> **来源：[研报客](https://pc.yanbaoke.cn)** # Success Dragon International Holdings Limited # 勝龍國際控股有限公司 (Incorporated in Bermuda with limited liability) (於百慕達註冊成立之有限公司) Stock code 股份代號：1182 # Contents # 目錄 CORPORATE INFORMATION 2 公司資料 CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 4 簡明綜合損益及其他全面收益表 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 5 簡明綜合財務狀況表 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 6 簡明綜合權益變動表 CONDENSEDCONSOLIDATEDSTATEMENTOFCASHFLOWS 7 簡明綜合現金流量表 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 8 簡明綜合財務報表附註 MANAGEMENT DISCUSSION AND ANALYSIS 20 管理層討論及分析 OTHER INFORMATION 26 其他資料 # Corporate Information # 公司資料 # BOARD OF DIRECTORS Executive Directors: LIU Shiwei (Chairman) WANG Baozhi (Chief Executive Officer) DING Lei (Chief Operating Officer) # Independent Non-Executive Directors: DENG Yougao WANG Yan (appointed on 30 September 2025) WONG Chi Yan CHEUNG Ka Yue # AUDIT COMMITTEE WONG Chi Yan (Chairman) DENG Yougao CHEUNG Ka Yue # REMUNERATION COMMITTEE DENG Yougao (Chairman) DING Lei CHEUNG Ka Yue # NOMINATION COMMITTEE DING Lei (Chairman) DENG Yougao CHEUNG Ka Yue WANG Yan (appointed on 30 September 2025) # COMPANY SECRETARY LAM Mei Wai Michelle # AUTHORISED REPRESENTATIVES DING Lei LAM Mei Wai Michelle # 董事會 执行董事： 柳士威(主席) 王保志（行政總裁） 丁磊（首席營運官） # 獨立非執行董事： 鄧有高 王燕(於二零二五年九月三十日獲委任) 黄志恩 張嘉裕 # 審核委員會 黄志恩（主席） 鄧有高 張嘉裕 # 薪酬委員會 鄧有高(主席) 丁磊 張嘉裕 # 提名委員會 丁磊(主席) 鄧有高 張嘉裕 王燕（於二零二五年九月三十日獲委任） # 公司秘書 林美慧 # 法定代表 丁磊 林美慧 # AUDITOR CCTH CPA Limited # REGISTERED OFFICE Clarendon House 2 Church Street Hamilton HM 11 Bermuda # PRINCIPAL OFFICE 19/F., Guangdong Finance Building 88 Connaught Road West Hong Kong # PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE Appleby Global Corporate Services (Bermuda) Limited Canon's Court 22 Victoria Street PO Box HM 1179 Hamilton HM EX Bermuda # HONG KONG BRANCH SHARE REGISTRAR AND TRANSFER OFFICE Tricor Investor Services Limited 17/F, Far East Finance Centre 16 Harcourt Road Hong Kong # STOCK CODE 1182 # CONTACTS Telephone : (852) 3548 2562 Facsimile : (852) 3753 3226 Website : www.successdragonintl.com Email : shareholder@successdragonintl.com # 核數師 中正天恆會計師有限公司 # 註冊辦事處 Clarendon House 2 Church Street Hamilton HM 11 Bermuda # 主要辦事處 香港 干諾道西88號 粤財大廈19樓 # 主要股份過戶登記處 Appleby Global Corporate Services (Bermuda) Limited Canon's Court 22 Victoria Street PO Box HM 1179 Hamilton HM EX Bermuda # 香港股份過戶登記分處 卓佳證券登記有限公司 香港 夏恕道16號 遠東金融中心17樓 # 股份代號 1182 # 聯絡資料 電話 ： (852) 3548 2562 傳真 (852) 3753 3226 網址 ： www.successdragonintl.com 電郵 ： shareholder@successdragonintl.com # Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income 簡明綜合損益及其他全面收益表 For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 <table><tr><td rowspan="3" colspan="2"></td><td colspan="2">Six months ended 30 September 截至九月三十日止六個月</td></tr><tr><td>2025 二零二五年 HK$'000 千港元 (Unaudited) (未經審核)</td><td rowspan="2">2024 二零二四年 HK$'000 千港元 (Unaudited) (未經審核)</td></tr><tr><td>附註</td></tr><tr><td>Revenue</td><td>收益</td><td>5</td><td>319,444</td></tr><tr><td>Cost of sales</td><td>銷售成本</td><td></td><td>(272,888)</td></tr><tr><td>Gross profit</td><td>毛利</td><td></td><td>46,556</td></tr><tr><td>Other gain or loss, net</td><td>其他盈虧凈額</td><td>5</td><td>187</td></tr><tr><td>Administrative and other operating expenses</td><td>行政管理及其他營運開支</td><td></td><td>(10,475)</td></tr><tr><td>Profit/(loss) from operations</td><td>來自經營業務之溢利/(虧損)</td><td></td><td>36,268</td></tr><tr><td>Finance costs</td><td>融資成本</td><td>6</td><td>(108)</td></tr><tr><td>Profit/(loss) before tax</td><td>除稅前溢利/(虧損)</td><td></td><td>36,160</td></tr><tr><td>Income tax expense</td><td>所得稅開支</td><td>7</td><td>(10,484)</td></tr><tr><td>Profit/(loss) for the period</td><td>本期間溢利/(虧損)</td><td>8</td><td>25,676</td></tr><tr><td>PROFIT/(LOSS) FOR THE PERIOD</td><td>本期間溢利/(虧損)</td><td></td><td>25,676</td></tr><tr><td>Other comprehensive income:</td><td>其他全面收益：</td><td></td><td></td></tr><tr><td>Items that may be reclassified to profit or loss:</td><td>可重新分類至損益之項目：</td><td></td><td></td></tr><tr><td>Exchange differences on translating foreign operations</td><td>換算境外經營業務產生之匯兌差額</td><td></td><td>2,425</td></tr><tr><td>Total other comprehensive income for the period, net of tax</td><td>本期間其他全面收益總額 (扣除稅項)</td><td></td><td>2,425</td></tr><tr><td>Total comprehensive income/(loss) for the period</td><td>本期間全面收益/(虧損)總額</td><td></td><td>28,101</td></tr><tr><td>Earnings/(loss) per share (HK cents per share)</td><td>每股盈利/(虧損) (每股港仙)</td><td></td><td></td></tr><tr><td>Basic and diluted earnings/(loss) per share</td><td>每股基本及攤薄盈利/(虧損)</td><td>10</td><td>7.53</td></tr><tr><td></td><td></td><td></td><td>(0.97)</td></tr></table> # Condensed Consolidated Statement of Financial Position # 簡明綜合財務狀況表 As at 30 September 2025 於二零二五年九月三十日 <table><tr><td></td><td></td><td>30 September 2025 二零二五年 九月三十日 HK$'000 千港元 (Unaudited) (未經審核)</td><td>31 March 2025 二零二五年 三月三十一日 HK$'000 千港元 (Audited) (經審核)</td></tr><tr><td></td><td></td><td>附註</td><td></td></tr><tr><td>Non-current assets</td><td>非流動資產</td><td></td><td></td></tr><tr><td>Property, plant and equipment</td><td>物業、機器及設備</td><td>11</td><td>37,717</td></tr><tr><td>Right-of-use assets</td><td>使用權資產</td><td></td><td>1,571</td></tr><tr><td>Investment in an associate</td><td>於一間聯營公司的投資</td><td></td><td>3,639</td></tr><tr><td></td><td></td><td></td><td>42,927</td></tr><tr><td>Current assets</td><td>流動資產</td><td></td><td></td></tr><tr><td>Inventories</td><td>存貨</td><td>12</td><td>182,818</td></tr><tr><td>Trade receivables</td><td>貿易應收款項</td><td>13</td><td>172</td></tr><tr><td>Other receivables, deposits and prepayments</td><td>其他應收款項、按金及 預付款項</td><td>14</td><td>44,647</td></tr><tr><td>Bank and cash balances</td><td>銀行及現金結餘</td><td></td><td>19,217</td></tr><tr><td></td><td></td><td></td><td>246,854</td></tr><tr><td></td><td></td><td></td><td>189,391</td></tr><tr><td>Current liabilities</td><td>流動負債</td><td></td><td></td></tr><tr><td>Trade payables</td><td>貿易應付款項</td><td>15</td><td>60,818</td></tr><tr><td>Other payables and accruals</td><td>其他應付款項及應計費用</td><td></td><td>30,053</td></tr><tr><td>Contract