Amuse Group Holding Limited — Interim / Quarterly Report 2019

Nov 13, 2018

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CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE “STOCK EXCHANGE”)

GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached 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 are generally small 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 assurance is given that there will 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 accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this report.

This report, for which the directors (the “Directors”) of Amuse Group Holding Limited (the “Company”) collectively and individually accept full responsibility, includes particulars given in compliance with the Rules Governing the Listing of Securities on GEM of the Stock Exchange (the “GEM Listing Rules”) for the purpose of giving information with regard to the Company. The Directors, having made all reasonable enquiries, confirm that to the best of their knowledge and belief the information contained in this report is accurate and complete in all material respects and not misleading or deceptive, and there are no other matters the omission of which would make any statement herein or this report misleading.

This report will remain on the Stock Exchange’s website at www.hkexnews.hk, the GEM website at www.hkgem.com, on the “Latest Company Announcements” page for at least seven days from the date of its posting. This report will also be published on the Company’s website at www.amusegroupholding.com.

香港聯合交易所有限公司（「聯交 所」） GEM 的特色

GEM 的定位，乃為中小型公司提供一個 上市的市場，此等公司相比其他在聯交所 上市的公司帶有較高投資風險。有意投資 者應了解投資於該等公司的潛在風險，並 應經過審慎周詳的考慮後方作出投資決定。

由於 GEM 上市公司普遍為中小型公司， 在 GEM 買賣的證券可能會較於聯交所主 板買賣的證券承受較大的市場波動風險， 同時無法保證在 GEM 買賣的證券會有高 流通量的市場。

香港交易及結算所有限公司及聯交所對本 報告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示概不對 因本報告全部或任何部分內容而產生或因 依賴該等內容而引致的任何損失承擔任何 責任。

本報告的資料乃遵照聯交所GEM證券上 市規則（「GEM上市規則」）而刊載，旨在 提供有關佰悅集團控股有限公司（「本公 司」）的資料。本公司董事（「董事」）願就本 報告共同及個別地承擔全部責任，並在作 出一切合理查詢後確認，就彼等所深知及 確信，本報告所載資料在各重要方面均屬 準確完備，並無誤導或欺詐成分，亦無遺 漏其他事項，足以致令本報告所載任何陳 述或本報告產生誤導。

本報告將於聯交所網站www.hkexnews.hk， GEM 網站www.hkgem.com 內「最新公 司公告」一頁於刊發日期起計最少保 存七天。本報告亦將於本公司之網站 www.amusegroupholding.com內刊發。

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CONTENTS	CONTENTS
	目錄
Corporate Information	3
公司資料
Unaudited Condensed Consolidated Statement of	5
Proft or Loss and Other Comprehensive Income
未經審核簡明綜合損益及其他全面收益表
Unaudited Condensed Consolidated Statement of	6
Financial Position
未經審核簡明綜合財務狀況表
Unaudited Condensed Consolidated Statement of	7
Changes in Equity
未經審核簡明綜合權益變動表
Unaudited Condensed Consolidated Cash Flow Statement	8
未經審核簡明綜合現金流量表
Notes to the Unaudited Condensed Consolidated	9
Financial Statements
未經審核簡明綜合財務報表附註
Management Discussion and Analysis	23
管理層討論及分析
Other Information	32
其他資料

2 Amuse Group Holding Limited Interim Report 2018

CORPORATE INFORMATION

Board of Directors

Executive Directors

Mr. Li Wai Keung (Chairman and chief executive officer) Mr. To Hoi Pan Ms. Lee Kwai Fong

Company Secretary

Mr. To Hoi Pan

Compliance Officer

Mr. To Hoi Pan

Authorised Representatives

Mr. Li Wai Keung Mr. To Hoi Pan

Audit Committee

Ms. Chow Chi Ling Janice (Chairlady of Audit Committee) Mr. Yu Pui Hang Mr. Tung Man

Remuneration Committee

Mr. Yu Pui Hang (Chairman of Remuneration Committee) Mr. Tung Man Ms. Chow Chi Ling Janice

Nomination Committee

Mr. Tung Man (Chairman of Nomination Committee) Mr. Yu Pui Hang Ms. Chow Chi Ling Janice

Auditor

KPMG

公司資料

董事會

執行董事

李偉強先生 （主席兼行政總裁） 杜海斌先生 李桂芳女士

公司秘書

杜海斌先生

合規主任

杜海斌先生

授權代表

李偉強先生 杜海斌先生

審核委員會

周緻玲女士 （審核委員會主席） 余沛恒先生 董文先生

薪酬委員會

余沛恒先生 （薪酬委員會主席） 董文先生 周緻玲女士

提名委員會

董文先生 （提名委員會主席） 余沛恒先生 周緻玲女士

核數師

畢馬威會計師事務所

3

二零一八年中期業績報告 佰悅集團控股有限公司

Registered Office

PO Box 1350, Clifton House 75 Fort Street, Grand Cayman KY1-1108 Cayman Islands

Head Office and Principal Place of Business in Hong Kong

Flat A–C, 3A/F, Metex House 24–32 Fui Yiu Kok Street Tsuen Wan Hong Kong

Principal Share Registrar and Transfer Office

Estera Trust (Cayman) Limited PO Box 1350, Clifton House 75 Fort Street, Grand Cayman KY1-1108 Cayman Islands

Hong Kong Branch Share Registrar and Transfer Office

Tricor Investor Services Limited Level 22, Hopewell Centre 183 Queen’s Road East Hong Kong

Compliance Adviser

Ample Capital Limited

Legal Advisers as to Hong Kong Law

Watson Farley & Williams Suites 4610–4619, Jardine House 1 Connaught Place Hong Kong

Principal Bankers

DBS Bank (Hong Kong) Limited

Company’s Website

www.amusegroupholding.com

Stock Code

8545

註冊辦事處

PO Box 1350, Clifton House 75 Fort Street, Grand Cayman KY1-1108 Cayman Islands

總辦事處及香港主要營業地點

香港 荃灣 灰窰角街 24–32 號 美德大廈 3A 樓 A–C 室

股份過戶登記總處

Estera Trust (Cayman) Limited PO Box 1350, Clifton House 75 Fort Street, Grand Cayman KY1-1108 Cayman Islands

香港股份過戶登記分處

卓佳證券登記有限公司 香港 皇后大道東 183 號 合和中心 22 樓

合規顧問

豐盛融資有限公司

香港法律顧問

華盛國際律師事務所 香港 康樂廣場 1 號 怡和大廈 4610–4619 室

主要往來銀行

星展銀行（香港）有限公司

公司網站

www.amusegroupholding.com

股份代號

8545

4 Amuse Group Holding Limited Interim Report 2018

The board of Directors (the “Board”) of Amuse Group Holding Limited (the “Company”) is pleased to announce the unaudited interim consolidated results of the Company and its subsidiaries (collectively the “Group”) for the six months ended 30 September 2018, together with the relevant comparative figures, which have not been audited nor reviewed by the independent auditor but have been reviewed and approved by the audit committee of the Company (the “Audit Committee”), as follows:

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the six months ended 30 September 2018

佰悅集團控股有限公司（「本公司」）董事會 （「董事會」）欣然宣佈本公司及其附屬公司 （統稱「本集團」）截至二零一八年九月三十 日止六個月之未經審核中期綜合業績連同 相關比較數字，該等業績及數字尚未經獨 立核數師審核及審閱，但已獲本公司審核 委員會（「審核委員會」）審閱及批准，如下：

未經審核簡明綜合損益及其他全面 收益表

截至二零一八年九月三十日止六個月

				Six months ended	Six months ended	Six months ended
				30 September
				截至九月三十日止六個月
				2018		2017
				二零一八年	二零一七年
				HK$’000	HK$’000
				千港元		千港元
			Notes	(Unaudited)	(Unaudited)
			附註	（未經審核）	（未經審核）
Revenue	收益		4	81,819		57,515
Cost of sales	銷售成本			(62,514)	(41,964)
Gross profit	毛利			19,305		15,551
Other net income	其他淨收入		5	655		1,737
Selling expenses	銷售開支			(3,249)		(2,223)
Administrative expenses	行政開支			(7,984)		(5,657)
Listing expenses	上市開支			(2,487)		(1,390)
Valuation gain on investment property	投資物業估值收益			300		700
Profit from operations	經營溢利			6,540		8,718
Finance costs	融資成本		6(a)	(84)		(56)
Profit before taxation	除稅前溢利		6	6,456		8,662
Income tax expense	所得稅開支		7	(1,459)		(1,770)
Profit for the period	期內溢利			4,997		6,892
Earnings per share	每股盈利
– Basic and diluted (HK cents)		－基本及攤薄（港仙） 8		0.54		0.92
Profit for the period	期內溢利			4,997		6,892
Other comprehensive income	期內其他全面收益
for the period
Item that may be reclassified	其後可重新分類至損益
subsequently to profit or loss:		之項目：
Exchange differences on		換算香港境外附屬公
translation of financial		司財務報表之匯兌
statements of subsidiaries		差額
outside Hong Kong				2		–
Total comprehensive income	期內全面收益總額
for the period				4,999		6,892

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二零一八年中期業績報告 佰悅集團控股有限公司

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

At 30 September 2018

未經審核簡明綜合財務狀況表

於二零一八年九月三十日

		Note 附註	At 30 September At 31 March 2018 2018 於二零一八年 於二零一八年 九月三十日 三月三十一日 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Audited) （未經審核） （經審核）	At 30 September At 31 March 2018 2018 於二零一八年 於二零一八年 九月三十日 三月三十一日 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Audited) （未經審核） （經審核）
Non-current assets Investment property Property, plant and equipment Deferred tax assets	非流動資產 投資物業 物業、廠房及設備 遞延稅項資產			10,300 15,085 23
			10,600
			13,655
			20
			24,275	25,408
Current assets Inventories Trade and other receivables Current tax recoverable Bank deposits and cash	流動資產 存貨 貿易及其他應收款項 可收回即期稅項 銀行存款及現金	9 10		1,726 35,947 1,671 27,541
			4,408
			39,898
			642
			104,028
			148,976	66,885
Current liabilities Trade and other payables Bank loans Current tax payable	流動負債 貿易及其他應付款項 銀行貸款 應付即期稅項	11		13,958 6,582 351
			12,603
			6,478
			791
			19,872	20,891
Net current assets	流動資產淨值		129,104	45,994
Total assets less current liabilities	總資產減流動負債		153,379	71,402
Non-current liabilities Deferred tax liabilities	非流動負債 遞延稅項負債			770
			757
NET ASSETS	資產淨值		152,622	70,632
Capital and reserves Share capital Reserves	資本及儲備 股本 儲備	12(a)		–* 70,632
			10,000
			142,622
TOTAL EQUITY	總權益		152,622	70,632

• The balances represent amounts less than HK$1,000.

