[HK]新丝路文旅(00472):截至二零二五年十二月三十一日止年度业绩公告
原标题:新丝路文旅:截至二零二五年十二月三十一日止年度业绩公告 Hong Kong Exchanges and Clearing Limited and The Stock 香港交易及結算所有限公司及香港聯合交Exchange of Hong Kong Limited take no responsibility for the 易所有限公司對本公告之內容概不負責，對contents of this announcement, make no representation as to 其準確性或完整性亦不發表任何聲明，並明its accuracy or completeness and expressly disclaim any liability 確表示概不就因本公告全部或任何部份內 whatsoever for any loss howsoever arising from or in reliance upon 容而產生或因倚賴該等內容而引致之任何 the whole or any part of the contents of this announcement. 損失承擔任何責任。 NEW SILKROAD CULTURALTAINMENT LIMITED 新絲路文旅有限公司 (Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） (Stock Code: 472) （股份代號：472） ANNOUNCEMENT OF RESULTS FOR THE YEAR ENDED 31 DECEMBER 2025 截至二零二五年十二月三十一日止年度業績公告 “ ” “ ” The board (the Board ) of directors (the Directors ) of 新絲路文旅有限公司（「本公司」）董事（「董New Silkroad Culturaltainment Limited (the “Company”) 事」）會（「董事會」）宣佈本公司及其附屬公announces the audited consolidated results of the Company and 司（統稱「本集團」）截至二零二五年十二月 its subsidiaries (together the “Group”) for the year ended 31 三十一日止年度（「本年度」）之經審核綜合業 “ ” December 2025 (the Year ), together with the comparative 績連同截至二零二四年十二月三十一日止figures for the year ended 31 December 2024 as follows: 年度之比較數字如下：CONSOLIDATED STATEMENT OF PROFIT OR LOSS 綜合損益表 For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度2025 2024 二零二五年 二零二四年 ’ ’ Notes HK$ 000 HK$ 000 附註 千港元 千港元 Continuing operations 持續經營業務 Revenue 收益 3 374,716 432,571 Cost of revenue 收益成本 (297,307) (313,940) Gross profit 毛利 77,409 118,631 Other revenue, gains and losses, net 其他收入、收益及虧損淨額 5 17,695 (25,580)Selling and distribution expenses 銷售及分銷開支 – (685) Administrative and other operating 行政及其他營運開支 expenses (77,775) (100,086) Fair value loss of investment properties 投資物業公允價值虧損 (667) (121)Impairment loss on goodwill 商譽減值虧損 (164,017) – Impairment loss on property, plant and 物業、廠房及設備減值虧損equipment (122,062) (73,054) Impairment loss under expected credit loss 預期信貸虧損模式下之 model, net recognised 確認減值虧損淨額 (56,451) (14,567) Loss from operating activities 經營業務之虧損 7 (325,868) (95,462)Finance costs 財務成本 8 (105) (130) Loss before taxation 除稅前虧損 (325,973) (95,592) Income tax (expense)/credit 所得稅（費用）╱抵免 9 (8,697) 6,097Loss for the year from continuing 持續經營業務之年內虧損 operations (334,670) (89,495) Discontinued operations 終止經營業務 Loss from discontinued operation 終止經營業務之虧損 6 – (138,115)(334,670) (227,610) CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND 綜合損益及其他全面收益表 OTHER COMPREHENSIVE INCOME For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Loss for the year 年內虧損 (334,670) (227,610) Other comprehensive income/(loss) 其他全面收益╱（虧損） Items that will not be reclassified to profit or loss: 不會重新分類至損益賬之 項目： Remeasurement of defined benefit plans 定額福利計劃重新計量 – 202Item that may be reclassified to profit or loss: 可能重新分類至損益賬之項目： Exchange differences arising from translation of 換算海外業務產生之 foreign operations 匯兌差額 25,177 (25,025) Reclassification adjustments for foreign 年內出售海外業務的 operations disposed of during the year 重新分類調整 – (31,883)Other comprehensive income/(loss) for the year, 年內其他全面收益／（虧損）， net of income tax 扣除所得稅 25,177 (56,706) Total comprehensive loss for the year 年內全面虧損總額 (309,493) (284,316)2025 2024 二零二五年 二零二四年 ’ ’ HK$ 000 HK$ 000 千港元 千港元 Loss for the year attributable to owners of the 本公司擁有人應佔年內虧損Company – from continuing operations －來自持續經營業務 (271,148) (42,667)– from discontinued operations －來自終止經營業務 – (139,450)(271,148) (182,117) Loss for the year attributable to non-controlling 非控股權益應佔年內虧損interests – from continuing operations －來自持續經營業務 (63,522) (46,828)– from discontinued operations －來自終止經營業務 – 1,335 (63,522) (45,493) Total comprehensive loss attributable to: 以下各項應佔全面虧損總額：Owner of the Company 本公司擁有人 (245,112) (237,996) Non-controlling interests 非控股權益 (64,381) (46,320) (309,493) (284,316) Total comprehensive loss 全面虧損總額 – from continuing operations －來自持續經營業務 (309,493) (121,176)– from discontinued operations －來自終止經營業務 – (163,140)(309,493) (284,316) Loss per share 每股虧損 For continuing and discontinued operations 持續及終止經營業務Basic (HK cents) 基本（港仙） (8.45) (5.68) Diluted (HK cents) 攤薄（港仙） (8.45) (5.68) For continuing operations 持續經營業務 Basic (HK cents) 基本（港仙） (8.45) (1.33) Diluted (HK cents) 攤薄（港仙） (8.45) (1.33) CONSOLIDATED STATEMENT OF FINANCIAL POSITION 綜合財務狀況表 As at 31 December 2025 於二零二五年十二月三十一日 2025 2024 二零二五年 二零二四年 ’ ’ Notes HK$ 000 HK$ 000 附註 千港元 千港元 Non-current assets 非流動資產 Property, plant and equipment 物業、廠房及設備 406,775 517,885Right-of-use assets 使用權資產 1,331 1,064 Investment properties 投資物業 15,784 8,261 Goodwill 商譽 12 149,931 308,346 Intangible assets 無形資產 13 127,949 135,786 Financial assets at fair value through 按公允價值計入損益之 profit or loss 金融資產 81,149 – Prepayments for purchase of property, 購買物業、廠房及設備之plant and equipment 預付款項 37,303 36,384 Deferred tax assets 遞延稅項資產 17,611 22,658 837,833 1,030,384 Current assets 流動資產 Inventories 存貨 40,439 27,796 Trade receivables 貿易應收賬款 14 126,529 136,563 Prepayments, deposits paid and other 預付款項、已付按金及其 receivables 他應收款項 76,842 120,676 Cash and cash equivalents 現金及現金等額項目 282,354 357,768526,164 642,803 Current liabilities 流動負債 Trade payables 貿易應付賬款 15 87,950 87,942 Accruals and other payables 應計費用及其他應付款項 56,368 52,388Contract liabilities 合約負債 47,036 47,699 Amounts due to related parties 應付關連方欠款 3,886 18,647 Loan from non-controlling shareholder of 附屬公司非控股股東貸款subsidiary 842 796 Bank borrowings – due within one year 銀行借款－一年內到期 22,143 –Lease liabilities 租賃負債 658 1,111 Tax payables 應付稅項 1,698 10,736 220,581 219,319 Net current assets 流動資產淨值 305,583 423,484 Total assets less current liabilities 總資產減流動負債 1,143,416 1,453,8682025 2024 二零二五年 二零二四年 ’ ’ Notes HK$ 000 HK$ 000 附註 千港元 千港元 Non-current liabilities 非流動負債 Lease liabilities 租賃負債 728 – Deferred tax liabilities 遞延稅項負債 33,276 34,963 34,004 34,963 Net assets 淨資產 1,109,412 1,418,905 Capital and Reserves 股本及儲備 Share capital 股本 32,076 32,076 Reserves 儲備 1,142,136 1,387,248 Equity attributable to owners of 本公司擁有人 the Company 應佔權益 1,174,212 1,419,324 Non-controlling interests 非控股權益 (64,800) (419) Total equity 總權益 1,109,412 1,418,905 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度1. GENERAL INFORMATION 1. 