截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 王朝酒業集團有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 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) | 00828 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,000,000,000 | HKD | | 0.1 | HKD | | 300,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 3,000,000,000 | HKD | | 0.1 | HKD | | 300,000,000 | 本月底法定/註冊股本總額： HKD 300,000,000 股份發行人及根據《上市規則》第十九B ...

Core Points - The Hong Kong Institute of Certified Public Accountants imposed a fine of HKD 1.6 million on PwC and two partners due to multiple audit deficiencies related to revenue recognition for Dynasty Fine Wines in 2010 and 2011 [2][3] - The audit partner, Zheng Guang'an, failed to obtain sufficient appropriate audit evidence regarding the revenue recorded by Dynasty Fine Wines, leading to the issuance of an unqualified opinion [2][3] - Dynasty Fine Wines, listed in Hong Kong since 2005, was previously considered one of the "three major players" in the wine industry alongside Changyu and Great Wall [2] Revenue Recognition Issues - The investigation revealed extensive deficiencies in revenue recognition during the audits for 2010 and 2011, particularly the lack of professional skepticism and adequate evidence to confirm that wine products were delivered and accepted by customers [3] - Adjustments made by Dynasty Fine Wines to correct previously misstated revenues indicated that the company should have reported losses in 2011 instead of profits, with retained earnings for 2010 and 2011 reduced by approximately HKD 225 million and HKD 262 million, respectively [3] Previous Penalties and Client Loss - This is not the first time PwC has faced penalties for revenue recognition issues; in September 2024, they were fined HKD 116 million for violations related to Evergrande's 2018 audit [4][5] - Following the penalties related to Evergrande, PwC experienced a significant loss of clients, with the number of A-share listed companies hiring them for annual audits dropping from 107 in 2023 to 29 in 2024 [4][5]

Core Viewpoint - PwC Hong Kong has been reprimanded and fined a total of HKD 1.6 million for significant deficiencies in its audit work for Dynasty Fine Wines, highlighting a severe trust crisis facing the firm amid multiple regulatory penalties in recent years [1][5]. Group 1: Audit Failures and Penalties - PwC failed to obtain sufficient and appropriate audit evidence regarding revenue recognition during the audits of Dynasty Fine Wines for the years 2010 and 2011, despite issuing an unqualified opinion [1][3]. - The firm faced a record penalty of RMB 441 million from the Ministry of Finance and the China Securities Regulatory Commission for its role in Evergrande's financial misstatements, marking the most severe punishment in Chinese auditing history [5][6]. - The internal investigation into Dynasty Fine Wines revealed that a significant amount of claimed sold wine products had not been delivered and remained in third-party warehouses [1][3]. Group 2: Financial Performance and Client Loss - PwC's revenue in the Chinese market dropped from CNY 7.925 billion in 2022 to CNY 7.137 billion in 2023, reflecting a broader decline in its financial performance [2][8]. - Since the penalty related to Evergrande was imposed in March 2024, all eight of PwC's major A-share audit clients have announced their termination of contracts, collectively contributing CNY 478 million in audit fees, which accounted for over half of its audit revenue [2][7]. - The firm has seen a 5.6% decline in revenue in the Asia-Pacific region for the fiscal year 2024, amounting to USD 9.3 billion, attributed to a slowdown in demand in mainland China [2][8]. Group 3: Industry Impact and Competitive Landscape - The exposure of the Dynasty Fine Wines case coincides with a period of unprecedented client attrition for PwC, leading to significant restructuring within the firm, including layoffs across multiple offices [7][8]. - Over 60% of clients lost by PwC have shifted to other "Big Four" firms, with significant numbers moving to Ernst & Young, KPMG, and Deloitte [8]. - Domestic accounting firms such as Lixin, Tianjian, and Xinyongzhonghe have begun to benefit from this reshuffling, breaking the long-standing dominance of the "Big Four" in securing high-quality clients [9].

