08120 国农金融投资 公告及通告：二零二五年中期业绩公布
香港交易及结算所有限公司及香港联合交易所有限公司对本公告之内容概不负
责，对其准确性或完整性亦不发表任何声明，并明确表示，概不对因本公告全部
或任何部分内容而产生或因倚赖该等内容而引致的任何损失承担任何责任。
（于开曼群岛注册成立及于百慕达存续之有限公司）
（股份代号：8120）
二零二五年中期业绩公布
国农金融投资有限公司（「本公司」，连同其附属公司称为「本集团」）董事（「董事」）
会（「董事会」）欣然公布本集团截至二零二五年六月三十日止六个月之未经审核
业绩。本公布载有本公司二零二五年中期报告全文，乃符合香港联合交易所有
限公司GEM证券上市规则（「GEM上市规则」）中有关中期业绩初步公布附载资料
之相关要求。
承董事会命
国农金融投资有限公司
主席
吴文俊
香港，二零二五年八月十五日
于本公告日期，董事会包括三名执行董事，即吴文俊先生、吴廷浩先生及陈志锋
先生及三名独立非执行董事，即陈衍行先生、洪君毅先生及吴婧女士。
本公告的资料乃遵照GEM上市规则而刊载，旨在提供有关本公司的资料。董事
愿就本公告的资料共同及个别地承担全部责任。各董事在作出一切合理查询后，
确认就其所知及所信，本公告所载资料在各重要方面均属准确完备，没有误导
或欺诈成份，且并无遗漏任何其他事项，足以令致本公告所载任何陈述或本公
告产生误导。
本公告将由刊登之日起计最少一连七日刊登于联交所网站(w.hkexnews.hk)「最
新上市公司公告」一页及本公司网站(w.chinademeter.com)。
Interim Report
中期报告
国农金融投资有限公司
二零二五年中期报告
Characteristics of GEM of The Stock Exchange of Hong Kong
Limited (“ Stock Exchange”)
香港联合交易所有限公司（「 联交所」）GEM之特点
GEM之定位乃为较于联交所上市
之其他公司带有更高投资风险之中
小型公司提供上市之市场。有意投
资人士应了解投资于该等公司之潜
在风险，并应经过审慎周详之考虑
后方作出投资决定。
鉴于在GEM上市之公司通常为中
小型公司，在GEM买卖之证券可
能会较在联交所主板买卖之证券承
受较大之市场波动风险，同时无法
保证在GEM买卖之证券会有高流
通量之市场。
香港交易及结算所有限公司及联交
所对本报告之内容概不负责，对
其准确性或完整性亦不发表任何声
明，并明确表示，概不会就因本报
告全部或任何部分内容而产生或因
倚赖该等内容而引致之任何损失承
担任何责任。
本报告乃遵照香港联合交易所有限
公司GEM证券上市规则（「GEM上市
规则」）之规定而提供有关国农金融
投资有限公司（「本公司」）之资料。
本公司各董事（「董事」）愿就本报告
所载内容共同及个别承担全部责
任。
各董事在作出一切合理查询后，确
认就其所知及所信，本报告所载资
料在各重要方面均属准确完备，且
无误导或欺诈成分，亦无遗漏任何
其他事项，致使本报告或其所载任
何陈述产生误导。
GEM has ben positioned as a market designed
to acomodate smal and mid-sized companies
to which a higher investment risk may be
atached than other companies listed on the
Stock Exchange. Prospective investors should be
aware of the potential risks of investing in such
companies and should make the decision to invest
only after due and careful consideration.
Given that the companies listed on GEM and
generaly smal and mid-sized companies, there is
a risk that securities traded on GEM may be more
susceptible to high market volatility than securities
traded on the Main Board of the Stock Exchange
and no asurance is given that there wil be a
liquid market in the securities traded on GEM.
Hong Kong Exchanges and Clearing Limited and
the Stock Exchange take no responsibility for the
contents of this report, make no representation as to
its acuracy or completenes and expresly disclaim
any liability whatsoever for any los howsoever
arising from or in reliance upon the whole or any part
of the contents of this report.
This report, for which the directors (“Directors”)
of China Demeter Financial Investments Limited
(“Company”) colectively and individualy acept
ful responsibility, includes particulars given in
compliance with the Rules Governing the Listing of
Securities on GEM of The Stock Exchange Hong
Kong Limited (“GEM Listing Rules”) for the
purpose of giving information with regard to the
Company.
The Directors, having made al reasonable enquiries,
confirm that to the best of their knowledge and
belief the information contained in this report is
acurate and complete in al material respects and
not misleading or deceptive, and there are no other
maters the omision of which would make any
statement herein or this report misleading.
China Demeter Financial Investments Limited
Interim Report 2025
Highlights
摘要
• The Company reported a los atributable to
owners of the Company of aproximately
HK$17,643,000 for the six months ended 30
June 2025 (“Period”), when compared to a
los atributable to owners of the Company
amounting to aproximately HK$11,997,000
in the same period last year.
• The revenue of the Group was aproximately
HK$51,766,000 for the Period, representing
a decrease of aproximately HK$17,000,000
when compared to the same period last year
of HK$68,766,000.
• Gros profit for the Period was
aproximately HK$36,902,000, compared
with gros profit of aproximately
HK$47,664,000 in the same period last year.
• The board of Directors does not recomend
the payment of any interim dividend for the
six months ended 30 June 2025 (30 June
2024: HK$Nil).
- ，截至二零
二五年六月三十日止六
个月（「期内」），本公司拥
有人应占亏损约为港币
17,643,000元，而去年同
期本公司拥有人应占亏损
约为港币11,997,000元。
• 本集团期内之收入约为
港币51,766,000元，较去
年同期之港币68,766,000
元减少约港币17,000,000
元。
• 期内之毛利约为港币
36,902,000元，而去
年同期毛利约为港币
47,664,000元。
• 董事会不建议派付截至
二零二五年六月三十日
止六个月之任何中期股
息（二零二四年六月三十
日：港币零元）。
国农金融投资有限公司
二零二五年中期报告
Interim Results (Unaudited)
中期业绩（未经审核）
The board (“Board”) of directors (“Directors”)
of China Demeter Financial Investments Limited
(“Company”) presents the unaudited condensed
consolidated results of the Company and its
subsidiaries (colectively the “Group”) for the
six months ended 30 June 2025 together with the
comparative figures for the coresponding periods in
2024. The interim results are unaudited, but have ben
reviewed by the audit comite of the Board (“Audit
Comite”).
国农金融投资有限公司（「本公司」）
之董事（「董事」）会（「董事会」）提呈本
公司及其附属公司（统称「本集团」）
截至二零二五年六月三十日止六个
月之未经审核简明综合业绩，连同
二零二四年同期之比较数字。中期
业绩未经审核，但已经由董事会审
核委员会（「审核委员会」）审阅。
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 港币千元 |
| (Unaudited) |
| （未经审核） |
| 14 |
| 29 |
| 43,292 |
| 411 |
| 3,924 |
| 4,096 |
| 51,766 |
| (14,864) |
| 36,902 |
| 2,688 |
| (53,836) |
| (1,284) |
| (1,927) |
| (17,457) |
| – |
China Demeter Financial Investments Limited
Interim Report 2025
For the six months ended 30 June 2025 截至二零二五年六月三十日止六个月
Condensed Consolidated Statement of Profit or Los and Other Comprehensive Income
简明综合损益及其他全面收益表
For the six months
ended 30 June
截至六月三十日止六个月
二零二四年
NotesHK$’000
附注港币千元
(Unaudited)
（未经审核）
Revenue收入
Alcoholic beverage distribution and
miscelaneous busines
酒精饮料分销及杂项
业务252
Dividend income from listed equity
instruments
上市权益工具之股息
收入46
Fod and beverage busines食品及饮料业务59,080
Loan interest income贷款利息收入627
Provision of children education
services
提供儿童教育服务
2,972
Provision of financial services提供金融服务5,789
Total revenue总收入468,766
Cost of sales and services销售及服务成本(21,102)
Gros profit毛利47,664
Other income, other gains and loses其他收入、其他收益
及亏损53,978
General and administrative expenses一般及行政开支(60,606)
Fair value los on financial asets
through profit or los
计入损益之金融资产
之公允价值亏损6(476)
Finance costs财务成本7(2,154)
Los before tax除税前亏损(11,594)
Income tax expense所得税开支8(437)
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 港币千元 |
| (Unaudited) |
| （未经审核） |
| (17,457) |
| (320) |
| (320) |
| (17,777) |
国农金融投资有限公司
二零二五年中期报告
For the six months ended 30 June 2025 截至二零二五年六月三十日止六个月
Condensed Consolidated Statement of Profit or Los and Other Comprehensive Income (Cont’d)
简明综合损益及其他全面收益表（续）
For the six months
ended 30 June
截至六月三十日止六个月
二零二四年
NoteHK$’000
附注港币千元
(Unaudited)
（未经审核）
Los for the period期内亏损9(12,031)
Other comprehensive expense
for the period:
期内其他全面开支：
Item that wil not be reclasified
to profit or los:
将不会重新分类至
损益之项目：
Change in fair value of
financial asets at fair value
through other comprehensive
income
按公允价值计入其
他全面收益之
金融资产之
公允价值变动(694)
Other comprehensive expense for the
period, with nil tax impact
期内其他全面开支，
无税项影响(694)
Total comprehensive expense for
the period
期内全面开支总额
(12,725)
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 港币千元 |
| (Unaudited) |
| （未经审核） |
| (17,643) |
| 186 |
| (17,457) |
| (17,963) |
| 186 |
| (17,777) |
| HK cents |
| 港仙 |
| (Unaudited) |
| （未经审核） |
| (14.60) |
| (14.60) |
China Demeter Financial Investments Limited
Interim Report 2025
For the six months ended 30 June 2025 截至二零二五年六月三十日止六个月
Condensed Consolidated Statement of Profit or Los and Other Comprehensive Income (Cont’d)
简明综合损益及其他全面收益表（续）
For the six months
ended 30 June
截至六月三十日止六个月
二零二四年
NoteHK$’000
附注港币千元
(Unaudited)
（未经审核）
(Los)/profit for the period
atributable to:
以下人士应占期内
（亏损）╱溢利：
– Owners of the Company – 本公司拥有人(11,997)
– Non-controling interests – 非控股权益(34)
(12,031)
Total comprehensive (expense)/income
for the period atributable to:
以下人士应占期内
全面（开支）╱
收益总额：
– Owners of the Company – 本公司拥有人(12,691)
– Non-controling interests – 非控股权益(34)
(12,725)
HK cents
港仙
(Restated)
（经重列）
(Unaudited)
（未经审核）
Los per share每股亏损10
Basic 基本(14.81)
Diluted 摊薄(14.81)
| 30 June 2025 |
|---|
| 二零二五年 六月三十日 |
| HK$’000 |
| 港币千元 |
| (Unaudited) |
| （未经审核） |
| 23,572 |
| 1,929 |
| 500 |
| – |
| 1,179 |
| 2,439 |
| 230 |
| 1,767 |
| 31,616 |
| 544 |
| 40,590 |
| 2,730 |
| 9,519 |
| 18 |
| 7,837 |
| 21,855 |
| 33,659 |
| 116,752 |
| 60,785 |
| 18,157 |
| 40 |
| 19,738 |
| 98,720 |
| 18,032 |
国农金融投资有限公司
二零二五年中期报告
At 30 June 2025 于二零二五年六月三十日
Condensed Consolidated Statement of Financial Position
简明综合财务状况表
31 December
二零二四年
十二月三十一日
NotesHK$’000
附注港币千元
(Audited)
（经审核）
Non-curent asets非流动资产
Property, plant and equipment 物业、厂房及设备1235,939
Godwil 商誉1,929
Intangible aset 无形资产500
Investment in a joint venture 于一间合营企业之
投资13–
Loans and interest receivables 应收贷款及利息141,315
Financial asets at fair value through
other comprehensive income
按公允价值计入其他
全面收益之金融资产152,759
Other asets 其他资产230
Deposits and other receivables 按金及其他应收款项5,869
48,541
Curent asets流动资产
Inventories 存货1,430
Trade receivables 应收账款1652,548
Loans and interest receivables 应收贷款及利息142,604
Deposits, prepayments and other
receivables
按金、预付款项及其
他应收款项7,179
Tax recoverable 可收回税项18
Financial asets at fair value through
profit or los
按公允价值计入损益
之金融资产1710,287
Trust bank acounts 信托银行账户21,459
Cash and cash equivalents 现金及现金等价物25,889
121,414
Curent liabilities流动负债
Trade and other payables 应付账款及其他应付
款项1861,567
Other borowings 其他借贷1922,085
Curent tax liabilities 即期税项负债40
Lease liabilities 租赁负债2025,564
109,256
Net curent asets流动资产净值12,158
| 30 June 2025 |
|---|
| 二零二五年 六月三十日 |
| HK$’000 |
| 港币千元 |
| (Unaudited) |
| （未经审核） |
| 49,648 |
| 649 |
| 3,291 |
| 3,940 |
| 45,708 |
| 1,355 |
| 44,437 |
| 45,792 |
| (84) |
| 45,708 |
China Demeter Financial Investments Limited
Interim Report 2025
At 30 June 2025 于二零二五年六月三十日
Condensed Consolidated Statement of Financial Position (Cont’d)
简明综合财务状况表（续）
31 December
二零二四年
十二月三十一日
NotesHK$’000
附注港币千元
(Audited)
（经审核）
Total asets les curent liabilities总资产减流动负债60,699
Non-curent liabilities非流动负债
Employe benefit obligation 雇员福利责任23649
Lease liabilities 租赁负债2011,334
11,983
Net asets资产净值48,716
Capital and reserves资本及储备
Share capital 股本21903
Reserves 储备48,083
Equity atributable to owners of the
Company
本公司拥有人应占权益
48,986
Non-controling interests非控股权益(270)
Total equity权益总额48,716
| 903 | 217,878 | 161,683 | 61,545 | – | (2,314) | (390,709) | 48,986 | (270) | 48,716 |
|---|---|---|---|---|---|---|---|---|---|
| – | – | – | – | – | – | (17,643) | (17,643) | 186 | (17,457) |
| – | – | – | – | – | (320 ) | – | (320 ) | – | (320 ) |
| – | – | – | – | – | (320) | (17,643) | (17,963) | 186 | (17,777) |
| 452 | 15,133 | – | – | – | – | – | 15,585 | – | 15,585 |
| – | (816) | – | – | – | – | – | (816) | – | (816) |
| – | – | (8,1 32) | – | – | – | 8,13 2 | – | – | – |
| 1,355 | 232,195 | 153,551 | 61,545 | – | (2,634) | (400,220) | 45,792 | (84) | 45,708 |
国农金融投资有限公司
二零二五年中期报告
For the six months ended 30 June 2025 截至二零二五年六月三十日止六个月
Condensed Consolidated Statement of Changes in Equity (Unaudited)
简明综合权益变动表（未经审核）
Atributable to owners of the Company
本公司拥有人应占
Share
capital
Share
premium
Contributed
surplus
Capital
reserve
Foreign
curency
translation
reserve
Fair value
through
other
comprehensive
income
reserve
Acumulated
losesSub-total
Atributable
to non-
controling
interestsTotal
股本股份溢价缴入盈余资本储备
外币换算
储备
按公允
价值计入
其他全面
收益储备累计亏损小计
非控股
权益应占总计
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元
For the six months ended 30 June
2024
截至二零二四年六月三十日
止六个月
At 1 January 2024 (Audited)于二零二四年一月一日
（经审核）7,529212,905153,55161,545246(3,136)(350,088)82,552(125)82,427
Los for the period期内亏损–(11,997)(11,997)(34)(12,031)
Other comprehensive expense for
the period
期内其他全面开支
–(694)–(694)–(694)
Total comprehensive expense
for the period
期内全面开支总额
–(694)(11,997)(12,691)(34)(12,725)
Isue of placing shares (Note 21(i)发行配售股份（附注21(i)）1,5065,270–6,776–6,776
Transaction costs atributable to
isue of placing shares (Note 21(i)
归属于发行配售股份的
交易成本（附注21(i)）–(297)–(297)–(297)
At 30 June 2024 (Unaudited)于二零二四年六月三十日
（未经审核）9,035217,878153,55161,545246(3,830)(362,085)76,340(159)76,181
For the six months ended 30 June
2025
截至二零二五年六月三十日
止六个月
At 1 January 2025 (Audited)于二零二五年一月一日
（经审核）
(Los)/profit for the period期内（亏损）╱溢利
Other comprehensive expense for
the period
期内其他全面开支
Total comprehensive (expense)/income
for the period
期内全面（开支）╱收益总额
Isue of rights shares (Note 21(i)发行供股份（附注21(i)）
Transaction costs atributable to
isue of rights shares (Note 21(i)
归属于发行供股份的
交易成本（附注21(i)）
Amount transfered to writen of
acumulated los (Note)
为撇销累计亏损转拨
之金额（附注）
At 30 June 2025 (Unaudited)于二零二五年六月三十日
（未经审核）
Note: Pursuant to the special resolution pased in a special
general meting held on 13 November 2024 and
tok efect on 15 November 2024, the directors were
authorised to use HK$8,132,000 credit balances
in the contribution surplus acount result from the
reduction of the paid-up capital of the Company to
eliminating or seting of the acumulated loses of
the Company. As at 30 June 2025, aproximately
HK$229,760,000 (30 June 2024: HK$221,628,000)
credit balance in the contribution surplus acount
were used to eliminate the acumulated loses of the
Company.
附注： 根据于二零二四年十一月十三日
举行之股东特别大会通过及于二
零二四年十一月十五日生效之特
别决议案，董事获授权动用削
减本公司缴足股本产生之缴入盈
余 账之进项结余港币8,132,000
元，以对销或抵销本公司之累计
亏损。于二零二五年六月三十
日，缴入盈余账进项结余约港币
229,760,000元（二零二四年六月
三十日：港币221,628,000元）已
被用于对销本公司之累计亏损。
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 港币千元 |
| (Unaudited) |
| （未经审核） |
| 10,054 |
| 597 |
| (2,881) |
| 7,770 |
| 25,889 |
| 33,659 |
China Demeter Financial Investments Limited
Interim Report 2025
For the six months ended 30 June 2025 截至二零二五年六月三十日止六个月
Condensed Consolidated Statement of Cash Flows
简明综合现金流量表
For the six months ended 30 June
截至六月三十日止六个月
二零二四年
HK$’000
港币千元
(Unaudited)
（未经审核）
Net cash generated from operating activities经营活动产生现金净额20,671
Net cash generated from/(used in) investing
activities
投资活动产生╱（所用）
现金净额(796)
Net cash used in financing activities融资活动所用现金净额(3,668)
Net increase in cash and cash equivalents现金及现金等价物增加净额16,207
Cash and cash equivalents at the begining of
the period
期初现金及现金等价物
27,586
Cash and cash equivalents at the end of
the period
期末现金及现金等价物
43,793
国农金融投资有限公司
二零二五年中期报告
Notes to the Unaudited Condensed Consolidated Interim Results
未经审核简明综合中期业绩附注
1. CORPORATE INFORMATION
During the period, the Group is principaly
engaged in (i) alcoholic beverage distribution
and miscelaneous busines; (i) fod and
beverage busines; (i) money lending
busines; (iv) provision of children education
services; (v) financial services busines; and
(vi) securities investment busines.
The registered ofice of the Company is at
Clarendon House, 2 Church Stret, Hamilton
HM 11, Bermuda.
The principal place of busines is located
at Ofice A01, 35/F, United Centre, No. 95
Quensway, Admiralty, Hong Kong.
The Company’s shares are listed on GEM of
The Stock Exchange of Hong Kong Limited
(“Stock Exchange”).
2. BASIS OF PREPARATION
These unaudited condensed consolidated
interim financial statements for the six
months ended 30 June 2025 have ben
prepared in acordance with Hong Kong
Acounting Standard (“HKAS”) 34 Interim
Financial Reporting isued by the Hong Kong
Institute of Certified Public Acountants
(“HKICPA”) as wel as with the aplicable
disclosure requirements of Chapter 18 of the
GEM Listing Rules. The preparation of the
condensed consolidated financial statements
requires management to make estimates and
asumptions that afect the reported amounts of
asets and liabilities at the end of the reporting
period and the reported amount of revenue and
expenses during the reporting period.
