二零二五 二零二六年度中期報告 網址：www.stelux.com 中期報告 截至2025年9月30日止六個月 寶光實業（國際）有限公司（「本公司」的董事會（「董事會」）提呈本公司及其附屬公司（以下合稱「本 集團」）截至2025年9月30日止六個月（「期內」）的未經審核綜合中期業績及財務資料。本集團截 至2025年9月30日止六個月的未經審核簡明綜合損益表及全面收益表、於2025年9月30日的未 經審核簡明綜合財務狀況表、截至2025年9月30日止六個月未經審核簡明綜合現金流量表及未 經審核簡明綜合權益變動表以及有關附註載列如下。 簡明綜合損益表及全面收益表 截至2025年9月30日止六個月 | | | 未經審核 | | | --- | --- | --- | --- | | | | 截至9月30日止六個月 | | | | | 2025年 | 2024年 | | | 附註 | 港幣仟元 | 港幣仟元 | | 收入 | 2 | 296,930 | 302,242 | | 銷售成本 | | (170,304) | (160,323) | | 毛利 | | 126,626 | 141,919 | | 其他（虧損）╱ ...

(Incorporated in Bermuda with limited liability) （於百慕達註冊成立的有限公司） (Stock Code 股份代號: 84) Dear registered shareholder(s), Stelux Holdings International Limited (the "Company") –Notice of Publication of 2025/2026 Interim Report ("Current Corporate Communication") and Arrangement of Electronic Dissemination of Corporate Communications The English and Chinese versions of the Company's Current Corporate Communication are available on the Company's website at http://www.stelux.com and the HKEXnews website of Hong K ...

The English and Chinese versions of the Company's Current Corporate Communication are available on the Company's website at http://www.stelux.com and the HKEXnews website of Hong Kong Exchanges and Clearing Limited ("HKEX") at http://www.hkexnews.hk. You may access the Current Corporate Communication browsing through the Company's website of the HKEX's HKEXnews website. Arrangement of Electronic Dissemination of Corporate Communications Pursuant to Rule 2.07A of the Rules Governing The Listing of Securities ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 寶光實業（國際）有限公司 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00084 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 1,036,919,025 | | 7,839,000 | | 1,044,758,025 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 1,036,919,025 | | 7,839,000 | | 1,044,758,025 | 第 2 頁 共 10 頁 v 1.1.1 呈交日期: 2 ...

公告称，经调整亏损的减少主要由于更严格的成本控制及透过店铺整合提升营运效率所致。 宝光实业(00084)发布截至2025年9月30日止6个月中期业绩，该集团取得收益2.97亿港元，同比减少 1.76%;公司权益持有人应占期内亏损4037.3万港元，同比减少27.07%;每股基本亏损3.89港仙。 ...

Core Points - The company reported a revenue of HKD 297 million for the six months ending September 30, 2025, representing a year-on-year decrease of 1.76% [1] - The loss attributable to equity holders for the period was HKD 40.373 million, a reduction of 27.07% compared to the previous year [1] - The basic loss per share was HKD 0.0389 [1] - The decrease in adjusted loss was primarily due to stricter cost control and improved operational efficiency through store integration [1]

Core Viewpoint - Baoguang Industrial (00084.HK) reported a decrease in revenue and a net loss for the six months ending September 30, 2025, indicating ongoing financial challenges despite some improvements in adjusted losses [1] Financial Performance - Revenue for the period was HKD 297 million, a decrease of 1.76% year-on-year [1] - The net loss was HKD 40.373 million, an improvement from a loss of HKD 55.355 million in the same period last year [1] - Basic loss per share was HKD 0.0389 [1] Special Items Impact - The reported loss included two special items: - Interest income of HKD 6.3 million from the sale of a subsidiary [1] - Non-cash impairment loss on property of HKD 4.6 million [1] - After adjusting for these special items, the adjusted loss for the first half of 2025 was HKD 42.1 million, a reduction of HKD 22.5 million compared to an adjusted loss of HKD 64.6 million in the first half of 2024 [1] Operational Efficiency - The reduction in adjusted losses was primarily attributed to stricter cost control and improved operational efficiency through store integration [1]