Group 1 - The Hong Kong Institute of Certified Public Accountants (HKICPA) has condemned PwC's Hong Kong branch, RSM Hong Kong, and two of its partners for multiple audit deficiencies, imposing a total fine of HKD 1.6 million [1] - The audit deficiencies occurred during the fiscal years 2010 and 2011, where the auditors failed to obtain sufficient appropriate audit evidence regarding the revenue recorded by Dynasty Fine Wines Group Limited, leading to the issuance of an unqualified opinion [1][3] - An internal investigation by Dynasty Fine Wines revealed that a significant portion of the wine products claimed to be sold to a major distributor had not been delivered and were instead stored in external warehouses [3] Group 2 - The adjustments made by Dynasty Fine Wines to correct the misreported revenue indicated that the company should have reported a loss in 2011 instead of the previously disclosed profit, with retained earnings for 2010 and 2011 being reduced by approximately HKD 225 million and HKD 262 million, respectively [3] - The HKICPA's investigation highlighted extensive deficiencies related to revenue recognition in the audits for 2010 and 2011, particularly the auditors' failure to apply professional skepticism and obtain adequate evidence to confirm that the wine products were delivered and accepted by customers [3] - The penalties imposed included HKD 800,000 for RSM Hong Kong, HKD 600,000 for partner Zheng Guang'an, and HKD 200,000 for partner Jiang Lingyan [3]

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9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: 王朝酒業集團有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 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) | 00828 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,000,000,000 | HKD | | 0.1 | HKD | | 300,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 3,000,000,000 | HKD | | 0.1 | HKD | | 300,000,000 | 本月底法定/註冊股 ...

(Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） (Stock code 股份代號: 00828) NOTIFICATION LETTER 通知信函 30 September 2025 Dear Non-registered Shareholder(s) (Note 1) , Dynasty Fine Wines Group Limited (the "Company") – Notification of publication of 2025 interim report (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communications are available on the Company's website at https://www.dynasty-wines.com and the website of The S ...

(Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） (Stock code 股份代號: 00828) The English and Chinese versions of the Company's Current Corporate Communications are now available on the Company's website at https://www.dynasty-wines.com and the website of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") at www.hkexnews.hk respectively (the "Website Version"). The Company strongly recommends you to access the Website Version of the Current Corporate Communication and all ...

