[HK]CWT INT’L(00521):中期报告2026
原标题:CWT INT’L:中期报告2026 Rules 「企業管治守則」 上市規則附錄C1所載企業管治守則 “Chairman” the chairman of the Board 「主席」 董事會之主席 “Chief Executive Officer” the chief executive officer of the Company「行政總裁」 本公司之行政總裁 “Companies Ordinance” Companies Ordinance (Chapter 622 of the Laws of Hong Kong)「公司條例」 香法例第622章公司條例 “Company” CWT International Limited, a company incorporated in Hong Kong with limited liability, the shares of which are listed on the Main Board of the Stock Exchange 「本公司」 CWT International Limited，一間於香註冊成立之有限公司，其股份在聯交所主板上市 “Company Secretary” the company secretary of the Company 「公司秘書」 本公司之公司秘書 “Director(s)” the director(s) of the Company 「董事」 本公司董事 “Executive Committee” the executive committee of the Board「執行委員會」 董事會轄下之執行委員會 “Executive Director(s)” the executive Director(s) 「執行董事」 執行董事 “Group” the Company and its subsidiaries 「本集團」 本公司及其附屬公司 “HNA Group” HNA Group Co., Ltd.*, an indirect substantial Shareholder「海航集團」 海航集團有限公司，一名間接主要股東 釋義 “HNA Trust Management” Hainan HNA No. 2 Trust Management Service Co., Ltd.*, an indirect controlling Shareholder; and the Trust is the actual shareholder of HNA Trust Management 「海航信管」 海南海航二號信管服務有限公司，一名間接控股股東；而該信託為海航信管的實際股東 “Hong Kong”/”HKSAR” the Hong Kong Special Administrative Region of the PRC「香」╱「香特區」 中國香特別行政區 “Hong Kong HNA” Hong Kong HNA Holding Group Co. Limited, a direct controlling Shareholder「香海航」 香海航實業集團有限公司，一名直接控股股東 “Independent the independent non-executive Director(s) Non-executive Director(s)” 「獨立非執行董事」 獨立非執行董事 “Listing Rules” the Rules Governing the Listing of Securities on the Stock Exchange「上市規則」 聯交所證券上市規則 “Model Code” the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules 「標準守則」 上市規則附錄C3所載上市發行人董事進行證券交易之標準守則“Nomination Committee” the nomination committee of the Board「提名委員會」 董事會轄下之提名委員會 “PRC” the People’s Republic of China, which for the purposes of this interim report (unless otherwise stated), excludes Hong Kong, the Macao Special Administrative Region of the PRC and Taiwan 「中國」 中華人民共和國，就本中期報告而言（除另有所指外），不括香、中國澳門特別行政區及台灣 “Promissory Note” the promissory note dated 18 July 2024 entered into between the Company and an affiliate of HNA Trust Management 「承兌票據」 本公司與海航信管的關聯公司所訂立日期為二零二四年七月十八日之承兌票據 “Remuneration Committee” the remuneration committee of the Board「薪酬委員會」 董事會轄下之薪酬委員會 “Restructuring Plan” Reorganisation Plan of the Substantive Merger and Reorganisation for 321 Companies of HNA Group 「該重整計劃」 《海航集團等三百二十一間公司實質合併重整案重整計劃》“SFO” the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) 「證券及期貨條例」 香法例第571章證券及期貨條例 「附屬公司」 具有上市規則所賦予該詞之涵義 “Trust” HNA Group Bankruptcy Reorganisation Specialised Service Trust*; and that there is no single beneficiary holding 5% or more above it 「該信託」 海航集團破產重整專項服務信託；而在其之上沒有一名持有5%或以上的單一受益人 “Euro” Euro, the official currency of the European Union 「歐元」 歐元，歐洲聯盟法定貨幣 “HK$” Hong Kong dollars, the lawful currency of Hong Kong 「幣」 幣，香法定貨幣 “SGD”/“S$” Singapore dollars, the lawful currency of the Republic of Singapore「新加坡元」 新加坡元，新加坡共和國法定貨幣 “US$” United States dollars, the lawful currency of the United States of America「美元」 美元，美利堅合眾國法定貨幣 “%” per cent or percentage 「%」 百分比 公司資料 BOARD OF DIRECTORS 董事會 Executive Directors 執行董事 Wang Kan (Chairman) 王侃（主席） Zhao Quan 趙權 Wang Qi 汪琪 Shang Duoxu (Chief Executive Officer) 尚多旭（行政總裁） Independent Non-executive Directors 獨立非執行董事 Lam Kin Fung, Jeffrey 林健鋒 Liu Yifei 劉憶霏 Lo Wing Yan, William 盧永仁 AUDIT COMMITTEE 審核委員會 Lo Wing Yan, William (Chairman) 盧永仁（主席） Lam Kin Fung, Jeffrey 林健鋒 Liu Yifei 劉憶霏 EXECUTIVE COMMITTEE 執行委員會 Wang Kan (Chairman) 王侃（主席） Wang Qi 汪琪 Shang Duoxu 尚多旭 NOMINATION COMMITTEE 提名委員會 Wang Kan (Chairman) 王侃（主席） Lam Kin Fung, Jeffrey 林健鋒 Lo Wing Yan, William 盧永仁 REMUNERATION COMMITTEE 薪酬委員會 Lo Wing Yan, William (Chairman) 盧永仁（主席） Wang Kan 王侃 Lam Kin Fung, Jeffrey 林健鋒 Public Interest Entity Auditor registered in accordance with the 於《會計及財務匯報局條例》下的註冊公眾利益 Accounting and Financial Reporting Council Ordinance 實體核數師LEGAL ADVISER AS TO HONG KONG LAW 有關香法律的法律顧問 Baker & McKenzie 貝克 ? 麥堅時律師事務所 SHARE REGISTRAR AND TRANSFER OFFICE 股份過戶登記處 Tricor Investor Services Limited 卓佳證券登記有限公司 17/F, Far East Finance Centre 香 16 Harcourt Road 夏愨道16號 Hong Kong 遠東金融中心17樓 REGISTERED OFFICE 註冊辦事處 Suite 4705, 47th Floor, 香灣仔 Central Plaza, No. 18 Harbour Road 灣道18號中環廣場 Wanchai, Hong Kong 47樓4705室 STOCK CODE 股份代號 521 521 WEBSITE 網址 www.cwtinternational.com www.cwtinternational.com 中期財務報告之審閱報告 中期財務報告之審閱報告 Report on review of interim financial report to the board of 致CWT International Limited董事會之中期財務 directors of CWT International Limited 報告之審閱報告 (Incorporated in Hong Kong with limited liability) （於香註冊成立之有限公司） INTRODUCTION 緖言 We have reviewed the interim financial report of CWT International 本行已審閱第9至50頁所載CWT International Limited (the “Company”) and its subsidiaries (together, the Limited（「貴公司」）及其附屬公司（統稱「貴集團」） “Group”) set out on pages 9 to 50, which comprises the 的中期財務報告，當中括截至二零二六年六月 condensed consolidated statement of financial position as of 30 三十日的簡明綜合財務狀況表，以及截至該日止 June 2026 and the related condensed consolidated statement 六個月期間的相關簡明綜合損益及其他全面收益 of profit or loss and other comprehensive income, condensed 表、簡明綜合權益變動表及簡明綜合現金流量 consolidated statement of changes in equity and condensed 表，以及解釋附註。