> **来源：[研报客](https://pc.yanbaoke.cn)** # Annual Report 年報 # 2025 # CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of investing in such companies and should make the decision to invest only after due and careful consideration. Given that the companies listed on GEM are generally small and mid-sized companies, there is a risk that securities traded on GEM may be more susceptible to high market volatility than securities traded on the Main Board and no assurance is given that there will be a liquid market in the securities traded on GEM. Hong Kong Exchanges and Clearing Limited and the Stock Exchange take no responsibility for the contents of this report, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this report. This report, for which the directors (the "Directors") of Global Strategic Group Limited (the "Company" and its subsidiaries, collectively referred to as the "Group") collectively and individually accept full responsibility, includes particulars given in compliance with the Rules Governing the Listing of Securities on GEM of the Stock Exchange (the "GEM Listing Rules") for the purpose of giving information with regard to the Company. The Directors, having made all reasonable enquiries, confirm that to the best of their knowledge and belief the information contained in this report is accurate and complete in all material respects and not misleading or deceptive, and there are no other matters the omission of which would make any statement herein or this report misleading. 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市的公司可能帶有較高投資風險。有意投資的人士應了解投資於該等公司的潛在風險，並應經過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於主板買賣之證券承受較大的市場波動風險，同時無法保證在GEM買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告之內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本報告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 本報告的資料乃遵照聯交所GEM證券上市規則（「GEM上市規則」）而刊載，旨在提供有關環球戰略集團有限公司（「本公司」及其附屬公司，統稱「本集團」）的資料；本公司的董事（「董事」）願就本報告的資料共同及個別地承擔全部責任。各董事在作出一切合理查詢後確認，就其所深知及確信，本報告所載資料在各重大方面均屬準確完整，並無誤導或欺詐成分，且並無遺漏任何其他事項，致使本報告所載任何聲明或本報告有所誤導。 # 目錄 # Contents <table><tr><td>Five-Year Financial Summary</td><td>五年財務概要</td><td>3</td></tr><tr><td>Corporate Information</td><td>企業資訊</td><td>4</td></tr><tr><td>Message from the Board</td><td>董事會寄語</td><td>7</td></tr><tr><td>Management Discussion and Analysis</td><td>管理層討論及分析</td><td>10</td></tr><tr><td>Biographical Details of Directors</td><td>董事的履歷詳情</td><td>22</td></tr><tr><td>Report of the Directors</td><td>董事會報告</td><td>25</td></tr><tr><td>Corporate Governance Report</td><td>企業管治報告</td><td>36</td></tr><tr><td>Environmental, Social and Governance Report</td><td>環境、社會及管治報告</td><td>57</td></tr><tr><td>Independent Auditor's Report</td><td>獨立核數師報告</td><td>156</td></tr><tr><td>Consolidated Statement of Profit or Loss and Other Comprehensive Income</td><td>綜合損益及其他全面收益表</td><td>160</td></tr><tr><td>Consolidated Statement of Financial Position</td><td>綜合財務狀況表</td><td>162</td></tr><tr><td>Consolidated Statement of Changes in Equity</td><td>綜合權益變動表</td><td>164</td></tr><tr><td>Consolidated Statement of Cash Flows</td><td>綜合現金流量表</td><td>165</td></tr><tr><td>Notes to the Consolidated Financial Statements</td><td>綜合財務報表附註</td><td>168</td></tr></table> # 五年財務概要 # Five-Year Financial Summary The following is a summary of the consolidated results and the assets, liabilities and equity of the Group for the last five financial years. 以下為本集團於過去五個財政年度之綜合業績及資產、負債及權益概要。 RESULTS 業績 <table><tr><td rowspan="2" colspan="2"></td><td>As at 30 September 2025 於二零二五年 九月三十日 HK$'000 千港元 (Audited) (經審核)</td><td>As at 30 September 2024 於二零二四年 九月三十日 HK$'000 千港元 (Audited) (經審核)</td><td>As at 30 September 2023 於二零二三年 九月三十日 HK$'000 千港元 (Audited) (經審核)</td><td>As at 30 September 2022 於二零二二年 九月三十日 HK$'000 千港元 (Audited) (經審核)</td><td>As at 30 September 2021 於二零二一年 九月三十日 HK$'000 千港元 (Audited) (經審核)</td></tr><tr><td>(Re-presented) (經重列)</td><td></td><td></td><td></td><td></td></tr><tr><td>Results</td><td>業績</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>- Revenue</td><td>- 收益</td><td>359,858</td><td>221,212</td><td>166,077</td><td>136,241</td><td>71,486</td></tr><tr><td>- Profit/(Loss)</td><td>- 溢利／(虧損)</td><td>778</td><td>(10,766)</td><td>13,686</td><td>10,681</td><td>(22,767)</td></tr><tr><td>- Loss per share</td><td>- 每股虧損</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Basic (in HK cents)</td><td>基本 (港仙)</td><td>(25.25)</td><td>(30.36)</td><td>(2.68)</td><td>(3.40)</td><td>(15.20)</td></tr><tr><td>Diluted (in HK cents)</td><td>攤薄 (港仙)</td><td>(25.25)</td><td>(30.36)</td><td>(2.68)</td><td>(3.40)</td><td>(15.20)</td></tr><tr><td>Financial Position</td><td>財務狀況</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>- Non-current assets</td><td>-非流動資產</td><td>298,908</td><td>281,309</td><td>259,854</td><td>214,968</td><td>188,914</td></tr><tr><td>- Current assets</td><td>-流動資產</td><td>89,207</td><td>57,184</td><td>39,484</td><td>24,889</td><td>56,329</td></tr><tr><td>- Current liabilities</td><td>-流動負債</td><td>149,410</td><td>161,251</td><td>132,228</td><td>75,911</td><td>99,598</td></tr><tr><td>- Non-current liabilities</td><td>-非流動負債</td><td>114,838</td><td>93,623</td><td>75,320</td><td>81,609</td><td>73,013</td></tr><tr><td>- Equity</td><td>-權益</td><td>123,867</td><td>83,619</td><td>91,790</td><td>82,337</td><td>72,632</td></tr><tr><td>Financial Ratios</td><td>財務比率</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>- Current assets/Current liabilities</td><td>-流動資產/流動負債</td><td>0.6</td><td>0.4</td><td>0.3</td><td>0.3</td><td>0.6</td></tr><tr><td>- Assets/Equity</td><td>-資產／權益</td><td>3.1</td><td>4.0</td><td>3.3</td><td>2.9</td><td>3.4</td></tr></table> # 企業資訊 # Corporate Information 於二零二五年十二月三十日 As at 30 December 2025 # EXECUTIVE DIRECTORS Mr. Wu Guoming Mr. Wu Chunyao # NON-EXECUTIVE DIRECTOR Ms. Chung Pei-Hsuan # INDEPENDENT NON-EXECUTIVE DIRECTORS Mr. Tsung Ching Fung (appointed on 24 October 2025) Ms. Chak Wai Nga (appointed on 24 October 2025) Mr. Wong Shun Ching (appointed on 29 December 2025) # COMPANY SECRETARY Mr. Ngai Tsz Hin Michael # AUTHORISED REPRESENTATIVES Mr. Wu Guoming Mr. Ngai Tsz Hin Michael # AUDIT COMMITTEE Mr. Tsung Ching Fung (Chairman) Ms. Chak Wai Nga Mr. Wong Shun Ching # HUMAN RESOURCES AND REMUNERATION COMMITTEE Ms. Chak Wai Nga (Chairlady) Ms. Chung Pei-Hsuan Mr. Tsung Ching Fung Mr. Wong Shun Ching # NOMINATION COMMITTEE Ms. Chak Wai Nga (Chairlady) Ms. Chung Pei-Hsuan Mr. Tsung Ching Fung Mr. Wong Shun Ching # 執行董事 吳國明先生 武春耀先生 # 非執行董事 鐘珘瓊女士 # 獨立非執行董事 曾程楓先生（於二零二五年十月二十四日獲委任） 翟偉雅女士(於二零二五年十月二十四日獲委任) 黄信程先生（於二零二五年十二月二十九日獲委任） # 公司秘書 倪子軒先生 # 授权代表 吳國明先生 倪子軒先生 # 審核委員會 曾程楓先生(主席) 翟偉雅女士 黄信程先生 # 人力資源及薪酬委員會 翟偉雅女士(主席) 鐘珘瑄女士 曾程枫先生 黄信程先生 # 提名委員會 翟偉雅女士(主席) 鐘珘瑄女士 曾程枫先生 黄信程先生 # 企業資訊 # Corporate Information 於二零二五年十二月三十日 As at 30 December 2025 # REGISTERED OFFICE Cricket Square Hutchins Drive PO Box 2681 Grand Cayman KY1-1111 Cayman Islands # PRINCIPAL OFFICE IN HONG KONG 12/F., Yue Hing Building 103 Hennessy Road Wan Chai Hong Kong # PRINCIPAL BANKERS DBSBankLtd. Agricultural Bank of China Hubei Zhijiang Rural Commercial Bank # AUDITOR RSM Hong Kong Registered Public Interest Entity Auditor 29/F, Lee Garden Two 28 Yun Ping Road Causeway Bay Hong Kong # PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE The R&H Trust Co. Ltd. Windward 1 Regatta Office Park PO Box 897 Grand Cayman KY1-1103 Cayman Islands # 註冊辦事處 Cricket Square Hutchins Drive PO Box 2681 Grand Cayman KY1-1111 Cayman Islands # 香港主要辦事處 香港 灣仔 軒尼詩道103號 越興大廈12樓 # 主要往來銀行 星展銀行有限公司 中國農業銀行 湖北枝江農村商業銀行 # 核數師 羅申美會計師事務所 註冊公眾利益實體核數師 香港 銅鐫灣 恩平道28號 利园二期29楼 # 主要股份過戶登記處 The R&H Trust Co. Ltd. Windward 1 Regatta Office Park PO Box 897 Grand Cayman KY1-1103 Cayman Islands # 企業資訊 # Corporate Information 於二零二五年十二月三十日 As at 30 December 2025 # HONG KONG BRANCH SHARE REGISTRAR AND TRANSFER OFFICE Tricor Investor Services Limited 17/F, Far East Finance Centre 16 Harcourt Road Hong Kong # COMPANY WEBSITE www.globalstrategicgroup.com.hk # STOCK CODE ON GEM 8007 # INFORMATION AND ENQUIRIES 12/F., Yue Hing Building 103 Hennessy Road Wan Chai Hong Kong E-mail: info@globalstgr.com.hk # 香港股份過戶登記分處 卓佳證券登記有限公司 香港 夏敖道16號 遠東金融中心17樓 # 公司網站 www.globalstrategicgroup.com.hk # GEM股份代號 8007 # 查詢或索取資料 香港 灣仔 軒尼詩道103號 越興大廈12樓 電子郵件 :info@globalstgr.com.hk # 董事會寄語 # Message from the Board Dear Shareholders, On behalf of the board (the "Board") of directors (the "Directors") of Global Strategic Group Limited (the "Company"), I am hereby pleased to present the audited results of the Company and its subsidiaries (collectively referred as, the "Group") for the year ended 30 September 2025 for your review. # OVERVIEW The Group recorded revenue of approximately HK $359,858,000 for the year ended 30 September 2025 ("YE2025") as compared with approximately HK$ 221,212,000 for the year ended 30 September 2024 ("YE2024"), gross profit of approximately HK$65,716,000 for YE2025 against approximately HK$43,158,000 for YE2024 and net profit of approximately HK$778,000 for YE2025 as compared to net loss of approximately HK$10,766,000 for YE2024. The reversal from loss to profit was mainly attributed to (i) the increase in revenue of approximately HK$138,646,000, representing an increase of approximately 62.7%, which was primarily attributable to the increase in sales of natural gas of approximately HK$129,678,000; and (ii) the increase in gross profit of approximately HK$22,558,000, representing an increase of approximately 52.3%. # REVIEW AND OUTLOOK Even though the external economic environment continues to be weak, since the target customers for the Group's key business of natural gas supply are mainly domestic business, we remain optimistic about the prospects of the natural gas business. In the natural gas business, the Group holds the thirty-year exclusive right to supply natural gas in Yichang, Hubei which will be expired up to 2041 to 2044. With this advantage, the number of potential customers has increased correspondingly with the continuous expansion of the industrial parks. This resulted in the volume of sales on natural gas increased by approximately $65\%$ during the year. Looking forward, the management believes that the economy will recover in an orderly manner in the coming year, which is expected to have a positive impact on the Group's two core businesses. 致各位股東： 本人謹代表環球戰略集團有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然呈報本公司及其附屬公司（統稱「本集團」）截至二零二五年九月三十日止年度之經審核業績，敬請各位閱覽。 # 回顧 於截至二零二五年九月三十日止年度（「二零二五年度」），本集團錄得收益約359,858,000港元，而截至二零二四年九月三十日止年度（「二零二四年度」）約為221,212,000港元，二零二五年度毛利約為65,716,000港元，而二零二四年度約為43,158,000港元，以及二零二五年度溢利淨額約為778,000港元，而二零二四年度虧損淨額約為10,766,000港元。轉虧為盈乃主要由於(i)收益增加約138,646,000港元，增幅約為 $62.7\%$ ，主要歸因於天然氣銷售增加約129,678,000港元；及(ii)毛利增加約22,558,000港元，增幅約為 $52.3\%$ 。 # 回顾及展望 縱使外部經濟環境持續疲弱，由於本集團對重點業務天然氣供應之目標客戶群主要屬於國內業務，所以我們對天然氣業務的前景仍保持樂觀。於天然氣業務上，本集團持有湖北宜昌地區長達三十年之天然氣獨家供應權，將於二零四一年至二零四四年屆滿，在此優勢下，配合工業園區不斷的擴充，潛在客戶的數量相應遞增。上述帶動年內天然氣銷量增加約 $65\%$ 。 展望未來，管理層相信來年經濟將有序復甦，預期將對本集團的兩大核心業務產生積極影響。 # 董事會寄語 # Message from the Board # REVIEW AND OUTLOOK (Continued) # Natural gas operations Beginning in 2023, the expansion project of Baiyang Industrial Park in Yichang Gaoxin District has been completed, and several large chemical companies have settled in or about to move into the park. Yichang Biaodian benefits from the exclusive gas supply operation rights within the industrial park, resulting in stable growth in gas consumption by customers within the park. In response to the ongoing development opportunities mentioned above, Yichang Biaodian began constructing two sections of high-pressure gas pipelines (with a total length of approximately 23.33 kilometers) and a pressure regulating station within the expansion area of the park from 2024, in order to meet the industrial gas demand. Currently, one section of pipelines have been completed and are awaiting commissioning by contracted customers in the park. The natural gas business's core customer base is in chemical new materials, encompassing basic chemicals, new energy, and lithium battery materials, all essential industries for the PRC current economic environment. # Sales and leasing business It is believed that the country's steady economy will drive an increase in infrastructure construction and renovation projects, which will lead to increase in leasing business income. Management will be more cautious and conservative in seeking new potential merger and acquisition, business integration and expansion in order to sustain the growth and profitability of the Group. # 回顧及展望（續） # 天然氣業務 自二零二三年開始，宜昌市高新區白洋工業園擴建工程陸遂落成，目前已有多家大型化工企業入駐或即將入駐園區。 