香港太古城太古灣道12號 3樓301-3室 Suites 301-3, 3rd Floor 12 Taikoo Wan Road Taikoo Shing, Hong Kong 目 錄 | 2 | 主席報告 | | --- | --- | | 4 | 管理層討論及分析 | | 18 | 環境、社會及管治報告 | | 44 | 董事會報告 | | 52 | 企業管治報告 | | 61 | 公司資料 | | 63 | 董事會 | | 65 | 獨立核數師報告 | | 71 | 綜合損益及其他全面收益表 | | 72 | 綜合財務狀況表 | | 74 | 綜合權益變動表 | | 75 | 綜合現金流量表 | | 77 | 綜合財務報表之附註 | | 165 | 財務資料概要 | | 166 | 投資物業之詳情 | 主席 報告 致各股東： 本人謹代表董事會（「董事會」）提呈大凌集團有限公司（「本公司」，連同其附屬公司，統稱「本集團」） 截至二零二五年三月三十一日止財政年度（「二零二五年財政年度」）的業績年報。 鑑於地緣政治局勢緊張、利率調整及投資意願薄弱，二零二五年財政年度的整體經濟狀況乃充滿 挑戰及變數。香港消費意 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何 部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 STYLAND HOLDINGS LIMITED 大凌集團有限公司* （於百慕達註冊成立之有限公司） （股份代號：211） 截至二零二五年三月三十一日止年度 末期業績公佈 大凌集團有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈，本公司及其 附屬公司（統稱「本集團」）截至二零二五年三月三十一日止年度（「二零二五年財政 年度」）之經審核綜合業績連同截至二零二四年三月三十一日止年度（「二零二四年 財政年度」）比較數字載列如下： 綜合損益及其他全面收益表 截至三月三十一日止年度 | | | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | | | 附註 | 千港元 | 千港元 | | | | | （經重列） | | 營業額 | | 191,314 | 205,664 | | 收入 | 4 | 64,719 | 22,573 | | 經紀服務成本 | | (2,93 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 STYLAND HOLDINGS LIMITED 大凌集團有限公司* （於百慕達註冊成立之有限公司） （股份代號：211） 盈利警告 本盈利警告公佈所載資料僅基於本公司對本集團二零二五年財政年度的未經審核 綜合管理賬目（尚待落實及可能須作出必要調整）之初步審閱，未經本公司核數師 確認、審核或審閱。本公司將在必要時作出進一步公佈。本公司股東及潛在投資 者務請仔細閱讀本公司二零二五年財政年度的業績公佈，該公佈預期於二零二五 年六月二十七日刊發。 本公司股東及潛在投資者於買賣本公司證券時務請審慎行事。 承董事會命 大凌集團有限公司 非執行主席 李漢成 香港，二零二五年六月二十日 * 僅供識別 1 本公佈乃大凌集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）根據香港 法例第571章證券及期貨條例第XIVA部項下內幕消息條文以及香港聯合交易所有 限公司證券上市規則第13.09(2)(a)條刊發。 本公司董事 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 STYLAND HOLDINGS LIMITED 大凌集團有限公司* * 僅供識別 （於百慕達註冊成立之有限公司） （股份代號：211） 董事會會議通告 大凌集團有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司董事會會議將 於二零二五年六月二十七日舉行，藉以（其中包括）考慮及批准本公司及其附屬公 司截至二零二五年三月三十一日止的全年業績及其發佈，以及考慮派發末期股息（如 有）。 承董事會命 大凌集團有限公司 非執行主席 李漢成 香港，二零二五年六月十二日 於本公佈日期，董事會成員包括兩名執行董事，分別為張浩宏先生及伍耀泉先生， 以及三名獨立非執行董事，分別為李漢成先生，盧梓峯先生及凌瑞娥女士。 ...

STYLAND HOLDINGS LIMITED 大凌集團有限公司* （於百慕達註冊成立之有限公司） （股份代號：211） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 更改香港股份過戶登記分處 大凌集團有限公司（「本公司」）董事（「董事」）會（「董事會」）宣佈自二零二五年五 月一日起，本公司之香港股份過戶登記分處將更改為： 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 電話： (852) 2980 1333 傳真： (852) 2810 8185 由二零二五年五月一日起，有關本公司之股份過戶及登記手續將由卓佳證券登記 有限公司辦理。於二零二五年四月三十日下午四時三十分後仍未領取之股票，可 於二零二五年五月二日起從卓佳證券登記有限公司領取。 承董事會命 大凌集團有限公司 非執行主席 李漢成 香港，二零二五年四月十一日 於本公佈日期，執行董事為張浩宏先生及伍耀泉先生，而獨立非執行董事為 李漢成先生、盧梓峯先生及凌瑞娥女士。 ...