香聯合交易所有限公司證 consolidated statement of cash flows for the six-month period then 券上市規則規定，中期財務報告須按照其相關條 ended, and explanatory notes. The Rules Governing the Listing of 文以及香會計師公會（「香會計師公會」）頒佈 Securities on The Stock Exchange of Hong Kong Limited require 的香會計準則第34號「中期財務報告」（「香會 the preparation of an interim financial report to be in compliance 計準則第34號」）編製。 貴公司董事須負責根據 with the relevant provisions thereof and Hong Kong Accounting 香會計準則第34號編製及呈列本中期財務報 Standard 34 “Interim Financial Reporting” (“HKAS 34”) issued 告。本行責任是根據協定的委聘條款按照本行的 by the Hong Kong Institute of Certified Public Accountants 審閱就中期財務報告發表結論，並僅向 閣下全 (“HKICPA”). The directors of the Company are responsible for 體報告，除此之外，本報告不作其他用途。本行 the preparation and presentation of this interim financial report 不會就本報告的內容向任何其他人士負上或承擔 in accordance with HKAS 34. Our responsibility is to express a 任何責任。 conclusion on the interim financial report based on our review, and to report our conclusion solely to you, as a body, in accordance with our agreed terms of engagement, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report. SCOPE OF REVIEW 審閱範圍 We conducted our review in accordance with Hong Kong Standard 本行已根據香會計師公會頒佈的香審閱工作 on Review Engagements 2410 “Review of Interim Financial 準則第2410號「實體的獨立核數師對中期財務資 Information Performed by the Independent Auditor of the Entity” 料的審閱」（「香審閱工作準則第2410號」）進行審 (“HKSRE 2410”) issued by the HKICPA. A review of the interim 閱。中期財務報告的審閱括主要向負責財務及 financial report consists of making inquiries, primarily of persons 會計事宜的人員作出查詢，並應用分析及其他審 responsible for financial and accounting matters, and applying 閱程序。審閱的範圍遠小於根據香審計準則進 analytical and other review procedures. A review is substantially 行審核的範圍，故不能令本行保證本行知悉可能 less in scope than an audit conducted in accordance with Hong 在審核中發現的所有重大事項。因此，本行不會 Kong Standards on Auditing and consequently does not enable us 發表審核意見。 to obtain assurance that we would become aware of all significant Baker Tilly Hong Kong Limited 天職香會計師事務所有限公司 Certified Public Accountants 執業會計師 Hong Kong, 28 August 2026 香，二零二六年八月二十八日 Chu, Johnny Chun Yin 朱俊賢 Practising certificate number P08355 執照號碼P08355 INTERIM RESULTS 中期業績 The Board of CWT International Limited is pleased to report the CWT International Limited之董事會欣然呈報本集 unaudited consolidated interim results of the Group for the six 團截至二零二六年六月三十日止六個月之未經審 months ended 30 June 2026. These interim results have been 核綜合中期業績。此等中期業績已經由審核委員 reviewed by the Audit Committee and the Company’s auditor. 會及本公司核數師審閱。 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 June 2026 截至二零二六年六月三十日止六個月Six months ended 30 June 截至六月三十日止六個月 2026 2025 二零二六年 二零二五年 NOTES HK$’000 HK$’000 附註 幣千元 幣千元 (Unaudited) (Unaudited) （未經審核） （未經審核） (Re-presented) （重新呈列） (Note 2) （附註2） Revenue 收入 4 23,159,682 21,971,770 Cost of sales 銷售成本 (22,004,402) (20,954,470) Gross profit 毛利 1,155,280 1,017,300 Other income 其他收入 69,004 63,646 Other net (losses)/gains 其他（虧損）╱收益淨額 5 (5,957) 18,115Selling and distribution costs 銷售及分銷費用 (117,581) (111,239)Administrative expenses 行政開支 (503,078) (415,172) Finance costs 融資成本 6 (312,823) (267,445) Share of profits less losses of associates, 分佔聯?公司溢利減虧損net of tax （除稅後） 18,619 30,841 Share of profits less losses of joint 分佔合?企業溢利減虧損 ventures, net of tax （除稅後） (12,386) (8,809) Profit before taxation 除稅前溢利 7 291,078 327,237 Income tax expense 所得稅開支 8 (68,537) (26,857) Profit for the period 期間溢利 222,541 300,380 Other comprehensive income/ 其他全面收益╱（開支）： (expenses): Items that will not be reclassified to 不會重新分類至損益之項目：profit or loss: Net changes in fair value of financial 按公允價值計入其他全面收益assets measured at fair value （「按公允價值計入其他全面 through other comprehensive income 收益」）之金融資產之公允價– (“FVOCI”) 值變動淨額 (3) Items that may be reclassified 其後可能重新分類至損益之 subsequently to profit or loss: 項目： Exchange differences arising from 換算海外附屬公司財務報表產translation of financial statements of 生之匯兌差額 overseas subsidiaries 16,543 286,144 Exchange differences reclassified to profit 於出售附屬公司時重新分類至– or loss on disposal of subsidiaries 損益之匯兌差額 (1,823) Effective portion of changes in fair value 現金流量對沖之公允價值變動of cash flow hedges 中之有效部份 (420) (769) Share of other comprehensive income/ 分佔聯?公司及合?企業之其(expense) of associates and joint 他全面收益╱（開支） ventures 5,469 (25,094) 21,592 258,458 Other comprehensive income for the 期間其他全面收益 period 21,592 258,455 Total comprehensive income for the 期間全面收益總額 period 244,133 558,835 簡明綜合損益及其他全面收益表 For the six months ended 30 June 2026 截至二零二六年六月三十日止六個月Six months ended 30 June 截至六月三十日止六個月 2026 2025 二零二六年 二零二五年 NOTES HK$’000 HK$’000 附註 幣千元 幣千元 (Unaudited) (Unaudited) （未經審核） （未經審核） Profit for the period attributable to: 以下人士應佔期間溢利：Owners of the Company 本公司擁有人 208,780 282,344 Non-controlling interests 非控股權益 13,761 18,036 Profit for the period 期間溢利 222,541 300,380 Total comprehensive income attributable 以下人士應佔全面收益總額：to: Owners of the Company 本公司擁有人 232,257 534,609 Non-controlling interests 非控股權益 11,876 24,226 Total comprehensive income for the 期間全面收益總額 period 244,133 558,835 Earnings per share 每股盈利 10 Basic and diluted (HK cents) 基本及攤薄（仙） 1.83 2.48 Right-of-use assets 使用權資產 11 1,810,335 1,923,861 Intangible assets 無形資產 66,503 81,642 Interest in associates 於聯?公司權益 12 408,677 331,928 Interest in joint ventures 於合?