liabilities</td><td>合約負債</td><td></td><td>16,372</td></tr><tr><td>Lease liabilities</td><td>租賃負債</td><td></td><td>1,430</td></tr><tr><td>Amount due to a director</td><td>應付一名董事款項</td><td>16</td><td>3,575</td></tr><tr><td>Tax payable</td><td>應付稅項</td><td></td><td>17,581</td></tr><tr><td></td><td></td><td></td><td>129,829</td></tr><tr><td></td><td></td><td></td><td>99,846</td></tr><tr><td>Net current assets</td><td>流動資產淨值</td><td></td><td>117,025</td></tr><tr><td></td><td></td><td></td><td>89,545</td></tr><tr><td>Total assets less current liabilities</td><td>總資產減流動負債</td><td></td><td>159,952</td></tr><tr><td></td><td></td><td></td><td>122,774</td></tr><tr><td>Non-current liability</td><td>非流動負債</td><td></td><td></td></tr><tr><td>Bank loan</td><td>銀行貸款</td><td></td><td>10,329</td></tr><tr><td>Lease liabilities</td><td>租賃負債</td><td></td><td>239</td></tr><tr><td></td><td></td><td></td><td>10,568</td></tr><tr><td></td><td></td><td></td><td>700</td></tr><tr><td>NET ASSETS</td><td>資產淨值</td><td></td><td>149,384</td></tr><tr><td></td><td></td><td></td><td>122,074</td></tr><tr><td>Capital and reserves</td><td>資本及儲備</td><td></td><td></td></tr><tr><td>Share capital</td><td>股本</td><td>17</td><td>3,495</td></tr><tr><td>Reserves</td><td>儲備</td><td></td><td>145,889</td></tr><tr><td></td><td></td><td></td><td>118,579</td></tr><tr><td>TOTAL EQUITY</td><td>總權益</td><td></td><td>149,384</td></tr></table> # Condensed Consolidated Statement of Changes in Equity # 簡明綜合權益變動表 For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 <table><tr><td rowspan="2" colspan="2"></td><td rowspan="2">Share capital 股本 HK$'000 千港元</td><td rowspan="2">Share premium 股份溢價 HK$'000 千港元</td><td rowspan="2">Capital reserve 資本儲備 HK$'000 千港元</td><td rowspan="2">Treasury stocks 庫存股 HK$'000 千港元</td><td rowspan="2">Investment revaluation reserve HK$'000 千港元</td><td rowspan="2">Foreign currency translation reserve 外幣換算儲備 HK$'000 千港元</td><td rowspan="2">Capital redemption reserve 資本贖回儲備 HK$'000 千港元</td><td rowspan="2">Accumulated losses 累計虧損 HK$'000 千港元</td><td rowspan="2">Total 總計 HK$'000 千港元</td></tr><tr></tr><tr><td>At 1 April 2024 (audited)</td><td>於二零二四年四月一日(經審核)</td><td>3,495</td><td>1,444,531</td><td>3,886</td><td>-</td><td>(155,460)</td><td>(3,059)</td><td>1,190</td><td>(1,176,626)</td><td>117,957</td></tr><tr><td>Total comprehensive income/(loss) for the period (unaudited)</td><td>本期間全面收益/(虧損)總額(未經審核)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,377</td><td>-</td><td>(3,402)</td><td>(25)</td></tr><tr><td>At 30 September 2024 (unaudited)</td><td>於二零二四年九月三十日(未經審核)</td><td>3,495</td><td>1,444,531</td><td>3,886</td><td>-</td><td>(155,460)</td><td>318</td><td>1,190</td><td>(1,180,028)</td><td>117,932</td></tr><tr><td>At 1 April 2025 (audited)</td><td>於二零二五年四月一日(經審核)</td><td>3,495</td><td>1,444,531</td><td>3,886</td><td>(3,238)</td><td>(155,460)</td><td>(4,218)</td><td>1,190</td><td>(1,168,112)</td><td>122,074</td></tr><tr><td>Total comprehensive income for the period (unaudited)</td><td>本期間全面收益總額(未經審核)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,425</td><td>-</td><td>25,676</td><td>28,101</td></tr><tr><td>Share repurchase during the period</td><td>本期間購回股份</td><td>-</td><td>-</td><td>-</td><td>(791)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(791)</td></tr><tr><td>At 30 September 2025 (unaudited)</td><td>於二零二五年九月三十日(未經審核)</td><td>3,495</td><td>1,444,531</td><td>3,886</td><td>(4,029)</td><td>(155,460)</td><td>(1,793)</td><td>1,190</td><td>(1,142,436)</td><td>149,384</td></tr></table> Notes: 附註： (a) The capital reserve comprises (i) the fair value of the number of unexercised share options granted to directors, employees and consultant of the Company and (ii) deemed capital contribution arising from non-current interest-free shareholder's loan. (a) 資本儲備包括(i)授予本公司董事、僱員及顧問之未行使購股權數目之公平值及(ii)因非即期免息股東貸款而產生之視作注資。 # Condensed Consolidated Statement of Cash Flows # 簡明綜合現金流量表 For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 <table><tr><td rowspan="2" colspan="2"></td><td colspan="2">Six months ended 30 September 截至九月三十日止六個月</td></tr><tr><td>2025 二零二五年 HK$'000 千港元 (Unaudited) (未經審核)</td><td>2024 二零二四年 HK$'000 千港元 (Unaudited) (未經審核)</td></tr><tr><td>Net cash used in operating activities</td><td>經營業務耗用之現金淨額</td><td>(45,007)</td><td>(8,136)</td></tr><tr><td>Cash flows from investing activities</td><td>投資活動之現金流量</td><td></td><td></td></tr><tr><td>Purchase of property, plant and equipment</td><td>購買物業、機器及設備</td><td>(8,233)</td><td>(628)</td></tr><tr><td>Interest received</td><td>已收利息</td><td>178</td><td>719</td></tr><tr><td>Net cash (used in)/generated from investing activities</td><td>投資活動(耗用)/產生之現金淨額</td><td>(8,055)</td><td>91</td></tr><tr><td>Cash flows from financing activities</td><td>融資活動之現金流量</td><td></td><td></td></tr><tr><td>Payment for repurchase of shares</td><td>購回股份付款</td><td>(791)</td><td>-</td></tr><tr><td>Repayment of lease liabilities</td><td>償還租賃負債</td><td>(923)</td><td>(1,316)</td></tr><tr><td>Net cash used in financing activities</td><td>融資活動耗用之現金淨額</td><td>(1,714)</td><td>(1,316)</td></tr><tr><td>Net decrease in cash and cash equivalents</td><td>現金及現金等值項目減少淨額</td><td>(54,776)</td><td>(9,361)</td></tr><tr><td>Cash and cash equivalents at beginning of period</td><td>於期初之現金及現金等值項目</td><td>72,972</td><td>79,751</td></tr><tr><td>Effect of changes in foreign exchange rate</td><td>外匯匯率變動之影響</td><td>1,021</td><td>1,712</td></tr><tr><td>Cash and cash equivalents at end of period, represented by Bank and cash balances</td><td>於期末之現金及現金等值項目,以下列項目代表銀行及現金結餘</td><td>19,217</td><td>72,102</td></tr></table> # Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報表附註 For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 # 1. GENERAL INFORMATION Success Dragon International Holdings Limited (the "Company") is incorporated in Bermuda as an exempted company with limited liability under the Bermuda Companies Act. The address of the registered office of the Company is Clarendon House, 2 Church Street, Hamilton HM11, Bermuda. The address of the principal place of business of the Company is 19/F., Guangdong Finance Building, 88 Connaught Road