Financial Performance - Revenue for the six months ended June 30, 2025, decreased by 9% to approximately HKD 122.8 million compared to HKD 135.3 million in 2024[13] - Profit attributable to owners of the company for the same period fell by 56% to approximately HKD 8.2 million from HKD 18.5 million in 2024[13] - Basic and diluted earnings per share decreased to HKD 0.58 from HKD 1.31, representing a 56% decline[5] - The group's total revenue decreased by 9% to approximately HKD 122,800,000 for the six months ended June 30, 2025, compared to approximately HKD 135,300,000 in the same period of 2024[16] - The total number of bottles sold during the period decreased to approximately 4.8 million, down from approximately 5.2 million in 2024[16] - Gross profit for the same period was HKD 47,277,000, down from HKD 48,767,000, reflecting a decline of 3.1%[77] - Operating profit decreased significantly to HKD 7,462,000, compared to HKD 17,044,000 in the previous year, representing a decline of 56.2%[77] - The company reported a profit of HKD 7,729,000 for the six months ended June 30, 2025, a decrease of 57.0% compared to HKD 17,978,000 in the same period of 2024[80] - Total comprehensive income for the period was HKD 13,432,000, down from HKD 15,359,000 year-on-year, reflecting a decline of 12.5%[80] Cost and Expenses - Increased promotional and advertising expenses contributed to the decline in operating profit during the first half of 2025[14] - Distribution costs accounted for approximately 23% of the group's revenue, up from 16% in 2024, attributed to increased marketing resources[24] - Management expenses represented 15% of the group's revenue, an increase from 11% in 2024, due to rising employee and related costs[25] - Distribution costs increased to HKD 27,855,000 from HKD 21,442,000, an increase of 29.9%[77] - Management expenses rose to HKD 17,966,000, compared to HKD 14,307,000, an increase of 25.5%[77] Financial Stability - The total equity attributable to owners of the company increased to HKD 318.5 million from HKD 310.0 million[5] - The debt-to-asset ratio improved to 34% from 44%, reflecting better financial stability[5][6] - The group maintains a strong financial position with no borrowings and minimal exposure to interest rate fluctuations[28] - The debt-to-asset ratio as of June 30, 2025, was approximately 34%, a decrease from 44% on December 31, 2024, indicating improved financial stability[58] - The company’s liabilities decreased to HKD 177,487,000 from HKD 256,204,000, a reduction of 30.7%[82] Market and Product Development - The company continues to focus on enhancing equipment and strengthening market promotion to capture growth potential in the Chinese wine market[4] - Dynasty Wines currently manufactures and sells over 100 types of wine products, catering to various consumer preferences[4] - The company launched over 100 wine products under the "Wang Chao" brand, catering to diverse consumer preferences in the Chinese wine market[31] - New product launches included the mid-to-high-end "Wang Chao Year of the Snake Red Wine," which integrates Chinese zodiac culture to attract younger consumers[31] - The company introduced the "Tian Yang Tea Wine Series" and "Wang Chao Bai Fu VSOP Brandy" at the 112th National Sugar and Wine Trade Fair, enhancing its product matrix[32] - The group is committed to diversifying its wine products to meet various consumer demands, focusing on low-alcohol and non-alcoholic wines to capture market trends[49] - The Tianxia Winery project in Ningxia is set to launch new products reflecting local characteristics, adhering to strict production standards[49] E-commerce and Marketing - E-commerce sales were expanded through traditional platforms like JD.com and Tmall, as well as innovative channels such as Xiaohongshu and Douyin, improving market penetration among younger consumers[35] - The overall e-commerce sales revenue declined due to market competition, but the company believes online platforms enhance brand promotion and overall business potential[36] - The company is actively promoting AI live streaming models across various channels to enhance brand exposure and sales[51] - The company plans to adjust its e-commerce distribution structure and expand its coverage in the second half of 2025, aiming for sales growth through a multi-store matrix model[51] Employee and Compensation - The total employee compensation and related costs amounted to approximately HKD 23,900,000 as of June 30, 2025, an increase from HKD 23,300,000 in 2024, primarily due to an increase in the number of employees and temporary labor[53] - The company employed 243 staff members as of June 30, 2025, compared to 238 a year earlier, reflecting a commitment to maintaining a skilled workforce[53] - The company reported short-term employee benefits of HKD 1,625,000 for the six months ended June 30, 2025, compared to HKD 1,688,000 for the same period in 2024, a decrease of about 3.7%[139] Governance and Shareholder Information - The board does not recommend any interim dividend payment to shareholders for the six months ending June 30, 2025[62] - As of June 30, 2025, major shareholders include Heng Ming Group Limited with 39.62% and Tianjin Food Group Limited with 42.80% of the voting shares[65] - The company has adhered to the corporate governance code and standards as of June 30, 2025[73] - The company approved a compensation agreement at a special general meeting held on July 25, 2025, indicating ongoing corporate governance activities[142]

Core Viewpoint - Dynasty Fine Wines Group Limited (00828) has announced a construction agreement for a new winery in Jiangsu, China, which will enable the company to diversify its product offerings and enhance its strategic development in the wine industry [1] Group 1: Construction Agreement - The company’s non-wholly owned subsidiary, Dynasty Jiangsu, has entered into a construction agreement with Yancheng Tiangong Construction Engineering Co., Ltd. for a total cost of RMB 22.3262 million [1] - The contractor will serve as the general contractor responsible for building a facility for producing Huangjiu (yellow wine) and Chenpi wine, along with necessary infrastructure such as warehouses, office buildings, and wastewater treatment facilities [1] Group 2: Product Diversification - The company primarily produces red and white wines made from grapes, but the new facility will allow for the production of Huangjiu and Chenpi wine using glutinous rice [1] - The completion of this construction project is a significant strategic move for the company to effectively expand its product range and achieve high-quality development in the wine industry [1]

Core Viewpoint - Dynasty Fine Wines Group Limited (00828.HK) announced a construction agreement for its Jiangsu winery, with a total cost of RMB 22.32 million (approximately HKD 24.53 million) [1] Group 1: Agreement Details - The agreement was signed with a contractor that is a limited liability company established in China, specializing in housing engineering, municipal public works, water and electricity installation, building decoration, and landscaping management [1] - The terms of the construction agreement were reached after fair negotiations and are considered normal commercial terms by the board of directors [1] Group 2: Board's Perspective - The board believes that the terms of the construction agreement are fair and reasonable, and the transaction aligns with the overall interests of the company and its shareholders [1]