remuneration policy and remuneration packages of the Directors and senior management are reviewed by the Remuneration Committee and the Board, having regard to these individuals' experience, duties and responsibilities, performance and achievements. # CAPITAL COMMITMENTS As at 30 September 2025, our Group did not have any significant capital commitment (as at 31 March 2025: Nil). # 重大收購及出售附屬公司、聯營公司及合營企業 截至2025年9月30日止六個月概無重大收購或出售附屬公司、聯營公司及合營企業。 # 抵押資產 於2025年9月30日，本集團概無抵押任何資產（於2025年3月31日：零）。 # 僱員 於2025年9月30日，本集團在香港、中國內地、台灣、新加坡、馬來西亞及印尼共有199名全職和兼職僱員(於2025年3月31日：181名全職和兼職僱員)。 # 薪酬政策 本公司主要參照市況和本公司與個別員工(包括董事)的表現定期檢討薪酬政策。薪醒待遇包括(視情況而定)基本薪酬、退休金計劃供款以及與本集團財務表現及個人表現掛鈎的酌情花紅。本公司於2020年2月6日採納股份獎勵計劃。股份獎勵計劃旨在獎勵合資格人士過往、現在或預期作出的貢獻以及對本集團的忠誠，並透過授出獎勵股份將彼等及股東的利益保持一致。股份獎勵計劃僅由本公司現有股份撥付。薪醒委員會及董事會基於該等個別人士的經驗、職務與職責、表現及成就檢討董事及高級管理層的薪酬政策和薪醒待遇。 # 資本承擔 於2025年9月30日，本集團並無任何重大資本承擔(於2025年3月31日：零)。 # SHARE AWARD SCHEME On 6 February 2020, the Board adopted the Share Award Scheme. The Scheme was amended by an ordinary resolution of the shareholders of the Company on 25 September 2024 such that the Scheme has become a share scheme that is funded only by the existing Shares. No award shares have been granted under this Scheme during the Reporting Period. The purposes and the principal terms of the Share Award Scheme are summarised below. # 1. Purposes of the Scheme The purposes of the Scheme are to reward the Eligible Persons for their past, present or expected contribution and loyalty to the Group and align their interests with those of the Shareholders through the grant of Award. # 2. Duration Subject to any early termination by the Board, the Scheme shall be valid and effective for the Award Period, after which no further Awards will be granted, but the provision of the Scheme shall remain in full force and effect to the extent necessary to give effect to the vesting of such Awards granted prior to the expiration of the Scheme or otherwise as may be required in accordance with the provisions of the Scheme Rules. # 3. Administration The Scheme shall be subject to the administration of the Board in accordance with the Scheme Rules and, where applicable, the Trust Deed. A decision of the Board shall be final and binding on all persons affected thereby. Without prejudice to the Board's general power of administration, to the extent not prohibited by applicable laws and regulations, the Board may also from time to time appoint the Trustee to implement granting, administration or vesting of any Award Shares. # 4. Operation of the Scheme The Board may, from time to time at its absolute discretion, select any Eligible Person to be a Selected Participant and grant an Award to such Selected Participant during the Award Period. In determining the Selected Participants, the Board may take into consideration matters including the past, present or expected contribution of the relevant Selected Participants to the Group. Each grant of an Award to any director (excluding independent non-executive Directors), senior management, consultant or advisor of the Group shall be subject to the prior approval of the independent non-executive Directors. Where any grant of Award Shares is proposed to be made to any person who is a Connected Person of the Company, the Company shall comply with such provisions of the Listing Rules as may be applicable. # 股份獎勵計劃 2020年2月6日，董事會採納股份獎勵計劃。該計劃於2024年9月25日經本公司股東以普通決議案修訂，因此該計劃已成為僅以現有股份提供資金的股份計劃。於報告期間，並無獎勵股份根據該計劃獲授出。股份獎勵計劃目的及主要條款概述如下。 # 1. 