West, Hong Kong. The shares of the Company are listed on The Stock Exchange of Hong Kong Limited (the "Stock Exchange"). The principal activity of the Company is investment holding and the principal activities of the Group are gold processing and trading business in the People's Republic of China (the "PRC"). # 2. BASIS OF PREPARATION These condensed consolidated financial statements have been prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants (the "HKICPA") and the applicable disclosures required by the Rules Governing the Listing of Securities on the Stock Exchange. These condensed consolidated financial statements should be read in conjunction with the 2025 annual financial statements. The accounting policies and methods of computation used in the preparation of these condensed consolidated financial statements are consistent with those used in the annual financial statements for the year ended 31 March 2025. # 1. 一般資料 勝龍國際控股有限公司（「本公司」）為根據百慕達公司法於百慕達註冊成立之獲豁免有限公司。本公司註冊辦事處之地址為Clarendon House，2 Church Street, Hamilton HM11, Bermuda。本公司主要營業地點為香港干諾道西88號粵財大廈19樓。本公司股份於香港聯合交易所有限公司（「聯交所」）上市。 本公司之主要業務為投資控股，而本集團之主要業務為於中華人民共和國（「中國」）從事黃金加工及貿易業務。 # 2. 編製基準 該等簡明綜合財務報表乃根據由香港會計師公會（「香港會計師公會」）頒佈之香港會計準則第34號「中期財務報告」及聯交所證券上市規則之適用披露規定編製。 該等簡明綜合財務報表應與二零二五年度財務報表一併閱讀。編製該等簡明綜合財務報表所用之會計政策及計算方法與截至二零二五年三月三十一日止年度之年度財務報表所用者一致。 # Notes to the Condensed Consolidated Financial Statements # 簡明綜合財務報表附註 For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 # 3. ADOPTION OF NEW AND REVISED HONG KONG FINANCIAL REPORTING STANDARDS In the current period, the Group has adopted all the new and revised Hong Kong Financial Reporting Standards ("HKFRSs") issued by the HKICPA that are relevant to its operations and effective for its accounting year beginning on 1 April 2025. HKFRSs comprise Hong Kong Financial Reporting Standards ("HKFRS"); Hong Kong Accounting Standards ("HKAS"); and Interpretations. The adoption of these new and revised HKFRSs did not result in significant changes to the Group's accounting policies, presentation of the Group's financial statements and amounts reported for the current period and prior years. The Group has not applied the new HKFRSs that have been issued but are not yet effective. The Group has already commenced an assessment of the impact of these new HKFRSs but is not yet in a position to state whether these new HKFRSs would have a material impact on its results of operations and financial position. # 4. SEGMENT INFORMATION For management purpose, the Group's operating segment and its principal activities are as follows: Gold processing and - Provision of gold ores, gold-laden carbon processing and the sale of gold and other precious metals in the PRC Information regarding the above segment is reported below. # 3. 採納新訂及經修訂之香港財務報告準則 於本期間，本集團採納由香港會計師公會頒佈與其業務有關並自二零二五年四月一日開始之會計年度生效之所有新訂及經修訂香港財務報告準則（「香港財務報告準則」）。香港財務報告準則包括各項香港財務報告準則（「香港財務報告準則」）、香港會計準則（「香港會計準則」）及詮釋。採納該等新訂及經修訂香港財務報告準則並未對本集團於本期間及過往年度之會計政策、本集團財務報表之呈列方式以及所呈報之數額造成重大變動。 本集團並未應用已頒佈但未生效之新訂香港財務報告準則。本集團已開始評估該等新訂香港財務報告準則之影響，惟尚無法確定該等新訂香港財務報告準則是否會對其經營業績及財務狀況造成重大影響。 # 4. 分部資料 就管理目的而言，本集團之經營分部及其主要活動如下： 黃金加工及貿易 一 於中國提供金礦石、業務 載金碳加工以及銷售黃金及其他貴金屬 有關上述分部之資料呈報如下。 # Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報表附註 For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 # 4. SEGMENT INFORMATION (Continued) # Geographical information The Group's operations are located in Hong Kong and the PRC. The Group's revenue from external customers by geographical location is detailed below: # Revenue by geographical market # 4. 分部資料(續) # 地區資料 本集團的營運地點位於香港及中國。 本集團按地理位置劃分之來自外部客戶之收益詳列如下： # 按地區市場劃分之收益 Six months ended 30 September 截至九月三十日止六個月 <table><tr><td></td><td></td><td>2025 二零二五年 HK$’000 千港元 (Unaudited) (未經審核)</td><td>2024 二零二四年 HK$’000 千港元 (Unaudited) (未經審核)</td></tr><tr><td>The PRC</td><td>中國</td><td>319,444</td><td>71,200</td></tr></table> Information about revenue from the Group's customer individually contributing over $10\%$ of total revenue of the Group is as follows: 有關佔本集團總收益的 $10\%$ 以上的來自本集團客戶之收益之資料如下： <table><tr><td rowspan="2" colspan="2"></td><td colspan="2">Six months ended 30 September 截至九月三十日止六個月</td></tr><tr><td>2025 二零二五年 HK$'000 千港元 (Unaudited) (未經審核)</td><td>2024 二零二四年 HK$'000 千港元 (Unaudited) (未經審核)</td></tr><tr><td>Customer A-Gold processing and trading business segment</td><td>客戶A-黃金加工及貿易 業務分部</td><td>68,875</td><td>9,183</td></tr><tr><td>Customer B-Gold processing and trading business segment</td><td>客戶B-黃金加工及貿易 業務分部</td><td>-</td><td>10,040</td></tr><tr><td>Customer C-Gold processing and trading business segment</td><td>客戶C-黃金加工及貿易 業務分部</td><td>146,975</td><td>51,921</td></tr><tr><td>Customer D-Gold processing and trading business segment</td><td>客戶D-黃金加工及貿易 業務分部</td><td>97,135</td><td>-</td></tr></table> Customer B did not contribute over $10\%$ of the Group's revenue for the six months ended 30 September 2025, while Customers D did not contribute any of the Group's revenue for the six months ended 30 September 2024. 截至二零二五年九月三十日止六個月，客戶B對本集團收益的貢獻並未超過 $10\%$ ，而截至二零二四年九月三十日止六個月，客戶D對本集團收益並無貢獻。 # Notes to the Condensed Consolidated Financial Statements # 簡明綜合財務報表附註 For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 # 5. REVENUE AND OTHER GAIN OR LOSS, NET Revenue represents fair value for services provided and goods sold by the Group to outside customers. An analysis of the Group's revenue and other income for the periods are as follows: # 5. 收益及其他盈虧淨額 收益指本集團已提供及售予外部客戶之服務及貨品之公平值。 