上善黄金二零二五年中期报告

CONTENTS Corporate Information2Chairman’s Statement5Management Discussion and Analysis9Corporate Governance and Other Information22Interim Condensed Consolidated Income Statement (Unaudited)26Interim Condensed Consolidated Statement of ComprehensiveIncome (Unaudited)27Interim Condensed Consolidated Balance Sheet (Unaudited)28Interim Condensed Consolidated Statement of Changes in Equity(Unaudited)30Interim Condensed Consolidated Statement of Cash Flows(Unaudited)31Notes to the Interim Condensed Consolidated Financial Information33 CORPORATE INFORMATION公司資料 DIRECTORS Executive Directors 2025620恵2025620202562020256 20202553020255 3020255 3020255 30 Mr. Ando Shokei (alias Liao Xianggui)(resigned on 20 June 2025)Mrs. Ando Eri (alias Feng Huijin)(resigned on 20 June 2025)Mr. Katsu Bunkai (alias Ge Wenhai)(resigned on 20 June 2025)Mr. Sun Hongyue (resigned on 20 June 2025)Mr. Huang Shikun(Chairman)(appointed on 30 May 2025)Mr. Huang Shifeng (appointed on 30 May 2025)Ms. Qian Yuanyuan (appointed on 30 May 2025)Mr. Tong Jun (appointed on 30 May 2025) Non-executive Directors 20255 3020255 30 Mr. Li Jiefeng (appointed on 30 May 2025)Mr. Zheng Haoran (appointed on 30 May 2025) Independent Non-executive Directors 20256 2020256 2020256 2020255 3020255 3020255 30 Mr. Chung Kwok Mo John (resigned on 20 June 2025)Ms. Lam Suk Ling Shirley (resigned on 20 June 2025)Mr. Chun Chi Man (resigned on 20 June 2025)Professor He Jia (appointed on 30 May 2025)Professor Hu Zuohao (appointed on 30 May 2025)Mr. Leung Ting Yuk (appointed on 30 May 2025) COMPANY SECRETARY Mr. Chak Chi Shing AUDIT COMMITTEE 20256 2020256 2020256 20202562020256 2020256 20 Ms. Lam Suk Ling Shirley (resigned on 20 June 2025)Mr. Chung Kwok Mo John (resigned on 20 June 2025)Mr. Chun Chi Man (resigned on 20 June 2025)Mr. Leung Ting Yuk(Chairman of audit committee)(re-designated on 20 June 2025)Mr. Li Jiefeng (re-designated on 20 June 2025)Professor He Jia (re-designated on 20 June 2025) REMUNERATION COMMITTEE 20256 2020256 2020256 20恵20256 20202562020256 2020256 20 Mr. Chung Kwok Mo John (resigned on 20 June 2025)Ms. Lam Suk Ling Shirley (resigned on 20 June 2025)Mr. Chun Chi Man (resigned on 20 June 2025)Mrs. Ando Eri (resigned on 20 June 2025)Professor He Jia(Chairman of remuneration committee)(re-designated on 20 June 2025)Mr. Huang Shikun (re-designated on 20 June 2025)Professor Hu Zuohao (re-designated on 20 June 2025) NOMINATION COMMITTEE 20256 2020256 2020256 2020256 20202562020256 2020256 2020256 2020256 20 Mr. Ando Shokei (resigned on 20 June 2025)Mr. Chung Kwok Mo John (resigned on 20 June 2025)Ms. Lam Suk Ling Shirley (resigned on 20 June 2025)Mr. Chun Chi Man (resigned on 20 June 2025)Mr. Huang Shikun(Chairman of nomination committee)(re-designated on 20 June 2025)Ms. Qian Yuanyuan (re-designated on 20 June 2025)Professor He Jia (re-designated on 20 June 2025)Professor Hu Zuohao (re-designated on 20 June 2025)Mr. Leung Ting Yuk (re-designated on 20 June 2025) CORPORATE GOVERNANCE COMMITTEE Mr. Chun Chi Man (resigned on 20 June 2025)Mr. Ando Shokei (resigned on 20 June 2025)Mr. Chung Kwok Mo John (resigned on 20 June 2025)Ms. Lam Suk Ling Shirley (resigned on 20 June 2025)Professor Hu Zuohao(Chairman of corporate governance committee)(re-designated on 20 June 2025)Professor He Jia (re-designated on 20 June 2025)Mr. Huang Shifeng (re-designated on 20 June 2025) 20256 2020256 2020256 2020256 20202562020256 2020256 20 AUTHORISED REPRESENTATIVES 20256 2020256 20 Mr. Ando Shokei (resigned on 20 June 2025)Mr. Chak Chi ShingMs. Qian Yuanyuan (appointed on 20 June 2025) AUDITOR HLB Hodgson Impey Cheng Limited PRINCIPAL BANKERS Hongkong and Shanghai Banking Corporation LimitedSumitomo Mitsui Banking Corporation PRINCIPAL SHARE REGISTRAR AND TRANSFEROFFICE 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt Road, AdmiraltyHong Kong REGISTERED OFFICERoom 2601, 26/F Wing On CentreNo. 111 Connaught Road CentralHong Kong 111262601 HEAD OFFICE AND PRINCIPAL PLACE OFBUSINESS IN JAPAN 3–7–5Kyobashi-Square 23 2/F and 3/F Kyobashi-Square3–7–5 Kyobashi Chuo-kuTokyoJapan www.shangshan-gold.com CORPORATE WEBSITEwww.shangshan-gold.com 1939 STOCK CODE1939 CHAIRMAN’S STATEMENT主席報告 20259 302024 Onbehalf of the board(the“Board”)of directors(the“Directors”) of Shangshan Gold International Holdings Limited(formerly known as Tokyo Chuo Auction Holdings Limited) (the“Company”) and its subsidiaries (collectively, the “Group”), Iwould like to present the interim results of the Group for thesixmonths ended 30 September 2025(the“ReportingPeriod”),together with the comparative figures for thecorresponding period in 2024. BUSINESS REVIEW Weare a well-recognised auction house of Chinese andJapanese artworks in Hong Kong and Japan. We specialise inauctioneeringa wide variety of artworks with emphasis onChineseand Japanese artworks,including Chinese paintingsand calligraphies, Chinese antiques and Japanese and Chinese