> **来源：[研报客](https://pc.yanbaoke.cn)** # CONTENTS 目錄 Abbreviations 簡稱 2 Corporate Information 3 Management Discussion and Analysis 管理層討論及分析 5 Condensed Consolidated Statement of Profit or Loss 簡明綜合損益表 11 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Condensed Consolidated Statement of Financial Position 簡明綜合財務狀況表 13 Condensed Consolidated Statement of Changes in Equity 簡明綜合權益變動表 15 Condensed Consolidated Statement of Cash Flows 簡明綜合現金流量表 16 Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報表附註 17 Other Information 36 <table><tr><td colspan="2">In this interim report, the following abbreviations have the following meanings unless otherwise specified:</td><td colspan="2">於本中期報告內，除文義另有所指外，下列簡稱具有以下涵義：</td></tr><tr><td>"Board"</td><td>the board of directors of the Company</td><td>「董事會」</td><td>本公司之董事會</td></tr><tr><td>"Company"</td><td>New Provenance Everlasting Holdings Limited</td><td>「本公司」</td><td>新源萬恒控股有限公司</td></tr><tr><td>"Directors"</td><td>the directors of the Company</td><td>「董事」</td><td>本公司之董事</td></tr><tr><td>"Group"</td><td>the Company and its subsidiaries</td><td>「本集團」</td><td>本公司及其附屬公司</td></tr><tr><td>"Hong Kong"</td><td>the Hong Kong Special Administrative Region of the PRC</td><td>「香港」</td><td>中國香港特別行政區</td></tr><tr><td>"Listing Rules"</td><td>the Rules Governing the Listing of Securities on the Stock Exchange</td><td>「上市規則」</td><td>聯交所證券上市規則</td></tr><tr><td>"PRC"</td><td>the People's Republic of China, excluding Hong Kong, the Macau Special Administrative Region of the PRC and Taiwan</td><td>「中國」</td><td>中華人民共和國，不包括香港、中國澳門特別行政區及台灣</td></tr><tr><td>"SFO"</td><td>the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong)</td><td>「證券及期貨條例」</td><td>香港法例第571章證券及期貨條例</td></tr><tr><td>"Stock Exchange"</td><td>The Stock Exchange of Hong Kong Limited</td><td>「聯交所」</td><td>香港聯合交易所有限公司</td></tr><tr><td>"HK$"</td><td>Hong Kong dollars, the lawful currency of Hong Kong</td><td>「港元」</td><td>港元，香港法定貨幣</td></tr><tr><td>"RMB"</td><td>Renminbi, the lawful currency of the PRC</td><td>「人民幣」</td><td>人民幣，中國法定貨幣</td></tr><tr><td>"USD"</td><td>United States dollars</td><td>「美元」</td><td>美元</td></tr><tr><td>"%”</td><td>per cent</td><td>"%”</td><td>百分比</td></tr></table> # CORPORATE INFORMATION # 公司資料 # BOARD OF DIRECTORS # Executive Directors Mr. Ho Yu-shun (Chairman and Chief Executive Officer) Ms. Sun Le # Non-Executive Director Ms. Sun Di # Independent Non-executive Directors Mr. Cheung Ngai Lam Mr. Tang Kin Nam Mr. Kwong Wing Ho # AUDIT COMMITTEE Mr. Cheung Ngai Lam (Chairman) Mr. Tang Kin Nam Mr. Kwong Wing Ho # REMUNERATION COMMITTEE Mr. Cheung Ngai Lam (Chairman) Mr. Tang Kin Nam Mr. Ho Yu-shun Mr. Kwong Wing Ho # NOMINATION COMMITTEE Mr. Tang Kin Nam (Chairman) Mr. Cheung Ngai Lam Mr. Kwong Wing Ho Ms. Sun Le (appointed on 30 June 2025) Mr. Ho Yu-shun (resigned on 30 June 2025) # RISK MANAGEMENT COMMITTEE Mr. Tang Kin Nam (Chairman) Mr. Cheung Ngai Lam Mr. Ho Yu-shun Mr. Kwong Wing Ho # AUTHORISED REPRESENTATIVE Mr. Ho Yu-shun Ms. Ng Wing Suen # COMPANY SECRETARY Ms. Ng Wing Suen # 董事會 # 執行董事 何昱勅先生（主席兼行政總裁） 孫樂女士 # 非執行董事 孫迪女士 # 独立非執行董事 張毅林先生 鄧建南先生 廖永浩先生 # 審核委員會 張毅林先生(主席) 鄧建南先生 廖永浩先生 # 薪酬委員會 張毅林先生(主席) 鄧建南先生 何昱勅先生 廓永浩先生 # 提名委員會 鄢建南先生(主席) 張毅林先生 廓永浩先生 孫樂女士(於二零二五年六月三十日獲委任) 何昱勅先生(於二零二五年六月三十日辭任) # 風險管理委員會 鄢建南先生(主席) 張毅林先生 何昱勅先生 廓永浩先生 # 授权代表 何昱勅先生 吳穎璇女士 # 公司秘書 吳穎璇女士 # CORPORATE INFORMATION # 公司資料 # AUDITOR Crowe (HK) CPA Limited # STOCK CODE 2326 # REGISTERED OFFICE Clarendon House 2 Church Street Hamilton HM 11 Bermuda # PRINCIPAL PLACE OF BUSINESS AND HEAD OFFICE IN HONG KONG Unit 1102, 11/F Shui On Centre No. 6-8 Harbour Road Wanchai, Hong Kong # PRINCIPAL BANKERS CMB Wing Lung Bank Limited DBS Bank (Hong Kong) Limited Hang Seng Bank Limited Nanyang Commercial Bank, Limited # PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE Conyers Corporate Services (Bermuda) Limited Clarendon House 2 Church Street Hamilton HM 11 Bermuda # HONG KONG BRANCH SHARE REGISTRAR AND TRANSFER OFFICE Tricor Investor Services Limited 17/F., Far East Finance Centre 16 Harcourt Road Hong Kong # COMPANY HOMEPAGE https://www.npegroup.com.hk # 核數師 國富浩華(香港)會計師事務所有限公司 # 股份代號 2326 # 註冊辦事處 Clarendon House 2 Church Street Hamilton HM 11 Bermuda # 香港主要營業地點及總辦事處 香港灣仔 港灣道6-8號 瑞安中心 11楼1102室 # 主要往來銀行 招商永隆银行有限公司 星展銀行(香港)有限公司 恒生銀行有限公司 南洋商業銀行有限公司 # 主要股份過戶登記處 Conyers Corporate Services (Bermuda) Limited Clarendon House 2 Church Street Hamilton HM 11 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16號 遠東金融中心17樓 # 公司網站 https://www.npegroup.com.hk # MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 # OPERATIONS REVIEW For the six months ended 30 September 2025, the Group was principally engaged in the sourcing and sale of metal minerals and related industrial materials and the production and sale of industrial products. # Revenue and Gross Profit During the six months ended 30 September 2025, revenue of the Group increased by approximately $27\%$ , from approximately HK$291,858,000 for the six months ended 30 September 2024 to approximately HK$371,705,000 for the six months ended 30 September 2025. For the six months ended 30 September 2025, the Group recorded an increase in gross profit, from a gross loss of approximately HK$5,421,000 for the six months ended 30 September 2024 to a gross profit of approximately HK$793,000 for the six months ended 30 September 2025. For the sourcing and sale of metal minerals and related industrial materials business, the segment revenue increased by approximately $16\%$ from approximately HK\ $255,263,000 for the six months ended 30 September 2024 to approximately HK\$ 297,057,000 for the six months ended 30 September 2025. This segment reported an increase in its segment profit by approximately $209\%$ , from approximately HK\\)845,000 for the six months ended 