Rego Interactive Co., Ltd — Annual Report 2025

Apr 28, 2026

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REGO INTERACTIVE co.' LTD c 歐互圖有 齦 公 司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） Stock Code股份代號：2422

2025 Annual Report 年輾

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CONTENTS 目錄

Corporate Information Chairman’s Statement Financial Highlights Five-Year Financial Summary Management Discussion and Analysis Profiles of Directors and Senior Management Corporate Governance Report Environmental, Social and Governance Report Directors’ Report Independent Auditor’s Report

Consolidated Statement of Profit or Loss and Other Comprehensive Income Consolidated Statement of Financial Position Consolidated Statement of Changes in Equity Consolidated Statement of Cash Flows Notes to the Consolidated Financial Statements Definitions

公司資料	2
主席報告	6
財務摘要	10
五年財務概要	11
管理層討論及分析	12
董事及高級管理層履歷詳情	53
企業管治報告	63
環境、社會及管治報告	88
董事會報告	152
獨立核數師報告	177
綜合損益及其他全面收入表	188
綜合財務狀況表	189
綜合權益變動表	191
綜合現金流量表	193
綜合財務報表附註	195
釋義	341

Corporate Information 公司資料

BOARD OF DIRECTORS

Executive Directors

Mr. Chen Ping (Chairman)

Mr. Tian Huan (Chief Executive Officer)

Mr. Zhang Yongli (President and CEO of the market and new business group) Mr. Fan Lianshun

Mr. Xia Yuanbo (President and CEO of the corporate digitalisation business group) Mr. Chen Wei

Independent Non-executive Directors

Ms. Mo Lan Mr. Shen Yunjia Mr. Zeng Liang

AUDIT COMMITTEE

Mr. Shen Yunjia (Chairman) Ms. Mo Lan Mr. Zeng Liang

REMUNERATION COMMITTEE

Mr. Zeng Liang (Chairman) Mr. Chen Ping Mr. Shen Yunjia

NOMINATION COMMITTEE

Mr. Chen Ping (Chairman) Mr. Zeng Liang Ms. Mo Lan

董事會

執行董事

陳平先生（主席） 田歡先生（行政總裁） 張永利先生（總裁兼市場及新業務群 CEO ）

范連順先生 夏遠波先生（總裁兼企業數字賦能業務群 CEO ）

陳緯先生

獨立非執行董事

莫蘭女士 沈雲駕先生 曾良先生

審核委員會

沈雲駕先生（主席） 莫蘭女士 曾良先生

薪酬委員會

曾良先生（主席） 陳平先生 沈雲駕先生

提名委員會

陳平先生（主席） 曾良先生 莫蘭女士

2 Rego Interactive Co., Ltd 潤歌互動有限公司

Corporate Information 公司資料

JOINT COMPANY SECRETARIES

Ms. Yang Chao

Ms. Chan Sau Ling (resigned on 31 December 2025) Mr. Yau Tsz Lun (appointed on 31 December 2025)

AUTHORISED REPRESENTATIVES

Mr. Chen Ping

Ms. Chan Sau Ling (resigned on 31 December 2025) Mr. Yau Tsz Lun (appointed on 31 December 2025)

REGISTERED OFFICE

4th Floor, Harbour Place 103 South Church Street P.O. Box 10240 Grand Cayman KY1-1002 Cayman Islands

HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS IN CHINA

19/F Rego Building No. 77 Yinxi Road Yinhu Street Fuyang District Hangzhou PRC

PRINCIPAL PLACE OF BUSINESS IN HONG KONG

Room 1917, 19/F, Lee Garden One 33 Hysan Avenue, Causeway Bay Hong Kong (with effect from 10 January 2025)

聯席公司秘書

楊超女士

陳秀玲女士（於 2025 年 12 月 31 日辭任） 游子麟先生（於 2025 年 12 月 31 日獲委任）

授權代表

陳平先生

陳秀玲女士（於 2025 年 12 月 31 日辭任） 游子麟先生（於 2025 年 12 月 31 日獲委任）

註冊辦事處

4th Floor, Harbour Place 103 South Church Street P.O. Box 10240 Grand Cayman KY1-1002 Cayman Islands

總部及中國主要營業地點

中國 杭州市 富陽區 銀湖街道 銀溪路 77 號 潤歌大樓 19 樓

香港主要營業地點

香港 銅鑼灣希慎道 33 號 利園一期 19 樓 1917 室 （自 2025 年 1 月 10 日起生效）

Annual Report 2025 年報 3

Corporate Information 公司資料

PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE

Harneys Fiduciary (Cayman) Limited 4th Floor, Harbour Place 103 South Church Street P.O. Box 10240 Grand Cayman KY1-1002 Cayman Islands

HONG KONG BRANCH SHARE REGISTRAR

Computershare Hong Kong Investor Services Limited Shops 1712–1716, 17th Floor Hopewell Centre 183 Queen’s Road East Wanchai Hong Kong

LEGAL ADVISER IN HONG KONG

Ashurst Hong Kong 43/F, Jardine House 1 Connaught Place Central Hong Kong

AUDITORS

BDO Limited Certified Public Accountants Registered Public Interest Entity Auditors 25/F, Wing On Centre 111 Connaught Road Central Hong Kong

主要股份過戶登記處

Harneys Fiduciary (Cayman) Limited 4th Floor, Harbour Place 103 South Church Street P.O. Box 10240 Grand Cayman KY1-1002 Cayman Islands

香港股份過戶分處

香港中央證券登記有限公司 香港 灣仔 皇后大道東 183 號 合和中心 17 樓 1712–1716 號舖

香港法律顧問

亞司特律師事務所 香港 中環 康樂廣場 1 號 怡和大廈 43 樓

核數師

香港立信德豪會計師事務所有限公司 執業會計師 註冊公眾利益實體核數師 香港 干諾道中 111 號 永安中心 25 樓

4 Rego Interactive Co., Ltd 潤歌互動有限公司

Corporate Information 公司資料

PRINCIPAL BANKS

Industrial Bank Co., Limited Hangzhou High-Tech Branch No. 40, Tangmiao Road, West Lake District Hangzhou, Zhejiang Province PRC

China Construction Bank Corporation Xi’an High-Tech Industries Development Zone Branch No. 42, Gaoxin Road, Yanta District Xi’an, Shaanxi Province PRC

China Construction Bank Corporation Shanghai Qingpu Chengzhong Road Branch No. 718, Gongyuan Road, Qingpu District Shanghai PRC

Bank of China Shanghai Jiutingzhen Branch No. 116, Qiujing Road, Songjiang District Shanghai PRC

STOCK CODE

02422

COMPANY WEBSITE

http://www.regopimc.com

主要往來銀行

興業銀行股份有限公司 杭州高新支行 中國 浙江省杭州市 西湖區塘苗路 40 號 中國建設銀行股份有限公司 西安高新技術產業開發區支行 中國 陝西省西安市 雁塔區高新路 42 號 中國建設銀行股份有限公司 上海青浦城中支行 中國 上海市 青浦區公園路 718 號

中國銀行 上海九亭鎮支行 中國 上海市 松江區虬涇路 116 號

股份代號

02422

公司網站

http://www.regopimc.com

Annual Report 2025 年報 5

Chairman’s Statement 主席報告

Dear Shareholders,

On behalf of the Board of Directors (the “ Board ”), I am pleased to present the annual results of Rego Interactive Co., Ltd (“ Rego Interactive ” or the “ Company ”), together with its subsidiaries (collectively the “ Group ”), for the financial year ended 31 December 2025 (the “ Year ”).

2025 PERFORMANCE REVIEW: RESILIENCE AMIDST STRATEGIC TRANSFORMATION

The year 2025 was a pivotal period of recalibration and technological evolution for Rego Interactive. Amid macroeconomic adjustments, enterprises adopted more cautious business strategies, focusing on cost reduction, efficiency improvement, and a shift from pure scale expansion to quality improvement. In the face of a complex macroeconomic environment and intensifying competition within the digital marketing industry, the Group recorded a total revenue of approximately RMB503.6 million for the Year, representing an increase of approximately 105.8% as compared with RMB244.6 million in the financial year ended 31 December 2024. While we maintained a steady top-line scale, the Group recorded a net loss of approximately RMB74.8 million for the Year. This financial performance reflects the short-term pressures of our strategic transition, characterised by significant investments in frontier technologies, market positioning during a period of “value reconstruction”, and the margin compression of certain traditional business segments. However, these challenges have only strengthened our resolve to accelerate our transformation into a high-growth, technology-driven enterprise.

Strategic Focus: AI-Driven Innovation and Vertical Integration

Throughout 2025, we looked beyond short-term volatility to build the foundations of our future growth.

尊敬的股東：

本人謹代表董事會（「 董事會 」）提呈潤歌互動有 限公司（「 潤歌互動 」或「 本公司 」）連同其附屬公 司（統稱「 本集團 」）截至 2025 年 12 月 31 日止財 政年度（「 本年度 」）之全年業績。

2025 年業績回顧：戰略轉型中的 韌性

2025 年是潤歌互動戰略重整與技術演進的關 鍵一年。在宏觀經濟調整的背景下，企業紛 紛採取更為審慎的業務策略，轉而關注降本 增效，並從單純的規模擴張轉向質量提升。 面對複雜的宏觀經濟環境與數字營銷行業日 益激烈的競爭，本集團於本年度錄得總收益 約人民幣 503.6 百萬元，較截至 2024 年 12 月 31 日止財政年度的人民幣 244.6 百萬元增長約 105.8% 。儘管我們保持穩健的營收規模，但 本集團於本年度錄得淨虧損約人民幣 74.8 百萬 元。此財務表現反映了戰略轉型帶來的短期壓 力，體現為對前沿技術的重大投資、於「價值 重構」期間的市場定位佈局，以及部分傳統業 務板塊的利潤空間受壓。然而，這些挑戰僅僅 更加堅定了我們加速轉型為高增長、技術驅動 型企業的決心。

戰略焦點： AI 驅動創新與垂直整合

在整個 2025 年，我們不為短期波動所擾，致 力於為未來的增長奠定基礎。

6 Rego Interactive Co., Ltd 潤歌互動有限公司

Chairman’s Statement 主席報告

We have achieved substantial milestones in two core strategic pillars:

• Pioneering “AI Lottery Station Agents”: Redefining Retail Intelligence One of our most significant breakthroughs this year was the development and pilot deployment of our proprietary AI Lottery Station Agent system. By integrating our deep expertise in digital marketing and technology development with understanding in Lottery Market in China, we have created a comprehensive intelligent solution for physical lottery outlets.

This “Agent” serves as a 24/7 digital assistant, providing shop owners and customers with automated inquiries, real-time trend analysis, and personalized marketing interactions. By transforming traditional lottery stations into “Smart Retail Terminals,” we are not only enhancing operational efficiency for partners but also creating a powerful new channel for our virtual goods ecosystem to penetrate offline markets.

Our Group is ahead of this curve. Our exploration of AI Lottery Station Agent are designed to propel the industry into the new era of agentic marketing. These intelligent agents improve operational control and provide the “stabiliser” that advertisers seek in a fiercely competitive market.

• Capturing Opportunities in Sports and Athletic Trends: With the rising global consciousness toward health and the booming consumption in the sports sector, the Group has proactively explored “Sports + Digital” synergies. We are leveraging AI to provide sports enthusiasts with realtime data analysis and interactive experiences, bridging the gap between professional athletic content and digital entertainment. This cross-industry approach expands our user base and opens new revenue streams in sports lottery-related services and specialized sports marketing.

我們在兩大核心戰略支柱上取得了實質性的里 程碑：

• 開創「 AI 彩票門店智能體」：重新定義零 售智能，我們今年最顯著的突破之一是 自主研發的「 AI 彩票門店智能體」系統的 開發與試點部署。通過將我們在數字營 銷和技術開發方面的深厚專業知識，與 對中國彩票市場的深刻理解相結合，我 們為實體彩票門店打造了一套全方位的 智能解決方案。

該「智能體」充當全天候數字助理，為店 主和客戶提供自動化諮詢、即時走勢分 析和個性化營銷互動。通過將傳統彩票 站轉型為「智慧零售終端」，我們不僅提 升了合作夥伴的運營效率，更為我們的 虛擬商品生態系統滲透線下市場創造了 一個強大的新渠道。

本集團正處於行業領先地位，我們對「 AI 彩票門店智能體」的探索，旨在推動行業 進入「智能體營銷 (agentic marketing) 」 的新時代。這些智能體提升了運營控制 力，並為廣告商在激烈競爭的市場中提 供了所需的「穩定器」。

• 捕捉體育及運動趨勢中的機遇：隨著全 球健康意識的提升以及體育板塊消費的 蓬勃發展，本集團積極探索「體育 + 數字」 的協同效應。我們利用 AI 技術為體育愛 好者提供即時數據分析和互動體驗，將 專業體育內容與數字娛樂結合起來。這 種跨行業的方法擴大了我們的用戶群， 並在體育彩票相關服務和專業體育營銷 領域開闢了新的收入來源。

Annual Report 2025 年報 7

Chairman’s Statement 主席報告

Our strategic focus on the lottery sector is aimed to capitalize on a “Big Year” for sports. With top-level competitions in 2026, including the Winter Olympics, the World Cup, and the Asian Games, we anticipate a significant surge in sports lottery betting. Furthermore, new regulations for “Super Lotto” and “Double Color Ball” are expected to enhance operational control and support steady sales growth. We will be at the forefront of this growth, offering efficiency to operators and a superior experience to participants.

Financial Health and Operational Excellence

In response to the net loss recorded this year, the management has taken decisive actions to optimize our cost structure. We have streamlined organizational workflows and enhanced the ROI of our marketing spend through internal AI tools. The Group maintains a healthy cash reserve, ensuring we remain well-positioned to fund the development and business growth necessary to secure our competitive moat in the AI era.

OUTLOOK FOR 2026: TECHNOLOGY EMPOWERMENT AND PATH TO RECOVERY, A REBOUND IN CONFIDENCE

Looking ahead to 2026, we focus on the cultivation of new vertical markets – investments we believe are essential to securing our leadership in the upcoming era of “Agentic Marketing”. Our strategic roadmap focuses on:

1. Accelerating AI Commercialization: Moving from solid foundation and technological professional to large-scale deployment of our AI Agents across national lottery networks to drive high-margin service revenue.

2. Deepening in the Lottery Market with Sports Industry Integration: Strengthening partnerships with Lottery Centre and brands to capture the “traffic dividend” from upcoming major sporting events.

我們對彩票板塊的戰略聚焦，旨在精準 把握「體育大年」機遇。隨著 2026 年冬季 奧運會、世界盃及亞運會等頂級賽事的 舉行，我們預計體育彩票投注將顯著增 長。此外，「大樂透」和「雙色球」的新規 預計將增強運營控制能力並支持銷量穩 定增長。我們將處於這一增長的前沿， 為經營者提供效率，並為參與者提供卓 越體驗。

財務穩健與卓越營運

針對本年度錄得的淨虧損，管理層已採取果斷 行動優化成本結構。我們簡化了組織工作流 程，並通過內部 AI 工具提升了營銷支出的投資 回報率 (ROI) 。本集團維持穩健的現金儲備， 確保我們處於有利位置，以為必要的開發和業 務增長提供資金，從而在 AI 時代構築我們的競 爭護城河。

2026 年展望：技術賦能、復甦之 路與信心回升

展望 2026 年，我們聚焦於培育新的垂直市 場－我們相信這些投資對於確保我們在即將到 來的「智能體營銷」時代的領先地位至關重要。 我們的戰略藍圖聚焦於：

1. 加速 AI 商業化：憑藉札實的基礎與技術 專業，將我們的 AI 智能體轉向在全國彩 票網絡的大規模部署，以驅動高毛利的 服務收入。

2. 深化彩票市場與體育產業整合：加強與 彩票中心及品牌的合作，捕捉即將到來 的重大體育賽事帶來的「流量紅利」。

8 Rego Interactive Co., Ltd 潤歌互動有限公司

Chairman’s Statement 主席報告

1. Efficiency and Profitability: Continuing to execute rigorous cost-control measures with the goal of returning to operational profitability in the coming year.

“Connecting Value with Data; Driving the Future with Innovation.”

Finally, on behalf of the Board, I would like to express my sincere gratitude to our shareholders for your patience and trust during this transformative phase. My thanks also go to our employees for their unwavering dedication. Rego Interactive is at a turning point, and we are confident that our focus on AI and vertical sports markets will deliver sustainable, long-term value for all stakeholders.

Mr. Chen Ping

Chairman and Executive Director

Hong Kong, 31 March 2026

1. 效率與盈利：繼續執行嚴格的成本控制 措施，目標是在未來一年恢復經營溢利。

「以數據鏈接價值，以創新驅動未來。」

最後，本人謹代表董事會，對各位股東在這一 轉型階段所給予的耐心與信任表示誠摯謝意。 同時，我也感謝全體員工的不懈奉獻。潤歌互 動正處於轉折點，我們深信，對 AI 及垂直體育 市場的專注將為所有利益相關者帶來可持續的 長期價值。

主席兼執行董事 陳平先生

香港， 2026 年 3 月 31 日

Annual Report 2025 年報 9

Financial Highlights 財務摘要

Year ended 31 December

截至 12 月 31 日止年度

				Year-on-year
		2025	2024	Change
		2025年	2024年	同比變動
		RMB’000	RMB’000	%
		人民幣千元	人民幣千元
Revenue	收益	503,594	244,646	+105.8
Gross profit	毛利	44,662	65,808	-32.1
Loss before income tax Loss for the year attributable to	除所得稅前虧損 本公司擁有人應佔年內虧損	(73,416)	(37,846)	-94.0
owners of the Company		(73,213)	(37,960)	-92.9
Adjusted net loss(Note)	經調整虧損淨額（附註）	(52,463)	(27,917)	-88.0

Note: Please refer to “Non-HKFRS Measures: Adjusted Net Profit” on 附註： 請參閱本報告第 38 頁的「非香港財務報告準 Page 38 of this report. 則計量：經調整純利」。

10 Rego Interactive Co., Ltd 潤歌互動有限公司

Five-Year Financial Summary 五年財務概要

A summary of the results and of the assets and liabilities of the Group for the Year and last four financial years, as extracted from the published audited financial statements, is set out below.