• 該等結餘金額不足 1,000 港元。

6 Amuse Group Holding Limited Interim Report 2018

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

未經審核簡明綜合權益變動表

For the six months ended 30 September 2018

截至二零一八年九月三十日止六個月

		Note 附註	Share capital 股本 HK$’000 千港元	Share premium 股份溢價 HK$’000 千港元	Exchange reserve 匯兌儲備 HK$’000 千港元	Land and buildings revaluation reserve 土地及樓宇 重估儲備 HK$’000 千港元	Merger reserve 合併儲備 HK$’000 千港元	Retained earnings Total equity 保留盈利 總權益 HK$’000 HK$’000 千港元 千港元	Retained earnings Total equity 保留盈利 總權益 HK$’000 HK$’000 千港元 千港元
Balance at 1 April 2017 Profit and total comprehensive income for the period Dividends declared during the period	於二零一七年四月一日 的結餘 期內溢利及全面收益總額 期內已宣派股息	(12(b))	– – –	* – – –	– – –	1,242 – –	129 – –	58,351 59,722 6,892 6,892 (6,000) (6,000)
Balance at 30 September 2017 (Unaudited)	於二零一七年九月三十日 的結餘（未經審核）		–	* –	–	1,242	129	59,243	60,614
Balance at 1 April 2018 Profit for the period Other comprehensive income	於二零一八年四月一日 的結餘 期內溢利 其他全面收益		–	* –**	–	1,242	129	69,261	70,632
			–	–	–	–	–	4,997	4,997
			–	–	2	–	–	–	2
Total comprehensive income	全面收益總額		–	–	2	–	–	4,997	4,999
Issue of shares Capitalisation issue of shares Transaction costs directly attributable to issue of shares	發行股份 股份之資本化發行 發行股份直接應佔 交易成本	12(a) 12(a)	2,500	85,000	–	–	–	–	87,500
			7,500	(7,500) –		–	–	–	–
			–	(10,509) –		–	–	–	(10,509)
Balance at 30 September 2018 (Unaudited)	於二零一八年九月三十日 的結餘（未經審核）		10,000	66,991 2		1,242	129	74,258	152,622

• The balances represent amounts less than HK$1,000. * 該等結餘金額不足 1,000 港元。

7

二零一八年中期業績報告 佰悅集團控股有限公司

UNAUDITED CONDENSED CONSOLIDATED CASH FLOW STATEMENT

未經審核簡明綜合現金流量表

For the six months ended 30 September 2018

截至二零一八年九月三十日止六個月

	Note 附註	Note 附註	Six months ended 30 September 截至九月三十日止六個月 2018 2017 二零一八年 二零一七年 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Unaudited) （未經審核） （未經審核）	Six months ended 30 September 截至九月三十日止六個月 2018 2017 二零一八年 二零一七年 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Unaudited) （未經審核） （未經審核）
Net cash (used in)/generated from operating activities	經營活動（所用）╱所得 現金淨額		(2,443)	1,443
Investing activities Interest received Increase in bank deposits with original maturities over three months Payment for the purchase of equipment, furniture and fixtures	投資活動 已收利息 原到期日為3個月以上 之銀行存款增加 購置設備、傢俱及 裝置付款			127 – (1,746)
			157
			(44,000)
			(529)
Net cash used in investing activities	投資活動所用現金淨額		(44,372)	(1,619)
Financing activities Repayment of bank loans Increase in amount due from a director Dividends paid Listing expenses paid Interest paid Proceeds from issuance of shares	融資活動 償還銀行貸款 應收一名董事款項增加 已付股息 12(b) 已付上市開支 已付利息 發行股份所得款項			(115) (1,609) (900) (1,077) (56) –
			(104)
			–
			–
			(7,113)
			(84)
			87,500
Net cash generated from/ (used in) financing activities	融資活動所得╱（所用） 現金淨額		80,199	(3,757)
Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of period Effect of foreign exchange rate changes	現金及現金等價物 增加╱（減少）淨額 期初現金及現金等價物 外匯匯率變動影響		33,384	(3,933) 32,282 –
			27,541
			(897)
Cash and cash equivalents at the end of period	期末現金及現金等價物 10		60,028	28,349

8 Amuse Group Holding Limited Interim Report 2018

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended 30 September 2018

1. General information

The Company is incorporated in the Cayman Islands with limited liability under the Companies Law (as revised) of the Cayman Islands. The address of the Company’s registered office is P.O. Box 1350, Clifton House, 75 Fort Street, Grand Cayman, KY1-1108, Cayman Islands.

The Company’s shares were listed on the GEM of the Stock Exchange on 31 May 2018 (the “Listing”).

The Company is an investment holding company. The Group is principally engaged in design, marketing, distribution and retail sales of toys and related products.

The measurement basis used in the preparation of the unaudited condensed consolidated financial statements is the historical cost basis except that the investment property is stated at fair value. The unaudited condensed consolidated financial statements are presented in Hong Kong dollars (“HK$”) and all figures are rounded to the nearest thousand (“HK$’000”) unless otherwise indicated.

2. Basis of preparation

This interim financial report has been prepared in accordance with the applicable disclosure provisions of the GEM Listing Rules, including compliance with Hong Kong Accounting Standard (“HKAS”) 34, Interim financial reporting , issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”). It was authorised for issue on 12 November 2018.

未經審核簡明綜合財務報表附註

截至二零一八年九月三十日止六個月

1. 一般資料

本公司根據開曼群島公司法（經修訂） 於開曼群島註冊成立為有限公司。本 公司的註冊辦事處地址位於 P.O. Box 1350, Clifton House, 75 Fort Street, Grand Cayman, KY1-1108, Cayman Islands。

本公司股份於二零一八年五月三十一 日在聯交所 GEM 上市（「上市」）。

本公司為投資控股公司。本集團主要 從事設計、市場推廣、分銷及零售銷 售玩具及相關產品。

編製未經審核簡明綜合財務報表使用 的計量基準為歷史成本基準，惟投資 物業按公平值列賬。未經審核簡明綜 合財務報表乃以港元（「港元」）呈列， 除另有指明外，所有數字均四捨五入 至最接近的千位（「千港元」）。

2. 編製基準

本中期財務報告乃根據 GEM 上市規 則的適用披露條文，包括遵守香港會 計師公會（「香港會計師公會」）頒佈的 香港會計準則（「香港會計準則」）第 34 號，中期財務報告編製。其已於二零 一八年十一月十二日獲授權刊發。

9

二零一八年中期業績報告 佰悅集團控股有限公司

2. Basis of preparation (Continued)

The interim financial report has been prepared in accordance with the same accounting policies adopted in the 2018 annual financial statements, except for the accounting policy changes that are expected to be reflected in the 2019 annual financial statements. Details of any changes in accounting policies are set out in note 3.

The preparation of an interim financial report in conformity with HKAS 34 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses on a year to date basis. Actual results may differ from these estimates.

This interim financial report contains condensed consolidated financial statements and selected explanatory notes. The notes include an explanation of events and transactions that are significant to an understanding of the changes in financial position and performance of the Group since the 2018 annual financial statements. The condensed consolidated interim financial statements and notes thereon do not include all of the information required for a full set of financial statements prepared in accordance with Hong Kong Financial Reporting Standards (“HKFRSs”).

The interim financial report has not been audited nor reviewed by the independent auditor but has been reviewed by the Audit Committee.

The financial information relating to the financial year ended 31 March 2018 that is included in the interim financial report as comparative information does not constitute the Company’s statutory annual consolidated financial statements for that financial year but is derived from those financial statements. Statutory financial statements for the year ended 31 March 2018 are available from the Company’s principal place of business. The auditors have expressed an unqualified opinion on those financial statements in their report dated 29 June 2018.

2. 編製基準（續）

中期財務報告已按照於二零一八年年 度財務報表所採納的相同會計政策編 製，惟預期將於二零一九年年度財務 報表內反映的會計政策變動則除外。 任何會計政策變動的詳情載於附註 3。

按照香港會計準則第 34 號編製中期財 務報告時，管理層須作出可影響政策 應用以及本年度截至現在為止之資產 及負債、收入及開支之金額之判斷、 估計及假設。實際結果可能有別於該 等估計。

本中期財務報告載有簡明綜合財務報 表及選定說明附註。有關附註載列對 了解本集團自刊發二零一八年年度財 務報表以來的財務狀況及表現的變化 有重要影響的事件及交易的說明。此 簡明綜合中期財務報表及其附註並不 包括按照香港財務報告準則（「香港財 務報告準則」）就編製整份財務報表所 需的全部資料。

本中期財務報告未經獨立核數師審核 或審閱，但已由本公司審核委員會審閱。

於中期財務報告所載有關截至二零 一八年三月三十一日止財政年度的財 務資料（作為比較資料）並不構成本 公司於該財政年度的法定年度綜合財 務報表，但卻取自該等財務報表。截 至二零一八年三月三十一日止年度的 法定財務報表於本公司的主要營業地 點可供索取。核數師於其日期為二零 一八年六月二十九日的報告中表明對 該等財務報表並無保留意見。

10 Amuse Group Holding Limited Interim Report 2018

3. Changes in accounting policies

(a) Overview

The HKICPA has issued a number of new HKFRSs and amendments to HKFRSs that are first effective for the current accounting period of the Group. Of these, the following developments are relevant to the Group’s financial statements:

• HKFRS 9, Financial instruments

• HKFRS 15, Revenue from contracts with customers

The Group has not applied any new standard or interpretation that is not yet effective for the current accounting period.

Details of the changes in accounting policies are discussed in note 3(b) for HKFRS 9 and note 3(c) for HKFRS 15.

(b) HKFRS 9, Financial instruments

HKFRS 9 replaces HKAS 39, Financial instruments: recognition and measurement . It sets out the requirements for recognising and measuring financial assets, financial liabilities and some contracts to buy or sell nonfinancial items. The adoption of HKFRS 9 does not have any material impact on the Group’s consolidated financial statements.