30 September 2024 to approximately HK\\(2,607,000 for the six months ended 30 September 2025. The Group is acting as a principal in this business because the Group bears the inventory risk as the Group entered into distinct sale and purchase agreements with suppliers and customers and has discretion in establishing the price for the product sold. For the production and sale of industrial products business under 宁夏華夏環保資源綜合利用有限公司 (literally translated as Ningxia Huaxia Integrated Waste Recycling Company Limited) (the "Waste Recycling Company"), the segment revenue increased by approximately $104\%$ from approximately HK\ $36,595,000 for the six months ended 30 September 2024 to approximately HK\$ 74,468,000 for the six months ended 30 September 2025. This segment reported a decrease in its segment loss by approximately $71\%$ , from approximately HK\\)6,520,000 for the six months ended 30 September 2024 to approximately HK\\(1,867,000 for the six months ended 30 September 2025. Due to the price of upstream raw material still high, Waste Recycling Company needs to constantly adjust its strategies to increase sales and to improve segment profit. # 業務回顧 截至二零二五年九月三十日止六個月，本集團主要從事採購及銷售金屬礦物及相關工業原料以及生產及銷售工業用產品業務。 # 收益及毛利 截至二零二五年九月三十日止六個月，本集團收益由截至二零二四年九月三十日止六個月之約291,858,000港元增加約 $27\%$ 至截至二零二五年九月三十日止六個月之約371,705,000港元。截至二零二五年九月三十日止六個月，本集團錄得毛利增加，由截至二零二四年九月三十日止六個月的毛損約5,421,000港元增加至截至二零二五年九月三十日止六個月的毛利約793,000港元。 就採購及銷售金屬礦物及相關工業原料業務而言，分類收益由截至二零二四年九月三十日止六個月之約255,263,000港元增加約 $16\%$ 至截至二零二五年九月三十日止六個月之約297,057,000港元。此分類呈報之分類溢利由截至二零二四年九月三十日止六個月之約845,000港元增加約 $209\%$ 至截至二零二五年九月三十日止六個月之約2,607,000港元。本集團於此業務中擔任委託人，原因是本集團與供應商及客戶訂立不同的銷售及採購協議而承擔存貨風險，並可自由釐定所售產品的價格。 就寧夏華夏環保資源綜合利用有限公司（「環保公司」）之生產及銷售工業用產品業務而言，分類收益由截至二零二四年九月三十日止六個月之約36,595,000港元增加約 $104\%$ 至截至二零二五年九月三十日止六個月之約74,468,000港元。此分類呈報之分類虧損由截至二零二四年九月三十日止六個月之約6,520,000港元減少約 $71\%$ 至截至二零二五年九月三十日止六個月之約1,867,000港元。由於上游原料價格仍居高不下，環保公司需要持續調整其策略，以增加銷售額並提高分類溢利。 # MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 # Other Net Expenses For the six months ended 30 September 2025, the Group recorded the other net expenses of approximately HK$612,000 (Six months ended 30 September 2024: approximately HK$861,000), which mainly comprised the net foreign exchange gain or loss together with the interest income and sundry income. The net foreign exchange gain or loss was attributable to the exposure to foreign exchange risk, which was mainly related to RMB and USD. # Administrative Expenses For the six months ended 30 September 2025, the Group recorded the administrative expenses of approximately HK$7,225,000 (Six months ended 30 September 2024: approximately HK$9,921,000). The overall administrative expenses of the Group decreased by approximately $27\%$ as compared to the six months ended 30 September 2024. Administrative expenses primarily included staff costs, general administrative expenses and depreciation. # Other Operating Expenses For the six months ended 30 September 2025, the Group recorded the other operating expenses of approximately HK$5,771,000 (Six months ended 30 September 2024: approximately HK$3,105,000). Other operating expenses included, reversal of impairment loss/impairment loss recognised on deposits and other receivables, impairment loss recognised on amount due from a non-controlling interest, and write-down on inventories. # Reversal of Loss Allowance on Trade Receivables For the six months ended 30 September 2025, the Group recorded the reversal of loss allowance on trade receivables of approximately HK$2,923,000 (Six months ended 30 September 2024: approximately HK$2,352,000). For the year ended 31 March 2025, the Group has provided, after making reference to the assessment of a valuation specialist, a specific expected credit loss of approximately HK$39,130,000 as one of the debtors of the Group being subject to a voluntary debt restructuring repayment plan approved by the court of PRC. # 其他開支淨額 於截至二零二五年九月三十日止六個月，本集團錄得其他開支淨額約612,000港元（截至二零二四年九月三十日止六個月：約861,000港元），主要是指匯兌收益或虧損淨額，以及利息收入及雜項收入。匯兌收益或虧損淨額主要來自與人民幣及美元相關的外匯風險。 # 行政開支 於截至二零二五年九月三十日止六個月，本集團錄得行政開支約7,225,000港元（截至二零二四年九月三十日止六個月：約9,921,000港元）。本集團的整體行政開支較截至二零二四年九月三十日止六個月減少約 $27\%$ 。行政開支主要包括員工成本、一般行政開支及折舊。 # 其他經營開支 於截至二零二五年九月三十日止六個月，本集團錄得其他經營開支約5,771,000港元（截至二零二四年九月三十日止六個月：約3,105,000港元）。其他經營開支包括按金及其他應收款項減值虧損撥回/已確認減值虧損、應收非控股權益款項已確認減值虧損及存貨撇減。 # 應收貿易款項虧損撥備撥回 截至二零二五年九月三十日止六個月，本集團錄得應收貿易款項虧損撥備撥回約2,923,000港元（截至二零二四年九月三十日止六個月：約2,352,000港元）。截至二零二五年三月三十一日止年度，本集團經參考估值專家的評估後，已計提特定預期信貸虧損約39,130,000港元，原因为本集團其中一名債務人須遵守中國法院批准的自願債務重組還款計劃清還款項。 # Finance Costs For the six months ended 30 September 2025, the Group had no finance costs recorded (Six months ended 30 September 2024: approximately HK$197,000). The Group's management is continuously and carefully monitoring the Group's capital structure in order to utilize the available financial resources to meet its ongoing operational requirements and business expansion. The Group may consider to make the discounting arrangement of bills receivables to maintain certain level of cash flows as and when appropriate and necessary. # Loss for the Period For the six months ended 30 September 2025, the Group recorded a decrease in loss by approximately $46\%$ from approximately HK\ $17,403,000 for the six months ended 30 September 2024 to approximately HK\$ 9,430,000 for the six months ended 30 September 2025. The Group has been implementing austerity measures to control the operation cost and capital expenditure in order to reserve a sufficient level of resources and capital. The Group's management has been paying vigilant attention to the fluctuation of various foreign currencies and is constantly and closely monitoring the foreign currency exposure. For details, please refer to the section under the heading "Foreign Currency Management" below. # FINANCIAL