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: 高裕金融集團有限公司 本月底法定/註冊股本總額： HKD 80,000,000 FF301 第 1 頁 共 10 頁 v 1.1.1 呈交日期: 2026年1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) | 08221 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 160,000,000 | HKD | | 0.5 | HKD | | 80,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 160,000, ...

• Interim Report 2025 If you have not provided us with an email address but now would like to receive an email notification of the publication of the Corporate Communication(s) on the Websites instead of receiving printed notification letter in future or the email address is invalid, please complete the enclosed Reply Form overleaf, and fill in the necessary information and then sign and return it by email to 8221-corpcomm@unionregistrars.com.hk or by post or by hand to the Company c/o the Company's Hong Ko ...

(Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock Code 股份代號: 8221) NOTIFICATION LETTER 通知信函 Dear Non-registered Shareholder(s)(Note 1) , 19 December 2025 The following document(s) of Gaoyu Finance Group Limited (the "Company") has/have been prepared in English and Chinese and is/are available on the websites of the Company at www.gyf.com.hk and The Stock Exchange of Hong Kong Limited at www.hkexnews.hk (collectively "Websites"):- • Interim Report 2025 Yours faithfully Gaoyu ...

Financial Performance - Total revenue for the six months ended September 30, 2025, was HK$12,346,000, a decrease of 31.2% compared to HK$17,934,000 for the same period in 2024[9]. - Commission income from securities dealing and brokerage services was HK$1,061,000, down 61.7% from HK$2,766,000 in 2024[9]. - Supply chain financing revenue increased to HK$8,695,000, up 35.6% from HK$6,412,000 in the previous year[9]. - Loss before tax for the period was HK$4,720,000, an improvement from a loss of HK$9,786,000 in the same period last year[11]. - Total comprehensive loss for the period was HK$5,470,000, compared to HK$10,486,000 in 2024, indicating a reduction of 47.8%[11]. - Basic loss per share improved to HK(11.30) cents from HK(25.46) cents in the previous year[11]. - The company reported a loss of HK$5,377,000 for the six months ended September 30, 2025, compared to a loss of HK$10,334,000 for the same period in 2024, indicating a 47.9% improvement[19]. - For the six months ended 30 September 2025, the total expenses amounted to HK$4,806,000, a decrease of 29% compared to HK$6,754,000 for the same period in 2024[46]. - The loss attributable to owners of the Company for the period was HK$5,378,000, a reduction from HK$10,334,000 in the same period last year[56]. Assets and Liabilities - Non-current assets decreased to HK$12,184,000 from HK$14,356,000 as of March 31, 2025[14]. - Current assets increased to HK$240,597,000 from HK$232,326,000 as of March 31, 2025[14]. - Total current liabilities increased to HK$75,618,000 as of September 30, 2025, up from HK$64,053,000 as of March 31, 2025, representing a 17.8% increase[16]. - Net current assets decreased slightly to HK$164,979,000 from HK$168,273,000, a decline of 1.7%[16]. - Total equity attributable to owners decreased to HK$139,716,000 as of September 30, 2025, down from HK$145,093,000, a decline of 3.7%[19]. - Cash and bank balances increased to HK$34,865,000 in house accounts from HK$27,060,000[14]. - The company reported a significant reduction in impairment of assets, down to HK$5,278,000 from HK$8,423,000 in the previous year[11]. - Accounts receivable from supply chain financing increased to HK$151,694,000 from HK$147,533,000, while total accounts receivable decreased to HK$164,513,000 from HK$175,357,000[64]. - Provision for loss allowance decreased significantly to HK$1,421,000 from HK$19,922,000, indicating improved credit quality[64]. Cash Flow - Net cash generated from operating activities was HK$13,838,000 for the six months ended September 30, 2025, compared to a cash outflow of HK$11,395,000 in the previous year[22]. - Cash and cash equivalents at the end of the period increased to HK$34,865,000 from HK$20,455,000, reflecting a significant growth of 70.7%[22]. - Total cash outflow for leases was HK$1,214,000, down from HK$2,539,000 in the previous year, indicating cost management efforts[62]. Revenue Sources - The Group did not recognize any revenue from placing and underwriting services in the current period, compared to HK$5,814,000 in the previous year[38]. - Advisory fee income was HK$0, down from HK$160,000 in the same period last year[38]. - The Group's net investment income was HK$0, compared to a loss of HK$398,000 in the previous year[38]. - Interest income from loan financing, margin financing, and money lending services decreased by approximately 38.4% from HK$1,691,000 to HK$1,042,000 due to a reduction in margin loans[104]. - The Group did not record any fee income from asset management services for the reporting period, down from approximately HK$493,000 in the corresponding period[107]. Operational Developments - The Group launched a new trading system and smartphone applications on February 26, 2024, aimed at enhancing user experience and reducing operational costs[96]. - The Group initiated a brand re-building program to attract new clients and re-engage existing ones[96]. - The Group is committed to expanding its VIP client base to boost revenue[97]. - The Group provides a range of services including securities dealing, brokerage, placing, underwriting, and asset management[92]. - The Group's securities dealing and brokerage services are licensed under Type 1, Type 4, and Type 9 regulated activities[93]. Shareholder Information - Ms. Hsieh Ching Chun holds 23,992,800 shares, representing 50.41% of the company's shareholding[179]. - Mega Wise Group Limited holds 6,000,000 shares, representing 12.60% of the company's shareholding[185]. - The issued share capital of CWIL is beneficially owned as to 30% by Mr. Fok and 70% by Ms. Hsieh[181]. - As of September 30, 2025, the total number of shares available for issue under the share option scheme is 4,000,000, representing approximately 8.40% of the issued shares of the Company[191]. Compliance and Governance - The unaudited financial statements are prepared in accordance with HKFRS Accounting Standards, ensuring compliance with regulatory requirements[27]. - The Group's policy for impairment allowance is based on the evaluation of collectability and management's judgment regarding creditworthiness and collateral[73]. - All Directors confirmed compliance with the Required Standard of Dealings throughout the reporting period[196].