企業權益 69,605 80,887 Other financial assets 其他金融資產 31,401 30,323 Prepayments, deposits and other 預付款項、按金及其他應收 receivables 款項 114,047 115,528 Other non-current assets 其他非流動資產 18,599 18,408 Derivative financial instruments 衍生金融工具 1,364 1,828 Deferred tax assets 遞延稅項資產 39,181 45,933 5,689,402 5,839,241 Current assets 流動資產 Other financial assets 其他金融資產 1,360,101 1,339,946 Inventories 存貨 5,316,584 4,922,059 Trade receivables 應收貿易賬項 13 3,376,493 5,086,914 Prepayments, deposits and other 預付款項、按金及其他應收 receivables 款項 11,926,825 12,980,954 Contract assets 合約資產 133,002 136,460 Derivative financial instruments 衍生金融工具 726,903 657,921Tax recoverable 可收回稅項 24,858 26,967 Pledged bank deposits 已抵押銀行存款 256,625 186,216 Cash and cash equivalents 現金及現金等值項目 14 2,549,883 2,283,798 25,671,274 27,621,235 Current liabilities 流動負債 Contract liabilities 合約負債 95,513 94,789 Trade and other payables 應付貿易賬項及其他應付款項 15 15,219,244 14,059,852Loans and borrowings 貸款及借款 16 6,674,719 7,725,157 Lease liabilities 租賃負債 258,215 288,166 Derivative financial instruments 衍生金融工具 285,234 2,470,485Current tax payable 應付當期稅項 90,628 66,873 22,623,553 24,705,322 Net current assets 流動資產淨值 3,047,721 2,915,913 Total assets less current liabilities 總資產減流動負債 8,737,123 8,755,154 簡明綜合財務狀況表 At 30 June 2026 於二零二六年六月三十日 30 June 31 December 2026 2025 二零二六年 二零二五年 六月三十日 十二月三十一日 NOTES HK$’000 HK$’000 附註 幣千元 幣千元 (Unaudited) (Audited) （未經審核） （經審核） Non-current liabilities 非流動負債 Trade and other payables 應付貿易賬項及其他應付款項 15 38,781 39,062Loans and borrowings 貸款及借款 16 981,426 1,145,499 Lease liabilities 租賃負債 1,765,506 1,847,106 – Derivative financial instruments 衍生金融工具 109 Defined benefit obligations 界定福利承擔 30,243 29,994 Deferred tax liabilities 遞延稅項負債 203,328 211,642 3,019,284 3,273,412 Net assets 資產淨值 5,717,839 5,481,742 Capital and reserves 股本及儲備 Share capital 股本 17 4,731,480 4,731,480 Reserves 儲備 864,542 632,285 Equity attributable to owners of the 本公司擁有人應佔權益 Company 5,596,022 5,363,765 Non-controlling interests 非控股權益 121,817 117,977 Total equity 總權益 5,717,839 5,481,742 （經審核） 4,731,480 (177) (51,396) (356,778) 3,875 16,911 (1,382,355) 1,819,390 4,780,950 124,498 4,905,448 – – – – – – – Profit for the period 期間溢利 282,344 282,344 18,036 300,380Other comprehensive (expense)/ 其他全面（開支）╱收益 income Net changes in fair value of financial 按公允價值計入其他全面收益之– – – – – – – – assets measured at FVOCI 金融資產之公允價值變動淨額 (3) (3) (3)Exchange differences arising from 換算海外附屬公司財務報表產生translation of financial statements of 之匯兌差額 – – – – – overseas subsidiaries (15) 278,479 1,490 279,954 6,190 286,144Exchange differences reclassified to profit 出售附屬公司時重新分類至損益– – – – – – – – or loss on disposal of subsidiaries 之匯兌差額 (1,823) (1,823) (1,823)Effective portion of changes in fair value 現金流量對沖之公允價值變動中– – – – – – – – of cash flow hedges 的有效部份 (769) (769) (769) Share of other comprehensive (expense)/ 分佔聯?公司及合?企業之其他– – – – – income of associates and joint ventures 全面（開支）╱收益 (4,072) (43,831) 83 22,726 (25,094) (25,094) Total other comprehensive (expense)/ 其他全面（開支）╱收益總額– – income (15) (4,072) 232,825 (769) 1,573 22,723 252,265 6,190 258,455 Total comprehensive (expense)/income 期間全面（開支）╱收益總額– – for the period (15) (4,072) 232,825 (769) 1,573 305,067 534,609 24,226 558,835 Capital contribution by non-controlling 非控股權益注資 – – – – – – – – – interests 1,852 1,852 – – – – – – – – – Dividend paid to non-controlling interests 向非控股權益支付之股息 (13,463) (13,463)– – – – – – – Change in non-controlling interests 非控股權益變動 (25) (25) (6,568) (6,593)Transfer to statutory reserve in 為符合海外實體之法定規定轉撥compliance with foreign entities’ 至法定儲備 – – – – – – – – – statutory requirements 1,187 (1,187) – – – – – (25) 1,187 (1,187) (25) (18,179) (18,204) Balance at 30 June 2025 (Unaudited) 於二零二五年六月三十日之結餘（未經審核） 4,731,480 (192) (55,493) (123,953) 3,106 19,671 (1,078,475) 1,819,390 5,315,534 130,545 5,446,079 簡明綜合權益變動表 For the six months ended 30 June 2026 截至二零二六年六月三十日止六個月Attributable to equity shareholders of the Company 本公司權益股東應佔 Attributable Perpetual to non- Share Fair value Capital Translation Hedging Statutory Accumulated capital controlling capital reserve reserve reserve reserve reserve losses instrument Sub-totalinterests Total 公允價值 永久 非控股權益 股本 儲備 資本儲備 匯兌儲備 對沖儲備 法定儲備 累計虧損 資本工具 小計 應佔 合計HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000幣千元 幣千元 幣千元 幣千元 幣千元 幣千元 幣千元 幣千元 幣千元 幣千元 幣千元 Balance at 1 January 2026 (Audited) 於二零二六年一月一日之結餘（經審核） 4,731,480 (188) (56,226) (200,467) 2,550 19,224 (951,998) 1,819,390 5,363,765 117,977 5,481,742 – – – – – – – Profit for the period 期間溢利 208,780 208,780 13,761 222,541Other comprehensive (expense)/ 其他全面（開支）╱收益 income Exchange differences arising from 換算海外附屬公司財務報表產生translation of financial statements of 之匯兌差額 – – – – – – overseas subsidiaries 18,397 31 18,428 (1,885) 16,543 Effective portion of changes in fair value 現金流量對沖之公允價值變動中– – – – – – – – of cash flow hedges 的有效部份 (420) (420) (420) Share of other comprehensive (expense)/ 分佔聯?公司及合?企業之其他– – – – – income of associates and joint ventures 全面（開支）╱收益 (92) (29,444) 98 34,907 5,469 5,469 Total other comprehensive (expense)/ 其他全面（開支）╱收益總額– – – income (92) (11,047) (420) 129 34,907 23,477 (1,885) 21,592 Total comprehensive (expense)/income 期間全面（開支）╱收益總額– – – for the period (92) (11,047) (420) 129 243,687 232,257 11,876 244,133 Capital contribution by non-controlling 非控股權益注資 – – – – – – – – – interests 30 30 – – – – – – – – – Dividend paid to non-controlling interests 向非控股權益支付之股息 (8,066) (8,066)Transfer to statutory reserve in 為符合海外實體之法定規定轉撥compliance with foreign entities’ 至法定儲備 – – – – – – – – – statutory requirements 314 (314) – – – – – – – 314 (314) (8,036) (8,036) Balance at 30 June 2026 (Unaudited) 於二零二六年六月三十日之結餘（未經審核） 4,731,480 (188) (56,318) (211,514) 2,130 19,667 (708,625) 1,819,390 5,596,022 121,817 5,717,839 （附註2） Operating activities 經?