亚太资源2025/26中期报告

CONTENTS目錄 2Corporate Information公司資料4CEO’s Message行政總裁致辭6Management Discussion and Analysis管理層討論及分析29Other Information其他資料36Condensed Consolidated Statement of Profit or Loss簡明綜合損益表37Condensed Consolidated Statement of Profit or Lossand Other Comprehensive Income簡明綜合損益及其他全面收益表38Condensed Consolidated Statement ofFinancial Position簡明綜合財務狀況表40Condensed Consolidated Statement ofChanges in Equity簡明綜合權益變動表41Condensed Consolidated Statement of Cash Flows簡明綜合現金流量表44Notes to the Unaudited Interim CondensedConsolidated Financial Information未經審核中期簡明綜合財務資料附註91Report on Review of Interim CondensedConsolidated Financial Information中期簡明綜合財務資料審閱報告 CORPORATE INFORMATION 公司資料 BOARD OF DIRECTORS Andrew Charles Ferguson先生（行政總裁） Executive DirectorMr. Andrew Charles Ferguson(Chief Executive Officer) Non-Executive Directors Mr. Arthur George Dew(Chairman)(Mr. Wong Tai Chun, Mark as his alternate)Mr. Lee Seng HuiMs. Lam Lin Chu Arthur George Dew先生（主席）（王大鈞先生為其替任董事）李成輝先生林蓮珠女士 王宏前先生周國榮先生李澤雄先生 Independent Non-Executive Directors Mr. Wang HongqianMr. Kelvin Chau Kwok WingMr. Li Chak Hung EXECUTIVE COMMITTEE Mr. Andrew Charles Ferguson(Chairman)Mr. Arthur George Dew(Mr. Wong Tai Chun, Mark as his alternate) Andrew Charles Ferguson先生（主席）Arthur George Dew先生（王大鈞先生為其替任董事） AUDIT COMMITTEE Mr. Li Chak Hung(Chairman)Mr. Arthur George Dew(Mr. Wong Tai Chun, Mark as his alternate)Mr. Wang HongqianMr. Kelvin Chau Kwok Wing 李澤雄先生（主席）Arthur George Dew先生（王大鈞先生為其替任董事）王宏前先生周國榮先生 REMUNERATION COMMITTEE Mr. Li Chak Hung(Chairman)Mr. Arthur George Dew(Mr. Wong Tai Chun, Mark as his alternate)Mr. Wang HongqianMr. Kelvin Chau Kwok Wing 李澤雄先生（主席）Arthur George Dew先生（王大鈞先生為其替任董事）王宏前先生周國榮先生 NOMINATION COMMITTEE Mr. Arthur George Dew(Chairman)(Mr. Wong Tai Chun, Mark as his alternate)Mr. Wang HongqianMr. Kelvin Chau Kwok WingMr. Li Chak Hung Arthur George Dew先生（主席）（王大鈞先生為其替任董事）王宏前先生周國榮先生李澤雄先生 COMPANY SECRETARY Ms. Lin Wei 林薇女士 AUDITOR 香港立信德豪會計師事務所有限公司 BDO Limited STOCK CODE 1104 1104 CORPORATE INFORMATION (CONTINUED)公司資料（續） LEGAL ADVISERS AddisonsConyers Dill & PearmanP. C. Woo & Co.Robertsons AddisonsConyers Dill & Pearman胡百全律師事務所羅拔臣律師事務所 PRINCIPAL BANKERS Bank of China (Hong Kong) LimitedThe Bank of East Asia, LimitedChong Hing Bank LimitedThe Hongkong and Shanghai Banking Corporation LimitedIndustrial and Commercial Bank of China (Asia) Limited 中國銀行（香港）有限公司東亞銀行有限公司創興銀行有限公司香港上海滙豐銀行有限公司中國工商銀行（亞洲）有限公司 HEAD OFFICE AND PRINCIPAL PLACE OFBUSINESS 香港灣仔告士打道138號聯合鹿島大廈23樓2304室電話：+852 2541 0338傳真：+852 2541 9133 Room 2304, 23rd FloorAllied Kajima Building138 Gloucester RoadWanchaiHong KongTel: +852 2541 0338Fax: +852 2541 9133 REGISTERED OFFICE Clarendon House2 Church StreetHamilton HM11Bermuda Clarendon House2 Church StreetHamilton HM11Bermuda P R I N C I P A LS H A R E R E G I S T R A R A N DTRANSFER OFFICE Appleby Global Corporate Services(Bermuda) LimitedCanon’s Court, 22 Victoria Street,PO Box HM 1179, Hamilton HM EXBermuda Appleby Global Corporate Services(Bermuda) LimitedCanon’s Court, 22 Victoria Street,PO Box HM 1179, Hamilton HM EXBermuda 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 WEBSITE www.apacresources.com www.apacresources.com CEO’S MESSAGE 行政總裁致辭 親愛的股東： Dear Shareholders, I am pleased to report that the commodities sector remainedstrong during the six months ended 31 December 2025, and itis encouraging to see this reflected in both APAC Resources’financial results and share price performance. 本人欣然報告，截至二零二五年十二月三十一日止六個月，商品行業依然保持強勁勢頭，且令人鼓舞的是，亞太資源的財務業績及股價表現均反映此勢頭。 I am delighted to report for the period, the Company recorded anet profit attributable to shareholders of HK$1,860,060,000. Thisperformance was driven primarily by our Resource Investmentsegment, which delivered a segment profit of HK$1,299,552,000.These results compare favourably with the Company’s marketcapitalisation in early February 2026 of approximately HK$4.4billion and underscore the value being generated across ourportfolio. 本人欣喜報告，期內，本公司錄得股東應佔溢利淨額 1,860,060,000 港元。此表現主要得益於資源投資分部錄得分部溢利 1,299,552,000港元。與本公司二零二六年二月初的市值約4,400,000,000 港元相比，該等業績表現優異，凸顯我們投資組合所創造的價值。 Commodity markets benefited from a range of supportive factors,including ongoing geopolitical tensions, concerns over fiscaldeficits, tight supply balances, and accelerating investment inelectrification and artificial intelligence. These dynamics havecontributed to broad-based strength across the sector. While weremain mindful of potential volatility, we believe that many of thesestructural tailwinds will persist as we move into 2026. 商品市場得益於一系列利好因素，包括持續的地緣政治緊張局勢、對財政赤字的擔憂、供需平衡緊張，以及電氣化及人工智能的投資加速。該等因素共同推動整個產業的全面走強。儘管我們仍需關注潛在的市場波動，但我們相信，二零二六年，許多此類結構性利好因素仍將持續存在。 The global political and economic landscape remains complexand, at times, unpredictable. Recent actions and policy shifts bythe U.S. government have had a significant influence on globalmark