一般事項 The Company is an exempted company incorporated in 本公司為一間於百慕達註冊成立而Bermuda with limited liability and its issued shares are 其已發行股份於香港聯合交易所有listed on The Stock Exchange of Hong Kong Limited (the 限公司（「聯交所」）上市之獲豁免有限“ ” Stock Exchange ). 公司。 ’ The address of the Companys registered office is 本公司之註冊辦事處地址為Clarendon House, 2 Church Street, Hamilton HM11, Clarendon House, 2 Church Street, Bermuda. Hamilton HM11, Bermuda。 The principal activities of the Company is investment 本公司的主要業務為投資控股。於期holding company. During the period, the Group was 內，本集團主要(i)於南韓開發及經營principally engaged in (i) development and operation of 綜合度假村及文化旅遊；(ii)消費品貿integrated resort and cultural tourism in South Korea; (ii) 易（包括葡萄酒及美容產品）；及(iii)於trading of consumer goods including wine and beauty 中國提供物業管理。 products; and (iii) provision of property management in the PRC. On 11 June 2024 and 21 August 2024, the Group 於二零二四年六月十一日及二零entered into a sale agreement to dispose of subsidiaries, 二四年八月二十一日，本集團訂“ ” Megaluck Company Limited ( Megaluck ) and Huaxia 立出售協議以出售分別開展本Winery Holding Company Limited (“Huaxia Winery”) 集團娛樂業務及葡萄酒業務之附’ which carried out the Groups entertainment business and 屬公司Megaluck Company Limitedwine business, respectively. On 19 December 2024, the （「Megaluck」）及華夏酒業控股有Group exercised its redeemable right of preference shares 限公司（「華夏酒業」）。於二零二四in Macrolink Australia Investment Limited (“Macrolink”), 年十二月十九日，本集團行使其於’ which carried out the Groups real estate integrated resort Macrolink Australia Investment Limitedand cultural tourism business. The disposals were effected （「Macrolink」，開展本集團之房地in order to generate cash flows for the expansion of the 產綜合度假村及文化旅遊業務）之優Group’s other existing businesses. The disposals were 先股贖回權。進行各出售之目的為就completed on 24 June 2024, 31 October 2024 and 19 本集團其他現存業務之擴張產生現December 2024, respectively. 金流量。各出售分別於二零二四年六月二十四日、二零二四年十月三十一 日及二零二四年十二月十九日完成。 The consolidated financial statements are presented in 綜合財務報表以港元（「港元」）呈列，“ ” Hong Kong dollar ( HK$ ), which is also the functional 港元亦為本公司之功能貨幣。除另有currency of the Company and all values are rounded to the 指明外，所有價值約整至最接近千位’ nearest thousand (HK$ 000) except otherwise indicated. （千港元）。 2. APPLICATION OF AMENDMENTS TO A HKFRS 2. 應用經修訂之香港財務報告準則會ACCOUNTING STANDARD 計準則 Amendments to a HKFRS Accounting Standard that 本年度強制生效經修訂之香港財務are mandatorily effective for the current year 報告準則會計準則In the current year, the Group has applied the following 於本年度，本集團就編製綜合財務報amendments to an HKFRS Accounting Standard as issued 表首次應用於二零二五年一月一日by the Hong Kong Institute of Certified Public Accountants 開始之年度期間強制生效之香港會(“HKICPA”) for the first time, which are mandatorily 計師公會（「香港會計師公會」）頒佈之effective for the Group’s annual period beginning on 1 以下經修訂香港財務報告準則會計January 2025 for the preparation of the consolidated 準則： financial statements: Amendments to HKAS 21 Lack of Exchangeability 香港會計準則第21號 缺乏可兌換性之修訂 The amendments to HKFRSs in the current year has had 於本年度的香港財務報告準則之修no material impact on the Group’s financial positions 訂對本集團本年度及過往年度的財and performance for the current and prior years and/or 務狀況及表現及╱或該等綜合財務on the disclosure set out in these consolidated financial 報表所載披露資料並無重大影響。 statements. New and amendments to HKFRS Accounting Standards in 已頒佈但尚未生效之新訂及經修訂issue but not yet effective 香港財務報告準則會計準則 The Group has not early applied the following new and 本集團並無提早應用以下已頒佈但amendments to HKFRS Accounting Standards that have 尚未生效之新訂及經修訂香港財務been issued but are not yet effective: 報告準則會計準則： Amendments to Amendments to the Classification and 香港財務報告準則 金融工具的分類與計2 2 HKFRS 9 and HKFRS 7 Measurement of Financial Instruments 第9號及香港財務報 量之修訂告準則第7號之修訂 Amendments to Contracts Referencing Nature-dependent 香港財務報告準則 參考自然依賴型電力2 2 HKFRS 9 and HKFRS 7 Electricity 第9號及香港財務報 之合約 告準則第7號之修訂 Amendments to HKFRS 10 Sale or Contribution of Assets between 香港財務報告準則 投資者與其聯營公司and HKAS 28 an Investor and its Associate or Joint 第10號及香港會計 或合營公司之間的1 1 Venture 準則第28號之修訂 資產出售或注入 Amendments to HKFRS Annual Improvements to HKFRS 香港財務報告準則 香港財務報告準則會2 Accounting Standards Accounting Standards – Volume 11 會計準則之修訂 計準則之年度改2 進－第11冊 HKFRS 18 Presentation and Disclosure in Financial 香港財務報告準則 財務報表之呈列及 3 3 Statements 第18號 披露 HKFRS 19 Subsidiaries without Public Accountability: 香港財務報告準則 不具公眾問責制之 3 3 Disclosures 第19號 附屬公司：披露 Amendments to HKFRS 19 Amendments to Subsidiaries without Public 香港財務報告準則 不具公眾問責制之 3 Accountability: Disclosures 第19號之修訂 附屬公司： 3 披露之修訂 1 1 Effective for annual periods beginning on or after a date to be 於待定日期或之後開始的年度期間determined. 生效。 2 2 Effective for annual periods beginning on or after 1 January 於二零二六年一月一日或之後開始2026. 的年度期間生效。 3 3 Effective for annual periods beginning on or after 1 January 於二零二七年一月一日或之後開始2027. 的年度期間生效。 The directors of the Company anticipate that the 本公司董事預期應用所有其他新訂application of all other new and amendments to HKFRS 及經修訂之香港財務報告準則會計Accounting Standards will have no material impact on the 準則將不會於可見將來對綜合財務2. APPLICATION OF AMENDMENTS TO A HKFRS 2. 應用經修訂之香港財務報告準則會ACCOUNTING STANDARD (CONTINUED) 計準則（續） Amendments to HKFRS 9 and HKFRS 7 Amendments 香港財務報告準則第9號及香港財務to the Classification and Measurement of Financial 報告準則第7號之修訂 金融工具的分Instruments 類與計量之修訂 The amendments to HKFRS 9 clarify the recognition and 香港財務報告準則第9號之修訂澄清derecognition for financial asset and financial liability 金融資產及金融負債之確認及終止and add an exception which permits an entity to deem a 確認，並新增例外情況，容許實體於financial liability to be discharged before the settlement 結算日期前以現金使用電子支付系date if it is settled in cash using an electronic payment 統結算金融負債時，倘符合若干條system if, and only if certain conditions are met. An entity 件，則可視金融負債為已清償。