本集團本年度及過往四個財政年度之業績及資 產負債概要（摘錄自已刊發之經審核財務報表） 載列如下。

RESULTS

業績

Year ended 31 December

截至 12 月 31 日止年度

		2025	2024	2023	2022	2021
		2025年	2024年	2023年	2022年	2021年
		RMB’000	RMB’000	RMB’000	RMB’000	RMB’000
		人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元
Revenue	收益	503,594	244,646	191,062	256,591	219,549
Gross profit	毛利	44,662	65,808	101,667	133,458	110,206
(Loss)/profit before	除所得稅前
income tax	（虧損）╱溢利	(73,416)	(37,846)	14,899	81,172	57,230
Income tax expense	所得稅開支	(1,373)	(1,444)	(2,341)	(12,669)	(7,245)
(Loss)/profit for	年內（虧損）╱溢利
the year		(74,789)	(39,290)	12,558	68,503	49,985
(Loss)/profit for the	以下各方應佔年內
year attributable to:	（虧損）╱溢利：
– Owners of the	－本公司擁有人
Company		(73,213)	(37,960)	12,558	68,503	49,985
– Non-controlling	－非控股權益
interests		(1,576)	(1,330)	–	–	–

ASSETS AND LIABILITIES

資產及負債

			At	31 December	31 December
				於12月31日
		2025	2024	2023	2022	2021
		2025年	2024年	2023年	2022年	2021年
		RMB’000	RMB’000	RMB’000	RMB’000	RMB’000
		人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元
Total assets	資產總值	479,337	531,949	637,384	399,700	235,059
Total liabilities	負債總額	198,117	173,165	244,728	102,239	129,156
Total equity	權益總額	281,220	358,784	392,656	297,461	105,903
Equity attributable to:	以下各方應佔權益：
– Owners of the	－本公司擁有人
Company		283,606	359,624	392,656	297,461	105,903
– Non-controlling	－非控股權益
interest		(2,386)	(840)	–	–	–

Annual Report 2025 年報 11

Management Discussion and Analysis 管理層討論及分析

BUSINESS REVIEW

業務回顧

Due to the economic pressure in China in 2025, many enterprises business strategies had become more cautious, and their marketing budgets were also more conservative. They focused on cost reduction and efficiency improvement, strengthening brand and product power. In terms of marketing philosophy, they placed increasing emphasis on brand building and pursuing a synergy between brand building and sales performance. In terms of market layout, they were cultivating the domestic market while actively expanding overseas. Also more targeted in their media selection, paying attention to the alignment between media and user perception.

受 2025 年中國經濟壓力影響，許多企業經營 策略趨於謹慎，營銷預算亦更為保守。企業聚 焦降本增效，強化品牌與產品實力。營銷理念 方面，企業愈加重視品牌建設，追求品牌建設 與銷售業績的協同效應；市場佈局方面，則在 深耕國內市場的同時，積極拓展海外業務。此 外，企業對媒體的選擇也更加精準，注重媒體 與用戶感知的契合度。

Advertising Market in China

中國廣告市場

On 14 January 2026, Miaozhen Marketing Academy released the “2026 China Digital Marketing Trends Report” which shows that after three consecutive years of declining growth, advertisers’ confidence in investing in China’s digital marketing market is expected to rebound in 2026. The report projects a 10% growth rate in corporate marketing expenditures (including traditional and digital), with 30% of advertisers holding positive investment confidence, an increase of 8% year-on-year.

於 2026 年 1 月 14 日，秒針營銷科學院發佈 《 2026 中國數字營銷趨勢報告》顯示，在經歷 連續三年的增長放緩後， 2026 年廣告主對中 國數字營銷市場的投資信心有望回升。報告預 計，企業營銷支出（包括傳統及數字營銷）將增 長 10% ，有 30% 的廣告主持積極投資態度， 同比上升 8% 。

The report also stated that in 2026, China’s digital marketing industry will stand at the crossroads of technological revolution and value reconstruction. AI technology will upgrade from a content tool to enterprise infrastructure, and the implementation of commercial marketing intelligent agents will propel the industry into a new era of agentic marketing.

報告亦指出， 2026 年中國數字營銷行業將處 於技術革命與價值重構的十字路口。人工智能 技術將從內容製作工具升級為企業基礎設施， 而商業營銷智能代理的應用將推動行業邁入代 理式營銷新時代。

Moreover, the report also pointed out that with the decline of traffic dividends, performance-based strategies are becoming unsustainable in the fiercely competitive market. Advertisers increasingly recognise brand as the core driver of long-term growth, but are constrained by business pressures in practice.

此外，報告還指出，隨著流量紅利消退，基於 績效的策略在激烈的市場競爭中已難以為繼。 廣告主日益認識到品牌是長期增長的核心驅動 力，但在實際操作中仍受到業務壓力的制約。

12 Rego Interactive Co., Ltd 潤歌互動有限公司

Management Discussion and Analysis 管理層討論及分析

The report shows that 30% of advertisers believe that overall marketing investment in China will increase in 2026, an increase of 8 percentage points year-on-year, while 47% believe it will decrease, a decrease of 7 percentage points from the previous year. The proportion of negative investment confidence has dropped from 54% to 47%, indicating a significant improvement in market sentiment.

報告顯示， 30% 的廣告主認為 2026 年中國整 體營銷投入將會增加，同比提升 8 個百分點； 而 47% 的廣告主認為將會減少，較去年下降 7 個百分點。投資信心消極的佔比從 54% 降至 47% ，表明市場情緒顯著改善。

According the “2025 China Advertiser Marketing Trends Survey Report” from CTR Market Research published on 28 September 2025 stated that China’s advertising market exhibited a clear characteristic of “advancing under pressure and growing resiliently.” With the gradual stabilization of the macroeconomic situation, advertisers’ confidence in the market environment has significantly improved compared to the previous two years, and this recovery effect has become a key “stabilizer” supporting the industry’s development. However, survey data shows that companies remain cautious in their overall marketing budget allocation, with approximately 78% of respondents indicating they will maintain or slightly adjust their budgets, and only 22% planning to significantly increase marketing investment.

根據央視市場研究於 2025 年 9 月 28 日發佈的 《 2025 中國廣告主營銷趨勢調查報告》，中國 廣告市場呈現「頂壓前行、韌性增長」的鮮明特 徵。隨著宏觀經濟形勢逐步企穩，廣告主對市 場環境的信心較前兩年顯著提振，此復甦態勢 成為支撐行業發展的關鍵「穩定器」。然而，調 查數據顯示，企業整體營銷預算分配仍保持謹 慎，約 78% 的受訪者表示將維持或微調預算， 僅有 22% 計劃大幅增加營銷投入。

Behind this budgeting strategy lies a strategic shift by advertisers from scale expansion to quality improvement. “Stable operations and increased profits” has become the core issue facing advertisers in 2025. This is manifested in three aspects of adjustment: First, the average investment in brand building has increased to 35% of the total budget, a 5% increase compared to 2023; second, the annual growth rate of technology innovation budgets remains above 15%; and finally, content creation expenses account for over 40% of digital marketing spending. This structural adjustment indicates that advertisers were addressing market challenges through a three-pronged approach: strengthening brand equity, enhancing product competitiveness, and reinforcing technological innovation.

此預算策略背後，是廣告主從追求規模擴張向 追求質量提升的戰略轉變。「穩定經營、提升 利潤」已成為 2025 年廣告主面臨的核心課題， 具體體現在三大調整方向：首先，品牌建設平 均投入佔總預算的比例提升至 35% ，較 2023 年增加 5% ；其次，技術創新預算的年度增幅 維持在 15% 以上；最後，內容創作費用佔數字 營銷支出的比重超過 40% 。這種結構性調整表 明，廣告主正透過強化品牌資產、提升產品競 爭力、加強技術創新這三管齊下的方式來應對 市場挑戰。

Our Group can utilise our experience and solid foundation in the intense advertising market competition by our in-depth understanding of advertisers’ core needs, marketing strategies and brand image and values, we can better solve advertisers’ pain points and provide them with more targeted and effective advertising services. At the same time, we keep exploring the chances of AI applications on our advertising solutions.

憑藉我們對廣告主核心需求、營銷策略以及品 牌形象和價值的深刻理解，本集團充分利用於 激烈競爭的廣告市場積累的豐富經驗及堅實基 礎，能夠更好地解決廣告主的痛點，提供更具 針對性及有效的廣告服務。同時，我們持續探 索人工智能在我們的廣告解決方案中的應用機 會。

Annual Report 2025 年報 13

Management Discussion and Analysis 管理層討論及分析

Lottery Market in China

There are two legal lottery operators in the PRC: the national China Welfare Lottery Issuance and Administration Centre (“ Welfare Lottery ” or “ WLIAC ”) and the national China Sports Lottery Issuance and Administration Center (“ Sports Lottery ”). According to Ministry of Finance of the PRC’s figures, PRC annual lottery sales in 2025 amounted to approximately RMB628.0 billion, representing an increase of approximately 0.7% over 2024. Of this, sales of Welfare Lottery amounted to approximately RMB208.6 billion, representing an increase of approximately 0.3% compared to 2024. Sports Lottery achieved sales of approximately RMB419.4 billion, representing an increase of approximately 0.9% compared to 2024.

2026 is a big year for sports, featuring top-level competitions with high profiles such as the Winter Olympics, the World Cup, and the Asian Games, etc. Therefore, the 2026 World Cup will support sales of sports lottery betting. On the other hand, there are new regulations for Super Lotto and Double Color Ball are mainly aimed at improving the operational control capabilities of lottery issuing institutions, and lottery sales are expected to continue to grow steady.

Our Group

Our Group has deeply engaged in the field of digital marketing services since 2015. Our business covers the lottery industry, virtual goods sourcing and delivery services with integration, and the physical goods supply chain.

中國彩票市場

中國有兩家合法彩票經營商，即中國福利彩票 發行管理中心（「 福利彩票 」或「 福利彩票發行管 理中心 」）及中國體育彩票發行管理中心（「 體 育彩票 」）。根據中國財務部的數據， 2025 年 中國彩票年銷售額為約人民幣 6,280 億元，較 2024 年增長約 0.7% 。當中，福利彩票銷售 額為約人民幣 2,086 億元，較 2024 年增長約 0.3% 。體育彩票取得銷售額約人民幣 4,194 億元，較 2024 年增長約 0.9% 。

2026 年是體育大年，將舉行冬奧會、世界 盃、亞運會等備受注度的頂級賽事。因此， 2026 年世界盃將提振體育彩票投注銷售。另 一方面，超級大樂透及雙色球的新規主要旨在 提升彩票發行機構的運營管控能力，預計彩票 銷售額將持續穩健增長。

本集團

自 2015 年以來本集團深耕數字化營銷服務領 域，業務範疇涵蓋彩票行業、虛擬商品採購及 交付服務一體化以及實物商品供應鏈。

14 Rego Interactive Co., Ltd 潤歌互動有限公司

Management Discussion and Analysis 管理層討論及分析

Our Group is equipped with the strong R&D capabilities in respect of lottery solutions and built business relationships with the provincial WLIACs in 23 provinces, municipalities and autonomous regions in the PRC covering over 130,000 lottery sales points. We are an early mover and innovator of lottery security systems in the lottery solutions market and industry digitalisation in the PRC, having well-established business relationships with various provincial WLIACs and offering relatively comprehensive IT solutions that cover the various key areas in the business operation of lottery sales points; as a leading lottery solution provider, our Group could take advantage of its strong brand recognition and proven track records of cooperating with the WLIACs to secure its leading position in the industry. We will comprise our major competitive advantages in our provision of IT solutions on lottery-related software systems and equipment for the development of the Group.

本集團在彩票解決方案方面具備強大的研發能 力，並與全國 23 個省市及自治區的省級福利 彩票發行管理中心建立業務關係，覆蓋超過 130,000 個彩票銷售點。我們為中國彩票解決 方案市場中彩票安全系統領域及行業數字化的 先驅者及創新者，與多個省級福利彩票發行管 理中心建立堅實業務關係，提供相對全面的 IT 解決方案，涵蓋彩票銷售點業務營運的多個關 鍵領域。作為領先的彩票解決方案提供商，本 集團可利用其強大的品牌知名度，以及與福利 彩票發行管理中心合作的良好過往記錄，從而 鞏固其行業領導地位。我們將發揮在提供彩票 相關軟件系統及設備 IT 解決方案的主要競爭優 勢，促進本集團業務發展。

With the accumulated massive supply chain resources of the virtual goods and physical goods, and abundant customers base of financial services and institutions and telecom operators, our Group can customise the integration packages of various coupons, vouchers, and other marketing online vouchers and interests products. We have been deeply engaged in top-up services for telecommunication services and online vouchers and interests since 2017, our Group provided a stable and efficient service to customers. Through the integration of our supply chain resources, we provide the enterprises’ customers for their employee’s welfare.

憑藉虛擬商品及實物商品的累積豐富供應鏈資 源，以及金融服務和機構及電信營運商的龐大 客戶基礎，本集團能夠提供定制組合，結合各 種類型的贈券、優惠券以及其他營銷線上優惠 券及權益產品。我們自 2017 年以來深耕電信 充值服務以及線上優惠券及權益業務，為客戶 提供穩健高效的服務。透過整合我們的供應鏈 資源，我們為企業客戶提供僱員福利。

Due to the rapid changes in the consumption pattern in China, identification or cultivation of high-value users and development on users’ lifetime value have become important. Our Group, as a marketing service provider based in the PRC, focused on the strategy of provision of “Online-Merge Offline” (“ OMO ”) solution services in order to better empower digital transformation for customers, which represents an integration of online and offline experiences and creates a marketing services operation platform for our consumers. OMO is to break the barriers between online and offline and use data and technology to strengthen and enrich customer experience, thereby achieving true online and offline integration.

由於中國消費模式的快速變化，物色或培育高 價值用戶及開發用戶終身價值愈發重要。作為 中國營銷服務提供商，本集團專注提供「線上 線下融合」（「 線上線下融合 」）解決方案服務的 策略，更好地推動客戶的數字化轉型，藉此融 合線上線下體驗，為客戶打造營銷服務營運平 台。線上線下融合有助打破線上及線下壁壘， 借助數據及技術增強及豐富客戶體驗，從而真 正實現線上線下融合。

Annual Report 2025 年報 15

Management Discussion and Analysis 管理層討論及分析

As a lead marketing service provider in PRC, we restructured the operating segments to two main segments, including “Corporate digitalisation solutions services” ( 企業數字化服務 ) and “Industry digitalisation solutions services” ( 行業數字化服 務 ) as the core, to achieve the “Cross industry Empowerment solutions services” ( 異業賦能服務 ) in the future.

Theme of 2025: Resilience and Structural Evolution

“The financial year 2024–2025 marked a period of profound structural transformation for Rego Interactive. In a macroeconomic climate defined by enterprise caution and ‘value reconstruction’, the Group demonstrated exceptional top-line resilience, achieving a total revenue of RMB503.6 million – a remarkable 105.8% increase year-over-year.

This aggressive expansion of our market footprint was mirrored by a deliberate shift in our internal DNA. While we recorded a net loss of RMB74.8 million, this figure represents a calculated investment in our future. We have prioritised the development of high-moat technologies – most notably our AI Lottery Station Agents and AI Sports – over short-term margin retention in traditional, compressing segments. By optimising our cost structures and enhancing marketing ROI, we have successfully navigated the ‘short-term pressures’ of our transition.”

Corporate digitalisation solutions services

Our corporate digitalisation solutions services focused on providing the promotions and advertising services and the solutions to the enterprise on user acquisition and user maintenance for their employees or customers which is serving the enterprises’ private domain traffic. To achieve these focus, we kept developing to serve our customers private traffic through the digitalisation products and marketing services operation platform services to empower the enterprises.

作為中國領先營銷服務提供商，我們將經營分 部重組為兩大分部，包括企業數字化服務及行 業數字化服務核心業務，以期於未來實現異業 賦能服務。

2025 年主題：韌性及結構變革

2024 至 2025 財年是潤歌互動經歷深刻結構轉 型的時期。在企業審慎及「價值重構」主導的宏 觀經濟環境下，本集團營收方面展現出超強韌 性，實現總收入人民幣 503.6 百萬元，同比大 幅增長 105.8% 。

我們市場版圖的迅猛擴張，伴隨內部結構的審 慎轉型。儘管我們錄得淨虧損人民幣 74.8 百萬 元，卻是對集團未來的審慎投資。我們優先發 展具備高壁壘的技術－尤其是 AI 彩票門店智能 體及 AI 體育，而非在傳統且利潤空間持續壓縮 的業務板塊中固守短期利潤。透過優化成本架 構及提升營銷投資回報率，我們成功抵禦轉型 過程中的「短期壓力」。

企業數字化服務

我們的企業數字化服務專注為企業提供推廣及 廣告服務以及為企業僱員或客戶獲取用戶及留 存用戶提供解決方案，助力提升企業的私域流 量。為此，我們持續發展，透過數字化產品及 營銷服務營運平台服務賦能企業，為客戶提升 私域流量。

16 Rego Interactive Co., Ltd 潤歌互動有限公司

Management Discussion and Analysis 管理層討論及分析

Virtual goods sourcing and delivery services

虛擬商品採購及交付服務

Our Group seizes the opportunities on the development of the digitalisation economy, we started to focus on the digital technology strategy and the digitalisation marketing track in previous years. Our virtual goods sourcing and delivery services are supported by platform-based technological capabilities through our Rego Virtual Goods Platform, we are committed to providing our customers with innovative, tailored made packages marketing solutions.

本集團緊握發展數字經濟的機遇，並於過去數 年開始專注數字技術策略及數字化營銷態勢。 藉助我們的 Rego 虛擬商品平台，我們的平台 技術實力為虛擬商品採購及交付服務提供大力 支持。我們矢志為客戶提供定制組合的創新營 銷解決方案。

With one-stop marketing solutions as core products, our Group aggregates upstream and downstream resources of the supply chains to build a digital marketing service platform to achieve in-depth mining and sustainable growth of user value.

以一站式營銷解決方案為核心產品，本集團整 合上下遊供應鏈資源，打造數字營銷服務平 台，深入挖掘及實現用戶價值持續增長。

On the other hand, our Group expands our innovative business such as the tailored made packages or products for our customers and the Lottery experience tickets ( 彩票體驗券 ), etc. to empower our core business for expansion our business boundaries and to promote the coordinated and integrated growth of various businesses synergies.

