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12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: 本間高爾夫有限公司（於開曼群島註冊成立的有限公司） 呈交日期: 2026年1月6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) | 06858 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | USD | 0.0000025 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 20,000,000,000 | USD | 0.0000025 | USD | | 50,000 | 本月底法 ...

中期報告 中期報告 2025/26 目錄 | 公司資料 | 2 | | --- | --- | | 管理層討論及分析 | 4 | | 其他資料 | 33 | | 中期簡明綜合財務報表審閱報告 | 45 | | 中期簡明綜合損益表 | 47 | | 中期簡明綜合全面收益表 | 48 | | 中期簡明綜合財務狀況表 | 50 | | 中期簡明綜合權益變動表 | 52 | | 中期簡明綜合現金流量表 | 54 | | 中期簡明綜合財務資料附註 | 56 | 頁次 董事會 執行董事 劉建國先生 （董事長兼總裁） 伊藤康樹先生 左軍先生 劉宏立先生 非執行董事 楊小平先生 謝吉人先生 獨立非執行董事 盧伯卿先生 汪建國先生 徐輝先生 田青女士 審核委員會 盧伯卿先生 （主席） 汪建國先生 徐輝先生 薪酬委員會 汪建國先生 （主席） 徐輝先生 左軍先生 提名委員會 劉建國先生 （主席） 汪建國先生 盧伯卿先生 田青女士(1) 公司秘書 岑影文女士 附註： (1) 自二零二五年六月二十六日起獲委任為本公司提名委員會成員 授權代表 左軍先生 岑影文女士 核數師 安永會計師事務所 執業會計師 註冊公眾利益實體核數師 公司網站 ...

Key Points - As of December 19, 38 stocks reached their 52-week highs, with Li Gao Health Life (02370), Ginkgo Education (01851), and Kangqiao Yuelife (02205) leading the high rate at 36.36%, 18.72%, and 8.70% respectively [1] - The top three stocks that achieved new highs are as follows: - Li Gao Health Life (02370) closed at 0.670, with a peak of 0.750, marking a 36.36% increase - Ginkgo Education (01851) closed at 2.430, with a peak of 2.600, marking an 18.72% increase - Kangqiao Yuelife (02205) closed at 1.200, with a peak of 1.250, marking an 8.70% increase [1] - Other notable stocks that reached new highs include Liangqing Holdings (1,000) at 7.14%, Jinxing International Holdings (02307) at 7.04%, and Wuxi Life (08148) at 6.21% [1] 52-Week Low Summary - The 52-week low rankings show that Haowen Holdings (08019) had the largest decline at -16.13%, closing at 0.130 [2] - Other significant declines include NIU Holdings (08619) at -11.86%, closing at 0.156, and Hashkey HLDGS (03887) at -9.59%, with a low of 5.090 [2] - Additional stocks with notable declines include Songdu Service (09608) at -9.09%, closing at 0.068, and Ruike Bio-B (02179) at -5.41%, closing at 5.070 [2]

Group 1 - The core viewpoint of the news is that Hong Kong sportswear stocks have been active recently, with Li Ning leading the gains, reflecting positive market sentiment driven by government policies aimed at boosting domestic consumption [1] - Li Ning's stock price increased by approximately 5%, with a cumulative rise of over 11% in the past four days, reaching a new high in over three months [1] - Other companies such as Anta Sports, Yue Yuen Industrial, and Xtep International also saw stock price increases of nearly 2%, 1.5%, and 1.4% respectively, indicating a broader positive trend in the sector [1] Group 2 - The Central Economic Work Conference held on December 11 emphasized the importance of domestic demand and building a strong domestic market as key tasks for economic work in 2026 [1] - Analysts believe that the consumption outlook for the apparel industry may continue to improve due to substantial policy support for end-consumer spending and expectations of rising household income [1] - The textile and apparel sector is experiencing a rebound in export performance, aided by recent improvements in US-China tariff policies, which is contributing to a recovery in the export chain's overall health [1]

FF301 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: 本間高爾夫有限公司（於開曼群島註冊成立的有限公司） 呈交日期: 2025年12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) | 06858 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | USD | 0.0000025 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 20,000,000,000 | USD | 0.0000025 | USD | | 50,000 ...