REVIEW # Liquidity, Financial Resources and Capital Structure The Group financed its operations mainly by cash generated from its business activities and credit facilities provided by banks. As at 30 September 2025, the Group's current assets were approximately HK$468,334,000 (31 March 2025: approximately HK$458,409,000), comprising cash and bank balances of approximately HK$6,365,000 (31 March 2025: approximately HK$3,134,000). The Group's current ratio, calculated based on current assets of approximately HK\(468,334,000 (31 March 2025: approximately HK\)458,409,000) over current liabilities of approximately HK\)150,460,000 (31 March 2025: approximately HK$132,630,000) was 3.11, which was less than the corresponding ratio as at 31 March 2025 (31 March 2025: 3.46). As at 30 September 2025, the Group's trade payables were approximately HK$114,195,000 (31 March 2025: approximately HK$88,479,000); trade receivables were approximately HK$159,829,000 (31 March 2025: approximately HK$132,838,000). # 融資成本 於截至二零二五年九月三十日止六個月，本集團並無錄得任何融資成本（截至二零二四年九月三十日止六個月：約197,000港元）。本集團管理層持續及審慎監察本集團之資本架構，以動用可用財務資源應付持續營運需要及業務擴張。本集團可能考慮在適當及必要時作出應收票據的貼現安排以維持一定水平的現金流量。 # 期内虧損 截至二零二五年九月三十日止六個月，本集團錄得虧損減少，由截至二零二四年九月三十日止六個月約17,403,000港元減少約 $46\%$ 至截至二零二五年九月三十日止六個月約9,430,000港元。本集團一直採取緊縮措施控制營運成本及資本開支，以儲蓄足夠的資源及資本水平。 本集團管理層一直緊密留意若干外幣的波動，並會持續密切監察外匯風險。有關詳情，請參閱下文「外匯管理」一節。 # 財務回顧 # 流動資金、財務資源及資本架構 本集團主要以其業務活動所產生之現金及銀行提供之信貸融資為經營業務提供資金。於二零二五年九月三十日，本集團之流動資產為約468,334,000港元（二零二五年三月三十一日：約458,409,000港元），包括現金及銀行結餘約6,365,000港元（二零二五年三月三十一日：約3,134,000港元）。 根據流動資產約468,334,000港元（二零二五年三月三十一日：約458,409,000港元）除以流動負債約150,460,000港元（二零二五年三月三十一日：約132,630,000港元）計算，本集團之流動比率為3.11，該比率少於二零二五年三月三十一日的相應比率（二零二五年三月三十一日：3.46）。 於二零二五年九月三十日，本集團之應付貿易款項為約114,195,000港元（二零二五年三月三十一日：約88,479,000港元）；應收貿易款項為約159,829,000港元（二零二五年三月三十一日：約132,838,000港元）。 # MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 As at 30 September 2025, the Group's equity attributable to owners of the Company decreased to approximately HK$384,447,000 (31 March 2025: approximately HK$385,067,000). No material change is recorded in equity attributable to owners of the Company from 31 March 2025 up till 30 September 2025. During the six months ended 30 September 2025, the Group continued to implement a prudent financial management policy to protect the shareholders' interest of the Group. The management will keep on exploring the feasibility of carrying out certain financing activities, with the support from financial and securities institutions and professional advisors, to meet its ongoing operational requirements and business expansions requirements. # Material Acquisitions and Disposals The Group had no material acquisitions and disposals for the six months ended 30 September 2025. # Foreign Currency Management The monetary assets and liabilities as well as business transactions of the Group are mainly carried out and conducted in HK$, RMB and USD. The Group maintains a strategy in its foreign currency risk management, primarily by including the estimated exchange differences on currency exposure in our pricing of metal minerals trading to minimize the impact of foreign exchange risk on the Group's profit. The Group will enter into forward foreign exchange contracts to hedge against the Group's currency exposure if appropriate and necessary. The management thus believes the current level of bank balances, certain receivables and payables denominated in RMB and USD expose the Group to a manageable foreign currency risk. The management is paying vigilant attention to the fluctuation of RMB and is constantly and closely monitoring the foreign currency exposure. The Group will further consider using any appropriate financial derivatives to hedge against the Group's currency risk and manage its exposure. # Capital Commitment As at 30 September 2025, the Group had no capital commitment (31 March 2025: nil). # Contingent Liabilities As at 30 September 2025, the Group had no material contingent liabilities (31 March 2025: nil). 於二零二五年九月三十日，本公司擁有人應佔本集團權益減少至約384,447,000港元（二零二五年三月三十一日：約385,067,000港元）。自二零二五年三月三十一日起直至二零二五年九月三十日，本公司擁有人應佔權益概無錄得重大變動。 截至二零二五年九月三十日止六個月，本集團繼續採取審慎財務管理政策以保障本集團股東之權益。管理層將在金融證券機構及專業顧問之支援下繼續探尋進行若干融資活動之可行性，以應付其持續營運及業務擴張需求。 # 重大收購及出售事項 截至二零二五年九月三十日止六個月，本集團概無重大收購及出售事項。 # 外匯管理 本集團之貨幣資產及負債以及業務交易主要以港元、人民幣及美元列賬和進行。本集團恪守外匯風險管理政策，主要透過在金屬礦物貿易的定價中計入所面臨的估計貨幣匯允差異，藉以將外匯風險對本集團溢利之影響降至最低。本集團將訂立遠期外匯合約對沖本集團之外匯風險（倘適用及必要）。因此，管理層認為，當前以人民幣及美元計值之銀行結餘、若干應收款項及應付款項水平為本集團帶來可受控制之外匯風險。管理層正緊密留意人民幣的波動，並會持續密切監察外匯風險。本集團將進一步考慮利用任何合適的金融衍生工具對沖其貨幣風險及管理其所面對的風險。 # 資本承擔 於二零二五年九月三十日，本集團並無資本承擔（二零二五年三月三十一日：無）。 # 或然負債 於二零二五年九月三十日，本集團並無重大或然負債（二零二五年三月三十一日：無）。 # Events After The Reporting Period Based on the information currently available, the Directors confirm that there has been no material adverse change in the financial or trading position of the Group since the end of the reporting period and up to the date of this interim report. # Employees and Remuneration Policy As at 30 September 2025, the Group had a total of 134 employees and directors (30 September 2024: 135). The Group's staff costs, including directors' remuneration, amounted to approximately HK$11,240,000 (Six months ended 30 September 2024: approximately HK$11,418,000). Remuneration packages for employees and directors are structured by reference to market terms and individual competence, performance and experience. Benefits plans maintained by the Group include provident fund scheme, medical insurance and discretionary bonuses. # PROSPECTS For the second half of 2025 the economic outlook faces challenges, with global growth potentially slowing and inflation prospects becoming more complex due to factors such as US tariff policies and geopolitical risks. Driven by both global industrial development and the clean energy transition, the