1. 公司资料
期内，本集团主要从事(i)酒
精饮料分销及杂项业务；(i)
食品及饮料业务；(i)放债业
务；(iv)提供儿童教育服务；
(v)金融服务业务；及(vi)证券
投资业务。
本公司注册辨事处设于
Clarendon House, 2 Church
Stret, Hamilton HM 11,
Bermuda。
主要营业地点位于香港金钟
金钟道95号统一中心35楼A01
室。
本公司股份在香港联合交易
所有限公司（「联交所」）GEM
上市。
2. 编制基准
该等截至二零二五年六月三
十日止六个月之未经审核简
明综合中期财务报表乃根据
香港会计师公会（「香港会计
师公会」）颁布之香港会计准
则（「香港会计准则」）第34号
中期财务报告及GEM上市规
则第18章之适用披露规定编
制。简明综合财务报表的编
制规定管理层就报告期末影
响资产及负债的报告金额及
报告期内影响收入及开支的
报告金额作出预估及假设。
China Demeter Financial Investments Limited
Interim Report 2025
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
- （续）
简明综合财务报表乃按历史
成本法编制，惟按公允价值
计量（如适用）之若干金融工
具除外。
中期报告应与本集团截至二
零二四年十二月三十一日止
年度之年度报告一并阅览（倘
相关）。编制该等未经审核简
明综合财务报表所采用之会
计政策及计算方式与本集团
截至二零二四年十二月三十
一日止年度之年度财务报表
所呈列者相同。财务报表未
经审核，但已由审核委员会
审阅。
香港会计师公会已颁布多项
新订及经修订之香港财务
报告准则（「香港财务报告准
则」）。就于二零二五年一月
一日开始之会计期间生效者
而言，采纳有关准则对本集
团现时或先前会计期间之汇
报业绩及财务状况并无重大
影响。就尚未生效及尚未提
早采纳者而言，本集团现正
评估其对本集团业绩及财务
状况之影响。截至目前，本
集团认为采纳该等香港财务
报告准则不大可能对本集团
经营业绩及财务状况造成重
大影响。
2. BASIS OF PREPARATION (Continued)
The condensed consolidated financial
statements have ben prepared on the
historical cost basis except for certain financial
instruments, which are measured at fair values,
as apropriate.
The interim report should be read, where
relevant, in conjunction with the anual report
of the Group for the year ended 31 December
2024. The acounting policies and method of
computation used in the preparation of these
unaudited condensed consolidated financial
statements are the same as those presented in
the Group’s anual financial statements for the
year ended 31 December 2024. The financial
statements are unaudited but have ben
reviewed by the Audit Comite.
HKICPA has isued a number of new and
revised Hong Kong Financial Reporting
Standards (“HKFRSs”). For those which are
efective for acounting periods begining on
1 January 2025, the adoption has no material
efect on the reported results and the financial
position of the Group for the curent or prior
acounting periods. For those which are not
yet efective and have not ben early adopted,
the Group is in the proces of asesing their
impact on the Group’s results and financial
position. So far, the Group considers that the
adoption of those HKFRSs are unlikely to have
a significant impact on the Group’s results of
operations and financial position.
国农金融投资有限公司
二零二五年中期报告
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
3. 分类资料
应用香港财务报告准则第8号
经营分类
向董事会（即主要经营决策
者）报告以作资源分配及评估
分类表现用途之资料专注于
所交付或提供之货品或服务
类别。
具体而言，根据香港财务报
告准则第8号，本集团之可报
告分类如下：
– 酒精饮料分销及杂项业
务包括于香港销售优质
葡萄酒及威士忌；杂货
贸易；及提供商务顾问
服务；
– 于香港的食品及饮料分
类；
– 放债分类包括于香港提
供贷款融资；
– 幼稚园或学前教育业
务；
– 金融服务分类包括就证
券提供意见及证券交易
以及资产管理；及
– 证券投资分类包括对上
市证券之投资。
3. SEGMENT INFORMATION
Aplication of HKFRS 8 Operating
Segments
Information reported to the Board, being
the chief operating decision maker, for the
purposes of resource alocation and asesment
of segment performance focuses on types of
gods or services delivered or provided.
Specificaly, the Group’s reportable segments
under HKFRS 8 are as folows:
– Alcoholic beverage distribution and
miscelaneous busines comprises sales
of premium wine and whisky, trading of
miscelaneous gods in Hong Kong and
provision of busines advisory services;
– Fod and beverage segment in Hong
Kong;
– Money lending segment comprises
provision of loan financing in Hong
Kong;
– Kindergarten or pre-schol education
busines;
– Financial services segment comprises
advising and dealing in securities and
aset management; and
– Securities investment segment comprises
investment in listed securities.
| 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 二零二五年 | 二零二五年 | 二零二五年 | 二零二五年 | 二零二五年 | 二零二五年 | 二零二五年 | ||||||
| HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | ||||||
| 港币千元 | 港币千元 | 港币千元 | 港币千元 | 港币千元 | 港币千元 | 港币千元 | ||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||
| （未经审核） | （未经审核） | （未经审核） | （未经审核） | （未经审核） | （未经审核） | （未经审核） | ||||||
| 14 | 252 – | 29 | 46 – | 43,292 | 59,080 1 | 411 | 627 – | 3,924 | 2,972 – | 4,096 | 5,789 1 | 51,766 |
| – | – | – | – | – | 1 | 1 | ||||||
| 14 | 252 | 29 | 46 | 43,292 | 59,081 | 411 | 627 | 3,924 | 2,972 | 4,097 | 5,790 | 51,767 |
| (165) | (629) | (6,358) | 346 | (142) | 2,629 | (1) | ||||||
| 51,766 | ||||||||||||
| (83) | (1,434) | (8,910) | (88) | 361 | (1,021) | (11,175) | ||||||
| 991 | ||||||||||||
| (5,346) | ||||||||||||
| (1,927) | ||||||||||||
| (17,457) | ||||||||||||
China Demeter Financial Investments Limited
Interim Report 2025
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
- （续）
分类收入及业绩
以下为本集团按经营及可报
告分类划分之经营收入及业
绩分析：
3. SEGMENT INFORMATION (Continued)
Segment revenue and results
The folowing is an analysis of the Group’s
revenue and results from operations by
operating and reportable segments:
Alcoholic beverage
distribution and
miscelaneousSecurities investmentFod and beverageMoney lendingChildren education servicesFinancial servicesTotal
酒精饮料分销及杂项证券投资食品及饮料放债儿童教育服务金融服务总计
For the six months ended
30 June
For the six months ended
30 June
For the six months ended
30 June
For the six months ended
30 June
For the six months ended
30 June
For the six months ended
30 June
For the six months ended
30 June
截至六月三十日止六个月截至六月三十日止六个月截至六月三十日止六个月截至六月三十日止六个月截至六月三十日止六个月截至六月三十日止六个月截至六月三十日止六个月
二零二四年
HK$’000
港币千元
(Unaudited)
（未经审核）
Revenue from external
customers
来自外部客户之
收入68,766
Inter-segment revenue分类间收入2
Segment revenue分类收入68,768
Elimination抵销(2)
Group revenue本集团收入68,766
Segment (los)/profit分类（亏损）╱
溢利(4,319)
Other income, other gains
and loses
其他收入、其他
收益及亏损388
Central administration
costs
中央行政成本
(5,509)
Finance costs财务成本(2,154)
Los before tax除税前亏损(11,594)
国农金融投资有限公司
二零二五年中期报告
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
- （续）
分类收入及业绩（续）
经营分类之会计政策与本集
团会计政策相同。分类（亏
损）╱溢利指各分类在未分配
计入其他收入、其他收益及
亏损、财务成本及中央行政
成本之银行利息收入、外汇
收益╱（亏损）净额及杂项收
入前所（产生之亏损）╱赚取
之溢利。此乃就资源分配及
表现评估向主要经营决策者
汇报之计量基准。
分类间定价乃以就同类服务
向其他外部人士提供之同类
条款为根据。
3. SEGMENT INFORMATION (Continued)
Segment revenue and results (Continued)
The acounting policies of the operating
segments are the same as the Group’s
acounting policies. Segment (los)/profit
represents the (los from)/profit earned by each
segment without alocation of bank interest
income, net foreign exchange gain/(los) and
sundry income as included in other income,
other gains and loses, finance costs and central
administration costs. This is the measure
reported to the chief operating decision maker
for the purposes of resource alocation and
performance asesment.
Inter-segment pricing is based on similar terms
to those available to other external parties for
similar services.
| 30 June 2025 |
|---|
| 二零二五年 六月 三十日 |
| HK$’000 |
| 港币千元 |
| (Unaudited) |
| （未经审核） |
| 255 |
| 43 |
| 30 June 2025 |
|---|
| 二零二五年 六月 三十日 |
| HK$’000 |
| 港币千元 |
| (Unaudited) |
| （未经审核） |
| 7,837 |
| – |
| 30 June 2025 |
|---|
| 二零二五年 六月 三十日 |
| HK$’000 |
| 港币千元 |
| (Unaudited) |
| （未经审核） |
| 28,899 |
| 52,426 |
| 30 June 2025 |
|---|
| 二零二五年 六月 三十日 |
| HK$’000 |
| 港币千元 |
| (Unaudited) |
| （未经审核） |
| 6,646 |
| 2,094 |
| 30 June 2025 |
|---|
| 二零二五年 六月 三十日 |
| HK$’000 |
| 港币千元 |
| (Unaudited) |
| （未经审核） |
| 6,626 |
| 4,706 |
| 30 June 2025 |
|---|
| 二零二五年 六月 三十日 |
| HK$’000 |
| 港币千元 |
| (Unaudited) |
| （未经审核） |
| 94,048 |
| 23,652 |
| 30 June 2025 |
|---|
| 二零二五年 六月 三十日 |
| HK$’000 |
| 港币千元 |
| (Unaudited) |
| （未经审核） |
| 144,311 |
| 2,439 |
| 1,618 |
| 148,368 |
| 82,921 |
| 19,739 |
| 102,660 |
China Demeter Financial Investments Limited
Interim Report 2025
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
- （续）
分类资产及负债
以下为本集团按可报告及经
营分类划分之资产及负债分
析：
3. SEGMENT INFORMATION (Continued)
Segment asets and liabilities
The folowing is an analysis of the Group’s
asets and liabilities by reportable and
operating segments:
Alcoholic beverage
distribution and
miscelaneousSecurities investmentFod and beverageMoney lendingChildren education servicesFinancial servicesTotal
酒精饮料分销及杂项证券投资食品及饮料放债儿童教育服务金融服务总计
31 December
31 December
31 December
31 December
31 December
31 December
31 December
二零二四年
十二月
三十一日
二零二四年
十二月
三十一日
二零二四年
十二月
三十一日
二零二四年
十二月
三十一日
二零二四年
十二月
三十一日
二零二四年
十二月
三十一日
二零二四年
十二月
三十一日
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
港币千元港币千元港币千元港币千元港币千元港币千元港币千元
(Audited)(Audited)(Audited)(Audited)(Audited)(Audited)(Audited)
（经审核）（经审核）（经审核）（经审核）（经审核）（经审核）（经审核）
Segment asets分类资产30110,28742,8487,3888,23497,309166,367
Financial asets at fair
value through other
comprehensive income
按公允价值计入
其他全面收益
之金融资产2,759
Corporate and unalocated
asets
公司及未分配
资产829
Consolidated asets综合资产169,955
Segment liabilities分类负债50–62,9162,8206,18825,64797,621
Corporate and unalocated
liabilities
公司及未分配
负债23,618
Consolidated liabilities综合负债121,239
国农金融投资有限公司
二零二五年中期报告
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
- （续）
分类资产及负债（续）
就监控分类表现及在各分类
之间分配资源而言：
• 除按公允价值计入其他
全面收益（「按公允价值
计入其他全面收益」）之
金融资产及公司及未分
配资产外，全部资产获
分配至经营分类；
• 商誉及无形资产获分配
至经营分类；及
• 除公司及未分配负债
外，所有负债获分配至
经营分类。
地区资料
本集团的业务仅位于香港。
3. SEGMENT INFORMATION (Continued)
Segment asets and liabilities (Continued)
For the purposes of monitoring segment
performance and alocating resources betwen
segments:
• al asets are alocated to operating
segments other than financial asets at
fair value through other comprehensive
income (“FVTOCI”) and corporate and
unalocated asets;
• godwil and intangible asets are
alocated to operating segments; and
• al liabilities are alocated to operating
segments other than corporate and
unalocated liabilities.
Geographical information
The Group’s operations are located in Hong
Kong only.
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 港币千元 |
| (Unaudited) |
| （未经审核） |
| 14 |
| 43,292 |
| 3,924 |
| 1,587 |
| 1 |
| 82 |
| 48,900 |
China Demeter Financial Investments Limited
Interim Report 2025
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
4. 收入
收入指期内已收及应收的收
入，概述如下：
4. REVENUE
Revenue represents income received and
receivable during the period and is sumarized
as folows:
For the six months
ended 30 June
截至六月三十日止六个月
二零二四年
HK$’000
港币千元
(Unaudited)
（未经审核）
Revenue from contracts with
customers within the scope of
HKFRS 15
来自香港财务报告准
则第15号范围内的
客户合约收入
Alcoholic beverage distribution and
miscelaneous busines
酒精饮料分销及杂项
业务252
Fod and beverage busines食品及饮料业务59,080
Provision of children education
services
提供儿童教育服务
2,972
Provision of financial services提供金融服务
– Comision from securities
dealing
– 证券交易佣金
1,099
– Placing and underwriting
comision
– 配售及包销佣金
1,925
– Clearing and handling fe income – 结算及手续费收入58
65,386
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 港币千元 |
| (Unaudited) |
| （未经审核） |
| 29 |
| 411 |
| 2,426 |
| 2,866 |
| 51,766 |
| 44,988 |
| 3,912 |
| 48,900 |
国农金融投资有限公司
二零二五年中期报告
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
- （续）
预期在未来确认的收入来自
于报告日期存在的客户合约
本集团已将香港财务报告准
则第15号第121段中的可行权
宜方法应用于其收入合约，
并无披露本集团现有合约项
下的剩余履约义务，原因为
该等合约原来预计为期一年
或以下。
4. REVENUE (Continued)
For the six months
ended 30 June
截至六月三十日止六个月
二零二四年
HK$’000
港币千元
(Unaudited)
（未经审核）
Revenue from other sources来自其他来源的收入
Dividend income from listed equity
investments
上市权益投资之股息
收入46
Loan interest income贷款利息收入627
Provision of financial services提供金融服务
– Interest income from securities
clients
– 来自证券客户的利
息收入2,707
3,380
68,766
Timing of revenue recognition收入确认的时间
A point in time一个时间点62,422
Over time随时间2,964
65,386
Revenue expected to be recognised in the
future arising from contracts with customers
in existence at the reporting date
The Group has aplied the practical expedient
in paragraph 121 of HKFRS 15 to its revenue
contracts for not disclosing the remaining
performance obligations under the Group’s
existing contracts as these contracts had an
original expected duration of one year or les.
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 港币千元 |
| (Unaudited) |
| （未经审核） |
| 185 |
| 1,410 |
| 727 |
| 54 |
| 5 |
| 248 |
| – |
| 59 |
| 2,688 |
China Demeter Financial Investments Limited
Interim Report 2025
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
- 、其他收益及亏损
附注： 政府补助为已向教育局
收取的补贴。于报告期
末，并无本集团已确认
的补贴及政府补助所附
带的条件或其他或然事
件未履行。
5. OTHER INCOME, OTHER GAINS AND
LOSES
For the six months
ended 30 June
截至六月三十日止六个月
二零二四年
HK$’000
港币千元
(Unaudited)
（未经审核）
Bank interest income银行利息收入189
Consultancy and referal fe income咨询及转介费收入1,752
Gain on disposal of property, plant and
equipment
出售物业、厂房及设备
之收益–
Government grant (Note)政府补助（附注）19
Net foreign exchange gain/(los)外汇收益╱（亏损）净额(2)
Reversal of impairment los of loans
and interest receivables
应收贷款及利息之减
值亏损拨回569
Reversal of impairment los of
trade receivables
应收账款之减值亏损
拨回1,250
Sundry income杂项收入201
3,978
Note: The government grant represented the
subsidies received from the Education
Bureau. As at the end of the reporting period,
there were no unfulfiled conditions or other
contingencies ataching to the subsidies and
government grants that had ben recognised
by the Group.
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 港币千元 |
| (Unaudited) |
| （未经审核） |
| 976 |
| 950 |
| 1 |
| 1,927 |
国农金融投资有限公司
二零二五年中期报告
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
6. FAIR VALUE LOS ON FINANCIAL
ASETS THROUGH PROFIT OR LOS
Change in fair value of financial asets through
profit or los represents the change in fair value
of the equity securities based on closing prices
in an active market.
7. FINANCE COSTS
For the six months
ended 30 June
截至六月三十日止六个月
二零二四年
HK$’000
港币千元
(Unaudited)
（未经审核）
Interest on lease liabilities租赁负债利息1,434
Interest on other borowings其他借贷利息719
Other finance charges其他财务费用1
2,154
6. 计入损益之金融资产之公允
价值亏损
计入损益之金融资产之公允
价值变动指股本证券以活跃
市场之收市价为基准之公允
价值变动。
7. 财务成本
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 港币千元 |
| (Unaudited) |
| （未经审核） |
| – |
| – |
| – |
China Demeter Financial Investments Limited
Interim Report 2025
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
8. 所得税开支8. INCOME TAX EXPENSE
For the six months
ended 30 June
截至六月三十日止六个月
二零二四年
HK$’000
港币千元
(Unaudited)
（未经审核）
Curent tax:即期税项：
Hong Kong Profits Tax 香港利得税437
Defered tax charge递延税项费用–
Total income tax expense recognised
in profit or los
于损益确认之所得税
开支总额437
国农金融投资有限公司
二零二五年中期报告
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
- （续）
于二零一八年三月二十一
日，香港立法会通过二零一
七年税务（修订）（第7号）条例
草案（「条例草案」），其引入两
级制利得税率制度。条例草
案于二零一八年三月二十八
日签署成为法律并于翌日刊
登宪报。根据两级制利得税
率制度，合资格集团实体的
第一笔港币2,000,000元溢利
将按8.25%的税率征税，而超
过港币2,000,000元的溢利将
按16.5%的税率征税。不符合
两级制利得税率制度的资格
的集团实体之溢利将继续按
16.5%之划一税率征税。
因此，合资格集团实体之香
港利得税乃就第一笔港币
2,000,000元之估计应课税溢
利按8.25%之税率计算，并就
超过港币2,000,000元之估计
应课税溢利按16.5%之税率
计算。
其他司法权区产生之税项乃
按相关司法权区现行税率
计算。
根据所得税规则及条例，
本集团于英属处女群岛
（「英属处女群岛」）无须缴纳
所得税。
8. INCOME TAX EXPENSE (Continued)
On 21 March 2018, the Hong Kong
Legislative Council pased the Inland Revenue
(Amendment) (No. 7) Bil 2017 (the “Bil”)
which introduces the two-tiered profits tax
rates regime. The Bil was signed into law
on 28 March 2018 and was gazeted on the
folowing day. Under the two-tiered profits tax
rates regime, the first HK$2 milion of profits
of the qualifying group entity wil be taxed at
8.25%, and profits above HK$2 milion wil be
taxed at 16.5%. The profits of group entities
not qualifying for the two-tiered profits tax
rates regime wil continue to be taxed at a flat
rate of 16.5%.
Acordingly, the Hong Kong Profits Tax
of the qualifying group entity is calculated
at 8.25% on the first HK$2 milion of the
estimated asesable profits and at 16.5% on
the estimated asesable profits above HK$2
milion.
Taxation arising in other jurisdictions is
calculated at the rates prevailing in the relevant
jurisdictions.
Pursuant to the income tax rules and
regulations, the Group is not subject to income
tax in the British Virgin Islands (the “BVI”).