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 296,930,000, a decrease of 1.0% from HKD 302,242,000 in the same period of 2024[3] - Gross profit for the same period was HKD 126,626,000, down 10.8% from HKD 141,919,000 in 2024[3] - The company reported a loss before tax of HKD 37,547,000, an improvement from a loss of HKD 52,049,000 in the previous year, representing a 27.9% reduction in losses[3] - The net loss for the period was HKD 40,275,000, compared to a net loss of HKD 55,268,000 in 2024, indicating a 27.1% improvement[3] - Basic and diluted loss per share was HKD 3.89, improved from HKD 5.30 in the same period last year[5] - The group reported a loss attributable to equity holders of HKD 40.4 million for the first half of 2025, an improvement from a loss of HKD 55.4 million in the first half of 2024[27] Assets and Liabilities - Total assets as of September 30, 2025, amounted to HKD 1,446,795,000, an increase from HKD 1,426,127,000 as of March 31, 2025[6] - Total liabilities increased to HKD 526,515,000 from HKD 506,696,000, reflecting a rise of 3.2%[7] - Non-current assets decreased to HKD 976,719,000 from HKD 980,270,000, a decline of 0.4%[6] - Cash and cash equivalents increased to HKD 90,913,000 from HKD 83,339,000, showing an increase of 9.5%[6] - The total liabilities of the group as of September 30, 2025, were HKD 526,515,000, compared to HKD 506,696,000 as of March 31, 2025, showing an increase of approximately 3.9%[14] - As of September 30, 2025, the group's current assets and current liabilities were approximately HKD 470.1 million and HKD 461.6 million, respectively, resulting in a current ratio of approximately 1.02[41] Revenue Segmentation - The company has two operating segments: retail and wholesale of watches, with performance evaluated based on regions including Hong Kong, Macau, and mainland China[12] - For the six months ended September 30, 2025, total revenue from watch retail was HKD 366,299,000, a decrease from HKD 371,054,000 in the same period of 2024, representing a decline of approximately 1.9%[13] - Retail business contributed HKD 190.3 million to the group's revenue in the first half of 2025, down 5.7% from HKD 201.9 million in the same period of 2024[27] - The group's supply chain and wholesale trade segment revenue increased by 6.2% to HKD 106.6 million, with a profit of HKD 9.8 million compared to HKD 11.0 million in the first half of 2024[34] Operational Highlights - Same-store sales recorded a positive growth of 4% in the first half of 2025, indicating improved performance at the store level despite the overall revenue decline[27] - The group's online store in Hong Kong continued to be profitable, benefiting from the successful launch of several IP products, with online sales in Southeast Asia growing approximately 4% year-on-year[32][33] - The group operates approximately 75 stores under the "Time Corridor" brand across Hong Kong, Macau, Singapore, Thailand, and Malaysia[29] Cost and Expenses - The group’s administrative expenses for the six months ended September 30, 2025, were HKD 13,015,000, compared to HKD 15,719,000 for the same period in 2024, indicating a decrease of approximately 17.2%[15] - The total employee cost incurred during the period was HKD 81.733 million, compared to HKD 94.980 million for the same period last year[46] Debt and Equity - As of September 30, 2025, the group's net debt was HKD 155.6 million, resulting in a debt-to-equity ratio of 17.0%, down from 17.4% as of March 31, 2025[37] Corporate Governance - The group did not recommend the payment of an interim dividend for the six months ended September 30, 2025, consistent with the previous year[20] - The group did not engage in any significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the period[44] - The group maintained its capital structure without any changes during the period[47] - The company has adopted the scope of the remuneration committee as per the code, excluding the part related to reviewing and determining the remuneration of senior management[54] - The audit committee reviewed the effectiveness of the internal control system for the six months ending September 30, 2025, and discussed the financial reporting matters[55] - The remuneration committee determined the basic salary for executive directors for the fiscal year ending March 31, 2026[56] - The nomination committee nominated Ms. Liao Jingwei for re-election as an executive director and Mr. Li Qiming for re-election as an independent non-executive director[57] - The company has adopted the standard code for securities trading by directors as per the listing rules[59] - All directors have complied with the provisions of the standard code during the six months ending September 30, 2025[61] Future Outlook - The group plans to continue investing in online business to enhance digital coverage and improve customer experience, aiming for meaningful synergies between online and offline channels[36] - The group will maintain a cautious yet proactive approach in 2026, leveraging its robust strategies and flexible operating model to navigate ongoing macroeconomic uncertainties[35] Miscellaneous - The group had contingent liabilities totaling approximately HKD 8.209 million as of September 30, 2025, related to rental deposits and bank guarantees[42] - The total value of properties, machinery, equipment, and investment properties mortgaged to banks was approximately HKD 507.028 million[42] - The provision for executive bonuses under the executive bonus plan was HKD 1 million for the six months ended September 30, 2025[45] - The average number of issued ordinary shares for the six months ended September 30, 2025, was 1,036,919,000, compared to 1,044,882,000 for the same period in 2024[22] - The company's interim report for the 2025/2026 fiscal year will be sent to shareholders and uploaded to the relevant websites at an appropriate time[62] - The chairman and CEO of the company is Chumphol Kanjanapas, with Suriyan Kanjanapas as vice-chairman and Liao Jingwei as CFO[63]

Core Viewpoint - The company anticipates a net loss attributable to equity holders of approximately HKD 35 million to HKD 50 million for the six months ending September 30, 2025, which represents an improvement compared to a net loss of HKD 55.4 million in the same period of 2024 [1] Financial Performance - The expected loss for the first half of 2025 is a reduction from the previous year's loss due to stringent cost control and operational efficiency improvements through store integration [1] - The company recorded approximately 4% same-store sales growth in its retail locations during the first half of 2025 [1] Future Outlook - The company plans to continue investing resources in online platforms to create a seamless and enriched shopping experience for customers through the synergy of online and offline operations [1]

Core Viewpoint - Baoguang Industrial (00084) expects to record a consolidated net loss attributable to equity holders of approximately HKD 35 million to HKD 50 million for the six months ending September 30, 2025, which is an improvement compared to a consolidated loss of HKD 55.4 million in the same period of 2024 [1] Group 1: Financial Performance - The loss for the first half of 2025 is expected to narrow compared to the loss in the first half of 2024 due to stringent cost control and operational efficiency improvements through store integration [1] - The group recorded approximately 4% same-store sales growth in its retail locations during the operational period [1] Group 2: Future Outlook - The company plans to continue investing resources in online platforms to create a seamless and enriched shopping experience for customers through the synergy of online and offline businesses [1]