活動 Cash generated from/(used in) operations 經?業務所得╱（所用）之現金 2,104,892 (240,171)Interest paid 已付利息 (202,883) (198,713) Overseas income tax paid 已付海外所得稅 (44,653) (62,919) Net cash generated from/(used in) 經?活動所得╱（所用）之現金operating activities 淨額 1,857,356 (501,803) Investing activities 投資活動 Purchase of property, plant and equipment購買物業、廠房及設備 (39,949) (52,782)Purchase of intangible assets 購買無形資產 (386) (30) Purchase of other financial assets 購買其他金融資產 (807,419) (614,034)Proceeds from disposal of property, plant 出售物業、廠房及設備之所得and equipment 款項 2,015 1,289 Proceeds from disposal of other financial 出售其他金融資產之所得款項assets 831,927 641,341 Interest received 已收利息 41,403 34,070 Dividend received from associates and 已收取聯?公司及合?企業股joint ventures 息 2,609 37,284 Placement of pledged bank deposit 已抵押銀行存款之存入 (70,762) (5,582)– Advances to associates 墊款予聯?公司 (56,174) Other cash flows arising from investing 投資活動產生之其他現金流量– activities 8,003 Net cash (used in)/generated from 投資活動（所用）╱所得之現金investing activities 淨額 (96,736) 49,559 Financing activities 融資活動 (Repayment of)/proceeds from loans and （償還貸款及借款）╱貸款及借borrowings, net 款之所得款項淨額 (1,263,272) 695,625 Repayment of digital bonds 償還電子債券 (32,203) (34,715) Repayment of lease liabilities 償還租賃負債 (202,439) (192,010)Repayment of loan from non-controlling 償還來自非控股權益之貸款– interests (2,030) Other cash flows arising from financing 融資活動產生之其他現金流量activities (8,036) (18,203) Net cash (used in)/generated from 融資活動（所用）╱所得之現金financing activities 淨額 (1,505,950) 448,667 簡明綜合現金流量表 For the six months ended 30 June 2026 截至二零二六年六月三十日止六個月Six months ended 30 June 截至六月三十日止六個月 2026 2025 二零二六年 二零二五年 NOTES HK$’000 HK$’000 附註 幣千元 幣千元 (Unaudited) (Unaudited) （未經審核） （未經審核） Net increase/(decrease) in cash and 現金及現金等值項目增加╱cash equivalents （減少）淨額 254,670 (3,577) Cash and cash equivalents at the 期初之現金及現金等值項目 beginning of the period 2,278,126 2,264,074 Effect of foreign exchange rate changes外幣匯率變動之影 5,171 78,069 Cash and cash equivalents at the end 期末之現金及現金等值項目of the period 2,537,967 2,338,566 Represented by: 即： Cash and cash equivalents 現金及現金等值項目 14 2,549,883 2,343,387Bank overdrafts 銀行透支 16 (11,916) (4,821) 2,537,967 2,338,566 intermediate parent of the Company. Neither of these companies produces financial statements available for public use. 2. BASIS OF PREPARATION 2. 編製基準 This interim financial report has been prepared in 本中期財務報告乃按照聯交所證券上市規accordance with the applicable disclosure provisions of 則（「上市規則」）之適用披露條文，括符the Rules Governing the Listing of Securities on The Stock 合香會計師公會（「香會計師公會」）頒Exchange (the “Listing Rules”), including compliance with 佈之香會計準則（「香會計準則」）第34 Hong Kong Accounting Standard (“HKAS”) 34, Interim 號，中期財務報告之規定而編製，並於二financial reporting, issued by the Hong Kong Institute 零二六年八月二十八日獲授權刊發。 of Certified Public Accountants (“HKICPA”) and, it was authorised for issue on 28 August 2026. The interim financial report has been prepared in accordance 除預期將於二零二六年度綜合財務報表反with the same accounting policies adopted in the 2025 映之會計政策變動外，中期財務報告已按annual consolidated financial statements, except for the 照與二零二五年度綜合財務報表內採納之accounting policy changes that are expected to be reflected 相同會計政策編製。會計政策變動之詳情in the 2026 annual consolidated financial statements. 載於附註3。 Details of any changes in accounting policies are set out in Note 3. The preparation of an interim financial report in conformity 遵照香會計準則第34號編製之中期財務with HKAS 34 requires management to make judgements, 報告需要管理層作出判斷、估計及假設，estimates and assumptions that affect the application of 該等判斷、估計及假設影政策應用，以policies and reported amounts of assets and liabilities, 及按年初至今基準呈報資產及負債、收入income and expenses on a year-to-date basis. Actual results 及支出之金額。實際結果有可能與該等估may differ from these estimates. 計有差異。 未經審核中期財務報告附註 For the six months ended 30 June 2026 截至二零二六年六月三十日止六個月2. BASIS OF PREPARATION (continued) 2. 編製基準（續） This interim financial report contains condensed 本中期財務報告載有簡明綜合財務報表及consolidated financial statements and selected explanatory 經選定說明附註。附註括重大事件及重notes. The notes include an explanation of events and 大交易之解釋，有助了解自二零二五年度transactions that are significant to an understanding of the 綜合財務報表以來，本集團財務狀況及表changes in financial position and performance of the Group 現之變動。簡明綜合中期財務報表及隨附since the 2025 annual consolidated financial statements. 附註並不括根據香財務報告準則會計The condensed consolidated interim financial statements 準則編製之綜合財務報表全文所需全部資and the accompanying notes do not include all of the 料。 information required for a full set of consolidated financial statements prepared in accordance with HKFRS Accounting Standards. The financial information relating to the financial year ended 本中期財務報告所載作為比較資料之截至31 December 2025 that is included in the interim financial 二零二五年十二月三十一日止財政年度之report as comparative information does not constitute 財務資料並不構成本公司於該財政年度之the Company’s statutory annual consolidated financial 法定年度綜合財務報表，惟來自該等綜statements for that financial year, but is derived from those 合財務報表。