宜昌標典受惠於園區內的獨家供氣經營權，園區內客戶用氣量達到穩定增長。 針對上述持續的發展機遇，宜昌標典於二零二四年起於園區擴區範圍內建設兩段高壓燃氣管道（總長約23.33千米）及一座調壓站，以滿足工業用氣需求。目前其中一段管道已建設完成，待園區已簽約客戶投產。 天然氣業務的客戶業務以化工新材料為核心，涵蓋基礎化工、新能源、鋰電材料等領域，均是目前中國經濟環境不可或缺的刚需產業。 # 銷售及租賃業務 相信在國家之經濟穩定發展下，帶動基礎建設及改造項目增加，從而將帶來租賃業務收入的增加。 管理層將更加謹慎及保守地尋求新的潛在併購、業務合併及擴張，以維持本集團之增長及盈利能力。 # 董事會寄語 # Message from the Board # ACKNOWLEDGEMENT Lastly, on behalf of the Board of the Company, I hereby wish to express my gratitude for the hard work contributed by all staff and the Directors, as well as the support for the Company from all our customers, creditors, business partners and the shareholders of the Company. We will adhere to a proven management strategy, grasp market trends and opportunities, and endeavor to bring greater value to our shareholders and make new contributions to the community. # Wu Chunyao Executive Director Hong Kong, 30 December 2025 # 致謝 最後，本人謹藉此機會，代表本公司董事會向全體員工及董事致以衷心謝意，感謝他們的辛勞付出，同時向我們的所有客戶、債權人、商業合作夥伴及本公司股東致謝，感謝他們對本公司的支持。我們將秉承有效的管理策略，捕捉市場趨勢和機遇，矢志為股東創造更高價值，為社區作出新貢獻。 # 武春耀 執行董事 香港，二零二五年十二月三十日 # 管理層討論及分析 # Management Discussion and Analysis # FINANCIAL AND BUSINESS REVIEW The Group recorded revenue of approximately HK $359,858,000 for the year ended 30 September 2025 ("YE2025") as compared with approximately HK$ 221,212,000 for the year ended 30 September 2024 ("YE2024"), gross profit of approximately HK$65,716,000 for YE2025 against approximately HK$43,158,000 for YE2024 and net profit of approximately HK$778,000 for YE2025 as compared to net loss of approximately HK$10,766,000 for YE2024. The reversal from loss to profit was mainly attributed to (i) the increase in revenue of approximately HK$138,646,000, representing an increase of approximately 62.7%, which was primarily attributable to the increase in sales of natural gas of approximately HK$129,678,000; and (ii) the increase in gross profit of approximately HK$22,558,000, representing an increase of approximately 52.3%. An analysis of the performance of the Group including the revenue and results of natural gas operations and sales and leasing business before allocation of the corporate overheads is set out in note 10 "Segment Information" to the consolidated financial statements. For YE2025, the Group generated revenue from sales of natural gas, pipeline installation services, technical support services and sales of materials arising from natural gas operations business of approximately HK$334,791,000, HK$16,523,000, HK$1,712,000 and nil respectively, compared to approximately HK$205,113,000, HK$7,279,000, nil, and HK$260,000 for YE2024. The revenue generated from sales and leasing business was in aggregate of approximately HK$6,832,000 for YE2025 as compared to YE2024, it recorded approximately HK$8,560,000, in aggregate. The total operating expenses, including selling and distribution costs, general and administrative expenses, for YE2025 was approximately HK\ $46,499,000 as compared to approximately HK\$ 45,234,000 for the YE2024, representing an increase of approximately $2.8\%$ . Finance costs of the Group were approximately HK$5,925,000 for YE2025 (YE2024: approximately HK$6,602,000), which mainly consisted of interest on bank and other borrowings, non-convertible bonds and lease liabilities. The decrease was mainly came from a decrease in interest on non-convertible bonds and interest on leased liabilities. # 財務及業務回顧 於截至二零二五年九月三十日止年度（「二零二五年度」），本集團錄得收益約359,858,000港元，而截至二零二四年九月三十日止年度（「二零二四年度」）約為221,212,000港元，二零二五年度毛利約為65,716,000港元，而二零二四年度約為43,158,000港元，以及二零二五年度溢利淨額約為778,000港元，而二零二四年度虧損淨額約為10,766,000港元。轉虧為盈乃主要由於(i)收益增加約138,646,000港元，增幅約為 $62.7\%$ ，主要歸因於天然氣銷售增加約129,678,000港元；及(ii)毛利增加約22,558,000港元，增幅約為 $52.3\%$ 。 本集團的表現分析包括天然氣業務以及銷售及租賃業務（分配作公司開支前），載於綜合財務報表附註10「分部資料」。 於二零二五年度，本集團產生天然氣業務之天然氣銷售、管道安裝服務、技術支援服務費及材料銷售所得收益分別約為334,791,000港元、16,523,000港元、1,712,000港元及零港元，而二零二四年度則分別約為205,113,000港元、7,279,000港元、零及260,000港元。於二零二五年度，銷售及租賃業務所得收益合計約為6,832,000港元，而二零二四年度所得收益合計約為8,560,000港元。 二零二五年度的總營運開支(包括銷售及分銷成本、一般及行政支出)約為46,499,000港元，較二零二四年度的總營運開支約45,234,000港元增加約 $2.8\%$ 。 本集團於二零二五年度之財務成本約為5,925,000港元（二零二四年度：約6,602,000港元），其主要包括銀行及其他借貸、不可換股債券及租賃負債之利息。該減少乃主要由於不可換股債券之利息以及租賃負債之利息減少。 # 管理層討論及分析 # Management Discussion and Analysis # UPDATE ON NATURAL GAS BUSINESS The Group acquired Yichang Biaodian Natural Gas Utilisation Co., Ltd (宜昌市标典天然气利用有限公司) ("Yichang Biaodian"), which is engaged in natural gas supply operation, in 2016. The performance of Yichang Biaodian significantly improved from the following reasons: (i) With the planning under the guiding ideology of the “14th Five-Year Plan” in 2021, the central government vigorously promotes the utilization of clean resources, and pipeline natural gas has become the best choice for new enterprises to use as heating energy; since 2017, Yaojiagang Chemical Industry Park has been successively rated as key supporting parks of circular transformation by the National Development and Reform Commission and the Ministry of Finance; has been rated as pilot parks for third-party governance of environmental pollution by the National Development and Reform Commission and the Ministry of Ecology and Environment; the Ministry of Industry and Information Technology's green industrial parks and China's smart chemical park pilot demonstration units. Yaojiagang Chemical Industry Park has been promoting the advantages of green industrial parks for many years, and the effect of attracting investment is remarkable, driving the demand for industrial pipeline natural gas in the region; and (ii) Beginning in 2023, the expansion project of Baiyang Industrial Park in Yichang Gaoxin District has been completed, and several large chemical companies have settled in or about to move into the park. Yichang Biaodian benefits from the exclusive gas supply operation rights within the industrial park, resulting in stable growth in gas consumption by customers within the park. In response to the ongoing development opportunities mentioned above, Yichang Biaodian began constructing two sections of high-pressure gas pipelines (with a total length of approximately 23.33 kilometers) and a pressure regulating station within the expansion area of the park from 2024, in order to meet the industrial gas demand. Currently, one section of pipelines have been completed and are awaiting commissioning by contracted customers in the park. # 天然氣業務的最新資料 本集團於二零一六年收購宜昌市标典天然气利用有限公司（「宜昌标典」），該公司從事天然氣供應業務。