另一方面，本集團拓展創新業務，諸如客戶定 制組合或產品及彩票體驗券等，藉此賦能核心 業務以拓展業務範疇及促進不同業務協同效益 的統籌協調增長。

During 2025, our revenue of virtual goods sourcing and delivery services was affected by those enterprise customers have reduced the amount of marketing budgets and the overall level of advertisement and the adjustment of agency policies of communication operations. But we are still actively exploring the integrated innovation on the different package products in cross cooperation with our different business partners. We aim to improve the experience quality of our customers’ private domain traffic through our Group’s experience on the modifying our selection on our suppliers every day and enriching the choices of the virtual goods for our customers together with other revenue stream to have the synergy effect.

於 2025 年，虛擬商品採購及交付服務的收益 受企業客戶削減營銷預算款項及整體廣告水平 以及通訊業務代理政策調整影響。儘管如此， 我們仍在積極探索與不同業務夥伴的跨界合 作，推動不同組合產品的整合創新。憑藉本集 團於日常優化供應商甄選及豐富客戶虛擬產品 選擇的經驗，我們致力提升客戶私域流量的體 驗質量，結合其他收益來源形成協同效益。

Annual Report 2025 年報 17

Management Discussion and Analysis 管理層討論及分析

Tangible goods sourcing and delivery service

Our focus on this sub-segment started in 2024, we aim to establish a comprehensive supply chain for our customers on their user acquisition and user maintaining for their employees or customers by our marketing services operation platform. Our aims to serve our enterprises’ customers for their group purchases together with the employee welfare purchases. To fulfil the purposes of real time delivery, we had 2 warehouses with over 3,944 types of stock keeping unit (“ SKU ”) to ensure the efficiency on meeting our customers’ demand. At the same time, we provide customised online shopping mall solutions with the well-developed supply chain sourcing and fulfillment services. For the purpose of maintaining the loyalty of the employees and customers, we provide tailored loyalty systems solutions. In 2025, our Group kept looking for new brands or products to expand our choices for our customers.

Industry digitalisation solutions services

Our Industry digitalisation solutions services focused on the lottery sector, by utilising the advantage of the Group which had served over 23 provinces in the welfare lottery in previous years. The industry value chain of the lottery market in China involves issuance of lottery (R&D and issuance), lottery production (security systems, lottery terminals, printing services, etc.), lottery sales (various sales channels, marketing, offline sales channel expansion) and other lottery related services (data analysis, payment system operations, logistics, etc.). The entire value chain is regulated and supervised by the PRC government. Lottery solutions providers refer to companies that provide hardware, system and software, printing, marketing and/or other related services of the lottery market in China. Lottery hardware mainly includes lottery terminals and lottery draw machines, while lottery system and software generally include sales management systems, information management systems, security systems, monitoring systems and SaaS platforms. Our Group is one of the leading suppliers of lottery solutions providers in China.

實物商品採購及交付服務

於 2024 年起我們專注於該子分部，旨在通過 我們的營銷服務營運平台，為客戶打造全方位 的供應鏈，有助其僱員或客戶獲取用戶及留存 用戶。我們致力為企業客戶提供團購及僱員 福利採購服務。為實現實時交付，我們擁有兩 間倉庫，設有超過 3,944 種庫存量單位（「 庫存 量單位 」），確保營運效率以滿足客戶需求。同 時，我們提供定制線上購物中心解決方案，連 同完善的供應鏈採購及履約服務。就維持僱員 及客戶忠誠度而言，我們提供量身定制的忠誠 度體系解決方案。於 2025 年，本集團持續物 色新品牌或產品，以拓展客戶選擇。

行業數字化服務

我們的行業數字化服務專注於彩票行業，充分 利用本集團過去數年於超過 23 個省份服務福利 彩票行業的優勢。中國彩票市場的產業價值鏈 涉及彩票發行（研發及發行）、彩票生產（安全 系統、彩票終端、打印服務等）、彩票銷售（多 種銷售渠道、營銷、線下銷售渠道擴展）及其 他彩票相關服務（數據分析、支付系統營運、 物流等）。整個價值鏈受中國政府規管及監 督。彩票解決方案提供商指於中國提供硬件、 系統及軟件、打印、營銷及╱或其他彩票市場 相關服務的公司。彩票硬件主要包括彩票終端 及彩票抽獎機，而彩票系統及軟件一般包括銷 售管理系統、信息管理系統、安全系統、監控 系統及 SaaS 平台。本集團是中國領先的彩票 解決方案提供商之一。

18 Rego Interactive Co., Ltd 潤歌互動有限公司

Management Discussion and Analysis 管理層討論及分析

During 2025, the Group had disposed of the subsidiary of Xi’an Tiantai Innovation Technology Company Limited (“ Xi’an Tiantai ”) from this segment, but also acquired Caipingfang Technology Co., Ltd (“ Caipingfang ”) was primarily driven by the strategic value of Caipingfang’s established customer base and its ongoing development of artificial intelligence applications in the lottery business. The acquisition was made in line with the further development and expansion of the one-stop lottery solution business under the industry digitalisation solutions services.

於 2025 年，本集團出售該分部的附屬公司西 安天泰創新科技有限公司（「 西安天泰 」），另一 方面亦收購彩平方科技有限公司（「 彩平方 」）， 主要出於彩平方現有客戶基礎的戰略價值及其 持續開發在彩票業務中的人工智能應用。是項 收購旨在支持進一步開發及拓展行業數字化服 務項下的一站式彩票解決方案業務。

Our focus will be on AI digital lottery store (AI 數字彩票門店 ) to gather private domain traffic from lottery players/lottery stores. We keep to explore the opportunities for the combination of the in Sports and Athletic Trends. We are leveraging AI to provide sports enthusiasts with real-time data analysis and interactive experiences, bridging the gap between professional athletic content and digital entertainment. This cross-industry approach expands our user base and opens new revenue streams in sports lottery-related services and specialised sports marketing.

我們將專注於 AI 數字彩票門店，聚集來自彩票 營運商╱彩票門店的私域流量。我們持續探索 體育與運動趨勢結合的市場機遇。我們利用 AI 技術為體育愛好者提供即時數據分析和互動體 驗，將專業體育內容與數字娛樂結合起來。這 種跨行業的方法擴大了我們的用戶群，並在體 育彩票相關服務和專業體育營銷領域開闢了新 的收入來源。

Development History of Our Group

本集團的發展歷史

Foundation of Development Breakthrough value-added of digital of Lottery services for platform – industry operators Rego Virtual digitalisation (marketing Goods Platform services) 打造營運商 發展數字平台－ 彩票行業數字 增值服務 Rego虛擬商品 轉型取得突破 （營銷服務） 平台

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Expansion and Implementation
integration of of AI digital
supply chain lottery store
model
擴大及整合 推行AI數字彩票
供應鏈 門店模式
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Annual Report 2025 年報 19

Management Discussion and Analysis 管理層討論及分析

2009–2016: Foundation of value-added services for operators (marketing services)

Over the years, we have endeavoured to expand our capacities in providing marketing services in accordance with the prevailing market trends and developments. Initially providing marketing services for advertisers through traditional offline channels, we have built up our service offerings with such additions as online marketing services via large-scale media platform operators. Meanwhile, we focused on the research and development of value-added service products for operators in China with diversified value-added service solutions. At the same time, we accumulated the core technologies as the foundation for subsequent development of the Group.

By continuously optimising the products and services, we have accumulated a large customer base in the operator field which paved a solid customer foundation for the further development of the Company.

2017–2020: Development of digital platform

We developed and rolled out a series of platforms for specific areas of our operations, such as Rego Virtual Goods Platform, RegoAd SDK, and Rego Advertisement Operations and Management Platforms successfully and began to provide professional marketing services to enterprises which had opened a new chapter in digital transformation.

We believed that platform-based approach has been a driving force behind our business growth over the years: on top of maximisation of operational efficiency, platform-based operation favours the conduct of transactions and revenue generation on a sizeable scale and a recurring basis given the ease and convenience it brings to both our customers and our suppliers; it is therefore one of the key business development directions we have taken all along, and we shall remain steadfast in our pursuit of this business strategy going forward.

2009 年至 2016 年：打造營運商增值服務（營 銷服務）

多年來，我們根據當前市場趨勢及發展，致力 拓展提供營銷服務的能力。我們以傳統線下渠 道為廣告商提供營銷服務起步，並已藉由額外 服務（透過大型媒體平台運營商提供線上營銷 服務）擴大了服務組合。另一方面，我們提供 多元化增值服務解決方案，專注為中國運營商 提供增值服務產品研發。同時，我們積累核心 技術，為本集團日後發展奠定基礎。

透過持續優化產品及服務，我們在運營商領域 積累廣大客戶群，為本公司進一步發展奠定穩 健客戶基礎。

2017 年至 2020 年：發展數字平台

我們針對特定領域的業務成功開發及推出一 系列平台，如 Rego 虛擬商品平台、 RegoAd SDK 以及 Rego 廣告運營及管理平台，並開始 為企業提供專業營銷服務，開啟數字化轉型的 新篇章。

我們相信此平台化方法是多年來我們業務增長 的驅動力：在最大限度提升運營效率的基礎 上，平台化運營有利於開展大規模及經常性交 易並創造收益，其操作對客戶及供應商而言亦 簡單方便；因此，該方法為我們一直以來的重 點業務發展方向之一，且我們將在未來繼續堅 定追求此業務策略。

20 Rego Interactive Co., Ltd 潤歌互動有限公司

Management Discussion and Analysis 管理層討論及分析

2021–2023: Breakthrough of lottery industry digitalisation

2021 年至 2023 年：彩票行業數字轉型取得 突破

In 2020, we strategically acquired the entire share capital of Xi’an Tiantai, through which we had significantly strengthened our research and development capabilities in respect of lottery solutions, and built business relationships with the provincial WLIACs in provinces, municipalities and autonomous regions in the PRC.

於 2020 年，我們戰略性收購西安天泰的全部 股本，此舉大幅增強了我們在彩票解決方案方 面的研發能力，並與中國多個省市及自治區的 省級福利彩票發行管理中心建立業務關係。

We focused on product research and development in the lottery industry which has achieved major breakthroughs in the digitisation of lottery stores and industry marketing services.

我們專注於彩票行業的產品研發，並於彩票門 店及行業營銷服務數字化方面取得重大突破。

2024: Expansion and integration of supply chain

2024 年：擴大及整合供應鏈

We had integrated the physical goods sourcing and delivery services on our virtual supply chain which expanded the private domain e-commerce business for enterprises actively and further improved the digital business layout for the Group.

我們已整合實物商品採購及虛擬供應鏈交付服 務，藉此積極拓展企業私域流量電商業務，進 一步優化本集團數字化業務佈局。

2025: Implementation of AI digital lottery store model

2025 年：推行 AI 數字彩票門店模式

First of all, we focused on the development of AI digital lottery store (AI 數字彩票門店 ) modelling. We would like to create a large model for the lottery industry and to provide strong technical support for the intelligent development of the lottery industry. Throughout the AI digital lottery store model, it can provide more accurate betting analysis and information to the lottery players.

首先，我們專注發展 AI 數字彩票門店模式，旨 在建設彩票行業大型模式，為彩票行業智能發 展提供強大技術支持。採用 AI 數字彩票門店模 式，可為彩票運營商提供更為準確的投注分析 及資訊。

At the meanwhile, the enterprises can optimise the marketing plans which can improve the efficiency on marketing, with promoting the comprehensive upgrade of intelligent marketing in the lottery industry.

同時，企業能夠優化營銷方案，可望提升營銷 效益，促進彩票行業智能營銷全面升級。

Annual Report 2025 年報 21

Management Discussion and Analysis 管理層討論及分析

FINANCIAL PERFORMANCE REVIEW

財務表現回顧

Revenue

收益

The following table sets forth the breakdown of our revenue by segments for the years indicated:

下表載列我們於所示年度按業務板塊劃分的收 益明細：

For the year ended 31 December 截至 12 月 31 日止年度

		截至12月31日止年度
		2025 2024 2025年 2024年 RMB’000 % RMB’000	%
		人民幣千元 % 人民幣千元	%
Corporate digitalisation	企業數字化服務
solution services
Enterprises’ private domain	企業私域流量營銷服務
traffic marketing services		339,166 67.4 58,826	24.0
Marketing service operation	營銷服務運營平台服務
platform services
– Virtual goods sourcing and	－虛擬商品採購及交付
delivery services	服務	10,644 2.1 40,202	16.4
– Tangible goods sourcing	－實物商品採購及交付
and delivery services	服務	114,297 22.7 114,908	47.0
Others(Note)	其他（附註）	602 0.1 982	0.4
Sub-total	小計	464,709 92.3 214,918	87.8
Industry digitalisation	行業數字化服務
solutions services
Solutions on lottery related	彩票相關軟件系統及設備解
software systems and	決方案
equipment		38,885 7.7 29,728	12.2
Others	其他	– – –	–
Sub-total	小計	38,885 7.7 29,728	12.2
Total	總計	503,594 100.0 244,646	100.0

Note: Others include revenue from the software development and maintenance services which was previously under IT solution segment.

附註：其他包括軟件開發及維護服務收益，先前呈列 於 IT 解決方案分部項下。

22 Rego Interactive Co., Ltd 潤歌互動有限公司

Management Discussion and Analysis 管理層討論及分析

1. Revenue from corporate digitalisation solution services

1. 企業數字化服務收益

Our corporate digitalisation solutions services focused on providing the promotions and advertising services and the solution to the enterprise on user acquisition and user maintaining for their employees or customers which is serving the enterprises’ private domain traffic. The following table sets forth our revenue from corporate digitalisation solution services for the years indicated:

我們的企業數字化服務專注為企業提供 推廣及廣告服務以及為企業僱員或客戶 獲取用戶及留存用戶提供解決方案，助 力提升企業的私域流量。下表載列我們 於所示年度的企業數字化服務收益：

For the year ended 31 December 截至 12 月 31 日止年度

		截至12月31日止年度
		2025 2024 2025年 2024年 RMB’000 % RMB’000	%
		人民幣千元 % 人民幣千元	%
Corporate digitalisation	企業數字化服務
solution services
Enterprises’ private domain	企業私域流量營銷服務
traffic marketing services		339,166 73.0 58,826	27.4
Marketing service operation	營銷服務運營平台服務
platform services
– Virtual goods sourcing	－虛擬商品採購及交付
and delivery services	服務	10,644 2.3 40,202	18.7
– Tangible goods sourcing	－實物商品採購及交付
and delivery services	服務	114,297 24.6 114,908	53.5
Others	其他	602 0.1 982	0.4
Total	總計	464,709 100.0 214,918	100.0

Annual Report 2025 年報 23

Management Discussion and Analysis 管理層討論及分析

Corporate digitalisation solution services mainly comprise enterprises’ private domain traffic marketing services, marketing services operation platform services with virtual goods sourcing and delivery services and tangible goods sourcing and delivery services. Our revenue from the Corporate digitalisation solution services increased by 116.2%, from approximately RMB214.9 million for the year ended 31 December 2024 to RMB464.7 million for the year ended 31 December 2025, mainly attributed by the enterprises’ private domain traffic marketing services, which had the increment at RMB280.3 million revenue compared with the year ended 31 December 2024. The Group had changed the mode of advertisement placement services at 31 December 2024 which provided more value-added services for customers to have more insight and promotions services on new advertisement placement services. Advertisement placement services contributed RMB295.4 million for the year ended 31 December 2025 which only contributed RMB1.2 million in 2024. For the revenue generated from our Corporate digitalisation solution services representing 92.3% and 87.8% of our total revenue for the years ended 31 December 2025 and 2024.

企業數字化服務主要包括企業私域流量 營銷服務、營銷服務運營平台服務（提 供虛擬商品採購及交付服務以及實物商 品採購及交付服務）。我們來自企業數 字化服務的收益由截至 2024 年 12 月 31 日止年度的約人民幣 214.9 百萬元增加 116.2% 至截至 2025 年 12 月 31 日止年 度的人民幣 464.7 百萬元，主要由於企業 私域流量營銷服務的收益較截至 2024 年 12 月 31 日止年度增加人民幣 280.3 百萬 元。截至 2024 年 12 月 31 日，本集團已 變更廣告投放服務的模式，為客戶提供 更多增值服務，以增加新廣告投放服務 的洞察分析及推廣服務。截至 2025 年 12 月 31 日止年度，廣告投放服務貢獻人民 幣 295.4 百萬元，而 2024 年僅貢獻人民 幣 1.2 百萬元。來自企業數字化服務的收 益佔我們於截至 2025 年及 2024 年 12 月 31 日止年度總收益的 92.3% 及 87.8% 。

24 Rego Interactive Co., Ltd 潤歌互動有限公司

Management Discussion and Analysis 管理層討論及分析

Revenue from corporate digitalisation solution services by type of marketing channels

按營銷渠道類型劃分的企業數字化服務 的收益

We provide our corporate digitalisation solution services to our customers through an integration of online and offline marketing channels. Leveraging on our technical capability, we focused on the strategy of provision of OMO Solution Services in order to better empower digital transformation for customers. The table below sets forth a breakdown of revenue generated from our corporate digitalisation solution services by type of marketing channels for the years indicated:

我們通過整合的線上及線下營銷渠道向 我們的客戶提供企業數字化服務。憑藉 我們的技術能力，我們專注提供線上線 下融合解決方案服務的策略，更好地推 動客戶的數字化轉型。下表載列於所示 年度按營銷渠道類型劃分的企業數字化 服務產生的收益明細：

For the year ended 31 December 截至 12 月 31 日止年度

		2025	2024
		2025年	2024年
		RMB’000 %	RMB’000	%
		人民幣千元 %	人民幣千元	%
Online	線上	350,412 75.4	100,010	46.5
Hybrid	混合	114,297 24.6	114,908	53.5
		464,709 100.0	214,918	100.0

Our revenue attributable to online services amounted to RMB350.4 million and RMB100.0 million, representing 75.4% and 46.5% of our total revenue from corporate digitalisation solution services for the years ended 31 December 2025 and 2024, respectively. We consider that the expansion of our online services was and will continue to be one of the major factors for the business growth of our corporate digitalisation solution services, therefore there were only online service and integration of online and offline experiences in 2025 and 2024.

