中国铸晨81中期报告2025

中 國 鑄 晨 81 金 融 有 限 公 司 (Continued into Bermuda with limited liability)(於百慕達存續之有限公司)Stock Code股份代號:810 INTERIM REPORT2025中期報告 CONTENTS目錄 Page頁次 CHAIRMAN’S STATEMENT2主席報告MANAGEMENT DISCUSSION AND ANALYSIS7管理層討論與分析PARTICULARS OF MAJOR INVESTMENTS HELD BY THE GROUP11本集團持有之主要投資之詳情CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS20簡明綜合損益表CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS ANDOTHER COMPREHENSIVE INCOME21簡明綜合損益及其他全面收益表CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION22簡明綜合財務狀況報表CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY23簡明綜合權益變動報表CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS24簡明綜合現金流量表NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS25簡明綜合財務報表附註INDEPENDENT REVIEW REPORT38獨立審閱報告OTHER INFORMATION40其他資料CORPORATE INFORMATION47公司資料 CHAIRMAN’SSTATEMENT主席報告 本人謹代表董事會（「董事會」）欣然提呈中國鑄晨81金融有限公司（「本公司」）及其附屬公司（統稱「本集團」）截至二零二五年六月三十日止六個月之中期報告。本公司為一間根據香港聯合交易所有 限 公 司 證 券 上 市 規 則（「上 市 規 則」）第21章 之投資公司。 On behalf of the Board of Directors (the “Board”), I am pleased topresent the interim report of China Castson 81 Finance CompanyLimited (the “Company”) and its subsidiaries (collectively the“Group”) for the six months ended 30 June 2025. The Company isan investment company pursuant to Chapter 21 of the RulesGoverning the Listing of Securities of The Stock Exchange of HongKong Limited (the “Listing Rules”). INTERIM DIVIDEND 董事會不建議就截至二零二五年六月三十日止期間派付中期股息（二零二四年上半年：無）。 The Board does not recommend the payment of an interimdividend for the period ended 30 June 2025 (1H 2024: Nil). KEY PERFORMANCE INDICATOR 與 投 資 公 司 有 關 之 關 鍵 績 效 指 標 一 般 為 資 產 淨值（「資 產 淨 值」），而 本 公 司 之 資 產 淨 值 於 二 零二五年六月三十日減少至約28,000,000港元（二零二四年十二月三十一日：31,900,000港元）。減少主要可歸因於期內錄得經營虧損約3,800,000港元所致。每股資產淨值為0.17港元（二零二四年十二月三十一日：0.19港元）。 The key performance indicator for an investment company istypically its net asset value (“NAV”), and our NAV as at 30 June2025 decreased to around HK$28.0 million (31 December 2024:HK$31.9 million). The decrease was mainly attributable to theoperating loss for the period of about HK$3.8 million. The netasset value per share was HK$0.17 (31 December 2024: HK$0.19). INVESTMENT PORTFOLIO REVIEW 於二零二五年六月三十日，按公允值計入損益之金融資產投資組合包括上市香港股本，價值約為20,200,000港元（二零二四年十二月三十一日︰約20,100,000港元）。 As at 30 June 2025, the Group’s portfolio financial assets at fairvalue through profit or loss were listed Hong Kong equities andamounted to about HK$20.2 million (31 December 2024: aboutHK$20.1 million). The current and the non-current portion of the listed equitiesportfolio amounted to about HK$12.1 million and HK$8.1 million(31 D e c e m b e r 2024: H K $11.7 m i l l i o n a n d H K $8.4 m i l l i o n )respectively. 上市股本組合之即期及非即期部分之價值分別約為12,100,000港元及8,100,000港元（二零二四年十 二 月 三 十 一 日︰11,700,000港 元 及8,400,000港元）。 REVIEW OF OPERATIONS 二零二五年上半年迎來前所未有的挑戰，其核心驅動因素是全球貿易關係與政治聯盟的大規模重組。期 內，即 便 全 球 股 市 出 現V型 反 彈，不 確 定性及波動性仍是整個宏觀經濟及全球市場的主旋律。關稅、盈利及經濟預測下調以及地緣政治衝突，成為主導市場走勢的決定性因素。 The first half of 2025 brought unprecedented challenges, driven bya broad reordering of trade relations and political alliances aroundthe globe. During the period, despite a V-shaped rebound in globalequities, uncertainty and volatility remained the key themes acrossthe macroeconomy and global markets. Tariffs, downgrades toearnings and economic forecasts and geopolitical conflicts werethe defining factors for markets. 二零二五年上半年全球股市上揚，中國股市在第一季度大幅走高，此乃得益於政府推出降息、對陷入困境的房地產行業提供支持以及注入流動資金等刺激措施，該等措施有助於穩定經濟並恢復投資者信心。中國公司於人工智能（「人工智能」）領域的進展，亦讓投資者重新評估中國作為科技行業引領者，其強大的增長潛力。美國方面，標準普爾500指數、道指及納斯達克指數分別上升5.5%、3.6%及5.5%，主要由資訊科技及通信服務板塊領漲，投資者對部分「美股七巨頭」股票的投資興趣再度升溫，而與人工智能相關的股票於年初經歷短暫走弱後，迎來強勁反彈。 Global equities advanced in the first half of 2025. Shares in Chinasaw a sharp rise in the first quarter, driven by government stimulusmeasures, such as interest rate cuts, support for the country’stroubled property sector, and liquidity injections, which helpedstabilise the economy and restore investor confidence. Advances inartificial intelligence (“AI”) by Chinese companies have also ledinvestors to reevaluate China as a leader in the technology sectorwith strong growth potential. In the US, the S&P 500, Dow andNasdaq rose 5.5%, 3.6% and 5.5% respectively. Gains were led bythe information technology and communication services sectors asinvestor appetite for some of the “Magnificent 7” stocks reignited,while stocks with exposure to artificial intelligence staged a strongrecovery after experiencing some weakness earlier in the year. 於 香 港，人 工 智 能 熱 潮、貿 易 戰 波 動 及 政 策 支持 推 動 恒 生 指 數（「恒 指」）錄 得20%的 漲 幅。於二 零 二 五 年 上 半 年，恒 指 及 恒 生 科 技 指 數（「恒生 科 技 指 數」）延 續 上 漲 勢 頭，分 別 收 報24,072點 及5,302點，漲 幅 分 別 為20%及18.7%。期 內我 們 錄 得 上 市 股 本 投 資 組 合 公 允 值 收 益 淨 額 約2,200,000港元，表現遜於市場，主要由於此次反彈大多聚焦於主要恒指的成分股（尤其科技及互聯網板塊）而不是非成份股之上所致。 In Hong Kong, the AI boom, trade war volatility, and policy supportdrove Hang Seng Index (“HSI”) to a 20% gain. HSI and Hang SangTech Index (“HSTI”) continued their up-ward momentum, in thefirst half of 2025, HSI closed at 24,072 points and HSTI closed at5,302 points, rising 20% and 18.7%