HONMA GOLF LIMITED 本間高爾夫有限公司 審核委員會的職權範圍 （本公司乃根據二零二五年十一月二十八日通過的董事會決議案所採納） 構成 會議議程及決議案 2 7. 委員會至少每年開會兩次。必要時另外召開會議。 8. 委員會應至少每年與外聘核數師開會兩次。委員會應每年與外聘核數師在管 理層不在場的情況下單獨會面至少一次。倘有需要時，外聘核數師可要求召 開會議。 App C1 D.3.3(e)(i) 9. 委員會會議可由任何一位成員或委員會秘書召開。 10. 除非委員會全體成員一致同意，否則載明會議的時間、日期及地點的每次會 議通告應於會議日期至少七日前向委員會各成員及獲邀出席會議的任何其他 人士發出。 11. 議程及任何支持文據及文件將會於會議日期前至少三日（或成員可議定的其 他期間）提交予委員會各成員及獲邀出席會議的任何其他人士。 12. 除非有法定人數出席會議，否則委員會的任何會議均不可處理任何事項。委 員會的兩名成員（至少其中一名應為獨立非執行董事）構成會議的法定人數。 13. 委員會成員方才有權出席委員會會議。其他人士（包括但不限於任何董事、 管理人員、外聘顧問或諮詢師）可於必要時，獲委 ...

Core Insights - The company reported a revenue of 7.868 billion yen for the six months ending September 30, 2025, representing a year-on-year decrease of 19.8% [1] - The loss attributable to shareholders widened to 2.398 billion yen, an increase of 183.62% compared to the previous year [1] - The basic loss per share was 3.96 yen [1]

Group 1 - The company reported revenue of 7.868 billion yen for the six months ending September 30, 2025, representing a year-on-year decrease of 19.8% [1] - The loss attributable to the company's owners was 2.398 billion yen, which expanded by 183.62% year-on-year [1] - The basic loss per share was 3.96 yen [1]