選擇that elects to apply the derecognition option would be 應用終止確認選項之實體須將其應required to apply it to all settlements made through the 用於透過同一電子支付系統進行之same electronic payment system. 所有結算。 The amendments also provide guidance on the assessment 該等修訂亦就評估金融資產之合約of whether the contractual cash flows of a financial 現金流量是否與基本借貸安排相一asset are consistent with a basic lending arrangement. 致提供指引。該等修訂訂明，實體應The amendments specify that an entity should focus on 專注於實體獲得補償的項目而非補what an entity is being compensated for rather than 償金額。若合約現金流量與並非基本the compensation amount. Contractual cash flows are 借貸風險或成本的變數掛鈎，則其與inconsistent with a basic lending arrangement if they 基本借貸安排不一致。該等修訂表are indexed to a variable that is not a basic lending risk 明，在部分情況下，或然特徵可能於or cost. The amendments state that, in some cases, a 合約現金流量變動之前及之後產生contingent feature may give rise to contractual cash flows 與基本借貸安排一致之合約現金流that are consistent with a basic lending arrangement both 量，惟或然事件本身之性質與基本借before and after the change in contractual cash flows, 貸風險及成本之變化並不直接相關。 but the nature of the contingent event itself does not 此外，該等修訂中加強對「無追索權」relate directly to changes in basic lending risks and costs. 一詞之描述以及釐清「合約掛鈎工具」“ ” Furthermore, the description of the term non-recourse 之特點。 “ is enhanced and the characteristics of contractually linked ” instruments are clarified in the amendments. The disclosure requirements in HKFRS 7 Financial 香港財務報告準則第7號金融工具：Instruments: Disclosures in respect of investments in 披露中有關指定按公允價值計入其equity instruments designated at fair value through 他全面收入之股本工具投資之披露other comprehensive income are amended. In particular, 規定已予修訂。具體而言，實體須披entities are required to disclose the fair value gain or loss 露於期內其他全面收入內呈列之公presented in other comprehensive income during the 允價值收益或虧損，分開列示與報告period, showing separately those related to investments 期內已終止確認之投資相關者以及derecognised during the reporting period and those 與於報告期末持有之投資相關者。實related to investments held at the end of the reporting 體亦須披露報告期內已取消確認投period. An entity is also required to disclose any transfers 資相關之權益內累計收益或虧損之of the cumulative gain or loss within equity related to the 任何轉撥。此外，該等修訂引進對可investments derecognised during the reporting period. In 能影響基於或然因素（即使與基本借addition, the amendments introduce the requirements of 貸風險及成本不直接相關）之合約現qualitative and quantitative disclosure of contractual terms 金流量之合約條款進行定性及定量that could affect the contractual cash flow based on a 披露之要求。 contingent event not directly relating to basic lending risks and cost. The amendments are effective for annual reporting 該等修訂於二零二六年一月一日或periods beginning on or after 1 January 2026, with early 之後開始之年度報告期間生效，允許application permitted. The amendments are required 提前應用。該等修訂須追溯應用，惟to be applied retrospectively, with specific exceptions. 有特定例外情況。應用該等修訂預期The application of the amendments is not expected to 不會對本集團之財務狀況及表現產2. APPLICATION OF AMENDMENTS TO A HKFRS 2. 應用經修訂之香港財務報告準則會ACCOUNTING STANDARD (CONTINUED) 計準則（續） Amendments to HKFRS Accounting Standards Annual 香港財務報告準則會計準則之修訂 Improvements to HKFRS Accounting Standards 香港財務報告準則會計準則之年度– Volume 11 改進－第11冊 The annual improvements make amendments to the 年度改進對下列香港財務報告準則following HKFRS Accounting Standards. 會計準則作出修訂。 HKFRS 1 First-time Adoption of International Financial 香港財務報告準則第1號 首次採納國Reporting Standards – Hedge accounting by a first-time 際財務報告準則－首次採納者之對沖adopter 會計 For consistency with the requirements in HKFRS 9, HKFRS 為與香港財務報告準則第9號之規定‘ ’ 1.B5-B6 were amended to refer to the qualifying criteria 保持一致，香港財務報告準則第1號for hedge accounting (instead of the ‘conditions’) and 第B5-B6段經修訂以提述對沖會計之to add cross-references to HKFRS 9:6.4.1 to improve the 「合資格準則」（而非「條件」），並新understandability of HKFRS 1. 增對香港財務報告準則第9號第6.4.1段之交叉參考，以提高香港財務報告 準則第1號之可理解性。 HKFRS 7 Financial Instruments: Disclosures – Gain or loss 香港財務報告準則第7號 金融工具：on derecognition 披露－終止確認之收益或虧損 The amendments remove an obsolete cross-reference in 該等修訂刪除香港財務報告準則第7HKFRS 7.B38 to a paragraph that had been deleted when 號第B38段中對已於頒佈香港財務報HKFRS 13 “Fair Value Measurement” was issued and align 告準則第13號「公允價值計量」時刪除the wording of this paragraph with the terms used in 之段落之過時交叉參考，並使該段之HKFRS 13. 措辭與香港財務報告準則第13號所 用術語一致。 Guidance on implementing HKFRS 7 – Disclosure of 實施香港財務報告準則第7號之指deferred difference between fair value and transaction 引－公允價值與交易價格之間之遞延price 差額之披露 The amendments update HKFRS 7.IG14 to make the 該等修訂更新香港財務報告準則第7wording of that paragraph consistent with HKFRS 7.28 號第IG14段，使該段之措辭與香港財and improve the internal consistency of the wording in the 務報告準則第7號第28段保持一致，example in HKFRS 7.IG14. 並提高香港財務報告準則第7號第 IG14段中例子之措辭之內部一致性。 Guidance on implementing HKFRS 7 – Introduction and 實施香港財務報告準則第7號之指credit risk disclosures 引－引言及信貸風險披露 The amendments add a statement to HKFRS 7.IG1 該等修訂於香港財務報告準則第7號clarifying that the guidance does not necessarily illustrate 第IG1段新增聲明，澄清該指引並不all the requirements in the referenced paragraphs of HKFRS 一定說明香港財務報告準則第7號所7. The amendments also simplify the explanation of the 參考段落之所有規定。該等修訂亦簡aspects of the requirements that are not illustrated in 化香港財務報告準則第7號第IG20B段HKFRS 7.IG20B. 中並未說明之規定方面之解釋。 HKFRS 9 Financial Instruments – Derecognition of lease 香港財務報告準則第9號 金融工具－liabilities 終止確認租賃負債 The amendments add a cross-reference to HKFRS 9.3.3.3 該等修訂於香港財務報告準則第9號in HKFRS 9.2.1(b)(ii) to clarify that, when a lessee has 第2.1(b)(ii)段新增對香港財務報告準determined that a lease liability has been extinguished in 則第9號第3.3.3段之交叉參考，以澄accordance with HKFRS 9, the lessee is required to apply 清當承租人根據香港財務報告準則HKFRS 9.3.3.3 and therefore recognise any resulting gain 第9號確定租賃負債已終止確認時，or loss in profit or loss. 