Hunlicar Group LimitedHKEX: 3638

二零二五年中期報告

· MarketScreener


(Incorporated in the Cayman Islands with limited liability)

（於開曼群島註冊成立的有限公司）

(Stock code 股份代號: 3638)

INTERIM REPORT 中期報告

2025

Hunlicar Group Limited 亨利加集團有限公司

Interim Report 中期報告 2025

CONTENTS

目 錄

CORPORATE INFORMATION 2

公司資料

CONDENSED CONSOLIDATED INCOME STATEMENT 6

簡明合併收益表

CONDENSED CONSOLIDATED STATEMENT OF

COMPREHENSIVE INCOME 7

簡明合併綜合收益表

CONDENSED CONSOLIDATED STATEMENT OF

FINANCIAL POSITION 8

簡明合併財務狀況表

CONDENSED CONSOLIDATED STATEMENT OF

CHANGES IN EQUITY 10

簡明合併權益變動表

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 12

簡明合併現金流量表

NOTES TO INTERIM CONDENSED CONSOLIDATED

FINANCIAL INFORMATION 14

中期簡明合併財務資料附註

MANAGEMENT DISCUSSION AND ANALYSIS 44

管理層討論及分析

OTHER INFORMATION 86

其他資料

CORPORATE INFORMATION

公司資料 EXECUTIVE DIRECTORS

Mr Cheung Lit Wan Kenneth (Chairman)

Mr Chan Wing Sum (Chief Executive Officer)

Ms Luo Ying

INDEPENDENT NON-EXECUTIVE DIRECTORS

Mr Loo Hong Shing Vincent Mr Leung Wai Kwan

Mr Lee Ka Leung Daniel

AUTHORISED REPRESENTATIVES

Mr Chan Wing Sum

Ms Yan Hoi Ling Jovian (resigned on 30 June 2025)

Ms Ma Wing Yee (appointed on 30 June 2025 and resigned on 10 October 2025)

Mr Yuen Kit Wai (appointed on 10 October 2025)

COMPANY SECRETARY

Ms Yan Hoi Ling Jovian (resigned on 30 June 2025)

Ms Ma Wing Yee (appointed on 30 June 2025 and resigned on 10 October 2025)

Mr Yuen Kit Wai (appointed on 10 October 2025)

AUDIT COMMITTEE

Mr Loo Hong Shing Vincent (Chairman)

Mr Leung Wai Kwan Mr Lee Ka Leung Daniel

REMUNERATION COMMITTEE

Mr Loo Hong Shing Vincent (Chairman)

Ms Luo Ying

Mr Leung Wai Kwan

NOMINATION COMMITTEE

Mr Loo Hong Shing Vincent (Chairman)

Ms Luo Ying

Mr Leung Wai Kwan

執行董事

張烈雲先生（主席）

陳永森先生（行 政總裁）羅穎女士

獨立非執行董事

盧康成 先生梁煒堃先生李家樑先生

授權代表

陳永森先生

甄凱寧女士（於二零二五 年六月三十日辭任）馬詠儀女士（於二零二五年六月三十日獲委任

及於二零二五年十月十日辭任）

阮傑偉先生（於二零二五年十月十 日獲委任）

公司秘書

甄凱寧女士（於二零二五 年六月三十日辭任）馬詠儀女士（於二零二五年六月三十日獲委任

及於二零二五年十月十日辭任）

阮傑偉先生（於二零二五年十月十 日獲委任）

審核委員會

盧康成先生（主席）梁煒堃先生

李家樑先生

薪酬委員會

盧康成先生（主席）羅穎女士

梁煒堃先生

提名委員會

盧康成先生（主席）羅穎女士

梁煒堃先生

CORPORATE INFORMATION

公司資料 CORPORATE GOVERNANCE COMMITTEE

Mr Leung Wai Kwan (Chairman) Mr Cheung Lit Wan Kenneth Mr Loo Hong Shing Vincent

EXECUTIVE COMMITTEE

Mr Cheung Lit Wan Kenneth (Chairman)

Mr Chan Wing Sum Ms Luo Ying

REGISTERED OFFICE

Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman KY1-1111, Cayman Islands

HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS

22/F, Sun Hung Kai Centre 30 Harbour Road

Wan Chai Hong Kong

PRINCIPAL BANKERS

Bank of China (Hong Kong) Limited

Bank of Communications (Hong Kong) Limited China Everbright Bank Co., Ltd. Hong Kong Branch China Guangfa Bank Co., Ltd. Hong Kong Branch China Merchants Bank Co., Ltd. Hong Kong Branch Chiyu Banking Corporation Limited

Chong Hing Bank Limited

DBS Bank (Hong Kong) Limited Dah Sing Bank, Limited

Hang Seng Bank Limited

OCBC Wing Hang Bank Limited

Standard Chartered Bank (Hong Kong) Limited

The Hongkong and Shanghai Banking Corporation Limited

企業管治委員會

梁煒堃先生（主席）張烈雲先生

盧康成先生

執行委員會

張烈雲先生（主席）陳永森先生

羅穎女士

註冊辦事處

Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman KY1-1111, Cayman Islands

總辦事處及主要營業地點

香港灣仔

港灣道30 號

新鴻基中心22 樓

主要往來銀行

中國銀行（香港）有限公司交通銀行（香港）有限公司

中國光大銀行股份有 限公司香港分行廣發銀行股份有限公司香港分行

招商銀行股份有限 公司香港分行集友銀行有限公司

創興銀行有限公司

星展銀行（香港）有限公司大新銀行有限公司

恒生銀行有限公司

華僑永亨銀行 有限公司渣打銀行（香港）有限公司

香港上海滙豐銀行有限公司

CORPORATE INFORMATION

公司資料 PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE IN THE CAYMAN ISLANDS