• (c) HKFRS 15, Revenue from contracts with customers

HKFRS 15 establishes a comprehensive framework for recognising revenue and some costs from contracts with customers. HKFRS 15 replaces HKAS 18, Revenue , which covered revenue arising from sale of goods and rendering of services.

3. 會計政策變動

• (a) 概覽

香港會計師公會已頒佈多項新的 香港財務報告準則及香港財務報 告準則之修訂，並在本集團當前 會計期間首次生效，下列為當中 與本集團財務報表有關的新發展：

• 香港財務報告準則第 9 號，金 融工具

• 香港財務報告準則第 15 號， 客戶合約收益

本集團並無採納任何於當前會計 期間尚未生效的新準則或詮釋。

會計政策變動詳情於香港財務報 告準則第 9 號之附註 3(b) 及香港財 務報告準則第 15 號之附註 3(c) 中 討論。

• (b) 香港財務報告準則第 9 號，金融 工具

香港財務報告準則第 9 號取代香 港會計準則第 39 號，金融工具： 確認及計量。此準則載列金融資 產、金融負債和一些買賣非金融 項目合同確認和計量的要求。採 納香港財務報告準則第 9 號對本 集團之綜合財務報表並無任何重 大影響。

• (c) 香港財務報告準則第 15 號，客戶 合約收益

• 香港財務報告準則第 15 號建立了 確認來自客戶合約收益及若干成 本的全面框架。香港財務報告準 則第 15 號取代香港會計準則第 18 號，收益（涵蓋銷售貨品及提供服 務所產生的收益）。

二零一八年中期業績報告 佰悅集團控股有限公司 11

3. Changes in accounting policies (Continued)

• (c) HKFRS 15, Revenue from contracts with customers (Continued)

The Group has elected to use the cumulative effect transition method. Comparative information has not been restated and continues to be reported under HKAS 18. As allowed by HKFRS 15, the Group has applied the new requirements only to contracts that were not completed before 1 April 2018. The Group assessed that initial application of HKFRS 15 would have no impact on the opening balance of equity at 1 April 2018.

HKFRS 15 does not have material impact to the Group’s consolidated financial statements except the presentation of contract liabilities in the consolidated statement of financial position. Further details are set out below:

(i) Presentation of contract liabilities

Under HKFRS 15, a contract liability, rather than a payable, is recognised when a customer pays consideration, or is contractually required to pay consideration and the amount is already due, before the Group recognises the related revenue.

Previously, contract balances relating to trade deposits received from customers were presented as “deposits received” under “trade and other payables” in the consolidated statement of financial position.

To reflect these changes in presentation, “trade deposits” amounting to HK$1,213,000 are now disclosed as “contract liabilities” which are also under “trade and other payables” at 1 April 2018, as a result of the adoption of HKFRS 15.

3. 會計政策變動（續）

(c) 香港財務報告準則第 15 號，客戶 合約收益（續）

本集團已選擇使用累積效應過渡 法。可比較資料並無重列及繼續 根據香港會計準則第 18 號予以呈 報。在香港財務報告準則第 15 號 許可範圍內，本集團僅對在二零 一八年四月一日之前未完成的合 約採用新規定。本集團經評估認 為初步應用香港財務報告準則第 15 號對二零一八年四月一日的期 初權益結餘並無影響。

香港財務報告準則第 15 號對本集 團之綜合財務報表並無重大影響， 惟綜合財務狀況表內的合約負債 之呈列則除外。詳情載列如下：

(i) 呈列合約負債

根據香港財務報告準則第 15 號，當客戶支付代價或按合 約規定須支付代價且金額已 到期時，合約負債（而非應付 款項）在本集團確認相關收益 前確認。

此前，與從客戶收到有關貿 易按金的合約結餘於綜合財 務狀況表內「貿易及其他應付 款項」下呈列為「已收按金」。

為反映該等呈列變動，因採 納香港財務報告準則第 15 號，1,213,000 港元之「貿易 按金」現作為「合約負債」披 露，而合約負債亦於二零 一八年四月一日列入「貿易及 其他應付款項」下。

12 Amuse Group Holding Limited Interim Report 2018

4. Revenue and business segment

(a) Revenue

The principal activities of the Group are design, marketing, distribution and retail sales of toys and related products.

4. 收益及業務分部

• (a) 收益

本集團的主要活動為設計、市場 推廣、分銷及零售銷售玩具及相 關產品。

The Group’s revenue comprised the sales of Original Design Manufacturing (“ODM”) toys to license holders, sale of own licensed toys and distribution of imported toys and is analysed by principal activities as follows:

本集團的收益包括銷售原設計製 造（「ODM」）玩具予特許持有人、 銷售自家特許玩具及分銷進口玩 具，並按主要活動劃分分析如下：

			Six months ended	Six months ended
			30 September
			截至九月三十日止六個月
			2018	2017
			二零一八年	二零一七年
			HK$’000	HK$’000
			千港元	千港元
			(Unaudited)	(Unaudited)
			（未經審核）	（未經審核）
Sales of ODM toys to license	銷售ODM玩具予
holders		特許持有人	45,010	39,103
Distribution of imported toys	分銷進口玩具		30,956	11,199
Sales of own licensed toys	銷售自家特許玩具		5,853	7,213
			81,819	57,515

The Group’s customers are primarily distributors based in Japan. The percentage of revenue contributed by the Group’s five largest customers for the six months ended 30 September 2018 amounted to approximately 78% (six months ended 30 September 2017: 86%). Further details regarding the Group’s principal activities are disclosed below.

本集團的客戶主要為日本分銷 商。截至二零一八年九月三十日 止六個月的本集團五大客戶產生 的收益百分比為約 78%（截至二 零一七年九月三十日止六個月： 86%）。有關本集團主要活動的更 多詳情於下文披露。

The Group manages its business by three divisions, namely sale of ODM toys, sale of own licensed toys and distribution of imported toys. In a manner consistent with the way in which information is reported internally to the Group’s most senior executive management for the purposes of resource allocation and performance assessment, the Group has identified the above three reportable segments. No operating segments have been aggregated to form the above reportable segments.

本集團按三個分部管理其業務， 即銷售 ODM 玩具、銷售自家特許 玩具及分銷進口玩具。按照內部 就資源分配及表現評估向本集團 最高行政管理層呈報資料的相同 方式，本集團已識別以上三個可 呈報分部。概無匯總經營分部以 構成以上可呈報分部。

二零一八年中期業績報告 佰悅集團控股有限公司 13

4. Revenue and business segment (Continued)

(a) Revenue (Continued)

Information regarding the Group’s reportable segments as provided to the Group’s most senior executive management for the purposes of resource allocation and assessment of segment performance for the six months ended 30 September 2018 and 2017 is set out below.

4. 收益及業務分部（續）

(a) 收益（續）

截至二零一八年及二零一七年九 月三十日止六個月，就分配資源 及分部表現評估向本集團最高行 政管理層提供有關本集團可呈報 分部的資料列載如下。

						Distribution of	Sales of
				Sales of ODM toys		imported toys	own licensed toys	Total
				銷售ODM玩具		分銷進口玩具	銷售自家特許玩具	總計
				Six months ended		Six months ended	Six months ended	Six months ended
				30 September		30 September	30 September	30 September
				截至九月三十日		截至九月三十日	截至九月三十日	截至九月三十日
				止六個月		止六個月	止六個月	止六個月
				2018	2017	2018 2017	2018 2017	2018 2017
				二零一八年	二零一七年	二零一八年 二零一七年	二零一八年 二零一七年	二零一八年 二零一七年
				HK$’000	HK$’000	HK$’000 HK$’000	HK$’000 HK$’000	HK$’000 HK$’000
				千港元	千港元	千港元 千港元	千港元 千港元	千港元 千港元
				(Unaudited)	(Unaudited)	(Unaudited) (Unaudited)	(Unaudited) (Unaudited)	(Unaudited) (Unaudited)
			（未經審核）（未經審核）（未經審核）（未經審核）（未經審核）（未經審核）（未經審核）（未經審核）
Revenue from external	外部客戶收益
customers				45,010	39,103	30,956 11,199	5,853 7,213	81,819 57,515
Inter-segment revenue	分部間收益			–	–	4,225 1,958	3,737 3,611	7,962 5,569
Reportable segment revenue	可呈報分部收益			45,010	39,103	35,181 13,157	9,590 10,824	89,781 63,084
Reportable segment profit	可呈報分部溢利			3,321	4,134	3,827 2,226	924 1,311	8,072 7,671
Depreciation for the year	年內折舊			176	333	9 14	1,774 1,325	1,959 1,672

• (b) Reconciliations of reportable segment profit

(b) 可呈報分部溢利對賬

profit
			Six months ended
			30 September
			截至九月三十日止六個月
			2018		2017
			二零一八年	二零一七年
			HK$’000	HK$’000
			千港元		千港元
			(Unaudited)	(Unaudited)
			（未經審核）	（未經審核）
Profit	溢利
Reportable segment profit derived	源於本集團外部
from the Group’s external		客戶的可呈報
customers		分部溢利	8,072		7,671
Other net income	其他淨收入		655		1,737
Listing expenses	上市開支		(2,487)		(1,390)
Finance costs	融資成本		(84)		(56)
Valuation gain on investment property	投資物業估值收益		300		700
Consolidated profit before taxation	綜合除稅前溢利		6,456		8,662

14

Amuse Group Holding Limited Interim Report 2018

4. Revenue and business segment (Continued)

• (c) Information about major customers

Revenue from customers during the period contributing over 10% of the Group’s revenue are as follows:

4. 收益及業務分部（續）

(c) 主要客戶的資料 期內佔本集團收益逾 10% 的客戶 的收益列載如下：

				Six months ended	Six months ended
				30 September
				截至九月三十日止六個月
				2018	2017
				二零一八年	二零一七年
				HK$’000	HK$’000
				千港元	千港元
				(Unaudited)	(Unaudited)
				（未經審核）	（未經審核）
Group’s	largest customer	本集團最大客戶		45,613	40,812

5. Other net income

5. 其他淨收入

Other net income		5.其他	淨收入	淨收入
			Six months ended
			30 September
			截至九月三十日止六個月
			2018	2017
			二零一八年	二零一七年
			HK$’000	HK$’000
			千港元	千港元
			(Unaudited)	(Unaudited)
			（未經審核）	（未經審核）
Bank interest income	銀行利息收入		393	97
Net exchange (loss)/gain	匯兌（虧損）╱
Rental income	收益淨額 租金收入		(839) 120	498 120
Freight charge income	運費收入		414	393
Management fee income	管理費收入		468	503
Sundry income	雜項收入		99	126
			655	1,737