董事會欣然宣佈，於二零二四年十二月十八日，貸款人與借款人訂立貸款協議C。 根據貸款協議C，貸款人已同意向借款人授出本金額為500,000港元之貸款，年 期為六個月。於訂立貸款協議C之前，貸款人與借款人亦就授出三筆本金總額 為9,600,000港元之貸款訂立貸款協議及先前貸款協議。 上市規則涵義 香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何 部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 STYLAND HOLDINGS LIMITED 大凌集團有限公司* （於百慕達註冊成立之有限公司） （股份代號：211） 有關提供財務資助之須予披露交易 提供財務資助 茲提述本公司日期為二零二四年九月十六日之公佈（「該公佈」），內容有關（其 中包括）貸款協議及先前貸款協議。除另有界定外，本公佈所用詞彙與該公佈 所界定者具有相同涵義。 由於貸款人與借款人所訂立之貸款協議C、貸款協議及先前貸款協議之訂立日 期相隔少於十二個月，貸款協議C已與貸款協議及先前貸款協議合併計算。由 於貸款協議C、貸款協議及先前貸款協議經合併 ...

STYLAND HOLDINGS LIMITED 大凌集團有限公司* （認股權證證券代號：2403） 各位非登記股東1 ： 於本公司網站登載公司通訊之通知 謹此通知 閣下，大凌集團有限公司（「* 本公司」）之下述公司通訊（「2 本次公司通訊」）之中、英文版本， 現已登載於本公司網站www.styland.com（「本公司網站」）及香港聯合交易所有限公司（「聯交所」）網站 www.hkexnews.hk（「聯交所網站」）以供閱覽： • 2024/2025中期報告 請於本公司網站「投資者關係」一欄或聯交所網站內讀取本次公司通訊。若 閣下早前曾要求收取公司通 訊的印刷本，本次公司通訊的印刷本已隨函附上。 為了支援通過電郵進行電子通訊，建議非登記股東向代其持有股份的銀行、經紀、託管商或代理人（統 稱「中介機構」）提供其有效的電郵地址。如本公司沒有收到 閣下的中介機構透過香港中央結算（代理人） 有限公司提供 閣下的有效的電郵地址或郵寄地址，本公司將不會向 閣下發送登載通知。 若 閣下希望收取本次公司通訊及╱或日後公司通訊之印刷版本，請填隨附之申請表格並交回本公司的 香港股份過戶登記分處（「香港股份過戶登記分處」）卓佳登 ...

（認股權證證券代號：2403） 各位登記股東： 於本公司網站登載公司通訊之通知 謹此通知 閣下，大凌集團有限公司（「* 本公司」）之下述公司通訊（「1 本次公司通訊」）之中、英文版本， 現已登載於本公司網站www.styland.com（「本公司網站」）及香港聯合交易所有限公司（「聯交所」）網站 www.hkexnews.hk（「聯交所網站」）以供閱覽： • 2024/2025中期報告 STYLAND HOLDINGS LIMITED 大凌集團有限公司* （於百慕達註冊成立之有限公司） （股份代號：211） 承董事會命 大凌集團有限公司 非執行主席 李漢成 2024年12月16日 * 僅供識別 附件 附註： 1. 公司通訊指本公司發出或將予發出以供其任何證券的持有人或投資大眾參照或採取行動的任何文件，其中包括但 不限於：－(a)董事會報告、發行人的年度賬目連同核數師報告以及（如適用）財務摘要報告；(b)中期報告及（如適用） 中期摘要報告；(c)會議通告；(d)上市文件；(e)通函；及(f)代表委任表格。 2. 可供採取行動的公司通訊是指任何涉及要求股東指示其擬如何行使其有關股東權利的公司通訊。 請於本公司網站 ...

