满贯集团中期报告2025

中期報告2025 234182628303132 38-40814 Conyers Trust Company (Cayman) Limited Cricket SquareHutchins DriveP.O. Box 2681Grand Cayman, KY1-1111Cayman Islands 1617 22 www.tycoongroup.com.hk (CPAACCA) 3390 Cricket SquareHutchins DriveP.O. Box 2681Grand Cayman, KY1-1111Cayman Islands EBITDAEBITDA202512,785,000202410,264,0002025283,00020243,100,000202510,516,00020248,318,00020257,666,000202421,119,00012EBITDA EBITDA 20256 30202520242024 3002,000 2025 Jacobson Group Treasury LimitedJacobson Group Treasury2633Jacobson Group Treasury94,000,0000.5 940,00020254290.40.525%0.49747.046.7Jacobson Group Treasury150.5916.84% 2025510.1435.017.3%7.7202421.1(i)8.120240.8(ii)CWA4.020243.6Combo Win LimitedCWACWA2025CWA(iii) 257.40.5%2024258.642.9202445.243.137.3%36.630.7%6.3123.7%2025 2024370% 79.2 2025228CWA51%CWA202531CWA 51%CWA87.4 KaminowaHelaslimPNKidsplu BG Pro(Boost & GuardPro)(Craft by Wakan)(Kinmen Qiangxiao)60BG ProBG PRO BG Pro 2022(TJ-TYT)(Double Panda Brand) Guardian 202412 3120251231 20254 29Jacobson Group Treasury0.50.5(i)0.425.0%(ii)0.44711.9%202552246.72025520 20256 30 •510.12024435.0 •6.1%336.62024358.45.1%42.9202445.2 •CWA 51%20253 •37.6%43.2202431.4 CWA 51%20253CWA100% 107.819.8%129.20.525.3%(i)(ii) CWA 51% 44.561.3%71.7 33.950.5%51.0(i)(ii) CWA 51% 10.324.5%12.8(i)(ii) CWA 51% 2.920241.5CWA 51% 8.021.0(i)(ii)CWA2025 EBITDA (i) EBITDA(ii) EBITDA202512.8202410.320250.320243.1202510.520248.320257.7202421.1 CWA 51%20254.02024CWA3.62025 EBITDA 20256 3040.8202412 3134.0202563044.8%2024 12 3138.3% 20256 30282.8202412 31231.377.2202412 3139.0202833150.0202412 3150.0203021718.7202412 31203053110.1202412317.6202412317.9 202563020241231 20256 308.9894,000,0000.01 20256 3030.8202412 3131.9 202377202372720231032025252025228202310 26Dynasty Garden LimitedDynasty GardenCWA51%EyolutionCapital FundECF 20251 27ECFDynasty GardenECFECF 106,000,00020241231ECF60,000,000Dynasty Garden46,000,000 ECFCWA51%CWA202531CWA 13.2013.22 202377202372720231032025252025228Dynasty GardenCWA51%ECF 20252ECFCWA51%CWA202531CWA202531CWA202411251413 20256 30202412 31 20256 30202412 31 20256 3023420246 3025043.331.5 20257120257 1 C1 C.2.1 C.2.1 2025630 C3 •2025110•20256 261911.HK•2025110202571•202571•202571 2025630571XV(a)XV78(b)352(c) (1)LS(2)300,088,326Tycoon Empire Investment LimitedTycoon EmpireXVTycoon Empire(3)2025630894,000,000 (1)L(2)Tycoon Empire 2025630XV(a)XV78(b)352(c) 20256 30XV23336 (1)LS2025630894,000,000 (2)300,088,326Tycoon EmpireXV (3)151,895,000202552253.40%CRC BlueskyLimitedCRC Bluesky LimitedXVCRC BlueskyLimited (4)Jacobson Group TreasuryJacobson Group TreasuryJacobson Pharma Group (BVI) LimitedJacobson Pharma Group (BVI) Limited42.53%Kingshill Development LimitedKingshill Development Group Inc.Kingshill Development Group Inc.UBS Trustees (B.V.I.) LimitedThe Kingshill TrustXVJacobson Pharma Group (BVI) LimitedKingshill Development LimitedKingshillDevelopment Group Inc.UBS Trustees (B.V.I.) LimitedJacobson Group Treasury (5)2025630894,000,000 2025630XV23336 20203 232023111720231 1 2025630202563080,000,000202041510% 20205 252023111720231 1 (i)(ii) 40,000,0005%0.50%1%20205 25 20243,622,00016,00020224 1202641 20 1. 2.20214 12024713.573.48 20256302025630 20(b)20(b) 78 2025630 1 2017614Cricket Square, Hutchins Drive, P.O. Box 2681, GrandCayman, KY1-1111, Cayman Islands38-40814 2020415 Tycoon Empire Investment Limited 20258 29 829 2 20256303420241231 3 202412 31 (a) (b) 4 20241231 5 5.1 20241231 20241231 202412 31 5.2 3 1–2–13– 5 5.3 ••••••••• 6 (a) (b) (c) 6 6 2024 7 8 9 16.5%20246 30 10 20256 30 20246 30 11 20256302024630 12 11630 202563030,790,0002024123131,862,00018 13 202563013,948,0002024630576,0004,497,00020246304,981,000 20251 124 15 20256 30202412 31CWA24 202412 31 16 23(b) 30120202563020241231 9091180180 23(b) 20256 3020241231 30316061120120 18 0.01 202412 312025112025630 202412 31202511 20256 30 20254 29Jacobson Group Treasury LimitedJacobson Group TreasuryJacobson Group Treasury94,000,0000.0194,000,00020255220.547,000,000 20 (a) 2020323 (a)(b)(c)(d)(e)(f)(g) 20 (a) 30%10%80,000,000121%12 21 (i)(ii)(iii)1.0 20 (b) 20205 25 2020525 5 %40,000,0000.50% 20256303.4020245.153,400,00020243,960,00011,560,000202563036,560,000202433,160,000 20 (b) 20256302024630 11 630 20256302.8320246301.58 20256303,622,00020246301,680,00020256308,071,0002024630798,000 21 20256 30202412 31 22 202563020241231 23 23 (a) 20256305,113,000202412 316,818,0005,231,000202412 316,922,0002025630 2 0 2 563 04 , 4 9 7 , 0 0 02 0 2 463 01,704,000293,00020246 30142,000 (i)2025630(ii)(iii)CWA202531(iv)(v)CWA202531CWACWA(vi)2024630 CWA CWA (i)(ii)CWA(ii)(iii) Jacobson Group Treasury(iv)(v) (i)20256 303060(ii)20256 30(iii)20256 3090 23 (b) (iv)20256 30Jacobson Group TreasuryHIBOR + 2.5%20283 3120256 30 (v)20256306.5%203053120302174,000,000 24 20237 7Dynasty Garden LimitedEyolutio