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]

代表董事會 本間高爾夫有限公司 Honma Golf Limited 董事會主席 劉建國 香港，二零二五年十一月十三日 於本公告日期，本公司的執行董事為劉建國先生（主席）、伊藤康樹先生、左軍先 生及劉宏立先生；本公司的非執行董事為楊小平先生及謝吉人先生；以及本公司 的獨立非執行董事為盧伯卿先生、汪建國先生、徐輝先生及田青女士。 Honma Golf Limited 本間高爾夫有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6858） 董事會會議召開日期 本間高爾夫有限公司Honma Golf Limited（「本公司」，連同其附屬公司，統稱「本 集團」）董事會（「董事會」）茲通告謹定於二零二五年十一月二十八日（星期五）舉 行董事會會議，以（其中包括）考慮及通過本集團截至二零二五年九月三十日止六 個月的中期業績及派發中期股息（如有）。 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，概不對因本公告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。 ...

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 本月底法定/註冊股本總額： USD 50,000 第 1 頁 共 10 頁 v 1.1.1 FF301 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: 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11月5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 | | ...

FF301 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) | 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 | 本月底法定/註冊股本總額： USD 50,000 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: ...

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，概不對因本公告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。 Honma Golf Limited 本間高爾夫有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6858） (a) 於股東週年大會當日，(i)本公司已發行股份（「股份」）總數為605,642,500股；及(ii)本公司 並無持有任何庫存股份。 因此，賦予其持有人權利以出席股東週年大會並可於會上對所有決議案表決的股份總數為 605,642,500股。 除受限制股份單位受託人須根據上市規則第17.05A條就上市規則規定股東批准的事項放棄 投票外，概無其他股東須於股東週年大會上就任何決議案放棄投票。 於2025年9月19日舉行之股東週年大會的投票表決結果 本間高爾夫有限公司Honma Golf Limited（「本公司」）於2025年9月19日舉行之股 東週年大會（「股東週年大會」）上，所有列載於2025年7月25日的股東週年大會通 知內的決議案均獲本公司股東（「股東」）以投票方式表決通過。 股東週年 ...

Core Viewpoint - Liu Xiaodong, the controlling shareholder of BaiRun Co., plans to transfer 63 million shares, representing 6.01% of the company's total equity, to Liu Jianguo for a total consideration of RMB 1.47 billion, at a price of RMB 23.34 per share, which is calculated at a 10% discount to the closing price prior to the agreement [1][3]. Group 1 - Liu Jianguo holds 38.72% of the shares in Honma Golf through Kouunn Holdings Limited and has no other significant equity interests in listed companies [2]. - Liu Jianguo is a businessman from Wenzhou, Zhejiang, with a background in managing various companies, including Zhejiang Pentium Electric Co., and has significant ownership in Shanghai Pentium Enterprise Group [2]. - BaiRun Co. is well-known for its pre-mixed cocktails, particularly the RIO brand, and has seen its stock price increase nearly 15 times over two and a half years since mid-November 2018 [3]. Group 2 - BaiRun Co. began its foray into whiskey around 2020, raising RMB 1.006 billion through a private placement to fund whiskey aging projects, which are essential for producing the base liquor for pre-mixed cocktails [3]. - After the share transfer, Liu Xiaodong's holding will decrease to 34.58%, and the transfer aims to diversify the shareholder structure and bring in external resources to promote company development [3][4]. - Liu Jianguo has committed not to participate in the management of BaiRun Co. and will not reduce his holdings in the company for twelve months following the transfer [4].

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 本月底法定/註冊股本總額： USD 50,000 第 1 頁 共 10 頁 v 1.1.1 截至月份: 2025年8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: 2025年9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 | | | 20,00 ...

FF301 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 | 本月底法定/註冊股本總額： USD 50,000 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7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 ...

Core Insights - The company experienced a significant decline in performance for the fiscal year 2025, with total revenue dropping 17.4% from 26,223 million yen in fiscal year 2024 to 21,672 million yen, and a shift from a profit of 4,828 million yen to a loss of 264 million yen [1] Group 1: Revenue Performance - The company's revenue decreased across major markets, with Japan showing a slight decline of 3.4%, while China faced an 11.9% drop, reflecting a slowdown in the overall economy and retail atmosphere [2] - The Korean market suffered the most, with sales plummeting 55.5%, primarily due to economic slowdown and channel scrutiny [2] Group 2: Product Line Performance - Revenue from golf clubs fell by 17.5%, heavily impacted by the Korean market, although sales in Japan, Europe, and Taiwan grew by 20.7%, 12.3%, and 10.7% respectively, indicating sustained demand in these regions [3] - Golf ball sales faced greater pressure, declining by 31.2%, with Japan experiencing a 37.2% drop due to previous price increases aimed at countering yen depreciation [3] - The apparel segment remained relatively stable, with a minor decline of 0.7%, and a notable 6.4% growth in China, showcasing potential in non-club product lines [3] Group 3: Channel Strategy and Financial Metrics - The self-operated store strategy showed positive growth of 2.8%, with retail sales in China and Taiwan increasing by 11.0% and 8.9% respectively, demonstrating the effectiveness of the direct sales approach [4] - Third-party retailers and wholesalers saw a revenue decrease of 31.8%, with significant declines in Japan, Korea, and China [4] - Financial metrics displayed divergence, with gross margin improving from 51.2% in fiscal year 2024 to 54.4%, while operating profit plummeted to 185.3 million yen from 2,706.2 million yen in the previous year [4]