global steel industry continues to pose a sustainable demand, alongside with the battery industry increasingly relying on high-purity manganese. In terms of demand, the traditional steel industry remains the dominant consumer of manganese ore, accounting for approximately $90\%$ of global manganese consumption. In 2025, with the development of infrastructure in Asia and the global automotive industry, the demand for manganese in steel production is expected to remain stable. On the other hand, the battery industry is becoming a new growth point for manganese demand. With the rapid development of the electric vehicle industry, the application of manganese in lithium-ion batteries is expanding, particularly in nickel-cobalt-manganese cathode materials. Due to the low grade, high impurities, and high mining costs of domestic manganese ore, large quantities of manganese need to be imported from overseas to meet the downstream market. Our Group has also benefited from this, with an increase in the number of domestic customers in the first half of the year, and it is expected that the current demand will be sustained in the second half of the year. # 報告期後事項 根據現時可得之資料，董事確認，由報告期後截至本中期報告日期，本集團財務或經營狀況並無重大不利變動。 # 僱員及薪酬政策 於二零二五年九月三十日，本集團之僱員及董事共134人（二零二四年九月三十日：135人）。本集團之員工成本（包括董事酬金）為約11,240,000港元（截至二零二四年九月三十日止六個月：約11,418,000港元）。僱員及董事之薪酬組合乃參考市場條款及個人之能力、表現及經驗而制定。本集團提供之福利計劃包括公積金計劃、醫療保險及酌情花紅。 # 前景 二零二五年下半年經濟前景面臨挑戰，全球成長可能放緩，且受美國關稅政策、地緣政治風險等因素影響，通脹前景因而變得複雜。在全球工業發展與清潔能源轉型的雙重驅動下，全球鋼鐵產業的持續需求以及電池行業對高純度錙的日益依賴。需求方面，傳統鋼鐵行業仍是錙礦消耗的絕對主力，佔全球錙用量的約 $90\%$ 。二零二五年，隨著亞洲基礎設施建設和全球汽車行業的發展，鋼鐵生產對錙的需求將保持穩定。電池行業正成為錙需求的新增長點。隨著電動汽車產業的快速發展，錙在鋰離子電池中的應用正日益擴大，尤其是鎳鈷錙陰極材料中的使用。由於國內鋰礦石品位低、雜質高且開採成本大，為滿足下游市場的需求，所以需要大量從海外進口。本集團亦受惠於此，上半年度國內客戶數量上升，亦預計下半年度能維持現有的需求。 # MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 Furthermore, the global sulfuric acid market is facing continuous supply expansion and structural shift in demand. Capacity growth in smelting acid and emerging demand sectors is set to reshape the industry landscape. In 2025, the sulfuric acid market has been operating amidst capacity expansion and demand diversification. Global sulfuric acid capacity is expected to grow continuously, with the main increase coming from the ongoing expansion of smelting acid capacity. Meanwhile, the recovery in demand for traditional phosphate fertilizers remains slow, making the new energy sector a critical driver of demand growth. When facing market changes, the Group takes an optimistic view to capture any potential business opportunity but with a note of caution. The Group will seek a balance in the unstable economic recovery, seize upcoming business opportunities, and further improving and enhancing returns to its shareholders. 另外全球硫酸市場正面臨供應持續擴張與需求結構轉變，冶煉酸產能增長與新興需求領域將重塑行業格局。二零二五年硫酸市場在產能擴張與需求分化的背景下運行，全球硫酸產能預計持續增長，主要增量仍來自冶煉酸產能的持續釋放。與此同時，傳統磷肥需求復甦緩慢，新能源領域成為需求增長的重要突破口。 面對市場變化，本集團雖然樂觀，但更為謹慎。本集團會在不穩定的經濟復甦中尋找平衡，把握即將到來的商機，進一步改善及提升為股東帶來的回報。 # CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS # 簡明綜合損益表 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 rowspan="2">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></tr><tr><td></td><td>Notes</td><td>附註</td><td></td></tr><tr><td>Revenue</td><td>收益</td><td>4(a)</td><td>371,705</td></tr><tr><td>Cost of sales</td><td>銷售成本</td><td></td><td>(370,912)</td></tr><tr><td>Gross profit/(loss)</td><td>毛利/(毛損)</td><td></td><td>793</td></tr><tr><td>Other net expenses</td><td>其他開支淨額</td><td>5</td><td>(612)</td></tr><tr><td>Selling and distribution costs</td><td>銷售及分銷成本</td><td></td><td>(53)</td></tr><tr><td>Administrative expenses</td><td>行政開支</td><td></td><td>(7,225)</td></tr><tr><td>Reversal of loss allowance on trade receivables</td><td>應收貿易款項虧損撥備撥回</td><td></td><td>2,923</td></tr><tr><td>Other operating expenses</td><td>其他經營開支</td><td></td><td>(5,771)</td></tr><tr><td>Loss from operations</td><td>經營虧損</td><td></td><td>(9,945)</td></tr><tr><td>Finance costs</td><td>融資成本</td><td>6(a)</td><td>-</td></tr><tr><td>Loss before taxation</td><td>除稅前虧損</td><td>6</td><td>(9,945)</td></tr><tr><td>Income tax</td><td>所得稅</td><td>7</td><td>515</td></tr><tr><td>Loss for the period</td><td>期內虧損</td><td></td><td>(9,430)</td></tr><tr><td>Attributable to:</td><td>下列人士應佔：</td><td></td><td></td></tr><tr><td>Owners of the Company</td><td>本公司擁有人</td><td></td><td>(9,432)</td></tr><tr><td>Non-controlling interests</td><td>非控股權益</td><td></td><td>2</td></tr><tr><td>Loss for the period</td><td>期內虧損</td><td></td><td>(9,430)</td></tr><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 Cent 港仙 (unaudited) (未經審核)</td><td>2024 二零二四年 HK Cent 港仙 (unaudited) (未經審核)</td></tr><tr><td>Loss per share</td><td>每股虧損</td><td>9</td><td></td></tr><tr><td>Basic and diluted</td><td>基本及攤薄</td><td></td><td>(0.045)</td></tr><tr><td></td><td></td><td></td><td>(0.083)</td></tr></table> The notes on pages 17 to 35 form part of this condensed consolidated financial statements. 第17頁至35頁之附註為本簡明綜合財務報表之一部分。 # 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 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>Loss for the period</td><td>期內虧損</td><td>(9,430)</td><td>(17,403)</td></tr><tr><td>Other comprehensive income for the period</td><td>期內之其他全面收益</td><td></td><td></td></tr><tr><td>Items that may be reclassified subsequently to profit or loss:</td><td>於往後可能重新分類至 損益之項目:</td><td></td><td></td></tr><tr><td>Exchange differences arising on translation of financial statements of subsidiaries</td><td>換算附屬公司財務報表 產生之匯兌差異</td><td>8,707</td><td>10,905</td></tr><tr><td>Other comprehensive income for the period (net of nil tax (2024: nil))</td><td>期內之其他全面收益(扣除 零税項(二零二四年:零))</td><td>8,707</td><td>10,905</td></tr><tr><td>Total comprehensive expenses for the period</td><td>期內全面開支總額</td><td>(723)</td><td>(6,498)</td></tr><tr><td>Attributable to:</td><td>下列人士應佔：</td><td></td><td></td></tr><tr><td>Owners of the Company</td><td>本公司擁有人</td><td>(620)</td><td>(6,387)</td></tr><tr><td>Non-controlling interests</td><td>非控股權益</td><td>(103)</td><td>(111)</td></tr><tr><td></td><td></td><td>(723)</td><td>(6,498)</td></tr></table> The notes on pages 17 to 35 form part of this condensed consolidated financial statements. 