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 港币千元 |
| (Unaudited) |
| （未经审核） |
| 23,707 |
| 1,016 |
| 1,432 |
| 26,155 |
| 12,369 |
| 14,864 |
| (5) |
| (248) |
| – |
China Demeter Financial Investments Limited
Interim Report 2025
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
9. 期内亏损
期内亏损已于扣除╱（抵免）
以下各项后得出：
9. LOS FOR THE PERIOD
Los for the period has ben arived at after
charging/(crediting):
For the six months
ended 30 June
截至六月三十日止六个月
二零二四年
HK$’000
港币千元
(Unaudited)
（未经审核）
Employe benefits expense (excluding
director’s emoluments)
雇员福利开支
（不包括董事酬金）
– Salaries and other benefits – 薪金及其他福利27,022
– Contributions to retirement benefits
schemes
– 退休福利计划供款
1,101
Directors’ emoluments董事酬金1,425
Total staf costs雇员成本总额29,548
Depreciation of property, plant and
equipment
物业、厂房及设备之
折旧15,464
Cost of inventories recognised as an
expense (included in cost of sales
and services)
确认为开支之存货成
本（计入销售及服务
成本）21,102
Net foreign exchange (gain)/los外汇（收益）╱亏损净额2
Reversal of impairment los of loans and
interests receivables
应收贷款及利息之
减值亏损拨回(569)
Reversal of impairment los of
trade receivables
应收账款之
减值亏损拨回(1,250)
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 港币千元 |
| (Unaudited) |
| （未经审核） |
| (17,643) |
| 2025 |
|---|
| 二零二五年 |
| ’000 |
| 千股 |
| 120,858 |
国农金融投资有限公司
二零二五年中期报告
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
10. 每股亏损
本公司拥有人应占每股基本
及摊薄亏损乃根据以下数据
计算：
股份数目
10. LOS PER SHARE
The calculation of basic and diluted los per
share atributable to owners of the Company is
based on the folowing data:
For the six months
ended 30 June
截至六月三十日止六个月
二零二四年
HK$’000
港币千元
(Unaudited)
（未经审核）
Los for the period atributable
to owners of the Company for the
purposes of calculating basic and
diluted los per share
用于计算每股基本及
摊薄亏损之本公司
拥有人应占期内亏损
(11,997)
Number of shares
For the six months
ended 30 June
截至六月三十日止六个月
二零二四年
’000
千股
(Restated)
（经重列）
Weighted average number of ordinary
shares
普通股加权平均数
80,988
China Demeter Financial Investments Limited
Interim Report 2025
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
- （续）
截至二零二五年及二零二四
年六月三十日止六个月的普
通股加权平均数已就分别于
二零二四年十一月十五日及
二零二五年三月七日生效的
股份合并及供股作出追溯调
整。
由于本公司并无任何潜在摊
薄普通股，故截至二零二五
年及二零二四年六月三十日
止六个月每股基本及摊薄亏
损相同。
11. 中期股息
董事不建议派付截至二零二
五年六月三十日止六个月的
任何中期股息（二零二四年六
月三十日：港币零元）。
10. LOS PER SHARE (Continued)
The weighted average number of ordinary
shares for the six months ended 30 June 2025
and 2024 has ben adjusted retrospectively for
the share consolidation and rights isue which
became efective on 15 November 2024 and 7
March 2025 respectively.
The basic and diluted los per share for the six
months ended 30 June 2025 and 2024 are the
same as the Company did not have any dilutive
potential ordinary shares.
11. INTERIM DIVIDEND
The Directors do not recomend the payment
of any interim dividend for the six months
ended 30 June 2025 (30 June 2024: HK$Nil).
| 30 June 2025 |
|---|
| 二零二五年 六月三十日 |
| HK$’000 |
| 港币千元 |
| (Unaudited) |
| （未经审核） |
| 35,939 |
| 133 |
| (12,369) |
| – |
| (131) |
| 23,572 |
国农金融投资有限公司
二零二五年中期报告
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
- 、厂房及设备
本集团之物业、厂房及设备
变动如下：
12. PROPERTY, PLANT AND
EQUIPMENT
Movements in the Group’s property, plant and
equipment are as folows:
31 December
二零二四年
十二月三十一日
HK$’000
港币千元
(Audited)
（经审核）
Opening carying amount期初账面值56,524
Aditions增添19,219
Depreciation折旧(30,914)
Impairment los减值亏损(8,579)
Disposals/write-of出售╱撇销(311)
Closing carying amount期终账面值35,939
China Demeter Financial Investments Limited
Interim Report 2025
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
- 、厂房及设备（续）
(i) 使用权资产（计入物
业、厂房及设备）
本集团作为承租人
本集团租赁各种办公室、仓库及餐
厅用于营运。租赁合约按固定期限
为8个月至5年（二零二四年十二月
三十一日：7个月至5年）订立。
12. PROPERTY, PLANT AND
EQUIPMENT (Continued)
(i) Right-of-use asets (included in the
property, plant and equipment)
The Group as lese
Leased properties
租赁物业
HK$’000
港币千元
As at 30 June 2025于二零二五年
六月三十日
Carying amount账面值18,015
As at 31 December 2024于二零二四年
十二月三十一日
Carying amount账面值27,952
For the period ended 30 June 2025截至二零二五年
六月三十日止期间
Depreciation charge折旧费用9,809
For the year ended 31 December
2024
截至二零二四年十二月
三十一日止年度
Depreciation charge折旧费用25,231
Impairment los recognised已确认减值亏损6,836
Aditions to right-of-use asets增添使用权资产13,529
The Group leases various ofices,
warehouses, and restaurants for its
operations. Lease contracts are entered
into for fixed term of 8 months to 5
years (31 December 2024: 7 months to 5
years).
| 30 June 2025 |
|---|
| 二零二五年 六月三十日 |
| HK$’000 |
| 港币千元 |
| (Unaudited) |
| （未经审核） |
| – |
国农金融投资有限公司
二零二五年中期报告
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
13. 于一间合营企业之投资
本集团于一间合营企业之投
资详情如下：
13. INVESTMENT IN A JOINT VENTURE
Details of the Group’s investment in a joint
venture are as folows:
31 December
二零二四年
十二月三十一日
HK$’000
港币千元
(Audited)
（经审核）
Carying amount账面值
At 1 January and 30 June于一月一日及六月三十日–
| As at 30 June 2025 |
|---|
| 于二零二五年 六月三十日 |
| – |
China Demeter Financial Investments Limited
Interim Report 2025
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
- （续）
本集团于报告期末之合营企
业详情如下：
附注：
(i) 该合营企业已于截至二零
二四年十二月三十一日止
年度注销。有关解除储备
约港币246,000元已计入截
至二零二四年十二月三十
一日止年度之综合损益及
其他全面收益表。
13. INVESTMENT IN A JOINT VENTURE
(Continued)
Details of the Group’s joint venture at the end
of the reporting period are as folows:
Name of entity
Country of
incorporation/
registration
Principal place
of busines
Proportion of ownership interest
held by the GroupPrincipal activities
实体名称
注册成立╱
注册国家主要营业地点本集团所持所有权益比例主要业务
As at
31 December 2024
于二零二四年
十二月三十一日
BLVD Cayman
Limited
(Note (i)
（附注(i)）
Cayman Islands
开曼群岛
Singapore
新加坡
–Inactive
非活跃
Note:
(i) The joint venture was deregistered during
the year ended 31 December 2024. Related
release of reserve of aproximately
HK$246,000 was included in the consolidated
statement of profit or los and other
comprehensive income for the year ended 31
December 2024.
| 30 June 2025 |
|---|
| 二零二五年 六月三十日 |
| HK$’000 |
| 港币千元 |
| (Unaudited) |
| （未经审核） |
| 12,060 |
| (8,151) |
| 3,909 |
| 2,730 |
| 1,179 |
| 3,909 |
国农金融投资有限公司
二零二五年中期报告
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
14. 应收贷款及利息
本集团致力对未偿还应收贷
款及利息维持严格监控，务
求将信贷风险减至最低。授
出贷款须待信贷委员会批
准，方可作实，而逾期结余
定期就可收回性进行检讨。
于二零二五年六月三十日，
应收贷款按订约方相互协定
之实际利率计息，介乎每年
10%至18%（二零二四年十二
月三十一日：10%至18%）。
14. LOANS AND INTEREST
RECEIVABLES
31 December
二零二四年
十二月三十一日
HK$’000
港币千元
(Audited)
（经审核）
Loans and interest receivables应收贷款及利息12,318
Les: Alowance for credit loses减：信贷亏损拨备(8,399)
3,919
Analysed as:分析为：
Curent 流动2,604
Non-curent 非流动1,315
3,919
The Group seks to maintain strict control over
its outstanding loans and interest receivables
so as to minimise credit risk. The granting
of loans is subject to aproval by the credit
comite, whilst overdue balances are
reviewed regularly for recoverability. As at 30
June 2025, loans receivables are charging on
efective interest rate mutualy agred with the
contracting parties, ranging from 10% to 18%
(31 December 2024: 10% to 18%) per anum.
| 30 June 2025 |
|---|
| 二零二五年 六月三十日 |
| HK$’000 |
| 港币千元 |
| (Unaudited) |
| （未经审核） |
| 2,065 |
| 1,844 |
| 3,909 |
China Demeter Financial Investments Limited
Interim Report 2025
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
- （续）
于二零二五年六月三十
日，应收贷款及利息约港
币1,844,000元（二零二四年
十二月三十一日：约港币
2,051,000元）乃透过于香港一
个泊车位和一个住宅物业作
抵押。
于报告期末按到期日划分之
应收贷款及利息（扣除信贷亏
损拨备）之到期分析如下：
14. LOANS AND INTEREST
RECEIVABLES (Continued)
At 30 June 2025, loans and interest receivables
of aproximately HK$1,844,000 (31 December
2024: aproximately HK$2,051,000) were
secured by a car parking space and a residential
property in Hong Kong.
A maturity profile of the loans and interest
receivables as at the end of the reporting
period, based on the maturity date, net of
alowance for credit loses, is as folows:
31 December
二零二四年
十二月三十一日
HK$’000
港币千元
(Audited)
（经审核）
Past due逾期1,867
Not past due未逾期2,052
3,919
国农金融投资有限公司
二零二五年中期报告
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
- （续）
经评估预期信贷亏损模式
（「预期信货亏损模式」）项下之
应收贷款，于二零二五年六
月三十日，董事总结认为信
贷风险于初步确认以来并无
大幅增加（二零二四年十二月
三十一日：一名客户），而应
收四名客户（二零二四年十二
月三十一日：六名客户）贷款
个别减值合共港币8,151,000
元（二零二四年十二月三十一
日：港币8,399,000元）。
基于与本集团持续进行业务
之贷款借款人还款记录良
好，本集团已推翻逾期超过
90日之应收贷款及利息于预
期信贷亏损模式下属违约之
假设，并将违约标准设定为
逾期365日。对彼等的个别评
估乃根据本集团的内部信贷
风险评级评估及其违约可能
性及违约风险，经参考过往
信贷亏损经验，并就现有及
前瞻性因素调整。
14. LOANS AND INTEREST
RECEIVABLES (Continued)
Having asesed the loan receivables under the
expected credit los model (“ECL model”), as
at 30 June 2025, the directors concluded that
there had not ben a significant increase in
credit risk (31 December 2024: one customer)
since initial recognition and loan receivables
from four customers (31 December 2024: six
customers) have ben individualy impaired
by HK$8,151,000 in total (31 December 2024:
HK$8,399,000).
The Group rebuted the presumption of default
under ECL model for loans and interest
receivables over 90 days past due and set the
default criterion as 365 days past due based
on god repayment records for those loan
borowers having continuous busines with the
Group. They are asesed individualy based on
Group’s internal credit risk grading asesment
and their probability of default and exposure of
default with reference to historical credit los
experience, adjusted by curent and forward-
loking factors.
| 30 June 2025 |
|---|
| 二零二五年 六月三十日 |
| HK$’000 |
| 港币千元 |
| (Unaudited) |
| （未经审核） |
| 8,399 |
| (248) |
| 8,151 |
China Demeter Financial Investments Limited
Interim Report 2025
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
- （续）
本集团就应收贷款及利息确
认之减值亏损变动如下：
于截至二零二五年六月三十
日止期间，概无应收贷款及
利息已个别减值，而应收贷
款及利息约港币248,000元已
收回（二零二四年十二月三十
一日：个别减值净额约港币
2,135,000元）。于二零二五年
六月三十日，拨备总金额为
约港币8,151,000元（二零二
四年十二月三十一日：港币
8,399,000元）。该等款项与董
事认为无法收回该等应收贷
款及利息之四名客户（二零二
四年十二月三十一日：六名
客户）有关。
14. LOANS AND INTEREST
RECEIVABLES (Continued)
Movements in the Group’s impairment los
recognised of loans and interest receivables are
as folows:
31 December
二零二四年
十二月三十一日
HK$’000
港币千元
(Audited)
（经审核）
Balance at begining of the period/year期╱年初结余6,264
(Reversal of)/impairment los recognised,
net
（拨回）╱已确认减值
亏损，净额2,135
Balance at end of the period/year期╱年末结余8,399
During the period ended 30 June 2025, no
loans and interest receivables were individualy
impaired and loans and interest receivables of
aproximately HK$248,000 were recovered (31
December 2024: aproximately HK$2,135,000
were individualy impaired in net amount).
As at 30 June 2025, the total amount of the
provision was aproximately HK$8,151,000
(31 December 2024: HK$8,399,000). This was
related to four customers (31 December 2024:
six customers) for whom the Directors are of
the view that the colection of these loans and
interest receivables was not probable.
| 30 June 2025 |
|---|
| 二零二五年 六月三十日 |
| HK$’000 |
| 港币千元 |
| (Unaudited) |
| （未经审核） |
| 53 |
| 2,386 |
| 2,439 |
国农金融投资有限公司
二零二五年中期报告
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
15. 按公允价值计入其他全面收
益之金融资产
本集团选择划定这些投资为
按公允价值计入其他全面收
益之金融资产之款项，乃由
于这些投资并不是为持作买
卖而持有，以及并不预期在
可见将来出售。
附注：
a. 截至二零二五年六月三十
日止期间，按公允价值计
量之非上市股本证券为由
一间私人公司发行之股本
证券投资。本公司董事估
计，截至二零二五年六月
三十日止期间，该等证券
并无出现公允价值变动。
15. FINANCIAL ASETS AT FAIR
VALUE THROUGH OTHER
COMPREHENSIVE INCOME
31 December
二零二四年
十二月三十一日
NotesHK$’000
附注港币千元
(Audited)
（经审核）
Unlisted investments: 非上市投资：
– Equity investments – 股本投资a53
– Fund investments – 基金投资b2,706
2,759
The Group has elected to designate these
investments as at FVTOCI as these investments
are not held for trading and not expected to be
sold in the foreseable future.
Notes:
- ,
the unlisted equity securities at fair value
represent investments in equity securities
isued by a private company. The directors of
the Company estimated no fair value change
of these securities during the period ended 30
June 2025.
China Demeter Financial Investments Limited
Interim Report 2025
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
15. 按公允价值计入其他全面收
益之金融资产（续）
附注：（续）
b. 按公允价值计量之非上市
基金投资为于开曼群岛注
册成立之私募基金之投
资。
(i) 截至二零二四年十
二月三十一日止年
度，本集团收取来
自出售其中一项账
面值约港币5,000元
的基金投资的末期
分派约港币114,000
元。
(i) 于二零二三年二月
六日，本集团认购
一间于开曼群岛
注册成立之非上市
基金，现金代价为
638,400美元（约港
币5,020,000元）。截
至二零二五年六月
三十日止期间，本
集团经参考该基金
组合之资产净值报
表后确认公允价值
亏损约港币320,000
元（二零二四年十二
月三十一日：约港
币1,598,000元）。
15. FINANCIAL ASETS AT FAIR
VALUE THROUGH OTHER
COMPREHENSIVE INCOME
(Continued)
Notes: (Continued)
b. The unlisted fund investments at fair value
represent the investments placed to private
funds incorporated in the Cayman Islands.
(i) During the year ended 31 December
2024, the Group received a final
distribution of aproximately
HK$114,000 from the disposal of one
of the fund investments with carying
amount of aproximately HK$5,000).
(i) On 6 February 2023, the Group
subscribed to a new unlisted fund
incorporated in the Cayman Islands at
cash considerations of USD638,400
(aproximately of HK$5,020,000).
During the period ended 30 June 2025,
the Group recognized a fair value
los of aproximately HK$320,000
(31 December 2024: aproximately
HK$1,598,000) by reference to net
asets value statement of the fund
portfolio.
| 30 June 2025 |
|---|
| 二零二五年 六月三十日 |
| HK$’000 |
| 港币千元 |
| (Unaudited) |
| （未经审核） |
| 261 |
| – |
| 40,329 |
| – |
| 40,329 |
| 40,590 |
国农金融投资有限公司
二零二五年中期报告
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
16. 应收账款
于二零二五年六月三十日，
来自客户合约之应收账款约
为港币261,000元（二零二四
年十二月三十一日︰港币
772,000元）。
16. TRADE RECEIVABLES
31 December
二零二四年
十二月三十一日
HK$’000
港币千元
(Audited)
（经审核）
Trade receivables应收账款
– Non-financial services busines – 非金融服务业务772
– Financial services busines – 金融服务业务
– Dealing in securities – 买卖证券
– Cash clients – 现金客户195
– Margin clients – 保证金客户44,198
– Clearing house – 结算所7,383
51,776
52,548
As at 30 June 2025, trade receivables from
contracts with customers amounted to
aproximately HK$261,000 (31 December
2024: HK$772,000).
| 30 June 2025 |
|---|
| 二零二五年 六月三十日 |
| HK$’000 |
| 港币千元 |
| (Unaudited) |
| （未经审核） |
| 261 |
China Demeter Financial Investments Limited
Interim Report 2025
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
- （续）
(a) 非金融服务业务
以下为于期末按发票日
期呈列之应收账款扣除
信贷亏损拨备之账龄分
析：
本集团与其非金融服务
业务客户之买卖条款主
要为现金及智能卡结
算，惟对于信誉良好的
客户，则通常给予90天
（二零二四年十二月三
十一日：90天）之信贷
期。本集团力求严格控
制其未收回之应收款项
及管理层会定期复核逾
期结余。
16. TRADE RECEIVABLES (Continued)
(a) Non-financial services busines
The folowing is an ageing analysis of
trade receivables net of alowance for
credit loses, presented based on the
invoice date, at the end of the period:
31 December
二零二四年
十二月三十一日
HK$’000
港币千元
(Audited)
（经审核）
0–90 days 0至90天772
The Group’s trading terms with its
customers from the non-financial
services busines are mainly on cash
and smart card setlement, except for
wel established customers for which
the credit term is generaly 90 days
(31 December 2024: 90 days). The
Group seks to maintain strict control
over its outstanding receivables and
the management regularly reviews the
overdue balances.
国农金融投资有限公司
二零二五年中期报告
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
- （续）
(a) 非金融服务业务（续）
本集团根据与本集团有
持续业务的贸易债务人
在香港的良好还款记录
及历史付款模式，对逾
期超过90天的贸易应收
款项的预期信贷亏损模
式下的违约推定进行反
驳，并将违约标准设定
为逾期365天。对彼等
的评估乃根据彼等的违
约概率及违约风险，并
参考以往的收债经验，
经当前及前瞻性因素调
整。
对于以现金、八达通或
主要信用卡进行交易的
零售客户，本集团不会
进行信贷评估。本集团
与透过外卖服务平台结
算的销售有关的应收账
款信贷评级甚高，并无
过往拖欠记录。鉴于该
等资产属短期性质，而
发行人信贷评级甚高，
违约的可能性微不足
道，因此截至二零二五
年六月三十日止期间及
截至二零二四年十二月
三十一日止年度，预期
信贷亏损率为不重大及
近乎零，故并无就应收
账款计提亏损拨备。
16. TRADE RECEIVABLES (Continued)
(a) Non-financial services busines
(Continued)
The Group rebuted the presumption
of default under ECL model for trade
receivables that are over 90 days past
due and set the default criterion as 365
days past due based on god repayment
records for those trade debtors having
a continuous busines with the Group
and the historical payment paterns in
Hong Kong. They are asesed based on
their probability of default and exposure
of default with reference to historical
debt colection experience, adjusted by
curent and forward-loking factors.
No credit evaluations are performed for
retail customers that transact in cash,
Octopus or via major credit cards. The
Group’s trade receivables in conection
with sales setled through delivery
service platforms are with high credit
rating and no past default history.
Given that these asets are short-term
in nature and the probability of default
is negligible on the basis of high-credit
rating isuers, the expected credit los
rates were insignificant and close to zero
for the period ended 30 June 2025 and
for the year ended 31 December 2024,
and acordingly, no los alowance
was recognised in respect of trade
receivables.