由於下列原因，宜昌标典業績明顯好轉： (i) 擬藉於二零二一年「十四五」規劃指導思想下的規劃，中央政府大力推進潔凈能源之利用，而管道天然氣成為新企業供熱能源的最佳選擇；自二零一七年以來，姚家港化工園先後被國家發展和改革委員會及財政部評定為循環化改造重點支持園區；被國家發展和改革委員會及生態環境部評定為環境污染第三方治理示範園區；被工業和信息化部評定為綠色工業園區及中國智慧化工園區試點示範單位。姚家港化工園多年來一直在推廣綠色工業園區優勢，招商引资效果顯著，推動該區域對工業管道天然氣的需求；及 (ii) 自二零二三年開始，宜昌市高新區白洋工業園擴建工程陸遂落成，目前已有多家大型化工企業入駐或即将入駐園區。 宜昌標典受惠於園區內的獨家供氣經營權，園區內客戶用氣量達到穩定增長。 針對上述持續的發展機遇，宜昌标典於二零二四年起於園區擴區範圍內建設兩段高壓燃氣管道(總長約23.33千米)及一座調壓站，以滿足工業用氣需求。目前其中一段管道已建設完成，待園區已簽約客戶投產。 # 管理層討論及分析 # Management Discussion and Analysis # UPDATE ON NATURAL GAS BUSINESS (Continued) The natural gas business's core customer base is in chemical new materials, encompassing basic chemicals, new energy, and lithium battery materials, all essential industries for the PRC current economic environment. Based on these favorable factors and the increase in customer gas consumption, in 2025, the natural gas business's segment revenue and segment profit increased significantly to approximately HK $353,026,000 and HK$ 36,940,000 respectively, compared to approximately HK$212,652,000 and HK$8,326,000 in 2024, representing growth rates of approximately $66\%$ and $344\%$ respectively. Taking into account the aforementioned circumstances, there were no indications of impairment in 2025, therefore no impairment was recognized. # LIQUIDITY, FINANCIAL RESOURCES AND CAPITAL STRUCTURE The Group's operations are being financed by internally generated cashflow, bank and other borrowings and external financing. The Group follows a policy of prudence in managing its working capital. The management will continue to closely monitor the financial position of the Group to maintain its financial capacity. # Bank and other borrowings The bank and other borrowings assigned RMB24,533,000 (equivalent to HK$27,146,000) carry an interest at a fixed rate, with an effective interest rate of 2.95% to 10.5% per annum while the remaining borrowings of RMB60,000,000 (equivalent to HK$66,390,000) carries a floating rate of 3.8% to 4.25% per annum and is subject to adjust on annual basis. The bank borrowings are pledged with natural gas supply exclusive rights of Yichang Biaodian and a property owned by Mr. Xiong Songgan ("Mr. Xiong") and his spouse. The bank borrowings are also jointly guaranteed by Mr. Xiong and the non-controlling shareholders of Yichang Biaodian and Yichang Biaodian itself. # 天然氣業務的最新資料(續) 天然氣業務的客戶業務以化工新材料為核心，涵蓋基礎化工、新能源、鋰電材料等領域，均是目前中國經濟環境不可或缺的刚需產業。 基於上述利好因素以及客戶用氣量提升，二零二五年度，天然氣業務之分部收益及分部溢利分別大幅增長至約353,026,000港元及36,940,000港元，而二零二四年度之分部收益及分部溢利分別約為212,652,000港元及8,326,000港元，增長率分別約為 $66\%$ 及 $344\%$ 。 經考慮所述情況，二零二五年度並無出現減值跡象，故無確認減值。 # 流動資金、財務資源及資本架構 本集團透過內部產生之現金流量、銀行及其他借貸及外部融資撥付營運所需資金。本集團管理營運資金時採納審慎政策。管理層將持續密切監察本集團之財務狀況，以維持其財務實力。 # 銀行及其他借貸 所分配銀行及其他借貸人民幣24,533,000元（相當於27,146,000港元）按固定利率計息，實際年利率為 $2.95\%$ 至 $10.5\%$ ，而餘下人民幣60,000,000元借貸（相當於66,390,000港元）按浮動利率 $3.8\%$ 至 $4.25\%$ 計息，並須每年調整。銀行借貸由宜昌标典之天然氣獨家供應權及熊崧淦先生（「熊先生」）及其配偶所擁有一項物業作抵押。銀行借款亦由熊先生、宜昌标典及宜昌标典非控股股東共同擔保。 # 管理層討論及分析 # Management Discussion and Analysis # LIQUIDITY, FINANCIAL RESOURCES AND CAPITAL STRUCTURE (Continued) Bank and other borrowings (Continued) Other borrowings are secured by the pledge of property, plant and equipment of Yichang Biaodian and Senchou Environmental Technology (Shanghai) Co., Ltd. (森筹环境科技(上海)有限公司) ("Shanghai Senchou") and guaranteed by the certain non-controlling shareholders of Yichang Biaodian. As at 30 September 2025, (a) the Group's aggregate amount of bank and cash balances was approximately HK $4,877,000 (as at 30 September 2024: approximately HK$ 20,068,000). (b) the Group's total borrowings comprised (i) bank and other borrowings; (ii) due to directors; (iii) non-convertible bonds; (iv) lease liabilities; (v) due to a non-controlling shareholder of a subsidiary and its related parties; and (vi) due to related parties totaling approximately HK$146,139,000 (as at 30 September 2024: approximately HK$147,499,000). (c) the Group's total gearing ratio was approximately $114\%$ (as at 30 September 2024: $152\%$ ). The gearing ratio was calculated as the Group's borrowings net of cash available divided by total equity of the Group. (d) the current ratio of the Group was approximately 0.6 (as at 30 September 2024: 0.4). The management will continue to closely monitor the financial position of the Group to maintain its financial capacity. # 流動資金、財務資源及資本架構 (續) 銀行及其他借貸(續) 其他借貸以宜昌标典及森筹環境科技(上海)有限公司(「上海森筹」)的物業、廠房及設備作抵押及由宜昌標典的若干非控股股東作擔保。 於二零二五年九月三十日， (a) 本集團之銀行及現金結餘總額約為4,877,000港元(於二零二四年九月三十日：約20,068,000港元)。 (b) 本集團之借貸總額包括(i)銀行及其他借貸；(ii)應付董事款項；(iii)不可換股債券；(iv)租賃負債；(v)應付一間附屬公司之一名控股股東及其關聯方款項；及(vi)應付關聯方款項，合共約146,139,000港元（於二零二四年九月三十日：約147,499,000港元）。 (c) 本集團之總資產負債比率約為 $114\%$ （於二零二四年九月三十日： $152\%$ ）。資產負債比率按本集團之借貸（扣除可得現金）除以本集團權益總額計算。 (d) 本集團之流動比率約為0.6（於二零二四年九月三十日：0.4）。管理層將持續密切監察本集團之財務狀況，以維持其財務實力。 # 管理層討論及分析 # Management Discussion and Analysis # LIQUIDITY, FINANCIAL RESOURCES AND CAPITAL STRUCTURE (Continued) Capital and reserves The total comprehensive income for the year ended 2025 attributable to the owners of the Company was a deficit of approximately HK $19,060,000 (YE2024: a deficit of approximately HK$ 14,597,000), resulting in equity attributable to the owners of the Company amounting to approximately HK$8,908,000 as at 30 September 2025 (as at 30 September 2024: deficiency attributable to owners of the Company: approximately HK$12,075,000). # Share consolidation and rights issue On 15 November 2024, the board of directors (the "Board") proposed to implement share consolidation on the basis that every ten issued and unissued ordinary shares at par value of HK$0.01 ("Existing Share") each to be consolidated into one consolidated share ("Consolidated Shares") at par value of HK$0.1 ("Share Consolidation"). On 15 November 2024, subject to the Share Consolidation becoming effective, the Board further proposed to raise approximately HK $51.1 million before deducting professional fees and other related expenses by issuing up to 182,344,000 new shares to qualifying shareholders on the basis of four rights shares for every one Consolidated Share (the "Rights Shares") at a subscription price of HK$ 0.28 per Rights Share (the "Rights Issue"). On the same date, the Company and an underwriter entered into an underwriting agreement, pursuant to which the underwriter has conditionally agreed to, on a non-fully underwritten basis, partially underwrite up to 36,468,800 Rights Shares, representing $20\%$ of the maximum number of 182,344,000 Rights Shares to be issued and allotted pursuant to the Rights Issue, subject to the terms and conditions set out in the underwriting agreement. The Board considered that the Rights Issue represented a good opportunity to raise capital for its business operation and settlement of the Company's bonds. On 15 November 2024, the date on which the terms of the issue were fixed, the closing price per Share as quoted on the Stock Exchange was HK$0.032 (before the Share Consolidation becoming effective). # 流動資金、財務資源及資本架構 (續) 資本及儲備 本公司擁有人應佔截至二零二五年止年度的全面收益總額約為虧紛19,060,000港元（二零二四年度：虧紛14,597,000港元），導致於二零二五年九月三十日本公司擁有人應佔權益約為8,908,000港元（於二零二四年九月三十日：本公司擁有人應佔虧紛：約12,075,000港元）。 # 股份合併及供股 二零二四年十一月十五日，董事會（「董事會」）建議進行股份合併，將每十股每股面值0.01港元的已發行及未發行普通股（「現有股份」）合併為一股每股面值0.1港元的合併股份（「合併股份」）（「股份合併」）。 二零二四年十一月十五日，在股份合併生效的前提下，董事會進一步建議向合資格股東按每一股合併股份配售4股供股股份（「供股股份」）的比例，以每股供股股份0.28港元的認購價，向合資格股東發行最多182,344,000股新股份，在扣除專業費用及其他相關開支前，集資約51,100,000港元（「供股」）。同日，本公司與包銷商訂立包銷協議，據此，包銷商有條件同意以非全額包銷的方式，部分包銷最多36,468,800股供股股份，該等供股股份佔根據供股將予發行及配發的合共最多182,344,000股供股股份的 $20\%$ ，有關包銷以包銷協議所載條款和條件為準。 董事會認為，供股乃集資供業務營運及償還本公司債券的良機。於二零二四年十一月十五日（即釐定發行條款之日），聯交所所報每股收市價為0.032港元(股份合併生效前)。 # 管理層討論及分析 # Management Discussion and Analysis # LIQUIDITY, FINANCIAL RESOURCES AND CAPITAL STRUCTURE (Continued) Share consolidation and rights issue (Continued) The details are set out in (i) the Company's announcement dated 15 November 2024, 27 December 2024, 24 January 2025, 11 March 2025, 25 March 2025 and 22 April 2025; (ii) the Company's circular dated 27 May 2025 (the "Circular"); and (iii) the Company's prospectus dated 25 June 2025 (the "Prospectus"). On 11 June 2025, the Share Consolidation and Rights Issue have been approved by the shareholders at the Company's extraordinary general meeting. On 13 June 2025, the Share Consolidation of every ten issued and unissued ordinary shares with par value of HK$0.01 each in the share capital of the Company into one share with par value of HK$0.10 became effective. The Rights Issue was completed on 18 July 2025, and an aggregate of 143,011,858 Rights Shares were allotted and issued, which carried the aggregate nominal value of HK$14,301,185.80. The gross proceeds raised from the Rights Issue were approximately HK$40,043,000 and the net proceeds from the Rights Issue after deducting the expenses were approximately HK$37,700,000. The net price per Rights Share was approximately HK$0.27. The Company applied the net proceeds from the Rights Issue for the redemption of outstanding bonds issued by the Company, the payment of outstanding professional fees, and the general working capital of the Group. As at the date of this report, the Company fully utilized the net proceeds in accordance with the said intention. # 流動資金、財務資源及資本架構 (續) 股份合併及供股（續） 詳情載於：(i)本公司日期為二零二四年十一月十五日、二零二四年十二月二十七日、二零二五年一月二十四日、二零二五年三月十一日、二零二五年三月二十五日及二零二五年四月二十二日的公告；(ii)本公司日期為二零二五年五月二十七日的通函（「通函」）；及(iii)本公司日期為二零二五年六月二十五日的供股章程（「供股章程」）。 二零二五年六月十一日，本公司股東在股東特別大會上批准股份合併及供股。 二零二五年六月十三日，本公司股本中每十股每股面值0.01港元已發行及未發行普通股合併為一股每股面值0.10港元股份的股份合併生效。 供股於二零二五年七月十八日完成，據此合共配發及發行143,011,858股供股股份，總面值14,301,185.80港元。供股籌得的所得款項總額約40,043,000港元，扣除開支後的所得款項淨額約37,700,000港元。每股供股股份淨價約0.27港元。 本公司將供股所得款項淨額用於贖回本公司的已發行但尚未償還債券、支付未付的專業費用以及本集團的一般營運資金。截至本報告日期，本公司已按上述計劃悉數動用供股的所得款項淨額。 # 管理層討論及分析 # Management Discussion and Analysis # LIQUIDITY, FINANCIAL RESOURCES AND CAPITAL STRUCTURE (Continued) # Share consolidation and rights issue (Continued) The breakdown of the Company's proposed use of the Rights Issue Proceeds as disclosed in the Prospectus and its actual use of the Rights Issue Proceeds from the date of completion of the Rights Issue to as at the date of this report were as follows: # 流動資金、財務資源及資本架構 (續) # 股份合併及供股（續） 供股章程所披露本公司有關供股所得款項用途的詳細計劃及自供股完成日期起至本報告日期止實際動用的供股所得款項如下： <table><tr><td></td><td></td><td>Actual use of the Rights Issue Proceeds from the date of completion of the Rights Issue to the date of this report 自供股完成 日期起至 本報告日期止 實際動用之 供股所得款項 約百萬港元</td><td>Unutilized Right Issue proceed as of this report 截至本報告 日期尚未動用 的供股 約百萬港元</td></tr><tr><td>Use of net proceeds</td><td>Net proceeds</td><td rowspan="2"></td><td rowspan="5"></td></tr><tr><td>所得款項淨額用途</td><td>所得款項淨額 approximately</td></tr><tr><td></td><td></td><td>approximately</td></tr><tr><td></td><td></td><td>HK$ million</td></tr><tr><td></td><td></td><td>約百萬港元</td></tr><tr><td>Redemption of outstanding bonds</td><td>18.5</td><td></td><td>18.5</td></tr><tr><td>贖回未償債券</td><td></td><td></td><td></td></tr><tr><td>General Working Capital of the Group</td><td>16.2</td><td></td><td>16.2</td></tr><tr><td>本集團的一般營運資金</td><td></td><td></td><td></td></tr><tr><td>Payment of outstanding professional fees</td><td>3.0</td><td></td><td>3.0</td></tr><tr><td>支付未付專業費用</td><td></td><td></td><td></td></tr><tr><td>The details are set out in (i) the Company's announcements dated 15 November 2024, 27 December 2024, 24 January 2025, 11 March 2025, 25 March 2025, 22 April 2025, 11 June 2025, 17 July 2025, 29 August 2025, and 28 November 2025; (ii) the Circular; and (iii) the Prospectus.</td><td colspan="3">詳情載於(i)本公司日期為二零二四年十一月十五日、二零二四年十二月二十七日、二零二五年一月二十四日、二零二五年三月十一日、二零二五年三月二十五日、二零二五年四月二十二日、二零二五年六月十一日、二零二五年七月十七日、二零二五年八月二十九日及二零二五年十一月二十八日的公告；(ii)通函；及(iii)供股章程。