怡邦行控股2025/2026中期报告

Content目錄 24111718192021CorporateInformation公 司 資 料Management Discussion and Analysis管 理 層 討 論 與 分 析Other Information其 他 資 料Interim Condensed Consolidated Statement of Comprehensive Income中 期 簡 明 綜 合 全 面 收 益 表Interim Condensed Consolidated Statement of Financial Position中 期 簡 明 綜 合 財 務 狀 況 表Interim Condensed Consolidated Statement of Changes In Equity中 期 簡 明 綜 合 權 益 變 動 表Interim Condensed Consolidated Statement of Cash Flows中 期 簡 明 綜 合 現 金 流 量 表Notes to Condensed Consolidated Financial Statement簡 明 綜 合 財 務 報 表 附 註 CorporateInformation公司資料 REGISTERED OFFICE註冊辦事處 NOMINATIONCOMMITTEE提名委員會 Mr.WongWah,Dominic(Chairman)Mr.TseSunFat,HenryMr. Wan Sze ChungMs. Man Yuk Fan CricketSquareHutchinsDriveP.O.Box2681GrandCaymanKY1-1111CaymanIslands 黃華先生（主席）謝新法先生溫思聰先生文玉芬女士 HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS總辦事處及主要營業地點 INVESTMENTCOMMITTEE投資委員會 16th–18thFloorsFirstCommercialBuilding33LeightonRoadCausewayBayHongKong Mr.WongWah,Dominic(Chairman)Mr.TseSunPo,TonyMr.LauShiuSun 香港銅鑼灣禮頓道33號第一商業大廈16–18樓 黃華先生（主席）謝新寶先生劉紹新先生 COMPANYSECRETARY公司秘書 AUDITCOMMITTEE審核委員會 Mr.YuChiWah,CPA俞志燁先生,CPA Mr.WanSzeChung(Chairman)Dr.LukWangKwongMr.WongWah,Dominic AUDITOR核數師 溫思聰先生（主席）陸宏廣博士黃華先生 PricewaterhouseCoopersCertifiedPublicAccountantsRegisteredPublicInterestEntityAuditor22ndFloorPrince’sBuildingCentralHongKong REMUNERATIONCOMMITTEE薪酬委員會 Mr.WongWah,Dominic(Chairman)Mr.LauShiuSunMr.WanSzeChung 羅兵咸永道會計師事務所執業會計師註冊公共利益實體核數師香港中環太子大廈22樓 黃華先生（主席）劉紹新先生溫思聰先生 AUTHORISEDREPRESENTATIVES授權代表 Mr.TseHonKit,KevinMr.YuChiWah,CPA 謝漢傑先生俞志燁先生,CPA CorporateInformation公司資料 CAYMANISLANDSPRINCIPALSHAREREGISTRARANDTRANSFEROFFICE開曼群島股份過戶登記總處 LEGALADVISERSONHONGKONGLAW香港法律之法律顧問 Pang,Wan&Choi,SolicitorsRoom1405,14/F,ChinaInsuranceGroupBuilding141DesVoeuxRoadCentralHongKong Suntera(Cayman)LimitedSuite3204,Unit2ABlock3,BuildingDP.O.Box1586GardeniaCourtCamanaBayGrandCaymanKY1-1100,CaymanIslands 彭溫蔡律師行香港德輔道中141號中保集團大廈14樓1405室 PRINCIPALBANKERS主要往來銀行 HONGKONGBRANCHSHAREREGISTRARANDTRANSFEROFFICE香港股份過戶登記分處 –FubonBank(HongKong)Limited富邦銀行（香港）有限公司–TheHongkongandShanghaiBankingCorporationLimited香港上海滙豐銀行有限公司–NanyangCommercialBankLimited南洋商業銀行有限公司 Tricor Investor Services Limited17/F,FarEastFinanceCentre16HarcourtRoadHongKong 卓佳證券登記有限公司香港夏愨道16號遠東金融中心17樓 ManagementDiscussionandAnalysis管理層討論與分析 REVIEW OF OPERATIONS 營運回顧 BUSINESS REVIEW 業務回顧 本公司的主要業務為投資控股。其附屬公司主要於香港及中華人民共和國（「中國」）從事進口、批發、零售及安裝建築五金、衛浴、廚房設備、傢俬，以及提供室內設計服務、項目管理及合約管理。 The principal activity of the Company is investment holding. Its subsidiaries aremainly involved in importing, wholesaling, retailing, and installing architecturalbuilders’ hardware, bathroom and kitchen collections, furniture, and providinginterior design services, project management, and contract management in HongKong and the People’s Republic of China (the “China”). In February, the removal of cooling measures and stamp duties for non-residentsboosted Hong Kong’s property appeal among mainland buyers. Mainlandprofessionals relocating with families through talent visas are expanding the pool ofnon-resident buyers and increasing cross-border demand in the residential market.More mainland Chinese are purchasing property in Hong Kong due to attractiverental returns, lower interest rates, and the elimination of stamp duties for non-residents. 二月份，撤銷冷卻措施及非住宅物業的印花稅，提升了香港物業對內地買家的吸引力。透過人才簽證攜家眷來港的內地專業人士，擴大了非本地買家的基礎，並增加了住宅市場的跨境需求。由於具吸引力的租金回報、較低利率以及對非本地買家撤銷印花稅，更多內地人士在香港購買物業。 During April–September 2025, Hong Kong experienced a significant rebound in itsproperty market, selling 33,454 residential units, including approximately 11,000primary-market transactions. This marks a substantial increase from the sameperiod in 2024, representing an approximately 35% year-on-year surge. The primarymarket accounted for above 33% of total residential sales in this period, up fromroughly 30% last year, indicating a positive trend. 於二零二五年四月至九月期間，香港物業市場顯著反彈，售出33,454個住宅單位，其中包括約11,000宗一手市場交易，較二零二四年同期大幅上升，按年增幅約35%。在此期間，一手市場佔住宅總銷售量超過33%，高於去年的約30%，顯示出正面趨勢。 市場數據及發展商披露的資料顯示，此比例大致保持穩定，內地買家繼續主導一手市場推盤。不過，由於按揭利率下調及冷卻措施撤銷，二手市場交易量有所反彈。分析師預期，在市場條件持續有利買家的情況下，二手市場價格將繼續受壓，二零二五年僅會溫和復甦0%至5%。二手市場更依賴本地用家，而彼等正面對負擔能力的限制。 Market data and developer disclosures suggest this ratio has largely held steady,with mainland buyers continuing to dominate primary market launches. However,secondary-market transaction volumes have rebounded due to lower mortgagerates and the removal of cooling measures. Analysts expect secondary-marketprices to remain under pressure, with only a mild recovery of 0% to 5% in 2025, asconditions continue to favour buyers. The secondary market depends more on localend users, who face affordability constraints. 中國首三季國內生產總值（「國內生產總值」）按年增長5.2%，接近5%的目標，但復甦並不平均。強勁的出口及高科技製造業推動增長，而內需仍然疲弱。持續的物業市場低迷繼續打擊投資及家庭信心。 China’s Gross Domestic Project (the “GDP”) grew by 5.2% year-on-year in the firstthree quarters, close to the 5% target, but the recovery was uneven. Strong exportsand high-tech manufacturing drove growth, while domestic demand remained wea