China Demeter Financial Investments Limited
Interim Report 2025
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
- （续）
(b) 金融服务业务
保证金客户须抵押证
券抵押品予本集团以
就证券交易获得保证
金融资。于二零二五
年六月三十日， 保证
金客户贷款由客户质
押作为抵押品的证券作
抵押，市值约为港币
154,692,000元（二零二
四年十二月三十一日：
港币169,899,000元）。
管理层已评估于各报告
期末有保证金短缺的各
个别客户的已质押证券
的市值。根据评估，鉴
于最终出售抵押品之估
计变现金额，违约所致
的损失不大，而管理层
认为应收保证金客户之
款项之预期信贷亏损不
重大，因此并无确认减
值亏损（二零二四年十
二月三十一日：拨回减
值亏损约港币1,250,000
元）。保证金贷款为按
要求偿还及按可变商业
利率计息。由于本公司
董事认为账龄分析鉴于
证券保证金业务的性质
而并无赋予额外价值，
故并无披露账龄分析。
16. TRADE RECEIVABLES (Continued)
(b) Financial services busines
Margin clients are required to pledge
securities as colaterals to the Group
in order to obtain the margin facilities
for securities trading. At 30 June 2025,
loans to margin clients are secured by
clients’ securities pledged as colaterals
with market value of aproximately
HK$154,692,000 (31 December 2024:
HK$169,899,000). Management has
asesed the market values of the
pledged securities of each individual
client who has margin shortfal at the
end of each reporting period. Based
on the asesment, the los given
default is low in view of the estimated
realised amount of ultimate disposal
of the colaterals and the management
considers the ECL for receivables
from margin clients is insignificant
and therefore no impairment los was
recognised (31 December 2024: reversal
of impairment los of aproximately
HK$1,250,000). The margin loans are
repayable on demand and bear variable
interest at comercial rates. No ageing
analysis is disclosed as, in the opinion
of the directors of the Company, the
ageing analysis does not give aditional
value in view of the nature of securities
margin busines.
| 30 June 2025 |
|---|
| 二零二五年 六月三十日 |
| HK$’000 |
| 港币千元 |
| (Unaudited) |
| （未经审核） |
| – |
国农金融投资有限公司
二零二五年中期报告
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
- （续）
(b) 金融服务业务（续）
现金客户及结算所产生
的应收账款基于交易日
期的账龄分析如下：
现金客户及结算所证券
交易正常金融服务业务
过程中所产生的应收账
款的结算期限为交易日
期后两天。
16. TRADE RECEIVABLES (Continued)
(b) Financial services busines
(Continued)
The ageing analysis of the trade
receivables arising from cash clients and
clearing house based on the trade date is
as folows:
31 December
二零二四年
十二月三十一日
HK$’000
港币千元
(Audited)
（经审核）
0–90 days0至90天7,578
The setlement terms of trade receivables
arising from the ordinary course of
financial services busines of dealing in
securities from cash clients and clearing
house are two days after trade date.
China Demeter Financial Investments Limited
Interim Report 2025
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
- （续）
(b) 金融服务业务（续）
于二零二五年六月三十
日，于报告期末应收现
金客户的款项与本集团
拥有良好往绩记录或其
后结算的独立客户有
关。倘现金客户未能于
结算日期进行结算，则
本集团有权出售各项交
易项下的已购买证券。
基于过往经验，经考虑
每名客户购买证券之可
收回性及过往收款纪
录，经当前及前瞻性因
素调整，管理层认为无
须作出减值拨备。
于截至二零二五年六月
三十日止期间，并无
（二零二四年十二月三
十一日：港币零元）现
金客户产生的应收账款
之减值亏损已收回及回
拨，且并无确认信贷
亏损。
16. TRADE RECEIVABLES (Continued)
(b) Financial services busines
(Continued)
As at 30 June 2025, receivables due from
cash clients at the end of the reporting
period relate to independent clients that
have god track records with the Group
or are subsequently setled. When cash
clients fail to setle on the setlement
date, the Group has the right to sel the
purchased securities of the respective
transaction. Based on past experience,
management believes that no impairment
alowance is necesary after taking into
consideration the recoverability from the
purchased securities and past colection
history of each client adjusted by curent
and forward-loking factors.
During the period ended 30 June 2025,
no impairment los of trade receivables
arising from cash clients (31 December
2024: HK$Nil) was recovered and
reversed, and no credit loses was
recognised.
| 30 June 2025 |
|---|
| 二零二五年 六月三十日 |
| HK$’000 |
| 港币千元 |
| (Unaudited) |
| （未经审核） |
| 7,750 |
| 87 |
| 7,837 |
国农金融投资有限公司
二零二五年中期报告
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
17. 按公允价值计入损益之金融
资产
强制按公允价值计入损益计
量之金融资产：
香港上市股本证券公允价
值以活跃市场之收市价为
基准。
17. FINANCIAL ASETS AT FAIR VALUE
THROUGH PROFIT OR LOS
Financial asets mandatorily measured at fair
value through profit or los:
31 December
二零二四年
十二月三十一日
HK$’000
港币千元
(Audited)
（经审核）
Equity investments held for trading:持作买卖之股本投资：
– Equity securities listed in Hong Kong – 香港上市股本证券10,200
– Unlisted equity securities – 非上市股本证券87
10,287
The fair value of the equity securities listed in
Hong Kong is based on closing prices in an
active market.
| 30 June 2025 |
|---|
| 二零二五年 六月三十日 |
| HK$’000 |
| 港币千元 |
| (Unaudited) |
| （未经审核） |
| 4,612 |
| 18,805 |
| 3,028 |
| 1,491 |
| 32,849 |
| 60,785 |
China Demeter Financial Investments Limited
Interim Report 2025
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
18. 应付账款及其他应付款项18. TRADE AND OTHER PAYABLES
31 December
二零二四年
十二月三十一日
HK$’000
港币千元
(Audited)
（经审核）
Trade payables应付账款
– Non-financial services busines (Note (i) – 非金融服务业务
（附注(i)8,576
– Financial services busines (Note (i) – 金融服务业务
（附注(i)
Dealing in securities 买卖证券
– Cash clients – 现金客户20,121
– Margin clients – 保证金客户5,277
– Clearing house – 结算所–
Other payables and acruals (Note (i)其他应付款项及
预提费用（附注(i)27,593
61,567
| 30 June 2025 |
|---|
| 二零二五年 六月三十日 |
| HK$’000 |
| 港币千元 |
| (Unaudited) |
| （未经审核） |
| 4,612 |
国农金融投资有限公司
二零二五年中期报告
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
18. 应付账款及其他应付款项
（续）
附注：
(i) 以下为于报告期末按发票
日期呈列，来自非金融服
务业务之应付账款之账龄
分析：
(i) 证券交易之一般金融服务
业务过程中所产生之应付
账款之结算期限为交易日
期后两天。
应付客户之账款按可变商
业利率计息及于结算日
期后按要求偿还。本公
司董事认为，鉴于业务的
性质，账龄分析并无赋予
额外价值，故并无披露
账龄分析。于二零二五
年六月三十日，约港币
21,855,000元（二零二四年
十二月三十一日：港币
21,459,000元）之应付账款
为应付客户款项，当中涉
及信托及已收取独立银行
结余，乃于进行受规管活
动过程中代客户持有。然
而，本集团目前无强制执
行权利将该等应付款项与
已存放存款抵销。
18. TRADE AND OTHER PAYABLES
(Continued)
Notes:
(i) The folowing is an ageing analysis of trade
payables from non-financial services busines,
presented based on invoice date at the end of
the reporting period:
31 December
二零二四年
十二月三十一日
HK$’000
港币千元
(Audited)
（经审核）
0 – 90 days0至90天8,576
(i) The setlement terms of trade payables arising
from the ordinary course of financial services
busines of dealing in securities are two days
after trade date.
Trade payables to clients bear variable interest
at comercial rates, and are repayable on
demand subsequent to setlement date. No
ageing analysis is disclosed as, in the opinion
of the directors of the Company, the ageing
analysis does not give aditional value in view
of the nature of busines. At 30 June 2025, the
trade payables amounting to aproximately
HK$21,855,000 (31 December 2024:
HK$21,459,000) were payable to clients
in respect of the trust and segregated bank
balances received which are held for clients
in the course of conducting the regulated
activities. However, the Group curently does
not have an enforceable right to ofset these
payables with the deposits placed.
China Demeter Financial Investments Limited
Interim Report 2025
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
18. 应付账款及其他应付款项
（续）
附注：（续）
(i) 其他应付款项及预提费用
包括应付一间附属公司
一名非控股东的金额约
港币347,000元（二零二四
年十二月三十一日：港币
347,000元）。
19. 其他借贷
于报告期末，其他借贷来自
独立第三方，以港币计值、
按年利率10%至12%（二零二
四年十二月三十一日：10%
至12%）计息及须于一年内偿
还（二零二四年十二月三十一
日：须于一年内偿还）。除借
贷约港币13,157,000元（二零
二四年十二月三十一日：港
币17,085,000元）以本公司签
订的公司担保作抵押外，余
下借贷约港币5,000,000元（二
零二四年十二月三十一日：
港币5,000,000元）为无抵押。
18. TRADE AND OTHER PAYABLES
(Continued)
Notes: (Continued)
(i) Other payables and acruals included amount
due to a non-controling shareholder of a
subsidiary of aproximately HK$347,000 (31
December 2024: HK$347,000).
19. OTHER BOROWINGS
At the end of the reporting period, other
borowings are from independent third parties,
denominated in HK$, interest bearing at rates
from 10% to 12% (31 December 2024: 10%
to 12%) per anum and repayable within
one year (31 December 2024: repayable
within one year). Except for a borowing of
aproximately HK$13,157,000 (31 December
2024: HK$17,085,000) secured by corporate
guarante executed by the Company, remaining
borowing of aproximately HK$5,000,000 (31
December 2024: HK$5,000,000) is unsecured.
| 30 June 2025 |
|---|
| 二零二五年 六月三十日 |
| HK$’000 |
| 港币千元 |
| (Unaudited) |
| （未经审核） |
| 19,738 |
| 2,730 |
| 561 |
| 23,029 |
| (19,738) |
| 3,291 |
国农金融投资有限公司
二零二五年中期报告
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
20. 租赁负债20. LEASE LIABILITIES
31 December
二零二四年
十二月三十一日
HK$’000
港币千元
(Audited)
（经审核）
Lease liabilities payable:应付租赁负债：
Within one year一年内25,564
Within a period of more than one year but not
more than two years
超过一年但少于两年
的期间内9,929
Within a period of more than two years but
not more than five years
超过两年但少于五年
的期间内1,405
36,898
Les: Amount due for setlement within
12 months shown under curent
liabilities
减： 列入流动负债并于
12个月内到期结
算的款项(25,564)
Amount due for setlement after 12 months
shown under non-curent liabilities
列入非流动负债并于12
个月后到期结算的款
项11,334
China Demeter Financial Investments Limited
Interim Report 2025
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
21. 股本21. SHARE CAPITAL
Ordinary shares of HK$0.01 each
Number of
sharesShare capital
每股面值港币0.01元之普通股份数目股本
’000HK$’000
千股港币千元
Authorised:法定：
At 1 January 2024于二零二四年一月一日100,000,0001,000,000
Share consolidation (Note (i)股份合并（附注(i)）(90,000,000)–
Share sub-division (Note (i)股份拆细（附注(i)）90,000,000–
At 31 December 2024,
1 January 2025 and
30 June 2025
于二零二四年十二月三十一日、
二零二五年一月一日及
二零二五年六月三十日100,000,000100,000,000
Isued and fuly paid:已发行及已缴足：
At 1 January 2024于二零二四年一月一日752,9027,529
Isue of placing shares (Note (i)发行配售股份（附注(i)）150,5801,506
Capital reorganisation (Note (i)股本重组（附注(i)）(813,134)(8,132)
At 31 December 2024 and 1 January 2025于二零二四年十二月三十一日
及二零二五年一月一日90,348903
Isue of rights shares (Note (i)发行供股份（附注(i)）45,174452
At 30 June 2025于二零二五年六月三十日135,5221,355
国农金融投资有限公司
二零二五年中期报告
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
- （续）
附注：
(i) 发行配售股份
于二零二四年六月七日，
本集团完成通过配售代理
向不少于六名承配人按每
股普通股港币0.045元之价
格，配售合共150,580,334
股本集团每股面值港币
0.01元之普通股。配售股
份所得款项净额约为港币
6,479,000元。
(i) 股本重组
根据于二零二四年十一月
十三日举行之股东特别大
会，批准股本重组（包括股
份合并、股本削减及股份
拆细）之特别决议案已按投
票表决方式获正式通过，
并于二零二四年十一月十
五日生效。
股本重组涉及，
(1) 股份合并
本公司股本中每10
股每股面值港币
0.01元之已发行及
未发行当时现有股
份将合并为一股每
股面值港币0.10元
之合并股份。
21. SHARE CAPITAL (Continued)
Notes:
(i) Isue of placing shares
On 7 June 2024, the Group completed the
placing of agregate of 150,580,334 ordinary
shares of the Group of HK$0.01 each to not
les than six places through placing agent
at HK$0.045 per ordinary share. The net
proceds from the placing of shares amounted
to aproximately HK$6,479,000.
(i) Capital reorganisation
Pursuant to a special general meting held
on 13 November 2024, the special resolution
aproving the capital reorganisation
comprising the share consolidation, the capital
reduction and the share sub-division was duly
pased by way of pol and tok efect on 15
November 2024.
The capital reorganisation involved,
(1) Share consolidation
Every 10 isued and unisued then
existing shares of par value of
HK$0.01 each in the share capital of
the Company were consolidated into
1 consolidated share of par value of
HK$0.10 each.
China Demeter Financial Investments Limited
Interim Report 2025
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
- （续）
附注：（续）
(i) 股本重组（续）
(2) 股本削减
每股当时已发行合
并股份的面值通过
注销本公司每股
当时已发行合并股
份的缴足股本港币
0.09元，由港币0.10
元减少至港币0.01
元，因(a)削减缴足
股本；及(b)注销股
份合并可能产生的
本公司已发行股本
中任何零碎合并股
份而产生之金额（合
共约港币8,132,000
元）已记入本公司缴
入盈余账。
(3) 股份拆细
当时每股面值港
币0.10元的法定但
未发行合并股份
拆细为10股每股面
值港币0.01元的新
股份。
21. SHARE CAPITAL (Continued)
Notes: (Continued)
(i) Capital reorganisation (Continued)
(2) Capital reduction
The par value of each of the then
isued consolidated shares were
reduced from HK$0.10 to HK$0.01
by canceling the paid-up capital
of the Company to the extent of
HK$0.09 on each of the then isued
consolidated shares, the credits arising
from (a) such reduction of the paid up
capital; and (b) the cancelation of any
fractional consolidated share in the
isued share capital of the Company
which may arise from the share
consolidation, which together, amount
to aproximately HK$8,132,000, were
credited to the contributed surplus
acount of the Company.
(3) Share sub-division
Each of the then authorised but
unisued consolidated shares of par
value of HK$0.10 each was sub-
divided into 10 new shares of par
value of HK$0.01 each.
国农金融投资有限公司
二零二五年中期报告
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
- （续）
附注：（续）
(i) 发行供股份
于二零二四年十二月三十
一日，本公司宣布建议按
于记录日期每持有两股
份获发一股供股份的基
准，以认购价每股供股
份港币0.345元发行不多于
45,174,100股供股份，筹
集不多于约港币15,600,000
元（扣除开支前）。
股份的供股已于二零二五
年三月七日完成。供股
后，本公司45,174,100股每
股面值港币0.01元的普通
股已按每股港币0.345元的
认购价发行。新股于各方
面均与现有股份享有同等
地位。经扣除相关成本及
费用约港币816,000元后，
供股产生的所得款项净额
约为港币14,769,000元。认
购价超过发行股份面值的
部分已记入股份溢价账。
21. SHARE CAPITAL (Continued)
Notes: (Continued)
(i) Isue of rights shares
On 31 December 2024, the Company
anounced its proposal to raise, before
expenses, not more than aproximately
HK$15.6 milion by isuing not more than
45,174,100 rights shares on the basis of one
Rights Share for every two shares held on
the record date at the subscription price of
HK$0.345 per rights share.
The rights isue of shares was completed
on 7 March 2025. Folowing the rights
isue, 45,174,100 ordinary shares of the
Company of HK$0.01 each were isued at the
subscription price of HK$0.345 per share. The
new shares rank pari pasu with the existing
shares in al respects. The net proceds arising
from the rights isue was aproximately
HK$14,769,000, after deducting relevant cost
and expenses of aproximately HK$816,000.
The exces of the subscription price over the
par value of the shares isued was credited to
the share premium acount.
| HK$’000 |
|---|
| 港币千元 |
| (Audited) |
| （经审核） |
| 2 |
| 2 |
| 20 |
| (2) |
| 18 |
China Demeter Financial Investments Limited
Interim Report 2025
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
22. 出售附属公司
截至二零二四年十二月三十
一日止年度
出售Way Union Development
Limited（「Way Union」）及其
附属公司
于二零二四年九月二十四
日，本公司之直接全资附属
公司City Aly Holdings Limited
（「City Aly」）（作为卖方）与一
间于香港注册成立之有限公
司（一名独立第三方，作为买
方）完成由City Aly向买方出
售其于Way Union及其附属公
司100%股权，现金总代价为
港币20,000元。Way Union及
其附属公司于出售日期的资
产、负债及出售收益如下：
22. DISPOSAL OF SUBSIDIARIES
For the year ended 31 December 2024
Disposal of Way Union Development
Limited (“Way Union”) and its subsidiary
On 24 September 2024, City Aly Holdings
Limited (“City Aly”), a direct wholy-owned
subsidiary of the Company, as seler, and a
company incorporated in Hong Kong with
limited liability, an independent third party as
purchaser completed the disposal by City Aly
of its 100% equity interest in Way Union and
its subsidiary to the purchaser, at an agregate
cash consideration of HK$20,000. The asets,
liabilities and gain on disposal of Way Union
and its subsidiary as at the date of disposal are
as folows:
Cash and cash equivalents现金及现金等价物
Total net asets资产净值总额
Gain arising on disposal由出售产生的收益
Consideration代价
Les: Net asets disposed减：已出售的资产净值
Gain on disposal出售收益
国农金融投资有限公司
二零二五年中期报告
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
23. 雇佣后福利
本集团为香港雇员设立定额
供款强制性公积金退休福利
计划（「强积金计划」）。此外，
根据香港雇佣条例雇用的雇
员如符合参加资格亦可享有
长期服务金（「长期服务金」）。
长期服务金为定额福利计
划。于二零二五年六月三十
日，定额福利计划责任之账
面值约为港币649,000元（二零
二四年十二月三十一日：港
币649,000元）。
23. POST-EMPLOYMENT BENEFITS
The Group operates a defined contribution
Mandatory Provident Fund retirement
benefits scheme (the “MPF Scheme”) for the
employes in Hong Kong. In adition, the
employes employed under the Hong Kong
Employment Ordinance are also entitled
to long service payment (the “LSP”) if the
eligibility criteria are met.
The LSP are defined benefit plans. The carying
amount of defined benefit plan obligations as
at 30 June 2025 is aproximately HK$649,000
(31 December 2024: HK$649,000).
China Demeter Financial Investments Limited
Interim Report 2025
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
- （续）
(a) 长期服务金负债
根据香港雇佣条例，在
若干情况下，已连续雇
用至少五年的香港雇员
有权享有长期服务金。
该等情况包括员工因非
严重失职或裁员而被解
雇、雇员在65岁或以上
的年龄辞职、或雇佣合
同为固定期限并在到期
后未获得续约。长期服
务金的应付金额乃根据
雇员最后薪资（上限为
港币22,500元）及服务年
限厘定，扣除本集团对
强积金计划的供款所产
生的任何累算权益，每
位雇员的总上限为港币
390,000元。目前，本
集团并未就履行其长期
服务金责任而设立任何
独立资金安排。
二零二年六月，政府
刊宪修订条例，雇主使
用其于强积金计划下的
强制性供款减少其应付
香港雇员的长期服务
金，此法定权利将最终
取消（「修订条例」）。政
府随后宣布修订条例将
自二零二五年五月一日
（「转制日期」）起生效。
此外，政府亦预期推出
一项资助计划，在取消
抵销机制后为雇主提供
支援。
23. POST-EMPLOYMENT BENEFITS
(Continued)
(a) Long service payment liabilities
Hong Kong employes that have ben
employed continuously for at least
five years are entitled to long service
payments in acordance with the
Hong Kong Employment Ordinance
under certain circumstances. These
circumstances include where an
employe is dismised for reasons other
than serious misconduct or redundancy,
that employe resigns at the age of 65
or above, or the employment contract
is of fixed term and expires without
renewal. The amount of LSP payable
is determined with reference to the
employe’s final salary (caped at
HK$22,500) and the years of service,
reduced by the amount of any acrued
benefits derived from the Group’s
contributions to MPF scheme, with
an overal cap of HK$390,000 per
employe. Curently, the Group does not
have any separate funding arangement
in place to met its LSP obligation.
In June 2022, the Government gazeted
the Amendment Ordinance, which wil
eventualy abolish the statutory right of
an employer to reduce its LSP payable to
a Hong Kong employe by drawing on
its mandatory contributions to the MPF
scheme (“Amendment Ordinance”).
The Government has subsequently
anounced that the Amendment
Ordinance wil come into efect from
1 May 2025 (“the Transition Date”).
Separately, the Government is also
expected to introduce a subsidy scheme
to asist employers after the abolition.
