瀛晟科学二零二五年中期报告

Winshine Science Company Limited Stock Code: 209(Incorporated in Bermuda with limited liability)209 Abbreviations簡稱 Corporate Information BOARD OF DIRECTORS Executive Directors Ms. Wang Jingyu(Chairlady) (appointed on 3 September 2025)Mr. Weng Zudian(Chief Executive Officer)Mr. Wong Danny F.(appointed on 29 July 2025)Mr. Yiu Chun Kong(appointed on 22 August 2025)Mr. Jiang Qinghui(Chairman) (resigned on 3 September 2025)Mr. Li Zhonghai(resigned on 3 September 2025) Non-executive Director Mr. Lin Shaopeng Independent Non-executive Directors Ms. Wang YumeiMs. Wu Yan Yee(appointed on 22 August 2025)Ms. Wong Tin Ying Jade(appointed on 22 August 2025)Mr. Kwok Kim Hung Eddie(resigned on 8 August 2025)Mr. Chan Cheuk Ho(resigned on 28 February 2025)Mr. Zhao Yong(retired on 22 May 2025) 赵 AUDIT COMMITTEE Ms. Wu Yan Yee(Chairlady) (appointed on 22 August 2025) 赵 Ms. Wang Yumei(appointed on 28 February 2025)Ms. Wong Tin Ying Jade(appointed on 22 August 2025)Mr. Kwok Kim Hung Eddie(Chairman) (ceased on 8 August 2025)Mr. Chan Cheuk Ho(Chairman) (ceased on 28 February 2025)Mr. Zhao Yong(retired on 22 May 2025) REMUNERATION COMMITTEE Ms. Wong Tin Ying Jade(Chairlady)(appointed on 22 August 2025) 赵 Ms. Wang Yumei(appointed on 28 February 2025)Ms. Wu Yan Yee(appointed on 22 August 2025)Mr. Weng Zudian(Chairman) (ceased on 22 August 2025)Mr. Chan Cheuk Ho(Chairman) (ceased on 28 February 2025)Mr. Zhao Yong(retired on 22 May 2025) Corporate Information NOMINATION COMMITTEE 郭雄先生 Ms. Wong Tin Ying Jade(Chairlady) (appointed as member on 22 August 2025and redesignated as Chairlady on 3 September 2025)Ms. Wang Yumei(appointed on 28 February 2025)Mr. Lin Shaopeng(appointed on 3 September 2025)Mr. Jiang Qinghui(Chairman) (ceased on 3 September 2025)Mr. Kwok Kim Hung Eddie(ceased on 8 August 2025)Mr. Chan Cheuk Ho(ceased on 28 February 2025) COMPANY SECRETARY Ms. Yu Nga Yan(appointed on 7 July 2025)Mr. Lam Koon Fai(resigned on 7 July 2025) TRADING OF SHARES 209 Hong Kong Stock Exchange (Stock Code: 209) REGISTERED OFFICE Clarendon House2 Church StreetHamilton HM 11Bermuda Clarendon House2 Church StreetHamilton HM 11Bermuda HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESSIN HONG KONG 168–2009907B Room 907B, 9/F., China Merchants TowerShun Tak Centre168-200 Connaught Road CentralHong Kong PRINCIPAL BANKERS The Hongkong and Shanghai Banking Corporation LimitedBank of Communications Co. Ltd. Hong Kong BranchChina Guangfa Bank Co., Ltd Zhongshan Branch AUDITOR Confucius International CPA Limited PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE Appleby Global Corporate Services (Bermuda) LimitedCanon’s Court, 22 Victoria StreetP.O. Box HM 1179, Hamilton HM EXBermuda Appleby Global Corporate Services (Bermuda) LimitedCanon’s Court, 22 Victoria StreetP.O. Box HM 1179, Hamilton HM EXBermuda HONG KONG BRANCH SHARE REGISTRAR ANDTRANSFER OFFICE Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong 1617 WEBSITE http://www.winshine.comhttp://www.tricor.com.hk/webservice/000209 http://www.winshine.comhttp://www.tricor.com.hk/webservice/000209 *The above information is updated to 23 September 2025, being the latest practicabledate before printing of this interim report. * Management Discussion and Analysis BUSINESS REVIEW The Group is principally engaged in the manufacturing and trading of toys and theplantation and sales of agricultural products. For the interim period ended 30 June 2025, the toy business continued to sufferin the near term due to the factors beyond the Group’s control, especially theimpact of the United States (the “U.S.”) increasing tariffs on China. Reflecting on the past fiscal year, the manufacturing of toy industry has navigateda landscape filled with challenges and opportunities, with each playing a crucialrole in our continued growth and success. The recent increase in tariffs imposedby the U.S. on Chinese imports has had a profound impact on our businessoperations. These tariffs have led to heightened costs for our products, which, inturn, have affected our pricing strategy and market competitiveness. As a result,there has been a continuous decline in order volumes from our U.S. customers.Another significant factor contributing to our increased losses is the rise inminimum wage levels across various regions in China. In addition to increasedminimum wages, social insurance costs have also escalated. The cumulative effecthas placed additional pressure on our operating margins, diminishing our ability toreinvest in the business or pursue strategic growth initiatives. In overall, the toysdivision’s sales in 2025 did not reach the levels achieved in 2024. During the interim period ended 30 June 2025, the Group did not derive anyrevenue from the plantation and sales of agricultural products (30 June 2024:HK$1.3 million). 1.3 Gross loss for the interim period ended 30 June 2025 amounted to approximatelyHK$10.0 million, representing a decrease of app