承租人須應用香港財務報告準則第9 2. APPLICATION OF AMENDMENTS TO A HKFRS 2. 應用經修訂之香港財務報告準則會ACCOUNTING STANDARD (CONTINUED) 計準則（續） Amendments to HKFRS Accounting Standards Annual 香港財務報告準則會計準則之修訂 Improvements to HKFRS Accounting Standards 香港財務報告準則會計準則之年度– Volume 11 (Continued) 改進－第11冊（續） HKFRS 9 Financial Instruments – Transaction price 香港財務報告準則第9號 金融工具－交易價格 The amendments replace “their transaction price 該等修訂將香港財務報告準則第9號” (as defined in HKFRS 15) in HKFRS 9.5.1.3 with 第5.1.3段中之「其交易價格（定義見香“the amount determined by applying HKFRS 15” to 港財務報告準則第15號）」替換為「應address inconsistency between HKFRS 9.5.1.3 and the 用香港財務報告準則第15號釐定之requirements of HKFRS 15 which may require a receivable 金額」，以處理香港財務報告準則第to be measured at an amount that differs from the amount 9號第5.1.3段與香港財務報告準則第of the transaction price recognised as revenue. Additionally, 15號規定之間之不一致，後者可能要“ ” the reference to transaction price (as defined in HKFRS 求應收款項按不同於確認為收益之15) is deleted from Appendix A of HKFRS 9. 交易價格金額之金額計量。此外，香港財務報告準則第9號附錄A中對「交 易價格」（定義見香港財務報告準則 第15號）之參考已刪除。 HKFRS 10 Consolidated Financial Statements – 香港財務報告準則第10號 綜合財務Determination of a ‘de facto agent’ 報表－釐定「實際代理人」The amendments address concerns that the requirements 該等修訂處理香港財務報告準則第in HKFRS 10.B73-B74 might, in some situations, be 10號第B73至B74段之規定在某些情“ ” contradictory. HKFRS 10.B73 refers to de facto agents 況下可能相互矛盾之關注。香港財務as parties acting on the investor’s behalf and states that 報告準則第10號第B73段將「實際代the determination of whether other parties are acting as 理人」稱為代表投資者行事之各方，de facto agents requires judgement. However, the second 並指出釐定其他各方是否作為實際sentence of HKFRS 10.B74 includes more conclusive 代理人行事須作出判斷。然而，香港language and states that a party is a de facto agent when 財務報告準則第10號第B74段第二句those that direct the activities of the investor have the 包含較確定性之措辭，並指出當指示ability to direct that party to act on the investor’s behalf. 投資者活動之人士有能力指示該方The amendments update HKFRS 10.B74 to use less 代表投資者行事時，該方即為實際代conclusive language and to clarify that the relationship 理人。該等修訂更新香港財務報告準described in HKFRS 10.B74 is just one example of a 則第10號第B74段，以使用較少確定circumstance in which judgement is required to determine 性之措辭，並澄清香港財務報告準則whether a party is acting as a de facto agent. 第10號第B74段所述之關係僅為需要作出判斷以釐定某方是否作為實際 代理人行事之情況之一例。 2. APPLICATION OF AMENDMENTS TO A HKFRS 2. 應用經修訂之香港財務報告準則會ACCOUNTING STANDARD (CONTINUED) 計準則（續） Amendments to HKFRS Accounting Standards Annual 香港財務報告準則會計準則之修訂 Improvements to HKFRS Accounting Standards 香港財務報告準則會計準則之年度– Volume 11 (Continued) 改進－第11冊（續） HKAS 7 Statement of Cash Flows – Cost method 香港會計準則第7號 現金流量表－成本法 The amendment replaces the term ‘cost method’ with 該修訂將香港會計準則第7號第37段“ ” at cost in HKAS 7.37 in line with the removal of the 中之「成本法」一詞替換為「按成本」，definition of “cost method” from the HKFRS Accounting 以配合從香港財務報告準則會計準Standards. 則中刪除「成本法」之定義。 The amendments are effective for annual reporting 該等修訂於二零二六年一月一日或periods beginning on or after 1 January 2026, with early 之後開始之年度報告期間生效，允許application permitted. An entity is required to apply the 提前應用。實體須將香港財務報告準amendments to HKFRS 9.2.1(b)(ii) to lease liabilities that 則第9號第2.1(b)(ii)段之修訂應用於實are extinguished on or after the beginning of the annual 體首次應用該修訂之年度報告期間reporting period in which the entity first applies that 開始時或之後終止確認之租賃負債。 amendment. No specific transition provisions are provided 就其他修訂而言並無提供特定過渡in respect of the other amendments. 條文。 The application of the amendments is not expected to have 應用該等修訂預期不會對本集團之an impact on the financial position and performance of the 財務狀況及表現產生影響。 Group. HKFRS 18 Presentation and Disclosure in Financial 香港財務報告準則第18號財務報表Statements 之呈列及披露 HKFRS 18 Presentation and Disclosure in Financial 香港財務報告準則第18號財務報表Statements, which sets out requirements on presentation 之呈列及披露載列財務報表之呈列and disclosures in financial statements, will replace HKAS 及披露規定，將取代香港會計準則第1 Presentation of Financial Statements. This new HKFRS 1號財務報表之呈列。本新訂香港財Accounting Standard, while carrying forward many of the 務報告準則會計準則在延續香港會requirements in HKAS 1, introduces new requirements 計準則第1號中眾多規定之同時，引to present specified categories and defined subtotals in 入於損益表中呈列指定類別及定義the statement of profit or loss; provide disclosures on 小計之新規定；就財務報表附註中管management-defined performance measures in the notes 理層界定之表現計量提供披露及改to the financial statements and improve aggregation 進於財務報表中將予披露之合併及and disaggregation of information to be disclosed in the 分類資料。此外，香港會計準則第1號financial statements. In addition, some HKAS 1 paragraphs 之部分段落已移至香港會計準則第8have been moved to HKAS 8 and HKFRS 7. Minor 號及香港財務報告準則第7號。香港amendments to HKAS 7 Statement of Cash Flows and 會計準則第7號現金流量表及香港會HKAS 33 Earnings per Share are also made. 計準則第33號每股盈利亦作出細微修訂。 HKFRS 18, and amendments to other standards, will 香港財務報告準則第18號及其他準be effective for annual periods beginning on or after 則之修訂將於二零二七年一月一日1 January 2027, with early application permitted. The 或之後開始之年度期間生效，並允許application of the new standard is expected to affect 提早應用。應用新準則預期將會影響the presentation of the statement of profit or loss and 損益表之呈列以及未來財務報表之disclosures in the future financial statements. The Group is 披露。本集團正在評估香港財務報告in the process of assessing the detailed impact of HKFRS 18 準則第18號對本集團綜合財務報表on the Group’s consolidated financial statements. 之詳細影響。 3. REVENUE 3. 