Financial Performance - For the fiscal year ending March 31, 2025, the company reported total revenue of ¥21,672,142 thousand, a decrease of 17.5% from ¥26,222,857 thousand in the previous year[7] - The company experienced a net loss of ¥264,174 thousand, compared to a profit of ¥4,828,128 thousand in the previous year, indicating a significant decline in profitability[7] - Total revenue decreased by 17.4% from ¥26,222.9 million for the year ended March 31, 2024, to ¥21,672.1 million for the year ended March 31, 2025[41] - The net loss attributable to equity holders of the parent was ¥264.2 million, a significant decline from a profit of ¥4,828.1 million in the previous year[40] - Operating profit decreased by 93.2% from ¥2,706.2 million in the previous year to ¥185.3 million in the current year[40] - The company anticipates a challenging golf industry landscape through March 31, 2026, due to oversupply, labor shortages, and rising raw material costs[39] Revenue Breakdown - Golf clubs contributed 69.5% of total revenue for the fiscal year ending March 31, 2025[18] - Revenue from golf clubs decreased by 17.5% to ¥15,066.9 million for the year ending March 31, 2025, primarily due to a 60.4% drop in sales in South Korea and a 24.8% drop in China[45] - Revenue from golf balls fell by 31.2% to ¥2,021.3 million, with a 37.2% decrease in Japan's sales, attributed to intense market competition and previous retail price increases due to yen depreciation[45] - Revenue from apparel slightly declined by 0.7% to ¥3,136.3 million, despite a 6.4% growth in sales in China[46] - Revenue from accessories and other related products decreased by 22.7% to ¥1,447.6 million, with Japan experiencing a 50.2% drop, while South Korea and China saw increases of 32.0% and 14.7%, respectively[46] Market Performance - The company achieved a 6.4% year-over-year revenue growth in apparel sales in China, indicating strong market performance[10] - Accessory revenue in Korea and China grew by 32.0% and 14.7%, respectively, showcasing successful market penetration strategies[10] - The company continues to focus on enhancing market penetration in Asia, particularly in Japan, Korea, and China, to meet evolving consumer needs[9] - The company is focusing on a smaller, high-quality customer base in North America and Europe to strengthen its market position[18] Strategic Initiatives - The overall strategy emphasizes a multi-category approach under a single brand, aiming to provide a comprehensive golf lifestyle experience[9] - The company is focused on optimizing high-profit self-operated channels while gradually reducing loss-making wholesale channels[11] - The company aims to enhance its digital ecosystem and customer relationship management systems to improve consumer engagement and sales[17] - The company is committed to applying innovative technologies and traditional Japanese craftsmanship in its high-end golf products[17] - The company is focused on continuous product innovation to meet the latest market trends[118] Store and Distribution Network - Self-operated store revenue increased by 2.8% year-on-year, with gross margin up by 7.9 percentage points[11] - The company opened 26 new sales points in North America, increasing the total to 370[18] - In Europe, the company opened 7 new sales points, resulting in a network of 136 locations[18] - The company operates 94 self-owned stores, all located in Asia, with plans for continuous updates to store design and consumer experience[27] Management and Governance - The company has a strong management team with extensive experience in business management and operations, including executives with nearly 29 years of experience[94] - The company emphasizes the importance of strategic partnerships and collaborations to drive growth and innovation in its operations[99] - The board includes independent directors who bring valuable insights and oversight to the company's governance practices[101] - The company has established a compensation committee to review and recommend the remuneration policy for directors and senior management[170] Financial Position - The company had cash and cash equivalents of ¥17,350.0 million as of March 31, 2025, primarily held in RMB, JPY, and USD[75] - Interest-bearing bank loans amounted to ¥6,518.8 million as of March 31, 2025, with actual interest rates ranging from 0.17% to 3.08%[76] - As of March 31, 2025, the debt-to-equity ratio of the group is 31.9%, a decrease from 34.1% as of March 31, 2024[77] - The group has no significant contingent liabilities as of March 31, 2025[80] Corporate Social Responsibility - The group donated cash products valued at 107,574,799 million yen for the fiscal year ending March 31, 2025[139] - The company is committed to maintaining positive operating cash flow despite the challenging market conditions[112] Future Outlook - The company is optimistic about future business development and plans to continue focusing on consumer needs and social responsibility[12] - The company aims to strengthen its position in the ultra-high-end market and expand into the fast-growing super-performance segment[118] - Plans to achieve sustainable growth in North America and Europe through updated product and distribution strategies[118]