計劃目的 計劃目的在於獎勵合資格人士過往、目前或預期對本集團的貢獻及忠誠，並透過授出獎勵，讓彼等與股東利益與共。 # 2. 期限 除董事會提早終止外，計劃將於獎勵期有效及生效，其後不再授出獎勵，惟使在計劃屆滿前授出的獎勵可以歸屬，或根據計劃規則的條文而規定的獎勵的歸屬生效，計劃的條文仍應保持完全有效。 # 3. 管理 計劃由董事會根據計劃規則及(如適用)信託契約管理。董事會的決定為最終定案，對所有相關人士具有約束力。在不減損董事會一般管理權力且相關法律及法規並無禁止的情況下，董事會亦可不時委任受託人授出、管理或歸屬任何獎勵股份。 # 4. 計劃的運作 於獎勵期，董事會可不時全權酌情挑選合資格人士為指定參與者，並向指定參與者授出獎勵。於決定指定參與者時，董事會的考慮因素包括有關指定參與者過往、目前或預期對本集團所作的貢獻。 每次向本集團任何董事(不包括獨立非執行董事)、高級管理人員、顧問或諮詢人授出獎勵須事先獲獨立非執行董事批准。倘本公司擬向本公司關連人士授出獎勵股份，須遵守可能適用的上市規則規定。 The Board shall not grant any Award Shares to any Selected Participant in any of the following circumstances: (a) where the requisite approval from any applicable regulatory authorities has not been granted; (b) where the Group will be required under applicable securities laws, rules or regulations to issue a prospectus or other offer documents in respect of such Award or the Scheme; (c) where such Award would result in a breach by the Group or its directors of any applicable securities laws, rules or regulations in any jurisdiction; (d) where such grant of Award would result in a breach of the Scheme Limit, and any such grant so made shall be null and void to the extent that it falls within the circumstances above. # 5. Timing of Awards No Award shall be granted to Selected Participants and no directions or recommendation shall be given to the Trustee with respect to a grant of an Award and/or to acquire Shares for the purpose of granting an Award under the Scheme: (a) where any Director is in possession of unpublished inside information in relation to the Company or where dealings by Directors are prohibited under any code or requirement of the Listing Rules or any applicable laws, rules or regulations; (b) during the period of 60 days immediately preceding the publication date of the annual results or, if shorter, the period from the end of the relevant financial year up to the publication date of the results; and (c) during the period of 30 days immediately preceding the publication date of the half-year results or, if shorter, the period from the end of the relevant half-year period up to the publication date of the results. 在下列任何情況，董事會不得向任何指定參與者授出任何獎勵股份：(a)任何相關監管當局並無授出所需批准；(b)本集團根據相關證券法律、規則或法規須就獎勵或計劃刊發售股章程或其他發售文件；(c)獎勵會導致本集團或其董事違反任何司法權區的任何相關證券法律、規則或法規；(d)授出獎勵會違反計劃上限，而在上述情況進行的授出均屬無效。 # 5. 奖勵的時間 在下列情況下，不得根據計劃向指定參與者授出獎勵，亦不得指示或建議受託人授出獎勵及／或購買股份以授出獎勵：(a)任何董事掌握本公司的未公佈內幕消息，或董事根據任何守則或上市規則規定或任何適用法律、規則或法規而被禁止買賣股份；(b)刊發全年業績日期前60日內或有關財政年度完結日起計至刊發業績當日期間(以較短者為準)；及(c)刊發半年度業績日期前30日內或有關半年度完結日起計至刊發業績當日期間(以較短者為準)。 # 6. Acquisition of Shares by the Trustee The Company shall, for the purposes of satisfying the grant of Awards: (a) pay to the Trustee such monies and instruct the Trustee to acquire Shares through on-market transactions at the prevailing market price; (b) direct and procure the Trustee to receive existing Shares from any Shareholder; and/or (c) instruct the Trustee to apply any Returned Shares held in the Trust. Where the Trustee has received instructions from the Company to acquire Shares through on-market transactions, the Trustee shall acquire such number of Shares as instructed by the Company on-market at the prevailing market price as soon as reasonably practicable after receiving the necessary funds from the Company. Any excess amount of the funds provided shall be returned by the Trustee to the Company forthwith after completion of the purchase of the Shares. Where the amount paid or caused to be paid by the Company or where the amount that the Trustee is