本集团之本期間收益及其他收入分析如下： <table><tr><td rowspan="2" colspan="2"></td><td colspan="2">Six months ended 30 September 截至九月三十日止六個月</td></tr><tr><td>2025 二零二五年 HK$'000 千港元 (Unaudited) (未經審核)</td><td>2024 二零二四年 HK$'000 千港元 (Unaudited) (未經審核)</td></tr><tr><td>Revenue from contracts with customers</td><td>與客戶之合約收益</td><td></td><td></td></tr><tr><td>Gold processing and trading business</td><td>黃金加工及貿易業務</td><td>319,444</td><td>71,200</td></tr><tr><td>Disaggregation of revenue from contracts with customers:</td><td>客戶合約收益的細分：</td><td></td><td></td></tr><tr><td>Gold processing and trading business</td><td rowspan="3">黃金加工及貿易業務 收益確認時間 -於某一時間點</td><td rowspan="3">319,444</td><td rowspan="3">71,200</td></tr><tr><td>Time of revenue recognition</td></tr><tr><td>-At a point of time</td></tr></table> # Gold processing and trading business The Group process gold and sales of gold and other precious metals to the customers. Sales are recognised when control of the products has transferred, being when the products are delivered to a customer, there is no unfulfilled obligation that could affect the customer's acceptance of the products and the customer has obtained legal titles to the products. A receivable is recognised when the products are delivered to the customers as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due. Deposits received from customers are recognised as contract liabilities. # 黃金加工及貿易業務 本集團向客戶提供黃金加工及銷售黃金及其他貴金屬。銷售於產品之控制權轉讓予客戶(即產品交付予客戶時並無可能會影響客戶接受產品的未履行責任及客戶獲得產品之法定所有權)時確認。 應收款項於產品交付予客戶時確認，原因为於該刻時間點代價成為無條件，僅須待時間推移便可收取款項。自客戶收取之按金確認為合約負債。 # Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報表附註 For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 # 5. REVENUE AND OTHER GAIN OR LOSS, NET (Continued) Gold processing and trading business (Continued) # 5. 收益及其他盈虧淨額(續) 黃金加工及貿易業務(續) # Other gain or loss, net: Interest income on bank deposits Gain on termination of leases (Note) Sundry income # 其他盈虧淨額： 銀行存款利息收入 終止租賃之收益(附註) 雜項收入 Six months ended 30 September 截至九月三十日止六個月 <table><tr><td>2025 二零二五年 HK$'000 千港元 (Unaudited) (未經審核)</td><td>2024 二零二四年 HK$'000 千港元 (Unaudited) (未經審核)</td></tr><tr><td>178</td><td>719</td></tr><tr><td>-</td><td>75</td></tr><tr><td>9</td><td>70</td></tr><tr><td>187</td><td>864</td></tr></table> Note: For the six months ended 30 September 2024, the Group had terminated leases and in result, gain on termination of leases of approximately HK$75,000 had been recognised and the right-of-use assets with carrying amount of approximately HK$1,424,000 and the lease liabilities with carrying amount of approximately HK$1,499,000 had been disposed. 附註： 截至二零二四年九月三十日止六個月，本集團已終止租賃，故此終止租賃之收益約75,000港元已予確認，賬面值約1,424,000港元之使用權資產及賬面值約1,499,000港元之租賃負債經已取消。 # 6. FINANCE COSTS # 6. 融資成本 <table><tr><td colspan="2"></td><td colspan="2">Six months ended 30 September 截至九月三十日止六個月</td></tr><tr><td colspan="2"></td><td>2025 二零二五年 HK$'000 千港元 (Unaudited) (未經審核)</td><td>2024 二零二四年 HK$'000 千港元 (Unaudited) (未經審核)</td></tr><tr><td>Lease interests</td><td>租賃利息</td><td>108</td><td>139</td></tr></table> # Notes to the Condensed Consolidated Financial Statements # 簡明綜合財務報表附註 For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 # 7. INCOME TAX EXPENSE # 7. 所得稅開支 <table><tr><td rowspan="2" colspan="2"></td><td colspan="2">Six months ended 30 September 截至九月三十日止六個月</td></tr><tr><td>2025 二零二五年 HK$'000 千港元 (Unaudited) (未經審核)</td><td>2024 二零二四年 HK$'000 千港元 (Unaudited) (未經審核)</td></tr><tr><td>PRC Enterprise Income Tax — current</td><td>中國企業所得稅—即期</td><td>10,484</td><td>523</td></tr></table> No provision for Hong Kong Profits Tax is required since the Group has no assessable profit for the six months ended 30 September 2025 and 2024. Under the Law of the PRC on Enterprise Income Tax (the "EIT Law") and Implementation Regulation of the EIT Law, the tax rate of subsidiaries of the Group in the PRC was $25\%$ in both periods. 由於本集團於截至二零二五年及二零二四年九月三十日止六個月並無應課稅溢利，故毋須作出香港利得稅撥備。 根據中國企業所得稅法（「企業所得稅法」）及企業所得稅法實施條例，本集團於中國之附屬公司之稅率於兩個期間為 $25\%$ 。 # 8. PROFIT/(LOSS) FOR THE PERIOD The Group's profit/(loss) for the period is stated after charging: # 8. 本期間溢利／(虧損) 本集團之本期間溢利／(虧損)經扣除下列各項後呈列： <table><tr><td rowspan="2" colspan="2"></td><td colspan="2">Six months ended 30 September 截至九月三十日止六個月</td></tr><tr><td>2025 二零二五年 HK$'000 千港元 (Unaudited) (未經審核)</td><td>2024 二零二四年 HK$'000 千港元 (Unaudited) (未經審核)</td></tr><tr><td>Depreciation of property, plant and equipment</td><td>物業、機器及設備折舊</td><td>2,761</td><td>329</td></tr><tr><td>Depreciation of right-of-use assets</td><td>使用權資產折舊</td><td>910</td><td>1,317</td></tr><tr><td>Auditor remuneration</td><td>核數師酬金</td><td>450</td><td>450</td></tr><tr><td>Directors' remuneration</td><td>董事薪酬</td><td>1,760</td><td>1,760</td></tr><tr><td>Staff costs (including directors' remuneration):</td><td>員工成本(包括董事薪酬):</td><td></td><td></td></tr><tr><td>Salaries, allowances and other benefits in kind</td><td>薪金、津貼及其他 實物福利</td><td>5,137</td><td>5,079</td></tr><tr><td>Retirement benefits scheme contributions</td><td>退休福利計劃供款</td><td>716</td><td>704</td></tr><tr><td>Total staff costs</td><td>員工成本總額</td><td>5,853</td><td>5,783</td></tr></table> # Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報表附註 For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 # 9. DIVIDEND The Directors do not recommend the payment of any dividend for the six months ended 30 September 2025 and 2024. # 10. EARNINGS/(LOSS) PER SHARE # (a) Basic earnings/(loss) per share The calculation of basic earnings (for the six months ended 30 September 2024: loss) per share attributable to owners of the Company based on the profit of approximately HK $25,676,000 (for the six months ended 30 September 2024: loss of approximately HK$ 3,402,000) for the period attributable to owners of the Company and the weighted average number of approximately 340,873,000 (for the six months ended 30 September 2024: approximately 349,520,000) ordinary shares in issue during the six months ended 30 September 2025. # (b) Diluted earnings/(loss) per share No diluted earnings/(loss) per share is presented for both of the six months ended 30 September 2025 and 2024 as the Company did not have any dilutive potential ordinary shares. # 11. PROPERTY, PLANT AND EQUIPMENT During the six months ended 30 September 2025, the Group acquired property, plant and equipment of approximately HK$8,233,000 (six months ended 30 September 2024: HK$628,000). # 9. 股息 董事不建議派付截至二零二五年及二零二四年九月三十日止六個月之任何股息。 # 10. 每股盈利/（虧損） # (a) 每股基本盈利/(虧損) 本公司擁有人應佔每股基本盈利(截至二零二四年九月三十日止六個月：虧損)乃按本公司擁有人應佔本期間溢利約25,676,000港元(截至二零二四年九月三十日止六個月：虧損約3,402,000港元)及截至二零二五年九月三十日止六個月已發行普通股之加權平均數約340,873,000股(截至二零二四年九月三十日止六個月：約349,520,000股)計算。 # (b) 每股攤薄盈利/(虧損) 概無呈列每股攤薄盈利／（虧損），此乃由於本公司於截至二零二五年及二零二四年九月三十日止六個月並無任何具潛在攤薄影響的普通股。 # 11. 物業、機器及設備 截至二零二五年九月三十日止六個月，本集團購置物業、機器及設備約8,233,000港元（截至二零二四年九月三十日止六個月：628,000港元）。 # Notes to the Condensed Consolidated Financial Statements # 簡明綜合財務報表附註 For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 # 12. INVENTORIES # 12. 存貨 <table><tr><td></td><td></td><td>30 September 2025 二零二五年 九月三十日 HK$'000 千港元</td><td>31 March 2025 二零二五年 三月三十一日 HK$'000 千港元</td></tr><tr><td>Work in progress</td><td>在製品</td><td>18,423</td><td>27,439</td></tr><tr><td>Consumable goods</td><td>消耗品</td><td>3,218</td><td>2,289</td></tr><tr><td>Finished goods</td><td>製成品</td><td>161,177</td><td>62,224</td></tr><tr><td></td><td></td><td>182,818</td><td>91,952</td></tr></table> # 13. TRADE RECEIVABLES The Group's trading terms with customers are mainly on credit. The credit terms generally range from 30 to 90 days. Each customer has a maximum credit limit. For new customers, payment in advance is normally required. The Group seeks to maintain strict control over its outstanding receivables. Overdue balances are reviewed regularly by the directors. The aging analysis of trade receivables, based on the invoice date, and net of allowance, is as follows: # 13. 貿易應收款項 本集團與客戶之貿易條款以信貸為主。信貸期一般介乎30日至90日。每名客戶均有最高信貸限額。新客戶一般會被要求預先付款。本集團保持嚴格監控未收回之應收款項。董事對逾期結餘進行定期檢討。 貿易應收款項扣除撥備後根據發票日期之賬 <table><tr><td></td><td></td><td>30 September 2025 二零二五年 九月三十日 HK$'000 千港元 (Unaudited) (未經審核)</td><td>31 March 2025 二零二五年 三月三十一日 HK$'000 千港元 (Audited) (經審核)</td></tr><tr><td>Within 90 days</td><td>90日內</td><td>10</td><td>8,546</td></tr><tr><td>Over 91 days</td><td>超過91日</td><td>162</td><td>159</td></tr><tr><td></td><td></td><td>172</td><td>8,705</td></tr><tr><td>Loss provision for impairment of trade receivables</td><td>貿易應收款項減值虧損撥備</td><td>-</td><td>(1,167)</td></tr><tr><td></td><td></td><td>172</td><td>7,538</td></tr></table> # Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報表附註 For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 # 14. OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS # 14. 其他應收款項、按金及預付款項 <table><tr><td></td><td></td><td>30 September 2025 二零二五年 九月三十日 HK$'000 千港元 (Unaudited) (未經審核)</td><td>31 March 2025 二零二五年 三月三十一日 HK$'000 千港元 (Audited) (經審核)</td></tr><tr><td>Prepayments for gold processing and trading business</td><td>黃金加工及貿易業務之 預付款項</td><td>36,275</td><td>14,880</td></tr><tr><td>Deposits and prepayments</td><td>按金及預付款項</td><td>6,320</td><td>1,756</td></tr><tr><td></td><td></td><td>42,595</td><td>16,636</td></tr><tr><td>Other receivables</td><td>其他應收款項</td><td>2,052</td><td>300</td></tr><tr><td>Less: Loss allowances</td><td>減:虧損撥備</td><td>-</td><td>(7)</td></tr><tr><td></td><td></td><td>2,052</td><td>293</td></tr><tr><td></td><td></td><td>44,647</td><td>16,929</td></tr></table> # 15. TRADE PAYABLES The aging analysis of the trade payables as at the end of reporting period, based on the date of receipt of consumables or goods purchased, is as follows: # 15. 貿易應付款項 根據所購買之消耗品或貨品收貨日期計算，貿易應付款項於報告期末之賬齡分析如下： <table><tr><td></td><td></td><td>30 September 2025 二零二五年 九月三十日 HK$'000 千港元 (Unaudited) (未經審核)</td><td>31 March 2025 二零二五年 三月三十一日 HK$'000 千港元 (Audited) (經審核)</td></tr><tr><td>0-90 days</td><td>90日內</td><td>32,203</td><td>39,874</td></tr><tr><td>91-180 days</td><td>91至180日</td><td>2,758</td><td>2,935</td></tr><tr><td>181-365 days</td><td>181至365日</td><td>5,529</td><td>7,095</td></tr><tr><td>Over 1 year</td><td>超過1年</td><td>20,328</td><td>11,611</td></tr><tr><td></td><td></td><td>60,818</td><td>61,515</td></tr></table> # Notes to the Condensed Consolidated Financial Statements # 簡明綜合財務報表附註 For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 # 16. AMOUNT DUE TO A DIRECTOR The amount due is unsecured, non-interest bearing and repayable on demand. # 16. 應付一名董事款項 有關應付款項為無抵押、免息及須按要求償還。 # 17. SHARE CAPITAL # 17. 股本 <table><tr><td colspan="2"></td><td>30 September 2025 二零二五年 九月三十日 HK$'000 千港元 (Unaudited) (未經審核)</td><td>31 March 2025 二零二五年 三月三十一日 HK$'000 千港元 (Audited) (經審核)</td></tr><tr><td>Authorised:</td><td>法定：</td><td></td><td></td></tr><tr><td>30,000,000,000 (31 March 2025; 30,000,000,000) ordinary shares of HK$0.01 each</td><td>30,000,000,000股(二零二五年三月 三十一日:30,000,000,000股) 每股面值0.01港元之普通股</td><td>300,000</td><td>300,000</td></tr><tr><td>Issued and fully paid:</td><td>已發行及繳足：</td><td></td><td></td></tr><tr><td>349,519,567 (31 March 2025; 349,519,567) ordinary shares of HK$0.01 each</td><td>349,519,567股(二零二五年三月 三十一日:349,519,567股) 每股面值0.01港元之普通股</td><td>3,495</td><td>3,495</td></tr></table> Movement of the number of shares issued and the share capital during the current period is as follows: 本期間已發行股份數目及股本變動如下： <table><tr><td rowspan="2"></td><td>Number of share issued</td><td>Share capital</td></tr><tr><td>已發行股份數目</td><td>股本</td></tr><tr><td></td><td>'000</td><td>HK$'000</td></tr><tr><td></td><td>千股</td><td>千港元</td></tr></table> At 31 March 2025 (audited) and 30 September 2025 (unaudited) 於二零二五年三月三十一日（經審核）及二零二五年九月三十日（未經審核） # Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報表附註 For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 # 18. EQUITY-SETTLED SHARE-BASED PAYMENT TRANSACTIONS The Company operated a share option scheme (the "Scheme") for the purpose of providing incentives and rewards to eligible participants who contribute to the success of the Group's operations. Eligible participants included directors, full-time employees, senior executives and consultants of the Group. The Scheme has been adopted since 28 September 2012 and amended on 8 August 2014, and remained in force for 10 years from that date. The Scheme has expired on 27 September 2022. There was currently no other Share Option Scheme that remains in effect. There were no share options were granted or exercised during the six months ended 30 September 2025 and 2024. There were no share options outstanding as at 30 September 2025 and 31 March 2025. # 19. CAPITAL COMMITMENTS As at 30 September 2025 and 31 March 2025, no capital commitments were contracted for but not provided in respect of acquisition of property, plant and equipment in the Group. # 18. 以權益支付之股份基礎給付交易 本公司設有一項購股權計劃（「計劃」），以向對本集團業務之成功作出貢獻之合資格參與者提供獎勵及回報。合資格參與者包括本集團之董事、全職僱員、高級行政人員及顧問。計劃自二零一二年九月二十八日起獲採納，並於二零一四年八月八日獲修訂及自該日起十年內維持生效。