第17頁至35頁之附註為本簡明綜合財務報表之一部分。 # 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 rowspan="35" colspan="2"></td><td rowspan="35">At 30 September 2025 於二零二五年 九月三十日 HK$'000 千港元 (unaudited) (未經審核)</td><td rowspan="35">At 31 March 2025 於二零二五年 三月三十一日 HK$'000 千港元 (audited) (經審核)</td></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></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 colspan="2"></td><td>At 30 September 2025 於二零二五年 九月三十日 HK$'000 千港元 (unaudited) (未經審核)</td><td>At 31 March 2025 於二零二五年 三月三十一日 HK$'000 千港元 (audited) (經審核)</td></tr><tr><td>Non-current liabilities</td><td>非流動負債</td><td></td><td></td></tr><tr><td>Deferred tax liabilities</td><td>遞延稅項負債</td><td>66</td><td>66</td></tr><tr><td></td><td></td><td>66</td><td>66</td></tr><tr><td>Net assets</td><td>資產淨值</td><td>374,931</td><td>375,654</td></tr><tr><td>Equity</td><td>權益</td><td></td><td></td></tr><tr><td>Equity attributable to owners of the Company</td><td>本公司擁有人應佔權益</td><td></td><td></td></tr><tr><td>Share capital</td><td>股本</td><td>4,217</td><td>4,217</td></tr><tr><td>Reserves</td><td>儲備</td><td>380,230</td><td>380,850</td></tr><tr><td></td><td></td><td>384,447</td><td>385,067</td></tr><tr><td>Non-controlling interests</td><td>非控股權益</td><td>(9,516)</td><td>(9,413)</td></tr><tr><td>Total equity</td><td>權益總額</td><td>374,931</td><td>375,654</td></tr></table> The notes on pages 17 to 35 form part of this condensed consolidated financial statements. 第17頁至35頁之附註為本簡明綜合財務報表之一部分。 # 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 colspan="11">Attributable to owners of the Company 本公司擁有人應佔</td><td rowspan="2">Non-controlling interests</td><td>Total equity</td></tr><tr><td>Share capital 股本 HK$'000 千港元</td><td>Share premium 股份溢價 HK$'000 千港元</td><td>Merger reserve 合併儲備 HK$'000 千港元</td><td>Capital reserve 資本儲備 HK$'000 千港元</td><td>Statutory reserves 法定儲備 HK$'000 千港元</td><td>Contributed surplus 實繳盈餘 HK$'000 千港元</td><td>Exchange reserve 匯兌儲備 HK$'000 千港元</td><td>Retained profits 保留溢利 HK$'000 千港元</td><td>Total 總計 非控股權益 HK$'000 千港元</td><td></td><td></td><td></td></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>4,217</td><td>41,970</td><td>(1,522)</td><td>7,851</td><td>17,204</td><td>31,960</td><td>(47,364)</td><td>381,315</td><td>435,631</td><td>(9,251)</td><td>426,380</td><td></td><td></td></tr><tr><td>Loss for the period</td><td>期內虧損</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(17,415)</td><td>(17,415)</td><td>12</td><td>(17,403)</td><td></td><td></td></tr><tr><td>Exchange differences arising on translation of financial statements of subsidiaries</td><td>換算附屬公司財務報表產生之匯兌差異</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>11,028</td><td>-</td><td>11,028</td><td>(123)</td><td>10,905</td><td></td><td></td></tr><tr><td>Total comprehensive expenses for the period</td><td>期內全面開支總額</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>11,028</td><td>(17,415)</td><td>(6,387)</td><td>(111)</td><td>(6,498)</td><td></td><td></td></tr><tr><td>Utilisation of reserve</td><td>動用儲備</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(1,168)</td><td>-</td><td>-</td><td>1,168</td><td>-</td><td>-</td><td>-</td><td></td><td></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>4,217</td><td>41,970</td><td>(1,522)</td><td>7,851</td><td>16,036</td><td>31,960</td><td>(36,336)</td><td>365,068</td><td>429,244</td><td>(9,362)</td><td>419,882</td><td></td><td></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>4,217</td><td>41,970</td><td>(1,522)</td><td>7,851</td><td>16,021</td><td>31,960</td><td>(52,047)</td><td>336,617</td><td>385,067</td><td>(9,413)</td><td>375,654</td><td></td><td></td></tr><tr><td>Loss for the period</td><td>期內虧損</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(9,432)</td><td>(9,432)</td><td>2</td><td>(9,430)</td><td></td><td></td></tr><tr><td>Exchange differences arising on translation of financial statements of subsidiaries</td><td>換算附屬公司財務報表產生之匯兌差異</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8,812</td><td>-</td><td>8,812</td><td>(105)</td><td>8,707</td><td></td><td></td></tr><tr><td>Total comprehensive expenses for the period</td><td>期內全面開支總額</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8,812</td><td>(9,432)</td><td>(620)</td><td>(103)</td><td>(723)</td><td></td><td></td></tr><tr><td>Transfer from retained profits to statutory reserves</td><td>由保留溢利轉撥至法定儲備</td><td>-</td><td>-</td><td>-</td><td>-</td><td>404</td><td>-</td><td>-</td><td>(404)</td><td>-</td><td>-</td><td>-</td><td></td><td></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>4,217</td><td>41,970</td><td>(1,522)</td><td>7,851</td><td>16,425</td><td>31,960</td><td>(43,235)</td><td>326,781</td><td>384,447</td><td>(9,516)</td><td>374,931</td><td></td><td></td></tr></table> The notes on pages 17 to 35 form part of this condensed consolidated financial statements. 第17頁至35頁之附註為本簡明綜合財務報表之一部分。 # 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 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>Net cash generated from operating activities</td><td>來自經營活動之現金淨額</td><td>11,818</td><td>9,817</td></tr><tr><td>Net cash used in investing activities</td><td>用於投資活動之現金凈額</td><td>(8,645)</td><td>(10,386)</td></tr><tr><td>Net increase/(decrease) in cash and cash equivalents</td><td>現金及現金等值物增加/ (減少)淨額</td><td>3,173</td><td>(569)</td></tr><tr><td>Cash and cash equivalents at beginning of the period</td><td>於期初之現金及現金等值物</td><td>3,134</td><td>6,503</td></tr><tr><td>Effect of foreign exchange rate changes</td><td>匯率變動之影響</td><td>58</td><td>127</td></tr><tr><td>Cash and cash equivalents at end of the period</td><td>於期末之現金及現金等值物</td><td>6,365</td><td>6,061</td></tr></table> The notes on pages 17 to 35 form part of this condensed consolidated financial statements. 