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 FF301 第 1 頁 共 10 頁 v 1.1.1 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: 高裕金融集團有限公司 呈交日期: 2025年12月1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) | 08221 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 160,000,000 | HKD | | 0.5 | HKD | | 80,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 160,000,000 | HKD | | 0.5 | HKD | | ...

Core Viewpoint - The company has decided to terminate the proposed joint venture agreement with Mr. Hu Jian Yong due to the failure to meet one of the conditions outlined in the agreement [1] Group 1 - The company's wholly-owned subsidiary, China Bentley Investment Co., Ltd., was involved in the proposed joint venture agreement [1] - The company has formally notified Mr. Hu Jian Yong of the termination of the proposed joint venture agreement and the related transactions [1]

Core Viewpoint - The company has decided to terminate the proposed joint venture agreement with Mr. Hu Jian Yong due to the failure to meet one of the conditions outlined in the agreement [1] Group 1 - The company's wholly-owned subsidiary, China Bentley Investment Co., Ltd., was involved in the proposed joint venture agreement [1] - The company has formally notified Mr. Hu Jian Yong of the termination of the proposed joint venture agreement and the associated transactions [1]

Core Viewpoint - 高裕金融(08221) reported a significant decline in total revenue and an increase in losses for the six months ending September 30, 2025, indicating ongoing financial challenges for the company [1] Financial Performance - Total revenue for the period was HKD 12.346 million, representing a year-on-year decrease of 31.16% [1] - The loss attributable to shareholders was HKD 5.378 million, which is a reduction of 47.96% compared to the previous year [1] - Earnings per share showed a loss of HKD 0.113 [1]

Group 1 - The company reported total revenue of HKD 12.346 million for the six months ending September 30, 2025, representing a year-on-year decrease of 31.16% [1] - The loss attributable to shareholders was HKD 5.378 million, which is a year-on-year reduction of 47.96% [1] - The loss per share was HKD 0.113 [1]