国农金融投资有限公司
二零二五年中期报告
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
- （续）
(a) 长期服务金负债（续）
其中，当取消对冲机制
生效后，雇主自转制日
期起不得使用其强制性
强积金供款（无论于转
制日期前、当日或之后
作出的供款）所产生的
任何累算权益，以减少
转制日期后雇员服务年
数涉及的长期服务金。
然而，倘雇员于转制日
期前已开始受雇，则雇
主可继续使用上述累算
权益减少截至转制日期
就雇员服务年数涉及的
长期服务金；此外，于
转制日期前就服务年数
涉及的长期服务金将按
雇员紧接转制日期前的
月薪及截至该日的服务
年数计算。
本集团认为，修订条例
主要影响本集团与香港
雇员有关的长期服务金
责任。
23. POST-EMPLOYMENT BENEFITS
(Continued)
(a) Long service payment liabilities
(Continued)
Among other things, once the abolition
of the ofseting mechanism takes
efect, an employer can no longer use
any of the acrued benefits derived
from its mandatory MPF contributions
(irespective of the contributions made
before, on or after the Transition Date)
to reduce the LSP in respect of an
employe’s service from the Transition
Date. However, where an employe’s
employment comenced before the
Transition Date, the employer can
continue to use the above acrued
benefits to reduce the LSP in respect of
the employe’s service up to that date;
in adition, the LSP in respect of the
service before the Transition Date wil
be calculated based on the employe’s
monthly salary imediately before the
Transition Date and the years of service
up to that date.
The Group has determined that the
Amendment Ordinance primarily
impacts the Group’s LSP liability with
respect to Hong Kong employes.
| 30 June 2025 |
|---|
| 二零二五年 六月三十日 |
| HK$’000 |
| 港币千元 |
| (Unaudited) |
| （未经审核） |
| 7,750 |
| 2,439 |
| 87 |
China Demeter Financial Investments Limited
Interim Report 2025
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
24. 金融工具
金融工具之公允价值计量
按循环基准计量金融资产及
金融负债之公允价值
公允价值层级
于截至二零二五年六月三十
日止期间内，概无第一层
级、第二层级及第三层级间
的转移。
24. FINANCIAL INSTRUMENTS
Fair value measurements of financial
instruments
Fair value of financial asets and financial
liabilities that are measured at fair value on
a recuring basis
Fair value hierarchy
31 December
二零二四年
十二月三十一日
HK$’000
港币千元
(Audited)
（经审核）
Financial asets included in Level 1包括于第一层级之
金融资产
Financial asets at fair value through profit
or los (Note 17)
按公允价值计入损益之
金融资产（附注17）10,200
Financial asets included in Level 2包括于第二层级之
金融资产
Financial asets at FVTOCI (Note 15)按公允价值计入其他全
面收益之金融资产
（附注15）2,759
Financial asets included in Level 3包括于第三层级之
金融资产
Financial asets at fair value through profit
or los (Note 17)
按公允价值计入损益之
金融资产（附注17）87
During the period ended 30 June 2025, there
was no transfer betwen Level 1, 2 and 3.
国农金融投资有限公司
二零二五年中期报告
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
- （续）
金融工具之公允价值计量
（续）
按循环基准计量金融资产及
金融负债之公允价值（续）
非金融资产的公允价值计量
乃经计及一名市场参与者利
用资产最高及最佳用途或出
售予另一名将利用资产最高
及最佳用途的市场参与者而
产生经济利益的能力。
就于随后期间按公允价值交
易之金融工具以及将使用不
可观察输入数据计量公允价
值之估值技术而言，估值技
术会校准以使初始确认时的
估值技术结果与交易价格相
等。
此外，就财务报告而言，公
允价值计量根据公允价值计
量之输入数据可观察程度及
该等输入数据对公允价值计
量之整体重要性分类为第一
层级、第二层级或第三层
级，载述如下：
• 第一层级输入数据是实
体于计量日期可获得之
相同资产或负债于活
跃市场之报价（未经调
整）；
24. FINANCIAL INSTRUMENTS
(Continued)
Fair value measurements of financial
instruments (Continued)
Fair value of financial asets and financial
liabilities that are measured at fair value on
a recuring basis (Continued)
A fair value measurement of a non-financial
aset takes into acount a market participant’s
ability to generate economic benefits by using
the aset in its highest and best use or by seling
it to another market participant that would use
the aset in its highest and best use.
For financial instruments which are transacted
at fair value and a valuation technique
that unobservable inputs are to be used to
measure fair value in subsequent periods, the
valuation technique is calibrated so that at
initial recognition the results of the valuation
technique equals the transaction price.
In adition, for financial reporting purposes,
fair value measurements are categorised into
Level 1, 2 or 3 based on the degre to which
the inputs to the fair value measurements are
observable and the significance of the inputs
to the fair value measurement in its entirety,
which are described as folows:
• Level 1 inputs are quoted prices
(unadjusted) in active markets for
identical asets or liabilities that the
entity can aces at the measurement
date;
China Demeter Financial Investments Limited
Interim Report 2025
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
- （续）
金融工具之公允价值计量
（续）
按循环基准计量金融资产及
金融负债之公允价值（续）
• 第二层级输入数据是就
资产或负债而言可直接
或间接观察之输入数据
（第一层级内包括之报
价除外）；及
• 第三层级输入数据是资
产或负债之不可观察输
入数据。
于二零二五年六月三十日及
二零二四年十二月三十一
日，本集团并无任何按公允
价值计量之金融负债。
按公允价值以外计量之金融
资产及金融负债之公允价值
董事认为本集团按成本或摊
销成本计量之金融资产及负
债之账面值与其于二零二五
年六月三十日及二零二四年
十二月三十一日之公允价值
并无重大差异。
24. FINANCIAL INSTRUMENTS
(Continued)
Fair value measurements of financial
instruments (Continued)
Fair value of financial asets and financial
liabilities that are measured at fair value on
a recuring basis (Continued)
- , other than
quoted prices included within Level
1, that are observable for the aset or
liability, either directly or indirectly; and
• Level 3 inputs are unobservable inputs
for the aset or liability.
The Group did not have any financial liabilities
measured at fair value as at 30 June 2025 and
31 December 2024.
Fair value of financial asets and financial
liabilities that are caried at other than fair
value
The Directors consider that the carying
amounts of the Group’s financial asets and
liabilities caried at cost or amortised cost are
not materialy diferent from their fair values
as at 30 June 2025 and 31 December 2024.
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 港币千元 |
| (Unaudited) |
| （未经审核） |
| – |
| – |
| – |
国农金融投资有限公司
二零二五年中期报告
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
25. 关联方交易
本集团于期内与关联方进行
之交易如下：
(a) 与关联方交易
25. RELATED PARTY TRANSACTIONS
The Group had the folowing transactions with
related parties during the period:
(a) Transactions with related parties
For the six months
ended 30 June
截至六月三十日止六个月
二零二四年
NotesHK$’000
附注港币千元
(Unaudited)
（未经审核）
Mr. Ng Man Chun Paul (Director)
吴文俊先生（董事）
Comision income
from securities
dealing
证券交易之佣金收入
(i)1
Mr. Ng Ting Ho (Director)
吴廷浩先生（董事）
Comision income
from securities
dealing
证券交易之佣金收入
(i)–
Mr. Ng Ting Kit (Shareholder)
and his close family members
吴廷杰先生（股东）及其近亲
Comision income
from securities
dealing
证券交易之佣金收入
(i)–
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 港币千元 |
| (Unaudited) |
| （未经审核） |
| – |
| – |
China Demeter Financial Investments Limited
Interim Report 2025
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
- （续）
(a) 与关联方交易（续）
For the six months
ended 30 June
截至六月三十日止六个月
二零二四年
NotesHK$’000
附注港币千元
(Unaudited)
（未经审核）
Companies controled by Mr.
Ng Ting Kit (Shareholder)
and his close family members
吴廷杰先生（股东）及
其近亲控制之公司
Comision income
from securities
dealing
证券交易之佣金收入
(i)–
Mr. Chan Chi Fung (Director)
and his close family members
陈志锋先生（董事）及其近亲
Comision income
from securities
dealing
证券交易之佣金收入
(i)1
Note:
(i) The comision income from
securities dealings was calculated at
rates ranged from 0.03% to 0.25%.
25. RELATED PARTY TRANSACTIONS
(Continued)
(a) Transactions with related parties
(Continued)
附注：
(i) 证券交易之佣金
收入按介乎0.03%
至0.25%之费率计
算。
| 30 June 2025 |
|---|
| 二零二五年 六月三十日 |
| HK$’000 |
| 港币千元 |
| (Unaudited) |
| （未经审核） |
| (4) |
| (5) |
| (15) |
| (37) |
国农金融投资有限公司
二零二五年中期报告
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
- （续）
(b) 与关联方之未结付结余
计入于金融服务业务一
般业务过程中产生之应
收账款及应付账款为应
收╱（应付）若干关联方
之款项，详情如下：
25. RELATED PARTY TRANSACTIONS
(Continued)
(b) Outstanding balances with related
parties
Included in the trade receivables and
payables arising from the ordinary
course of busines of the financial
services busines are amounts due from/
(to) certain related parties, the details of
which are as folows:
31 December
二零二四年
十二月三十一日
HK$’000
港币千元
(Audited)
（经审核）
Mr. Ng Man Chun Paul (Director)
吴文俊先生（董事）
Cash acount
现金户口
(4)
Margin acount
保证金户口
(5)
Mr. Ng Ting Ho (Director)
吴廷浩先生（董事）
Cash acount
现金户口
(15)
Margin acount
保证金户口
(37)
| 30 June 2025 |
|---|
| 二零二五年 六月三十日 |
| HK$’000 |
| 港币千元 |
| (Unaudited) |
| （未经审核） |
| (63) |
| (7) |
| (62) |
| (1) |
| (145) |
| (4) |
China Demeter Financial Investments Limited
Interim Report 2025
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
31 December
二零二四年
十二月三十一日
HK$’000
港币千元
(Audited)
（经审核）
Mr. Ng Ting Kit (Shareholder) and
his close family members
吴廷杰先生（股东）及其近亲
Cash acount
现金户口
(204)
Margin acount
保证金户口
(7)
Companies controled by
Mr. Ng Ting Kit (Shareholder)
and his close family members
吴廷杰先生（股东）及其近亲
控制之公司
Cash acount
现金户口
(52)
Margin acount
保证金户口
(1)
Mr. Chan Chi Fung (Director)
and his close family members
陈志锋先生（董事）及其近亲
Cash acount
现金户口
(29)
Margin acount
保证金户口
(4)
The outstanding balances of cash
acounts above represent the net balance
of trading acounts at the end of the
reporting period.
- （续）
(b) 与关联方之未结付结余
（续）
25. RELATED PARTY TRANSACTIONS
(Continued)
(b) Outstanding balances with related
parties (Continued)
上述现金户口之未结付
结余指交易户口于报告
期末之净结余。
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 港币千元 |
| (Unaudited) |
| （未经审核） |
| 1,393 |
| 39 |
| 1,432 |
国农金融投资有限公司
二零二五年中期报告
Notes to the Unaudited Condensed Consolidated Interim Results (Cont’d)
未经审核简明综合中期业绩附注（续）
- （续）
(c) 主要管理人员之酬金
于报告期内，主要管理
层之薪酬如下：
25. RELATED PARTY TRANSACTIONS
(Continued)
(c) Compensation of key management
personel
The remuneration of key management
during the reporting period was as
folows:
For the six months
ended 30 June
截至六月三十日止六个月
二零二四年
HK$’000
港币千元
(Unaudited)
（未经审核）
Salaries, alowances and
benefit in kind
薪金、津贴及实物福利
1,386
Contributions to retirement
benefit schemes
退休福利计划供款
1,425
China Demeter Financial Investments Limited
Interim Report 2025
As at 30 June 2025 于二零二五年六月三十日
Management Discusion and Analysis
管理层讨论及分析
FINANCIAL AND BUSINES REVIEW
China Demeter Financial Investments Limited (the
“Company” and, together with its subsidiaries, the
“Group”) recorded a net los atributable to owners
of the Company of aproximately HK$17,643,000
for the six months ended 30 June 2025 (“Period”)
(30 June 2024: HK$11,997,000 ). This was mainly
atributable to the increase in los in the fod and
beverage busines of aproximately HK$2,552,000;
and the financial services busines experienced a
turnaround to a los of aproximately HK$1,021,000;
reflecting a negative shift of aproximately
HK$3,650,000.
Revenue of the Group for the Period decreased by
aproximately 25% to aproximately HK$51,766,000
(30 June 2024: HK$68,766,000). Gros profit of the
Group amounted to aproximately HK$36,902,000
(30 June 2024: HK$47,664,000). The revenue for the
Period comprised alcoholic beverage distribution and
miscelaneous busines amounting to aproximately
HK$14,000 (30 June 2024: HK$252,000), dividend
income from listed equity investments amounting
to aproximately HK$29,000 (30 June 2024:
HK$46,000), revenue from fod and beverage
busines amounting to aproximately HK$43,292,000
(30 June 2024: HK$59,080,000), loan interest income
amounting to aproximately HK$411,000 (30 June
2024: HK$627,000), provision of children education
services amounting to aproximately HK$3,924,000
(30 June 2024: HK$2,972,000) and provision of
financial services amounting to aproximately
HK$4,096,000 (30 June 2024: HK$5,789,000).
财务及业务回顾
国农金融投资有限公司（「本公司」，
连同其附属公司统称「本集团」）于截
至二零二五年六月三十日止六个月
（「期内」）录得本公司拥有人应占亏
损净额约港币17,643,000元（二零二
四年六月三十日：港币11,997,000
元）。此乃主要由于食品及饮料业
务的亏损增加约港币2,552,000元；
及金融服务业务转盈为亏，亏损约
港币1,021,000元，反映负面变化约
港币3,650,000元。
期内，本集团之收入减少约25%至
约港币51,766,000元（二零二四年
六月三十日：港币68,766,000元）。
本集团之毛利约为港币36,902,000
元（二零二四年六月三十日：港
币47,664,000元）。期内之收入包
括酒精饮料分销及杂项业务约港
币14,000元（二零二四年六月三十
日：港币252,000元）、上市权益投
资之股息收入约港币29,000元（二
零二四年六月三十日：港币46,000
元）、食品及饮料业务收入约港币
43,292,000元（二零二四年六月三十
日：港币59,080,000元）、贷款利息
收入约港币411,000元（二零二四年
六月三十日：港币627,000元）、提
供儿童教育服务约港币3,924,000
元（二零二四年六月三十日：港币
2,972,000元）及提供金融服务约港币
4,096,000元（二零二四年六月三十
日：港币5,789,000元）。
国农金融投资有限公司
二零二五年中期报告
As at 30 June 2025 于二零二五年六月三十日
Management Discusion and Analysis (Cont’d)
管理层讨论及分析（续）
财务及业务回顾（续）
期内，一般及行政开支约港币
53,836,000元（二零二四年六月三
十日：港币60,606,000元）。有关减
少乃主要由于(i)物业、厂房及设备
之折旧减少约港币3,072,000元；
及(i)薪金及其他福利减少约港币
3,417,000元所导致，上述两项均属
于食品及饮料业务。
酒精饮料分销及杂项业务
酒精饮料分销及杂项业务主要从事
于香港分销酒精饮料、杂货贸易以
及提供商务顾问服务。
本集团酒精饮料分销及杂项业务主
要包括优质葡萄酒及珍藏威士忌之
零售及企业销售，辅以商品贸易及
商业咨询服务。
为精简业务营运，酒精饮料分销及
杂项业务将逐步整合至其他附属公
司，而比利时手工啤酒有限公司之
营运职能将相应缩减。于过渡期
间，我们仍致力为现有客户维持服
务质素，同时加强销售团队之能
力，并完善成本架构，以确保无缝
营运与本集团策略资源分配目标保
持一致。
期内，来自酒精饮料分销及杂项业
务之收入约为港币14,000元（二零
二四年六月三十日：港币252,000
元）。
FINANCIAL AND BUSINES REVIEW
(Continued)
General and administrative expenses for the Period
amounted to aproximately HK$53,836,000 (30
June 2024: HK$60,606,000). Such decrease mainly
resulted from lower (i) depreciation of property, plant
and equipment of aproximately HK$3,072,000;
and (i) salaries and other benefits of aproximately
HK$3,417,000, both within the fod and beverage
busines.
Alcoholic Beverage Distribution and Miscelaneous
Busines
Alcoholic Beverage distribution and miscelaneous
busines are principaly engaged in distribution
of alcoholic beverage in Hong Kong, trading of
miscelaneous gods and provision of busines
advisory services.
The Group’s alcoholic beverage distribution and
miscelaneous busineses primarily involve the retail
and corporate sales of premium wines and colectible
whiskies, complemented by merchandise trading and
busines advisory services.
To streamline the busines operation, the alcoholic
beverage distribution busines wil be progresively
integrated into other subsidiaries, with Belicious (HK)
Limited’s operational functions being acordingly
reduced. During this transition period, we remain
comited to maintaining service quality for existing
clients while enhancing sales team capabilities
and optimizing cost structures to ensure seamles
operations alignment with the Group’s strategic
resource alocation objectives.
During the Period, revenue from the distribution
of alcoholic beverage and miscelaneous busines
amounted to aproximately HK$14,000 (30 June
2024: HK$252,000).
China Demeter Financial Investments Limited
Interim Report 2025
As at 30 June 2025 于二零二五年六月三十日
Management Discusion and Analysis (Cont’d)
管理层讨论及分析（续）
财务及业务回顾（续）
食品及饮料业务
期内，透过于香港经营供应日本料
理、泰国菜及西餐的餐厅，食品及
饮料业务成为本集团的主要业务之
一。期内，来自食品及饮料业务之
收入约为港币43,292,000元（二零二
四年六月三十日：港币59,080,000
元）。
二零二五年，香港餐饮业仍将面临
重大挑战，尤其是竞争激烈及营运
成本上升，包括租金开支、食品成
本、劳动开支不断攀升以及消费意
欲低迷及经济不确定因素。餐饮业
继续面对结构方面之挑战，并受到
竞争压力及谨慎消费意欲阻碍复
苏。
尽管面临该等不利因素，我们借由
保留表现较佳的餐厅，同时缩减表
现不佳的餐厅，来维持我们的业务
营运。凭借数码营销及成本优化，
同时维持优质服务，我们已为巩固
市场地位做好准备。我们采取积极
进取的策略，使我们能克服市场压
力，同时巩固我们于该充满活力的
行业中的地位。
FINANCIAL AND BUSINES REVIEW
(Continued)
Fod and Beverage Busines
During the Period, fod and beverage busines is one
of the Group’s principal busines through operating
of restaurants serving Japanese cuisine, Thai fod and
western fod in Hong Kong. During the Period, the
revenue from fod and beverage busines amounted
to aproximately HK$43,292,000 (30 June 2024:
HK$59,080,000).
The fod and beverage industry in Hong Kong
continues to face significant chalenges in 2025,
characterized by intense competition and rising
operating costs, including escalating rental expenses,
fod costs, labor expenses and subdued consumer
spending and economic uncertainties. The fod
and beverage industry continues to face structural
chalenges, with recovery hindered by competitive
presures and cautious consumer sentiment.
Despite these headwinds, we sustain our busines
operations by retaining beter-performing restaurants
while scaling back porly performing restaurants.
We poised to strengthen our market position by
leveraging digital marketing and cost optimization
while maintaining high-quality oferings. Our
proactive aproach positions us to navigate market
presures while strengthening our fothold in this
dynamic sector.
国农金融投资有限公司
二零二五年中期报告
As at 30 June 2025 于二零二五年六月三十日
Management Discusion and Analysis (Cont’d)
管理层讨论及分析（续）
财务及业务回顾（续）
放债业务
期内，本集团动用盈余资金，透过
全资附属公司喜天财务有限公司
为其放债业务提供资金。期内该
业务分部的贷款利息收入约为港
币411,000元（二零二四年六月三十
日：港币627,000元）。期内应收贷
款之年利率介乎10%至18%（二零二
四年六月三十日：10%至18%）。
鉴于发达国家潜在利率波动，本公
司仍致力通过采取谨慎措施来缓解
其影响，以保障我们能收回放债业
务中贷款本金及利息。该等措施可
能牵涉调整利率及费用以及密切关
注市况以相应调整我们的借贷行
为。我们的主要目标是积极管理利
率差异带来的潜在风险，确保放债
业务的持续财务稳定。
提供儿童教育服务
期内，来自提供儿童教育服务之收
入约为港币3,924,000元（二零二四年
六月三十日：港币2,972,000元）。
FINANCIAL AND BUSINES REVIEW
(Continued)
Money Lending Busines
During the Period, the Group used its surplus liquidity
to fund its money lending busines through its wholy-
owned subsidiary, Delight Sky Finance Limited and
the loan interest income from this busines segment
amounted to aproximately HK$411,000 during the
Period (30 June 2024: HK$627,000). Interest of the
loans receivable were charged at rates ranging from
10% to 18% (30 June 2024: 10% to 18%) per anum
during the Period.