Maples Fund Services (Cayman) Limited PO Box 1093, Boundary Hall

Cricket Square

Grand Cayman, KY1-1102 Cayman Islands

BRANCH SHARE REGISTRAR AND TRANSFER OFFICE IN HONG KONG

Tricor Investor Services Limited 17/F, Far East Finance Centre 16 Harcourt Road

Hong Kong

LEGAL ADVISERS TO THE COMPANY

As to Hong Kong law

King & Wood Mallesons

13/F, Gloucester Tower, The Landmark 15 Queen's Road Central

Hong Kong

AUDITOR

Baker Tilly Hong Kong Limited Certified Public Accountants Level 8, K11 ATELIER King's Road 728 King's Road, Quarry Bay Hong Kong

STOCK CODE

3638

COMPANY WEBSITE ADDRESS

https://3638hk.com

(information contained in this website does not form part of this report)

開曼群島主要股份及過戶登 記處

Maples Fund Services (Cayman) Limited PO Box 1093, Boundary Hall

Cricket Square

Grand Cayman, KY1-1102 Cayman Islands

香港股份過戶登記分處

卓佳證券登記 有限公司香港

夏慤道16 號

遠東金融中心17 樓

本公司法律顧問

有關香港 法律金杜律師事務所香港

皇后大道中15 號

置地廣場告羅士打大廈13 樓

核數師

天職香港會計師事務所有限公司

執業會計師

香港

鰂魚涌英皇道728 號 K11 ATELIER 8 樓

股份代號

3638

公司網址

https://3638hk.com

（本網站所載資料並不構成本報告 的一部分）

INTERIM RESULTS FOR THE SIX MONTHS ENDED

30 SEPTEMBER 2025

截至二零二五年九月三十日止 六個月中期業績

The board of Directors (the "Board") of Hunlicar Group Limited (the "Company") is pleased to announce the following unaudited interim condensed consolidated results of the Company and its subsidiaries (collectively, the "Group") for the six months ended 30 September 2025 ("Current Period") together with the unaudited comparative figures for the corresponding periods in 2024 ("Last Corresponding Period") as follows:

亨利加集團有限公司（「本 公司」）董事會（「董事會」）欣然公佈以下本公司及其附屬公司（統稱

「本集團」）截至二零二五年九月三十日止六個月（「本期」）的未經審核中期簡明合併業績，連同二零二四年同期（「去年同期」）的未經審核比較數字如下：

CONDENSED CONSOLIDATED INCOME STATEMENT

簡明合併收益表

For the six months ended 30 September 2025

截至二零二五年九月三十日止六個月

Unaudited未經審 核 Six months

ended 30 September

截至九月三十日止六個月

Note

附註

2025

二零二五 年

HK$'000

千港元

2024

二零二四 年

HK$'000

千港元

Revenue

收入

4

87,143

169,763

Cost of sales

銷售成本

(35,066)

(115,749)

Gross profit

毛利

52,077

54,014

Selling expenses

銷售費用

(690)

(840)

General and administrative expenses

一般及行政費用

(55,421)

(50,122)

Reversal of expected credit loss on

金融資產預期信 貸虧損

financial assets, net

撥回淨額

5

3

2,902

Other income and gains, net

其他收入及收益 ，淨額

6

6,769

3,610

Share of results from associates

分佔聯營公司業 績

(173)

-

Gain on bargain purchase of a subsidiary

附屬公司議價購 買收益

3,540

-

Operating profit

經營利潤

6,105

9,564

Finance costs

財務成本

7

(5,305)

(4,627)

Profit before income tax

扣除所得稅前利潤

8

800

4,937

Income tax expense

所得稅開支

9

(480)

(1,085)

Profit for the period

期間利潤

320

3,852

Profit/(loss) attributable to:

應佔利潤╱（虧損）：

Owners of the Company

本公司擁有人

680

1,143

Non-controlling interests

非控股權益

(360)

2,709

320

3,852

Earnings per share attributable to

本公司擁有人應佔 每股盈利

owners of the Company

Basic

基本

10

HK0.88 cent

0.88 港仙

HK1.45 cent

1.45 港仙

Diluted

攤薄

10

HK0.88 cent

0.88 港仙

HK1.45 cent

1.45 港仙

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

簡明合併綜合收 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

Unaudited未經審 核 Six months

ended 30 September

截至九月三十日止六個月

2025

二零二五 年

HK$'000

千港元

2024

二零二四 年

HK$'000

千港元

Profit for the period 期間利潤

320

3,852

Other comprehensive (expense)/income 其他綜合（支出）╱收 入

Item that may be subsequently reclassified to 其後可能會重新分 類至

profit or loss 損益的項目

Currency translation differences 外幣折算差額

(3)

25

Item that will not be reclassified to 不會重新分類至損 益之項目：

profit or loss:

Fair value loss on equity securities designated 指定為按公平值計 入

at fair value through other comprehensive 其他綜合收入之股 本

income 證券之公平值虧損

(2,106)

-

Total comprehensive (expense)/income 期間綜合（支出）╱收 入總額

for the period

(1,789)

3,877

Total comprehensive (expense)/income 應佔綜合（支出）╱收 入總額：

attributable to:

Owners of the Company 本公司擁有人

(1,429)

1,168

Non-controlling interests 非控股權益

(360)

2,709

(1,789)

