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告之內容概不負責， 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告全部或任何部 分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 （於香港註冊成立的有限公司） （股份代號：1939） (1)執行董事及獨立非執行董事辭任； (2)委任獨立非執行董事； (3)更換公司秘書； (4)更換授權代表；及 (5)更改董事委員會組成 本公告由上善黃金國際控股有限公司（「本公司」，連同其附屬公司，統稱「本集團」） 根據香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）第13.51(2)條 作出。 (1) 執行董事及獨立非執行董事辭任 錢源源女士（「錢女士」）因有其他個人承擔，已辭任執行董事、提名委員會成 員，且不再擔任上市規則第3.05條之下的本公司授權代表（「授權代表」），自 2025年12月31日起生效。 董事會亦宣佈，胡左浩教授（「胡教授」）為投入更多時間處理其個人事務，已辭 任本公司獨立非執行董事。其辭任將於2025年12月31日生效，而其於薪酬委員 會及提名委員會的成員身份以及董事會企業管治委員會主席的職務亦將告終 止，自同 ...

Financial Performance - The Group reported interim results for the six months ended September 30, 2025, with comparative figures for the same period in 2024[17]. - Revenue for the six months ended September 30, 2025, was HK$76,474,000, a significant increase of 140% compared to HK$31,891,000 for the same period in 2024[149]. - Gross profit for the same period was HK$33,734,000, up from HK$26,953,000, reflecting a gross profit margin improvement[149]. - Operating profit for the period was HK$3,778,000, compared to an operating loss of HK$251,000 in the previous year[149]. - Profit for the period was HK$665,000, a turnaround from a loss of HK$1,104,000 in the prior year[151]. - Other income amounted to approximately HK$391,000, primarily from bidding deposits forfeited and penalties from buyers[40]. - The Company recognized a total comprehensive income of HK$1,401,000 for the six months ended September 30, 2025, compared to HK$982,000 for the same period in 2024, showing an increase of 42.6%[157]. - Cash flow from operating activities showed a net outflow of HK$5,023,000 for the six months ended September 30, 2025, compared to a net inflow of HK$8,205,000 in the previous year, representing a decline of 161.1%[158]. Market Position and Strategy - The Group specializes in auctioning Chinese and Japanese artworks, establishing a strong market position and brand recognition in Hong Kong and Japan[18]. - The Group has diversified its business scope by venturing into contemporary artwork and fine & rare whisky and moutai[19]. - The Group aims to expand its business footprint to other potential markets to enhance brand image and influence in major Asian cities and globally[19]. - The Group has strengthened its market position and share in the Chinese and Japanese art auction market[19]. - The Group's brand, "Tokyo Chuo Auction," has become a trusted name in the auction industry[18]. - The Group's auction business primarily targets affluent individuals interested in antique goldware, exquisite jewelry, and contemporary art, which may also lead to interest in the Group's gold products[27]. - The Group's strategy includes building a synergistic "Gold + Auction" dual-business ecosystem to align with its global structure[28]. Business Operations and Development - The Group has over ten years of operating experience in the Chinese and Japanese art auction industry[18]. - The Group emphasizes quality auction services to gain recognition from customers[18]. - The Group plans to establish flagship stores, standard outlets, and franchised outlets in East Asia, Southeast Asia, and the Middle East to enhance market presence[23]. - Revenue from direct-operated flagship stores will mainly come from gold recycling service fees, gold product sales, and contemporary art collectibles sales[24]. - The direct-operated standard outlets will focus on gold recycling service fees and gold product sales, while franchised outlets will generate revenue through smart terminal sales and maintenance fees[24]. - The Group intends to enrich its business portfolio by diversifying into gold and intelligent equipment-related business, reducing reliance on a single business[30]. Financial Position and Assets - As of September 30, 2025, the total principal amount of consignor advances was approximately HK$64.6 million, with an outstanding principal of approximately HK$59.1 million[51]. - The largest consignor accounted for approximately 13.4% of the total outstanding amount of consignor advances, while the five largest consignors accounted for approximately 45.4%[52]. - Total assets as of September 30, 2025, amounted to HK$453,612,000, an increase from HK$394,962,000 as of March 31, 2025[153]. - Cash and cash equivalents amounted to approximately HK$66.6 million as of September 30, 2025, down from approximately HK$76.5 million as of March 31, 2025[62]. - Total liabilities increased to HK$227,016,000 as of September 30, 2025, from HK$170,376,000 as of March 31, 2025, marking an increase of 33.2%[155]. - The Group maintained a net cash position as of September 30, 2025, with no other borrowings reported[64]. Share Options and Employee Benefits - On April 24, 2023, the Group granted 48,000,000 share options to certain directors, senior management, and employees, with an exercise price of HK$0.80 per share[84][90]. - The 2023 Share Option Scheme was adopted and the termination of the 2018 Share Option Scheme was approved by shareholders on September 4, 2023[91][96]. - The Group provides additional benefits, mandatory provident fund contributions, and share options to retain loyal employees, aiming to form a professional workforce and management team[85]. - The vesting period for any options granted is not shorter than 12 months from the date of acceptance of the offer[106]. - The maximum number of shares issued to independent non-executive directors or substantial shareholders must not exceed 0.1% of the shares in issue within a 12-month period without shareholder approval[103]. Governance and Compliance - The Company has adopted the Corporate Governance Code and is compliant with its provisions during the reporting period[136]. - All Directors confirmed compliance with the Model Code for securities transactions during the reporting period[137]. - The interim financial information is prepared in accordance with HKAS 34 "Interim Financial Reporting" as issued by the HKICPA[165].