</td></tr></table> # 管理層討論及分析 # Management Discussion and Analysis # SIGNIFICANT INVESTMENTS/MATERIAL ACQUISITIONS AND DISPOSALS The Group did not have any material acquisitions and disposals of subsidiaries during the year ended 30 September 2025. # LITIGATION Global Billion Trading (Shenzhen) Limited* (环球进亿贸易 (深圳) 有限公司)(“Shenzhen Global”) was in dispute with a former director of the Company regarding (i) unsettled reward for his service rendered to the Group in 2015 which to be settled in term of building located in the PRC and accrued interest; and (ii) related legal cost for disputes regarding the ownership of the building located in the PRC. Legal proceedings were initiated by the former director (the “Shenzhen Plaintiff”). On 28 August 2024, the Court in Shenzhen concluded that the evidence to support the claims requested by the Shenzhen Plaintiff was invalid. On 5 September 2024, the former director lodged an appeal against the decision made by the Court. On 28 February 2025, the Court in Shenzhen concluded that the appeal be dismissed and the judgement of the first instance be upheld. # PLEDGE OF ASSETS As at 30 September 2025, the Group pledged (i) natural gas supply exclusive rights amounted to approximately HK $83,503,000 and property, plant and equipment of approximately HK$ 34,255,000 for bank and other borrowings of approximately HK$82,471,000 (as at 30 September 2024: natural gas supply exclusive rights amounted to approximately HK$88,214,000 and property, plant and equipment of approximately HK$37,746,000 for bank and other borrowings of approximately HK$76,355,000); and (ii) a property amounted to approximately HK$1,438,000 (as at 30 September 2024: HK$1,591,000) to an independent third party for obtaining an advance of RMB100,000. # FINAL DIVIDEND The Board does not recommend the payment of a final dividend for the year ended 30 September 2025 (2024: Nil). # 重大投資/重大收購事項及出售事項 本集團於截至二零二五年九月三十日止年度並無任何重大收購及出售附屬公司。 # 訴訟 环球进亿贸易(深圳)有限公司（「深圳环球」）與本公司前任董事出現爭議，涉及(i)該董事於二零一五年向本集團提供服務的未結算酬金及應計利息，而該金擬以位於中國的樓宇結算；及(ii)有關該位於中國的樓宇的業權爭議的法律費用。法律訴訟乃由該前任董事（「深圳原告」）提出。於二零二四年八月二十八日，深圳法院裁定，前董事提供作為索償憑證的證據無效。於二零二四年九月五日，前董事就法院所作的裁決提出上訴。 二零二五年二月二十八日，深圳法院裁定駁回上诉，維持一審判決。 # 抵押資產 於二零二五年九月三十日，本集團(i)就銀行及其他借貸約82,471,000港元抵押天然氣獨家供應權金額約83,503,000港元以及物業、廠房及設備約34,255,000港元（於二零二四年九月三十日：就銀行及其他借貸約76,355,000港元抵押天然氣獨家供應權約88,214,000港元及物業、廠房及設備約37,746,000港元）；及(ii)就獲得一筆墊款人民幣100,000元向一名獨立第三方抵押一項約為1,438,000港元（於二零二四年九月三十日：1,591,000港元）的物業。 # 末期股息 董事會不建議就截至二零二五年九月三十日止年度派付末期股息(二零二四年：無)。 # 管理層討論及分析 # Management Discussion and Analysis # PROSPECT Looking forward, the management believes that the economy will recover in an orderly manner in the coming year, which is expected to have a positive impact on the Group's two core businesses. # Natural gas operations Benefiting from the expansion project of Baiyang Industrial Park in Yichang Gaoxin District, the exclusive gas supply operation rights owned by Yichang Biaodian, and the development plan of Tianjiahe area of Yaojiagang Chemical Industrial Park, the revenue of this division is expected to continue to grow next year. # Sales and leasing business It is believed that the country's steady economy will drive an increase in infrastructure construction and renovation projects, which will lead to increase in leasing business income. Management will be more cautious and conservative in seeking new potential merger and acquisition, business integration and expansion in order to sustain the growth and profitability of the Group. # MATERIAL EVENT # Freeze Action On 26 December 2023, the Company announced that it has come to the attention of the board of directors of the Company that the Group's $25\%$ equity interest in Yichang Biaodian, amounting to RMB14.70 million (the “Frozen Equity”), is currently frozen by山西省长治市监察委员会 (Shanxi Province Changzhi Municipal Supervision Commission, (the “Commission”)) (the “Freeze Action”). The Group has engaged a PRC legal counsel (the “PRC Legal Counsel”) to provide relevant legal advice to the Group in relation to the Freeze Action and the Frozen Equity. The Board has instructed the PRC Legal Counsel to advise on the potential legal consequences for the Group in relation to the Freeze Action. # 前景 展望未來，管理層相信來年經濟將有序復甦，預期將對本集團的兩大核心業務產生積極影響。 # 天然氣業務 受益於宜昌市高新區白洋工業園擴建項目及宜昌标典擁有的獨家供氣經營權，以及姚家港化工園田家河片區之發展規劃，相信該分部的收益來年將繼續增長。 # 銷售及租賃業務 相信在國家之經濟穩定發展下，帶動基礎建設及改造項目增加，從而將帶來租賃業務收入的增加。 管理層將更加謹慎及保守地尋求新的潛在併購、業務合併及擴張，以維持本集團之增長及盈利能力。 # 重大事項 # 凍結行動 於二零二三年十二月二十六日，本公司宣佈，經本公司董事會知悉，本集團於宜昌标典25%的股權人民幣14.70百萬元（「被凍結股權」）現正被山西省長治市監察委員會（「委員會」）凍結（「凍結行動」）。本集團已聘請中國法律顧問（「中國法律顧問」）就凍結行動及被凍結股權向本集團提供相關法律意見。 董事會已指示中國法律顧問就凍結行動對本集團造成的潛在法律後果提供意見。 # 管理層討論及分析 # Management Discussion and Analysis # MATERIAL EVENT (Continued) Freeze Action (Continued) As advised by the PRC Legal Counsel, the ordinary course of business of Yichang Biaodian will not be restricted or adversely affected by the Freeze Action. During the period of the Freeze Action, however, the Group is unable to undertake any filing related to changes in ownership of the Frozen Equity or the registration of any pledge of the Frozen Equity. As of the date of this report, saved as disclosed above, no further action has been taken by the Commission regarding the Frozen Equity. After considering the PRC Legal Counsel's opinion, the Directors are of the opinion that despite the Freeze Action, the Group's ability to direct the relevant activities of Yichang Biaodian remains unaffected, and therefore, the Group retains control over Yichang Biaodian. # EVENTS AFTER REPORTING PERIOD Seizure of a property located in Shenzhen On 22 October 2025, a property located in Shenzhen with a carrying amount of approximately RMB1,300,000 (equivalent to approximately HK$1,438,000) was seized by Shanxi Province Changzhi City Intermediate People's Court (山西省长治市中级人民法院) (the "Seizure"). The Seizure is to be enforced for a period of three years, from 22 October 2025 to 21 October 2028. The Group has engaged the PRC Legal Counsel to provide relevant legal advice to the Group in relation to the Seizure. As advised by the PRC Legal Counsel, as at the date of this report, the Group has not been able to publicly locate, through publicly available sources, any publicly accessible information in relation to the case leading to the Seizure. Accordingly, the Directors are currently unable to reasonably estimate the financial impact of the Seizure on the Group. # 重大事項(續) 凍結行動(續) 據中國法律顧問告知，宜昌标典的日常業務不會因凍結行動而受到限制或不利影響。