於截至 2025 年及 2024 年 12 月 31 日止年 度，我們線上服務的收益為人民幣 350.4 百萬元及人民幣 100.0 百萬元，分別佔我 們企業數字化服務收益總額的 75.4% 及 46.5% 。我們認為，我們的線上服務的 擴展為並將繼續為我們的企業數字化服 務業務增長的主要因素之一，因此 2025 年及 2024 年只有線上服務及整合線上及 線下體驗。

Annual Report 2025 年報 25

Management Discussion and Analysis 管理層討論及分析

Revenue from corporate digitalisation solution services by type of customers

按客戶類型劃分的企業數字化服務的收 益

Customers of our corporate digitalisation solution services include (i) enterprises that have demand for corporate digitalisation solution services for their business; and (ii) advertising agents of the enterprises. The table below sets forth a breakdown of revenue generated from our corporate digitalisation solution services by type of customers for the years indicated:

我們企業數字化服務的客戶包括 (i) 其業 務具企業數字化服務需求的企業；及 (ii) 企業的廣告代理商。下表載列我們於所 示年度按客戶類型劃分的企業數字化服 務產生的收益明細：

For the year ended 31 December 截至 12 月 31 日止年度

			2025	2024
			2025年	2024年
			RMB’000 %	RMB’000	%
			人民幣千元 %	人民幣千元	%
Advertising	agents	廣告代理商	151,329 32.6	75,920	35.3
Enterprises		企業	313,380 67.4	138,998	64.7
			464,709 100.0	214,918	100.0

Our revenue arise from enterprises’ customers increased from 64.7% of the total revenue from corporate digitalisation solution services for the year ended 31 December 2024 to 67.4% of the total revenue from corporate digitalisation solution services for the year ended 31 December 2025 mainly contributed to the Group has maintained the prudent policy on the selection of high quality customers to manage the exposure to credit risks in 2025.

來自企業客戶的收益由截至 2024 年 12 月 31 日止年度佔企業數字化服務總收益的 64.7% 增至截至 2025 年 12 月 31 日止年 度佔企業數字化服務總收益的 67.4% ， 主要由於 2025 年本集團在甄選優質客戶 方面維持審慎政策以控制信貸風險。

Enterprises ’ private domain traffic marketing services

企業私域流量營銷服務

Our enterprises’ private domain traffic marketing services comprises our revenue of traditional marketing and promotion services, advertisement placement services and Operator related digital marketing services, which included our advertisement distribution services.

我們的企業私域流量營銷服務收益包括 傳統營銷及推廣服務、廣告投放服務及 運營商數字化營銷服務（包括廣告分發服 務）的收益。

26 Rego Interactive Co., Ltd 潤歌互動有限公司

Management Discussion and Analysis 管理層討論及分析

We normally enter into annual framework agreements with our customers and charge them for our traditional marketing and promotion services based primarily on a mix of CPA (i.e. cost per action, such as download, installation or registration by end users), CPS (i.e. cost per sales); for advertisement distribution service, media publishers or their agents primarily pay to us service fees determined with reference to a mix of performance parameters of the advertisement distribution services, including but not limited to, impressions, clicks, CTR and/ or CPM (i.e. combined performance parameters). For the advertisement placement services, we received top-up amounts from our customers (net of rebates, if any) and the amounts paid by us to the media publishers (or their channel agents) (net of rebates, if any) for topping-up of our customers’ accounts maintained on the platforms operated by the media publishers. Our suppliers, being the media publishers or their agents, may also grant us rebates on a quarterly and/or annual basis which are recorded as our revenue.

我們通常與客户簽訂年度框架協議，並 主要基於 CPA （即每次操作（如終端用戶 的下載、安裝或註冊）成本）、 CPS （即每 次銷售成本）的組合向我們的傳統營銷 及推廣服務的客戶收費；就廣告分發服 務而言，媒體出版商或其代理商主要參 考廣告分發服務的效果參數組合（包括 但不限於展示次數、點擊數、 CTR 及╱ 或 CPM （即綜合效果參數））釐定向我們 支付的服務費。就廣告投放服務而言， 我們向客戶收取充值金額（扣除返利（如 有）），以及我們為客戶於媒體出版商運 營的平台開立的賬戶充值而向媒體出版 商（或其渠道代理商）支付款項（扣除返利 （如有））。我們的供應商（即媒體出版商 或其代理商）亦可能會按季度及╱或年度 基準授予我們返利，其作為我們的收益 入賬。

For the operator-related digital marketing services mainly comprises with cross enterprises’ corporation services (previous known as “traditional marketing and promotion services”), the cooperation with the telecom operator for the tailored made virtual goods package for the marketing purposes; loyalty points redemption of virtual goods services; the advertisement placement services and advertisement distribution services. Providing the advertising services with the telecom operator which can fulfill our Company’s strategy for having the corporation with high-quality clients. Through the operator related digital marketing services, we will provide the data management platform for our customers on tracking the consumption data on the virtual goods package, etc. for the analysis purposes; the ended customers management; the suppliers management and 24 hours monitoring alert. Through our operator-related digital marketing services business, we can provide targetoriented marketing services for our operator.

運營商數字化營銷服務主要包括跨企 業公司服務（前稱「傳統營銷及推廣服 務」）、與電信營運商合作提供營銷用途 的定制虛擬商品組合；虛擬商品服務通 用積分兌換；廣告投放服務及廣告分發 服務。聯手電信營運商提供廣告服務， 可望實現本公司與優質客戶合作的策 略。透過運營商數字化營銷服務，我們 將為客戶提供數據管理平台以追蹤虛擬 商品組合等的消費數據以供分析；終端 客戶管理；供應商管理及 24 小時預警監 控。透過運營商數字化營銷服務業務， 我們可為運營商提供目標為本的營銷服 務。

Annual Report 2025 年報 27

Management Discussion and Analysis 管理層討論及分析

For the revenue of enterprises’ private domain traffic marketing services, the revenue contributed by the cross-enterprises’ corporation services (previous known as “traditional marketing and promotion services”) of RMB42.6 million which covered 12.6% of the total revenue from enterprises’ private domain traffic marketing services for the year ended 31 December 2025.

On the other hand, the revenue were mainly contributed from the advertisement placement services, we had provided more insights and promotion plan with the services together to the customers. At the same time, we monitored closely to the advertisement placement results to ensure any adjustment on the promotion plan. Our revenue from the advertisement placement services increased from approximately RMB1.3 million for the year ended 31 December 2024 to approximately RMB295.4 million for the year ended 31 December 2025.

企業私域流量營銷服務的收益方面，有 關收益來自跨企業公司服務（前稱「傳統 營銷及推廣服務」），其貢獻人民幣 42.6 百萬元，佔截至 2025 年 12 月 31 日止 年度企業私域流量營銷服務總收益的 12.6% 。

另一方面，有關收益主要來自廣告投放 服務。我們為客戶提供更多洞察分析及 推廣計劃。同時，我們密切監察廣告投 放效果，以確保就推廣計劃作出調整。 廣告投放服務的收益由截至 2024 年 12 月 31 日止年度約人民幣 1.3 百萬元增加至 截至 2025 年 12 月 31 日止年度約人民幣 295.4 百萬元。

28 Rego Interactive Co., Ltd 潤歌互動有限公司

Management Discussion and Analysis 管理層討論及分析

Revenue from corporate digitalisation solution services – Virtual goods sourcing and delivery services

企業數字化服務的收益－虛擬商品採購 及交付服務

We generated revenue of RMB10.6 million and RMB40.2 million, respectively, from our virtual goods sourcing and delivery services, representing approximately 2.3% and 18.7% of our revenue from corporate digitalisation solution services for the years ended 31 December 2025 and 2024. The decrease in the revenue generated from our virtual goods sourcing and delivery services during the periods was mainly attributable to many enterprises have reduced the amount of marketing budgets and the overall level of advertisement and the adjustment of agency policies of communication operations. The table below sets forth a breakdown of revenue generated from our virtual goods sourcing and delivery services by type of virtual goods for the years indicated:

我們虛擬商品採購及交付服務的收益分 別為人民幣 10.6 百萬元及人民幣 40.2 百萬元，分別佔我們於截至 2025 年及 2024 年 12 月 31 日止年度企業數字化服 務收益的約 2.3% 及 18.7% 。上述兩個 期間虛擬商品採購及交付服務的收益減 少主要由於許多企業縮減了營銷預算及 廣告投放總量，並調整了通訊營運的代 理政策。下表載列於所示年度按虛擬商 品類別劃分的來自虛擬商品採購及交付 服務的收益明細：

For the year ended 31 December 截至 12 月 31 日止年度

		截至12月31日止年度
		2025 2024 2025年 2024年 RMB’000 % RMB’000	%
		人民幣千元 % 人民幣千元	%
Top-up for	電信充值服務
telecommunication
services Online vouchers and	線上優惠券及權益	7,790 73.2 10,120	25.2
interests (Note)	（附註）	2,834 26.6 23,147	57.6
Gift cards ofgas stations	加油站禮品卡	20 0.2 6,935	17.2
Total	總計	10,644 100.0 40,202	100.0

Note: We offer a wide spectrum of online vouchers and interests including but not limited to memberships of online entertainment platforms, gift cards of e-marketplaces, coffee vouchers, membership of online healthcare and medical services and packages combining various types of online vouchers and interests.

附註：我們提供廣泛的線上優惠券及權益，包 括但不限於線上娛樂平台的會員資格、 電子市場的禮品卡、咖啡券、線上保健 及醫療服務的會員資格以及結合各種類 型線上優惠券及權益的組合。

Annual Report 2025 年報 29

Management Discussion and Analysis 管理層討論及分析

The following table illustrates the reconciliation of the Gross Merchandise Value (“ GMV ”) and our revenue recorded under our virtual goods sourcing and delivery services during the years indicated:

下表載列於所示年度我們虛擬商品採購 及交付服務的商品交易總額（「 GMV 」）與 錄得的收益的對賬情況：

For the year ended 31 December 截至 12 月 31 日止年度

	2025	2024
	2025年	2024年
	RMB’000	RMB’000
	人民幣千元	人民幣千元
GMV Less: purchase costs of the virtual	GMV 501,942 減：虛擬商品的採購成本	1,251,505
goods	(491,298)	(1,211,303)
Revenue	收益 10,644	40,202

The total GMV of the virtual goods offered by us under our virtual goods sourcing and delivery services amounted to RMB501.9 million and RMB1,251.5 million for the year ended 31 December 2025 and 2024, respectively. The decrease in the total GMV of the virtual goods offered by us was primarily due to (i) reduction of marketing budgets by customers; and (ii) our financial services and institutions customers’ policies on selection on marketing tools were became more tighten.

於截至 2025 年及 2024 年 12 月 31 日止年 度，我們於虛擬商品採購及交付服務項 下提供的虛擬商品的 GMV 總額分別為人 民幣 501.9 百萬元及人民幣 1,251.5 百萬 元。我們提供的虛擬商品的 GMV 總額減 少，乃主要由於 (i) 客戶縮減營銷預算； 及 (ii) 金融服務及機構客戶對營銷工具的 選用政策日趨嚴格。

30 Rego Interactive Co., Ltd 潤歌互動有限公司

Management Discussion and Analysis 管理層討論及分析

Customers of our virtual goods sourcing and delivery services came from different industry include (i) advertising agents; (ii) financial services and institutions; (iii) insurance authorities; (iv) telecom operators; and (v) others. The table set out the total number of customers in different industries for the years indicated:

我們的虛擬商品採購及交付服務客戶來 自不同行業，包括 (i) 廣告代理商； (ii) 金 融服務及機構； (iii) 保險機構； (iv) 電訊 營運商；及 (v) 其他。下表列載於所示年 度各個不同行業的客戶總數：

For the year ended 31 December

截至 12 月 31 日止年度

		2025	2024
		2025年	2024年
		No. of	No. of
		customers % customers		%
		客戶數量 % 客戶數量		%
Advertising agents	廣告代理商	16 40.0	19	48.7
Financial services and	金融服務及機構
institutions		18 45.0	14	35.9
Insurance authorities	保險機構	2 5.0	3	7.7
Others	其他	4 10.0	3	7.7
		40 100.0	39	100.0

Our Group had kept developed new opportunities on customers with high quality from different industries during the year ended 31 December 2025.

於截至 2025 年 12 月 31 日止年度，本集 團持續發展不同行業的優質客戶，從中 挖掘新的商機。

Revenue from tangible goods sourcing and delivery services

實物商品採購及交付服務的收益

We generated revenue of RMB114.3 million and RMB114.9 million from our tangible goods sourcing and delivery services, representing approximately 24.6% and 53.5% of our revenue from corporate digitalisation solution services for the year ended 31 December 2025 and 2024. We had explored on our services to tangible goods sourcing and delivery services covered more brands which providing more choices for our customers in 2025.

於截至 2025 年及 2024 年 12 月 31 日止年 度，我們實物商品採購及交付服務的收 益為人民幣 114.3 百萬元及人民幣 114.9 百萬元，佔我們企業數字化服務收益的 約 24.6% 及 53.5% 。我們於 2025 年將 服務範圍擴展至涵蓋更多品牌的實物產 品採購及交付服務，能為客戶提供更多 選擇。

Annual Report 2025 年報 31

Management Discussion and Analysis 管理層討論及分析

We aimed at providing more choices for our customers on the selection on the products for their marketing purposes. We had offered 3,944 and 4,459 different type of SKU with over 1,664 and 708 brands for the years ended 31 December 2025 and 2024. The following table set forth the breakdown of our revenue from tangible goods sourcing and delivery services for the years ended 31 December 2025 and 2024 by type of products sold:

我們旨在為客戶在市場營銷方面提供更 多產品選擇。截至 2025 年及 2024 年 12 月 31 日止年度，我們提供逾 1,664 及 708 個品牌的 3,944 及 4,459 種不同庫存 量單位。下表列載我們於截至 2025 年及 2024 年 12 月 31 日止年度按所售產品類 別劃分的實物商品採購及交付服務收益 明細：

For the year ended 31 December 截至 12 月 31 日止年度

		For the year ended 31 December 截至12月31日止年度
		2025 2024 2025年 2024年 RMB’000 % RMB’000	%
		人民幣千元 % 人民幣千元	%
Daily necessities	日用品	29,441 25.8 37,510	32.6
Drinks and Food Seasoning	飲品及食物 調味品	45,906 40.2 40,561 30,516 26.7 31,670	35.3 27.6
Liquor	酒	1,797 1.6 5,006	4.4
Others	其他	6,637 5.7 161	0.1
		114,297 100.0 114,908	100.0

32 Rego Interactive Co., Ltd 潤歌互動有限公司

Management Discussion and Analysis 管理層討論及分析

2. Revenue from our industry digitalisation solution services

2. 行業數字化服務收益

We primarily offer industry digitalisation solution services in relation to solutions on lottery related software systems and equipment. Our Industry digitalisation solutions services focused on the lottery sector, as utilising the advantage of the Group which had serving over 23 provinces in the welfare lottery in previous years. Our lottery-related software systems and equipment principally include the lottery security and payment systems. Our integrated business security access system ( 一線通 ) enables secure communication and interaction between provincial WLIACs and lottery sales points. To this end, our security access center equipment and security access terminal equipment assist in establishing the requisite information security system, while our software platform enables such communication and interaction process. We have systems in place to monitor and obtain live feedback on the status and conditions of the security access equipment and software platform to facilitate swift feedback and maintenance and upgrade services. We also provide outlets management system to monitor lottery sales activities and information security system to monitor external interference to the lottery systems.

我們主要提供有關彩票相關軟件系統及 設備解決方案的行業數字化服務。我們 的行業數字化服務專注於彩票行業，充 分利用本集團過去數年於超過 23 個省份 服務福利彩票行業的優勢。我們的彩票 相關軟件系統及設備主要包括彩票安全 及支付系統。我們的一線通使省級福利 彩票發行管理中心與彩票銷售點可進行 安全的溝通及互動。為此，我們的安全 接入中心設備及安全接入終端設備輔助 建立了必要的信息安全系統，而我們的 軟件平台使該等溝通及互動程序得以進 行。我們設有系統以監督及獲取有關安 全接入設備及軟件平台狀態及情況的即 時反饋，以利迅速反饋以及維護及升級 服務。我們亦提供網點管理系統以監督 彩票銷售活動及信息安全系統，以監督 對彩票系統的外部干擾。

During 2025, the Group had disposed the subsidiary of Xi’an Tiantai from this segment, but also acquiring Caipingfang was primarily driven by the strategic value of Caipingfang’s established customer base and its ongoing development of artificial intelligence applications in the lottery business. The acquisition was made in line with the further development and expansion of the one-stop lottery solution business under the industry digitalisation solutions services.

於 2025 年，本集團出售該分部的附屬公 司西安天泰，另一方面亦收購彩平方， 主要出於彩平方現有客戶基礎的戰略價 值及其持續開發在彩票業務中的人工智 能應用。是項收購旨在支持進一步開發 及拓展行業數字化服務項下的一站式彩 票解決方案業務。

Annual Report 2025 年報 33

Management Discussion and Analysis 管理層討論及分析

Our revenue from industry digitalisation solution services amounted to RMB38.9 million and RMB29.7 million for the years ended 31 December 2025 and 2024, respectively. Such increase by 31.0% from approximately RMB29.7 million for the year ended 31 December 2024 to approximately RMB38.9 million for the year ended 31 December 2025 was primarily attributable to the increment of the point in time revenue of RMB19.6 million which those contracts were signed nearly the end of FY2024 and FY2025, therefore those sales of lottery related systems and equipment had been transferred to the customers during the year ended 31 December 2025.

Our total revenue increased by RMB259.0 million, or 105.9%, from RMB244.6 million for the year ended 31 December 2024 to RMB503.6 million for the year ended 31 December 2025. The increment of revenue was mainly attributable to: the increases in our revenues generated from corporate digitalisation solutions services, mainly contributed by the changes on the mode of advertisement placement services in 2025 as our Group had provided them for more value-added services for customers. Our Group focuses on establishing a comprehensive supply chain for our customers, which useful for their user acquisition and user maintaining for their employees or customers by our marketing services operation platform expanding on the private domain e-commerce business for our customers.