3,877

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

簡明合併財務狀況表

As at 30 September 2025

於二零二五年九月三十日

Unaudited

未經審核

Audited

經審 核

30 September

31 March

2025

二零二 五年九月三十日

2025

二零二 五年三月三十一日

Note

附註

HK$'000

千港元

HK$'000

千港元

ASSETS

Non-current assets

資產

非流動資產

Property, plant and equipment

物業、廠房及設 備

12

10,651

8,003

Investment properties

投資物業

123,500

123,500

Right-of-use assets

使用權資產

4,864

6,008

Intangible assets

無形資產

13

24,116

22,937

Other financial assets

其他金融資產

17

2,600

4,887

Interests in associates

於聯營公司之權 益

306

479

Loan receivables

應收貸款

14

50,731

12,216

Deposits, prepayments and other

按金、預付款項 及其他

16

receivables

應收款項

3,064

3,010

Deferred tax assets

遞延稅項資產

17,371

17,374

237,203

198,414

Current assets

流動資產

Inventories

存貨

5,081

3,361

Loan receivables

應收貸款

14

33,669

26,520

Account receivables

應收賬款

15

53,701

99,086

Deposits, prepayments and other

按金、預付款項 及其他應收

16

receivables

款項

25,610

10,021

Other financial assets

其他金融資產

17

78,588

1,031

Bank balances held on behalf of clients

代客戶持有之銀 行結餘

197,864

199,363

Cash and cash equivalents

現金及現金等價 物

102,345

21,898

496,858

361,280

Total assets

資產總額

734,061

559,694

EQUITY

權益

Share capital

股本

18

7,742

7,742

Other reserves

其他儲備

633,307

630,557

Accumulated losses

累計虧損

(449,564)

(445,385)

Total equity attributable to owners of

本公司擁有人應 佔權益總額

the Company

191,485

192,914

Non-controlling interests

非控股權益

19,548

5,220

Total equity

權益總額

211,033

198,134

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

簡明合併財務狀 況表

As at 30 September 2025

於二零二五年九月三十日

Unaudited

未經審核

Audited

經審 核

30 September

31 March

2025

二零二 五年九月三十日

2025

二零二 五年三月三十一日

Note

附註

HK$'000

千港元

HK$'000

千港元

LIABILITIES

Non-current liabilities

負債

非流動負債

Borrowings

借貸

20

29,134

27,000

Lease liabilities

租賃負債

3,073

4,262

Deferred tax liabilities

遞延稅項負債

1,880

1,727

34,087

32,989

Current liabilities

流動負債

Account payables

應付賬款

19

357,206

251,369

Other payables and accrued expenses

其他應付款項及 應計費用

19

20,414

13,379

Other financial liabilities

其他金融負債

17

30,231

-

Lease liabilities

租賃負債

2,412

2,344

Borrowings

借貸

20

76,613

60,000

Income tax payables

應付所得稅

2,065

1,479

488,941

328,571

Total liabilities

負債總額

523,028

361,560

Total equity and liabilities

權益及負債總額

734,061

559,694

Net current assets

流動資產淨值

7,917

32,709

Total assets less current liabilities

資產總額減流動 負債

245,120

231,123

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

簡明合併權益變動表

For the six months ended 30 September 2025

截至二零二五年九月三十日止六個月

Shares held for share

Unaudited

Attributable to owners of the Company

未經審核

本公司擁有人應佔

Other reserves

其他儲備

Fair

Treasury

Non-

Share capital

Share premium

award scheme

為股 份獎勵計劃

Merger reserve

Capital reserve

Statutory reserve

Exchange reserve

value reserve

公平 值

share

reserve Sub total

庫存股份

Accumulated

losses Total

controlling interests

非控 股

Total equity

股本 股份溢價

持有股份 合併儲備 資本儲備 法定 儲備 匯兌儲備 儲備

Note (a) Note (b) Note (c)

附註(a) 附註(b) 附註(c)

儲備 小計 累計虧損 總計

權益 權益總額

HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000

千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千 港元 千港元 千港元

For six months ended 30 September 2024 截至二零二四年九月三十日

止六個月

結餘（經審核）

7,892

600,620

(21,554)

50,374

10,149

1,042

3,708

34

-

644,373

(369,291)

282,974

(3,735)

279,239

-

-

1,143

1,143

2,709

3,852

幣折算差額 - - - - - - 25 - - 25 - 25 - 25

-

25

1,143

1,168

2,709

3,877

購回但尚未註銷的股份 - - - - - - - - (4,006) (4,006) - (4,006) - (4,006)

結餘（未經審核） 7,892 600,620 (21,554) 50,374 10,149 1,042 3,733 34

(4,006)

640,392

(368,148)

280,136

(1,026)

279,110

Balance as at 1 April 2024 (audited) 於二零二四年四月一日的

Profit for the period 期間利潤 - - - - - - - -Other comprehensive income 其他綜合收入

Currency translation differences 外

Total comprehensive income for the period 期間綜合收入總額 - - - - - - 25 -

Transaction with owners 與擁有人的交易

Share repurchased and yet to be cancelled 已

Balance as at 30 September 2024 (unaudited)

於二零二四年九月三十日的

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

簡明合併權益變 動表

For the six months ended 30 September 2025

Unaudited

Attributable to owners of the Company

未經審核

本公司擁有人應佔

Other reserves

其他儲備

Share

Shares

held for share

Share award

capital premium scheme

為股 份獎勵計劃

Merger

reserve

Capital Statutory Exchange

reserve reserve reserve

Fair

value Accumulated reserve Sub total losses

Non-

controlling Total Total interests equity

股本 股份溢價 持有股份 合併儲備 資本儲備 法定儲備 匯兌儲備

公平 值儲備

小計

累計虧 損

總計

非控股

權益 權益 總額

Note (a) Note (b) Note (c)

附註(a) 附註(b) 附註(c)

HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000

千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千 港元 千港元 千港元 千港元

For six months ended 30 September 2025

截至二零二五年 九月三十日止六個月

Balance as at 1 April 2025 (audited)

於二零二五年 四月一日的

結餘（經審核 ）

7,742 596,763

(21,554)

50,374

2,817

1,042

3,518

(2,403) 630,557

(445,385) 192,914

5,220 198,134

Profit/(loss) for the period

期間利潤╱（虧損）

-

-

-

-

-

-

-

-

-

680

680

(360)

320

Other comprehensive expense

其他綜合 開支

截至二零二五年九月三十日 止六個月

Currency translation differences

Net change in fair value of equity securities designated at fair value through other

外幣折算差額

指定為按公平 值計入其他綜合收入之股本證券之

- - - - - -

(3)

-

(3)

-

(3)