收益 ’ An analysis of the Groups revenue from contracts with 年內本集團經營業務之客戶合約收customers for the year is as follows: 益分析如下： 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Continuing operations 持續經營業務 Revenue from contracts with 來自客戶合約之收益 customers Trading of consumer goods 消費品貿易 7,536 89 Provision of property management 提供物業管理服務 services 367,180 432,482 Total revenue recognised 已確認收益總額 374,716 432,571 Revenue from contracts with 來自客戶合約之收益 customers Disaggregated revenue information 分類收益資料 Timing of revenue recognition 收益確認之時間 Goods transferred at a point in time 於貨品轉移之時點 7,536 89Services transferred overtime 服務隨時間轉移 367,180 432,482374,716 432,571 Revenue expected to be recognised in the future arising 預期於報告期末存續之客戶合約所from contracts with customers in existence at the end of 產生之未來確認收益：the reporting period: Trading of consumer goods 消費品貿易 The Group has applied the practical expedient in 本集團已將香港財務報告準則第15paragraph 121 of HKFRS 15 to its trading of consumer 號第121段中的可行權宜之計應用於goods contracts such that the Group does not disclose 其消費品貿易合約，致使本集團沒有information about revenue that the Group will be entitled 披露其於滿足原來預計期限為一年to when it satisfies the remaining performance obligations 或以下的合約項下餘下履約責任時under contracts that had an original expected duration of 應得的收益的資料。 one year or less. Service fee for property management 物業管理服務費 The Group has applied the practical expedient in paragraph 本集團已將香港財務報告準則第15121 of HKFRS 15 to its property management contracts 號第121段中的可行權宜之計應用於by recognising revenue in the amount to which the Group 其物業管理的合約，按本集團有權開has right to invoice. As permitted under HKFRS 15, the 具發票之金額確認收益。誠如香港財transaction price allocated to these unsatisfied contracts is 務報告準則第15號所允許，並無披露not disclosed. 未履行合約所分配的交易價格。 Revenue relating to the properties management services 本集團隨著時間的推移而確認與物is recognised over time. Advance consideration allocated 業管理服務相關的收入。分配給物業to the properties management services is recognised as a 管理服務的預收款項確認為合約負contract liability and is released over the period of services. 債，並在服務期間釋放。 4. SEGMENT INFORMATION 4. 分部資料 ’ In accordance with the Groups internal financial reporting 根據本集團內部財務報告架構，本集framework, the Group has identified operating segments 團按其產品及服務釐定經營分部。經based on its products and services. The operating segments 營分部由指定為「主要經營決策者」之are identified by senior management who is designated 高級管理層確定，並決定分部之資源“ ” as Chief Operating Decision Maker to make decisions 分配及評估其表現。 about resource allocation to the segments and assess their performance. During the year ended 31 December 2025, the Group 截至二零二五年十二月三十一日止adjusted its business strategy and expanded its trading 年度，本集團調整其業務策略，並擴of consumer goods activities. The trading segment now 展其消費品貿易業務。貿易分部現主mainly represents the Group’s general trading of consumer 要指本集團於香港之一般消費品貿易goods including wine and beauty products in Hong Kong. （包括葡萄酒及美容產品）。 The Group has three reportable segments for continuing 本集團持續經營業務有三個呈報分operations, namely (i) development and operation of real 部，分別為(i)開發及經營房地產、綜estate, integrated resort and cultural tourism; (ii) trading of 合度假村及文化旅遊；(ii)消費品貿易consumer goods including wine and beauty products; and （包括葡萄酒及美容產品）；及(iii)物(iii) property management business. The segmentations are 業管理業務。管理層以本集團營運之based on the business nature of the Group’s operations 業務性質確定有關分部。 that management uses to make decisions. Megaluck, Huaxia Winery and Macrolink consitiute a Megaluck、華夏酒業及Macrolink分別major line of businesses in entertainment business, wine 為娛樂業務、葡萄酒及房地產、綜合and real estate, integrated resort and cultural tourism 度假村及文化旅遊業務的主要業務business respectively. Upon the completion of the disposal 線。於完成出售Megaluck、華夏酒業of Megaluck, Huaxia Winery and Macrolink, the segment 及Macrolink後，下文報告的分部資料information reported below does not include any amounts 並不包括終止經營業務的任何金額，for the discontinued operations, which are disclosed 更多詳情於綜合財務報表附註6披for more details in note 6 to the consolidated financial 露。 statements. 4. SEGMENT INFORMATION (CONTINUED) 4. 分部資料（續） Segment revenue and results 分部收益及業績 The following is an analysis of the Group’s revenue and 下表載列本年度及過往年度本集團results by reportable segments for the current and prior 呈報分部之收益及業績分析：years: Real estate, integrated resort and Trading of Property cultural tourism consumer goods management Total 房地產、 綜合度假村及 文化旅遊 消費品貿易 物業管理 總計 2025 2024 2025 2024 2025 2024 2025 2024 二零二五年 二零二四年 二零二五年 二零二四年 二零二五年 二零二四年 二零二五年 二零二四年’ ’ ’ ’ ’ ’ ’ ’ HK$ 000 HK$ 000 HK$ 000 HK$ 000 HK$ 000 HK$ 000 HK$ 000 HK$ 000千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 Continuing Operations 持續經營業務 SEGMENT REVENUE 分部收益 Revenue from external customers 外部客戶收益 – – 7,536 89 367,180 432,482 374,716 432,571Segment (loss)/profit 分部（虧損）╱溢利 (130,193) (117,429) (284) 26 (193,718) 44,220 (324,195) (73,183) Unallocated corporate income 未分配公司收入 14,390 626 Unallocated corporate expenses 未分配公司開支 (16,063) (22,905)Finance costs 財務成本 (105) (130) Loss before taxation from continuing 持續經營業務之除稅前虧損operations (325,973) (95,592) Segment revenue reported above represents revenue 上述呈報之分部收益來自外部客戶generated from external customers. There were no inter- 收益，年內並無分部間之銷售。 segment sales during the year. The accounting policies of the reportable segments are 呈報分部之會計政策與本集團會計the same as the Group’s accounting policies. Revenue and 政策相同。收益及開支經計入呈報分expenses are allocated to the reportable segments with 部錄得之銷售及產生之開支或該等reference to sales generated and the expenses incurred 分部應佔資產折舊或攤銷後分配至by these segments or which otherwise arose from the 呈報分部。分部業績指各分部所產生depreciation or amortisation of assets attributable to these 之虧損或所得之溢利未經分配中央segments. Segment results represented the loss incurred or 行政開支及收入，包括董事酬金、其profit earned by each segment without allocation of central 他收入及財務成本。此為向主要經營’ administration expenses and income including directors 決策者提供之報告，以分配資源及評emoluments, other income and finance costs. This is the 估分部表現。 measure reported to the Chief Operating Decision Maker for the purpose of resources allocation and assessment of segment performance. 4. SEGMENT INFORMATION (CONTINUED) 4. 