> **来源：[研报客](https://pc.yanbaoke.cn)** # 2025/26 # INTERIM REPORT # 中期报告 # CHINA CHANGBAISHAN INTERNATIONAL HOLDINGS LIMITED 中國長白山國際控股有限公司 (Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） StockCode股份代號：989 # Contents # 目錄 2 Corporate Information 公司資料 5 Management Discussion and Analysis 管理層討論與分析 31 Report on Review of Interim Financial Information 中期財務資料審閱報告 34 Condensed Consolidated Statement of Profit or Loss 簡明綜合損益表 36 Condensed Consolidated Statement of Comprehensive Income 簡明綜合全面收入表 37 Condensed Consolidated Statement of Financial Position 簡明綜合財務狀況表 39 Condensed Consolidated Statement of Changes in Equity 簡明綜合權益變動表 40 Condensed Consolidated Statement of Cash Flows 簡明綜合現金流量表 42 Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報表附註 106 Other Information 其他資料 # Corporate Information 公司資料 # BOARD OF DIRECTORS # Executive Directors XU Yingchuan (Acting Chairperson) (Appointed on 30 May 2025) LI Junjie (Chief Executive Officer) CONG Peifeng # Non-executive Directors CUI Mindong CHIU Sin Nang, Kenny (Appointed on 30 May 2025) # Independent Non-executive Directors TSANG Hung Kei WANG Xiaochu WANG Meirong (Appointed on 21 October 2025) # BOARD COMMITTEES # Audit Committee TSANG Hung Kei (Chairperson) WANG Xiaochu WANG Meirong (Appointed on 21 October 2025) # Remuneration Committee TSANG Hung Kei (Chairperson) XU Yingchuan (Appointed on 30 May 2025) WANG Xiaochu WANG Meirong (Appointed on 21 October 2025) # 董事會 # 執行董事 徐映川（代理主席） （於二零二五年五月三十日獲委任） 李俊傑（行政總裁） 叢佩峰 # 非執行董事 崔民東 趋善能 （於二零二五年五月三十日獲委任） # 独立非執行董事 曾鸿基 王晓初 王美蓉 （於二零二五年十月二十一日獲委任） # 董事委員會 # 審核委員會 曾鸿基(主席) 王晓初 王美蓉 （於二零二五年十月二十一日獲委任） # 薪酬委員會 曾鸿基(主席) 徐映川 （於二零二五年五月三十日獲委任） 王晓初 王美蓉 （於二零二五年十月二十一日獲委任） # Nomination Committee XU Yingchuan (Chairperson) (Appointed on 30 May 2025) TSANG Hung Kei WANG Xiaochu WANG Meirong (Appointed on 21 October 2025) # COMPANY SECRETARY NG Man Kit Micky # REGISTERED OFFICE Clarendon House 2 Church Street Hamilton HM 11 Bermuda # HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS IN HONG KONG Room 1305, 13th Floor China Resources Building No. 26 Harbour Road Wanchai, Hong Kong Tel: (852) 2209 2888 Fax: (852) 2209 2988 Website: http://www.chinacbsintl.com # 提名委員會 徐映川（主席） （於二零二五年五月三十日獲委任） 曾鸿基 王曉初 王美蓉 （於二零二五年十月二十一日獲委任） # 公司秘書 伍文傑 # 註冊辦事處 Clarendon House 2 Church Street Hamilton HM 11 Bermuda # 總辦事處及香港主要營業地點 香港灣仔 港灣道26號 華潤大廈 13楼1305室 電話：(852) 2209 2888 傳真：(852) 2209 2988 網址：http://www.chinacsintl.com # Corporate Information 公司資料 # PRINCIPAL SHARE REGISTRAR Appleby Global Corporate Services (Bermuda) Limited Canon's Court, 22 Victoria Street, PO Box HM1179 Hamilton HMEX Bermuda # HONG KONG BRANCH SHARE REGISTRAR Tricor Investor Services Limited 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong # HONG KONG LEGAL ADVISOR CLKW Lawyers LLP (in association with Michael Li & Co.) # AUDITOR Forvis Mazars CPA Limited Certified Public Accountants # PRINCIPAL BANKERS Hang Seng Bank Limited # STOCK CODE 989 # 主要股份過戶登記處 Appleby Global Corporate Services (Bermuda) Limited Canon's Court, 22 Victoria Street, PO Box HM1179 Hamilton HMEX Bermuda # 香港股份過戶登記分處 卓佳證券登記有限公司 香港 夏懲道十六號 遠東金融中心十七樓 # 香港法律顧問 CLKW Lawyers LLP （與李智聰律師事務所聯營） # 核數師 富睿瑪澤會計師事務所有限公司 執業會計師 # 主要往來銀行 恒生銀行有限公司 # 股份代號 989 # Management Discussion and Analysis 管理層討論與分析 # OVERVIEW During the six months ended 30 September 2025, the Group's management carried on monitoring closely the financial position and cash flows of the Group. In particular, the Group has strived to reduce the level of debts at both onshore and offshore level. At the same time, the management carried out periodic review on the Group's asset portfolio and the respective performance. After the recent review, the following corporate actions had been taken during the period: # Disposal of property projects in Baishan and Yanji On 28 July 2025, the Group entered into an equity transfer agreement with an independent third party purchaser to dispose of the property projects in Baishan City and Yanji City for a nominal consideration of RMB1. The underlying assets included: (a) Investment properties - Guangze International Shopping Centre - self-owned shopping units and car parks - Guangze International Shopping Centre - leased shopping units (b) Properties under development - Guangze China House - Phase IIB where the land premium has been settled (c) Completed properties - Guangze International Shopping Centre - residential units and car parks - Guangze China House - Phase I - residential and commercial units - Guangze China House - Phase IIA - residential units - Guangze Red House - Phase I, II and III - commercial units # 概览 截至二零二五年九月三十日止六個月，本集團管理層繼續密切監控本集團的財務狀況和現金流量。尤其值得一提的是，本集團致力於降低境內外債務水平。同時，管理層定期對本集團的資產組合及其績效進行評估。在最近一次評估之後，本集團在此期間採取了以下企業行動： # 出售白山市及延吉市之物業項目 於二零二五年七月二十八日，本集團與獨立第三方買方簽訂股權轉讓協議，以象徵性代價人民幣1元出售位於白山市和延吉市的物業項目。 基礎資產包括： (a) 投資性物業 廣澤國際購物中心一自持商鋪單位及停車位 廣澤國際購物中心一租賃商鋪單位 (b) 在建中物業 - 廣澤蘭亭第二B期（其土地出讓金已經繳付） (c) 已落成物業 廣澤國際購物中心－住宅單位及停車位 廣澤蘭亭第一期－住宅及商業單位 廣澤蘭亭第二A期一住宅單位 廣澤紅府第一、二及三期一商業單位 # Management Discussion and Analysis 管理層討論與分析 # OVERVIEW (continued) # Disposal of property projects in Baishan and Yanji (continued) The disposal also led to a decrease in the Group's bank loans by approximately RMB241.0 million which will further improve the Group's debt level. Details of the disposal were set out in the Company's circular dated 16 September 2025 and announcement dated 28 July 2025. # Completion of the disposal of the cultural tourism property project in Fusong County (the "Fusong Property Project") On 30 September 2025, the Group completed the disposal of Fusong Property Project which the equity transfer agreement was originally entered into on 25 October 2024. Subsequent extensions had been made on the long stop date of the transaction to 30 June 2025 and 31 October 2025 as additional time was required to complete the condition precedents of the transaction. The assets and liabilities of the Fusong Property Project had been derecognised from the Group's financial statements as at 30 September 2025. After the completion of the above two disposals, the Group's bank and other borrowings will be significantly decreased from approximately RMB651.4 million to approximately RMB128.2 million. # 概览（續） # 出售白山市及延吉市之物業項目 (續) 本次出售亦使本集團銀行貸款減少約人民幣241,000,000億元，將進一步改善本集團的債務水平。 