根據香公司條例（「公司條 consolidated financial statements. Further information 例」）第436條披露有關該等法定財務報表relating to these statutory financial statements disclosed in 之進一步資料如下：accordance with section 436 of the Hong Kong Companies Ordinance (the “Companies Ordinance”) is as follows: The Company has delivered the consolidated financial 本公司已根據公司條例第662(3)條及附表statements for the year ended 31 December 2025 to the 6第3部之要求向公司註冊處處長呈交截至Registrar of Companies as required by section 662(3) of, 二零二五年十二月三十一日止年度的綜合and Part 3 of Schedule 6 to, the Companies Ordinance. 財務報表。 The Company’s auditor has reported on those consolidated 本公司之核數師已就該等綜合財務報表作financial statements. The auditor’s report was unqualified; 出報告。核數師報告為無保留意見；並無did not include a reference to any matters to which 提述核數師在不發出保留意見報告下，強the auditor drew attention by way of emphasis without 調有任何事宜須予注意；及概無載有公司qualifying its report; and did not contain a statement under 條例第406(2)、407(2)或(3)條項下所指之section 406(2), 407(2) or (3) of the Companies Ordinance. 聲明。 expenses to cost of revenue. Accordingly, the comparative 及相關分部披露已重新呈列，以符合於截figures for the six months ended 30 June 2025 and related 至二零二五年十二月三十一日止年度之年segment disclosure have been re-presented to conform to 度財務報表及本中期期間之呈列方式。本the presentation adopted in the annual financial statements 公司認為，此項變更透過加強與金融機構for the year ended 31 December 2025 and the current 業界慣例的可比性，為財務報表使用提interim period. The Company considers that such a change 供更具參考價值的資料。 provides more relevant information to users of the financial statements by enhancing comparability with industry practice of financial institutions. 3. CHANGES IN ACCOUNTING POLICIES 3. 會計政策變動 In the current interim period, the Group has applied the 於本中期期間，本集團已首次應用以下由following amendments to HKFRS Accounting Standards 香會計師公會頒佈且於本集團於二零二issued by the HKICPA, for the first time, which are 六年一月一日開始之年度期間強制生效之mandatorily effective for the Group’s annual period 香財務報告準則會計準則修訂本，以編beginning on 1 January 2026 for the preparation of the 製本集團之簡明綜合財務報表：Group’s condensed consolidated financial statements: Amendments to HKFRS 9 Amendments to the 香財務報告準則第 金融工具之分類及and HKFRS 7 Classification and 9號及香財務報 計量之修訂 Measurement of Financial 告準則第7號（修訂 Instruments 本） Amendments to HKFRS 9 Contracts Referencing 香財務報告準則第 涉及依賴自然能源and HKFRS 7 Nature-dependent 9號及香財務報 生產電力的合約 Electricity 告準則第7號（修訂 本） Amendments to HKFRS Annual Improvements 香財務報告準則會 香財務報告準則Accounting Standards to HKFRS Accounting 計準則（修訂本） 會計準則之年度– – Standards Volume 11 改進 第11卷 The application of the amendments to HKFRS Accounting 於本中期期間應用香財務報告準則會計Standards in the current interim period has had no material 準則修訂本對本集團本期間及過往期間之impact on the Group’s financial positions and performance 財務狀況及表現及╱或該等簡明綜合財務for the current and prior periods and/or on the disclosures 報表所載之披露並無產生重大影。 set out in these condensed consolidated financial statements. 未經審核中期財務報告附註 For the six months ended 30 June 2026 截至二零二六年六月三十日止六個月4. REVENUE AND SEGMENT REPORTING 4. 收入及分部報告 (a) Disaggregation of revenue （a） 收入之劃分 The Group’s operations and main revenue streams 本集團業務及主要收入來源為上一are those described in the last annual financial 年度財務報表所述。本集團之收statements. The Group’s revenue is derived from 入產生自於香財務報告準則第15contracts with customers within the scope of HKFRS 號範圍內與客戶之合約。 15. Disaggregation of revenue from contracts with 自客戶合約之收入按主要產品及服customers by major products and service lines and 務線及客戶所在地區之劃分如下：geographical location of customers is as follows: Six months ended 30 June 截至六月三十日止六個月 2026 2025 二零二六年 二零二五年 HK$’000 HK$’000 幣千元 幣千元 (Unaudited) (Unaudited) （未經審核） （未經審核） (Re-presented) （重新呈列） (Note 2) （附註 2） Disaggregated by major products 按主要產品及服務線劃分 and service lines Freight services 貨運服務 1,865,701 1,737,043 Logistics services 物流服務 776,652 739,489 Commodity trading and related 商品貿易及相關服務 services 19,385,020 18,484,406 Equipment and facility maintenance 設備及設施保養服務 services 417,601 359,701 Broking services 經紀服務 384,489 354,171 Others 其他 85,816 54,978 Revenue from contract with customers客戶合約收入 22,915,279 21,729,788Revenue from leases 租賃收入 44,013 35,133 Interest income from financial services金融服務之利息收入 200,390 206,849 23,159,682 21,971,770 幣千元 幣千元 (Unaudited) (Unaudited) （未經審核） （未經審核） (Re-presented) （重新呈列） (Note 2) （附註 2） Disaggregated by geographical 按客戶所在地區劃分 location of customers PRC 中國 17,194,943 15,264,878 Singapore 新加坡 1,324,891 1,236,755 Korea 韓國 228,131 576,625 Hong Kong Special Administrative 中國香特別行政區 Region of the PRC 67,952 53,151 Other Asia Pacific jurisdictions 其他亞太司法權區 1,181,938 1,473,846Europe 歐洲 2,515,010 2,612,573 North America 北美洲 245,713 262,678 Africa Continent 非洲大陸 209,925 268,461 South America 南美洲 191,179 222,803 23,159,682 21,971,770 未經審核中期財務報告附註 For the six months ended 30 June 2026 截至二零二六年六月三十日止六個月4. REVENUE AND SEGMENT REPORTING 4. 收入及分部報告（續） (continued) (b) Segment revenue and results （b） 分部收入及業績 Information reported to the chief operating decision 就資源調配及分部表現評估向主要maker (“CODM”), being the most senior executive ?運決策（「主要?運決策」），management of the Group, for the purposes of 即本集團最高行政管理人員呈報之resource allocation and assessment of segment 資料集中於所交付或提供之貨品或performance focuses on the types of goods or 服務類別。 services delivered or provided. In a manner consistent with the way in which 本集團已呈報以下可呈報分部，列information is reported internally to the CODM for 報方式與為資源調配及評估表現目the purposes of resource allocation and performance 的而向主要?運決策內部報告資assessment, the Group has presented the following 料之方式貫徹一致。 reportable segments. Logistics services 物流服務 This reportable segment includes warehousing, 該可呈報分部括倉儲、運輸、貨transportation, freight forwarding and cargo 運代理和貨物拼裝、供應鏈管理服consolidation, supply chain management services. 