計劃已於二零二二年九月二十七日到期。目前，本公司並無其他仍有效的購股權計劃。 截至二零二五年及二零二四年九月三十日止六個月，概無購股權獲授出或行使。 於二零二五年九月三十日及二零二五年三月三十一日，概無尚未行使之購股權。 # 19. 資本承擔 於二零二五年九月三十日及二零二五年三月三十一日，本集團並無就收購物業、機器及設備已訂約但並無作出撥備之資本開支。 # Notes to the Condensed Consolidated Financial Statements # 簡明綜合財務報表附註 For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 # 20. RELATED PARTY TRANSACTIONS # (a) Transactions with related parties The Group had no transactions and balances with related parties during the period ended 30 September 2025 and 2024: # (b) Key management compensation The remuneration of key management personnel (only the Directors) of the Group during the period was as follow: # 20. 關連人士交易 # (a) 關連人士交易 截至二零二五年及二零二四年九月三十日止期間，本集團與關連人士概無交易及結餘： # (b) 主要管理人員薪酬 於本期間，本集團之主要管理人員（僅董事）之薪酬如下： Salaries, allowances and other benefits in kind Retirement benefits scheme contributions 薪金、津貼及其他實物福利 退休福利計劃供款 <table><tr><td colspan="2">Six months ended 30 September 截至九月三十日止六個月</td></tr><tr><td>2025</td><td>2024</td></tr><tr><td>二零二五年</td><td>二零二四年</td></tr><tr><td>HK$'000</td><td>HK$'000</td></tr><tr><td>千港元</td><td>千港元</td></tr><tr><td>(Unaudited)</td><td>(Unaudited)</td></tr><tr><td>(未經審核)</td><td>(未經審核)</td></tr><tr><td>1,672</td><td>1,672</td></tr><tr><td>88</td><td>88</td></tr><tr><td>1,760</td><td>1,760</td></tr></table> # 21. EVENT AFTER THE REPORTING PERIOD As at the approval date on these condensed consolidated financial statements, the Group had no significant event after the reporting period which need to be disclosed. # 22. APPROVAL OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The condensed consolidated financial statements were approved and authorised for issue by the board of Directors on 28 November 2025. # 21. 報告期後事項 於該等簡明綜合財務報表獲批准之日，本集團並無重大報告期後事項須予披露。 # 22. 批准簡明綜合財務報表 簡明綜合財務報表於二零二五年十一月二十八日獲董事會批准及授權刊發。 # Management Discussion and Analysis # 管理層討論及分析 # FINANCIAL REVIEW # Revenue The Group recorded revenue of approximately HK$319.4 million for the six months ended 30 September 2025 (the "Reporting Period") as compared with approximately HK$71.2 million in the six months ended 30 September 2024 (the "Corresponding Period"), representing a significant increase of approximately 348.7%. During the Reporting Period, the Group was principally engaged in the business of gold processing and trading. The increase in the Group's revenue was mainly attributable to the increase in revenue in gold ore processing in Henan province. The revenue increase was due to the completion of infrastructure constructions in the mining zones and the resumption of the gold ore production in Henan. # Gold-laden Carbon Processing The Group has a production line in Yunnan province, PRC, for the extraction of gold and other precious metals from gold-laden carbon. The Group purchases the gold-laden carbon from suppliers including mining enterprises and traders. At the Group's production line, gold and other precious metals are extracted from the gold-laden carbon using processes such as desorption and electrodeposition and turn into bullion. The extracted gold and other precious metals will be sold to buyers and dealers in the PRC. During the Reporting Period, the Group has recorded approximately HK$74.6 million revenue from gold-laden carbon processing (Corresponding Period: HK$61.1 million). # Gold Ore Processing The gold processing plants will purchase gold ore from suppliers and process the gold ore by way of a series of crushing and grinding, gravity separation/flotation, concentration and dehydration, and turn it into gold concentrate. The Group will sell the gold concentrate to gold smelters and recognize revenue upon such sale. During the Reporting Period, the Group has recorded approximately HK$244.8 million revenue from the gold ore processing (Corresponding Period: HK$10.1 million). The significant increase in revenue was mainly derived by resumption of the gold ore production in Henan. # Cost of sales The cost of sales increased by approximately HK$208.2 million or approximately 321.8%, from approximately HK$64.7 million for the Corresponding Period to approximately HK$272.9 million for the Reporting Period, which was primarily due to the significant increase in revenue during the Reporting Period. # 財務回顧 # 收益 本集團截至二零二五年九月三十日止六個月（「報告期間」）錄得收益約319.4百萬港元，較截至二零二四年九月三十日止六個月（「去年同期」）約71.2百萬港元大幅增加約 $348.7\%$ 。於報告期間，本集團主要從事黃金加工及貿易業務。本集團收益增加主要歸因於河南省金礦石加工的收益增加。收益增加乃由於礦區基礎設施建設完工以及河南黃金礦石恢復生產所致。 # 载金碳加工 本集團於中國雲南省建有生產線，以從載金碳中提煉黃金及其他貴金屬。本集團向採礦企業及交易商等供應商購買載金碳。本集團的生產線使用解吸及電積沉澱金等工藝從載金碳提煉黃金及其他貴金屬並製作成金錠。提煉所得的黃金及其他貴金屬將售賣予中國買家及交易商。於報告期間，本集團錄得載金碳加工收益約74.6百萬港元（去年同期：61.1百萬港元）。 # 金礦石加工 黃金加工廠將向供應商購買金礦石，並透過一系列破碎及研磨、重力分離／浮選、濃縮及脫水的方式對金礦石進行加工，將其變成黃金精礦。本集團將向黃金冶煉廠銷售黃金精礦，並於銷售後確認收益。於報告期間，本集團自金礦石加工錄得收益為244.8百萬港元（去年同期：10.1百萬港元）。收益大幅增加主要由於河南金礦石恢復生產所致。 # 销售成本 銷售成本由去年同期約64.7百萬港元增加約208.2百萬港元或約321.8%至報告期間約272.9百萬港元，主要由於報告期間收益大幅增加。 # Management Discussion and Analysis # 管理層討論及分析 # Gross profit and gross profit margin The Group's gross profit increased by approximately HK$40.0 million, or approximately 615.0%, from approximately HK$6.5 million for the Corresponding Period to approximately HK$46.5 million for the Reporting Period, primarily due to the significant increase in revenue. The higher grade of gold-laden carbon and gold ore was processed and the rise in gold price during the Reporting Period which derived a higher profit margin and led to the slight increase of the overall gross profit margin for the Reporting Period to approximately 14.6% (the gross profit margin for the Corresponding Period: 9.1%). # Other gain or loss, net The decrease of HK$0.7 million in the Group's other gain or loss, net was mainly attributable to the decrease in interest income on bank deposits during the Corresponding Period. # Administrative and other operating expenses The administrative and other operating expenses increased by approximately HK $0.3 million or \(3.6\%$ from approximately HK\)10.1 million for the Corresponding Period to approximately HK$10.4 million for the Reporting Period. The increase was mainly attributable to increase in maintenance expenses for monitoring system and service upgrade. # Finance