出售事項詳情載於本公司日期為二零二五年九月十六日的通函及日期為二零二五年七月二十八日的公告。 # 完成出售撫松縣一個文化旅遊物業項目（「撫松物業項目」） 於二零二五年九月三十日，本集團完成出售撫松物業項目，該項目的股權轉讓協議原於二零二四年十月二十五日簽訂。由於需要更多時間完成交易的先決條件，交易的最終截止日期隨後被延長至二零二五年六月三十日和二零二五年十月三十一日。撫松物業項目之資產及負債均於二零二五年九月三十日從本集團的財務報表中終止確認。 待上文所述的兩個項目出售完成後，本集團的銀行及其他借款將由約人民幣651,400,000元大幅減少至約人民幣128,200,000元。 # OUTLOOK Given the Group's existing debt level and the net liabilities position, the Group's management is actively exploring various financing options, including but not limited to discuss with the Company's major shareholders for financial support and seeking professional advice in other alternative strategies in improving the Group's financial position. As stated in the Company's circular dated 16 September 2025, the Group will continue to look at potential projects in its property development and property investment business segments. At the same time, the Group's management will endeavour to extend and diversify into other relevant business opportunities, such as ginseng and mineral water businesses. In particular, the Group has carried out research and detailed feasibility study in the ginseng business. The Group's management expects to complete the purchase of ginsengs in cultivation in Ji'an City, Jilin Province, where ginsengs are abundantly and naturally grown by farmers, by the end of 2025. The Group's marketing team has been actively developing market penetration and promotional strategies with multiple sales channels; and it is expected that sales will commence in the first quarter of 2026. # 前景 鑑於本集團目前的債務水平和淨負債狀況，本集團管理層正積極探討各類融資方案，包括但不限於與本公司主要股東商討財務支援事宜，並就其他改善本集團財務狀況的替代策略尋求專業意見。 誠如本公司日期為二零二五年九月十六日的通函所述，本集團將繼續在其物業發展和物業投資業務板塊中物色潛在項目。同時，本集團管理層致力於延伸並拓展其他相關業務機會，例如人參和礦泉水業務。尤其值得一提的是，本集團已對人參業務進行了研究和詳細的可行性研究。本集團管理層預計將於二零二五年底完成在吉林省集安市（人參資源豐富且由當地農民自然種植）的人參收購。本集團的行銷團隊正積極透過多種销售渠道制定市場滲透及推廣策略，預計於二零二六第一季開始銷售。 # Management Discussion and Analysis 管理層討論與分析 # OUTLOOK (continued) The Group's management has been closely monitoring the financial position and the debt portfolio of the Group and of the Company. The management had carried out negotiations with financial institutions, substantial shareholders, and professional parties to explore possible options for improvement. The Group has decreased its bank loans through the disposals of project companies during the past years; transferred convertible bonds to shareholder loans; and explored the possibility to raise funds via equity financing. However, all the above ways been unable to reduce the Group's net liabilities position and the Group's liabilities which were at approximately RMB1,374.4 million and RMB654.7 million respectively as at 30 September 2025. Subsequent to 30 September 2025, the Group is actively pursuing further initiatives with professional advisers and major shareholders that are expected to improve the Group's net liabilities and liabilities position including but not limited to debt financing, equity financing and debt restructuring. Further announcement(s) will be made as and when appropriate. # BUSINESS REVIEW For the six months ended 30 September 2025, the Group's overall revenue from continuing operations was approximately RMB29.8 million (six months ended 30 September 2024: RMB122.5 million), representing a decrease of $75.7\%$ . The Group had a gross profit from continuing operations of RMB3.2 million for the six months ended 30 September 2025 (six months ended 30 September 2024: RMB11.5 million) and net loss from continuing operations for the period of RMB30.1 million (six months ended 30 September 2024: RMB598.5 million). # 前景（續） 本集團管理層持續密切關注本集團及本公司的財務狀況和債務組合。管理層已與金融機構、主要股東及專業機構進行磋商，以探討可行的改善方案。過去幾年，本集團通過出售項目公司减少了銀行貸款；將可換股債券轉為股東貸款；並探索了股權融資的可能性。然而，上述所有措施均未能降低本集團的淨負債狀況及本集團負債，其於二零二五年九月三十日的金額分別約為人民幣1,374,400,000元及人民幣654,700,000元。於二零二五年九月三十日之後，本集團正積極連同專業顧問及主要股東推進更多方案（包括不限於債務融資、股權融資及債務重組），以期改善本集團的淨負債及負債狀況。如有進展，本公司將適時作出公告。 # 業務回顧 截至二零二五年九月三十日止六個月，本集團持續經營業務之整體收益約為人民幣29,800,000元（截至二零二四年九月三十日止六個月：人民幣122,500,000元），減少75.7%。本集團截至二零二五年九月三十日止六個月實現持續經營業務之毛利人民幣3,200,000元（截至二零二四年九月三十日止六個月：人民幣11,500,000元）及期內持續經營業務之虧損淨額人民幣30,100,000元（截至二零二四年九月三十日止六個月：人民幣598,500,000元）。 # BUSINESS REVIEW (continued) # Property Development During the six months ended 30 September 2025, the Group has remaining residential units and car park units in Guangze Jiqui Red House – Phase I held for sales. In July 2025, the Group entered into an agreement to dispose of the completed property projects in Baishan City and Yanji City, including (i) Guangze China House - Phases I and II; (ii) Guangze International Shopping Centre - residential units; and (iii) Guangze Red House - Phases I, II and III. As at 30 September 2025, the Group has one property project, namely Guangze Jiumi Red House – Phase II under construction in Jiutai District, Changchun City; and is expected to complete by the first quarter of 2026. In the coming years, the Group will continue to replenish its land reserve on a prudent approach given the property market in the PRC remains with uncertainties. # 業務回顧（續） # 物業發展 截至二零二五年九月三十日止六個月，本集團在廣澤九溪紅府一期仍有剩餘住宅單元及停車位待售。 於二零二五年七月，本集團訂立協議出售位於白山市及延吉市的已落成物業項目，包括：(i)廣澤蘭亭一期及二期；(ii)廣澤國際購物中心住宅單位；及(iii)廣澤紅府一期、二期及三期。 於二零二五年九月三十日，本集團在長春市九台區有一項在建物業項目，即廣澤九溪紅府二期，預計將於二零二六年第一季度完工。 於未來數年，鑑於中國房地產市場仍不明朗，本集團將繼續審慎補充土地儲備。 # Management Discussion and Analysis 管理層討論與分析 # BUSINESS REVIEW (continued) # Property Development (continued) Properties completed, delivered and sale of properties recognised during the six months ended 30 September 2025 For the six months ended 30 September 2025, sales of properties of approximately RMB16.5 million were recorded with an aggregate gross floor area ("GFA") of 3,957 sq.m. which were mainly contributed from the sales of remaining units of Guangze China House – Phase II A that were completed in last financial year. The Group did not deliver and recognise any sale of car park units for the six months ended 30 September 2025 (six months ended 30 September 2024: RMB12.2 million from the sale of 67 car park units). # Property Investment As set out in section headed "Overview", the Group has entered into an equity transfer agreement with an independent third party to dispose of property projects in Baishan and Yanji. This included the Group's investment properties of Guangze International Shopping Centre - self owned and leased portion. Such disposal is yet to complete as at 30 September 2025. Accordingly, the investment properties remained subject to valuation at interim period end. The fair value of the investment properties decreased from RMB315.3 million at 31 March 2025 to RMB309.5 million at 30 September 2025. # 業務回顧（續） # 物業發展（續） 截至二零二五年九月三十日止六個月已竣工、交付物業及已確認物業銷售 截至二零二五年九月三十日止六個月，物業銷售金額為約人民幣16,500,000元，總建築面積（「總建築面積」)合共為3,957平方米，主要源於上一個財政年度竣工的廣澤蘭亭二A期餘下單位銷售。 截至二零二五年九月三十日止六個月，本集團沒有交付並確認任何停車位銷售額（截至二零二四年九月三十日止六個月：就銷售67個停車位，為人民幣12,200,000元）。 # 物業投資 如「概覽」一節所述，本集團已與獨立第三方訂立股權轉讓協議，出售位於白山和延吉的物業項目，其中包括本集團廣澤國際購物中心投資物業（自有及租賃部分）。截至二零二五年九月三十日，該等出售事項尚未完成。 因此，該等投資物業在中期期末仍需進行估值。投資物業之公允價值由二零二五年三月三十一日之人民幣315,300,000元減至二零二五年九月三十日之人民幣309,500,000元。 # BUSINESS REVIEW (continued) # Property Investment (continued) The Group's management considers the property investment segment remains to be one of the operating segments of the Group and the Group is actively seeking for potential properties to hold for rental income or capital appreciation, subject to the investment return, synergy and exit potentials of any opportunities. The re-classification of the property investment segment as discontinued operation for financial reporting purpose was in accordance with HKFRS 5. # Ginseng business As mentioned in the Group's annual reports in the past, given the PRC property market sentiment, the Group has decided to diversify from the property development and property investment into ginseng and mineral water businesses. In particular, the Group has commenced the ginseng business by entering into a purchase agreement with an independent third party ginseng farmer to purchase unharvested ginsengs naturally grown underground in forest land (the "Linxia Ginsengs") together with the operation rights of the forest land in Ji'an City, Jilin Province. The Group's management expects to complete the procurement of the Linxia Ginsengs by the end of 2025 and the sales of Linxia Ginsengs to commence in the first quarter of 2026. # 業務回顧（續） # 物業投資(續) 本集團管理層認為物業投資分部仍為本集團經營分部之一部分，而本集團正積極物色可持作賺取租金收入或資本增值的潛在物業，惟須視乎任何機會的投資回報、協同效應及退出潛力而定。就財務報告而言，物業投資分部重新分類為已經止經營業務乃根據香港財務報告準則第5號而作出。 # 人參業務 如本集團以往年報所述，鑒於中國物業市場的整體形勢，本集團決定將業務從物業開發及物業投資多元化拓展至人參及礦泉水業務。具體而言，本集團已與一家獨立第三方的人參種植戶簽訂採購協議，採購位於吉林省集安市的未採自然生長林下參（「林下參」）及其所在林地的經營權，從而正式啟動人參業務。本集團管理層預計將於二零二五年底完成林下參的採購，並將於二零二六第一季度開始銷售林下參。 # Management Discussion and Analysis 管理層討論與分析 # FINANCIAL REVIEW # Preparation of the Group's condensed consolidated financial statements for the six months ended 30 September 2025 In July 2025, the Group entered into an equity transfer agreement with an independent third party for the disposal of the equity interests in 長春市築家房地產開發有限公司 (Changchun Zhujia Real Estate Development Company Limited*), 白山市廣澤商業管理有限公司 (Baishan Ground Business Management Company Limited*), 白山市廣澤房地產開發有限公司 (Baishan Ground Real Estate Development Company Limited*) and 延吉市惠澤房地產開發有限公司 (Yanji Huize Real Estate Development Company Limited*) (the “Disposal Group”) as detailed in the section headed “BUSINESS REVIEW” of this report. In accordance with HKFRS 5, all assets and liabilities associated with the Disposal Group as at 30 September 2025 are grouped under "Assets associated with disposal group classified as held for sale" and "Liabilities associated with disposal group classified as held for sale" under current assets and current liabilities, respectively. The assets and liabilities of the Disposal Group as at 31 March 2025 are not restated. In addition, the Group's property investment segment is treated and presented as discontinued operation. Comparative figures in the consolidated statement of profit or loss and consolidated statement of comprehensive income for the six months ended 30 September 2024 have been re-presented to disclose separately the profit or loss and total comprehensive income from such discontinued operation. # 財務回顧 # 編製本集團截至二零二五年九月三十日止六個月的簡明綜合財務報表 於二零二五年七月，本集團與獨立第三方簽訂股權轉讓協議，出售其在長春市建築家房地產開發有限公司、白山市廣澤商業管理有限公司、白山市廣澤房地產開發有限公司和延吉市惠澤房地產開發有限公司（「出售組別」）的股權，詳情請參閱本報告「業務回顧」一節。 根據香港財務報告準則第5號，於二零二五年九月三十日與出售組別相關的所有資產及負債分別歸入流動資產及流動負債項下的「與分類為持作出售之出售組別有關之資產」及「與分類為持作出售之出售組別有關之負債」。出售組別於二零二五年三月三十一日之資產及負債未進行重列。 此外，本集團之物業投資分部被視為及呈列為已終止經營業務。截至二零二四年九月三十日止六個月之綜合損益表及綜合全面收入表所載比較數字已經重列，以獨立披露有關已終止經營業務之損益及全面收入總額。 # FINANCIAL REVIEW (continued) # 財務回顧（續） # Key changes to profit or loss # 損益之主要變動 Revenue 收益 <table><tr><td rowspan="2" colspan="2"></td><td colspan="2">Six months ended 30 September 2025 截至二零二五年 九月三十日止六個月</td><td colspan="2">Six months ended 30 September 2024 截至二零二四年 九月三十日止六個月</td></tr><tr><td>RMB'000人民幣千元</td><td>%</td><td>RMB'000人民幣千元 (restated) (經重列)</td><td>%</td></tr><tr><td>Sale of properties</td><td>銷售物業</td><td>16,506</td><td>55.4</td><td>107,352</td><td>87.6</td></tr><tr><td>Property management</td><td>物業管理服務收入</td><td>13,276</td><td>44.6</td><td>15,145</td><td>12.4</td></tr><tr><td>service income</td><td></td><td>29,782</td><td>100.0</td><td>122,497</td><td>100.0</td></tr></table> The Group's revenue decreased from RMB122.5 million for the six months ended 30 September 2024 (restated) to RMB29.8 million for the six months ended 30 September 2025 or a decrease by $75.7\%$ , mainly contributed from the decrease in sale of properties by $84.6\%$ or RMB90.8 million as compared with the corresponding period. The decrease in sales of properties during the six months ended 30 September 2025 was attributable to the fact that no new properties project were completed and delivered during the period. The property management service income for the six months ended 30 September 2025 decreased by RMB1.9 million mainly attributable to the fact that the Group ceased to provide management services to the properties at Guangze Red House - Phase I, II and III in Yanji since July 2024. 