Given the potential interest rate volatility in
developed countries, our company remains comited
to mitigating this impact by implementing prudent
measures to safeguard the recoverability of both
principal and interest on loans within our money
lending busines segment. These measures may entail
adjustments to interest rates and fes, as wel as close
monitoring of market conditions to adapt our lending
practices acordingly. Our primary objective is to
proactively manage the potential risks asociated with
interest rate diferentials and ensure the continued
financial stability of our lending operations.
Provision of Children Education Services
During the Period, revenue from the provision
of children education services amounted to
aproximately HK$3,924,000 (30 June 2024:
HK$2,972,000).
China Demeter Financial Investments Limited
Interim Report 2025
As at 30 June 2025 于二零二五年六月三十日
Management Discusion and Analysis (Cont’d)
管理层讨论及分析（续）
财务及业务回顾（续）
提供儿童教育服务（续）
香港私人教育行业正面临严峻挑
战，低生育率与移民潮导致适龄学
童大幅减少，市场竞争日趋激烈。
在此背景下，本集团采取双轨策略
应对困境：一方面著力保留现有学
生，另一方面持续提升教育品质，
以差异化服务增强竞争力。然而，
受大环境影响，幼稚园收入仍未达
预期目标，二零二五年收生人数亦
低于原定计划。
为突破困局，我们积极调整策略：
何文田校舍于二零二四╱二五学年
新增全日班服务，不仅满足双职家
庭需求，更通过规律化的集体生
活，系统性培养幼儿的社交能力、
团队合作意识及独立解决问题的能
力。此外，柴湾校舍自二零二三年
四月投入运营后，已顺利取得半日
及全日班牌照，目前进入稳定发展
期，学生人数持续攀升。
FINANCIAL AND BUSINES REVIEW
(Continued)
Provision of Children Education Services (Continued)
The Hong Kong private education industry is
facing severe chalenges, with low birth rates and
emigration waves leading to a significant reduction
in schol-aged children and an increasingly intense
competition in the market. Against this backdrop, the
Group adopted a dual-track strategy to adres the
chalenges: focusing on retaining the existing students
on one hand, while on the other hand, continuously
enhancing education quality to strengthen
competitivenes through diferentiated services.
However, afected by the overal environment,
the kindergarten’s revenue has not yet reached its
expected target, and the number of students enroled
in 2025 was also lower than originaly planed.
To make a breakthrough, we have actively adjusted
our strategies: we have introduced ful-day clas
services to our schol premise in Ho Man Tin
in the academic year of 2024/25, which not only
mets the neds of double-income families, but also
systematicaly cultivates children’s social skils,
teamwork awarenes and independent problem-
solving abilities through the regular group activities.
Furthermore, we have sucesfuly obtained
licenses for the half-day and ful-day clases for the
schol premise in Chai Wan since its operation in
April 2023 and it is curently entering a period of
stable development, with the number of students
continuously increasing.
国农金融投资有限公司
二零二五年中期报告
As at 30 June 2025 于二零二五年六月三十日
Management Discusion and Analysis (Cont’d)
管理层讨论及分析（续）
财务及业务回顾（续）
提供儿童教育服务（续）
为提升品牌知名度，本集团在报告
期内开展了开放日、展览会、育儿
讲座等一系列活动，各活动均获得
热烈响应，这也让学校的未来充满
发展机遇。
在学生培养方面，本校学生今年在
多项大型赛事中表现亮眼，斩获佳
绩，其中包括中华挑战杯、香港学
校朗诵节、专业精英杯学术才艺大
赛等重要赛事。此外，本校亦多次
获著名饮食集团及地区关爱队邀
请，组织学生为社区各界人士表
演，不仅有效提升了学校知名度，
更增强了学生的自信心。这些成果
不仅让学校获得更多关注，更助力
品牌形象的提升，为幼稚园赢得了
广泛的口碑与社会认可。
与此同时，学校坚持定期举办家长
教育讲座，向家长系统传授科学育
儿理念与实用方法，帮助家长提升
育儿能力。
FINANCIAL AND BUSINES REVIEW
(Continued)
Provision of Children Education Services (Continued)
To enhance brand awarenes, the Group organized a
series of activities, including open days, exhibitions,
and parenting workshops, during the reporting period,
al of which received an enthusiastic response.
This also means that there are ful of development
oportunities for the schol in the future.
In terms of student cultivation, our students
performed briliantly and achieved excelent results
in several major competitions this year, including the
China Chalenge Cup, Hong Kong Schols Spech
Festival, and the Profesional Elite Cup Academic
Talent Competition. In adition, our schol has also
ben invited by renowned fod and beverage groups
and District Services and Comunity Care Teams
to let our students perform for various comunity
members, which has not only efectively enhanced
our schol’s reputation, but has also bosted self-
confidence of our students. These achievements
have not only brought more atention to our schol,
but also helped to enhance our brand image, earning
widespread reputation and social recognition for the
kindergarten.
At the same time, our schol insisted on organizing
education seminars on a regular basis for parents to
impart scientific parenting concepts and practical
aproaches to them for beter educating their children,
helping them improve their parenting skils.
China Demeter Financial Investments Limited
Interim Report 2025
As at 30 June 2025 于二零二五年六月三十日
Management Discusion and Analysis (Cont’d)
管理层讨论及分析（续）
财务及业务回顾（续）
提供儿童教育服务（续）
乐沛儿幼稚园在何文田办学多年，
凭借优质师资队伍，众多毕业生顺
利进入理想小学就读，深受家长信
赖与欢迎。依托这一良好的品牌基
础，预计柴湾校舍也将取得出色的
办学成果。
展望未来，尽管行业环境充满挑
战，但凭借全日班服务的优化与新
校舍的成长动能，预计两校舍将形
成协同效应，带动学费收入稳步增
长，为本集团提供可持续的发展动
力。
金融服务业务
期内，来自国农证券有限公司（「国
农证券」）外部客户之收入约港币
4,096,000元（二零二四年六月三十
日：港币5,789,000元）。国农证券为
本集团之全资附属公司（主要从事
就证券提供意见及证券交易及资产
管理）以及根据香港法例第571章证
券及期货条例（「证券及期货条例」）
可从事第1类（证券交易）、第4类（就
证券提供意见）及第9类（提供资产管
理）受规管活动之香港持牌法团。
FINANCIAL AND BUSINES REVIEW
(Continued)
Provision of Children Education Services (Continued)
Hong Kong Nobel Preschol has ben operating in
Ho Man Tin for many years. With its high-quality
teaching staf, many graduates have sucesfuly
entered their ideal primary schol, earning trust from
parents as wel as being highly popular with parents.
Relying on this strong brand foundation, the Chai
Wan schol premise is also expected to achieve
excelent educational results.
Loking ahead, despite the chalenging industry
environment, leveraging its optimization of ful-
day clas services and the growth momentum of
new schol premise, it is expected that two schol
premises wil create synergies, driving steady growth
in tuition fe income and providing sustainable
development momentum for the Group.
Financial Services Busines
During the Period, revenue from external customers of
China Demeter Securities Limited (“CD Securities”)
amounted to aproximately HK$4,096,000 (30 June
2024: HK$5,789,000). CD Securities is a wholy-
owned subsidiary of the Group, principaly engaged
in advising on securities and dealing in securities
and aset management and is a licensed corporation
in Hong Kong to cary out Type 1 (Dealing in
securities), Type 4 (Advising on securities) and Type
9 (Aset management) regulated activities under the
Securities and Futures Ordinance (Chapter 571 of the
Law of Hong Kong) (“SFO”).
国农金融投资有限公司
二零二五年中期报告
As at 30 June 2025 于二零二五年六月三十日
Management Discusion and Analysis (Cont’d)
管理层讨论及分析（续）
财务及业务回顾（续）
金融服务业务（续）
在全球经济不明朗下，市场气氛低
迷及交易活动减少导致金融服务业
务表现平淡。然而，成本控制及专
注于客户留存有助减轻部分经营压
力。我们仍对二零二五年下半年之
潜在回升持审慎乐观态度，惟须视
乎利率走势及中国内地之经济复
苏。
本公司在报告期内在维持经纪服务
质量的同时，亦已采取更加谨慎的
方式管理我们的保证金融资业务。
此外，我们一直积极通过各种营销
渠道推广公司品牌。这些战略举措
旨在增加我们的市场版图及扩大客
户基础。
FINANCIAL AND BUSINES REVIEW
(Continued)
Financial Services Busines (Continued)
The financial service busines faced subdued
performance due to weak market sentiment and
reduced trading activity amid global economic
uncertainty. However, cost discipline and a focus on
customer retention helped mitigate some operating
presures. We remains cautiously optimistic for
a potential rebound in the second half of 2025,
depending on interest rate trends and mainland
China’s economic recovery.
The Company has proactively adopted a more prudent
aproach in managing our margin financing busines,
while maintaining the quality of our brokerage
services during the reporting period. Aditionaly,
we have ben actively promoting our brand through
diverse marketing chanels. These strategic eforts
are aimed at strengthening our market presence and
expanding our customer base.
China Demeter Financial Investments Limited
Interim Report 2025
As at 30 June 2025 于二零二五年六月三十日
Management Discusion and Analysis (Cont’d)
管理层讨论及分析（续）
财务及业务回顾（续）
证券投资业务
为使投资组合更多元化并提升股东
回报，本集团之多元化证券投资组
合涵盖上市及非上市公司。本集团
持有之所有按公允价值计入损益之
金融资产均为香港上市公司股份。
期内，本集团录得计入损益之金
融资产之公允价值变动亏损约港
币1,284,000元（二零二四年六月三
十日：港币476,000元）。董事会预
期，证券投资业务的表现能于不久
将来为本集团贡献正面回报。
董事认为账面值占本集团于结算日
期的资产净值5%或以上的上市证券
投资属于重大投资（「重大投资」）。
于二零二五年六月三十日，本公司
并无持有任何重大投资。
董事会将继续密切监察证券表现，
以减轻潜在金融风险。
FINANCIAL AND BUSINES REVIEW
(Continued)
Securities Investment Busines
The Group’s diversified securities investment
portfolios cover both listed and non-listed companies,
in order to diversify its investment portfolios and
increase returns to shareholders. The financial asets
at fair value through profit or los held by the Group
were al shares of listed companies in Hong Kong.
During the Period, the Group recorded los from
the changes in fair value of financial asets through
profit or los of aproximately HK$1,284,000 (30
June 2024: HK$476,000). The Board expects that
performance of the securities investment busines wil
be able to contribute positive returns for the Group in
the near future.
The Directors consider an investment in listed
securities with a carying value of 5% or more of
the net aset value of the Group as at a balance
shet date as significant investments (“Significant
Investments”). As at 30 June 2025, the Company did
not hold any Significant Investments.
The Board wil continue to closely monitor the
performance of the securities in order to mitigate
potential financial risks.
国农金融投资有限公司
二零二五年中期报告
As at 30 June 2025 于二零二五年六月三十日
Management Discusion and Analysis (Cont’d)
管理层讨论及分析（续）
前景
随著踏进二零二五年下半年，本集
团仍致力于其多元业务分部推动优
化及创新，从而于多变之经济形势
下促进可持续及稳定之增长。
于食品及饮料分部，我们将继续透
过加强营销活动强化核心优势，借
助数码渠道扩大客户之参与，提升
品牌声誉。严谨之成本管理（包括
租金开支及采购）将会维持，同时
以策略成果获取优质地段，增强盈
利能力。我们对产品质素及优质
服务秉持最高标准，以丰富用餐体
验。
至于金融服务分部，本集团将透过
包括网上平台及社交媒体等多元营
销方法持续扩大其客户基础，从而
加强客户留存。将以审慎态度监管
孖展融资活动，以平衡风险与回
报，保障整体投资组合。为于此变
化不断之行业中维持竞争优势，将
继续提升营连效率。
教育分部将以多元化的营销策略为
先，提升品牌知名度。持续改进课
程及教学方法，将提高教育标准。
目标乃提供卓越之学习经验，从而
奠定本集团于教育市场之地位。
总括而言，本集团将积极与市场趋
势保持一致，并实施灵活之策略以
合并及扩展其核心业务，从而增强
整体营运表现，且实现持久之股东
价值。
PROSPECTS
As we aproach the second half of 2025, the Group
remains comited to advancing optimization and
inovation acros its diverse busines segments,
thereby fostering sustained and stable growth amid a
fluid economic landscape.
In the fod and beverage segment, we wil continue to
fortify our core strengths through enhanced marketing
initiatives, leveraging digital chanels to broaden
customer engagement and elevate brand stature.
Rigorous cost management, including rental expenses
and sourcing, wil be maintained, alongside strategic
eforts to secure premium locations that enhance
profitability. We uphold the highest standards of
product quality and service excelence to enrich the
dining experience.
Within the financial services segment, the Group
wil persist in expanding its client base through
multifaceted marketing aproaches encompasing
online platforms and social media, thereby reinforcing
customer retention. Prudent oversight of margin
financing activities wil be exercised to balance
risk and returns, safeguarding portfolio integrity.
Operational eficiencies wil be continualy refined
to sustain a competitive advantage in this dynamic
sector.
The Education segment wil prioritize diversified
marketing strategies to augment brand visibility.
Ongoing enhancements to curiculum and teaching
methodologies to elevate educational standards. The
objective is to deliver superior learning experiences
that afirm the Group’s position in the education
market.
In sumary, the Group wil proactively align with
market trends and implement agile strategies to
consolidate and expand its core busineses, thereby
enhancing overal operational performance and
delivering enduring shareholder value.
China Demeter Financial Investments Limited
Interim Report 2025
As at 30 June 2025 于二零二五年六月三十日
Management Discusion and Analysis (Cont’d)
管理层讨论及分析（续）
财务资源及流动性
于二零二五年六月三十日，本集
团现金及现金等价物约为港币
33,659,000元（二零二四年十二月三
十一日：港币25,889,000元），流动
资产净值约为港币18,032,000元（二
零二四年十二月三十一日：港币
12,158,000元）。流动比率（定义为总
流动资产除以总流动负债）为1.18倍
（二零二四年十二月三十一日：1.11
倍）。
于二零二五年六月三十日，本集团
其他借贷约为港币18,157,000元（二
零二四年十二月三十一日︰港币
22,085,000元）。其中一项其他借贷
约港币13,157,000元（二零二四年十
二月三十一日︰港币17,085,000元）
以本公司签立的公司担保作抵押。
其他借贷按当前市场利率计息，并
须根据相关贷款协议偿还。
于二零二五年六月三十日，本集团
的资本负债比率为69%（二零二四年
十二月三十一日：71%），该比率根
据本集团的总负债比总资产计算。
重大收购及出售
期内，本公司并无任何重大收购及
出售。
股本架构
于二零二五年六月三十日，本集团
有本公司拥有人应占权益约港币
45,792,000元（二零二四年十二月三
十一日：港币48,986,000元）。
FINANCIAL RESOURCES AND LIQUIDITY
As at 30 June 2025, the Group had cash and cash
equivalents of aproximately HK$33,659,000 (31
December 2024: HK$25,889,000) and net curent
asets of aproximately HK$18,032,000 (31
December 2024: HK$12,158,000). Curent ratio
(defined as total curent asets divided by total curent
liabilities) was 1.18 times (31 December 2024: 1.11
times).
As at 30 June 2025, the Group had other borowings
of aproximately HK$18,157,000 (31 December
2024: HK$22,085,000). One of the other borowings
of aproximately HK$13,157,000 (31 December
2024: HK$17,085,000) is secured by corporate
guarante executed by the Company. The other
borowings bear interest at prevailing market rates
and repayable in acordance with the relevant loan
agrements.
The Group’s gearing ratio, which is calculated on the
basis of the Group’s total liabilities to the total asets,
as at 30 June 2025 was 69% (31 December 2024:
71%).
MATERIAL ACQUISITION AND DISPOSAL
The Company does not have any significant
acquisition and disposal during the Period.
CAPITAL STRUCTURE
As at 30 June 2025, the Group had equity
atributable to owners of the Company of
aproximately HK$45,792,000 (31 December 2024:
HK$48,986,000).
国农金融投资有限公司
二零二五年中期报告
As at 30 June 2025 于二零二五年六月三十日
Management Discusion and Analysis (Cont’d)
管理层讨论及分析（续）
根据一般授权发行股份
于二零二四年五月二十日，本公
司与赢控金融证券有限公司（「配售
代理」）以竭力基准订立配售协议，
据此，配售代理同意根据一般授
权按每股港币0.045元之配售价向
不少于六名承配人配售合共最多
150,580,334股本公司配售股份（「配
售事项」），而承配人及其最终实益
拥有人均为独立第三方。诚如本公
司日期为二零二四年六月七日之公
告所披露，配售事项根据配售协
议条款于二零二四年六月七日完
成。本公司已收所得款项净额约
港币6,480,000元拟根据以下方式动
用：(i)约港币3,000,000元（相当于
配售事项所得款项净额的约46.3%）
用作清偿本集团未清偿的租金相关
费用（「供餐饮业务使用所得款项净
额」）；(i)约港币2,830,000元（相当于
配售事项所得款项净额的约43.7%）
用作偿还未清偿的贷款及利息；及
(i)约港币650,000元（相当于配售事
项所得款项净额的约10.0%）用作补
充本集团一般运营资金，其用于
（其中包括）本集团的员工成本、专
业费用及其他营运开支。
ISUE OF SHARES UNDER THE GENERAL
MANDATE
On 20 May 2024, the Company and Minerva Holding
Financial Securities Limited (“Placing Agent”)
entered into a placing agrement pursuant to which
the Placing Agent agred to place, on a best endeavor
basis, in agregate, up to 150,580,334 placing shares
of the Company at the placing price of HK$0.045
per share to not les than six places who and whose
ultimate beneficial owners are independent third
parties under general mandate (“Placing”). As
disclosed in the anouncement of the Company dated
7 June 2024, the completion of the Placing tok
place on 7 June 2024 in acordance with the terms
of the placing agrement. The Company received net
proceds of aproximately HK$6.48 milion, which
are intended to be aplied as to (i) aproximately
HK$3 milion, equivalent to aproximately 46.3% of
the net proceds from the Placing for the setlement of
outstanding rental related expenses of the Group (“Net
Proceds for F&B Busines”); and (i) aproximately
HK$2.83 milion, equivalent to aproximately
43.7% of the net proceds from the Placing, for the
repayment of outstanding borowing and interests;
and (i) aproximately HK$0.65 milion, equivalent
to aproximately 10.0% of the net proceds from the
Placing, for replenishing the general working capital
of the Group which shal be aplied on, among
other things, staf cost, profesional fes, and other
operating expense of the Group.
China Demeter Financial Investments Limited
Interim Report 2025
As at 30 June 2025 于二零二五年六月三十日
Management Discusion and Analysis (Cont’d)
管理层讨论及分析（续）
根据一般授权发行股份（续）
于二零二五年六月三十日，本集团
已按拟定动用配售事项所得款项
净额。
股本重组
根据于二零二四年十一月十三日举
行之股东特别大会，批准股本重组
（包括股份合并、股本削减及股份
拆细（各定义见下文）之特别决议案
以投票表决方式获正式通过，并于
二零二四年十一月十五日生效。
根据股本重组，
(1) 将每10股本公司当时既有股
本中每股港币0.01元之已发行
及未发行股份合并（「股份合
并」）为1股每股港币0.10元之
合并股份（「合并股份」）；
- ，藉注
销本公司已发行股本中因股
份合并而产生之任何零碎股
份，将本公司已发行股本中
之合并股份总数向下调整至
整数；
ISUE OF SHARES UNDER THE GENERAL
MANDATE (Continued)
As at 30 June 2025, the Group had utilised the net
proceds from Placing as intended.
CAPITAL REORGANISATION
Pursuant to a special general meting held on 13
November 2024, the special resolution aproving
the Capital Reorganisation comprising the Share
Consolidation, the Capital Reduction and the Share
Sub-division (each as defined below) was duly pased
by way of pol and tok efect on 15 November 2024.