-

(3)

comprehensive income

公平值變動淨額

- - - - - -

-

(2,106)

(2,106)

-

(2,106)

-

(2,106)

Total comprehensive (expense)/income for

期間綜合（開支）╱收 入總額

the period -

-

-

-

-

-

(3)

(2,106)

(2,109)

680

(1,429)

(360)

(1,789)

Transaction with owners 與擁有人的交易

Contribution from non-controlling interests 非控股權益出資 -

-

-

-

-

-

-

-

-

-

-

2,000

2,000

Increase in non-controlling interests as a result 因收購附屬公司使非控 股

of acquisition of subsidiaries 權益增加 -

-

-

-

-

-

-

-

-

-

-

12,674

12,674

Disposal of equity securities designated at fair 出售指定為按公平值計 入

value through other comprehensive income 其他綜合收入之股本證券 -

-

-

-

-

-

-

4,859

4,859

(4,859)

-

-

-

Disposal of a subsidiary 出售一間附屬公司 -

-

-

-

-

-

-

-

-

-

-

14

14

Balance as at 30 September 2025 於二零二五年九月三十日 的

(unaudited) 結餘（未經審核） 7,742

596,763

(21,554)

50,374

2,817

1,042

3,515

350

633,307

(449,564)

191,485

19,548

211,033

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

簡明合併現金流量表

For the six months ended 30 September 2025

截至二零二五年九月三十日止六個月

Unaudited未經審 核 Six months

ended 30 September

截至九月三十日止六個月

2025

二零二五 年

HK$'000

千港元

2024

二零二四 年

HK$'000

千港元

Net cash flows generated from operating 經營活動產生的現金 流量淨額

activities

85,596

11,947

Cash flows from investing activities 投資活動所得現金流 量

Interest received 已收利息

898

52

Dividend from other financial assets received 已收其他金融資產 的股息

1,549

-

Purchase of property, plant and equipment 購買物業、廠房及 設備

(4,108)

(2,102)

Acquisition of financial assets at fair value 收購按公平值計入 其他損益之

through other profit or loss 金融資產

-

(25,067)

Acquisition of financial assets at fair value 收購按公平值計入 其他綜合收入

through other comprehensive income 之金融資產

(126)

(2,250)

Proceeds from disposal of financial assets 出售按公平值計入 損益之金融

at fair value through profit or loss 資產所得款項

-

15,000

Payment for acquisition of a subsidiary, net 收購一間附屬公司 的付款（扣除

of cash and cash equivalents acquired 所收購現金及現金 等價物）

(4,653)

-

Net cash outflow from disposal of a subsidiary 出售附屬公司的現 金流出淨額

(60)

-

Withdrawal of pledged bank deposits 提取已抵押銀行存 款

-

14,982

Net cash flows (used in)/generated 投資活動（使用）╱產 生的現金

from investing activities 流量淨額

(6,500)

615

Cash flows from financing activities 融資活動所得現金流 量

Interest paid 已付利息

(4,617)

(4,419)

Drawdown of borrowings 提取借貸

4,680

-

Repayments of borrowings 償還借貸

(111)

(20,453)

Repayment of lease liabilities 償還租賃負債

(1,247)

(2,111)

Shares repurchased 購回股份

-

(4,006)

Contributions from non-controlling 附屬公司非控股股 東出資

shareholders of subsidiaries

2,000

-

Net cash flows generated/(used in) from 融資活動產生╱（使用）的現金

financing activities 流量淨額

705

(30,989)

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

簡明合併現金流 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

Unaudited未經審 核 Six months

ended 30 September

截至九月三十日止六個月

2025

二零二五 年

HK$'000

千港元

2024

二零二四 年

HK$'000

千港元

Net increase/(decrease) in cash and cash equivalents

現金及現金等價物增加 ╱

（減少）淨額

79,801

(18,427)

Cash and cash equivalents at beginning

期初的現金及現金 等價物

of period

21,898

67,730

Effect of foreign exchange rate changes,

外匯匯率變動的影響 ，淨額

net

646

111

Cash and cash equivalents at end of period

期末的現金及現金 等價物

102,345

49,414

The accompanying notes form part of these condensed consolidated financial statements.

隨附附注構成此等簡明合併財務 報表的一部分。

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION

中期簡明合併財務資料附註
  1. GENERAL INFORMATION

    The Company was incorporated in the Cayman Islands on 23 February 2011 as an exempted company with limited liability under the Companies Law, Cap. 22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands. The address of its registered office is Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman, KY1-1111, Cayman Islands and the principal place of business is 22/F, Sun Hung Kai Centre, 30 Harbour Road, Wanchai, Hong Kong.

    The Company is an investment holding company. The Group is principally engaged in (i) computer and electronic products trading business (including computer and peripheral products and electronics products business), (ii) food trading business, (iii) financial services business (including securities brokerage business, advisory services business, money lending business, insurance brokerage business, and trust services business) and

    (iv) family office services business.

    The Company's shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited (the "Stock Exchange").

    The interim condensed consolidated financial information is presented in Hong Kong dollars ("HK$"), which is also the functional currency of the Company. All values are rounded to the nearest thousands, unless otherwise stated.