Core Viewpoint - The article discusses the potential investment opportunity in the company Up Gold, which is undergoing a strategic transformation to focus on its gold business, despite facing short-term stock price challenges similar to those experienced by other consumer brands in the past [1][2]. Group 1: Company Performance - Up Gold's revenue for the first half of the 2026 fiscal year increased by 139.8% year-on-year to 76.474 million HKD, with gross profit rising by 25.2% to 33.734 million HKD, and net profit turning positive at 0.665 million HKD [3]. - The company's gold and gold-related business has started generating revenue, indicating initial improvements in its fundamentals and long-term growth potential [3][4]. Group 2: Business Model and Strategy - Up Gold utilizes a unique smart terminal business model, referred to as "gold ATM," which enhances efficiency and addresses trust issues in the traditional gold recycling industry [4]. - The company has established a "recycling-retail-customization" business model that allows for efficient expansion in response to the growing demand for gold recycling [4]. Group 3: Market Position and Future Outlook - The company has successfully completed a placement of 11.88 million shares, raising approximately 90 million HKD to support global channel expansion and brand development, particularly focusing on scaling its smart terminal operations [6]. - Up Gold's strategic partnerships with companies in Finland and Kazakhstan aim to enhance its supply chain and local market capabilities, further solidifying its global presence [6]. Group 4: Comparison with Other Consumer Brands - Up Gold's approach to restructuring the gold jewelry channel and its global development vision align with strategies employed by successful new consumer brands like Pop Mart and Luckin Coffee, which also leverage technology for market penetration [7]. - The company is positioned to replicate the value recovery seen in other consumer stocks, with the potential for systematic revaluation once its gold business becomes a significant growth driver [7].

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告之內容概不負責， 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告全部或任何部 分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 （於香港註冊成立的有限公司） 茲提述上善黃金國際控股有限公司（「本公司」）日期為2025年12月4日有關控股股東 減持股份的公告（「該公告」）。本補充公告所用詞彙與該公告所界定者具有相同涵 義。 承董事會命 上善黃金國際控股有限公司 主席 黃仕坤先生 （股份代號：1939） 香港，2025年12月4日 補充公告 控股股東減持股份 於本公告日期，執行董事為黃仕坤先生（主席）、黃仕峰先生、錢源源女士及童軍先 生；非執行董事為李杰峰先生及鄭浩然先生；及獨立非執行董事為何佳教授、 胡左浩教授及梁廷育先生。 董事會謹此補充，黃先生確認出售事項是由融資人以場內強制出售方式進行，出售 就保證金性質融資存放於證券賬戶的股份。據黃先生作出合理查詢後所知，概不會 有進一步以強制出售方式出售彼所控制的股份。 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。 ...