於截至 2025 年及 2024 年 12 月 31 日止年 度，我們來自行業數字化服務的收益分 別為人民幣 38.9 百萬元及人民幣 29.7 百 萬元。由截至 2024 年 12 月 31 日止年度 的約人民幣 29.7 百萬元增加 31.0% 至截 至 2025 年 12 月 31 日止年度的約人民幣 38.9 百萬元，乃主要由於若干份合約的 時間點收益增加人民幣 19.6 百萬元，而 該等合約於臨近 2024 財年及 2025 財年 結束時簽訂，因此，截至 2025 年 12 月 31 日止年度彩票相關系統及設備之銷售 已轉移予客戶。

我們的收益總額由截至 2024 年 12 月 31 日止年度的人民幣 244.6 百萬元增加人民 幣 259.0 百萬元或 105.9% 至截至 2025 年 12 月 31 日止年度的人民幣 503.6 百萬 元。收益增加主要由於：企業數字化服 務收益增加，主要由於本集團為客戶提 供更多增值服務，導致 2025 年廣告投放 服務模式之改變所致。本集團專注於通 過我們的營銷服務營運平台為客戶打造 全方位的供應鏈，有助其僱員或客戶獲 取用戶及留存用戶，從而為客戶拓展私 域電商業務。

34 Rego Interactive Co., Ltd 潤歌互動有限公司

Management Discussion and Analysis 管理層討論及分析

Cost of Sales

銷售成本

Our cost of sales primarily consists of (i) traffic acquisition cost; (ii) cost of goods sold; and (iii) employee benefit expenses.

我們的銷售成本主要包括 (i) 流量獲得成本； (ii) 已售商品成本；及 (iii) 僱員福利開支。

Our total cost of sales increased by RMB280.1 million, or 156.7%, from RMB178.8 million for the year ended 31 December 2024 to RMB458.9 million for the year ended 31 December 2025, which was primarily attributable to the increment on the cost of inventories from tangible goods sourcing and delivery services and sales on lottery systems and equipment of RMB122.4 million for the year ended 31 December 2025 compared with RMB116.0 million for the year ended 31 December 2024. The cost of inventories representing approximately 26.7% and 64.9% of our cost of sales for the years ended 31 December 2025 and 2024 which constituted the largest portion of the cost of sales.

我們的銷售成本總額由截至 2024 年 12 月 31 日止年度的人民幣 178.8 百萬元增加人民幣 280.1 百萬元或 156.7% 至截至 2025 年 12 月 31 日止年度的人民幣 458.9 百萬元，主要由於 截至 2025 年 12 月 31 日止年度實物商品採購及 交付服務以及彩票系統及設備銷售的存貨成本 為人民幣 122.4 百萬元，較截至 2024 年 12 月 31 日止年度人民幣 116.0 百萬元有所增加。存 貨成本佔截至 2025 年及 2024 年 12 月 31 日止 年度銷售成本約 26.7% 及 64.9% ，構成銷售 成本的最大部分。

Gross Profit and Gross Profit Margin

毛利及毛利率

Our gross profit consists of our revenue less cost of sales. The Group recorded gross profit of approximately RMB44.7 million for the year ended 31 December 2025, representing a decrease of approximately 32.1% as compared to approximately RMB65.8 million for the year ended 31 December 2024, which was mainly attributable to the revenue structure and the Group’s focus on corporate digitalisation solution services.

我們的毛利由收益減銷售成本組成。本集團截 至 2025 年 12 月 31 日止年度錄得毛利約人民幣 44.7 百萬元，較截至 2024 年 12 月 31 日止年度 的約人民幣 65.8 百萬元減少約 32.1% ，主要 由於收入結構及本集團專注於企業數字化服務 所致。

Gross profit margin represents gross profit divided by total revenue, expressed as a percentage. Our gross profit margin decreased from 26.9% for the year ended 31 December 2024 to 8.9% for the year ended 31 December 2025, which was mainly attributable to the increment on revenue in enterprises’ private domain traffic marketing services which recognising revenue on gross basis, weighted 67.4% and 24.0% in total revenue for the years ended 31 December 2025 and 2024, therefore the increase of the costs of inventories will lower the gross profit margin.

毛利率指毛利除以總收益，以百分比列示。我 們的毛利率由截至 2024 年 12 月 31 日止年度的 26.9% 下降至截至 2025 年 12 月 31 日止年度的 8.9% ，主要由於按總額基準確認收益的企業 私域流量營銷服務的收益增加，佔截至 2025 年及 2024 年 12 月 31 日止年度總收益的 67.4% 及 24.0% ，因此存貨成本增加將導致毛利率下 降。

Annual Report 2025 年報 35

Management Discussion and Analysis 管理層討論及分析

Other Income and Other Gains or Losses, Net

Our other income and other gains or losses primarily consist of (i) bank interest income; (ii) government grants; (iii) exchange gain; (iv) sundry income; (v) gain on disposal of a subsidiary; (vi) loss on deregistration of a subsidiary; (vii) net valuation loss in fair value of financial assets at fair value through profit or loss; and (viii) gain on lease modification.

Our other income decreased from approximately RMB2.5 million for the year ended 31 December 2024 to approximately RMB2.0 million loss for the year ended 31 December 2025. Such decrease was primarily due to approximately RMB8.7 million of net valuation loss in fair value of financial assets at fair value through profit or loss.

Selling and Distribution Expenses

Our selling and distribution expenses primarily comprise of (i) employee benefit expenses, which mainly include salaries, bonuses and other benefits for our sales and marketing personnel; (ii) travel and entertainment expenses; (iii) advertising and promotion expenses; (iv) rentals, depreciation and impairment of right-of-use assets; (v) service fees mainly in relation to technical support, software development and installation of equipment for our solutions on lottery related software system and equipment; and (vi) others. Our selling and distribution expenses increased by approximately RMB1.5 million, or 6.4%, from approximately RMB22.0 million for the year ended 31 December 2024 to approximately RMB23.5 million for the year ended 31 December 2025. The Group kept constant on the level of selling and distribution expenses during the year.

Administrative Expenses

Our administrative expenses primarily consist of: (i) employee benefit expenses, which mainly include salaries, bonuses and other benefits for our administrative personnel; (ii) travel and entertainment expenses; (iii) professional fees; (iv) general office expenses; and (v) others. Our administrative expenses decreased by approximately RMB3.2 million, or 9.2%, from approximately RMB34.8 million for the year ended 31 December 2024 to approximately RMB31.6 million for the year ended 31 December 2025. The Group kept constant on the level of administrative expenses during 2025.

其他收入及其他收益或虧損淨額

我們的其他收入及其他收益或虧損主要包括 (i) 銀行利息收入； (ii) 政府補助； (iii) 匯兌收益； (iv) 雜項收入； (v) 出售一家附屬公司之收益； (vi) 註銷一家附屬公司之虧損； (vii) 以公平價 值計入損益的金融資產之公平價值淨估值虧 損；及 (viii) 租賃修訂之收益。

我們的其他收入由截至 2024 年 12 月 31 日止年 度的約人民幣 2.5 百萬元減少至截至 2025 年 12 月 31 日止年度的虧損約人民幣 2.0 百萬元。有 關減少主要由於以公平價值計入損益的金融資 產之公平價值估值淨虧損約人民幣 8.7 百萬元 所致。

銷售及分銷開支

我們的銷售及分銷開支主要包括 (i) 僱員福利開 支，其主要包括我們銷售及營銷人員的薪金、 花紅及其他福利； (ii) 差旅及娛樂開支； (iii) 廣 告及推廣開支； (iv) 租金、使用權資產折舊及 減值； (v) 主要與我們的彩票相關軟件系統及 設備解決方案的技術支持、軟件開發及設備安 裝有關的服務費；及 (vi) 其他。我們的銷售及 分銷開支由截至 2024 年 12 月 31 日止年度的約 人民幣 22.0 百萬元增加約人民幣 1.5 百萬元或 6.4% 至截至 2025 年 12 月 31 日止年度的約人 民幣 23.5 百萬元。本集團年內的銷售及分銷開 支保持在相同水平。

行政開支

我們的行政開支主要包括 (i) 僱員福利開支，其 主要包括行政人員的薪金、花紅及其他福利； (ii) 差旅及娛樂開支； (iii) 專業費用； (iv) 一般 辦公室開支；及 (v) 其他。我們的行政開支由 截至 2024 年 12 月 31 日止年度的約人民幣 34.8 百萬元減少約人民幣 3.2 百萬元或 9.2% 至截至 2025 年 12 月 31 日止年度的約人民幣 31.6 百萬 元。本集團 2025 年的行政開支保持在相同水 平。

36 Rego Interactive Co., Ltd 潤歌互動有限公司

Management Discussion and Analysis 管理層討論及分析

Research and Development Expenses

研發開支

Our research and development expenses primarily consist of: (i) employee benefit expenses, which primarily comprise the salaries, bonuses and other benefits of our research and development staff; (ii) technical service and copyright fees, which mainly represent expenses for R&D projects outsourced to a university and other external institutions and acquisition cost for copyrights; and (iii) depreciation of property, plant and equipment.

我們的研發開支主要包括： (i) 僱員福利開支， 其主要包括我們研發人員的薪金、花紅及其他 福利； (ii) 技術服務及版權費，其主要指外包給 一所大學及其他外部機構的研發項目的開支以 及版權的收購成本；及 (iii) 物業、廠房及設備 折舊。

Our research and development expenses decreased by approximately RMB8.7 million, or 35.8%, from approximately RMB24.3 million for the year ended 31 December 2024 to approximately RMB15.6 million for the year ended 31 December 2025. Such decrease was aligned with the decrease of the revenue trend of software development and maintenance services, which were lesser focused by the Group.

我們的研發開支由截至 2024 年 12 月 31 日止年 度的約人民幣 24.3 百萬元減少約人民幣 8.7 百 萬元或 35.8% 至截至 2025 年 12 月 31 日止年度 的約人民幣 15.6 百萬元。有關減少與軟件開發 及維護服務收益減少趨勢一致，而本集團於該 方面的投入較少。

Finance Costs

融資成本

Our finance costs primarily consist of: (i) interest expenses on bank borrowings; and (ii) interest expenses on lease liabilities.

我們的融資成本主要包括： (i) 銀行借款利息開 支；及 (ii) 租賃負債利息開支。

Our finance costs decreased by approximately RMB0.9 million, or 18.0%, from approximately RMB5.0 million for the year ended 31 December 2024 to approximately RMB4.1 million for the year ended 31 December 2025. Such decrease was primarily due to the decrease of approximately RMB0.9 million in the interest expenses on bank borrowings as the Group aimed to obtain the financing funding with a cheaper effective interests in 2025.

我們的融資成本由截至 2024 年 12 月 31 日止年 度的約人民幣 5.0 百萬元減少約人民幣 0.9 百萬 元或 18.0% 至截至 2025 年 12 月 31 日止年度的 約人民幣 4.1 百萬元。有關減少主要由於 2025 年本集團致力於以更低的實際利率獲取融資資 金導致銀行借款利息開支減少約人民幣 0.9 百 萬元。

Income Tax Expense

所得稅開支

Our income tax expenses decreased by approximately RMB71,000, or 4.9%, from approximately RMB1.4 million for the year ended 31 December 2024 to approximately RMB1.4 million for the year ended 31 December 2025, which was mainly due to the decrease in taxable profit. Our effective income tax rate decreased from 3.8% for the year ended 31 December 2024 to 1.9% for the year ended 31 December 2025, which was because most of the subsidiaries were lossmaking during the year ended 31 December 2025.

我們的所得稅開支由截至 2024 年 12 月 31 日 止年度的約人民幣 1.4 百萬元減少約人民幣 71,000 元或 4.9% 至截至 2025 年 12 月 31 日 止年度的約人民幣 1.4 百萬元，主要由於應課 稅溢利減少所致。我們的實際所得稅率由截至 2024 年 12 月 31 日止年度的 3.8% 下降至截至 2025 年 12 月 31 日止年度的 1.9% ，乃由於大 多數附屬公司於截至 2025 年 12 月 31 日止年度 處於虧損狀態。

Annual Report 2025 年報 37

Management Discussion and Analysis 管理層討論及分析

Loss for the Year

Our loss for the year increased by approximately RMB35.7 million, or 90.8%, from approximately RMB39.3 million loss for the year ended 31 December 2024 to approximately RMB75.0 million loss for the year ended 31 December 2025.

Non-HKFRS Measure: Adjusted Net Loss

To supplement our consolidated financial statements, which are presented in accordance with the HKFRS, we also use adjusted net loss as an additional financial measure, which is not required by, or presented in accordance with, the HKFRS. We believe that such non-HKFRS measures facilitate comparisons of operating performance from year to year and company to company by eliminating potential impacts of items which our management considers to be nonindicative of our operating performance. We believe that such measure provides useful information to investors and others in understanding and evaluating our consolidated results of operations in the same manner as they help our management.

However, our presentation of adjusted net loss may not be comparable to similarly titled measures presented by other companies. The use of this non-HKFRS measure has limitations as an analytical tool, and should not be considered in isolation from, or as a substitute for an analysis of, our results of operations or financial condition as reported under HKFRS.

年內虧損

我們的年內虧損由截至 2024 年 12 月 31 日止年 度的虧損約人民幣 39.3 百萬元增加約人民幣 35.7 百萬元或 90.8% 至截至 2025 年 12 月 31 日止年度的虧損約人民幣 75.0 百萬元。

非香港財務報告準則計量：經調整虧 損淨額

為補充根據香港財務報告準則呈列的綜合財務 報表，我們亦採用經調整虧損淨額作為額外財 務計量，該項目並非香港財務報告準則所規定 亦並非按香港財務報告準則呈列。我們認為， 透過消除管理層認為並不反映我們業績表現的 項目的潛在影響，該非香港財務報告準則計量 有助於比較不同年度及不同公司的業績表現。 我們相信，該計量為投資者及其他人士提供了 有用的資料，幫助彼等按其幫助我們管理層的 相同方式理解及評估我們的綜合經營業績。

然而，我們呈列的經調整虧損淨額未必可與其 他公司呈列的類似名稱的計量相比。採用該非 香港財務報告準則計量作為分析工具存在局限 性，不應將其視為獨立於或可代替我們根據香 港財務報告準則呈報的經營業績或財務狀況的 分析。

38 Rego Interactive Co., Ltd 潤歌互動有限公司

Management Discussion and Analysis 管理層討論及分析

The following table reconcile our adjusted net loss for the years presented to the most directly comparable financial measures calculated and presented in accordance with HKFRS:

下表將我們所呈列年度的經調整虧損淨額與根 據香港財務報告準則計算及呈列的最直接可比 較財務計量進行對賬：

	Year ended 31	December
	截至12月31日止年度
	2025	2024
	2025年	2024年
	RMB’000	RMB’000
	人民幣千元	人民幣千元
Loss for the year attributable to	本公司擁有人應佔年內虧損
owners of the Company	(73,213)	(37,960)
Add:	加：
Foreign exchange differences	匯兌差額 86	(61)
Change in fair value of financial	按公平價值計入損益之金融資產之
assets at fair value through profit	公平價值變動
or loss	8,681	2,745
Impairment loss on goodwill	商譽減值虧損 11,983	2,359
Write-off of advance to a supplier	撇銷向一家供應商預付款 –	5,000
Non-HKFRS Measure	非香港財務報告準則計量
Adjusted net loss	經調整虧損淨額 (52,463)	(27,917)

Employees and Remuneration Policies

僱員及薪酬政策

As of 31 December 2025, we had 194 (2024: 311) full-time employees, the majority of whom were based in Hangzhou, China, Shanghai, China and Shanxi, China.

截至 2025 年 12 月 31 日，我們有 194 名（ 2024 年： 311 名）全職僱員，其多數位於中國杭州、 中國上海及中國山西。

The remuneration of our employees is determined based on their performance, experience, competence and market comparable. We provide our employees with competitive salaries and bonuses determined by performance, housing subsidies, regular team building activities and internal opportunities of career advancement. Our Group adopts an appraisal system for our employees, where their respective supervisor and our president’s office conduct monthly or quarterly performance review depending on their rank and determines the amount of bonus to be awarded accordingly.

僱員的薪酬乃基於彼等的表現、經驗、能力及 市場可比水平釐定。我們向僱員提供具競爭力 的薪金及績效花紅、住房補貼、定期團建活動 及內部職業發展機會。本集團採納僱員評核制 度，根據該制度，僱員各自的主管及我們的總 裁辦公室根據僱員職級每月或每季度進行績效 考核，並據此釐定僱員將獲得的花紅金額。

Annual Report 2025 年報 39

Management Discussion and Analysis 管理層討論及分析

Our Group’s total staff costs (including Directors’ emolument, salaries, bonus, social insurance and provident funds) amounted to approximately RMB44.5 million for the year ended 31 December 2025 (For the year ended 31 December 2024: approximately RMB54.0 million). As required by the PRC laws and regulations, we have made contributions to various mandatory social security funds, including funds for basic pension insurance, unemployment insurance, basic medical insurance, maternity leave insurance and occupational injury.

The remuneration of Directors and members of senior management is determined on the basis of each individual’s responsibilities, qualification, position, experience, performance and time commitment. They receive compensation in the form of salaries, allowances, discretionary bonuses and contributions to defined contribution retirement plan.

The Company has adopted a share option scheme on 27 July 2022 as incentives or rewards to Eligible Persons for their contributions to the Group. The purpose of the Share Option Scheme is to incentivise and reward the Eligible Persons for their contribution to the Group and to align their interests with that of the Company so as to encourage them to work towards enhancing the value of the Company. The Share Option Scheme shall be valid and effective for a period of ten years commencing on the Listing Date, after which period no further options will be granted but the provisions of the Share Option Scheme shall remain in full force and effect to the extent necessary to give effect to the exercise of any options granted prior thereto which are at that time or become thereafter capable of exercise under the Share Option Scheme, or otherwise to the extent as may be required in accordance with the provisions of the Share Option Scheme. During the Year, no option had been granted or agreed to be granted by the Company under the Share Option Scheme.