本集團收益由截至二零二四年九月三十日止六個月人民幣122,500,000元（經重列）減少75.7%至截至二零二五年九月三十日止六個月人民幣29,800,000元，主要由於物業銷售額較同期減少84.6%或人民幣90,800,000元所致。截至二零二五年九月三十日止六個月之物業銷售額減少乃因期内沒有新物業項目完工及交付。 截至二零二五年九月三十日止六個月之物業管理服務收入減少人民幣1,900,000元，主要由於本集團自二零二四年七月起不再向延吉市廣澤紅府一、二及三期提供物業管理服務。 # Management Discussion and Analysis 管理層討論與分析 # FINANCIAL REVIEW (continued) # Key changes to profit or loss (continued) Gross profit and gross margin 財務回顧（續） 損益之主要變動（續） 毛利及毛利率 <table><tr><td colspan="2"></td><td>Six months ended 30 September 2025 截至二零二五年 九月三十日止六個月 (Gross loss) Gross Profit (毛損) 毛利 RMB'000 人民幣千元</td><td>Six months ended 30 September 2024 截至二零二四年 九月三十日止六個月 (Gross Profit) 毛利 RMB'000 人民幣千元 ( restated) (經重列)</td><td>Gross profit 毛利率 ( restated) (經重列)</td></tr><tr><td>Sale of properties</td><td>銷售物業</td><td>(3,689)</td><td>(22.3)</td><td>4,053</td></tr><tr><td>Property management</td><td>物業管理服務收入</td><td>6,897</td><td>52.0</td><td>7,472</td></tr><tr><td>service income</td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td>總額</td><td>3,208</td><td>10.8</td><td>11,525</td></tr></table> For the six months ended 30 September 2025, the Group recorded an overall gross profit of RMB3.2 million, representing a decrease of RMB8.3 million or $72.2\%$ from the gross profit of RMB11.5 million for the six months ended 30 September 2024 (restated). The decrease in the Group's gross profit for the six months ended 30 September 2025 was mainly related to the property development business, primarily attributable to (i) a decrease in sale of properties as explained above; and (ii) a further write-down of completed properties held for sale to its net realisable value of approximately RMB4.5 million relating to Guangze China House project during the six months ended 30 September 2025. 截至二零二五年九月三十日止六個月，本集團錄得整體毛利人民幣3,200,000元，較截至二零二四年九月三十日止六個月毛利人民幣11,500,000元(經重列)減少人民幣8,300,000元或72.2%。截至二零二五年九月三十日止六個月，本集團毛利下降主要與物業發展業務有關，主要歸因於：(i)如上所述之物業銷售額下降；以及(ii)截至二零二五年九月三十日止六個月，與廣澤蘭亭項目相關的已竣工待售物業進一步撇減至其淨可變現價值，金額為約人民幣4,500,000元。 # FINANCIAL REVIEW (continued) # Key changes to profit or loss (continued) # Selling and distribution expenses The selling and distribution expenses for the six months ended 30 September 2025 decreased by RMB0.6 million or $40\%$ from RMB1.5 million for the six months ended 30 September 2024 (restated) to RMB0.9 million for the six months ended 30 September 2025 as the Group has streamlined its sales function given the number of projects in progress decreased. # Administrative expenses The decrease in administrative expenses by RMB6.5 million from RMB17.3 million for the six months ended 30 September 2024 (restated) to RMB10.8 million for the six months ended 30 September 2025 was mainly attributable to the decrease in office expenditure by continued cost control measures implemented on the Group. # Other expenses Other expenses decreased from RMB642.4 million for the six months ended 30 September 2024 to RMB7.1 million for the six months ended 30 September 2025, mainly attributable to the write-down of the properties under development in respect of the Fusong Property Project for the six months ended 30 September 2024. # 財務回顧(續) # 損益之主要變動（續） # 銷售及分銷開支 截至二零二五年九月三十日止六個月，銷售及分銷開支由截至二零二四年九月三十日止六個月的人民幣1,500,000元（經重列）減少人民幣600,000元或 $40\%$ 至截至二零二五年九月三十日止六個月的人民幣900,000元，由於在建項目數量減少，本集團精簡其銷售職能。 # 行政開支 行政開支由截至二零二四年九月三十日止六個月人民幣17,300,000元（經重列）減少人民幣6,500,000元至截至二零二五年九月三十日止六個月人民幣10,800,000元，主要由於本集團實施持續成本控制措施，導致辦公費用減少。 # 其他開支 其他開支由截至二零二四年九月三十日止六個月之人民幣642,400,000元減少至截至二零二五年九月三十日止六個月之人民幣7,100,000元，主要由於截至二零二四年九月三十日止六個月撇減撫松物業項目的發展中物業。 # Management Discussion and Analysis 管理層討論與分析 # FINANCIAL REVIEW (continued) # Key changes to profit or loss (continued) # Finance costs # 財務回顧（續） # 損益之主要變動（續） 融資成本 截至九月三十日止六個月 Six months ended 30 September <table><tr><td></td><td></td><td>2025 二零二五年 RMB'000 人民幣千元</td><td>2024 二零二四年 RMB'000 人民幣千元 (Restated) (經重列)</td></tr><tr><td>Interest on bank and other borrowings</td><td>銀行及其他借貸利息</td><td>27,035</td><td>26,935</td></tr><tr><td>Interest on Convertible Bonds</td><td>可換股債券利息</td><td>6,270</td><td>4,886</td></tr><tr><td>Interest on lease liabilities</td><td>租賃負債利息</td><td>97</td><td>407</td></tr><tr><td>Interest on loan from a substantial shareholder</td><td>一名主要股東貸款利息</td><td>-</td><td>517</td></tr><tr><td></td><td></td><td>33,402</td><td>32,745</td></tr><tr><td>Less: interest capitalised into properties under development</td><td>減:發展中物業之 資本化利息</td><td>-</td><td>(13,111)</td></tr><tr><td></td><td></td><td>33,402</td><td>19,634</td></tr></table> # FINANCIAL REVIEW (continued) # Key changes to profit or loss (continued) # Finance costs (continued) The increase in finance costs by RMB13.8 million from RMB19.6 million for the six months ended 30 September 2024 to RMB33.4 million for the six months ended 30 September 2025 was mainly attributable to no interest capitalised into properties under development during the period as the interest was not qualified for capitalisation under accounting standards. # Change in fair value of derivative financial instruments The derivative financial instruments represented the Company's early redemption right feature of the Convertible Bonds. A loss in fair value of approximately RMB0.1 million was recorded for the six months ended 30 September 2025 as a result of deterioration of its time value. # 財務回顧(續) # 損益之主要變動（續） # 融資成本（續） 融資成本由截至二零二四年九月三十日止六個月人民幣19,600,000元增加人民幣13,800,000元至截至二零二五年九月三十日止六個月人民幣33,400,000元，主要由於利息不符合會計準則規定的資本化條件，因此期內沒有利息資本化至發展中物業。 # 衍生金融工具之公允價值變動 衍生金融工具為本公司可換股債券的提前贖回權特色。由於其時間價值下降，於截至二零二五年九月三十日止六個月錄得公允價值虧損約人民幣100,000元。 # Management Discussion and Analysis 管理層討論與分析 # FINANCIAL REVIEW (continued) # Key changes to profit or loss (continued) Income tax # 財務回顧（續） # 損益之主要變動（續） 所得税 <table><tr><td colspan="2"></td><td colspan="2">Six months ended 30 September 截至九月三十日止六個月</td></tr><tr><td colspan="2"></td><td>2025 二零二五年 RMB'000 人民幣千元</td><td>2024 二零二四年 RMB'000 人民幣千元</td></tr><tr><td>Current tax</td><td>即期税項</td><td></td><td></td></tr><tr><td>PRC Corporate Income Tax</td><td>中國企業所得稅</td><td>150</td><td>94</td></tr><tr><td></td><td></td><td>150</td><td>94</td></tr><tr><td>Deferred tax</td><td>遞延税項</td><td></td><td></td></tr><tr><td>Origination and reversal of temporary differences</td><td>初始及撥回之 暫時差額</td><td>-</td><td>(70,803)</td></tr><tr><td>Total charge/(credit)</td><td>支出/(抵免)總額</td><td>150</td><td>(70,709)</td></tr></table> # Current tax The Group's current income tax represents Land Appreciation Tax (LAT) and Corporate Income Tax (CIT). For the six months ended 30 September 2025 and 2024, the Group recognise current CIT provision relating to the project company on Guangze Jinxi Red House. No LAT provision was made for the six months ended 30 September 2025 and 2024 because the Group did not meet for LAT levy requirement set forth in the relevant PRC tax laws and regulations. # 即期税項 本集團即期所得税指土地增值稅及企業所得稅。於截至二零二五年及二零二四年九月三十日止六個月，本集團確認與廣澤九溪紅府項目公司有關之即期企業所得稅撥備。於截至二零二五年及二零二四年九月三十日止六個月，本集團沒有計提土地增值稅撥備，乃由於本集團不符合相關中國稅務法律法規所載之土地增值稅徵費規定。 # FINANCIAL REVIEW (continued) # Key changes to profit or loss (continued) # Deferred tax A tax credit from deferred tax of RMB70.8 million was recorded for the six months ended 30 September 2024 was mainly attributable to the reversal of taxable temporary difference resulting from the write-down of the properties under development in respect of the Fusong Property Project made. No such item during the current period. # Key changes to financial position # Investment properties As at 30 September 2025, the Group's investment properties were certain shopping mall units in Baishan City, Jilin Province. These investment properties were stated at fair value and were valued by Colliers Appraisal and Advisory Service Company Limited (an independent professional qualified valuer). As at 30 September 2025, these investment properties were reclassified to assets associated with disposal group classified as held for sale. # Properties under development and completed properties held for sale As at 30 September 2025, the Group's properties under development was mainly Guangze Jiumi Red House – Phase II; and the completed properties held for sale were mainly unsold units of Guangze Jiumi Red House – Phase I. The remaining residential and commercial units and car parking spaces at projects completed in prior years including those relating to Baishan and Yanji Property Projects were reclassified to assets associated with disposal group classified as held for sale during the period. # 財務回顧（續） # 損益之主要變動（續） # 遞延税項 截至二零二四年九月三十日止六個月錄得遞延稅項之稅項抵免人民幣70,800,000元，主要由於撫松物業項目發展中物業撇減而產生應納稅暫時性差異撥回。本期沒有該項目。 # 財務狀況之主要變動 # 投資物業 於二零二五年九月三十日，本集團投資物業為位於吉林省白山市之若干購物中心單位。該等投資物業按公允價值列賬，並由獨立專業合資格估值師高力國際土地房地產資產評估有限公司估值。於二零二五年九月三十日，該等投資物業被重新分類為與分類為持作出售之出售組別有關之資產。 # 發展中物業及持作出售已落成物業 於二零二五年九月三十日，本集團發展中物業主要為廣澤九溪紅府二期；而持作出售已落成物業主要為廣澤九溪紅府一期未售單位。過往年度已竣工項目的剩餘住宅及商業單位及車位，其中包括白山及延吉物業項目於期內已被重新分類為與分類為持作出售之出售組別有關之資產。 # Management Discussion and Analysis 管理層討論與分析 # FINANCIAL REVIEW (continued) # Key changes to financial position (continued) # Trade and other receivables # 財務回顧（續） # 財務狀況之主要變動（續） # 應收貿易賬款及其他應收款項 <table><tr><td rowspan="2" colspan="2"></td><td>30 September 2025 二零二五年 九月三十日 RMB'000 人民幣千元</td><td rowspan="2">31 March 2025 二零二五年 三月三十一日 RMB'000 人民幣千元</td></tr><tr><td>附註</td></tr><tr><td>Trade receivables, gross</td><td>應收貿易賬款總額</td><td></td><td>23,153</td></tr><tr><td>Less: Provision for impairment</td><td>減: 減值撥備</td><td></td><td>(13,920)</td></tr><tr><td>Trade receivables, net</td><td>應收貿易賬款淨額</td><td>(i)</td><td>9,233</td></tr><tr><td>Other receivables</td><td>其他應收款項</td><td></td><td></td></tr><tr><td>- Deposits for land development expenditure</td><td>- 土地發展開支之按金</td><td>(ii)</td><td>-</td></tr><tr><td>- Deposits for construction and pre-sale of property projects</td><td>- 建築及預售物業項目之按金</td><td></td><td>-</td></tr><tr><td>- Prepaid business tax and other taxes</td><td>- 預付營業税及其他税項</td><td></td><td>11,059</td></tr><tr><td>- Other receivables, prepayments and deposits</td><td>- 其他應收款項、預付款項及按金</td><td></td><td>35,374</td></tr><tr><td>Less: Provision for impairment</td><td>減: 減值撥備</td><td>(iii)</td><td>(2,459)</td></tr><tr><td></td><td></td><td></td><td>43,974</td></tr><tr><td></td><td></td><td></td><td>50,084</td></tr><tr><td>Total trade and other receivables</td><td>應收貿易賬款及其他應收款項總額</td><td></td><td>53,207</td></tr></table> # FINANCIAL REVIEW (continued) # Key changes to financial position (continued) # Trade and other receivables (continued) (i) Trade receivables mainly related to property management fee receivables from property unit owners. At 30 September 2025, the increase in trade receivable from RMB5.8 million as at 31 March 2025 to RMB9.2 million as at 30 September 2025 was mainly attributable to the changes of payment pattern by the customers. (ii) Land development expenditure made by certain subsidiaries of the Group represented monies advanced to the local government for land development works at various land sites. The Group will be reimbursed for the amount advanced to the local government in carrying out the land development irrespective of whether or not the Group will obtain the land use rights of the land in the future. A gross amount of RMB9.5 million was reclassified to assets associated with disposal group classified as held for sale as at 30 September 2025. # 財務回顧(續) # 財務狀況之主要變動（續） # 應收貿易賬款及其他應收款項（續） (i)應收貿易賬款主要與應收物業單位擁有人之物業管理費有關。於二零二五年九月三十日，應收貿易賬款由二零二五年三月三十一日人民幣5,800,000元增加至二零二五年九月三十日人民幣9,200,000元，主要由於客戶付款模式改變。 (ii) 本集團若干附屬公司所作土地發展開支指就不同地皮之土地發展工程向地方政府墊付之款項。無論將來本集團是否將獲得該土地之土地使用權，本集團將獲償付於進行土地發展過程中向當地政府墊支之款項。於二零二五年九月三十日，總金額人民幣9,500,000元已重新分類為與分類為持作出售之出售組別有關之資產。 # Management Discussion and Analysis 管理層討論與分析 # FINANCIAL REVIEW (continued) # Key changes to financial position (continued) # Trade and other receivables (continued) (iii) The decrease in provision for impairment on other receivables by RMB21.6 million during the six months ended 30 September 2025 was attributable to the re-classification of such balance to assets associated with disposal group classified as held for sale. # 財務回顧（續） # 財務狀況之主要變動（續） # 應收貿易賬款及其他應收款項（續） (iii) 於截至二零二五年九月三十日止六個月，其他應收款項之減值撥備減少人民幣21,600,000元乃由於已重新分類有關結餘為分類為持作出售之出售組別有關之資產。 # Trade and other payables # 應付貿易賬款及其他應付款項 <table><tr><td rowspan="2" colspan="2"></td><td>30 September 2025 二零二五年 九月三十日 RMB'000 人民幣千元</td><td rowspan="2">31 March 2025 二零二五年 三月三十一日 RMB'000 人民幣千元</td></tr><tr><td>Notes 附註</td></tr><tr><td>Trade payables</td><td>應付貿易賬款</td><td>(i)</td><td>6,980</td></tr><tr><td>Accrued construction costs</td><td>預提建築成本</td><td>(ii)</td><td>139,444</td></tr><tr><td>Interest payable</td><td>應付利息</td><td></td><td>3,982</td></tr><tr><td>Other creditors and accruals</td><td>其他應付款項及 應計費用</td><td></td><td>29,219</td></tr><tr><td>Other deposits received</td><td>已收其他按金</td><td></td><td>748</td></tr><tr><td></td><td></td><td>(ii)</td><td>180,373</td></tr><tr><td></td><td></td><td></td><td>435,912</td></tr></table> # FINANCIAL REVIEW (continued) # Key changes to financial position (continued) # Trade and other payables (continued) (i) The net decreases in trade payables and accrued construction costs from RMB33.7 million and RMB276.4 million as at 31 March 2025 to RMB7.0 million and RMB139.4 million as at 30 September 2025 respectively, primarily attributable to (i) the settlement of construction cost during the period; and (ii) an amount of RMB48.4 million being reclassified to liabilities associated with disposal group classified as held for sale as at 30 September 2025. (ii) The overall decrease in trade and other payables from RMB435.9 million as at 31 March 2025 to RMB180.4 million as at 30 September 2025 was mainly contributed by the reclassification of the balance to liabilities associated with disposal group classified as held for sale which the Group's management has continually focused on reducing the Group's liabilities position through the disposal of the Disposal Group. # 財務回顧(續) # 財務狀況之主要變動（續） # 應付貿易賬款及其他應付款項（續） (i)應付貿易賬款及預提建築成本分別由二零二五年三月三十一日人民幣33,700,000元及人民幣276,400,000元淨減少至二零二五年九月三十日人民幣7,000,000元及人民幣139,400,000元，主要歸因於(ii)於期內工程款結算；及(ii)人民幣48,400,000元已於二零二五年九月三十日重新分類為與分類為持作出售之出售組別有關之負債。 (ii)應付貿易賬款及其他應付款項總額由二零二五年三月三十一日人民幣435,900,000元減少至二零二五年九月三十日人民幣180,400,000元，主要是由於本集團管理層一直致力於降低本集團的負債狀況，以透過出售出售組別將餘額重新分類為與持作出售之出售組別有關之負債。 # Management Discussion and Analysis 管理層討論與分析 # FINANCIAL REVIEW (continued) # Key changes to financial position (continued) # Contract liabilities # 財務回顧（續） # 財務狀況之主要變動（續） # 合約負債 <table><tr><td rowspan="3" colspan="2"></td><td>30 September 2025</td><td>31 March 2025</td></tr><tr><td>二零二五年 九月三十日 RMB'000</td><td>二零二五年 三月三十一日 RMB'000</td></tr><tr><td>附註</td><td>人民幣千元</td></tr><tr><td>Deposits from sale of properties</td><td>銷售物業之訂金 (i)</td><td>48,427</td><td>53,438</td></tr><tr><td>Receipt in advance from management services</td><td>預收管理服務費用 (ⅱ)</td><td>15,440</td><td>13,207</td></tr><tr><td></td><td></td><td>63,867</td><td>66,645</td></tr></table> (i) Deposits from sales of properties represent contractual payments received from customers in connection with the Group's pre-sale of properties. The deposit will be transferred to profit or loss upon the Group's revenue recognition criteria are met. The decrease in balance was mainly attributable to the delivery of in respect of Guangze China House - Phase IIA during the period. (ii) Receipt in advance from management services represent the fee received in advance for property management. The receipts will be transferred to profit or loss upon the Group's revenue recognition criteria are met. (i)銷售物業之訂金指就本集團預售物業自客戶收取之合約款項。該訂金將於本集團符合收益確認標準時轉撥至損益。結餘減少主要是由於期內交付廣澤蘭亭二A期所致。 (ii) 預收管理服務費用指就物業管理預收之費用。預收款項將於本集團符合收益確認標準時轉撥至損益。 # FINANCIAL REVIEW (continued) # Liquidity and financial resources # Cash position As at 30 September 2025, the carrying amount of cash and bank deposits of the Group was approximately RMB4.0 million (as at 31 March 2025: approximately RMB5.1 million), representing an increase of approximately $21.6\%$ as compared with that as at 31 March 2025. # Debt and gearing The Group's bank and other borrowings (excluding Disposal Group) as at 30 September 2025 were payable as follows: # 財務回顧（續） # 流動資金及財務資源 # 現金狀況 於二零二五年九月三十日，本集團現金及銀行存款之賬面值約為人民幣4,000,000元（於二零二五年三月三十一日：約人民幣5,100,000元），較二零二五年三月三十一日減少約 $21.6\%$ 。 # 債務及資本負債比率 於二零二五年九月三十日，本集團銀行及其他借貸（不包括出售組別）應按以下情況支付： <table><tr><td colspan="2"></td><td>30 September 2025 二零二五年 九月三十日 RMB'000 人民幣千元</td><td>31 March 2025 二零二五年 三月三十一日 RMB'000 人民幣千元</td></tr><tr><td>Current</td><td>即期</td><td>92,675</td><td>243,090</td></tr><tr><td>Non-current</td><td>非即期</td><td>35,507</td><td>-</td></tr><tr><td></td><td></td><td>128,182</td><td>243,090</td></tr><tr><td>Analysed into:</td><td>分析為：</td><td></td><td></td></tr><tr><td>Bank loans and other loans repayable:</td><td>須於下列期間支付之 銀行貸款及其他貸款：</td><td></td><td></td></tr><tr><td>Within one year or on demand</td><td>一年內或按要求</td><td>92,675</td><td>243,090</td></tr><tr><td>In the second year</td><td>第二年</td><td>35,507</td><td>-</td></tr><tr><td></td><td></td><td>128,182</td><td>243,090</td></tr></table> # Management Discussion and Analysis 管理層討論與分析 # FINANCIAL REVIEW (continued) # Liquidity and financial resources (continued) # Debt and gearing (continued) At 30 September 2025, the Group's bank and other borrowings decreased by RMB114.9 million as compared to that at 31 March 2025 primarily attributable to the reclassification of certain bank loans of RMB241.0 million to (i) liabilities associated with disposal group classified as held for sales and (ii) the issuance of new other borrowings; and partially offset by settlement of certain loans from substantial shareholder. The Group's gearing ratio (excluding Disposal Group) as at 30 September 2025 was as follows: # 財務回顧（續） # 流動資金及財務資源（續） # 債務及資本負債比率（續） 於二零二五年九月三十日，本集團之銀行及其他借貸與二零二五年三月三十一日相比減少人民幣114,900,000元，主要由於(i)若干銀行貸款人民幣241,000,000元重新分類為與分類為持作出售之出售組別有關之負債及(ii)發行新其他借貸；部分抵銷若干主要股東貸款。 