務。 Commodity marketing 商品貿易 This reportable segment includes physical trading 該可呈報分部括以銅、鉛、鋅及and supply chain management of base metal non- 其他次要金屬為主之有色卑金屬精ferrous concentrates with predominant focus on 礦之實物貿易及供應鏈管理。 copper, lead, zinc and other minor metals. Engineering services 工程服務 This reportable segment includes management and 該可呈報分部括設施、車輛及設maintenance of facilities, vehicles and equipment, 備之管理及保養、工程產品之供應supply and installation of engineering products, 及安裝、物業管理以及物流物業之property management, and design-and-build for 設計與建造。 logistics properties. Financial services 金融服務 This reportable segment includes provision of 該可呈報分部括提供金融經紀服financial brokerage services, asset management 務、資產管理服務及相關利息收services and relevant interest income. 入。 Segment results, assets and liabilities 分部業績、資產及負債For the purposes of assessing segment performance 就評估分部表現及分配分部間資源and allocating resources between segments, the 而言，主要?運決策監察各個可CODM monitors the results, assets and liabilities 呈報分部應佔業績、資產及負債，attributable to each reportable segment on the 其基準如下： following bases: attributable to those segments. Segment profit/(loss) 集團聯?公司及合?企業活動產生includes the Group’s share of profit/(loss) arising 的溢利╱（虧損）。並非由經?可呈from the activities of the Group’s associates and joint 報分部管理或源自經?可呈報分部ventures. Items not managed by or derived from the 之項目於分部對賬中分類為「未分operations of reportable segments are classified as 配」。 “unallocated” in the segment reconciliations. Segment profit/(loss) before taxation represents 除稅前分部溢利╱（虧損）指經?收operating revenue less expenses. Segment assets 入減開支。分部資產指各分部直接represent assets directly managed by each segment, 管理之資產，主要括存貨、應收and primarily include inventories, receivables, 款項、物業、廠房及設備以及使用property, plant and equipment and right-of-use 權資產。分部負債指各分部直接管assets. Segment liabilities represent liabilities 理之負債，主要括應付款項、貸directly managed by each segment, and primarily 款及借款以及租賃負債。 include payables, loans and borrowings and lease liabilities. 未經審核中期財務報告附註 For the six months ended 30 June 2026 截至二零二六年六月三十日止六個月4. REVENUE AND SEGMENT REPORTING 4. 收入及分部報告（續） (continued) (b) Segment revenue and results (continued) （b） 分部收入及業績（續）Disaggregation of revenue from contracts with 截至二零二六年及二零二五年六月customers by timing of revenue recognition as well 三十日止六個月，按收入確認時間as information regarding the Group’s reportable 劃分之客戶合約收入及為資源調配segments as provided to the Group’s CODM for the 及評估分部表現目的而向本集團主purposes of resource allocation and assessment of 要?運決策提供有關本集團可呈segment performance for the six months ended 30 報分部之資料載列如下：June 2026 and 2025 is set out below: Logistics services Commodity marketing Engineering services Financial services Elimination Total物流服務 商品貿易 工程服務 金融服務 對銷 合計 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 二零二六年 二零二五年 二零二六年 二零二五年 二零二六年 二零二五年 二零二六年 二零二五年 二零二六年 二零二五年 二零二六年 二零二五年 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 幣千元 幣千元 幣千元 幣千元 幣千元 幣千元 幣千元 幣千元 幣千元 幣千元 幣千元 幣千元 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) （未經審核） （未經審核） （未經審核） （未經審核） （未經審核） （未經審核） （未經審核） （未經審核） （未經審核） （未經審核） （未經審核） （未經審核） (Re-presented) (Re-presented) （重新呈列） （重新呈列） (Note 2) (Note 2) （附註2） （附註2） Reportable segment revenue 可呈報分部收入 2,757,894 2,550,102 19,385,020 18,484,406 423,548 361,587 384,489 354,171 (35,672) (20,478) 22,915,279 21,729,788 – – – – – – Inter-segment revenue 分部間收入 (31,232) (19,887) (4,440) (591) 35,672 20,478 Revenue from external 外部客戶收入 – – customers 2,726,662 2,530,215 19,385,020 18,484,406 419,108 360,996 384,489 354,171 22,915,279 21,729,788 Revenue from external 按收入確認時間劃分之 customers disaggregated by 外部客戶收入 timing of revenue recognition – – Point in time 於某一時點 1,126,277 1,087,292 19,339,868 18,417,199 188,962 131,410 384,489 354,171 21,039,596 19,990,072 – – – – Over time 於一段時間內 1,600,385 1,442,923 45,152 67,207 230,146 229,586 1,875,683 1,739,716 – – 2,726,662 2,530,215 19,385,020 18,484,406 419,108 360,996 384,489 354,171 22,915,279 21,729,788 Revenue from external 按主要產品及服務線劃 customers disaggregated by 分之外部客戶收入 major products and service lines – – – – – – – – Freight services 運輸服務 1,865,701 1,737,043 1,865,701 1,737,043– – – – – – – – Logistics services 物流服務 776,652 739,489 776,652 739,489 Commodity trading and related 商品貿易及相關服務 – – – – – – – – services 19,385,020 18,484,406 19,385,020 18,484,406 Equipment and facility 設備及設施保養服務 – – – – – – – – maintenance services 417,601 359,701 417,601 359,701 – – – – – – – – Broking services 經紀服務 384,489 354,171 384,489 354,171 – – – – – – Others 其他 84,309 53,683 1,507 1,295 85,816 54,978 – – 2,726,662 2,530,215 19,385,020 18,484,406 419,108 360,996 384,489 354,171 22,915,279 21,729,788– – – – – – – – Leases 租賃 44,013 35,133 44,013 35,133 Interest income from financial 金融服務之利息收入 – – – – – – – – services 200,390 206,849 200,390 206,849 – – 2,770,675 2,565,348 19,385,020 18,484,406 419,108 360,996 584,879 561,020 23,159,682 21,971,770 Reportable segment profit/ 可呈報分部除稅前 (loss) before taxation 溢利╱（虧損） 74,021 103,031 153,890 108,031 23,486 17,522 99,790 115,378 (490) (2,903) 350,697 341,059 As at 30 June (Unaudited)/ 於六月三十日（未經審 31 December (Audited) 核）╱十二月三十一日 （經審核） HK$’000 HK$’000 幣千元 幣千元 (Unaudited) (Unaudited) （未經審核） （未經審核） Reportable segment profit before 可呈報分部除稅前溢利 taxation 350,697 341,059 Unallocated amounts: 未分配金額： Net foreign exchange gain 匯兌收益淨額 3,168 41,660 Finance costs 融資成本 (18,265) (18,510) Depreciation of right-of-use assets 使用權資產折舊 (1,540) (1,809)Unallocated income and gains 未分配收入及收益 2,700 4,881 Unallocated expenses 未分配開支 (45,682) (40,044) Profit before taxation 除稅前溢利 291,078 327,237 (d) Information about major customers （d） 有關主要客戶之資料Revenue from one customer for the six months 截至二零二六年六月三十日止六ended 30 June 2026 amounted to approximately 個月，來自一名客戶的收入約為HK$3,394,043,000, which represents 10% or more 幣3,394,043,000元（佔本集團收of the Group’s revenue and was attributable to the 入10%或以上），源自商品貿易分commodity marketing segment. For the six months 部。