costs The finance costs was steadily maintained at approximately HK$0.1 million during the Reporting Period (Corresponding Period: HK$0.1 million) which was solely derived from the lease interest of the lease liabilities. # Income tax expenses The income tax expenses significantly increased from approximately HK$0.5 million for the Corresponding Period to approximately HK$10.5 million for the Reporting Period, which was mainly due to the increase in profit before income tax derived from the gold processing and trading business. # Profit/(loss) for the Reporting Period As a result of the foregoing, the Group reported a net profit attributable to owners of the Company of approximately HK$25.7 million for the Reporting Period (the Corresponding Period: a net loss attributable to owners of the Company of approximately HK$3.4 million). # 毛利及毛利率 本集團的毛利由去年同期約6.5百萬港元增加約40.0百萬港元或約615.0%至報告期間約46.5百萬港元，主要由於收益大幅增加。由於報告期間加工較高品位的載金碳及金礦石利潤率較高，以及金價上升，因而報告期間的整體毛利率輕微上升至約 $14.6\%$ （去年同期毛利率：9.1%）。 # 其他盈虧淨額 本集團的其他盈虧淨額減少0.7百萬港元，主要由於去年同期銀行存款的利息收入減少。 # 行政管理及其他營運開支 行政管理及其他營運開支由去年同期約10.1百萬港元增加約0.3百萬港元或 $3.6\%$ 至報告期間約10.4百萬港元。增加主要由於監管系統及服務升級的維護開支增加所致。 # 融資成本 於報告期間，融資成本穩定維持於約0.1百萬港元（去年同期：0.1百萬港元），僅來自租賃負債的租賃利息。 # 所得税開支 所得稅開支由去年同期約0.5百萬港元大幅增加至報告期間約10.5百萬港元，主要由於來自黃金加工及貿易業務之除所得稅前溢利增加所致。 # 報告期間溢利／（虧損） 由於上文所述，本集團於報告期間錄得本公司擁有人應佔淨溢利約25.7百萬港元（去年同期：本公司擁有人應佔淨虧損約3.4百萬港元）。 # Management Discussion and Analysis 管理層討論及分析 # LIQUIDITY, FINANCIAL RESOURCES AND FOREIGN CURRENCY EXPOSURE The Group had current assets of approximately HK $246.9 million as at 30 September 2025 (As at 31 March 2025: HK$ 189.4 million) which comprised cash and cash equivalents of approximately HK$19.2 million (As at 31 March 2025: HK$73.0 million) and inventories of approximately HK$182.8 million (As at 31 March 2025: HK$92.0 million) which mainly comprised the finished goods of gold concentrates and bullion in Henan and Yunan respectively. The significant increase in inventories is mainly attributable to the stock up of the bullion in the gold-laden carbon processing in Yunan and proposed for sale at higher price in future. The Group had current liabilities amounted to approximately HK$129.8 million as at 30 September 2025 (As at 31 March 2025: HK$99.8 million). Accordingly, the current ratio, being the ratio of current assets to current liabilities, was approximately 1.9 times as at 30 September 2025 (As at 31 March 2025: 1.9 times). The gearing ratio of the Group as at 30 September 2025, which is calculated on the basis of the Group's total loans to the total equity, was $6.9\%$ (as at 31 March 2025: zero). As most bank deposits and cash on hand were denominated in Hong Kong dollar, followed by Renminbi and US dollar, the Group's exchange risk exposure depended on the fluctuation in the exchange rates of the aforesaid currencies. # TREASURYPOLICY The Group maintains a conservative approach on foreign exchange exposure management and ensures that its exposure to fluctuations in foreign exchange rates is minimized. The Group did not engage in any derivatives agreement and did not commit to any financial instruments to hedge its foreign exchange exposures during the Year. The Group will continue to monitor its foreign exchange exposure closely and will consider hedging significant foreign currency exposure should the need arise. # CAPITAL STRUCTURE AND FUND RAISING ACTIVITIES As at 30 September 2025, the total number of issued ordinary shares of the Company was 349,519,567 at par value of HK$0.01 each. # 流動資金、財務資源及外幣風險 於二零二五年九月三十日，本集團的流動資產約為246.9百萬港元（於二零二五年三月三十一日：189.4百萬港元），其中包括現金及現金等值項目約19.2百萬港元（於二零二五年三月三十一日：73.0百萬港元）及存貨約182.8百萬港元（於二零二五年三月三十一日：92.0百萬港元），主要包括分別位於河南及雲南的金精礦及金錠成品。存貨大幅增加主要由於雲南載金碳加工的金錠囤貨及計劃日後以更高的價格出售所致。本集團於二零二五年九月三十日的流動負債約為129.8百萬港元（於二零二五年三月三十一日：99.8百萬港元）。因此，流動比率（即流動資產與流動負債的比率）於二零二五年九月三十日約為1.9倍（於二零二五年三月三十一日：1.9倍）。 於二零二五年九月三十日，本集團之資產負債比率（按本集團貸款總額除以權益總額計算）為 $6.9\%$ （於二零二五年三月三十一日：零）。由於大部分銀行存款及手頭現金以港元計值，其次為人民幣及美元，故本集團之外匯風險視乎上述貨幣之匯率波動而定。 # 庫務政策 本集團在外匯風險管理方面繼續採取審慎方針，確保將外匯匯率波動風險減至最低。於本年度，本集團並未訂立任何衍生工具協議，亦無使用任何金融工具對沖外匯風險。本集團將繼續密切監控其外匯風險，並於需要時考慮對沖重大外匯風險。 # 資本結構及籌資活動 於二零二五年九月三十日，本公司每股面值0.01港元之已發行普通股總數為349,519,567股。 # Management Discussion and Analysis # 管理層討論及分析 # USE OF PROCEEDS FROM THE RIGHTS ISSUE The remaining unutilised net proceeds raised from the Rights Issue were approximately HK$64.1 million (the "Remaining Net Proceeds"). As disclosed in the announcement of the Company in relation to the change in use of proceeds dated 10 October 2024 (the "Announcement"), the net proceeds will be applied by the Company for investment and upgrade in the leased plants, acquisition of machinery and equipment and also the working capital for the gold processing and trading business of the group. The intended and the actual use of the proceeds under the Rights Issue as of 30 September 2025 are set out below: # 供股之所得款項用途 自供股籌集的未動用剩餘所得款項淨額約64.1百萬港元（「剩餘所得款項淨額」）。誠如本公司日期為二零二四年十月十日（「該公告」）的公告所披露，內容有關變更所得款項用途，本公司將所得款項淨額用於投資及升級租賃廠房、購置機器及設備，以及本集團黃金加工及貿易業務的營運資金。截至二零二五年九月三十日，供股項下所得款項的擬定及實際用途載列如下： <table><tr><td rowspan="2">Items</td><td rowspan="2">Percentage</td><td rowspan="2">Revised allocation of unutilised amount of the net proceeds as disclosed in the Announcement</td><td>Actual use of the proceeds from the date of the Announcement to 30 September 2025</td><td>Remaining proceeds as of 30 September 2025</td><td>Expected timeline for the remaining proceeds to be utilised</td></tr><tr><td rowspan="2">該公告日期至二零二五年九月三十日所得款項之實際用途HK$'000千港元</td><td rowspan="2">截至二零二五年九月三十日之剩餘所得款項HK$'000千港元</td><td rowspan="2">將動用餘下所得款項的預期時間表</td></tr><tr><td>項目</td><td>百分比</td><td>經修訂分配 HK$'000千港元</td></tr><tr><td>Investment and upgrade in the leased plants</td><td>22.0%</td><td>14,100</td><td>8,792</td><td>5,308</td><td>31 March 2026</td></tr><tr><td>投資及升級租賃廠房</td><td></td><td></td><td></td><td></td><td>二零二六年三月三十一日</td></tr><tr><td>Acquisition of machinery and equipment for the gold processing and trading business of the Group</td><td>54.6%</td><td>35,000</td><td>27,377</td><td>7,623</td><td>31 March 2026</td></tr><tr><td>就本集團的黃金加工及貿易業務購置機器及設備</td><td></td><td></td><td></td><td></td><td>二零二六年三月三十一日</td></tr><tr><td>Working capital of the gold processing and trading business of the Group</td><td>23.4%</td><td>15,000</td><td>15,000</td><td>-</td><td></td></tr><tr><td>本集團的黃金加工及貿易業務的營運資金</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td>100.0%</td><td>64,100</td><td>51,169</td><td>12,931</td><td></td></tr><tr><td>總計</td><td></td><td></td><td></td><td></td><td></td></tr></table> Note: 附註： The unutilised proceeds of approximately HK$12.9 million have been placed in licensed banks in Hong Kong and PRC and planned to be used as intended. 