第17頁至35頁之附註為本簡明綜合財務報表之一部分。 # 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 The Company is an exempted company incorporated in Bermuda with limited liability and its shares are listed on the Stock Exchange. The Company's registered office is located at Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda and the principal place of business in Hong Kong of the Company is located at Unit 1102, 11/F, Shui On Centre, No. 6-8 Harbour Road, Wanchai, Hong Kong. The Company is an investment holding company. Its subsidiaries are currently engaged in sourcing and sale of metal minerals and related industrial materials and production and sale of industrial products. # 2. BASIS OF PREPARATION The condensed consolidated financial statements have been prepared in accordance with the applicable disclosure provision of Appendix D2 to the Listing Rules including compliance with Hong Kong Accounting Standard ("HKAS") 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA"). It was authorised for issue on 26 November 2025. The condensed consolidated financial statements have been prepared in accordance with the same accounting policies adopted in the 2025 annual financial statements, except for the accounting policy changes that are expected to be reflected in the 2026 annual financial statements which are set out in note 3. # 1. 一般資料 本公司於百慕達註冊成立為獲豁免有限公司，其股份在聯交所上市。本公司註冊辦事處位於Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda，而本公司之香港主要營業地點為香港灣仔港灣道6-8號瑞安中心11樓1102室。 本公司為投資控股公司。其附屬公司現時從事採購及銷售金屬礦物及相關工業原料以及生產及銷售工業用產品。 # 2. 編製基準 簡明綜合財務報表已按照上市規則附錄D2的適用披露規定，包括遵照香港會計師公會（「香港會計師公會」）所頌佈之香港會計準則（「香港會計準則」）第34號「中期財務報告」而編製。有關財務報表於二零二五年十一月二十六日獲授權刊發。 除附註3所載預期將於二零二六年年度財務報表內反映之會計政策變動外，簡明綜合財務報表已按照二零二五年年度財務報表所採納之相同會計政策而編製。 # 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. APPLICATION OF AMENDMENTS TO HKFRS ACCOUNTING STANDARDS In the current interim period, the Group has applied the following amendments to Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards and Interpretation (hereinafter collectively referred to as the "HKFRS Accounting Standards") issued by HKICPA, for the first time, which are mandatory effective for the annual period beginning on or after 1 April 2025 for the preparation of the Group's condensed consolidated financial statements: Amendments to Lack of Exchangeability HKAS 21 The Group has not applied any new standard or amendment that is not yet effective for the current accounting period. The application of the above amendments did not have any material impact on the condensed consolidated financial statements of the Group. Save as disclosed in the annual report for the year ended 31 March 2025, the directors of the Company anticipate that the application of the other new and revised standards and amendments issued but not yet effective will have no material impact on the results and financial position of the Group. # 3. 應用香港財務報告準則會計準則之修訂本 於本中期期間，本集團已首次應用下列由香港會計師公會頒佈之香港財務報告準則、香港會計準則及詮釋（以下統稱「香港財務報告準則會計準則」）之修訂本，有關修訂本於二零二五年四月一日或之後開始的年度期間強制生效，以編製本集團簡明綜合財務報表： 香港會計準則 缺乏可兑换性 第21號之修訂本 本集團並無應用任何於當前會計期間尚未生效的新訂準則或修訂本。應用上述修訂本並無對本集團簡明綜合財務報表造成任何重大影響。 除截至二零二五年三月三十一日止年度的年度報告所披露者外，本公司董事預期採納其他新訂及經修訂準則及已頌佈但尚未生效的修訂本將不會對本集團之業績及財務狀況造成重大影響。 # 4. REVENUE AND SEGMENT REPORTING # 4. 收益及分類報告 (a) Revenue (i) Disaggregation of revenue Disaggregation of revenue from contracts with customers by major products is as follows: (a) 收益 (i) 收益分拆 按主要產品分拆客戶合約收益如下： 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>Revenue from contracts with customers within the scope of HKFRS 15</td><td>香港財務報告準則第15號 範圍內之客戶合約收益</td><td></td><td></td></tr><tr><td>Sourcing and sale of metal minerals and related industrial materials</td><td>採購及銷售金屬礦物及相關工業原料</td><td>297,057</td><td>255,263</td></tr><tr><td>Production and sale of industrial products</td><td>生產及銷售工業用產品</td><td>74,648</td><td>36,595</td></tr><tr><td></td><td></td><td>371,705</td><td>291,858</td></tr><tr><td>Revenue from the above categories are recognised at point in time.</td><td></td><td>來自上述類別的收益於某一時間點確認。</td><td></td></tr><tr><td>The Group's revenue from operations are derived from activities in the PRC and other Asian countries.</td><td></td><td>本集團經營業務所得收益乃源自中國和其他亞洲國家的業務活動。</td><td></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 # 4. REVENUE AND SEGMENT REPORTING (continued) # (a) Revenue (continued) (ii) Revenue expected to be recognised in the future arising from contracts with customers in existence at the reporting date All sales contracts with customers are for periods of one year or less. As permitted under HKFRS 15, the transaction price allocated to these contracts for the remaining unsatisfied performance obligations is not disclosed. # (b) Segment reporting The Group manages its businesses by divisions, which are organised by business lines. In a manner consistent with the way in which information is reported internally to the Group's chief executive officer (the chief operating decision maker) for the purposes of resources allocation and performance assessment, the Group has presented the following three reportable segments. (i) Sourcing and sale of metal minerals and related industrial materials; (ii) Production and sale of industrial products; and (iii) Others Others segment represents business activities and operating segments not separately reported, including provision of logistics services. The measure used for reporting segment profit/ (loss) is gross profit/(loss) less selling and distribution costs of each segment. # 4. 