Core Viewpoint - The announcement reveals that Huang Shikun, the executive director and chairman of the board, has sold 41,408,000 shares of the company, representing approximately 8.09% of the total issued share capital as of the announcement date [1] Summary by Sections - **Share Sale Details** - Huang Shikun sold 41,408,000 ordinary shares through ESSA Financial Group Limited, a company wholly owned by him [1] - Following the sale, Huang Shikun's total shareholding decreased to 292,749,278 shares, which is about 57.19% of the company [1] - **Control and Impact** - Despite the sale, Huang Shikun and ESSA Financial Group Limited remain the controlling shareholders of the company [1] - The board anticipates that the sale will not adversely affect the group's business operations [1]

Core Viewpoint - The company announced that its executive director and controlling shareholder, Huang Shikun, sold 41.408 million shares, representing approximately 8.09% of the total issued share capital as of the announcement date [1] Group 1 - Following the sale, Huang Shikun's shareholding decreased from 334,157,278 shares (approximately 65.28%) to 292,749,278 shares (approximately 57.19%) [1] - Huang Shikun and ESSA Financial Group Limited remain the controlling shareholders of the company after the transaction [1]

（於香港註冊成立的有限公司） 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告之內容概不負責， 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告全部或任何部 分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 上善黃金國際控股有限公司（「本公司」）董事（「董事」）會（「董事會」）獲本公司執行董 事、董事會主席兼控股股東（定義見香港聯合交易所有限公司證券上市規則（「上市 規則」））黃仕坤先生（「黃先生」）知會，於2025年12月2日，彼透過ESSA Financial Group Limited（一間由黃先生全資擁有的公司）出售本公司41,408,000股普通股 （「股份」），佔本公告日期本公司已發行股本總額約8.09%（「出售事項」）。緊隨出售 事項後，黃先生最終擁有的股份數目由334,157,278股股份（約佔65.28%）減少至 292,749,278股股份（約佔57.19%），而黃先生及ESSA Financial Group Limited仍 為本公司的控股股東（定義見上市規則）。 董事會預期出售事項不會對本集團的業務營運造成任何不利影響。 本公司股東及潛在投資者於買賣本公 ...

地址： 香港上環干諾道西28號威勝商業大廈14樓5室 電話號碼： (852) 3580 7048 傳真號碼： (852) 3580 7616 電郵地址： info@shangshan-gold.com 承董事會命 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告之內容概不負責， 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告全部或任何部 分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 （於香港註冊成立的有限公司） （股份代號：1939） 更改香港註冊辦事處地址及 聯絡資料 上善黃金國際控股有限公司（「本公司」）董事會（「董事會」）謹此宣佈，自2025年12月 4日起，本公司的香港註冊辦事處的地址、本公司的電話號碼、傳真號碼及電郵地 址將更改為： 上善黃金國際控股有限公司 主席 黃仕坤先生 香港，2025年12月3日 於本公告日期，執行董事為黃仕坤先生（主席）、黃仕峰先生、錢源源女士及童軍先 生；非執行董事為李杰峰先生及鄭浩然先生；及獨立非執行董事為何佳教授、 胡左浩教授及梁廷育先生。 ...

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: | 上善黃金國際控股有限公司 ( 於香港註冊成立的有限公司） | | | 呈交日期: | 2025年12月2日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 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) | 01939 | 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 | | | 500,000,000 | | 0 | | 500,000,000 | | 增加 / ...

Core Viewpoint - The company reported a significant increase in revenue and profit for the six months ending September 30, 2025, driven by growth in art auction and sales, as well as gold-related business [1] Financial Performance - Revenue reached HKD 76.474 million, representing a year-on-year increase of 139.8% [1] - Profit attributable to owners was HKD 427,000, with basic earnings per share of HKD 0.09 [1] Revenue Breakdown - Revenue from art auction and related businesses increased by approximately HKD 38.8 million, compared to HKD 29.5 million for the six months ending September 30, 2024 [1] - Revenue from art sales rose by about HKD 37.5 million, up from HKD 2.4 million for the same period last year [1] - Revenue from gold and gold-related businesses increased by HKD 200,000, whereas there was no revenue recorded for the same period last year [1]