普汇中金国际2025/2026 中期报告

CONTENTS目錄 Management Discussion and Analysis4管理層討論及分析 Corporate Governance and Other Information22企業管治及其他資料 Unaudited Condensed Consolidated Statement ofProfit or Loss and Other Comprehensive Income30未經審核簡明綜合損益及其他全面收益表 Unaudited Condensed Consolidated Statement ofFinancial Position33未經審核簡明綜合財務狀況表 CORPORATE INFORMATION公司資料 執行董事 EXECUTIVE DIRECTORS 李偉斌先生 ，主席兼董事總經理蕭偉業先生 Mr. Li Weibin,Chairman and Managing DirectorMr. Siu Wai Yip 非執行董事 NON-EXECUTIVE DIRECTORS 林永耀先生（於二零二五年九月二十五日辭任）郭志立先生（於二零二五年九月二十五日獲委任） Mr. Lam Wing Yiu(resigned on 25 September 2025)Mr. Kwok Chi Lap(appointed on 25 September 2025) 獨立非執行董事 INDEPENDENT NON-EXECUTIVE DIRECTORS 何鍾泰博士黎家鳳女士陳嬋玲女士 Dr. Ho Chung Tai, RaymondMs. Lai Ka Fung, MayMs. Chan Sim Ling, Irene 公司秘書 COMPANY SECRETARY 劉慧霞女士 Ms. Lau Wai Har 註冊辦事處 REGISTERED OFFICE Clarendon House2 Church StreetHamilton HM 11Bermuda Clarendon House2 Church StreetHamilton HM 11Bermuda 總辦事處及香港主要營業地點 HEAD OFFICE AND PRINCIPAL PLACE OFBUSINESS IN HONG KONG 香港中環德輔道中4-4A號渣打銀行大廈12樓1203室 Suite 1203, 12/F., Standard Chartered Bank Building4-4A Des Voeux Road CentralCentral, Hong Kong PRINCIPAL BANKERS 主要往來銀行 The Hongkong and Shanghai Banking Corporation LimitedDBS Bank (Hong Kong) LimitedIndustrial and Commercial Bank of China LimitedIndustrial and Commercial Bank of China (Asia) LimitedBank of Xi’an Company LimitedBank of Ningxia Company LimitedBank of Chang’an Company LimitedShaanxi Qinnong Rural Commercial Bank Company Limited 香港上海滙豐銀行有限公司星展銀行（香港）有限公司中國工商銀行股份有限公司中國工商銀行（亞洲）有限公司西安銀行股份有限公司寧夏銀行股份有限公司長安銀行股份有限公司陝西秦農農村商業銀行股份有限公司 主要股份過戶登記處 PRINCIPAL SHARE REGISTRAR ANDTRANSFER OFFICE Ocorian Management (Bermuda) LimitedVictoria Place, 5th Floor31 Victoria StreetHamilton HM10Bermuda Ocorian Management (Bermuda) LimitedVictoria Place, 5th Floor31 Victoria StreetHamilton HM10Bermuda 香港股份過戶登記分處 HONG KONG BRANCH SHARE REGISTRARAND TRANSFER OFFICE 卓佳證券登記有限公司香港夏慤道16號遠東金融中心17樓 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong 核數師 AUDITOR 國衛會計師事務所有限公司執業會計師 HLB Hodgson Impey Cheng LimitedCertified Public Accountants 法律顧問 LEGAL ADVISER 李智聰律師事務所 Michael Li & Co. MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 BUSINESS REVIEW 業務回顧 For the six months ended 30 September 2025 (the “Period”)under review, the Chinlink International Holdings Limited (the“Company” or “Chinlink”) and its subsidiaries (collectively the“Group”) recorded total revenue of HK$35.7 million, representinga drop of 19.6% compared with the corresponding periodlast year (the “Previous Period”). The net loss for the Periodwas HK$120.6 million, a decrease of 47.7% compared to thePrevious Period. The Group’s revenue primarily came fromproperty investment and financial services; however, both sectorsexperienced a decline during the Period. The decrease in revenuefrom property investments was mainly due to a drop in theaverage occupancy rate, coupled with the provision of extendedrent-free periods and reduced rental rates as incentives to retainexisting tenants and attract new ones. 於 回 顧 之 截 至 二 零 二 五 年 九 月 三 十 日 止 六 個 月（「本期間」），普匯中金國際控股有限公司（「本公司」或「普匯中金」）及其附屬公司（統稱「本集團」）錄得總收入35,700,000港元 ，較去年同期（「去年同期」）下滑19.6%。本期間淨虧損為120,600,000港元 ，較去年同期減少47.7%。本集團收入主要來自物業投資及金融服務 ，但兩大業務於本期間均出現下滑 。物業投資收入下降主要由於平均出租率下降 ，加上為留住現有租戶及吸引新租戶而提供延長免租期及降租金優惠所致 。 The performance of the Daminggong Construction Materialsand Furniture Shopping Centre (Dongsanhuan Branch)* (the“Commercial Complex”), a mega retail shopping mall specialisingin selling interior decoration materials, home furnishings andfurniture, and household appliances, continued to face notablechallenges during the Period. The occupancy rate declined, whilerental charges recorded a decrease as well. These trends mirrorbroader economic conditions in the People’s Republic of China(the “PRC” or “China”) and the shift in consumer behaviour thathave impacted the retail landscape. 大明宮建材家居•東三環店（「商業大樓」）作為一家主營室內裝飾材料 、家居用品及傢俬以及家用電器銷售的大型零售購物中心 ，其表現於本期間持續面臨顯著挑戰 。出租率下降 ，同時租金亦錄得減少 。該等趨勢反映中華人民共和國（「中國」）更廣泛的經濟狀況及消費者行為轉變對零售業態造成的影響 。 The general economic environment in China during the Periodwas characterised by cautious consumer spending amidst apersistently depressed property market and rising unemployment.Although retail sales in China showed a year-on-year growth rateof 8.5% in the second quarter of 2025, the home furnishings sectorstruggled, with sales growth stagnating at around 2% during thesame period. This indicates that while consumers increasedspending, they did not spend much on home furnishings andrenovation products. Since our clientele are wholesale and retailoperators in these fields, they are all exposed to this unfavourablemarket trend. Hence, we have seen a wave of tenant turnover,which further contributes to the declining occupancy rate andlower rental rates in our shopping mall. 本期間中國總體經濟環境的特徵是 ，在持續低迷的房地產市場及不斷升高的失業率影響下 ，消費者支出趨於謹慎 。儘管二零二五年第二個季度中國的零售銷售額同比增長8.5%，但家居行業困難重重 ，同期銷售增長停滯在2%左右 。此情況顯示消費者雖增加消費 ，但支出重心並非在家居及裝修產品 。由於我們的客戶主要為該等領域的批發及零售經營者 ，彼等均面