收益及分類報告(續) # (a) 收益(續) (ii) 預期未來將就於報告日期存續的客戶合約確認之收益 所有客戶銷售合約為期一年或以內。如香港財務報告準則第15號所准許，就餘下未履行之履約責任而分配至該等合約之交易價格未予以披露。 # (b) 分類報告 本集團按分類管理其業務，而分類則按業務類別組成。按就資源分配及表現評估而向本集團行政總裁（主要營運決策人）內部匯報資料之方式一致，本集團已呈列下列三個可呈報分類。 (i) 採購及銷售金屬礦物及相關工業原料； (ii) 生產及銷售工業用產品；及 (iii) 其他 其他分類指並未單獨呈報的業務活動及經營分類，包括提供物流服務。 呈報分類溢利／(虧損)所用之計量方式為各分類之毛利/(毛損)減銷售及分銷成本。 # 4. REVENUE AND SEGMENT REPORTING (continued) # (b) Segment reporting (continued) Information regarding the Group's reportable segments as provided to the Group's chief executive officer for the purposes of resources allocation and assessment of segment performance for the six months ended 30 September 2025 and 2024 are set out below: # 4. 收益及分類報告(續) # (b) 分類報告(續) 截至二零二五年及二零二四年九月三十日止六個月，提供予本集團行政總裁作資源分配及評估分類表現之本集團可呈報分類之資料載列如下： <table><tr><td rowspan="3" colspan="2"></td><td colspan="4">Six months ended 30 September 2025 (unaudited) 截至二零二五年九月三十日止六個月(未經審核)</td></tr><tr><td rowspan="2">Sourcing and sale of metal minerals and related industrial materials 採購及銷售 金屬礦物 及相關 工業原料 HK$'000 千港元</td><td>Production and sale of industrial products</td><td>Others</td><td>Total</td></tr><tr><td>生產及銷售 工業用產品 HK$'000 千港元</td><td>其他 HK$'000 千港元</td><td>總計 HK$'000 千港元</td></tr><tr><td>Reportable segment revenue from external customers</td><td>來自外界客戶之 可呈報分類收益</td><td>297,057</td><td>74,648</td><td>-</td><td>371,705</td></tr><tr><td>Reportable segment profit/(loss)</td><td>可呈報分類溢利/ (虧損)</td><td>2,607</td><td>(1,867)</td><td>-</td><td>740</td></tr></table> # NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS # 簡明綜合財務報表附註 For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 # 4. REVENUE AND SEGMENT REPORTING (continued) (b) Segment reporting (continued) # 4. 收益及分類報告(續) (b) 分類報告(續) Six months ended 30 September 2024 (unaudited) 截至二零二四年九月三十日止六個月（未經審核） <table><tr><td rowspan="2">Sourcing and sale of metal minerals and related industrial materials 採購及銷售 金屬礦物 及相關 工業原料 HK$'000 千港元</td><td>Production and sale of industrial products</td><td>Others</td><td>Total</td></tr><tr><td>生產及銷售 工業用產品</td><td>其他</td><td>總計 HK$'000 千港元</td></tr></table> <table><tr><td>Reportable segment revenue from external customers</td><td>來自外界客戶之可呈報分類收益</td><td>255,263</td><td>36,595</td><td>-</td><td>291,858</td></tr><tr><td>Reportable segment profit/(loss)</td><td>可呈報分類溢利/(虧損)</td><td>845</td><td>(6,520)</td><td>-</td><td>(5,675)</td></tr></table> There are no inter-segment sales for the six months ended 30 September 2025 and 2024. 截至二零二五年及二零二四年九月三十日止六個月，並無分類間銷售。 # 4. REVENUE AND SEGMENT REPORTING (continued) # (b) Segment reporting (continued) The following tables present segment assets and segment liabilities of the Group's reportable segments as at 30 September 2025 and 31 March 2025: # 4. 收益及分類報告(續) # (b) 分類報告(續) 下表呈列本集團之可呈報分類於二零二五年九月三十日及二零二五年三月三十一日之分類資產及分類負債： <table><tr><td rowspan="2" colspan="2"></td><td colspan="4">At 30 September 2025 (unaudited) 於二零二五年九月三十日(未經審核)</td></tr><tr><td>Sourcing and sale of metal minerals and related industrial materials 採購及銷售 金屬礦物 及相關 工業原料 HK$'000 千港元</td><td>Production and sale of industrial products</td><td>Others</td><td>Total</td></tr><tr><td>Reportable segment assets</td><td>可呈報分類資產</td><td>385,297</td><td>133,149</td><td>7</td><td>518,453</td></tr><tr><td>Reportable segment liabilities</td><td>可呈報分類負債</td><td>(105,771)</td><td>(37,764)</td><td>(3,588)</td><td>(147,123)</td></tr><tr><td rowspan="4" colspan="2"></td><td colspan="4">At 31 March 2025 (audited) 於二零二五年三月三十一日(經審核)</td></tr><tr><td rowspan="3">Sourcing and sale of metal minerals and related industrial materials 採購及銷售 金屬礦物 及相關 工業原料 HK$'000 千港元</td><td>Production and sale of industrial products</td><td>Others</td><td>Total</td></tr><tr><td>生產及銷售 工業用產品</td><td>其他</td><td>總計 HK$'000 千港元</td></tr><tr><td>千港元</td><td>千港元</td><td>千港元</td></tr><tr><td>Reportable segment assets</td><td>可呈報分類資產</td><td>359,619</td><td>144,107</td><td>7</td><td>503,733</td></tr><tr><td>Reportable segment liabilities</td><td>可呈報分類負債</td><td>(79,796)</td><td>(45,829)</td><td>(3,559)</td><td>(129,184)</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 # 4. REVENUE AND SEGMENT REPORTING (continued) (b) Segment reporting (continued) Reconciliation for reportable segment profit/ (loss): # 4. 收益及分類報告(續) (b) 分類報告(續) 可呈報分類溢利／(虧損)之對賬： <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>Profit/(loss)</td><td>溢利╱(虧損)</td><td></td><td></td></tr><tr><td>Total reportable segment profit/(loss) derived from the Group's external customers</td><td>來自本集團外界客戶之 可呈報分類溢利/(虧損)總額</td><td>740</td><td>(5,675)</td></tr><tr><td>Other net expenses</td><td>其他開支淨額</td><td>(612)</td><td>(861)</td></tr><tr><td>Depreciation for property, plant and equipment of reportable segment not included in measurement of segment profit/(loss)</td><td>於計算分類溢利/(虧損)時未計入之可呈報分類之物業、廠房及設備折舊</td><td>(2)</td><td>(2)</td></tr><tr><td>Depreciation for right-of-use assets of reportable segment not included in measurement of segment profit/(loss)</td><td>於計算分類溢利/(虧損)時未計入之可呈報分類之使用權資產折舊</td><td>(33)</td><td>(33)</td></tr><tr><td>Reversal of loss allowance on trade receivables</td><td>應收貿易款項虧損撥備撥回</td><td>2,923</td><td>2,352</td></tr><tr><td>Reversal of impairment loss on deposits and other receivables</td><td>按金及其他應收款項減值虧損撥回</td><td>294</td><td>8</td></tr><tr><td>Impairment loss recognised on amount due from a non-controlling interest</td><td>應收非控股權益款項已確認減值虧損</td><td>(224)</td><td>(213)</td></tr><tr><td>Write-down on inventories</td><td>存貨撇減</td><td>(5,841)</td><td>(2,900)</td></tr><tr><td>Written off of property, plant and equipment</td><td>物業、廠房及設備撇銷</td><td>(6)</td><td>(16)</td></tr><tr><td>Finance costs</td><td>融資成本</td><td>-</td><td>(197)</td></tr><tr><td>Unallocated head office and corporate expenses</td><td>未分配總辦事處及企業開支</td><td></td><td></td></tr><tr><td>- Staff costs (including directors'emoluments)</td><td>一員工成本(包括董事薪酬)</td><td>(3,705)</td><td>(3,479)</td></tr><tr><td>- Others</td><td>一其他</td><td>(3,479)</td><td>(6,391)</td></tr><tr><td>Consolidated loss before taxation</td><td>綜合除稅前虧損</td><td>(9,945)</td><td>(17,407)</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 # 5. OTHER NET EXPENSES # 5. 