二零一八年中期業績報告 佰悅集團控股有限公司 15

6. Profit before taxation

Profit before taxation is arrived at after charging:

6. 除稅前溢利

除稅前溢利乃經扣除以下各項後達致：

				Six months ended	Six months ended	Six months ended
				30 September
				截至九月三十日止六個月
				2018		2017
				二零一八年	二零一七年
				HK$’000	HK$’000
				千港元		千港元
				(Unaudited)	(Unaudited)
				（未經審核）	（未經審核）
(a)	Finance costs Interest on bank loan and	(a)融資成本 銀行貸款及
	overdrafts		透支利息	84		56
(b)	Staff costs Salaries, wages and other benefits	(b)員工成本 薪金、工資及
	Contributions to defined		其他福利 定額供款退休	3,414		2,188
	contributions retirement plans		計劃供款	140		17
				3,554		2,305
(c)	Other items Depreciation of property,	(c)其他項目 物業、廠房及
	plant and equipment		設備折舊	1,959		1,672
	Auditors’ remuneration		核數師酬金	650		390
	Operating lease charges for		土地及樓宇經營
	land and buildings		租賃費用	738		667

7. Income tax

7. 所得稅

Income tax		7.所得	稅	稅
			Six months ended
			30 September
			截至九月三十日止六個月
			2018	2017
			二零一八年	二零一七年
			HK$’000	HK$’000
			千港元	千港元
			(Unaudited)	(Unaudited)
			（未經審核）	（未經審核）
Current tax – Hong Kong	即期稅項－香港
Profits Tax		利得稅	1,469	1,622
Deferred tax	遞延稅項		(10)	148
			1,459	1,770

The provision for Hong Kong Profits Tax is calculated at 16.5% of the estimated assessable profits for each of the reporting period.

於各報告期間，香港利得稅撥備乃根 據估計應課稅溢利按 16.5% 計算。

16 Amuse Group Holding Limited Interim Report 2018

8. Earnings per share

The calculation of basic earnings per share is based on the profit attributable to ordinary equity shareholders of the Company of HK$4,997,000 (six months ended 30 September 2017: HK$6,892,000) and weighted average of 917,582,418 ordinary shares in issue during the six months ended 30 September 2018 (six months ended 30 September 2017: 750,000,000 shares).

8. 每股盈利

每股基本盈利乃根據截至二零一八 年九月三十日止六個月本公司普通 權益股東應佔溢利 4,997,000 港元（截 至二零一七年九月三十日止六個月： 6,892,000 港元）及已發行普通股加權 平均數 917,582,418 股（截至二零一七 年九月三十日止六個月：750,000,000 股）計算。

The weighted average number of ordinary shares is calculated as follows:

普通股加權平均數計算如下：

			At 30 September	At 30 September
			於九月三十日
			2018	2017
			二零一八年	二零一七年
			(Unaudited)	(Unaudited)
			（未經審核）	（未經審核）
Issued ordinary share at 1 April	於四月一日的已發行
Capitalisation issue on 31 May 2018	普通股 於二零一八年五月		20,000	20,000
		三十一日資本化
Effect of shares offer on 31 May 2018	發行 於二零一八年五月		749,980,000	749,980,000
		三十一日股份發售
		的影響	167,582,418	–
Weighted average number of shares	於九月三十日的股份
at 30 September		加權平均數	917,582,418	750,000,000

The capitalisation took place on 31 May 2018 is deemed to be completed on 1 April 2017 and the weighted average number of shares at 30 September 2018 and 2017 have been adjusted accordingly.

於二零一八年五月三十一日進行之資 本化被視作於二零一七年四月一日完 成及於二零一八年及二零一七年九月 三十日之股份加權平均數已作相應調 整。

There was no difference between basic and diluted earnings per share as the Company did not have any dilutive potential shares outstanding during the six months ended 30 September 2018 and 2017.

由於本公司於截至二零一八年及二零 一七年九月三十日止六個月並無任何 發行在外之潛在攤薄股份，每股基本 及攤薄盈利並無差異。

二零一八年中期業績報告 佰悅集團控股有限公司 17

9. Trade and other receivables

As of the end of the reporting period, the ageing analysis of trade receivable (which are included in trade and other receivables), based on the invoice date and net of loss allowance, is as follows:

9. 貿易及其他應收款項

於報告期末，根據發票日期並扣除虧 損撥備的貿易應收款項（計入貿易及 其他應收款項）賬齡分析如下：

At 30 September 2018 At 31 March 2018 於二零一八年 九月三十日 於二零一八年 三月三十一日 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Audited) （未經審核） （經審核）	At 30 September 2018 At 31 March 2018 於二零一八年 九月三十日 於二零一八年 三月三十一日 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Audited) （未經審核） （經審核）
Less than 30 days 少於30日 8,292 31 to 60 days 31至60日 10,049 61 to 90 days 61至90日 4 Over 91 days 超過91日 423	12,430 1,878 1,903 1,403
Trade receivables, net of loss allowance 貿易應收款項，扣除 虧損撥備 18,768 Other receivables 其他應收款項 3,422 Deposits and prepayments 按金及預付款項 17,708	17,614 3,675 14,658
39,898	35,947

10. Bank deposits and cash

Bank deposits and cash comprise:

10. 銀行存款及現金

銀行存款及現金包括：

				At	At
			30 September		31 March
				2018	2018
				於二零一八年	於二零一八年
				九月三十日	三月三十一日
				HK$’000	HK$’000
				千港元	千港元
				(Unaudited)	(Audited)
				（未經審核）	（經審核）
Cash at bank and on hand and	簡明綜合現金流量表
cash and cash equivalents in the		內之銀行及手頭
condensed consolidated cash flow		現金以及現金及
statement Bank deposits with original maturities	現金等價物 原到期日為3個月			60,028	27,541
over three months		以上之銀行存款		44,000	–
				104,028	27,541

18 Amuse Group Holding Limited Interim Report 2018

11. Trade and other payables

As of the end of the reporting period, the ageing analysis of trade payables (which are included in trade and other payables), based on the invoice date, is as follows:

11. 貿易及其他應付款項

於報告期末，根據發票日期的貿易應 付款項（計入貿易及其他應付款項）賬 齡分析如下：

At 30 September 2018 At 31 March 2018 於二零一八年 九月三十日 於二零一八年 三月三十一日 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Audited) （未經審核） （經審核）	At 30 September 2018 At 31 March 2018 於二零一八年 九月三十日 於二零一八年 三月三十一日 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Audited) （未經審核） （經審核）
Less than 30 days 少於30日 2,297 31 to 60 days 31至60日 – 61 to 90 days 61至90日 364 Over 91 days but within one year 超過91日但於一年內 273	1,819 340 366 368
Trade payables 貿易應付款項 2,934 Deposits received 已收按金 – Contract liabilities 合約負債 5,827 Other payables and accrued expenses 其他應付款項及 應計開支 3,842	2,893 1,213 – 9,852
12,603	13,958

Note: As a result of the adoption of HKFRS 15, deposits received are included in contract liabilities (see note 3(c)(i))

附註：因採納香港財務報告準則第 15 號， 已收按金計入合約負債（見附註 3(c)(i)）

二零一八年中期業績報告 佰悅集團控股有限公司 19

12. Share capital and dividends

(a) Share capital

12. 股本及股息

(a) 股本

Share capital		(a)股	本
				Nominal
				value of
			Number of	ordinary
			shares	shares
			股份數目	普通股面值
				HK$
				港元
Authorised ordinary shares of	每股面值0.01港元的法
HK$0.01 each:		定普通股：
At 31 March 2018 and 1 April 2018	於二零一八年
		三月三十一日及
		二零一八年四月一日	38,000,000	380,000
Increase in authorised share capital	法定股本增加（附註(i)）
(note (i))			9,962,000,000	99,620,000
At 30 September 2018 (Unaudited)	於二零一八年九月
		三十日（未經審核）	10,000,000,000	100,000,000
Ordinary shares, issued and	已發行及繳足普通股：
fully paid:
At 31 March 2018 and 1 April 2018	於二零一八年
		三月三十一日及
		二零一八年四月一日	20,000	200
Capitalisation issue on	二零一八年五月
31 May 2018 (note (ii))		三十一日資本化
		發行（附註(ii)）	749,980,000	7,499,800
Issuance of shares on	於二零一八年五月
31 May 2018 (note (iii))		三十一日發行股份
		（附註(iii)）	250,000,000	2,500,000
At 30 September 2018 (Unaudited)	於二零一八年九月
		三十日（未經審核）	1,000,000,000	10,000,000

20 Amuse Group Holding Limited Interim Report 2018

12. Share capital and dividends (Continued)

(a) Share capital (Continued)

Notes:

• (i) Pursuant to the resolutions in writing of the shareholders passed on 11 May 2018, the authorised share capital of the Company was increased from 38,000,000 shares to 10,000,000,000 shares by creation of additional 9,962,000,000 shares, ranking pari passu with the shares in all respects with shares in issue as at the date of passing of the written resolution.

• (ii) Pursuant to the resolutions in writing of the shareholders passed on 11 May 2018, subject to the share premium account of the Company being credited as a result of the Listing, the directors were authorised to allot and issue a total of 749,980,000 shares to the holders of shares on the register of members of the Company as of 11 May 2018 in proportion to their respective shareholdings, credited as fully paid at par by way of capitalisation of the sum of HK$7,499,800 standing to the credit of the share premium account of the Company, and the shares to be allotted and issued pursuant to this resolution shall rank pari passu in all respects with the shares in issue (the “Capitalisation issue”). Such capitalisation issue has been completed on 31 May 2018.

• (iii) On 31 May 2018, the shares of the Company were listed on the GEM of The Stock Exchange of Hong Kong Limited. In connection with the Listing, the Company issued 250,000,000 shares at a price of HK$0.35 each for gross proceeds of HK$87,500,000.