Financial Performance - Total revenue for the six months ended September 30, 2025, was HKD 12,346,000, a decrease of 31% compared to HKD 17,934,000 for the same period in 2024[5] - Commission income from securities trading and brokerage services was HKD 1,061,000, down 62% from HKD 2,766,000 in the previous year[5] - Interest income from loan financing and guarantee financing services decreased to HKD 1,042,000 from HKD 1,691,000, representing a decline of 38.5%[5] - The company reported a pre-tax loss of HKD 4,720,000, an improvement from a loss of HKD 9,786,000 in the same period last year[6] - Total comprehensive loss for the period was HKD 5,470,000, compared to HKD 10,486,000 in the previous year, indicating a reduction of 47.8%[6] - Basic loss per share improved to HKD 11.30 from HKD 25.46, reflecting a 55.6% decrease in loss per share[6] - The company recorded a loss attributable to owners of the company, with basic loss per share calculated based on the loss figures for the six months ended September 30, 2025[19][21] - The company reported a loss of approximately HKD 5,470,000 for the period, compared to a loss of approximately HKD 10,486,000 in the corresponding period[48] Assets and Liabilities - Non-current assets totaled HKD 12,184,000, down from HKD 14,356,000 as of March 31, 2025[7] - Current assets increased to HKD 240,597,000 from HKD 232,326,000, showing a growth of 3.3%[7] - Current liabilities rose to HKD 75,618,000 from HKD 64,053,000, an increase of 18%[8] - Total equity decreased to HKD 140,502,000 from HKD 145,971,000, reflecting a decline of 3.2%[8] - The company’s net current assets as of September 30, 2025, were approximately HKD 164,979,000, including cash and cash equivalents of approximately HKD 34,865,000[51] - The company’s current ratio was approximately 3.2 times as of September 30, 2025, down from approximately 3.6 times as of March 31, 2025[51] Revenue Sources - Revenue from securities trading and brokerage services was HKD 1,061,000, down 61.7% from HKD 2,766,000 in the previous year[14] - Interest income from supply chain financing increased to HKD 8,695,000, up 35.5% from HKD 6,412,000 in the prior year[14] - Interest income and service fees from supply chain financing amounted to approximately HKD 8,695,000, an increase from approximately HKD 6,412,000 in the corresponding period[41] Expenses - The company reported a total of HKD 4,806,000 in expenses for the six months ended September 30, 2025, a decrease of 29.1% from HKD 6,754,000 in 2024[15] - The company’s employee costs decreased from approximately HKD 3,846,000 to approximately HKD 3,499,000 during the reporting period[46] Dividends and Share Consolidation - No interim dividend was declared for the six months ended September 30, 2025, consistent with the previous year[16] - The company announced a share consolidation on March 7, 2025, merging every 50 existing shares of HKD 0.01 into one share of HKD 0.5, effective from April 17, 2025[53] Accounts Receivable and Collateral - Accounts receivable from margin clients amounted to HKD 6,300,000 as of September 30, 2025, down from HKD 13,131,000 as of March 31, 2025[23] - The fair value of securities pledged as collateral for margin clients was approximately HKD 7,486,000 as of September 30, 2025, compared to HKD 28,490,000 as of March 31, 2025[24] - As of September 30, 2025, the accounts receivable from margin clients was 100% secured by sufficient collateral, consistent with March 31, 2025[25] - The loss provision for accounts receivable from loan financing decreased from HKD 13,051,000 on March 31, 2025, to HKD 1,421,000 on September 30, 2025, after write-offs of HKD 11,630,000[28] - As of September 30, 2025, accounts receivable from supply chain financing amounted to HKD 151,694,000, slightly up from HKD 147,533,000 on March 31, 2025[29] Trading Activity - The total trading value for the period was approximately HKD 647,262,000, compared to HKD 1,421,987,000 for the corresponding period ending September 30, 2024[34] - The number of active trading accounts increased to 207 as of September 30, 2025, up from 181 a year earlier[34] - Interest income from loan financing and margin financing services decreased by approximately 38.4%, from HKD 1,691,000 in the corresponding period to HKD 1,042,000 in the current period[37] - The company did not undertake any underwriting or placement mandates during the reporting period, compared to four mandates in the corresponding period, resulting in no related fees or commission income[36] New Initiatives - The company launched a new trading system and mobile application on February 26, 2024, enhancing user experience and operational efficiency[34] - The company aims to expand its VIP client base to increase revenue and enhance brand awareness[35] - The company has implemented a brand revitalization plan to attract new clients and reactivate existing ones[34] - The company established three open-end fund companies to expand its asset management services, with no recorded fee income from asset management services during the reporting period[39] - The company has obtained a trust license in Hong Kong and officially commenced trust services, recording trust setup fees of approximately HKD 18,000 and net service fees of approximately HKD 505,000[42][50] Compliance and Governance - The company did not recognize any taxable profits in Hong Kong for the six months ended September 30, 2025, resulting in no provision for Hong Kong profits tax[18] - The company’s management believes that accounts receivable from clearing houses and cash clients are fully recoverable, thus no impairment provision is necessary[23] - The company confirmed an asset impairment loss of approximately HKD 5,278,000 during the reporting period, compared to a loss of approximately HKD 8,423,000 in the corresponding period[50] - The company has complied with the corporate governance code as per GEM listing rules, with some deviations noted[62] - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited consolidated results for the reporting period[67] Other Information - As of September 30, 2025, the company had no pledged assets, consistent with the situation on March 31, 2025[54] - The company reported no listed investments as of September 30, 2025, compared to HKD 4,738,000 on March 31, 2025[55] - During the reporting period, there were no realized investment losses, contrasting with a loss of HKD 398,000 in the corresponding period[56] - There were no significant acquisitions or disposals related to subsidiaries, associates, or joint ventures during the reporting period[58] - As of September 30, 2025, the company had no significant contingent liabilities[59] - The company reported no unfulfilled significant capital commitments as of September 30, 2025[60] - The board is not aware of any significant events that require disclosure after September 30, 2025[61]