directed by the Company to use is not sufficient to purchase all of the Shares it is instructed to purchase, the Trustee shall acquire the maximum number of board lots of Shares that it is able to acquire with the net cash available in the fund of the Trust and the Company undertakes to provide further funds to the Trustee to purchase all of the Shares required to satisfy the Award. The purchase of Shares is subject to the maintenance of an orderly market and the Shares so purchased shall form part of the capital of the trust fund of the Trust. # 6. 受託人購買股份 為授出獎勵，本公司須： (a) 向受託人支付相關款項並指示受託人按當時市價在場內交易購買股份； (b) 指示及促使受託人自任何股東收取現有股份；及/或 (c) 指示受託人運用信託所持的任何退還股份。 倘受託人接獲本公司的指示，透過場內交易購買股份，則受託人須於向本公司收取必需的資金後在合理情況下盡快按當時市價在場內交易購買本公司指示數目的股份。所提供資金的任何剩餘金額將於完成購買股份後隨即由受託人退還予本公司。倘本公司所支付或須支付的金額或本公司指示受託人使用的金額不足以購買所指示購買的全部股份，則受託人須購買可以信託資金內可動用的現金淨額購買的最高完整單位股份，而本公司承諾向受託人再提供資金以購買應付獎勵所需的全部股份。購買股份須維持市場秩序，而所購買的股份將屬於信託的信託基金資本。 The Company shall not instruct the Trustee to acquire Shares through on-market transactions at the prevailing market price, where such action (as applicable) is prohibited under the Listing Rules, the SFO or other applicable laws from time to time. Where such a prohibition causes the prescribed timing imposed by the Scheme Rules or the Trust Deed to be missed, such prescribed timing shall be treated as extended until as soon as reasonably practicable after the first Business Day on which the prohibition no longer prevents the relevant action. # 7. Vesting of Award, settlement/payment of Award The Board may from time to time, while the Scheme is in force and subject to all applicable laws, determine such vesting criteria and conditions or periods for the Award to be vested. Upon the satisfaction of the vesting criteria and conditions, the Board may either: (a) direct and procure the Trustee to release from the Trust the Award Shares to the Selected Participants by transferring the number of Award Shares to the Selected Participants in such manner as determined by the Board from time to time; or (b) to the extent that, in the reasonable opinion of the Board, it is not practicable for the Selected Participant to receive the Award in Shares due to potential legal or regulatory restrictions with respect to the Selected Participant's ability to receive the Award in Shares or the Trustee's ability to give effect to any such transfer to the Selected Participant, the Board will direct and procure the Trustee to sell, on-market at the prevailing market price, the number of Award Shares so vested in respect of the Selected Participant and pay the Selected Participant the proceeds in cash arising from such sale based on the Actual Selling Price of such Award Shares as set out in the Vesting Notice. 倘上市規則、證券及期貨條例或其他不時相關的法律禁止，則本公司不得指示受託人按當時市價在場內交易購買股份(視乎限制而定)。倘上述禁止導致錯過計劃規則或信託契約所指定的時間，則所指定的時間視為延長直至不再禁止相關行動後首個營業日之後合理最早的日期為止。 # 7. 奖勵的歸屬、結算/付款 董事會可於計劃生效期間不時根據一切相關法律釐定待歸屬獎勵的歸屬準則及條件或期限。 在符合歸屬準則及條件的情況下，董事會可(a)指示及促使受託人將信託內的獎勵股份發放予指定參與者，以董事會不時決定的方式向指定參與者轉讓獎勵股份；或(b)倘董事會合理認為指定參與者因有關指定參與者以股份形式收取獎勵的能力或受託人向指定參與者進行上述轉讓的能力的潛在法律或監管限制而無法以股份形式收取獎勵，則董事會須指示並促使受託人按當時市價在場內交易出售指定參與者所獲歸屬的獎勵股份，然後將歸屬通知所載獎勵股份的實際售價以現金支付予指定參與者。 