12. 股本及股息（續）

• (a) 股本（續）

附註：

• (i) 根據股東於二零一八年五月十一 日通過的書面決議案，本公司法 定股本透過創設 9,962,000,000 股 額外股份從 38,000,000 股增加至 10,000,000,000 股。額外股份於 通過書面決議案日期與已發行股 份在所有方面享有同等地位。

• (ii) 根據股東於二零一八年五月十一 日通過的書面決議案，待本公司 的股份溢價賬因上市而取得進賬 後，董事獲授權將本公司股份溢 價賬進賬額 7,499,800 港元撥充資 本，按面值以入賬列為繳足方式 配發及發行合共 749,980,000 股股 份予截至二零一八年五月十一日 名列本公司股東名冊的股份持有 人，比例按彼等當時各自的股權 而定，而根據此決議案將配發及 發行的股份將於各方面與現有已 發行股份享有同等地位（「資本化 發行」）。該資本化發行已於二零 一八年五月三十一日完成。

• (iii) 於二零一八年五月三十一日，本 公司股份於香港聯合交易所有限 公司 GEM 上市。就上市而言，本 公司按每股 0.35 港元的價格發行 250,000,000 股股份，所得款項總 額為 87,500,000 港元。

二零一八年中期業績報告 佰悅集團控股有限公司 21

12. Share capital and dividends (Continued)

• (b) Dividends

Dividends declared during the period

12. 股本及股息（續）

• (b) 股息

期內已宣派股息

			Six months ended	Six months ended
			30 September
			截至九月三十日止六個月
			2018	2017
			二零一八年	二零一七年
			HK$’000	HK$’000
			千港元	千港元
			(Unaudited)	(Unaudited)
			（未經審核）	（未經審核）
Interim dividends declared	已宣派中期股息		–	6,000

No dividends were paid or declared by the Company or any of the subsidiaries during the six months ended 30 September 2018.

截至二零一八年九月三十日止六 個月，本公司或任何附屬公司並 無派付或宣派股息。

During the six months ended 30 September 2017, the Company declared interim dividends of HK$6,000,000, of which HK$900,000 has been settled through cash and HK$5,100,000 was settled through amount due from a director.

截至二零一七年九月三十日止 六個月，本公司宣派中期股息 6,000,000 港元，其中 900,000 港 元以現金結付，而 5,100,000 港元 透過應收一名董事款項結付。

13. Fair value measurement

The carrying amounts of the Group’s financial instruments carried at amortised cost were not materially different from their fair values as at 30 September 2018 and 31 March 2018.

13. 公平值計量

於二零一八年九月三十日及二零一八 年三月三十一日，本集團按攤銷成本 計量的金融工具的賬面值與其公平值 並無重大差異。

22 Amuse Group Holding Limited Interim Report 2018

MANAGEMENT DISCUSSION AND ANALYSIS

Business review and outlook

The shares of the Company (the “Share(s)”) were successfully listed on the GEM of the Stock Exchange on 31 May 2018. The Group is principally engaged in design, marketing, distribution and retail sales of toys and related products.

Business Review

For the six months ended 30 September 2018 (“Interim FY2019”) as compared to the last corresponding period ended 30 September 2017 (“Interim FY2018”), the Group’s revenue increased by approximately 42.3% while gross profit increased by approximately 24.1%, which was primarily due to the Group’s efforts paid in developing a new distribution line in trading educational toys that contributed over HK$8,000,000 revenue in the period. Secondly, over ten new high-end distribution items were delivered to customer, which lead to a significant increase comparing with the last corresponding period.

Business in the Sales of ODM toys to license holder

The Group’s revenue in the Sales of ODM toys to license holder increased by approximately 15.1% from approximately HK$39,103,000, representing 68.0% of our total revenue, for Interim FY2018 to approximately HK$45,010,000, representing 55.0% of our revenue, for Interim FY2019.

The Group’s gross profit in the Sales of ODM toys to license holder for Interim FY2019 amounted to approximately HK$9,224,000, representing 47.8% of our total gross profit and an increase of approximately HK$49,000, or approximately 0.5%, as compared to that of Interim FY2018 of approximately HK$9,175,000, which represented 59.0% of our total gross profit in Interim FY2018. Our gross profit margin of this segment in Interim FY2019 was approximately 20.5%, representing a decrease of 3 percentage point as compared to that of Interim FY2018 of approximately 23.5%. The increase in revenue from the sales of ODM toys to license holder was primarily because the average selling price of products in this segment was comparatively higher than that of the last corresponding period.

管理層討論及分析

業務回顧及展望

本公司股份（「股份」）於二零一八年五月 三十一日成功在聯交所 GEM 上市。本集 團主要從事設計、市場推廣、分銷及零售 銷售玩具及相關產品。

業務回顧

於截至二零一八年九月三十日止六個月 （「二零一九年財政年度中期」），本集團之 收益較截至二零一七年九月三十日止去 年同期（「二零一八年財政年度中期」）增 長約 42.3%，毛利增長約 24.1%，主要由 於本集團致力於在交易教育玩具方面發 展新分銷綫路，該綫路於期內貢獻收益逾 8,000,000 港元。其次，本集團向客戶交 付逾十款新高端分銷玩具，從而較去年同 期錄得大幅增長。

銷售 ODM 玩具予特許持有人業務

本集團銷售 ODM 玩具予特許持有人 之收益從二零一八年財政年度中期約 39,103,000 港元（佔本集團總收益 68.0%） 增長約 15.1% 至二零一九年財政年度中 期約 45,010,000 港元，佔本集團總收益 55.0%。

本集團於二零一九年財政年度中期銷 售 ODM 玩具予特許持有人之毛利約 為 9,224,000 港元，佔本集團毛利總額 47.8%，較二零一八年財政年度中期約 9,175,000 港元（佔本集團二零一八年財政 年度中期毛利總額 59.0%）增長約 49,000 港元，漲幅約為 0.5%。該分部於二零一九 年財政年度中期之毛利率約為 20.5%，較 二零一八年財政年度中期約 23.5% 減少 3 個百分點。銷售 ODM 玩具予特許持有人 之收益增長主要由於該分部產品平均銷售 價格高於去年同期。

二零一八年中期業績報告 佰悅集團控股有限公司 23

Business in the Distribution of imported toys

The Group’s revenue in the Distribution of imported toys increased by approximately 176.4% from approximately HK$11,199,000, representing 19.5% of our total revenue, for Interim FY2018 to approximately HK$30,956,000, representing 37.8% of our revenue, for Interim FY2019.

The Group’s gross profit in the Distribution of imported toys for Interim FY2019 amounted to approximately HK$7,987,000, representing 41.4% of our total gross profit and an increase of approximately HK$4,274,000, or approximately 115.1%, as compared to that of Interim FY2018 of approximately HK$3,713,000, which represented 23.9% of our total gross profit in Interim FY2018. Our gross profit margin of this segment in Interim FY2019 was approximately 25.8%, representing a decrease of 7.4% percentage point as compared to that of Interim FY2018 of approximately 33.2%. The increase in revenue from the distribution of imported toys was mainly because a number of new high-end items were released and delivered in the period, and a new distribution line in trading educational toys is developing and contributing to the revenue. The significant drop in our gross profit margin was primarily because the gross profit margin of newly developing educational toys trading was lower than the ACG figures.

Business in the Sales of own licensed toys

The Group’s revenue in the Sales of own licensed toys decreased by approximately 18.9% from approximately HK$7,213,000, representing 12.5% of our total revenue, for Interim FY2018 to approximately HK$5,853,000, representing 7.2% of our revenue, for Interim FY2019.

The Group’s gross profit in the Sales of own licensed toys for Interim FY2019 amounted to approximately HK$2,094,000, representing 10.8% of our total gross profit and a decrease of approximately HK$569,000, or approximately 21.4%, as compared to that of Interim FY2018 of approximately HK$2,663,000, which represented 17.1% of our total gross profit in Interim FY2018. Our gross profit margin of this segment in Interim FY2019 was approximately 35.8%, representing a decrease of 1.1 percentage point as compared to that of Interim FY2018 of approximately 36.9%. The decrease in revenue from the sales of own licensed toys was primarily because couple of Iron Man models were newly released in last corresponding period, which constantly provide secured revenue to the Group.

分銷進口玩具業務

本集團分銷進口玩具之收益從二零一八 年財政年度中期約 11,199,000 港元（佔本 集團總收益 19.5%）增長約 176.4% 至二零 一九年財政年度中期約 30,956,000 港元， 佔本集團收益 37.8%。

本集團於二零一九年財政年度中期分銷進 口玩具之毛利約為 7,987,000 港元，佔本 集團毛利總額 41.4%，較二零一八年財政 年度中期約 3,713,000 港元（佔本集團二零 一八年財政年度中期毛利總額 23.9%）增 加約 4,274,000 港元，漲幅約為 115.1%。 該分部於二零一九年財政年度中期之毛利 率約為 25.8%，較二零一八年財政年度中 期約 33.2% 減少 7.4 個百分點。分銷進口 玩具之收益增長乃主要由於期內發佈及交 付一系列新高端玩具，以及教育玩具交易 方面的一條新分銷綫路正在發展並貢獻收 益。毛利率大幅下降主要由於新發展的教 育玩具交易之毛利率低於 ACG 手辦玩具。

銷售自家特許玩具業務

本集團銷售自家特許玩具之收益從二零 一八年財政年度中期約 7,213,000 港元（佔 本集團總收益 12.5% ）減少約 18.9% 至二 零一九年財政年度中期約 5,853,000 港元， 佔本集團收益 7.2%。

本集團於二零一九年財政年度中期銷售自 家特許玩具之毛利約為 2,094,000 港元， 佔本集團毛利總額 10.8%，較二零一八年 財政年度中期約 2,663,000 港元（佔二零 一八年財政年度中期毛利總額 17.1%）減 少約 569,000 港元，減幅約 21.4%。該分 部於二零一九年財政年度中期之毛利率約 為 35.8%，較二零一八年財政年度中期約 36.9% 減少 1.1 個百分點。銷售自家特許 玩具之收益減少主要由於兩款鋼鐵俠玩具 於去年同期最新發佈並為本集團提供持續 穩定收益。

24 Amuse Group Holding Limited Interim Report 2018

Financial Analysis

Revenue

Revenue increased by approximately 42.3% to approximately HK$81,819,000 for Interim FY2019 from approximately HK$57,515,000 for Interim FY2018. The increase in revenue was mainly due to the increase in revenue from (i) distribution of imported toys; and (ii) sales of the ODM toys in the end of period.

Cost of sales

The Group’s cost of sales, incurred from the ODM toys production costs, distribution of imported toys and own licensed toys comprises (i) production costs; (ii) license fee; (iii) depreciation of mould; and (iv) others.