分部資料（續） Segment assets and liabilities 分部資產及負債 The following is an analysis of the Group’s assets and 下表載列本集團呈報分部之資產及liabilities by reportable segments: 負債分析： 31 December 2025 二零二五年十二月三十一日 Real estate, integrated resort and cultural Trading of Property tourism consumer goods management Total 房地產、 綜合度假村 及文化旅遊 消費品貿易 物業管理 總計 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 Segment assets 分部資產 426,335 357 638,257 1,064,949 Unallocated 未分配 299,048 Consolidated total assets 綜合資產總額 1,363,997 Segment liabilities 分部負債 1,565 186 249,921 251,672 Unallocated 未分配 2,913 Consolidated total liabilities 綜合負債總額 254,585 31 December 2024 二零二四年十二月三十一日 Real estate, integrated resort Trading of and cultural Property tourism consumer goods management Total 房地產、 綜合度假村 及文化旅遊 消費品貿易 物業管理 總計 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 Segment assets 分部資產 564,360 257 795,668 1,360,285 Unallocated 未分配 312,902 Consolidated total assets 綜合資產總額 1,673,187 Segment liabilities 分部負債 1,249 – 251,138 252,387 Unallocated 未分配 1,895 Consolidated total liabilities 綜合負債總額 254,282 4. SEGMENT INFORMATION (CONTINUED) 4. 分部資料（續） Other segment information 其他分部資料 Real estate, integrated resort and cultural Trading of tourism consumer goods Property management Unallocated Total房地產、綜合度假村及 文化旅遊 消費品貿易 物業管理 未分配 總計 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 二零二五年 二零二四年 二零二五年 二零二四年 二零二五年 二零二四年 二零二五年 二零二四年 二零二五年 二零二四年 ’ ’ ’ ’ ’ ’ ’ ’ ’ ’ HK$ 000 HK$000 HK$ 000 HK$000 HK$ 000 HK$000 HK$ 000 HK$000 HK$ 000 HK$000千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元Continuing operations 持續經營業務 Amounts included in the measure of segment profit 計入分部損益或分部資產 or loss or segment assets: 計量之款項： Additions to non-current assets (note) 添置非流動資產（附註） 11 – – – 7,126 50,220 9,242 – 16,379 50,220 Depreciation of property, plant and equipment 物業、廠房及設備折舊 3,099 3,096 7 4 3,070 1,378 – – 6,176 4,478 Depreciation of right-of-use assets 使用權資產折舊 167 – – – 201 – 1,165 2,446 1,533 2,446Amortisation of intangible assets 無形資產攤銷 – – – – 10,360 10,327 – – 10,360 10,327Impairment loss on trade receivables recognised in 於損益確認之貿易應收賬款減值 profit or loss, net recognised 虧損淨額 – – – – 54,844 13,617 – – 54,844 13,617Impairment loss on other receivable recognised in 於損益確認之其他應收款項 profit or loss, net recognised 減值虧損淨額 – – – – 649 – 958 950 1,607 950Impairment loss on goodwill 商譽減值虧損 - - - - 164,017 – – – 164,017 -Impairment loss on property, plant and equipment 物業、廠房及設備減值虧損 122,062 73,054 – – – – – – 122,062 73,054 Fair value loss of investment properties 投資物業公允價值虧損 – – – – 110 121 557 – 667 121Amounts regularly provided to the Chief Operating 定期向主要經營決策者提供但不計入 Decision Marker but not included in the measure 分部損益或分部資產計量之款項：of segment profit or loss or segment assets: Interest income 利息收入 (1,136) (125) (1) (1) (444) (505) (6,797) (4,155) (8,378) (4,786)Finance costs 財務成本 29 27 – – 25 – 51 103 105 130 Income tax credit 所得稅抵免 (24,701) (13,772) – – (5,035) 7,675 – – (29,736) (6,097)Note: Non-current assets excluded those relating to discontinued 附註： 非流動資產不包括有關終止經營業 operations and excluded goodwill, financial instruments and 務的資產及不包括商譽、金融工具deferred tax assets. 及遞延稅項資產。 Information about major customers 有關主要客戶資料 No customer which individually accounts for 10% or more 截至二零二五年及二零二四年十二’ of the Groups revenue for the year ended 31 December 月三十一日止年度，並無任何客戶單2025 and 2024. 獨佔本集團收入的10%或以上。 Geographical information 地區資料 ’ The Groups operations are mainly located in the PRC 本集團之業務主要位於中國（包括香(including Hong Kong) and South Korea. 港）及南韓。 The following is a geographical analysis of the Group’s 下表載列本年度及過往年度本集團revenue from external customers (based on where the 外部客戶收益（根據貨品銷售及服務goods are sold and the services are provided) and non- 提供的所在地）及非流動資產（根據資current assets (based on the geographical location of the 產的所在地區）之地區分析：assets) for the current and prior years: Revenue from external customers Non-current assets (Note) 外部客戶收益 非流動資產（附註） 2025 2024 2025 2024 二零二五年 二零二四年 二零二五年 二零二四年 ’ ’ ’ ’ HK$ 000 HK$000 HK$ 000 HK$000 千港元 千港元 千港元 千港元 The PRC (including Hong Kong) 中國（包括香港） 374,716 432,571 342,238 538,082South Korea 南韓 – – 396,835 469,644 374,716 432,571 739,073 1,007,726 Note: Non-current assets excluded those relating to discontinued 附註： 非流動資產不包括與終止經營業 operations, financial instruments and deferred tax assets. 務、財務工具及遞延稅項資產有關者。 5. OTHER REVENUE, GAINS AND LOSSES, NET 5. 其他收入、收益及虧損淨額2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Continuing operations 持續經營業務 Government grants 政府補助 686 711 Rental income 租賃收入 90 1,115 Bank interest income 銀行利息收入 8,378 4,786 Gain/(loss) on disposal of property, 出售物業、廠房及設備之 plant and equipment 收益／（虧損） 224 (33,948) Fair value change of financial assets 按公允價值計入損益之 at fair value through profit or loss 金融資產公允價值變動 3,476 –Others 其他 4,841 1,756 17,695 (25,580) 6. DISCONTINUED OPERATIONS 6. 終止經營業務 Operation representing a separate major line of 於本年度所出售屬獨立主要業business or geographical area of operation disposed 務線或經營地理區域之業務 of in the current year On 11 June 2024 and 21 August 2024, the Group entered 於二零二四年六月十一日及二零into a sale agreement to dispose of subsidiaries, Megaluck 二四年八月二十一日，本集團訂立and Huaxia Winery which carried out the Group’s 出售協議以出售分別開展本集團娛entertainment business and wine business, respectively. On 樂業務及葡萄酒業務之附屬公司19 December 2024, the Group exercised its redeemable Megaluck及華夏酒業。於二零二四right of preference shares in Macrolink, which carried 年十二月十九日，本集團行使其於out the Group’s real estate integrated resort and cultural Macrolink（開展本集團之房地產綜合tourism business. The disposals were effected in order to 度假村及文化旅遊業務）之優先股贖generate cash flows for the expansion of the Group’s other 回權。進行各出售之目的為就本集existing businesses. The disposals were completed on 24 團其他現存業務之擴張產生現金流June 2024, 31 October 2024 and 19 December 2024, 量。各出售分別於二零二四年六月respectively. 二十四日、二零二四年十月三十一日 及二零二四年十二月十九日完成。 