Revenue Performance - The group's revenue for the six months ended September 30, 2025, decreased by 19.8% to ¥7,867.5 million (approximately $53.9 million) compared to the same period last year[2]. - Revenue from Japan decreased by 33.1%, primarily due to a strategic shift towards higher-margin self-operated channels, resulting in a 46.3% decline in wholesale business[2]. - Sales in South Korea showed a strong performance with a 44.9% increase, attributed to successful direct sales operations and renewed distributor agreements[2]. - Revenue from golf clubs fell by 16.7%, with a significant 35.0% drop in Japan, while South Korea experienced a 115.3% increase in comparable sales[2]. - Total revenue decreased by 19.8% from ¥9,814.5 million for the six months ended September 30, 2024, to ¥7,867.5 million for the six months ended September 30, 2025[26]. - Total revenue decreased by 18.1% for the six months ending September 30, 2025, compared to the same period in 2024, amounting to ¥7,867.5 million[27]. - Revenue from golf clubs fell by 18.3% to ¥5,449.5 million, primarily due to a 35.0% drop in sales in Japan, while Korea and China saw increases of 115.3% and 4.6% respectively[30]. - Revenue from golf balls decreased by 18.9% to ¥737.6 million, with a 26.6% decline in Japan, although China experienced a 57.5% growth following the launch of a new multi-ball pack[30]. - Revenue from apparel dropped by 16.6% to ¥1,118.2 million, attributed to weak consumer confidence in China[30]. - Revenue from accessories and other related products decreased by 36.8% to ¥562.1 million[31]. Profitability and Loss - The company recorded a pre-tax loss of ¥1,226.4 million (approximately $8.4 million), an improvement from a loss of ¥1,611.9 million in the previous year[4]. - Operating loss increased significantly by 310.4% from ¥351.5 million for the six months ended September 30, 2024, to ¥1,442.9 million for the same period in 2025[24]. - The net loss for the six months ended September 30, 2025, was 2,398.3 million yen, with a net loss margin of 30.5%[51]. - The total comprehensive loss for the period was ¥2,320.9 million, compared to a loss of ¥527.3 million in the previous year[77]. - Basic and diluted loss per share for the period was ¥3.96, compared to ¥1.40 in the previous year[76]. Cash Flow and Financial Position - Net cash flow from operating activities decreased from ¥4,024.4 million (approximately $26.6 million) to ¥1,922.9 million (approximately $13.2 million)[4]. - The company's cash and cash equivalents amounted to 18,243.3 million yen as of September 30, 2025[60]. - The net cash flow from financing activities for the six months ended September 30, 2025, was a negative ¥1,055,857 thousand, compared to a negative ¥1,533,944 thousand in the previous year, showing an improvement of approximately 31%[81]. - The total liabilities decreased from ¥10,654,129 thousand as of March 31, 2025, to ¥11,464,258 thousand as of September 30, 2025, reflecting an increase of approximately 7.6%[79]. - The company's total equity decreased from ¥27,680,137 thousand as of March 31, 2025, to ¥25,359,218 thousand as of September 30, 2025, a decline of approximately 8.4%[79]. Marketing and Brand Strategy - The company is focusing on enhancing brand and product awareness through targeted marketing efforts and partnerships with key opinion leaders in Asia[5]. - HONMA aims to simplify its product offerings while enhancing the TOUR WORLD product line to attract younger golfers[6]. - The company plans to invest significantly in retail networks and digital capabilities in Japan and China to improve consumer experience[5]. - The company is focusing on the ultra-high-end and ultra-performance segments of the golf market, with new product launches like the BERES 09 expected in early 2024[7]. - The company is actively recruiting young golfers with significant social media presence to strengthen brand repositioning and attract passionate golfers[9]. Operational Developments - The company opened 14 new sales points in North America, increasing the total to 384 sales points as of September 30, 2025[8]. - The company hosted a total of 1,716 customer events across major markets, primarily at golf courses, during the six months ending September 30, 2025[9]. - The company has implemented advanced e-commerce features and customer relationship management systems to enhance direct communication with consumers[7]. - The company continues to invest in electronic communications and e-commerce activities to enhance brand visibility and consumer engagement[9]. - The company has reintroduced its apparel business, focusing on functional and fashionable concepts to meet the unique needs of Chinese golfers[8]. Research and Development - Research and development expenses for the six months ended September 30, 2024, and September 30, 2025, were ¥150.7 million and ¥179.4 million, respectively, focusing on product innovation[23]. - The group reported a pre-tax loss of ¥3,642,632 thousand for the cost of sold inventory, down from ¥4,599,912 thousand in the previous year, indicating a 21% reduction[92]. - The group incurred impairment losses on property, plant, and equipment amounting to ¥61,883 thousand, significantly higher than ¥23,221 thousand in the previous year[90]. Governance and Compliance - The company has complied with all applicable corporate governance code provisions, except for deviations from specific clauses regarding the separation of roles between the chairman and CEO[135]. - The Audit Committee, consisting of three independent non-executive directors, has reviewed the interim results for the six months ending September 30, 2025[137]. - Ernst & Young has verified the financial statements for the six months ending September 30, 2025, ensuring consistency with the reported figures[137].

Core Viewpoint - The company, 本间高尔夫, has announced a board meeting scheduled for November 28, 2025, to consider and approve its interim results for the six months ending September 30, 2025, and to discuss the potential distribution of an interim dividend, if any [1] Group 1 - The board meeting is set for November 28, 2025 [1] - The meeting will focus on the interim results for the six months ending September 30, 2025 [1] - The company will also consider the distribution of an interim dividend during the meeting [1]