截至二零二五年六月三十日止ended 30 June 2025, no single customer contributed 六個月，並無單一客戶貢獻本集團10% or more of the Group’s revenue. 收入10%或以上。 未經審核中期財務報告附註 For the six months ended 30 June 2026 截至二零二六年六月三十日止六個月5. OTHER NET (LOSSES)/GAINS 5. 其他（虧損）╱收益淨額 Six months ended 30 June 截至六月三十日止六個月 2026 2025 二零二六年 二零二五年 HK$’000 HK$’000 幣千元 幣千元 (Unaudited) (Unaudited) （未經審核） （未經審核） Net gain/(loss) on disposal of property, 出售物業、廠房及設備之收益╱plant and equipment （虧損）淨額 416 (266) Net gain on disposal of subsidiaries, 出售附屬公司、聯?公司及合?– associates and joint ventures 企業之收益淨額 1,823 Net foreign exchange (loss)/gain 匯兌（虧損）╱收益淨額 (7,701) 18,976(Recognition)/reversal of impairment 應收貿易賬項及其他應收款項減losses on trade and other receivables 值虧損（確認）╱撥回 (4,078) 1,064Net gain/(loss) on financial instruments 按公允價值計入損益之金融工具carried at fair value through profit or 之收益╱（虧損）淨額loss (“FVPL”) 1,384 (171) Others 其他 4,022 (3,311) (5,957) 18,115 （未經審核） （未經審核） (Re-presented) （重新呈列） (Note 2) （附註 2） Interest expense on: 利息開支來自： – – Bank borrowings and other facilities 銀行借款及其他融資 197,902 160,133– – Lease liabilities 租賃負債 44,330 45,274 – – Others 其他 4,789 6,434 Other finance cost 其他融資成本 32,457 25,451 279,478 237,292 Bank charges 銀行手續費 33,345 30,153 312,823 267,445 未經審核中期財務報告附註 For the six months ended 30 June 2026 截至二零二六年六月三十日止六個月7. PROFIT BEFORE TAXATION 7. 除稅前溢利 Profit before taxation is arrived at after charging/(crediting): 除稅前溢利已扣除╱（計入）：Six months ended 30 June 截至六月三十日止六個月 2026 2025 二零二六年 二零二五年 HK$’000 HK$’000 幣千元 幣千元 (Unaudited) (Unaudited) （未經審核） （未經審核） (Re-presented) （重新呈列） (Note 2) （附註 2） Staff costs, including Directors’ 員工成本（括董事酬金）：emoluments: Salaries, wages and other benefits 薪金、工資及其他福利 778,978 712,126Retirement benefit scheme contributions 退休福利計劃供款 62,670 57,246 841,648 769,372 Depreciation of property, plant and 物業、廠房及設備折舊 equipment 117,623 111,064 Depreciation of right-of-use assets 使用權資產折舊 158,377 149,013Amortisation of intangible assets 無形資產攤銷 15,928 14,907Cost of inventories sold 已銷售存貨成本 18,343,571 16,998,247Interest income 利息收入 (41,030) (31,826) （未經審核） （未經審核） Current tax 當期稅項 – – Provision for the period overseas 期內撥備海外所得稅 income tax 72,195 64,148 Over-provision in respect of prior years 過往年度超額撥備 (3,393) (15,068) 68,802 49,080 Deferred tax credited for the period 期間計入之遞延稅項 (1,355) (22,785)Withholding tax 預扣稅 1,090 562 Total income tax expense 所得稅開支總額 68,537 26,857 For the six months ended 30 June 2026 and 2025, no 截至二零二六年及二零二五年六月三十日provision for Hong Kong Profits Tax has been made as the 止六個月，由於本集團於兩個期間均並無Group had no assessable profits arising in Hong Kong for 於香產生應課稅溢利，故並無就香利both periods. 得稅作出撥備。 Taxation outside Hong Kong is calculated on the estimated 香境外之稅項根據按相關司法權區之現assessable profits for the period at the rates of taxation 行稅率對期間估計應課稅溢利之計算。 prevailing in the relevant jurisdictions. 9. DIVIDEND 9. 股息 No dividend was paid or proposed for ordinary shareholders 本公司於截至二零二六年及二零二五年六during the six months ended 30 June 2026 and 2025, 月三十日止六個月並無向普通股股東支付nor has any dividend been proposed after the end of the 或建議支付股息，且報告期末後並無建議reporting period. 任何股息。 未經審核中期財務報告附註 For the six months ended 30 June 2026 截至二零二六年六月三十日止六個月10. EARNINGS PER SHARE 10. 每股盈利 (a) Basic earnings per share (a) 每股基本盈利 The calculation of the basic earnings per share is 每股基本盈利金額按下列數據計based on: 算： (i) The profit for the period attributable to (i) 本公司擁有人應佔期間溢利owners of the Company Six months ended 30 June 截至六月三十日止六個月 2026 2025 二零二六年 二零二五年 HK$’000 HK$’000 幣千元 幣千元 (Unaudited) (Unaudited) （未經審核） （未經審核） Profit attributable to owners of the 本公司擁有人應佔溢利 Company 208,780 282,344 (ii) The weighted average number of ordinary (ii) 期內已發行普通股加權平均shares was 11,399,996,101 (six months 數為11,399,996,101股（截至ended 30 June 2025: 11,399,996,101) in 二零二五年六月三十日止六issue during the period. 個月：11,399,996,101股）。 (b) Diluted earnings per share (b) 每股攤薄盈利 No adjustment has been made to the basic earnings 由於本公司並無任何具潛在攤薄性per share amounts presented for the six months 的普通股，故並未就攤薄對截至二ended 30 June 2026 and 2025 in respect of dilutions 零二六年及二零二五年六月三十日as the Company does not have any dilutive potential 止六個月呈列之每股基本盈利金額ordinary share in existence. 作出調整。 During the six months ended 30 June 2026, the Group 截至二零二六年六月三十日止六個月，本renewed several lease agreements and entered into several 集團重續多份租賃協議，並訂立多份新租new lease agreements. On date of lease modification or 賃協議。於租賃修改或租賃開始日期，本lease commencement, the Group recognised right-of-use 集團確認使用權資產幣55,532,000元assets of HK$55,532,000 (six months ended 30 June 2025: （截至二零二五年六月三十日止六個月：HK$70,013,000). 幣70,013,000元）。 12. INTERESTS IN ASSOCIATES 12 於聯?公司之權益 During the six months ended 30 June 2026, the Group 截至二零二六年六月三十日止六個月，本invested in an associate established for a property 集團投資成立一間聯?