The loss for the year from the discontinued entertainment 終止經營娛樂業務、葡萄酒業務及房business, wine business and real estate integrated resort 地產綜合度假村及文化旅遊業務之and cultural tourism business are set out below. The 年內虧損載列如下。綜合損益及其他comparative figures in the consolidated statement of 全面收益表╱損益表內之比較數字profit or loss and other comprehensive income/statement 已獲重列，以將娛樂業務、葡萄酒業of profit or loss have been restated to re-present the 務及房地產綜合度假村及文化旅遊entertainment business, wine business and real estate 業務作為終止經營業務重新呈列。 integrated resort and cultural tourism business operation as discontinued operations. 6. DISCONTINUED OPERATIONS (CONTINUED) 6. 終止經營業務（續）Operation representing a separate major line of 於本年度所出售屬獨立主要業務線business or geographical area of operation disposed 或經營地理區域之業務（續）of in the current year (Continued) 31 December 2024 二零二四年十二月三十一日 Real estate integrated resort and cultural tourism Entertainment business business Wine Total 房地產 綜合度假村及 文化旅遊業務 娛樂業務 葡萄酒類 總計 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 Loss for the year 年內虧損 (30,870) (9,586) (8,325) (48,781)Loss on disposal for the year 年內出售虧損 (44,998) (32,647) (11,689) (89,334)Loss from discontinued operations 終止經營業務虧損 (75,868) (42,233) (20,014) (138,115)The results of the entertainment business, wine business 娛樂業務、葡萄酒業務及房地產綜and real estate integrated resort and cultural tourism 合度假村及文化旅遊業務於二零business operations for the period from 1 January 2024 to 二四年一月一日至二零二四年六月24 June 2024, from 1 January 2024 to 31 October 2024 二十四日、二零二四年一月一日至二and from 1 January 2024 to 19 December 2024 which 零二四年十月三十一日及二零二四have been included in the consolidated statement of profit 年一月一日至二零二四年十二月or loss and other comprehensive income/statement of 十九日期間之業績（已計入綜合損益profit or loss, were as follows: 及其他全面收益表╱損益表）如下：6. DISCONTINUED OPERATIONS (CONTINUED) 6. 終止經營業務（續）Operation representing a separate major line of 於本年度所出售屬獨立主要業務線business or geographical area of operation disposed 或經營地理區域之業務（續）of in the current year (Continued) The results of the entertainment business, wine business 娛樂業務、葡萄酒業務及房地產綜and real estate integrated resort and cultural tourism 合度假村及文化旅遊業務於二零business operations for the period from 1 January 2024 to 二四年一月一日至二零二四年六月24 June 2024, from 1 January 2024 to 31 October 2024 二十四日、二零二四年一月一日至二and from 1 January 2024 to 19 December 2024 which 零二四年十月三十一日及二零二四have been included in the consolidated statement of profit 年一月一日至二零二四年十二月or loss and other comprehensive income/statement of 十九日期間之業績（已計入綜合損益profit or loss, were as follows: 及其他全面收益表╱損益表）如下：31 December 2024 二零二四年十二月三十一日 Real estate integrated resort and cultural tourism Entertainment business business Wine Total 房地產 綜合度假村及 文化旅遊業務 娛樂業務 葡萄酒類 總計 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 Revenue 收益 181,066 804 55,572 237,442 Cost of sales 銷售成本 (176,091) (8) (34,232) (210,331) Gross profit 毛利 4,975 796 21,340 27,111 Other revenue, gains and losses, net 其他收入、收益及虧損淨額 166 2 2,465 2,633Selling and distribution expenses 銷售及分銷開支 (6,489) – (15,767) (22,256)Administrative and other operating expenses 行政及其他營運開支 (12,465) (5,979) (12,650) (31,094)Loss from operating activities 經營業務之虧損 (13,813) (5,181) (4,612) (23,606)Finance costs 財務成本 (57) (4,405) (3,438) (7,900) Loss before taxation 除稅前虧損 (13,870) (9,586) (8,050) (31,506)Income tax expense 所得稅開支 (17,000) – (275) (17,275) Loss for the year 年內虧損 (30,870) (9,586) (8,325) (48,781)Loss for the period/year from discontinued operations 終止經營業務之期╱年內虧損包括includes the following: 以下各項： 31 December 2024 二零二四年十二月三十一日 Real estate integrated resort and cultural tourism Entertainment business business Wine Total 房地產 綜合度假村及 文化旅遊業務 娛樂業務 葡萄酒類 總計 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 Cost of inventories recognised as expenses 確認為開支之存貨成本 – – 29,591 29,591Amortisation of intangible assets 無形資產攤銷 – – 314 314Depreciation of property, plant and equipment 物業、廠房及設備折舊 6 975 6,706 7,687Depreciation of right-of-use assets 使用權資產折舊 79 3,660 2,264 6,0037. LOSS FROM OPERATING ACTIVITIES 7. 經營業務之虧損 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Loss for the year from operating 持續經營業務之經營業務年內 activities from continuing 虧損已扣除以下各項： operations has been arrived at after charging: ’ Staff costs, including directors 員工成本（包括董事酬金） emoluments – Salaries and allowances －薪金及津貼 31,499 40,397 – Retirement benefits scheme －退休福利計劃供款 contributions 7,791 7,454 Total staff costs 總員工成本 39,290 47,851 ’ Auditors remuneration 核數師酬金 – audit services －審核服務 1,300 1,530 – non-audit services －非審核服務 150 354 # # Amortisation of intangible assets 無形資產攤銷（附註13） (Note 13) 10,360 10,327 Depreciation of property, plant and 物業、廠房及設備折舊 equipment 6,176 4,478 Depreciation of right-of-use assets 使用權資產折舊 1,533 2,446Impairment loss on trade receivables, net 貿易應收賬款確認減值虧損淨recognised 額 54,844 13,617 Impairment loss on other receivables, net 其他應收款項確認減值虧損淨recognised 值 1,607 950 Impairment loss on property, plant and 物業、廠房及設備之減值虧損equipment 122,062 73,054 Fair value loss of investment properties 投資物業公允價值虧損 667 121Impairment loss on goodwill (Note 12) 商譽之減值虧損（附註12） 164,017 –# # Included in administrative and other operating expenses in the 已計入綜合損益表的行政及其他營consolidated statement of profit or loss. 運開支內。 8. FINANCE COSTS 8. 財務成本 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Continuing operations 持續經營業務 Interest on bank borrowing 銀行借款利息 6 – Interest on loans from non-controlling 附屬公司非控股股東的 shareholders of subsidiaries 貸款利息 26 27 Interest on lease liabilities 租賃負債利息 73 103 Total interest expenses on 並非按公允價值計入損益之 financial liabilities not at fair value 金融負債所涉及 through profit or loss 利息開支總額 105 130 9. INCOME TAX EXPENSE/(CREDIT) 9. 