截至 2025 年 12 月 31 日止年度，本集團的員工 成本總額（包括董事酬金、薪金、花紅、社會 保險及公積金）約為人民幣 44.5 百萬元（截至 2024 年 12 月 31 日止年度：約人民幣 54.0 百萬 元）。按中國法律法規規定，我們已向多個強 制性社會保障基金作出供款，包括基本養老保 險基金、失業保險基金、基本醫療保險基金、 生育保險基金及工傷保險基金。

董事及高級管理層成員的薪酬乃根據各自的責 任、資歷、職位、經驗、表現及投入時間釐 定。彼等以薪金、津貼、酌情花紅及定額供款 退休計劃供款等方式收取酬金。

本公司於 2022 年 7 月 27 日採納一項購股權計劃 作為合資格人士對本集團作出貢獻的激勵或獎 勵。購股權計劃之目的是透過激勵和獎勵合資 格人士對本集團的貢獻，讓僱員的利益與本公 司的利益掛鈎，以鼓勵彼等致力提高本公司價 值。購股權計劃由上市日期起十年期間內有效 及生效，該期間後不得再授出購股權，但購股 權計劃的條文仍具十足效力及效用，以致先前 授出任何可於當時或其後根據購股權計劃行使 的購股權得以行使，或其他方面以致於根據購 股權計劃條文規定有效。於本年度內，本公司 概無根據購股權計劃授出或同意授出購股權。

40 Rego Interactive Co., Ltd 潤歌互動有限公司

Management Discussion and Analysis 管理層討論及分析

Contingent Liabilities and Indebtedness

或然負債及債項

As at 31 December 2025, the Group had the interest-bearing borrowings of RMB124.8 million which consists RMB5.0 million was unsecured and guaranteed, RMB54.8 million was secured and guaranteed and HK$65.0 million was unsecured and unguaranteed (As at 31 December 2024: RMB87.5 million which consists RMB14.0 million was unsecured and guaranteed, RMB9.0 million was secured and guaranteed and RMB64.5 million was unsecured and unguaranteed). The maturity profile of the interest-bearing bank borrowings as at 31 December 2025 and 2024 were repayable within oneyear or on demand. In addition, as at 31 December 2025, the Group had lease liabilities of RMB274,000 (As at 31 December 2024: RMB6,545,000).

於 2025 年 12 月 31 日，本集團有計息借款人民 幣 124.8 百萬元，當中人民幣 5.0 百萬元為無 抵押及有擔保、人民幣 54.8 百萬元為有抵押及 有擔保以及 65.0 百萬港元為無抵押及無擔保 （於 2024 年 12 月 31 日：人民幣 87.5 百萬元， 當中人民幣 14.0 百萬元為無抵押及有擔保、 人民幣 9.0 百萬元為有抵押及有擔保以及人民 幣 64.5 百萬元為無抵押及無擔保）。於 2025 年及 2024 年 12 月 31 日計息銀行借款的到期情 況為須於一年內償付或於要求時償還。此外， 於 2025 年 12 月 31 日，本集團有租賃負債人民 幣 274,000 元（於 2024 年 12 月 31 日：人民幣 6,545,000 元）。

Save as the above, the Group did not have any material contingent liabilities as at 31 December 2025 (As at 31 December 2024: nil).

除上文所述者外，於 2025 年 12 月 31 日，本集 團並無任何重大或然負債（於 2024 年 12 月 31 日：無）。

Liquidity, Financial and Capital Resources

流動資金、財務及資本資源

During the year ended 31 December 2025, we financed our capital expenditure and working capital requirements mainly through bank borrowings, the proceeds received from the Global Offering of the Company’s shares in October 2022 and the proceeds received from the Rights Issue in December 2023. As at 31 December 2025, we had bank and other borrowings of approximately RMB124.8 million (As at 31 December 2024: RMB87.5 million). The range of effective interest rates on the borrowings was 2.6% to 7% (As at 31 December 2024: 2.8% to 4.3%) per annum for the year ended 31 December 2025. The Group’s gearing ratio as of 31 December 2025 was 46.0% (As at 31 December 2024: 28.0%). As at 31 December 2025, the Group’s cash and cash equivalents were mainly held in RMB and HKD, and the cash and cash equivalents remain constant from RMB139.0 million as of 31 December 2024 to RMB76.0 million.

截至 2025 年 12 月 31 日止年度，我們主要透過 銀行借款、 2022 年 10 月本公司股份全球發售 所得款項及 2023 年 12 月供股所得款項撥付資 本開支及營運資金需求。於 2025 年 12 月 31 日，我們有銀行及其他借款約人民幣 124.8 百 萬元（於 2024 年 12 月 31 日：人民幣 87.5 百萬 元）。截至 2025 年 12 月 31 日止年度，有關借 款的實際利率介乎每年 2.6% 至 7% （於 2024 年 12 月 31 日： 2.8% 至 4.3% ）。截至 2025 年 12 月 31 日本集團的資產負債比率為 46.0% （於 2024 年 12 月 31 日： 28.0% ）。於 2025 年 12 月 31 日，本集團現金及現金等價物主要以人民 幣及港幣持有，且現金及現金等價物為人民幣 76.0 百萬元，與 2024 年 12 月 31 日的人民幣 139.0 百萬元持平。

We currently do not use any financial instruments for hedging purposes.

我們現時並無使用任何金融工具進行對沖。

Annual Report 2025 年報 41

Management Discussion and Analysis 管理層討論及分析

Significant Investment, Material Acquisition and Disposal of Subsidiaries, Associate, and Joint Venture

On 30 June 2025, a wholly-owned subsidiary of the Company as purchaser entered into the share transfer agreement with three vendors, pursuant to which the vendors conditionally agreed to sell, and the purchaser conditionally agreed to purchase all the existing issued shares of the Caipingfang at the consideration of RMB18,300,000. For details, please refer to announcements of the Company dated 30 June 2025 and 21 July 2025.

On 22 December 2025, an indirect wholly-owned subsidiary of the Company as vendor entered into the equity transfer agreement with the purchasers who are independent third parties, pursuant to which, the purchasers have conditionally agreed to acquire and the vendor has conditionally agreed to sell the 75% equity interests in Xi’an Tiantai for a total consideration of RMB11.3 million. For details, please refer to announcement of the Company dated 22 December 2025.

Save as disclosed above, there were no significant investments held by the Company nor any material acquisitions or disposals of subsidiaries, associates and joint ventures during the Year.

Capital Commitments

There are no significant capital commitments outstanding provided for as at 31 December 2025 (As at 31 December 2024: nil).

Charge on the Group’s Assets

As at 31 December 2025, the Group had pledged the property, plant and equipment with carrying amount of approximately RMB16,251,000 to secure the bank borrowing (As at 31 December 2024: the Group had pledged the property, plant and equipment with carrying amount of approximately RMB17,126,000 were pledged to secure the bank borrowing).

重大投資、重大附屬公司、聯營公司 及合營企業收購及出售事項

於 2025 年 6 月 30 日，本公司全資附屬公司（作 為買方）與三名賣方訂立股份轉讓協議，據 此，賣方有條件同意出售，而買方有條件同意 購買彩平方所有現有已發行股份，代價為人民 幣 18,300,000 元。有關詳情請參閱本公司日 期為 2025 年 6 月 30 日及 2025 年 7 月 21 日的公 告。

於 2025 年 12 月 22 日，本公司的間接全資附屬 公司（作為賣方）與買方（為獨立第三方）訂立股 權轉讓協議，據此，買方有條件同意收購，而 賣方有條件同意出售西安天泰的 75% 股權，總 代價為人民幣 11.3 百萬元。有關詳情請參閱本 公司日期為 2025 年 12 月 22 日的公告。

除上文所披露者外，本公司於本年度內並無持 有重大投資，亦無進行任何重大的附屬公司、 聯營公司及合營企業收購或出售事項。

資本承擔

於 2025 年 12 月 31 日，概無已計提撥備的未履 行重大資本承擔（於 2024 年 12 月 31 日：無）。

本集團資產抵押

於 2025 年 12 月 31 日，本集團賬面值約人民 幣 16,251,000 元的物業、廠房及設備已予質 押作為銀行借款抵押（於 2024 年 12 月 31 日： 本集團賬面值約為人民幣 17,126,000 元的物 業、廠房及設備已予質押作為銀行借款抵押）。

42 Rego Interactive Co., Ltd 潤歌互動有限公司

Management Discussion and Analysis 管理層討論及分析

Pledge of shares by controlling shareholders

控股股東質押股份

On 26 June 2025, Vicen Investments Limited, a controlling shareholder of the Company, pledged 36,564,224 shares of the Company (representing approximately 8.4% of the shares directly held by Vicen Investments in the Company) with Hangzhou Xingsheng Equity Investment Co., Ltd. ( 杭州 興晟股權投資有限公司 ) as the pledgee. As at the date of this report, the shares pledged by Vicen Investments accounted for approximately 2.20% of the total shares in issue of the Company in aggregate.

於 2025 年 6 月 26 日，本公司控股股東緯晨投資 有限公司以杭州興晟股權投資有限公司為質權 方質押本公司 36,564,224 股股份（佔緯晨投資 直接持有本公司股份數的約 8.4% ），於本報告 日期，緯晨投資質押的股份，共佔本公司已發 行股份總數約 2.20% 。

Tanshin Investments Limited, a controlling shareholder of the Company, pledged 15,306,541 shares of the Company (representing approximately 8.4% of the shares directly held by Tanshin Investments in the Company) with Hangzhou Xingsheng Equity Investment Co., Ltd. ( 杭州興晟股權投資有限 公司 ) as the pledgee. As at the date of this report, the shares pledged by Tanshin Investments accounted for approximately 0.92% of the total shares in issue of the Company in aggregate.

本公司控股股東天歡投資有限公司以杭州興 晟股權投資有限公司為質權方質押本公司 15,306,541 股股份（佔天歡投資直接持有本公 司股份數的約 8.4% ），於本報告日期，天歡投 資質押的股份，共佔本公司已發行股份總數約 0.92% 。

Sprus Investments Limited, a controlling shareholder of the Company, pledged 7,388,495 shares of the Company (representing approximately 8.4% of the shares directly held by Sprus Investments in the Company) with Hangzhou Xingsheng Equity Investment Co., Ltd. ( 杭州興晟股權投資有限 公司 ) as the pledgee. As at the date of this report, the shares pledged by Sprus Investments accounted for approximately 0.45% of the total shares in issue of the Company in aggregate.

本公司控股股東雲杉投資有限公司以杭州興 晟股權投資有限公司為質權方質押本公司 7,388,495 股股份（佔雲杉投資直接持有本公 司股份數的約 8.4% ），於本報告日期，雲杉投 資質押的股份，共佔本公司已發行股份總數約 0.45% 。

Annual Report 2025 年報 43

Management Discussion and Analysis 管理層討論及分析

Such shares pledged by the three controlling shareholders (collectively the “ Pledgors ”) are security provided for Hangzhou Rego Network Company Limited, a wholly-owned subsidiary of the Company, with the amount of guarantee being RMB18,500,000. In the duration of pledge, the shares pledged by the Pledgors were not subject to transfer of ownership rights, voting rights and dividend rights, provided that the exercise of such rights shall not prejudice the interests of the pledgee. Meanwhile, the Pledgors shall keep the pledged shares in a proper manner, and shall not take the liberty to transfer, grant, create new encumbrance over the pledged shares or carry out any activities that may prejudice the interests of the pledgee without written consent from the pledgee.

For further details of this transaction, please refer to the announcement of the Company dated 26 June 2025.

Future Plan for Material Investment and Capital Assets

Save as disclosed in the Prospectus and in the sections headed “Significant Investment, Material Acquisition and Disposal of Subsidiaries, Associate, and Joint Venture” and “Use of Proceeds” in this report, there was no other plans for material investments and capital assets as at the date of this report.

Top Customers

Our top five customers accounted for 44.8% and 53.1% of our revenue for the years ended 31 December 2025 and 2024, respectively. Our largest customer accounted for 12.6% and 33.4% of our revenue for the years ended 31 December 2025 and 2024, respectively.

To the best of our Directors’ knowledge, none of our Directors or their respective close associates or any person who owns more than 5% of our issued share capital or of our subsidiary, had any interest in any of our top five customers during the Year.

本次三位控股股東（統稱「 出質方 」）所質押股份 為本公司全資附屬公司杭州潤歌網絡有限公司 擔保，擔保金額為人民幣 18,500,000 元。在 質押期間，出質方所質押的股份並不涉及所有 權、投票權、分紅權的轉移，但行使有關權利 時不得損害質權人的利益。同時，出質方需要 妥善保管質押股份，未經質權方書面同意，不 得擅自對質押股份進行轉讓、贈與、新設權利 負擔或進行任何可能損害質權方權益的行為。

有關該項交易的進一步詳情，請參閱本公司日 期為 2025 年 6 月 26 日的公告。

重大投資及資本資產的未來計劃

除招股章程及本報告內「重大投資、重大附屬 公司、聯營公司及合營企業收購及出售事項」 及「所得款項用途」章節所披露者外，於本報告 日期概無其他重大投資及資本資產計劃。

主要客戶

截至 2025 年及 2024 年 12 月 31 日止年度， 我們前五大客戶分別佔我們收益 44.8% 及 53.1% 。截至 2025 年及 2024 年 12 月 31 日止 年度，我們最大客戶分別佔我們收益 12.6% 及 33.4% 。

據我們的董事所深知，董事或彼等各自的緊密 聯繫人或擁有我們或附屬公司已發行股本 5% 以上的任何人士於本年度內概無於我們的任何 前五大客戶中擁有任何權益。

44 Rego Interactive Co., Ltd 潤歌互動有限公司

Management Discussion and Analysis 管理層討論及分析

Top Suppliers

主要供應商

Our top five suppliers accounted for 55.3% and 67.9% of our total costs of sales for the years ended 31 December 2025 and 2024, respectively. Our largest supplier accounted for 28.8% and 23.3% of our total costs of sales for the years ended 31 December 2025 and 2024, respectively.

截至 2025 年及 2024 年 12 月 31 日止年度， 我們前五大供應商佔我們銷售成本總額分別 55.3% 及 67.9% 。截至 2025 年及 2024 年 12 月 31 日止年度，我們最大供應商佔我們銷售成 本總額分別 28.8% 及 23.3% 。

To the best of our Directors’ knowledge, none of our Directors or their respective close associates or any person who owns more than 5% of our issued share capital or of our subsidiary, had any interest in any of our top five suppliers during the Year.

據我們的董事所深知，董事或彼等各自的緊密 聯繫人或擁有我們或附屬公司已發行股本 5% 以上的任何人士於本年度內概無於我們的任何 前五大供應商中擁有任何權益。

Key Financial Ratio

主要財務比率

The following table sets forth certain financial ratio as of the balance sheet dates indicated:

下表載列截至所示資產負債表日期的若干財務 比率：

	As of 31 December 2025 As of 31 December 2024 截至2025年 12月31日 截至2024年 12月31日
Profitability ratios	盈利比率
Gross profit margin(1)	毛利率(1) 8.9 26.9
Net profit margin(2)	純利率(2) -14.9 -16.1
Adjusted net profit margin under HKFRS	根據香港財務報告準則計量的
measures(3)	經調整純利率(3) -10.5 -12.5
Return on equity(4)	權益回報率(4) -26.6 -11.0
Return on total assets(5)	資產總值回報率(5) -15.6 -7.4
Liquidity ratios	流動資金比率
Current ratio(6)	流動比率(6) 2.1 times 2.7 times
Quick ratio(7)	2.1倍 2.7倍 速動比率(7) 2.1 times 2.7 times
Capital adequacy ratios	2.1倍 2.7倍 資本充足比率
Gearing ratio(8)	資產負債比率(8) 45.9% 28.0%
Debt-to-equity ratio(9)	債務對權益比率(9) 18.8% N/A 不適用

Annual Report 2025 年報 45

Management Discussion and Analysis 管理層討論及分析

Notes:

• (1) The calculation of gross profit margin is based on gross profit for the year divided by revenue and multiplied by 100%.

• (2) The calculation of net profit margin is based on profit for the year divided by revenue and multiplied by 100%.

• (3) Calculated based on the adjusted net profit under non-HKFRS measures and calculated by excluding the effect of listing expenses.

• (4) The calculation of return on equity is based on profit for the year divided by ending balance of total equity and multiplied by 100%.

• (5) The calculation of return on total assets is based on profit for the year divided by ending balance of total assets and multiplied by 100%.

• (6) Current ratio is calculated as current assets divided by current liabilities as at the relevant financial year end.

• (7) Quick ratio is calculated as current assets less inventories divided by current liabilities as at the relevant financial year end.

• (8) Gearing ratio is calculated as total debt divided by total equity and multiplied by 100% as at the relevant financial year end. Total debts refer to all interest-bearing bank loans, amounts due to related parties and lease liabilities of our Group as at the end of the respective year.

• (9) Debt to equity ratio is calculated as net debt (representing total debt minus cash and cash equivalent as at the relevant year end) divided by the total equity as at the end of the respective year and multiplied by 100%. As our cash and cash equivalent is higher than our total debts as at 31 December 2023 and 2024, the debt to equity ratio is not applicable to such periods.

Treasury policies

The Group has adopted a prudent financial management approach towards its treasury policies and thus maintained a healthy liquidity position throughout the period under review. The Group strives to reduce exposure to credit risk by performing ongoing credit assessments and evaluations of the financial status of its customers. To manage liquidity risk, the Board closely monitors the Group’s liquidity position to ensure that sufficient financial resources are available in order to meet its funding requirements and commitment timely.

附註：

• (1) 毛利率按年內毛利除以收益再乘以 100% 計 算。

• (2) 純利率按年內溢利除以收益再乘以 100% 計 算。

• (3) 按根據非香港財務報告準則計量的經調整純利 計算及不計及上市開支的影響計算。

• (4) 權益回報率按年內溢利除以權益總額年末結餘 再乘以 100% 計算。

• (5) 資產總值回報率按年內溢利除以資產總值年末 結餘再乘以 100% 計算。

• (6) 流動比率按相關財政年末流動資產除以流動負 債計算。

• (7) 速動比率按相關財政年末流動資產減存貨除以 流動負債計算。

• (8) 資產負債比率按相關財政年末債務總額除以權 益總額再乘以 100% 計算。債務總額指於各年 末本集團所有計息銀行貸款、應付關聯方款項 及租賃負債。

• (9) 債務對權益比率按於各年末的債務淨額（即於 相關年末債務總額減現金及現金等價物）除以 權益總額再乘以 100% 計算。於 2023 年及 2024 年 12 月 31 日，我們的現金及現金等價物 高於我們的債務總額，因此債務對權益比率不 適用於該等期間。

庫務政策

本集團在制定庫務政策方面採取審慎的財務管 理方針，從而於整個回顧期間維持穩健的流動 資金狀況。本集團持續對其客戶進行信貸評估 及財務狀況評估，務求降低信貸風險。為管理 流動資金風險，董事會密切監察本集團的流動 資金狀況，以確保擁有充足的可動用財務資源 以滿足其不時的資金需要及承擔。

46 Rego Interactive Co., Ltd 潤歌互動有限公司

Management Discussion and Analysis 管理層討論及分析

Foreign exchange exposure

外匯風險

Foreign exchange risk refers to the risk of loss caused by the changes in foreign exchange rates. The operations of the Group are mainly located in the PRC with most transactions denominated and settled in Renminbi.