  2. BASIS OF PREPARATION

    The interim condensed consolidated financial statements have been prepared in accordance with Hong Kong Accounting Standard 34 ("HKAS 34") "Interim Financial Reporting" as issued by the Hong Kong Institute of Certified Public Accountants (the "HKICPA") as well as the applicable disclosure requirements of Appendix 16 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

    1. 一般資料

      本公司於二零一一年二 月二十三日在開曼群島根據開曼群島第22 章公司法

      （一九六一年第3 號法例，經綜合及修訂）註冊成立為獲豁免有限公司。其註冊辦事處位於Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman, KY1-1111, Cayman Islands，而主要營業地點為香港灣仔港灣道30 號新鴻基中心22 樓。

      本公司為一間投資控股 公司。本集團主要從事(i) 電腦及電子產品貿易業務（包括電腦及周邊產品以及電子產品業務），(ii) 食品貿易業務，(iii) 金融服務業務（包括證券經紀業務、諮詢服務業務、放債業務、保險經紀業務，以及信託服務業務）及(iv) 家族辦公室服務業務。

      本公司股份於香港聯合交易所 有限公司

      （「聯交所」）主板上市。

      中期簡明合併財務資料 乃以港元（「港元」）呈列，而港元亦為本公司的功能貨幣。除另有說明外，所有數值已約整至最接近的千位。

    2. 編製基準

      中期簡明合併財務報表 乃根據香港會計師公會（「香港會計師公會」）頒佈的香港會計準則第34號（「香港會計準則第34號」）

      「中期財務報告」以及 香港聯合交易所有限公司證券上市規則附錄十六的適用披露規定編製。

      NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION

      中期簡明合併財務資 料附註
    3. PRINCIPAL ACCOUNTING POLICIES

      The interim condensed consolidated financial statements have been prepared on the historical cost basis except for certain properties and financial instruments, which are measured at revalued amounts or fair values, as appropriate.

      Other than change in accounting policies resulting from application of amendments to HKFRS Accounting Standards, the accounting policies and methods of computation used in the interim condensed consolidated financial statements for the six months ended 30 September 2025 are the same as those presented in the Group's annual consolidated financial statements for the year ended 31 March 2025.

      Application of amendments to HKFRS Accounting Standards

      In the current interim period, the Group has applied the following amendments to a HKFRS Accounting Standard issued by the HKICPA, for the first time, which are mandatorily effective for the Group's annual period beginning on 1 March 2025 for the preparation of the Group's condensed consolidated financial statements:

  3. 主要會計政策

    中期簡明合併財務報表 乃按歷史成本基準編製，惟若干物業及金融工具以重估值或公平值（如適用）計量除外。

    除因應用香港財務報告 會計準則之修訂本而產生的會計政策變動，截至二零二五年九月三十日止六個月的中期簡明合併財務報表所採用的會計政策及計算方法，與本集團截至二零二五年三月三十一日止年度的年度合併財務報表所呈列者一致。

    應用香港財務報告 會計準則之修訂本

    於本中期期間，本集團 首次應用下列由香港會計師公會頒佈且於二零二五年三月一日開始的本集團年度期間強制生效之香港財務報告會計準則之修訂本，以編製本集團之簡明合併財務報表：

    Amendments to HKAS21 Lack of Exchangeability

    香港會計準 則

    第21 號（修訂本）

    缺乏可兌換性

    The application of the amendments to a HKFRS Accounting Standard in the current interim period has had no material impact on the Group's financial positions and performance for the current and prior periods and/or on the disclosures set out in these condensed consolidated financial statements.

    本中期期間應用香港財 務報告會計準則之修訂本對本集團於本期間及過往期間之財務狀況及表現及╱或該等簡明合併財務報表所載之披露事項並無重大影響。

    NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION

    中期簡明合併財務資料附註
  4. REVENUE AND SEGMENT INFORMATION

Revenue

An analysis of revenue is as follows:

4. 收入及分部資料

收入

收入的分析如下：

Unaudited

未經審核

Six months ended 30 September

截至九月三十日止六個月

2025

二零二五 年

HK$'000

千港元

2024

二零二四 年

HK$'000

千港元

Revenue from contracts with customers (Note i)

來自客戶合約的收 入

（附註i）

83,717

168,714

Revenue from other sources

來自其他來源的收 入

Interest income calculated using the

以下項目使用實際 利率法

effective interest method from:

計算的利息收入：

- loan receivables

- 應收貸款

3,426

892

- cash client receivables

- 應收現金客戶款 項

-

157

3,426

1,049

Total revenue

總收入

87,143

169,763

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION

中期簡明合併財務資 料附註
  1. REVENUE AND SEGMENT INFORMATION

(Continued)

Revenue (Continued)

Note:

(i) Disaggregated revenue information for revenue from contracts with customers

4. 收入及分部資料（續）

收入（續）

附註：

(i) 來自客戶合約之收入之分拆收入資 料

Unaudited

未經審核

Six months ended 30 September

截至九月三十日止六個月

2025

二零二五年

HK$'000

千港元

2024

二零二四年

HK$'000

千港元

Type of goods or services 貨品或服務類別

Sales of goods 銷售貨品

43,498

123,862

Provision of international education 提供國際教育規劃服 務

planning services

1,294

2,124

Provision of family office services 提供家族辦公室服務

5,307

5,072

Provision of insurance brokerage services 提供保險經紀服務

10,508

-

Underwriting income 包銷收入

16,927

35,915

Provision of securities brokerage services 提供證券經紀服務

6,183

1,741

Revenue from contracts with customers 來自客戶合約之收入

83,717

168,714

Revenue from other sources 來自其他來源的收入

- loan receivables - 應收貸款

3,426

892

- cash client receivables - 應收現金客戶款項

-

157

Total 總計

87,143

169,763

Timing of revenue recognition 收入確認時間

A point in time 某一時間點

82,423

166,590

Over time 隨時間

1,294

2,124

Total revenue from contracts with customers 來自客戶合約之總收入

83,717

168,714

All the sales of goods, service income and commission income have an original expected duration of one year or less. As permitted under HKFRS 15, the transaction price allocated to these unsatisfied contracts is not disclosed.

所有銷售貨品、服務收入 及佣金收入的原定預計時間為一年或以內。根據香港財務報告準則第15 號所允許，並無披露分配至該等未履行合約的交易價格。

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION

中期簡明合併財務資料附註 4. REVENUE AND SEGMENT INFORMATION

(Continued)

Segment information

The chief operating decision-maker ("CODM") has been identified as the executive directors of the Company. The CODM reviews the Group's internal reporting in order to assess performance and allocate resources. Management has determined the operating segment based on these reports.