Revenue and Income - Revenue for the six months ended September 30, 2024, was HKD 12,774,000, an increase of 12.7% compared to HKD 11,337,000 for the same period in 2023[8] - Total operating income decreased to HKD 20,366,000, down 83.1% from HKD 120,962,000 year-on-year[8] - The group's total revenue for the six months ended September 30, 2024, was HKD 20,366,000, compared to HKD 120,962,000 for the same period in 2023, indicating a decrease[36] - The total income from securities trading was HKD 12,774,000, compared to HKD 11,337,000 in the prior year[36] - The financial services segment generated commission income of HKD 4,014,000, up from HKD 3,948,000 year-over-year[36] - Mortgage financing interest income decreased to HKD 5,150,000 from HKD 6,664,000 in the previous year[36] - Insurance brokerage commission income increased to HKD 485,000 from HKD 208,000 year-over-year[36] - Rental income from property investment was HKD 3,000,000, with no income reported in the previous year[36] - The group reported a significant increase in income recognition from time-based services, totaling HKD 3,360,000 for the current period, compared to HKD 2,325,000 in the previous year[36] Loss and Earnings Per Share - The company reported a loss before tax of HKD 18,020,000, an improvement from a loss of HKD 26,658,000 in the previous year, representing a 32.5% reduction in losses[8] - Basic and diluted loss per share was HKD 0.025, compared to HKD 0.038 for the same period last year, indicating a 34.2% improvement[8] - The total pre-tax loss for the six months ended September 30, 2024, was HKD 18,020 million, compared to a loss of HKD 26,658 million for the same period in 2023, showing a reduction of 32.5%[38] - The company incurred a total comprehensive loss of HKD (26,658,000) during the period, which is a deterioration compared to the previous year's loss of HKD (18,020,000)[16] Assets and Liabilities - Non-current assets totaled HKD 447,806,000, slightly up from HKD 446,808,000 as of March 31, 2024[11] - The total assets of the company as of September 30, 2024, were HKD 677,109,000, up from HKD 660,924,000 as of March 31, 2024[11] - As of September 30, 2024, the total assets decreased to HKD 347,566,000 from HKD 371,428,000 as of March 31, 2024, representing a decline of approximately 6.4%[13] - The total liabilities increased to HKD 347,566,000 as of September 30, 2024, from HKD 289,496,000 as of March 31, 2024, indicating a rise of approximately 20.0%[13] - The net current liabilities increased to HKD (118,263,000) compared to HKD (75,380,000) as of March 31, 2024, indicating a worsening liquidity position[13] - The company reported a total equity of HKD 317,898,000 as of September 30, 2024, down from HKD 334,568,000 as of March 31, 2024, reflecting a decrease of approximately 5.0%[13] Cash Flow and Cash Position - Cash and cash equivalents increased to HKD 21,582,000 from HKD 18,218,000, reflecting a 18.5% rise[11] - The net cash generated from operating activities for the six months ended September 30, 2024, was HKD 20,588,000, a significant improvement from the cash used of HKD (34,711,000) in the same period last year[20] - The cash and cash equivalents increased to HKD 19,691,000 as of September 30, 2024, compared to HKD 27,164,000 in the previous year, showing a decrease of about 27.7%[20] - The group holds approximately HKD 21.58 million in cash, down from HKD 26.81 million as of March 31, 2024, with 97% held in HKD[119] Credit Risk and Provisions - The company recognized expected credit losses of HKD 981,000 on loans receivable, compared to HKD 121,000 in the previous year, indicating a significant increase in credit risk[8] - The company's receivables from financing activities, net of expected credit loss provisions, amounted to HKD 85,920,000 as of September 30, 2024, down from HKD 88,494,000 as of March 31, 2024[61] - The total amount of accounts receivable, net of expected credit loss provisions, was HKD 36,609,000 as of September 30, 2024, compared to HKD 336,000 as of March 31, 2024[65] - The balance of mortgage financing loans, net of expected credit loss provisions, was HKD 77,467,000 as of September 30, 2024, down from HKD 88,494,000 as of March 31, 2024[61] - The expected credit loss provision for the Longxiong Group's financing business was HKD 8,496,000, resulting in net receivables of HKD 4,130,000[84] Corporate Governance and Compliance - The company has maintained compliance with the corporate governance code as per the listing rules, with no significant deviations reported during the review period[149] - The company continues to enhance its corporate governance practices, viewing them as essential for successful development[149] - The audit committee, composed of three independent non-executive directors, reviewed the unaudited interim financial statements for the review period[169] Future Plans and Strategies - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming quarters[39] - The company is actively pursuing new technology developments to improve operational efficiency and customer service[39] - The group plans to maintain a cautious investment strategy while seeking new opportunities to contribute to China's rapid scientific advancements[118] - The group will continue to monitor macroeconomic and political developments to respond appropriately to external challenges[118] Employee and Management Information - The group has 58 employees as of September 30, 2024, with a compensation structure based on market norms and individual performance[137] - The short-term benefits for directors and key management personnel amounted to HKD 1,068,000 for the six months ended September 30, 2024, compared to HKD 1,044,000 for the same period in 2023, reflecting a slight increase[153] - The total compensation for key management personnel, including short-term and post-employment benefits, was HKD 1,079,000 for the six months ended September 30, 2024[153] Shareholder Information - As of September 30, 2024, Mr. Zhang Haohong beneficially owns approximately 33.33% of Kenvonia Family Limited, which holds 389,799,559 ordinary shares and 77,959,912 related shares, representing about 64.90% of the company's issued shares[141] - The total number of shares held by major shareholders, including Kenvonia, amounts to 514,339,128, which is 71.36% of the total[144] Lease and Office Information - The company entered into a lease agreement for new office premises in Hong Kong, with a monthly rent of approximately HKD 191,000 for the first 18 months and HKD 201,000 for the subsequent 24 months[92] - The group has entered into a lease agreement for new premises with a monthly rent of approximately HKD 191,000 for the first 18 months and HKD 201,000 for the subsequent 24 months, starting from October 1, 2024[138]