所得稅費用╱（抵免） 2025 2024 二零二五年 二零二四年 ’ ’ HK$ 000 HK$ 000 千港元 千港元 Continuing operations 持續經營業務 Current tax: 即期稅項： PRC Enterprise Income Tax 中國企業所得稅 4,240 13,881 Under/(over)-provision in prior years: 過往年度撥備不足／ （超額撥備）︰ PRC Enterprise Income Tax 中國企業所得稅 1,448 (402) Deferred tax 遞延稅項 3,009 (19,576) 8,697 (6,097) PRC Enterprise Income Tax 中國企業所得稅 Under the Law of the PRC on Enterprise Income Tax (the 根據中國企業所得稅法（「企業所得“EIT Law”) and Implementation Regulation of the EIT Law, 稅法」）及企業所得稅法實施條例，中the tax rate of the PRC subsidiaries is 25% for both years. 國附屬公司於兩個年度的稅率均為25%。 Other jurisdictions 其他司法權區 Taxation of overseas subsidiaries (other than Hong Kong 海外附屬公司（不包括香港及中國）之and the PRC) are calculated at the applicable rates 稅項乃按附屬公司經營所在司法權prevailing in the jurisdictions in which the subsidiary 區的現行適用稅率計算。 operates. 10. DIVIDEND 10. 股息 The Board does not recommend the payment of any 董事會建議不派付截至二零二五年dividend for the year ended 31 December 2025 (2024: Nil). 十二月三十一日止年度之任何股息（二零二四年：無）。 11. LOSS PER SHARE 11. 每股虧損 The calculation of basic and diluted loss per share from 持續經營業務之每股基本及攤薄虧continuing operations are based on the following data: 損按以下數據計算：2025 2024 二零二五年 二零二四年 ’ ’ HK$ 000 HK$ 000 千港元 千港元 Loss for the year attributable to 本公司擁有人應佔年內虧損 owners of the Company (271,148) (42,667) Less: Loss for the year from 減：終止經營業務之年內虧損 discontinued operations – (139,450) Loss for the purpose of basic and 計算每股基本及攤薄虧損時 diluted loss per share 虧損 (271,148) (182,117) Number of shares 股份數目 2025 2024 二零二五年 二零二四年 Weighted average number of shares 計算每股基本及攤薄虧損 for the purposes of basic and 時加權平均股份數目 diluted loss per share 3,207,591,674 3,207,591,674 From discontinued operations 終止經營業務 Basic and diluted loss per share for the discontinued 截至二零二四年十二月三十一日止operations is HK$4.35 cents per share for the year ended 年度終止經營業務之每股基本及攤31 December 2024 based on the loss for the year from the 薄虧損為每股4.35港仙，乃基於終止discontinued operations of approximately HK$138.1 million 經營業務之年內虧損約138.1百萬港and the denominators detailed above for both basic and 元及上文詳述之每股基本及攤薄虧diluted loss per share. 損之分母計算。 The computations of diluted loss per share for the years 計算截至二零二五年及二零二四年ended 31 December 2025 and 2024 do not include the 十二月三十一日止年度每股攤薄虧adjustment in respect of a dilution from share option as the 損時並沒有包括有關來自購股權的exercise price of these share options was higher than the 攤薄調整，因相關購股權之行使價乃average market price of the shares for both years. 高於股份於兩個年度的平均市價。 The basic loss per share and diluted loss per share for the 截至二零二五年及二零二四年十二years ended 31 December 2025 and 2024 were the same 月三十一日止年度並無潛在攤薄普as there were no potential dilutive ordinary shares for both 通股，故兩個年度的每股基本及攤薄years. 的虧損都為相同。 12. GOODWILL 12. 商譽 Entertainment Property business management Total 娛樂業務 物業管理 總計 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 Cost 成本 As at 1 January 2024 於二零二四年一月一日 198,025 314,261 512,286Disposal of subsidiaries 出售附屬公司 (195,345) – (195,345)Exchange realignment 匯兌調整 (2,680) (5,915) (8,595) As at 31 December 2024 and 於二零二四年十二月三十一日及 as at 1 January 2025 於二零二五年一月一日 – 308,346 308,346Exchange realignment 匯兌調整 – 7,790 7,790 As at 31 December 2025 於二零二五年十二月三十一日 – 316,136 316,136Accumulated impairment 累計減值虧損 losses As at 1 January 2024 於二零二四年一月一日 198,025 – 198,025Disposal of subsidiaries 出售附屬公司 (195,345) – (195,345)Exchange realignment 匯兌調整 (2,680) – (2,680) As at 31 December 2024 and 於二零二四年十二月三十一日及 as at 1 January 2025 於二零二五年一月一日 – – – Impairment loss recognised 年內確認減值虧損 in the year – 164,017 164,017 Exchange realignment 匯兌調整 – 2,188 2,188 As at 31 December 2025 於二零二五年十二月三十一日 – 166,205 166,205Carrying amount 賬面值 As at 31 December 2025 於二零二五年十二月三十一日 – 149,931 149,931As at 31 December 2024 於二零二四年十二月三十一日 – 308,346 308,34613. INTANGIBLE ASSETS 13. 無形資產 Farmland Entertainment Technical Customer Computer development license know-how Trademarks relationship software Total農地開發 娛樂牌照 技術知識 商標 客戶關係 電腦軟件 總計 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000千港元 千港元 千港元 千港元 千港元 千港元 千港元 Cost: 成本： As at 1 January 2024 於二零二四年一月一日 14,768 398,890 2,135 52,013 101,096 1,065 569,967Addition 新增 – – – – – 1,003 1,003 Disposal of subsidiaries 出售附屬公司 (13,589) (395,830) (2,135) (614) – – (412,168)Exchange realignment 匯兌調整 (1,179) (3,060) – (974) (895) (34) (6,142)As at 31 December 2024 and 於二零二四年十二月三十一日及 as at 1 January 2025 於二零二五年一月一日 – – – 50,425 100,201 2,034 152,660Addition 新增 – – – – – 285 285 Disposal 出售 – – – – – (125) (125) Exchange realignment 匯兌調整 – – – 1,322 1,499 62 2,883 As at 31 December 2025 於二零二五年十二月三十一日 – – – 51,747 101,700 2,256 155,703Accumulated amortisation and impairment: 累計攤銷及減值： As at 1 January 2024 於二零二四年一月一日 12,634 304,717 1,932 573 6,740 126 326,722Amortisation for the year 年內攤銷 272 – 42 – 10,068 259 10,641Disposal of subsidiaries 出售附屬公司 (12,315) (304,717) (1,973) (568) – – (319,573)Exchange realignment 匯兌調整 (591) – (1) (5) (275) (44) (916)As at 31 December 2024 and 於二零二四年十二月三十一日及 as at 1 January 2025 於二零二五年一月一日 – – – – 16,533 341 16,874Amortisation for the year 年內攤銷 – – – – 10,036 324 10,360Disposal 出售 – – – – – (94) (94) Exchange realignment 匯兌調整 – – – – 552 62 614 As at 31 December 2025 於二零二五年十二月三十一日 – – – – 27,121 633 27,754As at 31 December 2025 於二零二五年十二月三十一日 – – – 51,747 74,579 1,623 127,949As at 31 December 2024 於二零二四年十二月三十一日 – – – 50,425 83,668 1,693 135,78614. TRADE RECEIVABLES 14. 貿易應收賬款 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Trade receivables 貿易應收賬款 205,336 175,617 Less: allowance for expected credit losses 減：預期信貸虧損撥備 (78,807) (39,054)126,529 136,563 The Group generally allows an average credit period of 180 本集團一般給予其貿易客戶平均180days (2024: 180 days) to its trade customers. The Group 日（二零二四年：180日）之信貸期。本does not hold any collateral over these balances. 集團並無就該等結餘持有任何抵押品。 An aged analysis of the trade receivables as at the end of 於報告期末，貿易應收賬款按發票日the reporting period, based on the invoice date and net of 期經扣除預期信貸虧損撥備之賬齡allowance for expected credit losses, is as follows: 分析如下：2025 2024（未完）  |