Subject to the Scheme Rules, within a reasonable time period as agreed between the Trustee and the Board from time to time prior to any Vesting Date, the Board or its delegate(s) shall send to the relevant Selected Participant a vesting notice. The Board or its delegate(s) shall forward a copy of the vesting notice to the Trustee and instruct the Trustee the extent to which the Award Shares held in the Trust shall be transferred and released from the Trust to the Selected Participant in the manner as determined by the Board or its delegate(s), or be sold as soon as practicable from the Vesting Date and the payment of the Actual Selling Price in cash to the Selected Participant in satisfaction of the Award. # 8. Cessation of employment and other events Subject to the Scheme Rules, if a Selected Participant ceases to be an Eligible Person by reason of: (a) resignation of the Selected Participant's employment; (b) termination of the Selected Participant's employment or contractual engagement with the Group by reason of redundancy; (c) retirement of the Selected Participant; (d) end of the term of the Selected Participant's contract for provision of services or otherwise with the Group; (e) end of the term of the contract of the Selected Participant's engagement with the Group as contractual staff; (f) winding-up of any member of the Group in which the Selected Participant is employed or is contractually engaged; (g) death of the Selected Participant; (h) the employer terminating the contract of employment of the Selected Participants without notice or payment in lieu of notice; (i) the Selected Participant having been convicted of any criminal offence involving his or her integrity or honesty; or (j) termination of the Selected Participant's employment or contractual engagement with the Group by reason of his/her permanent physical or mental disablement; any outstanding Award Shares not yet vested shall be immediately forfeited, unless the Board determines otherwise at its absolute discretion. All such Award Shares which are not vested and/or are forfeited pursuant to the Scheme Rules shall immediately become Returned Shares, which shall be held by the Trustee and applied in accordance with the instructions from the Board and the Scheme Rules for the purpose of the Scheme. # 9. Transferability and other rights to Award Shares Any Award granted under the Scheme but not yet vested shall not be assignable or transferable and no Selected Participant shall in any way sell, transfer, charge, mortgage, encumber or create any interest in favour of any other person over or in relation to any Award, or enter into any agreement to do so. 根據計劃規則，在受託人與董事會於任何歸屬日期前不時協定的合理期間，董事會或其授權人士須向有關指定參與者寄發歸屬通知。董事會或其授權人士須將歸屬通知副本送交受託人，並指示受託人將信託所持指定數目的獎勵股份自信託撥出並按董事會或其授權人士決定的方式轉讓予指定參與者，或於歸屬日期之後盡快出售，然後以現金向指定參與者支付實際售價以完成獎勵。 # 8. 終止受僱及其他事件 根據計劃規則，倘指定參與者基於下列原因而不再為合資格人士：(a)指定參與者辭職；(b)本集團因裁員而終止指定參與者的僱傭或合約關係；(c)指定參與者退休；(d)指定參與者與本集團就提供服務或其他事項而訂立的合約期屆滿；(e)指定參與者與本集團訂立有關聘任為合約員工的合約期屆滿；(f)指定參與者受僱或合約聘用的本集團任何成員公司清盤；(g)指定參與者身故；(h)僱主在不發出通知或支付代通知金的情況下終止指定參與者的僱傭合約；(i)指定參與者觸犯任何涉及誠信的刑事罪行；或(j)本集團因指定參與者身體或神智永久傷殘而終止其僱傭或合約關係；則任何已授出但未歸屬的獎勵股份將立即没收，惟董事會另行全權決定者除外。 所有根據計劃規則未歸屬及/或没收的獎勵股份將立即成為退還股份，由受託人持有並根據董事會的指示及計劃規則用於計劃的用途。 # 9. 嘉勵股份的轉讓或其他權利 任何根據計劃授出但未歸屬的獎勵不得指讓或轉讓，而指定參與者不得以任何方式向任何其他人士出售、轉讓、質押、按揭任何獎勵或就任何獎勵設立債權負擔或權益或就此訂立任何協議。 # 10. Interest in the assets of the Trust For the avoidance of doubt: (a) a Selected Participant shall have only a contingent interest in the Award subject to the vesting of such Award; (b) no instructions may be given by a Selected Participant to the Trustee in respect of the Award or any other property of the Trust; (c) neither the Selected Participant nor the Trustee may exercise any voting rights in respect of any Award Shares that have not yet vested; (d) a Selected Participant shall have no right to any dividend that have accrued prior to the vesting of such Award Shares, any Returned Shares or any dividend of the Returned Shares, all of which shall be retained by the Trustee for the benefit of the Scheme; (e) a Selected Participant shall have no rights in the balance of the fractional shares arising out of consolidation of Shares (if any) and such Shares shall be deemed Returned Shares for the purposes of the Scheme; and (f) in the event a Selected Participant ceases to be an Eligible Person on or prior to the relevant Vesting Date and the Award in respect of the relevant Vesting Date shall lapse or be forfeited pursuant to the Scheme, such Award shall not vest on the relevant Vesting Date and the Selected Participant shall have no claims against the Company or the Trustee, unless the Board determines otherwise at its absolute discretion. # 11. Equity issues If there is an open offer of new securities, the Trustee shall not subscribe for any new Shares. If there is a bonus warrant issue, the Trustee shall not subscribe for any new Shares by exercising any of the subscription rights attached to the bonus warrants and shall sell the bonus warrants created and granted to it, the net proceeds of sale of such bonus warrants shall be held as funds of the Trust. In the event the Company undertakes a scrip dividend scheme, the Trustee shall elect to receive the scrip Shares and such Shares will be held as Returned Shares. In the event of an issue of Shares by the Company credited as fully paid to the holders of the Shares by way of capitalisation of profits or reserves (including share premium account), the Shares attributable to any Award Shares held by the Trustee shall be deemed to be an accretion to such Award Shares and shall be held by the Trustee as if they were Award Shares purchased by the Trustee hereunder and all the provisions hereof in relation to the original Award Shares shall apply to such additional Shares. In the event of a rights issue, the Trustee shall seek instruction from the Company on the steps or actions to be taken in relation to the nil-paid rights allotted to it. # 10. 信託資產權益 未免生疑：(a)指定參與者僅擁有獎勵的或然權益(待獎勵歸屬後方可作實）；(b)指定參與者不得就獎勵或信託的任何其他財產向受託人發出指示；(c)指定參與者及受託人不得行使任何尚未歸屬的獎勵股份的投票權；(d)指定參與者無權享有獎勵股份歸屬前應計的任何股息、退還股份或退還股份的任何股息(全部由受託人代計劃持有）；(e)指定參與者無權獲得因股份合併(如有)所產生的零碎股份，而根據計劃，該等股份視為退還股份；及(f)倘指定參與者於有關歸屬日期或之前不再為合資格人士，則有關歸屬日期的獎勵會根據計劃失效或没收，且該獎勵不得在有關歸屬日期歸屬，而該指定參與者不得向本公司或受託人提出任何申索，惟董事會另行全權決定者除外。 # 11. 股本發行 倘公開發售新證券，受託人不得認購任何新股份。 倘發行紅利認股權證，受託人不得行使紅利認股權證所附的認購權以認購任何新股份，並須出售所設立及獲授的紅利認股權證，而所出售紅利認股權證所得款項淨額將持作信託的資金。 倘若本公司採取以股代息計劃，則受託人將選擇收取以股代息股份，而該等股份將作為歸還股份持有。 倘若本公司發行的股份以溢利或儲備(包括股份溢價賬)資本化的方式記為全額支付給股份持有人的股份，則受託人持有的獎勵股份應佔的股份應被視為獎勵股份的增加，由該受託人持有，猶如它們是受託人根據計劃購買的獎勵股份一樣，且計劃與原始獎勵股份有關的所有條文將適用於該類額外股份。 倘若發生供股，則受託人應就其獲分配的未繳股款權向本公司尋求有關步驟或行動的說明。 In the event of any non-cash distribution by reason of which the Board considers an adjustment to an outstanding Award to be fair and reasonable, an adjustment shall be made to the number of outstanding Award Shares of each Selected Participant as the Board shall consider to be fair and reasonable in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Scheme for the Selected Participants. The Company shall provide such funds, or such directions on application of the Returned Shares or other funds in the Trust, as may be required to enable the Trustee to purchase Shares on-market at the prevailing market price to satisfy the additional Award. In the event of other