In 2024, after the commencement of family office services business, the CODM considers that the Group has four operating and reporting segments which are (i) computer and electronic products trading business (including computer and peripheral products and electronics products business), (ii) food trading business, (iii) financial services business (including securities brokerage business, advisory services business, money lending business, insurance brokerage business, and trust services business) and (iv) family office services business.

The CODM assesses the performance of the operating segments based on segment profit/(loss). Expenses, where appropriate, are allocated to operating segments with reference to revenue contributions of the respective segments. Unallocated income and expenses are not included in the result for each operating segment that is reviewed by the CODM.

Segment assets consist primarily of certain property, plant and equipment, right-of-use assets, intangible assets, inventories, account receivables, loan receivables, certain deposits, prepayments and other receivables, certain other financial assets, certain cash and cash equivalents and bank balances held on behalf of clients. They exclude deferred tax assets, income tax recoverable and other unallocated assets, which are managed centrally.

Segment liabilities consist primarily of account payables, lease liabilities, certain borrowings, certain other payables and accrued expenses. They exclude deferred tax liabilities, income tax payables and other unallocated liabilities, which are managed centrally.

4. 收入及分部資料（續）

分部資料

本公司執行董事已被確 認為主要營運決策者（「主要營運決策者」）。主要營運決策者審閱本集團的內部呈報，以評估表現及調配資源。管理層根據該等報告釐定營運分部。

於二零二四年，於開始 家族辦公室服務業務後，主要營運決策者認為，本集團擁有四個營運及報告分部，即(i) 電腦及電子產品貿易業務（包括電腦及周邊產品以及電子產品業務），(ii) 食品貿易業務，(iii) 金融服務業務（包括證券經紀業務、諮詢服務業務、放債業務、保險經紀業務，以及信託服務業務）及(iv) 家族辦公室服務業務。

主要營運決策者根據分 部利潤╱（虧損）評核營運分部之表現。開支（如適用）經參考相關分部的收入貢獻而分配至營運分部。未分配收入及開支並不計入主要營運決策者審閱之各營運分部業績內。

分部資產主要包括若干 物業、廠房及設備、使用權資產、無形資產、存貨、應收賬款、應收貸款、若干按金、預付款項及其他應收款項、若干其他金融資產、若干現金及現金等價物及代客戶持有之銀行結餘，但不包括集中管理之遞延稅項資產、可收回所得稅以及其他未分配資產。

分部負債主要包括應付 賬款、租賃負債、若干借貸、若干其他應付款項及應計費用，但不包括集中管理之遞延稅項負債、應付所得稅及其他未分配負債。

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION

中期簡明合併財務資 料附註 4. REVENUE AND SEGMENT INFORMATION

(Continued)

Segment information (Continued)

Segment revenues and results

Unaudited

未經審核

For the six months ended 30 September 2025

截至二零二五年九月三十日止六個月

The following is an analysis of the Group's revenue and results by reportable segments:

4. 收入及分部資料（續）

分部資料（續）

分部收入及業績

本集團按可呈報分部劃 分的收入及業績分析如下：

Computer

and

electronic

Family

products

Food

Financial

office

trading

trading

services

services

business

business

business

business

Total

電腦 及電子產品

食品

金融

家族辦公 室

貿易業務

貿易業 務

服務業 務

服務業 務

總計

HK$'000

千港元

HK$'000

千港元

HK$'000

千港元

HK$'000

千港元

HK$'000

千港元

Revenue from external customers

來自外部客戶的 收入

2,844

40,654

26,536

17,109

87,143

Cost of sales from external customers

來自外部客戶的 銷售成本

(2,730)

(32,336)

-

-

(35,066)

114

8,318

26,536

17,109

52,077

Selling expenses

銷售費用

-

(690)

-

-

(690)

General and administrative expenses

一般及行政費用

(864)

(5,801)

(21,779)

(15,153)

(43,597)

Reversal of expected credit loss on

金融資產預期信 貸虧損撥回，

financial assets, net

淨額

-

-

3

-

3

Gain on bargain purchase of

議價購買一間附 屬公司之

a subsidiary

收益

-

-

3,540

-

3,540

Other income and gains/(losses), net

其他收入及收益╱（虧損），

淨額

(22)

(671)

4,520

206

4,033

Finance costs

財務成本

-

(45)

(765)

-

(810)

Segment results

分部業績

(772)

1,111

12,055

2,162

14,556

Finance costs

財務成本

(4,495)

Share of results from associates

分佔聯營公司業 績

(173)

Unallocated income and expenses,

未分配收入及開支 ，淨額

net

(9,088)

Profit before income tax

扣除所得稅前利 潤

800

Income tax expense

所得稅開支

(480)

Profit for the period

期間利潤

320

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION

中期簡明合併財務資料附註 4. REVENUE AND SEGMENT INFORMATION

(Continued)

Segment information (Continued)

Segment revenues and results (Continued)

4. 收入及分部資料（續）

分部資料（續）

分部收入及業績（續）

Unaudited

未經審核

For the six months ended 30 September 2024

截至二零二四年九月三十日止六個月

Computer

and electronic

Family

products trading business

Food trading business

Financial services business

office services business

Total

電腦及

家族

電子產品

食品

金融

辦公室

貿易業務

貿易業 務

服務業 務

服務業 務

總計

HK$'000

HK$'000

HK$'000

HK$'000

HK$'000

千港元

千港元

千港元

千港元

千港元

Revenue from external customers

來自外部客戶的 收入

89,570

34,291

38,706

7,196

169,763

Cost of sales from external customers

來自外部客戶的 銷售成本

(83,798)

(31,951)

-

-

(115,749)

5,772

2,340

38,706

7,196

54,014

Selling expenses

銷售費用

-

(680)

-

(160)

(840)

General and administrative expenses Reversal of expected credit loss on

financial assets, net

一般及行政費用

金融資產預期信 貸虧損撥回，淨額

(2,770)

-

(5,823)

-

(28,970)

2,902

(2,380)

-

(39,943)

2,902

Other income and gains, net

其他收入及收益 ，淨額

619

210

378

4

1,211

Finance costs

財務成本

-

(535)

(31)

-

(566)

Segment results

分部業績

3,621

(4,488)

12,985

4,660

16,778

Finance costs

Unallocated income and expenses, net

財務成本

未分配收入及開支 ，淨額

(4,061)

(7,780)

Profit before income tax

扣除所得稅前利 潤

4,937

Income tax expense

所得稅開支

(1,085)

Profit for the period

期間利潤

3,852

Interest revenue of HK$3,426,000 (Last Corresponding Period: HK$1,049,000) was included in revenue from external customers, wholly contributed by financial services business segment.