公司，以進行一個redevelopment project in Singapore and advanced an 位於新加坡之物業重建項目，並向該聯?amount of S$9,171,000 (equivalent to approximately 公司墊付9,171,000新加坡元（相等於約HK$56,174,000) to the associate, representing the Group’s 幣56,174,000元，即本集團就購買及重建share of funding for the purchase and redevelopment of the 該物業攤佔之資金。墊款為免息，並構成property. The advance is non-interest-bearing and forms 本集團於該聯?公司之淨投資一部份。 part of the Group’s net investment in the associate. 未經審核中期財務報告附註 For the six months ended 30 June 2026 截至二零二六年六月三十日止六個月13. TRADE RECEIVABLES 13. 應收貿易賬項 30 June 31 December 2026 2025 二零二六年 二零二五年 六月三十日 十二月三十一日 HK$’000 HK$’000 幣千元 幣千元 (Unaudited) (Audited) （未經審核） （經審核） Trade debtors and bills receivables at 按攤銷成本計量之應收貿易債務amortised cost 人賬款及應收票據 976,164 844,187 Less: Loss allowance 減：虧損撥備 (8,805) (8,045) 967,359 836,142 Trade receivables containing provisional 按公允價值計入損益計量之含pricing features, measured at FVPL 暫時價格特徵之應收貿易賬項 2,409,134 4,250,772 3,376,493 5,086,914 幣千元 幣千元 (Unaudited) (Audited) （未經審核） （經審核） – – 0 90日 0 90 days 3,273,709 4,908,754 – – 91 180日 91 180 days 78,830 158,923 – – 181 365日 181 365 days 20,558 11,973 1年以上 Over 1 year 3,396 7,264 3,376,493 5,086,914 As at 30 June 2026, trade receivables due from the 於二零二六年六月三十日，本集團聯?Group’s associates, joint ventures and other related 公司、合?企業及其他關連方之應收貿parties amounted to HK$22,826,000, HK$8,442,000 and 易賬項分別為幣22,826,000元、幣HK$5,076,000 (31 December 2025: HK$12,325,000, 8,442,000元及幣5,076,000元（二零二五HK$4,431,000 and HK$2,379,000), respectively. 年十二月三十一日：幣12,325,000元、幣4,431,000元及幣2,379,000元）。 未經審核中期財務報告附註 For the six months ended 30 June 2026 截至二零二六年六月三十日止六個月14. CASH AND CASH EQUIVALENTS 14. 現金及現金等值項目 Cash and cash equivalents comprise: 現金及現金等值項目括：30 June 31 December 2026 2025 二零二六年 二零二五年 六月三十日 十二月三十一日 HK$’000 HK$’000 幣千元 幣千元 (Unaudited) (Audited) （未經審核） （經審核） 現金及銀行存款，即於簡明綜合 Cash and bank deposits, representing 財務狀況表之現金及現金等值 cash and cash equivalents in the 項目 condensed consolidated statement of financial position 2,549,883 2,283,798 減： Less: 銀行透支 Bank overdrafts (11,916) (5,672) 於簡明綜合現金流量表之現金及 Cash and cash equivalents in the 現金等值項目 condensed consolidated statement of cash flows 2,537,967 2,278,126 Trade and bills payables 應付貿易賬項及應付票據 – – measured at amortised cost 按攤銷成本計量 472,312 431,712 – – containing provisional pricing 含暫時定價特徵及 按公允價值計入損益 features and measured at FVPL 計量 333,509 1,197,600 (a) 805,821 1,629,312 其他應付款項、已收按金 Other payables, deposit received and 及應付項目 accruals (b) 14,452,204 12,469,602 15,258,025 14,098,914 Less: non-current portion 減：非流動部份 (38,781) (39,062) 15,219,244 14,059,852 未經審核中期財務報告附註 For the six months ended 30 June 2026 截至二零二六年六月三十日止六個月15. TRADE AND OTHER PAYABLES (continued) 15. 應付貿易賬項及其他應付款項（續） Note: 附註： (a) The following is an ageing analysis of the trade and bills （a） 以下為於報告期末時之應付貿易賬項及 payables based on the invoice date as at the end of the 應付票據根據發票日期之賬齡分析：reporting period: 30 June 31 December 2026 2025 二零二六年 二零二五年 六月三十日 十二月三十一日 HK$’000 HK$’000 幣千元 幣千元 (Unaudited) (Audited) （未經審核） （經審核） – – 0 90 days 0 90日 702,434 1,529,045 – – 91 180 days 91 180日 41,480 30,424 – – 181 365 days 181 365日 22,292 42,343 – – 1 2 years 1 2年 28,193 21,840 Over 2 years 2年以上 11,422 5,660 805,821 1,629,312 (b) As at 30 June 2026, included in the balance are amounts (b) 於二零二六年六月三十日，結餘內含segregated for customers of HK$11,539,058,000 (31 劃分予客戶之金額幣11,539,058,000December 2025: HK$10,620,869,000). 元（二零二五年十二月三十一日：幣10,620,869,000元）。 Non-current 非流動 Promissory Note 承兌票據 (a) 660,000 660,000 Secured bank loans 有抵押銀行貸款 (b) 321,426 485,499 981,426 1,145,499 Current 流動 Perpetual notes 永久票據 (c) 321,686 319,017 Secured bank loans 有抵押銀行貸款 (b) 229,267 172,174 Revolving short-term trade facilities 循環短期貿易融資 (d) 5,813,292 6,900,586Digital bonds 電子債券 (e) 298,558 327,708 Secured bank overdrafts 有抵押銀行透支 (b) 11,916 5,672 6,674,719 7,725,157 Notes: 附註： (a) The balance represents the Promissory Note, entered (a) 結餘指本公司與海航信管的一間聯屬公into between the Company and an affiliate of the HNA 司訂立之承兌票據（「承兌票據」），本金Trust Management (the “Promissory Note”), with 金額為幣660,000,000元（二零二五principal amount of HK$660,000,000 (31 December 2025: 年十二月三十一日：幣660,000,000HK$660,000,000). The balance is unsecured interest- 元）。結餘為無抵押，按年利率5.5%bearing at 5.5% (31 December 2025: 5.5%) per annum, （二零二五年十二月三十一日：5.5%）計which shall be payable semi-annually in arrears. The 息，須於每半年期末支付。本公司可選Company may elect to defer payment of interest, in 擇延遲支付利息；在此情況下，利息將which case interest shall accrue on such deferred interest 按該等延遲支付的利息金額計息，直至amounts until payment. All accrued and unpaid interest 支付為止。所有累計未付的利息及所有and all unpaid principal shall be paid in full on 18 July 2028. 未付本金須於二零二八年七月十八日悉Subsequent to the end of the reporting period, various 數支付。於報告期間後，承兌票據各項terms of the Promissory Note were renewed (see Note 22). 條款已經重續（見附註 22）。 未經審核中期財務報告附註 For the six months ended 30 June 2026 截至二零二六年六月三十日止六個月16. LOANS AND BORROWINGS (continued) 16. 貸款及借款（續） Notes: (continued) 附註：（續） (b) At 30 June 2026, the secured bank loans and bank (b) 於二零二六年六月三十日，有抵押銀行overdrafts were repayable as follows: 貸款及銀行透支須按以下期限償還：30 June 31 December 2026 2025 二零二六年 二零二五年 六月三十日 十二月三十一日 HK$’000 HK$’000 幣千元 幣千元 (Unaudited) (Audited) （未經審核） （經審核） Within 1 year or on demand 一年內或按要求 241,183 177,846 After 1 year but within 2 years 一年後但於兩年內 122,875 226,103After 2 years but within 5 years 兩年後但於五年內 189,285 248,966After 5 years 五年後 9,266 10,430（未完）  |