Cost of sales increased by approximately 49.0% to approximately HK$62,514,000 for Interim FY2019 from approximately HK$41,964,000 for Interim FY2018.

Gross profit

Gross profit increased by approximately 24.1% to approximately HK$19,305,000 for Interim FY2019 from approximately HK$15,551,000 for Interim FY2018. The gross profit margin decreased to approximately 23.6% for Interim FY2019 from approximately 27.0% for Interim FY2018 due to the decrease in sales proportion of sale of own licensed toys which has the highest gross profit margin in the three reportable segments. And the comparatively low gross profit margin in the trading of educational toys was another major reason lead the significant drop in gross profit margin.

Other net income

Other income and gains decreased by approximately 62.3% to approximately HK$655,000 for Interim FY2019 from approximately HK$1,737,000 for the Interim FY2018.

The decrease was mainly due to the exchange losses on cash and bank deposits denominated in Renminbi (“RMB”) and Japanese Yen (“JPY”).

Selling expenses

Our selling expenses comprise (i) advertising; (ii) staff costs which mainly represents the expenses in salary of staff; (iii) freight, postage and delivery; (iv) commission expense for our consignment sales; and (v) other selling and distribution expenses. Selling expenses increased by approximately 46.2% to approximately HK$3,249,000 for the Interim FY2019 from approximately HK$2,223,000 for Interim FY2018, mainly due to (i) an increase in staff costs mainly attributable to increase in number of staff and salary increments to certain employees; and (ii) increased exhibition expense.

財務分析

收益

收益由二零一八年財政年度中期約 57,515,000 港元增加約 42.3% 至二零一九 年財政年度中期約 81,819,000 港元。收益 增加主要由於期末 (i) 分銷進口玩具；及 (ii) 銷售 ODM 玩具的收益增加所致。

銷售成本

本集團 ODM 玩具生產成本、分銷進口玩 具及自家特許玩具所產生的銷售成本包括 (i) 生產成本；(ii) 特許費用；(iii) 模具折舊；及 (iv) 其他。

銷售成本由二零一八年財政年度中期約 41,964,000 港元增加約 49.0% 至二零一九 年財政年度中期約 62,514,000 港元。

毛利

毛利由二零一八年財政年度中期約 15,551,000 港元增加約 24.1% 至二零一九 年財政年度中期約 19,305,000 港元。毛利 率由二零一八年財政年度中期約 27.0% 減 少至二零一九年財政年度中期約 23.6%， 乃由於銷售自家特許玩具的銷售比例減少， 而其於三個可呈報分部中毛利率最高。教 育玩具交易毛利率相對較低乃導致毛利率 大幅下降的另一個主要原因。

其他淨收入

其他收入及收益由二零一八年財政年度中 期約 1,737,000 港元減少約 62.3% 至二零 一九年財政年度中期約 655,000 港元。

此項減少主要由於以人民幣（「人民幣」）及 日圓（「日圓」）計值的現金及銀行存款之匯 兌虧損所致。

銷售開支

銷售開支包括 (i) 廣告；(ii) 員工成本，主要 為員工薪金開支；(iii) 運費、郵費及送貨； (iv) 寄售佣金開支；及 (v) 其他銷售及分銷 開支。銷售開支由二零一八年財政年度中 期約 2,223,000 港元增加約 46.2% 至二零 一九年財政年度中期約 3,249,000 港元， 主要由於 (i) 員工成本上升，主要由於員工 數目增加以及若干員工薪酬上調；及 (ii) 展 覽開支增加。

二零一八年中期業績報告 佰悅集團控股有限公司 25

Administrative expenses

Our administrative expenses mainly consists of (i) staff costs which mainly represents the expenses in salary and staff benefit payable to our administrative department including our Directors; (ii) operating lease charges for land and building; (iii) travelling and entertainment expenses; (iv) audit fee; (v) depreciation expenses; (vi) legal and professional fee; (vii) stamp duty; (viii) insurance expenses mainly in relation to product liability insurance; and (ix) other administrative expenses.

Administrative expenses increased by approximately 41.1% to approximately HK$7,984,000 for Interim FY2019 from approximately HK$5,657,000 for Interim FY2018. The increased expense was mainly presented by (i) increase of legal and professional fee mainly represented by variety of after IPO expenses; and (ii) increase in staff costs due to increase in salary and number of staff.

Event after the reporting period

There is no significant event subsequent to 30 September 2018 which would materially affect the Group’s operating and financial performance.

Liquidity, financial resources and funding

As at 30 September 2018, we had cash and bank deposits of approximately HK$104,028,000 (31 March 2018: approximately HK$27,541,000), which were cash at banks and on hand and bank deposits.

As at 30 September 2018, no bank deposit was pledged (31 March 2018: nil).

As at 30 September 2018, the Group’s indebtedness comprised bank loans of HK$6,478,000 (31 March 2018: HK$6,582,000).

The Group’s gearing ratio, which is calculated by total debt (defined as bank and other debts incurred not in the ordinary course of business) divided by total equity, was 0.04 times as at 30 September 2018 (31 March 2018: 0.09 times).

Going forward, we intend to use our capital for our operations and the expansion plans as stated in the Prospectus.

行政開支

行政開支主要包括 (i) 員工成本，主要指應 付行政部門（包括董事）的薪金及員工福 利開支；(ii) 土地及樓宇經營租賃費用；(iii) 差旅及酬酢開支；(iv) 審核費用；(v) 折舊開 支；(vi) 法律及專業費用；(vii) 印花稅；(viii) 保險開支（主要關於產品責任保險）；及 (ix) 其他行政開支。

行政開支由二零一八年財政年度中期約 5,657,000 港元增加約 41.1% 至二零一九 年財政年度中期約 7,984,000 港元。開支 增加主要由於 (i) 法律及專業費用增加，主 要為各項首次公開發售後開支；及 (ii) 員工 成本增加，原因為薪酬上調及員工人數增 加。

報告期後的事項

於二零一八年九月三十日之後並無發生可 能對本集團經營及財務表現有重大影響之 重大事項。

流動資金、財務資源及撥資

於二零一八年九月三十日，我們有現金及 銀行存款約 104,028,000 港元（二零一八年 三月三十一日：約 27,541,000 港元），該 等現金及現金等價物為銀行現金及手頭現 金及銀行存款。

於二零一八年九月三十日，概無抵押任何 銀行存款（二零一八年三月三十一日：無）。

於二零一八年九月三十日，本集團之債務 包括 6,478,000 港元之銀行貸款（二零一八 年三月三十一日：6,582,000 港元）。

於二零一八年九月三十日，本集團的資 本負債比率按總債項（定義為並非在日常 業務過程中產生的銀行及其他債項）除以 總權益計算為 0.04 倍（二零一八年三月 三十一日：0.09 倍）。

展望將來，我們擬將資本用於招股章程所 述營運及擴張計劃。

26 Amuse Group Holding Limited Interim Report 2018

Capital structure

As at 30 September 2018 and 31 March 2018, the capital structure of our Company comprised issued share capital and reserves.

Commitments

Our contract commitments mainly involve leases of office and warehouse properties. As at 30 September 2018, the Group’s operating lease commitments were approximately HK$2,966,000 (31 March 2018: approximately HK$1,321,000).

Future plans for material investments and capital assets

Save as disclosed in the Prospectus, the Group did not have other plans for material investments and capital assets.

Material acquisitions and disposals of subsidiaries and affiliated companies

During Interim FY2019, the Group did not have any material acquisitions or disposals of subsidiaries and affiliated companies (Interim FY2018: nil).

Significant investments

As at 30 September 2018 , the Group did not hold any significant investments (31 March 2018: nil).

Contingent liabilities

The Group had no material contingent liabilities as at 30 September 2018 (31 March 2018: nil).

Exposure to exchange rate fluctuation

Foreign currency risk refers to the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Group mainly operates in Hong Kong with most of the transactions denominated and settled in HK$.

資本架構

於二零一八年九月三十日及二零一八年三 月三十一日，本公司的資本架構由已發行 股本及儲備組成。

承擔

合約承擔主要涉及租賃辦公室及倉庫物業。 於二零一八年九月三十日，本集團的經營 租賃承擔約為 2,966,000 港元（二零一八年 三月三十一日：約 1,321,000 港元）。

有關重大投資及資本資產的未來計劃

除招股章程所披露者外，本集團並無其他 有關重大投資及資本資產的計劃。

重大收購及出售附屬公司及聯屬公司

於二零一九年財政年度中期，本集團並無 任何重大收購或出售附屬公司及聯屬公司 （二零一八年財政年度中期：無）。

重大投資

於二零一八年九月三十日，本集團並無持 有任何重大投資（二零一八年三月三十一 日：無）。

或然負債

於二零一八年九月三十日，本集團並無任 何重大或然負債（二零一八年三月三十一 日：無）。

匯率波動風險

外幣風險指外匯匯率變動導致金融工具公 平值或未來現金流量出現波動的風險。本 集團主要於香港經營，大部分交易以港元 計值及償付。

二零一八年中期業績報告 佰悅集團控股有限公司 27

During Interim FY2019, the Group’s exposure to foreign currency risk primarily arose from certain financial instruments including trade and other receivables, cash and cash equivalents and trade and other payables which are denominated in JPY, RMB and/or US$. During Interim FY2019 and Interim FY2018, the Group did not adopt any hedging strategy but the management continuously monitored the foreign exchange risk exposure on a case-bycase basis. The Group did not use any hedging contracts to engage in speculative activities during Interim FY2019 and Interim FY2018.

Charge on group’s assets

At 30 September 2018, the Group’s investment property and leasehold land and building with an aggregate carrying value of HK$17,287,000 were mortgaged to secure banking facilities granted to the Group (31 March 2018: HK$17,075,000).

Information on employees

As at 30 September 2018, the Group had 30 employees (31 March 2018: 25) working in Hong Kong. Employees are remunerated according to their performance and work experience. On top of basic salary, commission, discretionary bonus and share option may be granted to eligible staff by reference to the Group’s performance as well as individual’s performance. The total staff cost (including remuneration of the Directors and mandatory provident funds contributions) for Interim FY2019 amounted to approximately HK$5,017,000 (Interim FY2018: HK$3,486,000).

Interim dividend

The Board does not recommend the payment of interim dividend for the six months ended 30 September 2018 (Interim FY2018: HK$6,000,000).