未動用之所得款項約12.9百萬港元已存放於香港及中國的持牌銀行，計劃按擬定用途動用。 # Management Discussion and Analysis # 管理層討論及分析 # MATERIAL ACQUISITIONS, DISPOSALS AND SIGNIFICANT INVESTMENT The Group did not have any material acquisition, disposal and significant investment during the period ended 30 September 2025. # FUTURE DEVELOPMENTS IN THE BUSINESS OF THE GROUP Since the beginning of this year, gold prices have continued to rise, with international spot gold prices reaching new highs. The positive performance was linked to the factors such as strong central bank and investor demand. The global business environment including the tariff war derived by US and the heightened geopolitical risk including the Russia-Ukraine war and the Middle East war have brought increasing challenges to the worldwide business. In the past few years, major central banks around the world have been hoarding gold and other countries have also increased their gold reserves to hedge against US dollar risks. The global economy downturn has led to the appeal of gold as a safe-haven asset. This trend is expected to continue onwards. Investors have flocked to gold amid concerns about currency devaluation and economic instability. In view of the above, the Group will constantly develop its core gold processing business in order to capture the uptrend opportunity in this industry. The Group currently has processing production lines for gold-laden carbon in Yunnan province and gold ore in Henan Province in the PRC under leased plants respectively, and these plants generated revenue and profits for the gold processing and trading business of the Group during the Reporting Period. There was significant increase in revenue to the Group mainly derived by resumption of operation in Henan during the Reporting Period. The infrastructure constructions in the mining zones have completed and the gold ore production in Henan has resumed in early of 2025. The Board expected that there will be continuous rebound in revenue in the full year. # 重大收購、出售及重大投資 截至二零二五年九月三十日止期間，本集團並無任何重大收購、出售及重大投資。 # 本集團業務之未來發展 自今年初以來，黃金價格持續攀升，國際現貨黃金價格屢創新高。此良好表現與中央銀行及投資者需求強勁等因素相關。全球業務環境包括美國引發的關稅戰以及俄羅斯一烏克蘭戰爭及中東戰爭等加劇的地緣政治風險，均為全球業務帶來更多挑戰。 於過去數年，全球主要央行持續囤積黃金，其他國家亦增加其黃金儲備以對沖美元風險。全球經濟下行使黃金作為避險資產的吸引力提升，此趨勢預期將持續延續。投資者因憂慮貨幣貶值與經濟動盪而湧向黃金市場。鑑於以上所述，本集團將持續發展其核心黃金加工業務，以把握此行業上升趨勢的機遇。 本集團目前分別於中國雲南省及河南省的租賃廠房設有載金碳及金礦石加工生產線，該等廠房於報告期間內為本集團的黃金加工及貿易業務帶來收益及溢利。 於報告期間內，本集團收入顯著增長主要源於河南業務恢復營運。礦區基礎設施建設已完成，河南的金礦石亦已於二零二五年初恢復生產。董事會預期全年收入將持續回升。 # Management Discussion and Analysis # 管理層討論及分析 The Company will keep the shareholders and potential investors of the Company informed of any further updates regarding the development of the existing gold processing and trading business of the Group when necessary and in compliance with the relevant Listing Rules. # PLEDGE OF ASSETS AND CONTINGENT LIABILITIES As at 30 September 2025, the Group did not have any substantial pledge of assets and substantial contingent liabilities. # CAPITAL COMMITMENTS As at 30 September 2025, the Group had contracted but not provided for capital commitments in respect of acquisition of property, plant and equipment amounted to HK$Nil (as at 31 March 2025: HK$Nil). # EMPLOYEES AND REMUNERATION POLICIES As at 30 September 2025, the Group had 80 (as at 31 March 2025: 80) employees. The Group continues to review the remuneration packages of employees with reference to the level and composition of pay, general market condition and individual performance. Staff benefits offered by the Group include a defined contribution mandatory provident fund retirement benefit scheme, discretionary bonus, share option scheme, medical allowance and hospitalization scheme and housing allowance. The Group supports a fair, transparent and high performance culture through its human resources department, by developing and improving its programs particularly on recruitment, performance management, training and development and employee relations. 本公司將於必要時及遵照相關上市規則，通知本公司股東及潛在投資者有關本集團現有黃金加工及貿易業務發展的任何進一步更新。 # 資產抵押及或然負債 於二零二五年九月三十日，本集團並無任何重大資產抵押及重大或然負債。 # 資本承擔 於二零二五年九月三十日，本集團就收購物業、機器及設備已訂約但並無作出撥備之資本承擔為零港元（於二零二五年三月三十一日：零港元）。 # 僱員及薪酬政策 於二零二五年九月三十日，本集團有80名（於二零二五年三月三十一日：80名）僱員。 本集團參考薪酬水平及組合、整體市況及個人表現，持續檢討僱員之薪酬待遇。本集團提供之員工福利包括定額供款強制性公積金退休福利計劃、酌情花紅、購股權計劃、醫療津貼、住院計劃以及房屋津貼。本集團透過人力資源部門啟動及改善招聘、績效管理、培訓和發展以及僱傭關係等計劃，以維持其公平、透明及高績效之文化。 # Other Information # 其他資料 # DIRECTORS' INTERESTS IN SECURITIES As at 30 September 2025, the Directors and chief executive of the Company or their associates, who had any interests and short positions in the shares, underlying shares or debentures of the Company or any of its associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance ("SFO")) which were required (a) to be notified to the Company and The Stock Exchange of Hong Kong Limited (the "Stock Exchange") pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests or short positions which they are taken or deemed to have under such provisions of the SFO); or (b) pursuant to section 352 of the SFO, to be entered in the register referred to therein; or (c) pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers (the "Model Code") contained in the Listing Rules to be notified to the Company and the Stock Exchange and as recorded in the register of the Company were as follows: # 董事之證券權益 於二零二五年九月三十日，董事及本公司之最高行政人員或彼等之聯繫人於本公司或其任何相聯法團（定義見證券及期貨條例（「證券及期貨條例」）第XV部）之股份、相關股份或債券中擁有(a)根據證券及期貨條例第XV部第7及第8分部之規定須知會本公司及香港聯合交易所有限公司（「聯交所」）之權益及淡倉（包括彼等根據證券及期貨條例之相關條文被認為或視作擁有之權益或淡倉）；或(b)根據證券及期貨條例第352條須記錄於該條所述之登記冊之權益及淡倉；或(c)根據上市規則所載之上市發行人董事進行證券交易的標準守則（「標準守則」）須知會本公司及聯交所並記錄於本公司登記冊之權益