外匯風險是指因外幣匯率變動而造成損失的風 險。本集團的業務主要在中國經營，大部分交 易乃以人民幣計值及結算。

During the year ended 31 December 2025, no financial instrument was used for hedging purposes, and we did not commit to any financial instruments to hedge our exposure to foreign exchange risk, as the expected foreign exchange risk is not significant. The Directors and senior management of the Company will continue to closely monitor the foreign exchange exposure and take measures when necessary to ensure that the foreign exchange risk is within the controllable range.

於截至 2025 年 12 月 31 日止年度內，由於預期 外匯風險並不重大，本集團並無使用任何金融 工具進行對沖，亦無承諾使用任何金融工具以 對沖其外匯風險敞口。本公司董事及高級管理 層將繼續密切監控外匯風險，並於必要時採取 措施以確保外匯風險處於可控範圍內。

FUTURE AND OUTLOOK

未來及展望

For 2026, the worldwide economic climate continues to be challenging with persistent sluggish growth. In light of this, our strategy is to closely monitor the economic trends and shifts in the competitive market landscape.

2026 年，全球經濟狀況仍不容樂觀，經濟增 長持續低迷。有鑒於此，我們的策略是密切關 注經濟發展趨勢及市場競爭形勢變化。

We aim to concentrate on and bolster our primary business areas, streamline the distribution of capital, and enhance the efficiency of our operations.

我們致力專注及提振主要業務，精簡資本分配 及提高營運效率。

Simultaneously, we plan to heighten our awareness of potential risks and stick to cautious risk management strategies. This approach will help ensure our company’s steady progress amidst the complexities of the ever-evolving economic scenario.

同時，我們計劃強化潛在風險意識，堅持審慎 的風險管理策略，從而在複雜多變的經濟形勢 下，將有助確保企業穩步增長。

Furthermore, we intend to proactively expand our strategic vision, keenly identify and capitalise on new opportunities within our “Corporate digitalisation solutions services” ( 企業 數字化服務 ) and “Industry digitalisation solutions services” ( 行業數字化服務 ) as the core, to achieve the Cross-industry Empowerment solutions services” ( 異業賦能服務 ) in the future. By adopting adaptable business strategies, we aim to boost the energy and resilience of our company’s growth and foster its continuous and stable development.

此外，在企業數字化服務和行業數字化服務的 核心框架內，我們矢志積極拓展戰略願景，敏 銳洞察及把握新商機，以期於未來實現異業賦 能服務。我們採取靈活的業務策略，激發業務 增長的活力及韌性，促進企業持續穩健發展。

Annual Report 2025 年報 47

Management Discussion and Analysis 管理層討論及分析

For the Corporate digitalisation solutions services, we aim to seise growth opportunities in exploring new stable and reliable customers and suppliers, use omnichannel marketing strategies to accurately reach various consumer groups, and actively explore new growth points. By employing a comprehensive marketing strategy, we can precisely target a diverse range of consumer demographics.

Furthermore, we are committed to actively seeking out new areas of growth. As the digital transformation of enterprises deepens, we will continue to firmly layout in the field of corporate welfare business.

Throughout our well developed supply chain on both virtual goods and physical goods, we aim to provide our clients with diverse, flexible, and efficient welfare solutions.

For Industry digitalisation solutions services, we aim to transit from technological professional to market leader in the era of Agentic Marketing and AI Sports. Our roadmap for the coming year is built upon three non-negotiable pillars:

1. AI Commercialisation at Scale: We are moving beyond pilot programs to the large-scale deployment of our proprietary AI Agents across national lottery networks. This shift is designed to convert our R&D milestones into service revenue.

2. Capitalizing on the ‘Big Year’ for Sports: With the 2026 World Cup, Winter Olympics, and Asian Games on the horizon, we are uniquely positioned to capture the ‘traffic dividend.’ By integrating sports lottery-related services with real-time AI data analysis, we are creating a superior, interactive experience for the modern participant.

3. The Path to Operational Profitability: Having built our technological ‘moat,’ our focus now shifts to efficiency. Through rigorous cost-control and the monetization of our ‘Sports + Digital’ synergies, we are confident in our ability to deliver a significant rebound in confidence and a return to profitability.

就企業數字化服務而言，我們竭力發掘穩定可 靠的新客戶及供應商以把握發展機遇、使用全 渠道營銷策略以精準觸及各類客戶群，同時積 極探索新的增長點。我們採用全方位營銷策 略，瞄準不同的消費群體。

此外，我們致力於積極開拓新的增長領域。隨 著企業數字化轉型的深化，我們將繼續深耕企 業福利業務領域。

憑藉我們於虛擬商品及實物商品的穩健供應 鏈，我們致力於為客戶提供多元、靈活及高效 的福利解決方案。

行業數字化服務方面，我們的目標是在智能體 營銷及 AI 體育時代，從技術專業公司轉型為市 場領導者。未來一年的發展藍圖建基於三大核 心支柱：

1. 人工智能大規模商業化：我們正從試點 計劃邁向自主研發的人工智能體在全國 彩票網絡的大規模部署，旨在將研發成 果轉化為服務收入。

2. 把握「體育大年」機遇：隨着 2026 年世界 盃、冬季奧運會及亞運會即將舉行，我 們獨具優勢把握「流量紅利」。通過將體 育彩票相關服務與實時人工智能數據分 析相結合，我們為現代參與者打造卓越 的互動體驗。

3. 實現經營盈利之路：在構築技術「護城 河」之後，我們的重心現已轉向效率提 升。透過嚴格的成本控制及實現「體育＋ 數字」協同效應的變現，我們有信心大幅 提升信心並實現扭虧為盈。

48 Rego Interactive Co., Ltd 潤歌互動有限公司

Management Discussion and Analysis 管理層討論及分析

Lastly, the Group will continue to prioritise its strategic investments to maximise the synergies across different business. The Group will continue to dedicate its commitment and support to grow its business to further capitalise on diversification opportunities. Through the development of the Group, we will keep actively negotiated with the target company which aligned with our Group development strategy in AI digital lottery store and AI sports.

最後，本集團的戰略投資將繼續專注於最大化 各項業務之間的協同效應。本集團將繼續投入 資源及提供支持，推動業務增長，進一步把握 多元化發展商機。透過本集團的發展，我們將 繼續積極與目標公司進行洽談，配合本集團在 AI 數字彩票門店及 AI 體育領域的發展策略。

USE OF PROCEEDS

所得款項用途

The Shares were listed on the Main Board of the Stock Exchange on 17 October 2022 by way of Global Offering, raising total net proceeds of HK$100.7 million (the “ IPO proceeds ”) after deducting professional fees, underwriting commissions and other related listing expenses. The Overallotment Option has not been exercised and the Overallotment Option had lapsed on 6 November 2022.

股份於 2022 年 10 月 17 日透過全球發售於聯 交所主板上市，籌得所得款項淨額總額 100.7 百萬港元（「 首次公開發售所得款項 」）（已扣除 專業費用、包銷佣金及其他相關上市開支）。 超額配股權並無獲行使，且超額配股權已於 2022 年 11 月 6 日失效。

As at 31 December 2025, all of the IPO proceeds has been fully utilised. An analysis of the net proceeds from the Listing Date up to 31 December 2025 is set out below:

於 2025 年 12 月 31 日，首次公開發售全部所得 款項均已悉數動用。自上市日期直至 2025 年 12 月 31 日的所得款項淨額分析載列如下：

				Utilised	IPO proceeds
		Approximate	Allocated	IPO proceeds	unused
		% of	use of	as of	balance as of
		total IPO	actual IPO	31 December	31 December
		proceeds	proceeds	2025	2025
				截至2025年	截至2025年
				12月31日	12月31日
		佔首次公開發售	實際首次公開	已動用首次	首次公開發售
		所得款項總額	發售所得款項	公開發售	所得款項
		概約百分比	的分配用途	所得款項	未動用結餘
		%	HK$ million	HK$ million	HK$ million
		%	百萬港元	百萬港元	百萬港元
Developing and expanding our online	開發及擴展我們營銷及推廣服務的	42.2	42.5	42.5	–
marketing channels and resources for	線上營銷渠道及資源
our marketing and promotion services
Further developing and expanding our	進一步開發及擴闊我們的供應商	26.7	26.9	26.9	–
supplier base and types of virtual goods	基礎及所提供的虛擬商品類型
on offer
Acquiring companies in marketing and	收購營銷及相關行業的公司	14.9	15.0	15.0	–
related industries
Developing and operating our SaaS	開發及運營我們的SaaS企業營銷	6.3	6.3	6.3	–
enterprise marketing service platform	服務平台，作為擴展我們營銷渠道
as a means to expand our marketing	的一種方式
channels
General working capital	一般營運資金	9.9	10.0	10.0	–
Total	總計	100	100.7	100.7	–

Annual Report 2025 年報 49

Management Discussion and Analysis 管理層討論及分析

As at 31 December 2025, there were no of unutilised net proceeds.

於 2025 年 12 月 31 日，並無未動用所得款項淨 額。

Up to 31 December 2025, the utilised net proceeds were applied in accordance with the planned use as previously disclosed in the Prospectus.

截至 2025 年 12 月 31 日，經動用所得款項淨額 已按照章程先前披露的計劃用途動用。

Rights Issue

供股

The Company has conducted a rights issue in December 2023 to raise funds for (i) the proposed acquisition of a PRC company with an aim to expand our scope of services to cover delivery of physical goods for e-commence operators; (ii) the development and expansion of our virtual and physical goods delivery business; and (iii) general working capital (the “ Rights Issue ”). The net proceeds from the Rights Issue after deducting the expenses were approximately HK$98.9 million.

本公司於 2023 年 12 月進行供股，以籌集資金 用作 (i) 建議收購一家中國公司以擴展服務範圍 至為電商平台營運商交付實物商品； (ii) 發展及 擴展虛擬及實物商品交付業務；及 (iii) 一般營 運資金（「 供股 」）。供股經扣除開支後的所得款 項淨額為約 98.9 百萬港元。

As at 31 December 2025, the proceeds from the Rights Issue of HK$51.1 million has been utilised. An analysis of the proceeds from the Rights Issue up to 31 December 2025 is set out below:

於 2025 年 12 月 31 日，供股所得款項 51.1 百萬 港元已獲動用。截至 2025 年 12 月 31 日供股所 得款項分析載列如下：

		Approximate
		% of total
		proceeds from
		Rights Issue		Utilised	Proceeds from
		as stated in		proceeds from	Rights Issue
		the prospectus	Allocated use	Rights Issue	unused
		dated	of actual	as of	balance as of
		20 November	proceeds from	31 December	31 December	Expected timeline for unutilised
		2023	Rights Issue	2025	2025	proceeds from Rights Issue
		佔日期
		為2023年		截至	截至
		11月20日的		2025年	2025年
		供股章程所載	實際供股	12月31日	12月31日
		供股所得款項	所得款項的	已動用供股	供股所得款項
		總額概約百分比	分配用途	所得款項	未動用結餘	供股未動用所得款項之預期時間表
		%	HK$ million	HK$ million	HK$ million
		%	百萬港元	百萬港元	百萬港元
General working capital (previously usage	一般營運資金（原先用作「收購一家主	65	64.3	37.5	26.8	On or before 31 December 2026
as “Acquisition of a PRC company	要業務乃為電商平台營運商交付實					於2026年12月31日或之前
with principal business on delivery of	物商品的中國公司」）（附註1、2）
physical goods for e-commerce platform
operators”) (Note 1, 2)
Development and expansion of virtual and	發展及擴展虛擬及實物商品交付業務	25	24.7	24.7	–
physical goods delivery business
General working capital	一般營運資金	10	9.9	9.9	–
		100	98.9	72.1	26.8

Rego Interactive Co., Ltd 潤歌互動有限公司

50

Management Discussion and Analysis 管理層討論及分析

Notes:

附註：

1. For the acquisition project of a PRC company, the Company issued the Memorandum of Understanding in Relation to the Potential Acquisition on 22 December 2023, and paid in advance HK$16.5 million to the shareholders of the PRC target company as disclosed in the announcement of the Company dated 22 December 2023. The Company subsequently issued the Extension of the Memorandum of Understanding in Relation to the Potential Acquisition on 5 August 2024 and 13 June 2025, and gradually extended the long stop date of the acquisition to 30 June 2026. Please refer to the announcements of the Company dated 5 August 2024 and 13 June 2025 respectively.

2. 就中國公司收購項目，本公司於 2023 年 12 月 22 日刊發有關潛在收購事項的諒解備忘錄， 並向中國目標公司股東預付 16.5 百萬港元（如 本公司日期為 2023 年 12 月 22 日的公告所披 露）。本公司其後於 2024 年 8 月 5 日及 2025 年 6 月 13 日刊發有關潛在收購事項的諒解備忘錄 延期公告，並逐步將收購事項的最後截止日期 延長至 2026 年 6 月 30 日。請參閱本公司日期 分別為 2024 年 8 月 5 日及 2025 年 6 月 13 日的 公告。

3. On 21 November 2025, after careful consideration and detailed evaluation of the Group’s operations and the business strategies, including the need to ensure the Company’s capital utilization efficiency and better accommodate the Group’s current operation and development requirements, the Board has resolved to change the use of the remaining net proceeds. For detail, please refer to the announcement of the Company dated 21 November 2025.

4. 於 2025 年 11 月 21 日，經審慎考慮及詳細評估 本集團營運及業務策略（包括須確保本公司資 金使用效率及更好配合本集團現時營運及發展 需求）後，董事會決議變更餘下所得款項淨額 的用途。有關詳情請參閱本公司日期為 2025 年 11 月 21 日的公告。

Since the acquisition project did not proceed as planned, the aforesaid prepayment of HK$16.5 million shall be refunded to the Company on 30 June 2026.

• 由於收購項目並無按計劃進行，上述預付款 16.5 百萬港元將於 2026 年 6 月 30 日退還予本 公司。

As at 31 December 2025, the amount of unutilised net proceeds from the Rights Issue amounted to approximately HK$26.8 million. The unutilised net proceeds were placed in interest-bearing deposits with authorised financial institutions or licensed banks in Hong Kong and the PRC.

於 2025 年 12 月 31 日，供股未動用所得款項淨 額為約 26.8 百萬港元。未動用所得款項淨額已 存入香港及中國獲授權金融機構或持牌銀行作 為計息存款。

Up to 31 December 2025, save as disclosed above, the utilised net proceeds from Rights Issue were applied in accordance with the planned use as previously disclosed in the Prospectus dated 20 November 2023 and the announcement of the Company dated 21 November 2025.

截至 2025 年 12 月 31 日，除上文所披露者外， 已動用供股所得款項淨額已按照日期為 2023 年 11 月 20 日的供股章程及本公司日期為 2025 年 11 月 21 日的公告先前披露的計劃用途動用。

Placing of New Shares

配售新股份

In view of the market conditions, the Directors is of the view that the placing offers a good opportunity to broaden shareholder base and capital foundation of the Company, so as to raise funds for the future development of the Company’s businesses. On 23 December 2025 (after trading hours of the Stock Exchange), the Company and Winbull Securities International (Hong Kong) Limited (“ Placing Agent ”) entered into a conditional placing agreement (“ Placing Agreement ”),

基於市場情況，董事認為配售事項是擴大股東 群及本公司資本基礎，以為本公司未來業務發 展集資的良好機會。於 2025 年 12 月 23 日（聯 交所交易時段後），本公司與盈寶證券國際（香 港）有限公司（「 配售代理 」）訂立有條件配售協 議（「 配售協議 」），根據配售協議，配售代理同 意作為本公司之代理，按盡力基準促使不少 於六名承配人（其為投資者且其最終實益擁有

Annual Report 2025 年報 51

Management Discussion and Analysis 管理層討論及分析

pursuant to the Placing Agreement, the Placing Agent has agreed, as agent of the Company, to procure, on a best effort basis, not less than six places who are investors and whose ultimate beneficial owners are independent third parties to subscribe (the “ Placing ”) for up to 160,000,000 new Shares of the Company (“ Placing Shares ”) with an aggregate nominal value of US$160,000 at the placing price of HK$0.435 per Placing Share (with a net price of HK$0.429 per Placing Share) which represents a discount of approximately 19.44% to the closing price of HK$0.54 per Share as quoted on the Stock Exchange on the date of the Placing Agreement.

The Placing was completed on 26 January 2026 and net proceeds was approximately HK$68.6 million, where (i) 20% of the net proceeds from the Placing will be applied to the development and expansion of private domain traffic marketing services business, among that, (a) approximately HK$12.5 million will be used for traffic acquisition and user operation resources to support more projects for existing and new enterprise customers which is expected to be fully utilized on or before 30 June 2026; (b) approximately HK$1.2 million will be used to fund staff costs and other day-to-day operating expenses directly related to such business which is expected to be fully utilized on or before 31 December 2026; (2) 80% of the net proceeds from the Placing will be applied as the Group’s general working capital, among that, (a) approximately HK$0.4 million of the net proceeds will be used to pay rental, utilities and other office-related expenses which is expected to be fully utilized on or before 31 December 2026; (b) approximately HK$53.0 million will be applied to repay outstanding bank borrowings and other interestbearing borrowings of the Group which is expected to be fully utilized on or before 30 June 2026; (c) approximately HK$1.5 million will be used to settle other general administrative and operating expenses of the Group in its ordinary and usual course of business which is expected to be fully utilized on or before 31 December 2026.