Financial Performance - For the six months ended September 30, 2024, the company reported revenue of HKD 12,774,000, an increase of 12.7% compared to HKD 11,337,000 for the same period in 2023[1] - The total operating income decreased significantly to HKD 20,366,000 from HKD 120,962,000, reflecting a decline of 83.2% year-on-year[1] - The company recorded a pre-tax loss of HKD 18,020,000, an improvement from a loss of HKD 26,658,000 in the previous year, representing a reduction of 32.5%[3] - The group reported its segments including financial services, mortgage financing, insurance brokerage, property investment, and securities trading, which are essential for resource allocation and performance evaluation[19] - The group's total revenue for the six months ended September 30, 2024, was HKD 20,366 million, a decrease from HKD 120,962 million in the same period of 2023[21] - The group reported a pre-tax loss of HKD 18,020 million for the six months ended September 30, 2024, compared to a pre-tax loss of HKD 26,658 million in the same period of 2023[24] - The loss attributable to the company's owners was approximately HKD 18,020,000, an improvement from a loss of HKD 26,658,000 in the same period of 2023[80] Assets and Liabilities - The company’s total assets as of September 30, 2024, amounted to HKD 677,109,000, up from HKD 660,924,000 as of March 31, 2024, reflecting a growth of 2.5%[5] - Current liabilities increased to HKD 347,566,000 from HKD 210,256,000, indicating a rise of 65.3%[7] - The net asset value decreased to HKD 317,898,000 from HKD 334,568,000, a decline of 5.0%[8] - The total accounts receivable (net of expected credit loss) was HKD 36,609,000 as of September 30, 2024, compared to HKD 336,000 on March 31, 2024[46] - The company’s total expected credit loss provision for financing business increased to HKD (11,700,000) from HKD (3,801,000) year-over-year[43] - The total liabilities associated with the Chang Hsiung Group held for sale were 79,240 thousand HKD[64] Revenue Streams - Financial services revenue included brokerage income of HKD 2,091 million, up from HKD 1,913 million year-over-year[21] - Interest income from mortgage financing decreased to HKD 5,150 million from HKD 6,664 million in the previous year[21] - The insurance brokerage segment generated commission income of HKD 485 million, significantly up from HKD 208 million year-over-year[21] - The group recorded a total rental income of HKD 3,000 million from property investments[21] - The securities trading segment reported dividend income of HKD 125 million, down from HKD 517 million in the previous year[21] - The group’s total income from external customers across segments was HKD 12,774 million, reflecting a diversified revenue stream[23] Credit and Risk Management - The expected credit loss on loans was HKD (981,000), compared to HKD (121,000) in the previous year, indicating a significant increase in credit risk[3] - The expected credit loss provision for loans receivable was HKD (2,655,000) as of September 30, 2024, with total loans receivable (net of expected credit loss) at HKD 4,322,000[43] - The mortgage loan balance (net of expected credit loss) was HKD 77,467,000 as of September 30, 2024, down from HKD 88,494,000 on March 31, 2024[44] - The group closely monitors customer repayment situations and will take legal action for debt recovery if necessary[114] Corporate Governance and Compliance - The company has maintained high standards of corporate governance and has complied with the corporate governance code during the review period[131] - The audit committee, composed of three independent non-executive directors, reviewed the unaudited interim financial statements for the review period[134] - The group has implemented effective internal control procedures to comply with the Securities and Futures Ordinance[117] - The group ensures compliance with anti-money laundering regulations in its financing operations[119] Strategic Initiatives and Future Outlook - The company aims to adopt a prudent operational strategy while exploring new investment opportunities to contribute to China's rapid scientific development[108] - The company is actively exploring business opportunities in the Greater Bay Area through the "Cross-Border Wealth Management Connect" initiative, allowing investors from both regions to invest in various products[94] - The company has resumed business visits to potential clients in mainland China following the reopening of borders, aiming to expand its corporate finance services[93] - The company is reviewing its insurance brokerage business direction, including the feasibility of divesting this investment to allocate resources to other business developments[103] Employee and Operational Information - The group employs 58 staff members as of September 30, 2024, with a compensation structure based on market norms and individual performance[126] - The group has a total of 14 licensed personnel engaged in regulated activities under the Securities and Futures Ordinance as of September 30, 2024[116] Market and Economic Conditions - The board anticipates ongoing challenges in the overall economic environment in Hong Kong, influenced by geopolitical tensions[108] - The average daily trading volume in the securities market for the nine months ended September 30, 2024, was approximately HKD 113 billion, an increase of about 3% compared to HKD 110 billion for the same period in 2023[82] - The number of active clients decreased by approximately 4% compared to the same period in 2023 due to increased competition and cautious investor sentiment[85]