non-cash and non-script distributions made by the Company not otherwise referred to in the Scheme Rules in respect of the Shares held upon Trust, the Trustee shall sell such distribution and the net sale proceeds thereof shall be deemed as cash income of a Share held upon the Trust. # 12. Scheme Limit The Company shall not make any further grant of Award which will result in the aggregate number of Shares underlying all grants made pursuant to the Scheme (excluding Award Shares that have been forfeited in accordance with the Scheme) to exceed $10\%$ (i.e. 199,200,000 Shares) of the total number of issued Shares as at the Adoption Date without Shareholders' approval. Except as otherwise approved by the Board, the total number of Award Shares which may be granted to a Selected Participant under the Scheme shall not exceed $5\%$ of the total number of issued Shares as at the Adoption Date, subject to the compliance of the Listing Rules (including the requirement concerning the maintenance of the public float). # 13. Alteration of the Scheme The Scheme may be altered in any respect by a resolution of the Board provided that no such alteration shall operate to affect adversely any subsisting rights of any Selected Participant unless otherwise provided for in the Scheme Rules, except: (a) with the consent in writing of Selected Participants amounting to three-fourths in nominal value of all Award Shares held by the Trustee on that date; or (b) with the sanction of a special resolution that is passed at a meeting of the Selected Participants amounting to three-fourths in nominal value of all Award Shares held by the Trustee on that date. 倘若依董事會認為對已發行獎勵股份的調整屬公平合理的理由做任何非現金方式分派，則將對每位指定參與者的已發行獎勵股份數目做董事會將認為公平合理的調整，以防止攤薄或擴大按計劃擬提供給指定參與者的利益或潛在利益。本公司將提供資金或使用信託中的退還股份或其他資金的指示，從而使受託人能夠以當時市場價格在市場上購買股票來實現額外獎勵。 倘若本公司以計劃規則之外的方式就信託所持股份進行其他非現金或非以股代息分派，則受託人應出售該分派，其出售所得款項淨額將視為信託所持股份的現金收入。 # 12. 計劃上限 在未經股東批准的情況下，倘授出獎勵會導致根據計劃的全部授出所涉及股份總數(不包括根據計劃沒收的獎勵股份)超過採納日期已發行股份總數的 $10\%$ (即199,200,000股股份)，則本公司不得再授出獎勵。 除董事會另行批准外，根據計劃向一名指定參與者授出的獎勵股份總數不得超過於採納日期已發行股份總數的 $5\%$ 並遵守上市規則的規定(包括維持公眾持股量的規定)。 # 13. 修改計劃 除(a)獲得佔當日受託人所持全部獎勵股份面值四分之三的指定參與者書面同意；或(b)由佔當日受託人所持全部獎勵股份面值四分之三的指定參與者在會議通過特別決議案批准外，計劃任何方面可通過董事會決議案修改，惟修改不得對任何指定參與者的任何既有權利有任何不利影響(計劃規則另有規定者除外)。 # 14. Termination The Scheme shall terminate on the earlier of: (a) the end of the Award Period except in respect of any non-vested Award Shares granted prior to the expiration of the Scheme, for the purpose of giving effect to the vesting of such Award Shares or otherwise as may be required in accordance with the provisions of the Scheme; and (b) such date of early termination as determined by the Board. # 15. Listing Rules implications Given that the Scheme is funded only by the existing Shares, it does not constitute a share option scheme or an arrangement analogous to a share option scheme for the purpose of Chapter 17 of the Listing Rules. Since the adoption date of the Share Award Scheme and as at the date of this interim report, a total of 62,561,000 Shares had been awarded, representing approximately $3.1\%$ of the total number of issued Shares of the Company as at the adoption date. As at the date of the interim report, the Trustee held a total of 74,779,000 Shares, and the total number of shares available for grant with regard to Awards under the Scheme was 74,779,000 Shares, representing approximately $3.8\%$ of the issued Shares of the Company as at such date. The number of shares that may be iss