其他開支淨額 <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>Interest income on bank deposits</td><td>銀行存款之利息收入</td><td>1</td><td>29</td></tr><tr><td>Interest income on amount due from a non-controlling interest</td><td>應收非控股權益款項之 利息收入</td><td>224</td><td>213</td></tr><tr><td>Total interest income on financial assets measured at amortised cost</td><td>按攤銷成本計量之金融資產 之利息收入總額</td><td>225</td><td>242</td></tr><tr><td>Sundry income</td><td>雜項收入</td><td>28</td><td>92</td></tr><tr><td>Net foreign exchange loss</td><td>匯兌虧損淨額</td><td>(865)</td><td>(1,195)</td></tr><tr><td></td><td></td><td>(612)</td><td>(861)</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 # 6. LOSS BEFORE TAXATION Loss before taxation is arrived at after charging/ (crediting) the followings: # 6. 除稅前虧損 除稅前虧損已扣除／（抵免）下列各項： <table><tr><td rowspan="2" colspan="3"></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 rowspan="3">(a)</td><td>Finance costs</td><td>(a)</td><td>融資成本</td><td></td></tr><tr><td>Interest on lease liabilities</td><td></td><td>租賃負債利息</td><td>-</td></tr><tr><td>Total interest expense on financial liabilities not at fair value through profit or loss</td><td></td><td>並非按公允值計入損益之金融 負債之利息開支 總額</td><td>-</td></tr><tr><td rowspan="4">(b)</td><td>Employee benefits expenses (including directors' emoluments)</td><td>(b)</td><td>僱員福利開支 (包括董事薪酬)</td><td></td></tr><tr><td>Salaries, wages and other benefits</td><td></td><td>薪金、工資及其他福利</td><td>10,053</td></tr><tr><td>Contributions to defined contribution retirement plans</td><td></td><td>定額供款退休計劃之供款</td><td>1,187</td></tr><tr><td></td><td></td><td></td><td>11,240</td></tr><tr><td rowspan="10">(c)</td><td>Other items</td><td>(c)</td><td>其他項目</td><td></td></tr><tr><td>Cost of inventories (Note (i))</td><td></td><td>存貨成本 (附註(i))</td><td>370,912</td></tr><tr><td>Depreciation for property, plant and equipment</td><td></td><td>物業、廠房及設備折舊</td><td>1,394</td></tr><tr><td>Depreciation for right-of-use assets</td><td></td><td>使用權資產折舊</td><td>1,306</td></tr><tr><td>Impairment loss recognised on amount due from a non-controlling interest</td><td></td><td>已確認減值虧損</td><td>224</td></tr><tr><td>Operating lease charges: minimum lease payments (Note (ii))</td><td></td><td>經營租賃費用:最低 租賃付款 (附註(ii))</td><td>300</td></tr><tr><td>Reversal of loss allowance on trade receivables</td><td></td><td>應收貿易款項虧損 撥備撥回</td><td>(2,923)</td></tr><tr><td>Reversal of impairment loss on deposits and other receivables</td><td></td><td>按金及其他應收款項 減值虧損撥回</td><td>(294)</td></tr><tr><td>Write-down on inventories</td><td></td><td>存貨撇減</td><td>5,841</td></tr><tr><td>Written off of property, plant and equipment</td><td></td><td>物業、廠房及設備撇銷</td><td>6</td></tr></table> # 6. LOSS BEFORE TAXATION (continued) Notes: (i) Cost of inventories, being the carrying amount of inventories sold, included approximately HK$10,156,000 (2024: approximately HK$12,835,000) relating to employee benefits expenses and depreciation for property, plant and equipment and for right-of-use assets for the six months ended 30 September 2025 and 2024 which amounts were also included in the respective total amounts disclosed separately in notes 6(b) and 6(c) for each of these types of expenses. (ii) According to HKFRS 16 Leases, payments associated with short-term leases are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are within 12 months. # 6. 除稅前虧損(續) 附註： (i) 存貨成本（即已售存貨之賬面值）包括截至二零二五年及二零二四年九月三十日止六個月之有關僱員福利開支及物業、廠房及設備及使用權資產折舊約10,156,000港元（二零二四年：約12,835,000港元），有關款項亦已就各支出類別計入分別於附註6(b)及6(c)所披露之各項總額中。 (ii) 根據香港財務報告準則第16號租賃，與短期租賃相關的付款在損益內按直線法確認為開支。短期租賃乃於12個月內。 # 7. INCOME TAX IN THE CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS Income tax expense in the condensed consolidated statement of profit or loss represents: # 7. 簡明綜合損益表之所得稅 簡明綜合損益表之所得稅開支指： <table><tr><td rowspan="2" colspan="2"></td><td colspan="2">Six months ended 30 September 截至九月三十日止六個月</td></tr><tr><td>2025 二零二五年 HK$'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>Current tax</td><td>本期税項</td><td></td><td></td></tr><tr><td>- Hong Kong Profits Tax (Note (i))</td><td>- 香港利得稅 (附註(i))</td><td>-</td><td>-</td></tr><tr><td>- PRC Enterprise Income Tax ("EIT") (Note (ii))</td><td>- 中國企業所得稅(「企業 所得稅」)(附註(ii))</td><td>-</td><td>-</td></tr><tr><td></td><td></td><td>-</td><td>-</td></tr><tr><td>Over-provision of prior period</td><td>過往期間超額撥備</td><td></td><td></td></tr><tr><td>- Hong Kong Profits Tax</td><td>- 香港利得稅</td><td>-</td><td>-</td></tr><tr><td>- PRC EIT</td><td>- 中國企業所得稅</td><td>(515)</td><td>(4)</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>- 暫時差異之產生及撥回</td><td>-</td><td>-</td></tr><tr><td>Total</td><td>總計</td><td>(515)</td><td>(4)</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 IN THE CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS (continued) Notes: (i) No Hong Kong Profits Tax has been provided as the Group has no assessable profits or sufficient tax losses to set-off the assessable profits for the six months ended 30 September 2025 and 2024. (ii) Under the Law of PRC on EIT (the "EIT Law") and Implementation Regulation of the EIT Law, the EIT tax rate of the PRC subsidiaries is $25\%$ for the six months ended 30 September 2025 and 2024. According to a joint circular of the Ministry of Finance and State Administration of Taxation, Cai Shui 2008 No. 1, only the profits earned by foreign-investment enterprise prior to 1 January 2008, when distributed to for