於二零一九年財政年度中期，本集團面對 的外幣風險主要來自若干金融工具，包括 貿易及其他應收款項、現金及現金等價物 以及貿易及其他應付款項，上述各項以日 圓、人民幣及╱或美元計值。於二零一九 年財政年度中期及二零一八年財政年度中 期，本集團並無採納任何對沖策略，但管 理層持續監察逐個個案的外匯風險。於二 零一九年財政年度中期及二零一八年財政 年度中期，本集團並無使用任何對沖合約 以從事投機活動。

集團資產抵押

於二零一八年九月三十日，總賬面值為 17,287,000 港元的本集團投資物業及租賃 土地及樓宇已予按揭，以抵押本集團獲授 的銀行融資（二零一八年三月三十一日： 17,075,000 港元）。

有關僱員的資料

於二零一八年九月三十日，本集團於香港 聘用 30 名僱員（二零一八年三月三十一日： 25 名）。僱員酬金乃根據彼等的表現及工 作經驗釐定。除基本薪金外，經參考本集 團的業績及個人表現後，合資格員工亦 可能獲授佣金、酌情花紅及購股權。二零 一九年財政年度中期的總員工成本（包括 董事酬金及強積金供款）約為 5,017,000 港 元（二零一八年財政年度中期：3,486,000 港元）。

中期股息

董事會不建議派付截至二零一八年九月 三十日止六個月的中期股息（二零一八年 財政年度中期：6,000,000 港元）。

28 Amuse Group Holding Limited Interim Report 2018

Use of Proceeds

The Shares were listed on GEM on 31 May 2018. The net proceeds from the Listing (after deducting the underwriting fees and related expenses) amounted to approximately HK$58 million. Up to 30 September 2018, the actual use of proceeds and an unutilised proceeds were approximately HK$4 million and HK$54 million, respectively. The net proceeds from the Listing were applied as follows:

所得款項用途

股份於二零一八年五月三十一日在 GEM 上市。上市所得款項淨額（經扣除包銷費 用及相關開支後）約為 5 千 8 百萬港元。截 至二零一八年九月三十日，所得款項實際 使用及未使用金額分別約為 4 百萬港元及 5 千 4 百萬港元。上市所得款項淨額使用 情況如下：

			Planned use of
			proceeds as
			stated in the	Actual use
			Prospectus	of proceeds
			up to	up to
			30 September	30 September
			2018	2018
			截至
			二零一八年
			九月三十日	截至
			招股章程	二零一八年
			所載所得款	九月三十日
			項的計劃	所得款項的
			使用情況	實際使用情況
			HK$’000	HK$’000
			千港元	千港元
Expanding our product portfolio	擴大自家特許玩具
of own licensed toys		產品組合	2,400	2,761
Enhancing our overseas distribution	提升海外分銷網絡
network			200	915
Further strengthening our manpower	進一步增強人力資源		1,200	297
Further enhancing our information	進一步改善資訊科技
technology system and performing		系統及進行倉庫裝修
warehouse renovation			400	75
Total	總計		4,200	4,048

The business objectives, future plans and planned use of proceeds as stated in the Prospectus were based on the best estimation and assumption of future market conditions made by the Group at the time of preparing the Prospectus while the proceeds were applied based on the actual development of the Group’s business and the industry.

招股章程所載業務目標、未來計劃及所得 款項計劃用途乃根據本集團編製招股章程 時對未來市況作出的最佳估計及假設制定， 而所得款項乃根據本集團業務及行業的實 際發展情況使用。

二零一八年中期業績報告 佰悅集團控股有限公司 29

Principal risks and uncertainties

The business operations and results of the Group may be affected by various factors, some of which are external causes and some are inherent to the business. The principal risks and uncertainties are summarised as follows:

主要風險及不確定性

本集團之業務營運及業績受多項因素影響， 當中有部分為外部因素，有部分則為與業 務有關的固有因素。主要風險及不明朗因 素概述如下：

Principal risks and uncertainties facing the Group 本集團所面臨之主要風險及不明朗因素

Directors’ approach to addressing these risks and uncertainties 董事處理該等風險及不明朗因素的方法

• Failure to obtain new orders could materially affect the Group’s financial performance

• 無法取得新訂單或會對本集團之財 務表現造成重大影響

• The Group has constantly built up good relationships with key customers and actively solicited new customers

• 本集團一直與主要客戶建立良好關係，並積極與 新客戶接洽

• The Group relies on the performance of senior management team

• 本集團依賴其高級管理團隊的表現

• The Group has constantly provided training to senior management team to enhance their performance

• 本集團一直提供培訓予高級管理團隊，以改善彼 等的表現

• Ineffective quality control over the suppliers and products may result in negative impact on the business and operation of our Group

• 對供應商及產品的品質控制無效可 能導致對本集團業務及營運造成不 利影響

• The Group has professional and well trained engineer team to working closely with suppliers in order to maintain our product in high standard of quality and timely

• 本集團擁有訓練有素的專業工程師團隊，其與供 應商及時密切合作，以維持我們產品的高品質標 準

• We may be exposed to delays and/or defaults of payments by our customers which would adversely affect our cash flows or financial results

• 我們可能面對客戶延遲及╱或違約 付款的情況，該情況會對我們的現 金流量或財務業績產生不利影響

• The Group only offer credit period for customer with long term relationship and well credit record. Most of the customers are traded in cash basis

• 本集團僅向擁有長期關係的客戶提供信貸期。多 數客戶以現金交易

• Failure to renew existing license rights and/or obtain new license rights for our own licensed toys will have adverse impact on financial performance on our Group

• 未能為我們的自家特許玩具續期現 有特許權及╱或取得新的特許權將 對本集團之財務表現產生不利影響

• The Group has a dedicated team to work closely with existing licenser, obtained outstanding results in the joint events with the licensers. The Group has kept up good relationship and also developing new relationship with potential new licenser in the market

• • 本集團擁有專門團隊與現有特許人密切合作，在 與特許人的聯合活動中取得出色成果。本集團在 維護良好關係的同時，亦與市場上的潛在新特許 人發展新關係

30 Amuse Group Holding Limited Interim Report 2018

Outlook

The Group will make steady progress in accordance with the plans formulated before the Listing and its actual operational conditions, so as to facilitate effective implementation of the business objectives of the Company and bring benefits from it.

The Board will proactively seek potential business opportunities and explore the possibility to expand the Group’s network not limited to ACG figure toys market, that will broaden the sources of income of the Group and enhance value to the shareholders.

In the future, the Board believes that the Group will achieve another breakthrough in terms of its business performance by leveraging on its advantages, in particular with its wide variety of high-end toys product.

展望

本集團將根據上市前擬定之計劃及實際運 作情況穩步推進有利於本公司業務目標的 有效實施並為其帶來益處。

董事會將積極尋求潛在商機並探索將本集 團之網絡擴展至 ACG 手辦玩具市場以外 以擴大本集團的收入來源及為股東增值。

在未來，董事會相信，透過善用其優勢（尤 其是其高端玩具產品種類眾多），本集團 的業務表現將達成另一個突破。

31

二零一八年中期業績報告 佰悅集團控股有限公司

OTHER INFORMATION

其他資料

Directors’ and chief executives’ interest and short position in shares, underlying shares or debentures

As at 30 September 2018, the interests and short positions of the Directors and chief executives of the Company in the shares, underlying shares or debentures of the Company or any of its associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance (“SFO”)) which shall have to be notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests and short positions which they are taken or deemed to have under such provisions of the SFO) or which shall be required, pursuant to Section 352 of the SFO, to be recorded in the register referred to therein or which shall be required to notify the Company and the Stock Exchange pursuant to Rule 5.46 to Rule 5.67 of the GEM Listing Rules, were as follows:

董事及主要行政人員於股份、相關股份 或債權證中的權益及淡倉

於二零一八年九月三十日，董事及本公司 主要行政人員於本公司或其任何相聯法團 （定義見證券及期貨條例（「證券及期貨條 例」）第 XV 部）的股份、相關股份或債權證 中擁有根據證券及期貨條例第 XV 部第 7 及 8 分部須知會本公司及聯交所的權益及淡 倉（包括彼等根據證券及期貨條例有關條 文被當作或視為擁有的權益及淡倉），或 根據證券及期貨條例第 352 條須記入該條 所述登記冊的權益及淡倉，或根據 GEM 上市規則第 5.46 條至第 5.67 條須知會本公 司及聯交所的權益及淡倉如下：

好倉

Long position			好倉
	Name of Group					Approximate
Name of Director/	member/associated		Capacity/Nature of	Total number		percentage of
chief executive	corporation		interest	of shares		shareholding
董事╱主要行政	本集團成員公司╱					佔股權
人員姓名	相聯法團名稱		身份╱權益性質	股份總數		概約百分比
Mr. Li Wai Keung (“Mr. Li”)	The Company		Interest of a controlled	637,500,000		63.75%
李偉強先生（「李先生」）	本公司		corporation	(Note 1)
			受控法團權益	（附註1）
Mr. Li	Infinite Force Holdings		Beneficial owner	1 ordinary share		100%
李先生		Limited (“Infinite Force”)	實益擁有人	1股普通股
	Infinite Force Holdings			(Note 2)
		Limited（「Infinite Force」）		（附註2）

Notes:

附註：

1. Infinite Force, a company incorporated in the British Virgin Islands, is the registered owner of 637,500,000 Shares. As Mr. Li owns the entire issued share capital of Infinite Force, he is deemed to be interested in all the shares of the Company registered in the name of Infinite Force under the SFO.

2. 於英屬維爾京群島註冊成立的公司 Infinite Force 為 637,500,000 股股份之登記擁有人。 由於李先生擁有 Infinite Force 之全部已發行 股本，根據證券及期貨條例，彼被視作擁 有以 Infinite Force 名義登記的所有本公司股 份的權益。

3. Infinite Force is the registered owner of 637,500,000 shares of the Company, and is wholly owned by Mr. Li. Under the SFO, Infinite Force is an associated corporation of the Company.

4. Infinite Force 為 637,500,000 股本公司股份 之登記擁有人，且由李先生全資擁有。根 據證券及期貨條例，Infinite Force 為本公司 之相聯法團。

32 Amuse Group Holding Limited Interim Report 2018

Save as disclosed above, none of the Directors and chief executives of the Company had any interests or short positions in any shares, underlying shares and debenture of the Company or any of its associated corporations (within the meaning of Part XV of the SFO) which would have to be notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests or short positions which they were taken or deemed to have under such provisions of the SFO), or which were recorded in the register required to be kept by the Company pursuant to Section 352 of the SFO, or which were required to be notified to the Company and the Stock Exchange pursuant to Rules 5.46 to 5.67 of the GEM Listing Rules as at 30 September 2018.