Under the Capital Reorganisation,
(1) Every 10 isued and unisued shares of
HK$0.01 each in the then existing share capital
of the Company was consolidated (“Share
Consolidation”) into 1 consolidated share of
HK$0.10 each (“Consolidated Share”);
(2) the total number of Consolidated Shares
in the isued share capital of the Company
imediately folowing the Share Consolidation
was rounded down to a whole number by
canceling any fraction in the isued share
capital of the Company arising from the Share
Consolidation;
国农金融投资有限公司
二零二五年中期报告
As at 30 June 2025 于二零二五年六月三十日
Management Discusion and Analysis (Cont’d)
管理层讨论及分析（续）
CAPITAL REORGANISATION (Continued)
(3) the par value of each of the then isued
Consolidated Shares was reduced from
HK$0.10 to HK$0.01 each (“New Shares”)
by canceling the paid-up capital of the
Company to the extent of HK$0.09 on each
of the then isued Consolidated Shares, such
that the par value of each isued Consolidated
Share was reduced from HK$0.10 to HK$0.01
(together with sub-paragraph (2) above, the
“Capital Reduction”); the credits arising
from (a) such reduction of the paid up capital;
and (b) the cancelation of any fractional
Consolidated Share which arise from the Share
Consolidation, in the amount of aproximately
HK$8,132,000 was transfered to the
contributed surplus acount of the Company
within the meaning of the Company Act 1981
of Bermuda; and
(4) each of the then authorised but unisued
Consolidated Shares of par value of HK$0.10
each was sub-divided into 10 New Shares
of par value of HK$0.01 each (“Share
Sub-division”, together with the Share
Consolidation and the Capital Reduction, the
“Capital Reorganisation”).
The board lot size for trading in the Shares was
changed from 10,000 existing shares to 5,000 New
Shares on the Stock Exchange after completion of the
Capital Reorganisation.
股本重组（续）
- （以
每股当时已发行合并股份港
币0.09元为限），将每股当时
已发行合并股份之面值由每
股港币0.10元削减至港币0.01
元（「新股」），致使每股已发行
合并股份的面值由港币0.10
元削减至港币0.01元（连同上
文(2)分段，统称为「股本削
减」）；而(a)削减实缴股本；
及(b)注销因股份合并而产生
之任何零碎合并股份所产生
之进账，约港币8,132,000元
转拨至本公司缴入盈余账（定
义见一九八一年百慕达公司
法）；及
(4) 每股面值港币0.10元之当时法
定但未发行合并股份分拆为
10股每股面值港币0.01元之新
股份（「股份拆细」，连同股份
合并及股本削减统称为「股本
重组」）。
于股本重组完成后，股份于联交所
的每手买卖单位由10,000股既有股
份更改为5,000股新股。
China Demeter Financial Investments Limited
Interim Report 2025
As at 30 June 2025 于二零二五年六月三十日
Management Discusion and Analysis (Cont’d)
管理层讨论及分析（续）
完成供股
于二零二四年十二月三十一日，本
公司宣布建议按于记录日期每持
有两股份获发一股供股份的基
准，以认购价每股供股份港币
0.345元发行不多于45,174,100股供
股份（「供股份」），筹集不多于
约港币15,600,000元（扣除开支前）
（「供股」）。作为涉及配售未获合资
格股东认购之供股份（「未获认购
供股份」）与原应暂定配发予不合
资格股东且本公司尚未售出之未缴
股款供股份（「不合资格股东未售
出供股份」）之部分安排，于二零
二四年十二月三十一日，本公司
与赢控金融证券有限公司（「配售代
理」）订立配售协议（「配售协议」），
据此，配售代理有条件同意按尽力
基准促使身为或其最终实益拥有人
为独立第三方的承配人以不低于认
购价之配售价认购未获认购供股
份及不合资格股东未售出供股份
（「配售事项」）。配售代理将有权收
取配售代理或配售代理的代表成功
配售之未获认购供股份及不合资
格股东未售出供股份总配售价之
2.5%作为配售费用。
COMPLETION OF RIGHTS ISUE
On 31 December 2024, the Company anounced its
proposal to raise, before expenses, not more than
aproximately HK$15.6 milion by isuing not more
than 45,174,100 rights shares (“Rights Shares”) on
the basis of one Rights Share for every two shares
held on the record date at the subscription price of
HK$0.345 per rights share (“Rights Isue”). As
part of the arangement involving the placing of
the Rights Shares not subscribed by the qualifying
Shareholders (“Unsubscribed Rights Shares”)
and the Rights Shares which would otherwise have
ben provisionaly aloted to the non-qualifying
Shareholders in nil-paid form that have not ben sold
by the Company (“NQS Unsold Rights Shares”),
on 31 December 2024, the Company and Minerva
Holding Financial Securities Limited (“Placing
Agent”) entered into a placing agrement (“Placing
Agrement”), pursuant to which the Placing Agent
has conditionaly agred to procure place(s) who
and whose ultimate beneficial owner(s) shal be
independent third party(ies), on a best efort basis,
to subscribe for the Unsubscribed Rights Shares and
the NQS Unsold Rights Shares at the placing price of
not les than the Subscription Price (“Placing”). The
Placing Agent shal be entitled to a placing fe of 2.5%
of the agregate placing price of the Unsubscribed
Rights Shares and the NQS Unsold Rights Shares
sucesfuly placed by or on behalf of the Placing
Agent.
国农金融投资有限公司
二零二五年中期报告
As at 30 June 2025 于二零二五年六月三十日
Management Discusion and Analysis (Cont’d)
管理层讨论及分析（续）
完成供股（续）
供股已于二零二五年三月七日完
成。本公司自供股筹集约港币
15,600,000元（扣除开支前）。经扣
除有关供股之相关应付开支后，
所筹集的所得款项净额约为港币
14,800,000元（「所得款项净额」）。
董事会拟将所得款项净额用作以下
用途：(i)所得款项净额约40%用作
清偿本集团食品及饮料业务的未清
偿的租金开支及╱或支付食品原材
料及配料供应商的费用；(i)所得款
项净额约50%用作偿还本公司未清
偿的贷款借贷及利息；及(i)所得
款项净额约10%用作本集团的一般
营运资金。
于二零二五年六月三十日，本集团
已按拟定动用供股所得款项净额。
有关供股的详情载于本公司日期为
二零二四年十二月三十一日、二零
二五年一月十五日、二零二五年二
月二十日及二零二五年三月六日之
公告及本公司日期为二零二五年一
月二十八日之供股章程。
COMPLETION OF RIGHTS ISUE
(Continued)
The Right Isue was completed on 7 March 2025.
The Company raised aproximately HK$15.6 milion
before expenses from the Rights Isue. The net
proceds raised after deducting relevant expenses
payable in relation to the Rights Isue, amounted to
aproximately HK$14.8 milion (“Net Proceds”) .
The Board intended to aply the Net Proceds as
folows (i) as to aproximately 40% of the Net
Proceds for the setlement of outstanding rental
expenses and/or payment of the fod raw materials
and ingredient suplier for the Group’s fod and
beverage busines; (i) as to aproximately 50% of
the Net Proceds for repayment of the outstanding
loan borowing and interest of the Group; and (i)
as to aproximately 10% of the Net Proceds wil be
used as general working capital of the Group.
As at 30 June 2025, the Group had utilised the Net
Proceds from the Rights Isue as intended.
Details of the Rights Isue are set out in the
Company’s anouncements dated 31 December
2024, 15 January 2025, 20 February 2025 and 6
March 2025, and the Company’s prospectus dated 28
January 2025.
China Demeter Financial Investments Limited
Interim Report 2025
As at 30 June 2025 于二零二五年六月三十日
Management Discusion and Analysis (Cont’d)
管理层讨论及分析（续）
外汇及利率风险
截至二零二五年六月三十日止期
间，本集团大部分的业务交易、
资产及负债主要以港币（「港币」）及
美元（「美元」）计值，而港币为本集
团的呈列货币。本集团因美元兑港
币之波动而承受潜在外汇风险。本
集团现时并未就其外币资产和负债
采取任何外汇对冲政策。本集团将
会密切监控其外汇风险，并将在
需要时考虑就重大外汇风险使用
对冲工具。
在适当时候及于利率或汇率不明朗
或波动时，本集团会利用对冲工具
（包括掉期及远期合约）以管理影响
利率及汇率波动之风险。
集团资产抵押
于二零二五年六月三十日，本集团
并无抵押任何集团资产（二零二四
年十二月三十一日：港币零元）。
新增物业、厂房及设备
期内，新增物业、厂房及设备约为
港币133,000元（二零二四年十二月
三十一日：港币19,219,000元）。
FOREIGN EXCHANGE AND INTEREST
RATE EXPOSURE
For the period ended 30 June 2025, most of the
Group’s busines transactions, asets and liabilities
were principaly denominated in Hong Kong dolars
(“HK$”), and United States dolars (“US$”) and
HK$ is the Group’s presentation curency. The Group
is exposed to potential foreign exchange risk as a
result of fluctuation of US$ against HK$. The Group
curently does not have a foreign curency hedging
policy in respect of its foreign curency asets
and liabilities. The Group wil monitor its foreign
curency exposure closely and wil consider using
hedging instruments in respect of significant foreign
curency exposure should the ned arise.
When apropriate and at times of interest rate or
exchange rate uncertainties or volatility, hedging
instruments including swaps and forwards wil be
used by the Group in the management of exposure
afecting interest rates and foreign exchange rate
fluctuations.
CHARGES ON GROUP ASETS
As at 30 June 2025, the Group did not have any
charges of group asets (31 December 2024: HK$Nil).
ADITION OF PROPERTY, PLANT AND
EQUIPMENT
During the period, there were aditions of property,
plant and equipment of aproximately HK$133,000
(31 December 2024: HK$19,219,000).
国农金融投资有限公司
二零二五年中期报告
As at 30 June 2025 于二零二五年六月三十日
Management Discusion and Analysis (Cont’d)
管理层讨论及分析（续）
或然负债
截至二零二五年六月三十日及二零
二四年十二月三十一日，本公司就
一名独立第三方向一间附属公司授
出的其他借贷发出公司担保。由于
本公司董事认为所涉金额并不重
大，故并无在本公司的财务报表计
提就该担保的公允价值。
除上文及于「诉讼」项下所披露者
外，本集团于二零二五年六月三十
日并无重大或然负债。
诉讼
(a) 于二零二五年一月二十七
日，本公司一间附属公司
（「租户」）接获恒基租务代理
有限公司（「业主代理」）的函
件，要求支付合共约港币
1,609,000元，包括由二零二
四年九月一日起至二零二五
年一月二十四日的未清偿租
金开支及逾期利息。于二零
二五年三月十二日，租户
接获业主代理的未清偿详
情，要求支付总额约港币
1,106,000元（扣除租金及其他
按金）。
于二零二五年六月三十日，
约港币3,081,000元的结余已
计入应付账款及其他应付款
项。
CONTINGENT LIABILITIES
As of 30 June 2025 and 31 December 2024, the
Company has isued a corporate guarante in respect
of other borowing made by an independent third
party to a subsidiary. The fair value of the guarante
has not ben provided for in the Company’s financial
statements as the directors of the Company consider
the amount involved to be insignificant.
Save as disclosed above and under the heading
“Litigation”, the Group had no significant contingent
liabilities as at 30 June 2025.
LITIGATION
(a) On 27 January 2025, a subsidiary of the
Company (“Tenant”) received a leter from
the Henderson Leasing Agency Limited
(“Landlord Agent”) demanding payment
of the agregated sum aproximately
HK$1,609,000 including both the outstanding
rental expenses and overdue interests starting
from 1 September 2024 to 24 January 2025.
On 12 March 2025, the Tenant received
particulars of outstanding from Landlord Agent
demanding payment of the agregate of sum
aproximately HK$1,106,000 (net of rental and
other deposits).
Balance of aproximately HK$3,081,000 was
included in the trade and other payables as at
30 June 2025.
China Demeter Financial Investments Limited
Interim Report 2025
As at 30 June 2025 于二零二五年六月三十日
Management Discusion and Analysis (Cont’d)
管理层讨论及分析（续）
LITIGATION (Continued)
(b) On 27 June 2025, a subsidiary of the Company
received a leter from the Plaza Holywod
Limited demanding payment of the agregated
sum aproximately HK$1,006,000 including
both the outstanding rental expenses starting
from 1 March 2025 to 18 June 2025 and other
charges.
Balance of aproximately HK$1,110,000 was
included in the trade and other payables as at
30 June 2025.
(c) As at 30 June 2025, save as disclosed above,
the Group has ben involved in 4 ongoing legal
procedings and claims, and the amount in
relation to the acrued rentals of its restaurants
is aproximately HK$3,731,000. The
management has made ful provision for the
acrued rentals and believes that a favorable
setlement solution can be reached with the
plaintifs.
诉讼（续）
(b) 于二零二五年六月二十七
日，本公司一间附属公司接
获荷里活广场有限公司的函
件，要求支付合共约港币
1,006,000元，包括由二零二
五年三月一日起至二零二五
年六月十八日的未清偿租金
开支及其他费用。
于二零二五年六月三十日，
约港币1,110,000元的结余已
计入应付账款及其他应付款
项。
(c) 于二零二五年六月三十日，
除上文所披露者外，本集团
涉及四宗正在进行之法律诉
讼及索偿，而有关其餐厅
之累计租金额约为港币
3,731,000元。管理层已就累
计租金计提全面拨备，并认
为可与原告达成有利之和解
方案。
国农金融投资有限公司
二零二五年中期报告
As at 30 June 2025 于二零二五年六月三十日
Management Discusion and Analysis (Cont’d)
管理层讨论及分析（续）
诉讼（续）
有关上述案件(a)、(b)及(c)，鉴于
案件仍处于初步阶段，经考虑指称
索偿后，董事认为(i)评估任何待决
的任何进一步索偿（不论个别或合
并基础）的可能结果为时尚早；(i)
无法确认是否将对本集团的财务状
况造成任何进一步影响，而倘影
响，则其程度；及(i)根据目前发
展情况，毋须就该等法律诉讼的任
何进一步索偿作出拨备。董事将密
切监察针对本集团的诉讼，而本公
司将继续向本公司股东及潜在投资
者汇报任何进一步的重大发展。
报告期后事项
于二零二五年七月二十九日，一间
位于钻石山荷里活广场餐厅的业主
采取法律行动，当中已提交传讯令
状及申索陈述书，要求支付总额约
港币981,000元（包括自二零二五年
三月一日起至二零二五年六月十八
日之未清偿租金及其他开支∕费
用）。
LITIGATION (Continued)
Regarding aforementioned cases (a), (b) and (c), given
that they are stil at a preliminary stage and having
considered the aleged claims, the Directors are of
the view that (i) it is premature to ases the posible
outcome of any further claim which is pending, either
individualy or on a combined basis; (i) it is uncertain
as to whether there wil be any further impact, and
if so, the quantum, on the financial position of the
Group; and (i) no provision for any further claims
in these legal procedings is required to be made
base on their curent development. The Directors wil
monitor the litigation against the Group closely and
the Company wil continue to kep the shareholders
of the Company and potential investors informed of
any further material development.
EVENT AFTER THE REPORTING PERIOD
On 29 July 2025, landlords of a restaurant located in
Plaza Holywod (at Diamond Hil) have initiated
legal action in which the writs of sumons and
statement of claim were filed for demanding payment
of the agregated sum aproximately HK$981,000
including both outstanding rental and other expenses/
charges starting from 1 March 2025 to 18 June 2025.
China Demeter Financial Investments Limited
Interim Report 2025
As at 30 June 2025 于二零二五年六月三十日
Management Discusion and Analysis (Cont’d)
管理层讨论及分析（续）
报告期后事项（续）
鉴于法律行动仍处于早期阶段，经
考虑指称索偿后，董事认为(i)厘定
任何进一步待决索偿之可能结果为
时尚早；(i)难以量化将对本公司财
务状况造成重大影响之任何财务影
响；及(i)根据目前发展情况，毋
须就该等法律诉讼之任何进一步索
偿作出拨备。
除上文所披露者外，本集团于期后
并无重大期后事项。
资本承担
本集团于二零二五年六月三十日及
二零二四年十二月三十一日并无收
购按公允价值计入其他全面收益之
金融资产及物业、厂房及设备之资
本承担。
雇员资料
于二零二五年六月三十日，本集团
在香港约有167（二零二四年六月三
十日：251）名雇员（包括董事）。雇
员及董事薪酬根据工作表现、资
历、经验及当时行业惯例设定。截
至二零二五年六月三十日止六个
月，员工成本（包括董事薪酬）约为
港币26,155,000元（二零二四年六月
三十日：港币29,548,000元）。
中期股息
董事会不建议就截至二零二五年六
月三十日止六个月派付任何中期股
息（二零二四年六月三十日：港币
零元）。
EVENT AFTER THE REPORTING PERIOD
(Continued)
Given that it is stil in an early stage, having
considered the aleged claims, the Directors are of the
view that (i) it is premature to determine the posible
outcome of any further claim which is pending; (i)
it is uncertain to quantify any financial impact which
wil have a material efect on the financial position of
the Company; and (i) no provision for any further
claims of these legal procedings is required to be
made based on its curent development.
Save as disclosed above, the Group had no significant
subsequent event after the Period.
CAPITAL COMITMENT
The Group had no capital comitment of acquisition
of financial aset at FVTOCI and property, plant and
equipment as at 30 June 2025 and 31 December 2024.
EMPLOYE INFORMATION
As at 30 June 2025, the Group had aproximately
167 (30 June 2024: 251) employes (including the
Directors) in Hong Kong. Remuneration to employes
and directors are based on performance, qualification,
experience and the prevailing industry practice.
The staf cost, including Directors’ remuneration,
amounted to aproximately HK$26,155,000 for
the six months ended 30 June 2025 (30 June 2024:
HK$29,548,000).
INTERIM DIVIDEND
The Board does not recomend the payment of any
interim dividend for the six months ended 30 June
2025 (30 June 2024: HK$Nil).
国农金融投资有限公司
二零二五年中期报告
Other Information
其他资料
SHARE OPTION SCHEME
The Company’s Share Option Scheme (“2023
Share Option Scheme”) was adopted pursuant to
an ordinary resolution pased by the Company’s
shareholders at the anual general meting of the
Company held on 15 June 2023. Under the 2023
Share Option Scheme, the Company may grant
options to eligible persons, including Directors
and directors of the subsidiaries of the Company to
subscribe for the shares.
The total number of shares which may be isued
upon exercise of al options which may be granted
under the 2023 Share Option Scheme and options
which may be granted under any other share option
schemes of the Company shal not exced 10% of
the total number of shares in isue on 15 June 2023
unles the Company obtains a refresh aproval from
its shareholders thre years after the adoption of the
scheme. Options lapsed in acordance with the terms
of the 2023 Share Option Scheme or any other share
option schemes of the Company under which such
options are granted, as the case may be, shal not
be counted for the purpose of calculating whether
the limit has ben exceded. The 10% general limit
after the pasing of the ordinary resolution by the
shareholders at the anual general meting dated 15
June 2023 on the basis of 752,901,672 shares in isue
on that date. With efect from the share consolidation
on 15 November 2024, the maximum number of new
shares which may be isued upon exercise of al share
options that may be granted under the 10% general
limit is 7,529,016.
The 2023 Share Option Scheme wil remain in force
for a period of ten years comencing from 15 June
2023.
购股权计划
根据本公司股东于二零二三年六月
十五日举行之本公司股东周年大会
所通过之普通决议案，本公司购股
权计划（「二零二三年购股权计划」）
获采纳。根据二零二三年购股权计
划，本公司可向合资格人士（包括
董事及本公司附属公司之董事）授
出购股权，以认购股份。
因根据二零二三年购股权计划可予
授出之所有购股权及根据本公司任
何其他购股权计划可予授出之购股
权获行使而可予发行之股份总数不
得超过于二零二三年六月十五日已
发行股份总数之10%，除非本公司
在采纳购股权计划三年后已获得其
股东之更新批准。根据二零二三年
购股权计划或本公司任何其他购股
权计划之条款（视情况而定）授出之
已失效购股权于计算限额是否被超
逾时并不计算在内。10%一般限额
于二零二三年六月十五日举行的股
东周年大会上获股东通过普通决议
案后按当日752,901,672股已发行股
份作基准。自二零二四年十一月十
五日股份合并起，根据经更新10%
一般限额可予授出之全部购股权获
行使时而可予发行之新股最高数目
为7,529,016股。
二零二三年购股权计划将自二零二
三年六月十五日起计十年内一直
有效。
China Demeter Financial Investments Limited
Interim Report 2025
Other Information (Cont’d)
其他资料（续）
购股权计划（续）
有关任何购股权之认购价将为于授
出相关购股权时由董事会全权酌情
厘定之有关价格，并须受股本架构
的任何变动而作出调整，惟于任何
情况下，认购价将不会低于以下三
者的最高者：(i)股份于授出日期（该
日须为交易日）在联交所每日报价
表所列之收市价；(i)股份于紧接授
出日期前五个交易日在联交所每日
报价表所列之平均收市价；或(i)
股份面值。
购股权须于授出日期起计二十一日
内支付港币1元后获接纳，且承授
人必须持有购股权至少十二个月，
然后方可行使购股权。购股权由董
事厘定并将由董事在作出授出建议
时通知有关购股权承授人的期限内
可予行使，惟有关期限不得超过自
特定购股权授出建议日期起计十
年，并须受提早终止条文所限，由
授出建议日期起计直至以下较早日
期(i)于提早终止条文项下有关购股
权失效日期；及(i)有关购股权授出
建议日期起计十年。
SHARE OPTION SCHEME (Continued)
The subscription price in respect of any option,
subject to the adjustment made of any alternation in
the capital structure, shal be such price as determined
by the Board in its absolute discretion at the time of
the grant of the relevant option but in any case the
subscription price shal not be les than the higher of
(i) the closing price of the shares as stated in the daily
quotations shet of the Stock Exchange on the date of
grant, which must be a trading day; (i) the average
closing price of the shares as stated in the daily
quotations shets of the Stock Exchange for the five
trading days imediately preceding the date of grant;
or (i) the nominal value of a share.