利 息 收入3,426,000 港 元（ 去 年 同期： 1,049,000 港元）計入來自外部客戶的收入，全部均由金融服務業務分部貢獻。

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION

中期簡明合併財務資 料附註 4. REVENUE AND SEGMENT INFORMATION

(Continued)

Segment information (Continued)

Segment assets and liabilities

The following is an analysis of the Group's assets and liabilities by reportable and operating segments:

4. 收入及分部資料（續）

分部資料（續）

分部資產及負債

本集團按可呈報營運分 部劃分的資產及負債分析如下：

Unaudited

未經審核

As at 30 September 2025

於二零二五年九月三十日

Computer

and

electronic

Family

products

Food

Financial

office

trading

trading

services

services

business

business

business

business

Total

電腦及

家族

電子產品

食品

金融

辦公室

貿易業務

貿易業務

服務業務

服務業務

總計

HK$'000

千港元

HK$'000

千港元

HK$'000

千港元

HK$'000

千港元

HK$'000

千港元

Segment assets

分部資產

39,212

53,755

457,430

11,962

562,359

Segment liabilities

分部負債

50,454

8,334

356,736

2,623

418,147

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION

中期簡明合併財務資料附註

4. REVENUE AND SEGMENT INFORMATION

4.

收入及分部資料（ 續）

(Continued)

Segment information (Continued)

分部資料（續）

Segment assets and liabilities (Continued)

分部資產及負債（續）

Audited

經審核

As at 31 March 2025

於二零二五年三月三十一 日

Computer

and electronic

Family

products trading

business

Food Financial office

trading services services

business business business

Total

電腦及

家族

電子產品

食品 金融 辦公 室

貿易業務

貿易業務 服務業務 服 務業務

總計

HK$'000

HK$'000 HK$'000 HK$'000

HK$'000

千港元

千港元 千港元 千 港元

千港元

Segment assets

分部資產

85,337

50,267 261,535 1,898

399,037

Segment liabilities

分部負債

50,375

6,980 203,728 560

261,643

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION

中期簡明合併財務資 料附註 4. REVENUE AND SEGMENT INFORMATION

(Continued)

Segment information (Continued)

Segment assets and liabilities (Continued)

Unaudited

未經審核

Audited

經審 核

30 September

31 March

2025

二零二 五年九月三十日

2025

二零二 五年三月三十一日

HK$'000

千港元

HK$'000

千港元

Segment assets

分部資產

562,359

399,037

Cash and cash equivalents

現金及現金等價物

3,807

1,473

Property, plant and equipment

物業、廠房及設備

5,429

1,782

Investment properties

投資物業

123,500

123,500

Deposits, prepayments and other

按金、預付款項及 其他應收

receivables

款項

17,799

10,272

Interests in associates

於聯營公司之權益

306

479

Other financial assets at fair value

按公平值計入其他 綜合收入之

through other comprehensive income

其他金融資產

2,600

4,887

Deferred tax assets

遞延稅項資產

17,371

17,374

Other financial assets at fair value

按公平值計入損益 之其他金融

through profit or loss

資產

890

890

Total assets

資產總額

734,061

559,694

Segment liabilities

分部負債

418,147

261,643

Deferred tax liabilities

遞延稅項負債

1,880

1,727

Income tax payables

應付所得稅

2,065

1,479

Borrowings

借貸

87,000

87,000

Other payables and accrued expenses

其他應付款項及應 計費用

13,936

9,711

Total liabilities

負債總額

523,028

361,560

The reconciliations of segment assets to total assets and segment liabilities to total liabilities are provided as follows:

The Group's operations are located in Hong Kong and the PRC.

Majority of the Group's revenue were derived from operations located in Hong Kong.

4. 收入及分部資料（續）

分部資料（續）

分部資產及負債（續）

分部資產與資產總額以 及分部負債與負債總額的對賬載列如下：

本集團的業務營運均位於香港 及中國。

本集團的大部分收入均 產生自位於香港的業務營運。

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION

中期簡明合併財務資料附註 5. REVERSAL OF EXPECTED CREDIT LOSS/ (EXPECTED CREDIT LOSS) ON FINANCIAL ASSETS, NET
  1. 金融資產預期信貸虧損撥回╱ （預期信貸虧損），淨額

    Unaudited

    未經審核

    Six months ended 30 September

    截至九月三十日止六個月

    2025

    二零二五 年

    HK$'000

    千港元

    2024

    二零二四 年

    HK$'000

    千港元

    Loan receivables

    應收貸款

    -

    (498)

    Cash client receivables

    應收現金客戶款項

    3

    3,400

    3

    2,902

  2. OTHER INCOME AND GAINS, NET
  1. 其他收入及收益，淨額

    Unaudited

    未經審核

    Six months ended 30 September

    截至九月三十日止六個月

    2025

    二零二五 年

    HK$'000

    千港元

    2024

    二零二四 年

    HK$'000

    千港元

    Management fee income

    管理費用收入

    1,907

    956

    Dividend income from other financial

    其他金融資產的股 息收入

    assets

    1,549

    -

    Finance income

    財務收入

    898

    577

    Exchange gains

    匯兌收益

    651

    43

    Change in fair value of other financial

    其他金融資產╱負 債公平值

    assets/liabilities

    變動

    (1,508)