本集團於二零二五年九月三十日之資本負債比率(不包括出售組別)如下： <table><tr><td></td><td></td><td>30 September 2025 二零二五年 九月三十日 RMB'000 人民幣千元</td><td>31 March 2025 二零二五年 三月三十一日 RMB'000 人民幣千元</td></tr><tr><td>Loans from a substantial shareholder</td><td>一名主要股東貸款</td><td>378,861</td><td>449,363</td></tr><tr><td>Loans from related parties</td><td>關聯方貸款</td><td>35,508</td><td>50,060</td></tr><tr><td>Bank and other borrowings</td><td>銀行及其他借貸</td><td>128,182</td><td>243,090</td></tr><tr><td>Trade and other payables</td><td>應付貿易賬款及其他應付款項</td><td>180,373</td><td>435,912</td></tr><tr><td>Less: Cash and cash equivalents</td><td>減:現金及現金等價物</td><td>(4,015)</td><td>(5,103)</td></tr><tr><td>Less: Pledged and restricted deposits</td><td>減:有抵押及受限制存款</td><td>(1,044)</td><td>(3,324)</td></tr><tr><td>Net debt</td><td>債務淨額</td><td>717,865</td><td>1,169,998</td></tr><tr><td>Liabilities associated with disposal group classified as held for sale</td><td>與分類為持作出售之出售組別有關之負債</td><td>525,903</td><td>504,169</td></tr><tr><td>Liability component of the Convertible Bonds (Deficit)</td><td>可換股債券負債部分 (虧紛)</td><td>51,526 (654,695)</td><td>48,517 (623,301)</td></tr><tr><td>Adjusted Capital</td><td>經調整資本</td><td>(77,266)</td><td>(70,615)</td></tr><tr><td>Capital and debt</td><td>資本及債務</td><td>640,599</td><td>1,099,383</td></tr><tr><td>Gearing ratio</td><td>資本負債比率</td><td>112%</td><td>106%</td></tr></table> # FINANCIAL REVIEW (continued) # Liquidity and financial resources (continued) # Debt and gearing (continued) The gearing ratio of the Group as at 30 September 2025, which is net debt divided by the adjusted capital plus net debt, remained stable as compared with 31 March 2025. # Cash flows for the Group's operating activities For the six months ended 30 September 2025, the Group recorded net operating cash outflow from continuing operations of RMB55.4 million (six months ended 30 September 2024 (restated): RMB34.1 million). The outflow for the six months ended 30 September 2025 was mainly attributable to the gradual settlement of construction cost payable balances arising from the completed property projects. # COMMITMENTS FOR DEVELOPMENT EXPENDITURE As at 30 September 2025, the Group had contracted but not provided for commitments for development expenditure in respect of properties under development of RMB33.6 million (as at 31 March 2025: RMB64.5 million). The development expenditure will be funded by the Group's internal resources and/or project loans. # 財務回顧（續） # 流動資金及財務資源（續） # 債務及資本負債比率（續） 本集團於二零二五年九月三十日的資本負債比率（即淨債項除以經調整資本另加淨債項）較二零二五年三月三十一日維持平穩。 # 本集團經營活動之現金流量 截至二零二五年九月三十日止六個月，本集團錄得持續經營業務之經營現金流出淨額人民幣55,400,000元（截至二零二四年九月三十日止六個月（經重列）：人民幣34,100,000元）。截至二零二五年九月三十日止六個月之流出主要由於已落成物業項目之應付建築成本餘款已逐步結清。 # 發展開支之承擔 於二零二五年九月三十日，本集團就發展中物業之已訂約但未撥備發展開支之承擔為人民幣33,600,000元（於二零二五年三月三十一日：人民幣64,500,000元）。發展開支將以本集團內部資源及/或項目貸款撥付。 # Management Discussion and Analysis 管理層討論與分析 # FOREIGN EXCHANGE EXPOSURE As at 30 September 2025, the Group was exposed to currency risk on financial assets and liabilities that were denominated in Hong Kong Dollars (HK$). As at 30 September 2025, approximately $30.9\%$ of the Group's total cash and bank balance (including pledged bank deposits) were denominated in HK$ (as at 31 March 2025: $2.9\%$ ) and the Group's total borrowings were all denominated in RMB (31 March 2025: $100\%$ ). The Group currently does not have a foreign currency hedging policy in respect of foreign current assets and liabilities. The Group will monitor its foreign currency exposure closely and will consider hedging significant foreign currency exposure should the need arises. The Group will continue to monitor the change in the trend of interest rates and the potential causes that trigger large fluctuation in the exchange rates of RMB with HK$, and will consider hedging significant foreign currency exposure if necessary so as to mitigate the foreign currency exposure arising from the Group's business operation and to minimise the Group's financial risks. # SIGNIFICANT INVESTMENTS HELD AND MATERIAL ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES Save as disclosed elsewhere in this report, there were no significant investments held, and no material acquisitions or disposals of subsidiaries, associates and joint ventures during the six months ended 30 September 2025. # 外匯風險 於二零二五年九月三十日，本集團面對以港元計值金融資產及負債之貨幣風險。於二零二五年九月三十日，本集團現金及銀行結餘總額（包括已抵押銀行存款）中約 $30.9\%$ 以港元計值（於二零二五年三月三十一日： $2.9\%$ ），而本集團借貸總額（二零二五年三月三十一日： $100\%$ ）均以人民幣計值。本集團目前並無有關外幣流動資產及負債之外幣對沖政策。本集團將密切監察其外幣風險並將於有需要時考慮對沖重大外幣風險。 本集團將繼續監察利率走势變動以及觸發人民幣兑港元匯率大幅波動之潛原因，並將於有需要時考慮對沖重大外幣風險，以減輕因本集團業務營運所產生之外幣風險及盡量減低本集團之財務風險。 # 所持主要投資及重大收購及出售附屬公司、聯營公司及合營企業 除已於本報告其他部分披露外，截至二零二五年九月三十日止六個月內並無持有主要投資，亦無重大收購或出售附屬公司、聯營公司及合營企業。 # CONTINGENT LIABILITIES The Group has arranged bank financing for certain purchasers of property units developed by subsidiaries of the Group that provided guarantees to secure the repayment obligations of such purchasers. As at 30 September 2025, guarantees amounting to RMB141,000,000 were given to banks with respect to mortgage loans procured by purchasers of property units (as at 31 March 2025: RMB158,154,000). Included in the contingent liabilities, approximately RMB76,400,000 was related to the Disposal Group. Such guarantees will be terminated upon the earlier of (i) the issuance of the real estate ownership certificate to the purchasers and (ii) the satisfaction of mortgage loans by the purchasers of properties. Pursuant to the terms of the guarantees, upon default in mortgage payments by these purchasers, the Group is responsible for repaying the outstanding mortgage principals together with accrued interest and penalty owed by the defaulted purchasers to the banks and the Group is entitled to take over the legal title and possession of the relevant properties. The Group's guarantee period starts from the dates of grant of the mortgages. During the period, the Group did not incur any material losses in respect of any of these guarantees. The Directors consider that the likelihood of default in payments by the purchasers is minimal and therefore the financial guarantee measured at fair value initially is immaterial. Also, in case of default in payments, the net realisable value of the relevant property units would be sufficient to repay the outstanding mortgage loans together with any accrued interest and penalty, and therefore no provision has been made in connection with the guarantees. # 或然負債 本集團為旗下附屬公司所開發物業單位之若干買家作出銀行融資安排，就確保該等買家履行還款責任提供擔保。於二零二五年九月三十日，就物業單位買家獲授之按揭貸款向銀行提供之擔保金額為人民幣141,000,000元（於二零二五年三月三十一日：人民幣158,154,000元）。或然負債其中約人民幣76,400,000元屬於出售組別。有關擔保將於以下較早時間終止：(i)向買家發出房產證；及(ii)物業買家支付按揭貸款。