The options must be taken up within 21 days from
the date of grant upon payment of HK$1 and must be
held by the Grante for at least 12 months before the
option can be exercised. The options are exercisable
over a period to be determined and notified by the
directors to each grante, at the time of making an
ofer provided that such period shal not exced the
period of 10 years from the ofer date of the particular
option but subject to the provisions for early
termination, from the ofer date to the earlier of (i) the
date on which such option lapses under the provisions
of early termination; and (i) 10 years from the ofer
date of that option.
国农金融投资有限公司
二零二五年中期报告
Other Information (Cont’d)
其他资料（续）
SHARE OPTION SCHEME (Continued)
The purpose of the 2023 Share Option Scheme is
to enable the Group to grant options to the eligible
participants, including employes, employes of
related companies and service providers, as incentives
and rewards for their contribution to the Group and/or
to enable the Group to atract, recruit and retain high-
calibre personel that are valuable to the Group and
whose contributions are important to the long-term
growth and profitability of the Group.
Where any grant of options to an eligible participant
would result in the shares isued and which may
fal to be isued upon exercise of the options and
the options and awards granted to such eligible
participant under any other share schemes of the
Group (including both exercised or outstanding
options, and excluding any options and awards lapsed
in acordance with the terms of the relevant schemes)
in the 12-month period up to and including the date
of such grant representing in agregate over 1% of
the shares in isue, such grant must be separately
aproved by the shareholders in general meting with
such eligible participant and his close asociates (or
asociates if the eligible participant is a conected
person) abstaining from voting.
购股权计划（续）
二零二三年购股权计划旨在让本集
团向合资格参与者（包括雇员、关
联公司及服务供应商之雇员）授出
购股权，作为彼等对本集团所作贡
献的激励或奖励及╱或让本集团能
吸引、招聘及挽留对本集团有价值
而其贡献对本集团长远增长及盈利
能力至关重要的高素质人才。
倘向合资格参与者授出购股权将导
致于十二个月期间内（直至及包括
授出日期）已发行股份以及购股权
及根据本集团任何其他股份计划向
该名合资格参与者授出的购股权
及奖励（包括已行使或未行使购股
权，不包括任何已根据相关计划的
条款失效的购股权及奖励）获行使
后可能发行的股份合共超过已发行
股份的1%，则授出该等购股权必
须另行于股东大会上经股东批准，
而该名合资格参与者及其紧密联系
人（或在该名合资格参与者属关连
人士的情况下，联系人）须放弃投
票。
China Demeter Financial Investments Limited
Interim Report 2025
Other Information (Cont’d)
其他资料（续）
SHARE OPTION SCHEME (Continued)
Where any grant of options to an independent non-
executive Director or a substantial shareholder or
any of their respective asociates would result in
the shares isued and to be isued in respect of al
options and awards granted (excluding any options
and awards lapsed in acordance with the terms of
the relevant schemes) to such person in the 12-month
period up to and including the date of such grant
representing in agregate over 0.1% of the total
isued shares, such further grant of options must be
aproved by the shareholders in a general meting of
the Company where the grante, his asociates and al
core conected persons of the Company must abstain
from voting in favour of the proposed grant at such
general meting.
The Company must send a circular to the shareholders
containing the information required under the GEM
Listing Rules and where the GEM Listing Rules
shal so require, the vote at the shareholders’ meting
convened to obtain the requisite aproval shal be
taken on a pol with those persons required under the
GEM Listing Rules abstaining from voting.
During the Period, no share options were brought
forward, granted or exercised under the Company’s
Share Option Scheme. No share options remained
outstanding as at the period ended 30 June 2025.
The number of share options available for grant under
the existing scheme mandate of the share option
scheme of the Company as at 1 January 2025 and 30
June 2025 was 7,529,016 shares.
购股权计划（续）
倘向独立非执行董事或主要股东或
彼等的任何联系人授出购股权将导
致于十二个月期间内（直至及包括
授出日期）已发行股份以及因所有
向该人士授出的购股权及奖励（不
包括任何已根据相关计划的条款
失效的购股权及奖励）而将予发行
的股份合共超过已发行股份总数的
0.1%，则进一步授出该等购股权
必须于本公司股东大会上经股东批
准，而该承授人、其联系人及本公
司所有核心关连人士必须于该股东
大会上放弃投票赞成建议授出该等
购股权。
本公司须向股东寄发通函，当中载
有GEM上市规则所规定的资料，且
（如GEM上市规则如此规定）本公司
为取得必要批准而召开的股东大会
上的表决须以投票方式进行，而根
据GEM上市规则须放弃表决的人士
须于会上放弃表决。
期内，概无根据本公司购股权计划
结转、授出或行使购股权。并无购
股权于截至二零二五年六月三十日
止期间仍未行使。
于二零二五年一月一日及二零二五
年六月三十日，本公司购股权计划
现有计划授权项下可供授出的购股
权数目为7,529,016股。
国农金融投资有限公司
二零二五年中期报告
Other Information (Cont’d)
其他资料（续）
购股权计划（续）
截至二零二五年六月三十日止期
间，本公司概无就本公司所有计划
（即购股权计划）项下已授出的购股
权及奖励发行任何股份，占本公司
截至二零二五年六月三十日止期间
的加权平均股份数目120,858,074股
的0%。
于二零二五年八月十五日，即中
期报告的日期根据购股权计划可
供发行的购股权总数为7,529,016
股份，占本集团已发行股份约
5.56%。
优先购买权
根据本公司之公司细则或百慕达法
例，并无优先购买权条款，规定本
公司须按比例向本公司现有股东提
呈发售新股份。
购买、赎回或出售本公司上市证
券
于截至二零二五年六月三十日止期
间内，本公司及其任何附属公司概
无购买、出售或赎回本公司任何上
市证券。
董事于重大交易、安排及合约之
权益
概无董事或本公司董事的关连实体
于本公司或其附属公司订立而于
期末或期内任何时间存续的重大交
易、安排及合约拥有直接或间接重
大权益。
SHARE OPTION SCHEME (Continued)
No shares of the Company that may be isued in respect
of options and awards granted under al schemes of
the Company (i.e. the share option scheme) during
the period ended 30 June 2025, and divided by the
weighted average number of shares of 120,858,074
shares of the Company for the period ended 30 June
2025, is 0%.
As at 15 August 2025, being the date of the interim
report, the total number of share options available for
isue under the Share Option Scheme was 7,529,016
shares, representing aproximately 5.56% of the
isued shares of the Group.
PRE-EMPTIVE RIGHTS
There is no provision for pre-emptive rights under the
Company’s Bye-laws or the laws of Bermuda which
would oblige the Company to ofer new shares on a
pro-rata basis to the existing shareholders.
PURCHASE, REDEMPTION OR SALE OF
THE COMPANY’S LISTED SECURITIES
During the period ended 30 June 2025, neither the
Company nor any of its subsidiaries purchased, sold
or redemed any of the Company’ s listed securities.
DIRECTORS’ INTERESTS IN A
TRANSACTION, ARANGEMENT AND
CONTRACT OF SIGNIFICANCE
No transactions, arangements and contracts of
significance to which the Company or its subsidiaries
was a party and in which a Director or a conected
entity of a director of the Company had a material
interest, whether directly or indirectly, subsisted at
the end of the Period or at any time during the Period.
China Demeter Financial Investments Limited
Interim Report 2025
Other Information (Cont’d)
其他资料（续）
董事及主要行政人员于股份、相
关股份及债券之权益及淡仓
于二零二五年六月三十日，董事及
主要行政人员及彼等之联系人于本
公司及其相联法团之股份、相关股
份或债券中拥有记录于本公司根据
证券及期货条例第352条存置的登
记册或根据GEM上市规则第5.46条
所述有关上市发行人董事进行交易
的必须标准而须另行知会本公司及
联交所之权益如下：
好仓
本公司股份
附注：
本公司之权益百分比乃经参考于二零二
五年六月三十日本公司已发行股份数目
135,522,300股后计算得出。
DIRECTORS’ AND CHIEF EXECUTIVES’
INTERESTS AND SHORT POSITIONS IN
SHARES, UNDERLYING SHARES AND
DEBENTURES
As at 30 June 2025, the interests of the Directors and
the chief executive and their asociates in the shares,
underlying shares or debentures of the Company and
its asociated corporations, as recorded in the register
maintained by the Company pursuant to Section 352
of the SFO, or as otherwise notified to the Company
and the Stock Exchange pursuant to the required
standard dealings by directors of listed isuer as
refered to in Rule 5.46 of the GEM Listing Rules,
were as folows:
Long positions
Shares of the Company
Name of DirectorCapacity
Number of
shares held
Aproximate
percentage
of interest
董事姓名身份所持股份数目
占权益概约
百分比
(Note)
（附注）
Mr. Ng Man Chun PaulBeneficial Owner384,5000.28%
吴文俊先生实益拥有人
Mr. Ng Ting HoBeneficial Owner384,5000.28%
吴廷浩先生实益拥有人
Mr. Chan Chi FungBeneficial Owner2,101,0001.55%
陈志锋先生实益拥有人
Note:
The percentage of interest in the Company is calculated by
reference to the number of shares of the Company in isue as
at 30 June 2025, that is 135,522,300.
国农金融投资有限公司
二零二五年中期报告
Other Information (Cont’d)
其他资料（续）
董事及主要行政人员于股份、相
关股份及债券之权益及淡仓（续）
好仓（续）
除上文所披露者外，于二零二五年
六月三十日，本公司董事或主要行
政人员或彼等之联系人概无于本公
司或其任何相联法团之任何股份、
相关股份或债券中拥有根据证券及
期货条例第352条须记录之任何权
益或淡仓，或根据GEM上市规则第
5.46条所述有关上市发行人董事进
行交易的必须标准而须另行知会本
公司及联交所之任何权益或淡仓。
董事收购股份或债券之权利
除「董事及主要行政人员于股份、
相关股份及债券之权益及淡仓」及
「购股权计划」两节所披露者外，于
期内任何时间本公司或其任何控股
公司或附属公司概无订立任何安
排，让董事、彼等各自之配偶或年
幼子女透过收购本公司或任何其他
法团之股份或债券而获得利益。
DIRECTORS’ AND CHIEF EXECUTIVES’
INTERESTS AND SHORT POSITIONS IN
SHARES, UNDERLYING SHARES AND
DEBENTURES (Continued)
Long positions (Continued)
Other than as disclosed above, none of the Directors
or chief executive nor their asociates of the Company
had any interest or short positions in any shares,
underlying shares or debentures of the Company
or any of its asociated corporations as at 30 June
2025 that was required to be recorded pursuant to
Section 352 of the SFO, or as otherwise notified to
the Company and the Stock Exchange pursuant to the
required standard dealings by directors of listed isuer
as refered to in Rule 5.46 of the GEM Listing Rules.
DIRECTORS’ RIGHTS TO ACQUIRE
SHARE OR DEBENTURES
Save as disclosed under the sections headed
“Directors’ and Chief Executives’ Interests and
Short Positions in Shares, Underlying Shares and
Debentures” and “Share Option Scheme”, at no
time during the Period was the Company or any
of its holding companies or subsidiaries a party
to any arangements which enabled the Directors,
their respective spouse or minor children to acquire
benefits by means of the acquisition of shares in
or debentures of the Company or any other body
corporate.
China Demeter Financial Investments Limited
Interim Report 2025
Other Information (Cont’d)
其他资料（续）
主要股东
于二零二五年六月三十日，据董事
所知，以下人士（董事或本公司主
要行政人员除外）于本公司股份或
相关股份中拥有记录于本公司根据
证券及期货条例第336条规定须存
置之登记册之权益或淡仓：
好仓
SUBSTANTIAL SHAREHOLDERS
As at 30 June 2025, so far as the Directors are aware,
the folowing persons (other than a Director or chief
executive of the Company) had an interest or a short
position in the shares or underlying shares of the
Company, as recorded in the register required to be
kept by the Company pursuant to section 336 of the
SFO:
Long Positions
Name of ShareholderCapacity
Number of
shares held
Aproximate
percentage of
interest
股东姓名身份所持股份数目
占股权概约
百分比
(Note 1)
（附注1）
Mr. Ng Ting Kit (Note 2)Beneficial owner10,370,0007.65%
吴廷杰先生（附注2）实益拥有人
Interest of controled
corporation (Note 3)14,593,39410.77%
由受控法团持有
（附注3）
国农金融投资有限公司
二零二五年中期报告
Other Information (Cont’d)
其他资料（续）
主要股东（续）
好仓（续）
附注：
1. 本公司之权益百分比乃经参考于
二零二五年六月三十日本公司已
发行股份数目135,522,300股后计
算得出。
2. 吴廷杰先生为(i)董事会主席兼执
行董事吴文俊先生之堂弟，及(i)
本公司行政总裁兼执行董事吴廷
浩先生之胞兄。
3. 该等权益由吴廷杰先生全资拥
有的Trinity Worldwide Capital
Holding Limited持有。
除上文所披露外，于二零二五年六
月三十日，概无任何人士于本公司
股份或相关股份中，拥有任何记录
于本公司根据证券及期货条例第
336条规定须存置之登记册之任何
权益或淡仓。
SUBSTANTIAL SHAREHOLDERS
(Continued)
Long Positions (Continued)
Notes:
1. The percentage of interest in the Company is
calculated by reference to the number of shares of
the Company in isue as at 30 June 2025, that is
135,522,300.
2. Mr. Ng Ting Kit is (i) a cousin of Mr. Ng Man Chun
Paul, the chairman of the Board and an executive
Director, and (i) the brother of Mr. Ng Ting Ho,
the chief executive oficer of the Company and an
executive Director.
3. These interests are held by Trinity Worldwide Capital
Holding Limited, which is wholy-owned by Mr. Ng
Ting Kit.
Other than as disclosed above, there was no person
who had any interests or short positions in the shares
or underlying shares of the Company as recorded in
the register required to be kept by the Company under
section 336 of the SFO as at 30 June 2025.
China Demeter Financial Investments Limited
Interim Report 2025
Other Information (Cont’d)
其他资料（续）
董事于竞争业务之权益
执行董事吴廷浩先生为恒泰裕集团
控股有限公司（股份代号：8081）之
非执行董事，而独立非执行董事洪
君毅先生为智城发展控股有限公司
（股份代号：8268）之执行董事，该
等公司各为GEM上市公司，主要业
务包括在香港从事放债业务，这可
能与本集团之放债业务构成竞争。
除上文所披露外，董事或彼等各自
之联系人士概无持有与本集团之业
务有所竞争或可能有所竞争之任何
业务。
董事进行证券交易之行为守则
本公司已采纳GEM上市规则第5.48
至5.67条所载述之交易必守标准，
作为董事进行证券交易之行为守
则。
经本公司向全体董事作出具体查询
后，各董事确认，期内彼等已遵守
GEM上市规则第5.48至5.67条所载
述之一切交易必守标准。
DIRECTORS’ INTERESTS IN COMPETING
BUSINES
Mr. Ng Ting Ho, an executive Director, is a non-
executive director of Hang Tai Yue Group Holdings
Limited (Stock Code: 8081) and Mr. Hung Keneth,
an independent non-executive Director, is an
executive director of Smart City Development
Holdings Limited (Stock Code: 8268), each of
which is a company listed on GEM whose principal
busineses include money lending busines in Hong
Kong, which may compete with the Group’s money
lending busines.
Save as disclosed above, none of the Directors nor
their respective asociates had any busines which
competes or may compete with the busines of the
Group.
CODE OF CONDUCT REGARDING
SECURITIES TRANSACTIONS BY
DIRECTORS
The Company has adopted the required standard
of dealings as set out in Rules 5.48 to 5.67 of the
GEM Listing Rules as the code of conduct regarding
securities transactions by the Directors.
The Company has made specific enquiry to al
Directors and the Directors have confirmed that
they have complied with al the required standard of
dealings as set out in Rules 5.48 to 5.67 of the GEM
Listing Rules during the Period.
国农金融投资有限公司
二零二五年中期报告
Other Information (Cont’d)
其他资料（续）
企业管治守则
本公司之企业管治常规乃根据GEM
上市规则附录C1所载的企业管治守
则（「企业管治守则」）第二部分所载
原则、守则条文及若干建议最佳常
规而编制。
董事会认为，本公司于截至二零二
五年六月三十日止期间已遵守企业
管治守则所载的守则条文（以适用
及允许者为限），且董事将尽力促
使本公司遵守企业管治守则，并披
露偏离GEM上市规则相关守则的情
况。
根据GEM上市规则第17.50A(1)条
之披露
自本公司二零二四年报发布之日
及于本报告日期，并无董事资料
重大变更须根据GEM上市规则第
17.50A(1)条作出披露。
CORPORATE GOVERNANCE CODE
The Company’s corporate governance practices are
based on the principles, code provisions and certain
recomended best practices set out in the Corporate
Governance Code (“CG Code”) as set out in Part 2 of
Apendix C1 to the GEM Listing Rules.
The Board considers that, the Company has complied,
to the extent aplicable and permisible, with the code
provisions as set out in the CG Code during the period
ended 30 June 2025 and the Directors wil use their
best endeavours to procure the Company to comply
with such code and make disclosure of deviation from
such code in acordance with the GEM Listing Rules.
DISCLOSURE PURSUANT TO RULE
17.50A(1) OF THE GEM LISTING RULES
Since the date of the 2024 anual report of the
Company and as at the date of this report, there were
no substantial changes to the Directors’ information
required to be disclosed pursuant to Rule 17.50A(1)
of the GEM Listing Rules.
China Demeter Financial Investments Limited
Interim Report 2025
Other Information (Cont’d)
其他资料（续）
审核委员会
审核委员会成员包括三名独立非执
行董事，即陈衍行先生、洪君毅先
生及吴婧女士，其书面职权范围符
合GEM上市规则第5.28至第5.33条
之规定。审核委员会已审阅截至二
零二五年六月三十日止六个月之中
期业绩。
代表董事会
国农金融投资有限公司
主席
吴文俊
香港，二零二五年八月十五日
于本报告日期，董事会包括三名执
行董事，即吴文俊先生、吴廷浩先
生及陈志锋先生；及三名独立非执
行董事，即陈衍行先生、洪君毅先
生及吴婧女士。
本报告将由刊登之日起计最少
一连七日刊登于联交所网站
(w.hkexnews.hk)「最新上市
公司公告」网页及本公司网站
(w.chinademeter.com)。
AUDIT COMITE
The Audit Comite consists of thre independent
non-executive Directors, namely, Mr. Chan Hin
Hang, Mr. Hung Keneth and Ms. Ng Ching with
writen terms of reference in compliance with the
Rule 5.28 to 5.33 to the GEM Listing Rules. The
Audit Comite has reviewed the interim results for
the six months ended 30 June 2025.
On behalf of the Board
China Demeter Financial Investments Limited
Ng Man Chun Paul
Chairman
Hong Kong, 15 August 2025
As at the date of this report, the Board comprises
thre executive Directors, namely, Mr. Ng Man Chun
Paul, Mr. Ng Ting Ho and Mr. Chan Chi Fung; and
thre independent non-executive Directors, namely
Mr. Chan Hin Hang, Mr. Hung Keneth and Ms. Ng
Ching.
This report wil remain on the “Latest Listed
Company Information” page of the Stock Exchange’s
website (w.hkexnews.hk) for a minimum period
of seven days from the date of publication and on the
Company’s website (w.chinademeter.com).
Interim Report
中期报告