    872

    Loss on disposal of subsidiaries

    出售附屬公司之虧 損

    (66)

    -

    Others

    其他

    3,338

    1,162

    6,769

    3,610

    NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION

    中期簡明合併財務資 料附註
  2. FINANCE COSTS
  1. 財務成本

    Unaudited

    未經審核

    Six months ended 30 September

    截至九月三十日止六個月

    2025

    二零二五 年

    HK$'000

    千港元

    2024

    二零二四 年

    HK$'000

    千港元

    Finance costs

    財務成本

    - Interest expenses on bank and

    other borrowings

    - 銀行及其他借貸 之利息費用

    4,617

    4,501

    - Interest expenses on margin payables

    - 應付保證金之利 息費用

    562

    -

    - Interest expenses on lease liabilities

    - 租賃負債之利息 費用

    126

    126

    5,305

    4,627

    NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION

    中期簡明合併財務資料附註
  2. PROFIT BEFORE INCOME TAX

Profit before income tax has been arrived at after charging:

  1. 扣除所得稅前利潤

    扣除所得稅前利潤乃扣 除以下項目後得出：

    Unaudited

    未經審核

    Six months ended 30 September

    截至九月三十日止六個月

    2025

    二零二五 年

    HK$'000

    千港元

    2024

    二零二四 年

    HK$'000

    千港元

    Cost of inventories sold

    出售存貨成本

    35,066

    115,749

    Auditor's remuneration

    核數師酬金

    443

    450

    Depreciation of property, plant and

    物業、廠房及設備 折舊

    equipment

    1,477

    5,550

    Depreciation of right-of-use assets

    使用權資產折舊

    1,144

    1,937

    Amortisation of intangible assets

    無形資產攤銷

    652

    418

    Employee benefit expenses

    僱員福利費用

    27,369

    19,458

    Service fees for broker supplied systems

    經紀自設交易系統 服務費

    442

    602

    Short-term lease rentals of premises

    物業短期租賃之租 金

    5,075

    3,049

    NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION

    中期簡明合併財務資 料附註
  2. INCOME TAX EXPENSE
    1. 所得稅開支

      Unaudited

      未經審核

      Six months ended 30 September

      截至九月三十日止六個月

      2025

      二零二五 年

      HK$'000

      千港元

      2024

      二零二四 年

      HK$'000

      千港元

      Current income tax

      當期所得稅

      - Hong Kong profits tax

      - 香港利得稅

      588

      1,085

      Deferred income tax

      遞延所得稅

      (108)

      -

      480

      1,085

      Under the two-tiered Hong Kong Profits Tax rates regime, the first HK$2 million of assessable profits of the qualifying group entity are taxed at 8.25%, and assessable profits above HK$2 million are taxed at 16.5%. The assessable profits of group entities not qualifying for the two-tiered profits tax rates regime are charged at a flat rate of 16.5%.

      The Group has no assessable profit in PRC during the reporting periods and is not subject to any PRC corporate income tax. The PRC corporate income tax rate during the reporting periods is 25%.

      在香港利得稅兩級制下，合 資格集團實體的首 2,000,000 港元應課稅利潤將按8.25% 稅率徵稅，而超過2,000,000 港元的應課稅利潤則按 16.5% 稅率徵稅。不符合利得稅兩級制資格的集團實體的應課稅利潤按16.5% 的統一稅率徵稅。

      本集團於報告期內在中國 並無應課稅利潤，故毋須繳納任何中國企業所得稅。於報告期內的中國企業所得稅稅率為25%。

      NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION

      中期簡明合併財務資料附註
    2. EARNINGS PER SHARE

      (a) Basic

      Basic earnings per share is calculated by dividing the profit attributable to owners of the Company by the weighted average number of ordinary shares in issue during the period excluding ordinary shares purchased by the Company for share award scheme.

  3. 每股盈 利

    (a) 基本

    每股基本盈利乃根 據本公司擁有人應佔利潤除以期內已發行普通股的加權平均數計算，不包括本公司就股份獎勵計劃購買的普通股。

    Unaudited

    未經審核

    Six months ended 30 September

    截至九月三十日止六個月

    2025

    二零二五 年

    2024

    二零二四 年

    Profit attributable to owners of the 本公司擁有人應 佔利潤

    Company (HK$'000) （千港元）

    Weighted average number of ordinary 已發行普通股加 權平均數

    shares in issue

    Basic earnings per share 每股基本盈利

    680

    1,143

    77,423,775

    77,423,775

    HK0.88 cent

    0.88 港仙

    HK1.45 cent

    1.45 港仙

    (b) Diluted

    Diluted earnings per share for the Current Period and the Last Corresponding Period was same as the basic earnings per share as there were no potential dilutive ordinary shares in existence during the reporting periods.

    (b) 攤薄

    由於報告期內並無潛在攤薄普通股，故本期及去年同期的每股攤薄盈利與每股基本盈利相同。

    NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION

    中期簡明合併財務資 料附註
  4. DIVIDENDS

    The Board does not recommend any interim dividend for the Current Period (Last Corresponding Period: nil).

  5. PROPERTY, PLANT AND EQUIPMENT

    During the Current Period, there were additions of approximately HK$4,108,000 (Last Corresponding Period: HK$2,102,000) for property, plant and equipment.

  6. INTANGIBLE ASSETS

During the Current Period, there were additions of intangible assets and goodwill through the acquisition of subsidiaries of HK$1,584,000 and HK$247,000 respectively (Last Corresponding Period: nil).

  1. 股息

    董事會不建議就本期派發任何 中期股息

    （去年同期：無）。

  2. 物業、廠房及設備

    於本期內， 添置物業、廠房及設備約 4,108,000 港元（去年同期：2,102,000 港元）。

  3. 無形資產

於本期內，透過收購附 屬公司，無形資產及 商 譽 分 別 增 加1,584,000 港 元 及 247,000 港元（去年同期：無）。