根據擔保條款，倘該等買家拖欠按揭付款，本集團有責任向銀行償還違約買家所結欠之未付按揭本金連同應計利息及罰款，而本集團有權接收相關物業之法定所有權及管有權。本集團提供之擔保期由按揭授出日期起計。期內，本集團並無因任何該等擔保而招致任何重大損失。董事認為發生買家拖欠付款之可能性極低，因此，初步按公允價值計量之財務擔保並不重大。此外，如拖欠付款，則相關物業單位之可變現淨值將足以償還未付按揭貸款連同任何應計利息及罰款，故並無就該等擔保計提任何撥備。 # Management Discussion and Analysis 管理層討論與分析 # CHARGE ON ASSETS As at 30 September 2025, the Group had the following assets pledged against bank and other borrowings granted: # 資產抵押 於二零二五年九月三十日，本集團已就獲授之銀行及其他借貸抵押下列資產： <table><tr><td colspan="2"></td><td>30 September 2025 二零二五年 九月三十日 RMB'000 人民幣千元</td><td>31 March 2025 二零二五年 三月三十一日 RMB'000 人民幣千元</td></tr><tr><td>Investment properties</td><td>投資物業</td><td>-</td><td>216,980</td></tr><tr><td>Completed properties</td><td>持作出售已落成物業</td><td>-</td><td>8,833</td></tr><tr><td>held for sale</td><td></td><td></td><td></td></tr><tr><td>Assets associated with disposal group classified as held for sale</td><td>與分類為持作出售之出售組別有關之資產</td><td>224,833</td><td>494,128</td></tr></table> # EMPLOYEES AND REMUNERATION POLICIES As at 30 September 2025, the Group had 163 (as at 31 March 2025: 178) full-time employees. Total staff costs from continuing operations (including directors' emoluments) incurred for the six months ended 30 September 2025 amounted to approximately RMB8.5 million (six months ended 30 September 2024: RMB8.7 million (restated)); the decrease in the total staff costs was mainly attributable to the decrease in number of staff for the six months ended 30 September 2025 compared with the same period in 2024. The Group's remuneration policy is in line with prevailing market practice and performance of individual staff. In addition to salaries, the Group also offers other benefits to its staff, including share options, discretionary bonus, training allowance and provident fund. # 僱員及薪酬政策 於二零二五年九月三十日，本集團共有163名（於二零二五年三月三十一日：178名）全職僱員。截至二零二五年九月三十日止六個月，持續經營業務之員工成本總額（包括董事酬金）約為人民幣8,500,000元（截至二零二四年九月三十日止六個月：人民幣8,700,000元（經重列））；員工成本總額出現減少主要由於截至二零二五年九月三十日止六個月員工人數較二零二四年同期減少。本集團之薪酬政策與現行市場慣例及員工個人表現掛鈎。除薪金外，本集團亦為其員工提供其他福利，包括購股權、酌情花紅、培訓津貼及公積金。 # Report on Review of Interim Financial Information 中期財務資料審閱報告 # forv/s mazars To the board of directors of # CHINA CHANGBAISHAN INTERNATIONAL HOLDINGS LIMITED (formerly known as "Hua Yin International Holdings Limited") (incorporated in the Bermuda with limited liability) We have reviewed the interim financial information of China Changbaishan International Holdings Limited (the "Company") and its subsidiaries (collectively, the "Group") set out on pages 34 to 105 which comprise the condensed consolidated statement of financial position as of 30 September 2025 and the related condensed consolidated statement of profit or loss, condensed consolidated statement of comprehensive income, condensed consolidated statement of changes in equity and condensed consolidated statement of cash flows for the six-month period then ended, and certain explanatory notes. The Main Board Listing Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited require the preparation of a report on interim financial information to be in compliance with the relevant provisions thereof and Hong Kong Accounting Standard ("HKAS") 34 "Interim Financial Reporting" issued by Hong Kong Institute of Certified Public Accountants (the "HKICPA"). The Directors of the Company are responsible for the preparation and presentation of this interim financial information in accordance with HKAS 34 issued by the HKICPA. Our responsibility is to express a conclusion on this interim financial information based on our review. Our report is made solely to you, as a body, in accordance with our agreed terms of engagement, and for no other purpose. We do not assume responsibilities towards or accept liability to any other person for the contents of this report. 致中國長白山國際控股有限公司 （前稱「華音國際控股有限公司」） （於百慕達註冊成立之有限公司） 董事會 本核數師（以下簡稱「吾等」）已審閱第34至105頁所載中國長白山國際控股有限公司（「貴公司」）及其附屬公司（統稱「貴集團」）之中期財務資料，當中包括於二零二五年九月三十日之簡明綜合財務狀況表及截至該日止六個月期間相關之簡明綜合損益表、簡明綜合全面收入表、簡明綜合權益變動表及簡明綜合現金流量表以及若干闐明附註。香港聯合交易所有限公司主板證券上市規則規定就中期財務資料編製報告須遵守其相關條文及香港會計師公會（「香港會計師公會」）頒佈之香港會計準則（「香港會計準則」）第34號「中期財務報告」。 貴公司董事須負責根據香港會計師公會頌佈之香港會計準則第34號編製及呈列本中期財務資料。吾等之責任為根據吾等之審閱對本中期財務資料作出結論。吾等之報告根據吾等協定之委聘條款僅向全體董事會報告，除此以外本報告別無其他目的。吾等不會就本報告之內容向任何其他人士負上或承擔任何責任。 # Report on Review of Interim Financial Information 中期財務資料審閱報告 # SCOPE OF REVIEW We conducted our review in accordance with Hong Kong Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the HKICPA. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Hong Kong Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. # CONCLUSION Based on our review, nothing has come to our attention that causes us to believe that the interim financial information is not prepared, in all material respects, in accordance with the HKAS 34 "Interim Financial Reporting". # EMPHASIS OF MATTER Without modifying our conclusion, we draw attention to note 2 of the condensed interim financial information concerning the adoption of the going concern basis on which the condensed interim financial information has been prepared. The Group incurred loss from continuing operations of RMB30.1 million for the six months ended 30 September 2025 and, as at that date, the Group had net current liabilities and net liabilities of approximately RMB627.5 million and RMB654.7 million respectively. The Group may take longer time than expected to realise cash from the sales of its properties and/or have cash from external financial to meet its loan repayment obligations. These conditions indicate that a material uncertainty exists that may cast significant doubt on the Group's ability to continue as # 審閱範圍 吾等已根據香港會計師公會頒佈之香港審閱委聘準則第2410號「由實體之獨立核數師執行中期財務資料審閱」進行審閱。中期財務資料審閱包括主要對負責財務及會計事宜之人員作出查詢以及應用分析及其他審閱程序。審閱範圍遠小於根據香港審計準則進行之審核，故吾等無法保證吾等將知悉在審核中可能被發現之所有重大事項。因此，吾等不會發表審核意見。 # 結論 根據吾等之審閱，吾等並不知悉任何事項，足以令吾等認為中期財務資料於所有重大方面均未按照香港會計準則第34號「中期財務報告」編製。 # 注意事項 在不修訂吾等之結論情況下，吾等提請注意簡明中期財務資料附註2，當中涉及編製簡明中期財務資料時所採用之持續經營基準。貴集團於截至二零二五年九月三十日止六個月產生持續經營業務虧損人民幣30,100,000元，而於該日，貴集團之流動負債淨額及負債淨額分別為人民幣627,500,000元及人民幣654,700,000元。貴集團可能需要比預期更長的時間從出售物業變現現金及/或從外部融資取得現金以履行其貸款償還責 a going concern and, therefore that it may be unable to reali