然而，於凍結行動期間，本集團無法進行任何與被凍結股權所有權變更相關的備案，也無法對被凍結股權辦理質押登記手續。 截至本報告日期，除上文所披露者外，委員會尚未就凍結股權採取進一步行動。經考慮中國法律顧問的意見，董事認為，儘管有凍結行動，但本集團指導宜昌標典相關活動的能力仍未受到影響，因此，本集團仍保留對宜昌標典的控制權。 # 報告期後事項 扣押位於深圳的物業 於二零二五年十月二十二日，位於深圳的賬面值約為人民幣1,300,000元（相當於約1,438,000港元）的物業遭山西省长治市中级人民法院扣押（「扣押」）。扣押執行期為自二零二五年十月二十二日起至二零二八年十月二十一日止為期三年。本集團已委聘中國法律顧問就扣押向本集團提供相關法律意見。誠如中國法律顧問告知，於本報告日期，本集團未能透過公開可獲得的資料來源公開查獲任何與引致扣押的案件相關的公開可查閱資料。故董事現時無法合理估計扣押對本集團的財務影響。 # 管理層討論及分析 # Management Discussion and Analysis # EVENTS AFTER REPORTING PERIOD (Continued) # Legal Proceedings relating to an agreement On 3 October 2025, the Company received a writ of summons in respect of a claim commenced by the estate of a deceased person (the "Plaintiff"). The Plaintiff alleges that the Company has failed to settle the outstanding principal and accrued interest totalling of HK$2,400,000 under an agreement dated 26 August 2019. The Group has engaged legal counsel to defend the proceedings, and a formal defence was filed in November 2025. As the proceedings are at a preliminary stage, the Directors are currently unable to estimate the final outcome of the proceedings or assess the likelihood or extent of any potential liability. Save as disclosed above, there were no material events after the reporting period as at the date of this report. # FUND RAISING ACTIVITIES Please refer to the disclosure regarding the Rights Issue set out in the paragraph headed "LIQUIDITY, FINANCIAL RESOURCES AND CAPITAL STRUCTURE - Share Consolidation and Rights Issue". # EXPOSURE TO EXCHANGE RATE FLUCTUATIONS The Group's foreign currency exposure is limited as most of its transactions, assets and liabilities are denominated in Hong Kong dollars and Renminbi. # 報告期後事項(續) # 與貸款協議相關的法律程序 於二零二五年十月三日，本公司接獲一份傳票，內容涉及一名已故人士的遺產（「原告」）所提起的索償。原告指控本公司未能根據日期為二零一九年八月二十六日的貸款協議清償未償還本金及應計利息共計2,400,000港元。 本集團已委聘法律顧問就該訴訟進行辯護，並於二零二五年十一月提交正式答辯狀。由於訴訟尚處初步階段，董事會現時無法預估訴訟的最終結果或估計任何潛在負債的可能性或大小。 除上文所披露者外，於本報告日期，報告期後並無任何重大事項。 # 集資活動 請參閱「流動資金丶財務資源及資本架構一股份合併及供股」一段所載有關供股的披露。 # 匯率波動風險 由於本集團大部分交易、資產及負債均以港元及人民幣計值，因此本集團的外幣風險有限。 # 管理層討論及分析 # Management Discussion and Analysis # HUMAN RESOURCES AND REMUNERATION POLICY As at 30 September 2025, the Group employed 68 staff members (at 30 September 2024: 59 staff). Remuneration is determined with reference to market terms and the performance, qualifications and experience of the individual employee. Remuneration includes monthly salaries, performance-linked bonuses, retirement benefits schemes and other benefits such as medical scheme and share option scheme. The Group's remuneration policies and packages are reviewed by management on regular basis. The Company has established a Human Resources and Remuneration Committee. The Directors' emoluments are determined with reference to Directors' duties, responsibilities and the operating performance of the Group. # 人力資源及薪酬政策 於二零二五年九月三十日，本集團僱用68名員工（於二零二四年九月三十日：59名員工）。本集團參考市場條款，並按照個別僱員本身的表現、資歷及經驗釐定其薪酬。薪酬包括月薪、業績花紅、退休福利計劃以及醫療計劃及購股權計劃等其他福利。管理層定期審閱本集團之薪酬政策及福利組合。本公司已成立人力資源及薪酬委員會。董事薪酬乃參照董事的職務、職責及本集團的營運表現而釐定。 For reference purposes only, the Chinese names of the PRC entities and terms have been translated into English in this report. In the event of any discrepancies between the Chinese names of the PRC entities and terms and their English translation, the Chinese version shall prevail. 僅供參考，於本報告中，中國實體及專有名詞之中文名稱已譯為英文。倘中國實體及專有名詞之中文名稱與其英文譯文有任何不一致，概以中文版本為準。 # 董事的履歷詳情 # Biographical Details of Directors # EXECUTIVE DIRECTORS # Mr. Wu Guoming Mr. Wu Guoming ("Mr. Wu GM"), aged 60, has been an executive Director since 30 April 2018. He holds a degree in Business Management from Wuhan University, a degree in Civil Engineering from China University of Petroleum and a degree in Economic Management from Shanghai Jiao Tong University. Mr. Wu GM was the engineering manager and the deputy general manager at Shanghai Guangda Construction Decoration Engineering Company* (上海光大建築裝飾工程公司). Since 2001, Mr. Wu GM has been the general manager and the chairman of Shanghai Guangda Basic Engineering Co., Ltd (上海廣大基礎工程有限公司). Furthermore, Mr. Wu GM is the director of China Civil Engineering Society (中國土木工程學會) and a construction technology committee member of Chinese Institution of Soil Mechanics and Geotechnical Engineering - China Civil Engineering Society (中國土木工程學會土力學及岩土工程分會). Mr. Wu GM has vast experience in business management and construction business development. # Mr. Wu Chunyao Mr. Wu Chunyao ("Mr. Wu CY"), aged 31, has been an executive Director since 30 October 2023. He has over 10 years of experience in business management, operation and provision of consultation services. He was a unit manager of Beijing Bozheng Xinda Investment Consulting Co., Ltd.* (北京博正信達投資顧問有限公司) from 2012 to 2014. He also works as a vice president of Shanghai Chunfeng Financial Information Services Co., Ltd.* (上海春峰金融信息服务有限公司). From 2015 to 2016, Mr. Wu CY was a general manager of Hunan Zhihao Information Consulting Service Co., Ltd.* (湖南智浩信息諮詢服務有限公司). # 執行董事 # 吳國明先生 吳國明先生（「吳先生」），六十歲，自二零一八年四月三十日起擔任執行董事。彼持有武漢大學工商管理學位、中國石油大學土木工程學位及上海交通大學經濟管理學位。吳先生曾為上海光大建築裝飾工程公司之工程經理及副總經理。自二零零一年起，吳先生一直擔任上海廣大基礎工程有限公司之總經理兼主席。此外，吳先生亦為中國土木工程學會之理事及中國土木工程學會土力學及岩土工程分會之施工技術專業委員會委員。吳先生於業務管理及建築業務發展方面擁有豐富經驗。 # 武春耀先生 武春耀先生（「武先生」），三十一歲，自二零二三年十月三十日起擔任執行董事。彼於企業管理、運營及提供諮詢服務方面擁有逾10年經驗。彼自二零一二年至二零一四年擔任北京博正信達投資顧問有限公司的部門經理。彼亦擔任上海春峰金融信息服務有限公司副總裁。自二零一五年至二零一六年，武先生擔任湖南智浩信息諮詢服務有限公司總經理。 # 董事的履歷詳情 # Biographical Details of Directors # NON-EXECUTIVE DIRECTOR # Ms. Chung Pei-Hsuan Ms. Chung Pei-Hsuan ("Ms. Chung"), aged 43, has been a non-executive director since 31 December 2024. She graduated with a Diploma in Information Technology from Overseas Chinese University in 2002. Following her graduation, she accrued over 20 years of experience in financial management and accounting. Her career has encompassed roles where she successfully implemented financial controls, prepared consolidated financial statements, and managed budgeting processes. Throughout her career, Ms. Chung has worked with companies in various industries, contributing to effective financial oversight and compliance. # INDEPENDENT NON-EXECUTIVE DIRECTORS # Mr. Tsung Ching Fung Mr. Tsung Ching Fung ("Mr. Tsung"), aged 43, has been an independent non-executive director since 24 October 2025. He holds a bachelor's degree in business with a major in Accounting and Finance from Griffith University, Australia. Mr. Tsung is a member of the Chartered Institute of Management Accountants, the Certified Practising Accountants in Australia and the Hong Kong Institute of Certified Public Accountants. Mr. Tsung has more than 19 years of experience in accounting, investment analysis, mergers and acquisitions exercises, and corporate banking. Between 30 October 2023 and 20 November 2025, he served as an independent non-executive director of Dragon King Group Holdings Limited, a company listed on GEM of the Stock Exchange. Throughout the years, he has held various senior positions in international accounting firms, international banks, and the business sector. Currently, Mr. Tsung is the founder and director of an accounting firm based in Hong Kong. # 非執行董事 # 鐘珮瑄女士 鐘珮瑄女士（「鐘女士」），四十三歲，自二零二四年十二月三十一日起擔任非執行董事。彼於二零零二年畢業於華僑大學，獲得信息技術文憑。畢業後，彼於財務管理及會計方面積逾20年經驗，職業生涯包括成功實施財務控制、編製合併財務報表及管理預算流程等角色。鐘女士在其職業生涯中任職於不同行業的公司，為有效的財務監督及合規作出貢獻。 # 獨立非執行董事 # 曾程枫先生 曾程楓先生（「曾先生」），四十三歲，自二零二五年十月二十四日起擔任獨立非執行董事。彼持有澳洲格里菲斯大學的工商學士學位，主修會計與金融。曾先生為英國特許管理會計師公會、澳洲執業會計師公會及香港會計師公會會員。曾先生於會計、投資分析、併購活動及企業銀行方面擁有逾19年經驗。於二零二三年十月三十日及二零二五年十一月二十日期間，彼擔任龍皇集團控股有限公司（一間於聯交所GEM上市的公司）的獨立非執行董事。多年來，彼在國際會計師事務所、國際銀行及商業界擔任多個高級職位。曾先生現為一所香港會計師事務所的創辦人和董事。 # 董事的履歷詳情 # Biographical Details of Directors # INDEPENDENT NON-EXECUTIVE DIRECTORS (Continued) # Ms. Chak Wai Nga Ms. Chak Wai Nga ("Ms. Chak"), aged 34, has been an independent non-executive director since 24 October 2025. She holds a bachelor's degree in science in economics obtained from Utah State University in 2015 and a master's degree of business administration obtained from the Hong Kong University of Science and Technology in 2025. Ms. Chak has held various roles in finance in different securities firms in Hong Kong and has over 8 years' experience in capital markets transactions, including placements, pre-IPOs, IPOs, bond issuances and block trade. Currently, Ms. Chak is a Head of Business Development at a securities firm in Hong Kong. # Mr. Wong Shun Ching Mr. Wong Shun Ching ("Mr. Wong"), aged 49, has been an independent non-executive director since 29 December 2025. He holds a Bachelor of Laws from Peking University and Master of Laws from City University of Hong Kong. He is currently employed by Prestige Global Wealth Management Limited as a licensed technical representative (broker). Mr. Wong is an Associate of Hong Kong Institute of Arbitrators and holds the Practicing Certificate of Hong Kong Securities and Investment Institute. He has worked for more than 23 years in relation to the legal matters for the PRC and Hong Kong laws. Between March 2021 and August 2022, he served as an independent non-executive director of China Creative Global Holdings Limited, the shares of which were listed on the Stock Exchange. # 獨立非執行董事 # 翟偉雅女士 翟偉雅女士（「翟女士」），三十四歲，自二零二五年十月二十四日起擔任獨立非執行董事。彼持有於二零一五年獲猶他州立大學頒授的經濟學理學士學位及於二零二五年獲香港科技大學頒授的工商管理碩士學位。翟女士於香港多家證券公司擔任多個金融職務，並擁有逾8年的資本市場交易經驗，涵蓋配售、首次公開發售前融資、首次公開發售、債券發行及大宗交易。翟女士現為一間香港證券公司的業務發展主管。 # 黄信程先生 黃信程先生（「黃先生」）四十九歲，自二零二五年十二月二十九日起擔任獨立非執行董事。彼持有北京大學法學學士及香港城市大學法學碩士學歷。彼現受僱於盛譽環球財富管理有限公司，擔任持牌業務代表（經紀）。黃先生為香港仲裁師協會會員及持有香港證券及投資學會從業員資格證書。彼從事中國內地及香港法律事務超過23年經驗。於二零二一年三月至二零二二年八月期間，彼擔任股份於聯交所上市的中創環球控股有限公司的獨立非執行董事。 # 董事會報告 # Report of the Directors The Directors present their annual report and the audited consolidated financial statements for the year ended 30 September 2025. # PRINCIPAL ACTIVITIES The Company is an investment holding company. The principal activities of its subsidiaries are set out in note 22 to the consolidated financial statements. # BUSINESS REVIEW Business review of the Group is set out in the paragraph headed "Management Discussion and Analysis" of this annual report. # RESULTS The results of the Group for the year ended 30 September 2025 are set out in the consolidated statement of profit or loss and other comprehensive income on pages 160 to 161. # PROPERTY, PLANT AND EQUIPMENT Details of the movements during the year in property, plant and equipment of the Group are set out in note 19 to the consolidated financial statements. # SHARE CAPITAL Details of the movements in share capital of the Company during the reporting period are set out in note 36 to the consolidated financial statements. 董事提呈彼等截至二零二五年九月三十日止年度之年報及經審核綜合財務報表。 # 主要業務 本公司為一間投資控股公司。其附屬公司之主要業務載於綜合財務報表附註22。 # 業務回顧 本集團之業務回顧載於本年報「管理層討論及分析」一段。 # 業績 本集團截至二零二五年九月三十日止年度之業績載於第160至161頁之綜合損益及其他全面收益表內。 # 物業、廠房及設備 年內本集團之物業、廠房及設備變動詳情載於綜合財務報表附註19。 # 股本 報告期内本公司之股本變動詳情載於綜合財務報表附註36。 # 董事會報告 # Report of the Directors # DISTRIBTABLE RESERVE OF THE COMPANY The share premium of the Company is available for payment or distributions of dividends to its shareholders subject to the provisions of its Memorandum and Articles of Association and provided that immediately following the distribution or dividend payment the Company is able to pay its debts as they fall due in the ordinary course of business. In accordance with the Company's Articles of Association, dividends can be distributed out of the profits, special reserve and share premium of the Company. No distribution reserves of the Company was recorded as at 30 September 2025 (as at 30 September 2024: Nil). # DIRECTORS The Directors during the year and up to the date of this report are: # Executive Directors: Mr. Wu Guoming Mr. Wu Chunyao Mr. Chan Ting Leuk Arthur (resigned on 16 January 2025) # Non-executive Director: Ms. Chung Pei-Hsuan (appointed on 31 December 2024) # Independent non-executive Directors: Mr. Tsung Ching Fung (appointed on 24 October 2025) Ms. Chak Wai Nga (appointed on 24 October 2025) Mr. Wong Shun Ching (appointed on 29 December 2025) Mr. Leung Oh Man, Martin (resigned on 24 October 2025) Dr. Chung Ling Cheong Dicky (resigned on 30 September 2025) Dr. Cheng Chak Ho (resigned on 30 September 2025) # 本公司之可分派