除上文披露者外，於二零一八年九月三十 日，概無董事及本公司主要行政人員於本 公司或其任何相聯法團（定義見證券及期 貨條例第 XV 部）的任何股份、相關股份及 債權證中擁有任何根據證券及期貨條例 第 XV 部第 7 及 8 分部須知會本公司及聯交 所的權益或淡倉（包括根據證券及期貨條 例有關條文被當作或視為擁有的權益或淡 倉），或記入本公司根據證券及期貨條例 第 352 條須存置的登記冊的權益或淡倉， 或根據 GEM 上市規則第 5.46 至 5.67 條須 知會本公司及聯交所的權益或淡倉。

Substantial shareholders’ and other persons’ interests and short positions in shares or underlying shares

As at 30 September 2018, so far as the Directors are aware, other than the Directors and chief executive of the Company whose interests are disclosed under the paragraph headed “Directors’ and chief executives’ interest and short positions in shares, underlying shares or debentures” above, the following persons had an interest or short position in the shares or underlying shares of the Company which shall be disclosed to the Company under the provisions of Divisions 2 and 3 of Part XV of the SFO, or which is required, pursuant to section 336 of the SFO, to be entered in the register referred to therein:

主要股東及其他人士於股份或相關股 份中的權益及淡倉

於二零一八年九月三十日，就董事所知， 除其權益已於上文「董事及主要行政人員 於股份、相關股份或債權證中的權益及淡 倉」一段披露的董事及本公司主要行政人 員外，以下人士於本公司的股份或相關股 份中擁有根據證券及期貨條例第 XV 部第 2 及 3 分部的條文須向本公司披露的權益或 淡倉，或根據證券及期貨條例第 336 條須 記入該條所述登記冊的權益或淡倉：

Long position

好倉

Long position		好倉
						Approximate
	Capacity/Nature of		Total number			percentage of
Name of shareholders	interest		of shares			shareholding
						佔股權
股東姓名╱名稱	身份╱權益性質		股份總數			概約百分比
Infinite Force	Beneficial owner		637,500,000			63.75%
	實益擁有人		(Note 1)
			（附註1）
Ms. Fong Wing Yan	Interest of spouse		637,500,000			63.75%
方頴茵女士	配偶權益		(Note 2)
			（附註2）
New Express Investment Limited	Beneficial owner		112,500,000			11.25%
(“New Express”)	實益擁有人		(Note 3)
新通投資有限公司（「新通」）			（附註3）
China Investment and Finance	Interest of a controlled		112,500,000			11.25%
Group Limited (“China Investment”)		corporation	(Note 3)
中國投融資集團有限公司	受控法團權益		（附註3）
（「中國投融資」）

二零一八年中期業績報告 佰悅集團控股有限公司 33

Notes:

1. Infinite Force, a company incorporated in British Virgin Islands, is wholly owned by Mr. Li. Under the SFO, Mr. Li is deemed to be interested in the shares of the Company registered in the name of Infinite Force.

2. Ms. Fong Wing Yan, the spouse of Mr. Li, is deemed to be interested in all the shares of the Company in which Mr. Li is interested by virtue of the SFO.

3. New Express is wholly owned by China Investment, a company incorporated in the Cayman Islands and whose shares are listed on the Stock Exchange (Stock code: 1226). Under the SFO, China Investment is deemed to be interested in the shares of the Company registered in the name of New Express.

Saved as disclosed above, the Directors were not aware of any other persons other than the Directors or chief executive of the Company who held an interest or short positions in the shares and underlying shares of the Company which were required to be recorded pursuant to section 336 of the SFO as at 30 September 2018.

Purchase, sale or redemption of listed securities of the company

The Company had not redeemed any of its ordinary shares during the six months ended 30 September 2018. Neither the Company nor any of its subsidiaries had purchased or sold any of the Company’s ordinary shares during the six months ended 30 September 2018.

Directors’ and controlling shareholders’ interest in competing business

None of the Directors, the directors of the Company’s subsidiaries, the Company’s controlling shareholders, or any of their respective close associates, as defined in the GEM Listing Rules, has interest in any business that competes or may compete, either directly or indirectly, with the businesses of the Group or has any other conflict of interests with the Group (other than being a Director and/or a director of its subsidiaries and their respective associates) during the reporting period.

附註：

1. 於英屬維爾京群島註冊成立的公司 Infinite Force 由李先生全資擁有。根據證券及期貨 條例，李先生被視作擁有以 Infinite Force 名 義登記的本公司股份的權益。

2. 方頴茵女士為李先生之配偶，根據證券及 期貨條例，彼被視為於李先生擁有權益之 本公司所有股份中擁有權益。

3. 新通由一家於開曼群島註冊成立及股份在 聯交所上市的公司中國投融資（股份代號： 1226）全資擁有。根據證券及期貨條例，中 國投融資被視作擁有以新通名義登記的本 公司股份的權益。

除上文所披露外，於二零一八年九月三十 日，董事並不知悉任何其他人士（董事或 本公司主要行政人員除外）於本公司股份 及相關股份中擁有根據證券及期貨條例第 336 條須予記錄的權益或淡倉。

購買、出售或贖回本公司上市證券

截至二零一八年九月三十日止六個月， 本公司並無贖回任何其普通股。截至二零 一八年九月三十日止六個月，本公司及其 任何附屬公司概無購買或出售本公司任何 普通股。

董事及控股股東於競爭業務的權益

於報告期內，董事、本公司附屬公司的董 事、本公司控股股東或彼等各自的緊密聯 繫人（定義見 GEM 上市規則）概無於與本 集團業務（不論直接或間接）競爭或可能 競爭的任何業務擁有權益或與本集團產生 任何其他利益衝突（除作為董事及╱或其 附屬公司之董事及彼等各自的聯繫人外）。

34 Amuse Group Holding Limited Interim Report 2018

Directors’ securities transactions

The Company has adopted a code of conduct regarding securities transactions by the Directors on terms no less exacting than the required standard of dealings set out in Rules 5.48 to 5.67 of the GEM Listing Rules. The Company had made specific enquiry of all the Directors and the Company was not aware of any non-compliance with the required standard of dealings regarding securities transactions by the Directors during the six months ended 30 September 2018.

Interests of the compliance adviser

As notified by the compliance adviser of the Company, Ample Capital Limited, save for the compliance adviser agreement dated 31 May 2018 entered into between the Company and Ample Capital Limited, none of Ample Capital Limited, its directors, employees and close associates had any interest in the securities of the Group which is required to be notified to the Group pursuant to Rule 6A.32 of the GEM Listing Rules as at 30 September 2018.

Share Option Scheme

The Company’s share option scheme (the “Share Option Scheme”) was approved by a resolution of the Company’s shareholders passed on 11 May 2018. The principal terms of the Share Option Scheme, a summary of which is set out in Appendix VI to the prospectus of the Company dated 18 May 2018, are in compliance with the provisions under Chapter 23 of the GEM Listing Rules.

As of 30 September 2018 and up to the date of this report, there was no options granted, exercised, lapsed or cancelled under the Share Option Scheme. There was no outstanding share option not yet exercised under the Share Option Scheme.

Corporate governance practice

The Company has applied the principles and code provisions in the Corporate Governance Code and Corporate Governance Report (the “Code”) as set out in Appendix 15 to the GEM Listing Rules. In the opinion of the Board, the Company has complied with the Code during the six months ended 30 September 2018.

董事進行證券交易

本公司已採納董事進行證券交易的操守守 則，其條款不遜於 GEM 上市規則第 5.48 至 5.67 條所載交易規定標準。本公司已向 全體董事作出特定查詢，且本公司並不知 悉於截至二零一八年九月三十日止六個月 期間董事在進行證券交易時有任何不遵守 相關交易規定標準的情況。

合規顧問的權益

據本公司合規顧問豐盛融資有限公司表示， 除本公司與豐盛融資有限公司所訂立日期 為二零一八年五月三十一日的合規顧問協 議外，於二零一八年九月三十日，豐盛融 資有限公司、其董事、僱員及緊密聯繫人 概無於本集團證券中擁有任何根據 GEM 上市規則第 6A.32 條須知會本集團的權益。

購股權計劃

本公司購股權計劃（「購股權計劃」）乃由本 公司股東於二零一八年五月十一日通過的 一項決議案批准。購股權計劃的主要條款 概述於本公司日期為二零一八年五月十八 日之招股章程附錄六，並符合 GEM 上市 規則第 23 章的條文。

於二零一八年九月三十日及直至本報告日 期，概無購股權計劃項下的購股權已授出、 行使、失效或註銷。概無購股權計劃項下 尚未行使的購股權。

企業管治常規

本公司已應用 GEM 上市規則附錄十五所 載的企業管治守則及企業管治報告（「守 則」）的原則及守則條文。董事會認為，本 公司於截至二零一八年九月三十日止六個 月期間一直遵守守則。

二零一八年中期業績報告 佰悅集團控股有限公司 35

Audit committee

The Audit Committee has reviewed the interim report of the Group for the six months ended 30 September 2018 with the management and is of the view that such interim report complied with the applicable accounting standards, the requirements under the GEM Listing Rules and other applicable legal requirements, and that adequate disclosures had been made.

By order of the Board Amuse Group Holding Limited Li Wai Keung Chairman and Executive Director

Hong Kong, 12 November 2018

As at the date of this report, the Board composition is as follows:

Chairman and Executive Director:

Mr. Li Wai Keung

Executive Directors:

Mr. To Hoi Pan Ms. Lee Kwai Fong

Independent non-executive Directors:

Ms. Chow Chi Ling Janice Mr. Tung Man Mr. Yu Pui Hang

審核委員會

本集團截至二零一八年九月三十日止六個 月的中期報告已由審核委員會及管理層審 閱，且彼等認為有關中期報告符合適用會 計準則、GEM 上市規則規定及其他適用法 律規定，並且已作出充足的披露。

承董事會命 佰 悅 集團控股有限公司 主席兼執行董事 李偉強

香港，二零一八年十一月十二日

於本報告日期，董事會成員如下：

主席兼執行董事： 李偉強先生

執行董事： 杜海斌先生 李桂芳女士

獨立非執行董事： 周緻玲女士 董文先生 余沛恒先生

36 Amuse Group Holding Limited Interim Report 2018

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