For details, please refer to the announcements of the Company dated 23 December 2025, 31 December 2025 and 26 January 2026.

人為獨立第三方）按每股配售股份 0.435 港元 之配售價（淨價每股配售股份 0.429 港元）認購 （「 配售事項 」）最多 160,000,000 股總名義價值 160,000 美元的本公司新股份（「 配售股份 」）。 配售價較股份於配售協議日期在聯交所所報收 市價每股 0.54 港元折讓約 19.44% 。

配售事項已於 2026 年 1 月 26 日完成，所得款 項淨額為約 68.6 百萬港元，其中 (i) 配售事項 所得款項淨額的 20% 將用於企業私域流量行銷 服務業務發展及擴展，當中 (a) 約 12.5 百萬港 元將用於獲得流量及用戶運營資源，以為現有 及新增企業客戶的更多項目提供支持服務，預 期將於 2026 年 6 月 30 日或之前悉數動用； (b) 約 1.2 百萬港元將用於撥付與相關業務直接相 關的員工成本及其他日常營運開支，預期將於 2026 年 12 月 31 日或之前悉數動用； (2) 配售 事項所得款項淨額的 80% 將用作本集團的一般 營運資金，其中 (a) 約 0.4 百萬港元所得款項淨 額將用於支付租金、水電費及其他辦公室相關 開支，預期將於 2026 年 12 月 31 日或之前悉數 動用； (b) 約 53.0 百萬港元將用於償付本集團 尚未償還的銀行借款及其他計息借款，預期將 於 2026 年 6 月 30 日或之前悉數動用； (c) 約 1.5 百萬港元將用於支付本集團日常及正常業務過 程中的其他一般行政及經營開支，預期將於 2026 年 12 月 31 日或之前悉數動用。

有關詳情請參閱本公司日期為 2025 年 12 月 23 日、 2025 年 12 月 31 日及 2026 年 1 月 26 日的 公告。

52 Rego Interactive Co., Ltd 潤歌互動有限公司

Profiles of Directors and Senior Management 董事及高級管理層履歷詳情

DIRECTORS

董事

Executive Directors

執行董事

Mr. Chen Ping ( 陳平 ) , aged 61, is the Chairman of the Board. He was appointed as an executive Director of the Company on 28 October 2021. As the Chairman of our Board, Mr. Chen is primarily responsible for the overall strategic planning of our corporate directions, management, development and strategies of our Group. From January 2011 to July 2017, he also served as a director of Hangzhou Rego. Since November 2017, Mr. Chen has been serving as a director of Vicen HK. Mr. Chen has accumulated over 33 years of experience in internet, computer software research and development related industry. Prior to joining the Group in 2011, Mr. Chen has worked at various organisations. Set forth below are the details:

陳平先生 ， 61 歲，為董事會主席。彼於 2021 年 10 月 28 日獲委任為本公司執行董事。作為 我們的董事會主席，陳先生主要負責本集團公 司方向、管理、發展與戰略的整體戰略規劃。 自 2011 年 1 月至 2017 年 7 月，彼亦擔任杭州潤 歌的董事。自 2017 年 11 月起，陳先生於緯晨 HK 擔任董事。陳先生已於互聯網、計算機軟件 研發相關行業累積逾 33 年經驗。於 2011 年加 入本集團前，陳先生曾任職於多個組織。詳情 載列如下：

Name of Organisation	Position	Period of Service	Responsibilities
組織名稱	職位	服務期間	職責
Zhejiang University (浙江大學) in the	Associate professor	January 1990 – present	Mentored graduate students in
PRC			the Department of Computer
			Science and Technology
中國浙江大學	副教授	1990年1月至今	於計算機科學與技術學院指導研究生
Xinhua Lande Scitech Co., Limited*	General manager	May 1997 – September 2001	Primarily responsible for the
(“Xinhua Lande”) (previously			company’s overall operation
known as Shenghua Lande Scitech			management, strategic and
Limited*) (listed on GEM of the			investment planning, board
Stock Exchange, stock code: 8106)			meetings coordination and
			administrative matters
浙江芯化蘭德科技股份有限公司	總經理	1997年5月至2001年9月	主要負責公司整體運營管理、戰略及
（「芯化蘭德」，前稱浙江升華蘭德			投資規劃、董事會會議協調及行政
科技股份有限公司） （於聯交所GEM上市，			事宜
股份代號：8106）
	Chairman of the board	September 2001 – May 2017	Primarily responsible for
			strategic and investment
			planning and business
			development affairs of the
			company
	董事會主席	2001年9月至2017年5月	主要負責公司戰略及投資規劃以及業
			務發展事宜

Annual Report 2025 年報 53

Profiles of Directors and Senior Management 董事及高級管理層履歷詳情

Name of Organisation	Position	Period of Service	Responsibilities
組織名稱	職位	服務期間	職責
	Executive director	September 2001 – August
		2020
	執行董事	2001年9月至2020年8月
	Chief executive officer	September 2001 – March 2007
	行政總裁	2001年9月至2007年3月
		May 2009 – February 2017
		2009年5月至2017年2月
	Vice chairman of the	May 2017 – December 2025
	board
	董事會副主席	2017年5月至2025年12月
	Non-executive director	August 2020 – December 2025
	非執行董事	2020年8月至2025年12月
Shanghai Zhouxin Information	Executive director and	April 2002 – June 2022	Mainly responsible for strategic
Technology Co., Ltd. (“Shanghai*	general manager		and investment planning and
Zhouxin”)			overall operation management
			of the company
上海洲信信息技術有限公司（「上海洲信」）	執行董事兼總經理	2002年4月至2022年6月	主要負責公司戰略及投資規劃以及整
			體運營管理
Zhejiang Lande Entrepreneurial	Executive director and	July 2010 – June 2022	Mainly responsible for strategic
Investment Co., Ltd.*	general manager		and investment planning and
			overall operation management
			of the company
浙江蘭德創業投資有限公司	執行董事兼總經理	2010年7月至2022年6月	主要負責公司戰略及投資規劃以及整
			體運營管理
Hangzhou Lande Herun Investment	Executive director and	December 2010 – present	Mainly responsible for strategic
Co., Ltd.*	general manager		and investment planning and
			overall operation management
			of the company
杭州蘭德和潤投資有限公司	執行董事兼總經理	2010年12月至今	主要負責公司戰略及投資規劃以及整
			體運營管理
Hangzhou Baiqu Technology Co., Ltd.*	Director	May 2018 – April 2020	Mainly responsible for strategic
			and investment planning and
			overall operation management
			of the company
杭州百趣科技有限公司	董事	2018年5月至2020年4月	主要負責公司戰略及投資規劃以及整
			體運營管理

54 Rego Interactive Co., Ltd 潤歌互動有限公司

Profiles of Directors and Senior Management 董事及高級管理層履歷詳情

Mr. Chen graduated from the Department of Computer Science and Technology at Zhejiang University in the PRC with a bachelor’s degree in computing software and a master’s degree in engineering in July 1987 and December 1989, respectively. Since graduation from Zhejiang University, Mr. Chen has been involved in research and development of computer networking and communication platforms, particularly in wireless data communication platforms and was awarded the Zhejiang Province Science and Technology Advancement Second Prize and Third Prize ( 浙江省科學技術進 步二等獎及三等獎 ) issued by the Zhejiang Provincial People’s Government* ( 浙江省人民政府 ) in 1993. Mr. Chen published a computer networking academic textbook in the PRC. Mr. Chen received his master’s degree in business administration from China Europe International Business School ( 中歐國際工商學院 ) in the PRC in September 2005.

陳先生畢業於中國浙江大學計算機科學與技術 學院，分別於 1987 年 7 月及 1989 年 12 月取得 計算機軟件學士學位及工程碩士學位。自畢業 於浙江大學後，陳先生一直參與研發計算機網 絡及通信平台，特別是無線數據通信平台，並 於 1993 年獲得浙江省人民政府頒發的浙江省 科學技術進步二等獎及三等獎。陳先生已於中 國出版一本有關計算機網絡的教科書。陳先生 於 2005 年 9 月自中國中歐國際工商學院取得工 商管理碩士學位。

Mr. Tian Huan ( 田歡 ) , aged 58, is the chief executive officer of the Company. He is a founder of our Group and was appointed as an executive Director of the Company on 28 October 2021. As our chief executive officer, Mr. Tian is primarily responsible for the overall management, operations and charting and reviewing of corporate directions and strategies of our Group. He has served in various capacities in Hangzhou Rego since 2011. He was appointed as a director of Hangzhou Rego from January 2011 to July 2017; a manager from January 2011 to July 2017; he was then promoted as vice chairman of the board in January 2013; in July 2017, he was further promoted as an executive director; he was subsequently redesignated as the chairman of the board in November 2017. He has also been serving as an executive director of Zhejiang Runye, since September 2016; and an executive director and general manager of Hainan Rego since July 2019.

田歡先生 ， 58 歲，為本公司行政總裁。彼為 本集團創始人，並於 2021 年 10 月 28 日獲委任 為本公司執行董事。作為我們的行政總裁，田 先生主要負責本集團整體管理、運營及公司方 向與戰略的制定及審核。彼自 2011 年起於杭 州潤歌擔任不同職位。自 2011 年 1 月至 2017 年 7 月，彼獲委任為杭州潤歌的董事；自 2011 年 1 月至 2017 年 7 月獲委任為其經理；彼隨後 於 2013 年 1 月晉升為董事會副主席；於 2017 年 7 月，彼進一步晉升為執行董事；彼其後於 2017 年 11 月獲調任為董事會主席。彼自 2016 年 9 月起亦擔任浙江潤也的執行董事；並自 2019 年 7 月起擔任海南潤歌的執行董事兼總經 理。

Annual Report 2025 年報 55

Profiles of Directors and Senior Management 董事及高級管理層履歷詳情

Mr. Tian has accumulated over 30 years of experience in sales and marketing of telecommunication appliances and computer system maintenance. Prior to joining our Group, Mr. Tian worked for various information and technology companies. From September 1988 to May 1989, Mr. Tian served as a salesman in the marketing department at Fujian Fuzhou City Science Committee Computer Company ( 福建福州市科委福 州電腦公司 ). From June 1989 to September 1991, Mr. Tian served as a department manager at Fuzhou Zhida Computer Co., Ltd. ( 福州智達計算機有限公司 ). From December 1992 to August 1999, Mr. Tian served as a greater district manager at Fuzhou Weifan Computer System Integration Co., Ltd. ( 福 州威帆電腦系統集成有限公司 ), where he supervised the sales of integrated computer systems and products. From September 1999 to July 2008, Mr. Tian served as a general manager at Hangzhou Saier Equipment, where he was responsible for the supervision of sales and marketing of telecommunication devices and products. From August 2008 to November 2012, he served as a general manager at Shanghai Lianxin Information Technology Co. Ltd. ( 上海連欣通訊科技有限公司 ), where he supervised the system development and operation of the recharging system. From December 2012 to May 2017, Mr. Tian served as an executive vice president of Shanghai Zhouxin, where he supervised the business of value-added services for mobile carriers.

田先生已於電信裝置及計算機系統維護的銷售 及營銷領域累積逾 30 年經驗。於加入本集團 前，田先生曾於多家信息及技術公司任職。自 1988 年 9 月至 1989 年 5 月，田先生擔任福建福 州市科委福州電腦公司市場部的銷售人員。自 1989 年 6 月至 1991 年 9 月，田先生擔任福州智 達計算機有限公司的部門經理。自 1992 年 12 月至 1999 年 8 月，田先生擔任福州威帆電腦系 統集成有限公司的大區經理，監督集成計算機 系統及產品的銷售。自 1999 年 9 月至 2008 年 7 月，田先生擔任杭州賽爾設備的總經理，負責 監督電信設備及產品的銷售及營銷。自 2008 年 8 月至 2012 年 11 月，彼擔任上海連欣通訊科 技有限公司的總經理，監督充值系統的系統開 發及運營。自 2012 年 12 月至 2017 年 5 月，田 先生擔任上海洲信的常務副總裁，監督移動運 營商的增值服務業務。

Mr. Tian graduated from Huaqiao University* ( 華僑大學 ) in the PRC with a bachelor’s degree in applied mathematics in July 1988.

田先生畢業於中國華僑大學，於 1988 年 7 月取 得應用數學學士學位。

56 Rego Interactive Co., Ltd 潤歌互動有限公司

Profiles of Directors and Senior Management 董事及高級管理層履歷詳情

Mr. Zhang Yongli ( 張永利 ) , aged 37, is the president of the Group and CEO of the market and new business group. Mr. Zhang joined our Group in September 2016 and was appointed as an executive Director of the Company on 28 October 2021. He has been serving in various capacities in different subsidiaries of our Group since 2016. He has been serving as a manager of Zhejiang Runye since September 2016; as a manager and a director of Hangzhou Rego since July 2017 and November 2017 respectively; an executive director of Jiangxi Yunjia (a subsidiary which was deregistered on 5 November 2021) since October 2018; and was appointed as a vice chairman and manager of Yuncaitong from July 2018 to May 2020, and has been serving as the chairman of Yuncaitong since May 2020.

張永利先生 ， 37 歲，為本集團總裁兼市場及新 業務群 CEO 。張先生於 2016 年 9 月加入本集 團，並於 2021 年 10 月 28 日獲委任為本公司執 行董事。自 2016 年起，彼亦於本集團不同附 屬公司擔任不同職務。自 2016 年 9 月起，彼擔 任浙江潤也的經理；自 2017 年 7 月及 2017 年 11 月起分別擔任杭州潤歌的經理及董事；自 2018 年 10 月起擔任江西雲家（一家於 2021 年 11 月 5 日註銷的附屬公司）的執行董事；並自 2018 年 7 月至 2020 年 5 月獲委任為雲彩通的副 董事長及經理，以及自 2020 年 5 月起擔任雲彩 通的董事長。

Mr. Zhang has accumulated over 11 years of experience in the field of sales and marketing of telecommunication valueadded services. Prior to joining our Group in 2016, Mr. Zhang served as a marketing director at Shanghai Zhouxin from June 2008 to January 2015, where he supervised and managed the value-added service business. From February 2015 to October 2016, Mr. Zhang served as an associate general manager at Zhejiang Yuanxing Information Technology Co., Ltd. ( 浙江元幸信息科技有限公司 ), where he was primarily responsible for overall operation of such company. Since May 2020, he has been serving as an executive director of Hangzhou Co-Creation Brilliant Technology Co., Ltd. ( 杭州共創輝煌科技有 限公司 ), where he is primarily responsible for overall operation of such company.

張先生已於銷售及營銷電信增值服務領域累 積逾 11 年經驗。於 2016 年加入本集團前，自 2008 年 6 月至 2015 年 1 月，張先生擔任上海洲 信的營銷總監，監督及管理增值服務業務。自 2015 年 2 月至 2016 年 10 月，張先生擔任浙江 元幸信息科技有限公司的副總經理，主要負責 該公司的整體運營。自 2020 年 5 月起，彼於杭 州共創輝煌科技有限公司擔任執行董事，主要 負責該公司的整體運營。

Mr. Zhang graduated from Zhejiang Institute of Economics and Trade* ( 浙江經貿職業技術學院 ) in the PRC with a diploma in applied electronics in June 2008.

張先生於 2008 年 6 月畢業於中國浙江經貿職業 技術學院，取得應用電子文憑。

Mr. Fan Lianshun ( 范連順 ) , aged 62, is appointed as an executive Director of the Company. Prior to joining the Group, Mr. Fan served in the Chinese People’s Liberation Army (“ PLA ”) for 21 years and founded Xi’an Tiantai Huitou Enterprise Management Group Co., Ltd. ( 西安天泰匯投企業管理集團有限公司 ) in 2019 as the legal representative and an executive director after retirement from the military service in 2003. Mr. Fan graduated from the PLA Information Engineering University ( 解 放軍信息工程大學 ) in 1987 majoring in computer engineering, and obtained a doctorate degree in business administration from Xi’an Jiaotong University in 2010.

范連順先生 ， 62 歲，獲委任為本公司之執行董 事。加入本集團前，范先生在中國人民解放軍 服役 21 年， 2003 年從軍隊轉業後，於 2019 年 創立西安天泰匯投企業管理集團有限公司，擔 任法人、執行董事。范先生於 1987 年畢業於 解放軍信息工程大學，主修計算機工程專業， 並於 2010 年取得西安交通大學工商管理博士 學位。

Annual Report 2025 年報 57

Profiles of Directors and Senior Management 董事及高級管理層履歷詳情

Mr. Xia Yuanbo ( 夏遠波 ) , aged 42, is the president of the Group and CEO of the corporate digitalisation business group, and is appointed as an executive Director of the Company. Mr. Xia joined the Group in April 2018.

Mr. Xia has also served as other roles in various members of the Group. From April 2018 to October 2018, he was appointed as the general manager of Hangzhou Runsheng and was redesignated as the director of interactive entertainment business from November 2018 to March 2019. He was then appointed as the secretary to the board of Hangzhou Runsheng from April 2019 to December 2019. From January 2020 to June 2020, he was appointed as the secretary to the board of Zhejiang Runye. From July 2020 to December 2023, he has been serving as the vice president of Hangzhou Rego. Since January 2024, he has been serving as the general manager of the equity department of Hangzhou Rego.

Mr. Xia has accumulated over 15 years of experience in valueadded telecommunication industry. From March 2008 to October 2009, Mr. Xia served as an assistant to the manager in Shanghai Zhouxin, where he was responsible for customer and supplier development. He was later redesignated as a district manager from November 2009 to May 2011; as the director of operation department from June 2011 to August 2013; as the deputy general manager from September 2013 to August 2014; and as the general manager of the same company from September 2014 to March 2018, where he was primarily responsible for overall operation and management of value-added service business of the company during these periods. From June 2016 to July 2019, Mr. Xia served as a director of Hubei Elite, where he was primarily responsible for overall management. Mr. Xia graduated from Zhejiang University of Science and Technology* ( 浙江科技學院 ) in the PRC with a bachelor’s degree in communication engineering in June 2005.

夏遠波先生 ， 42 歲，為本集團總裁兼企業數 字賦能業務群 CEO ，並獲委任為本公司執行董 事。夏先生於 2018 年 4 月加入本集團。

夏先生亦於本集團各成員公司擔任其他職務。 自 2018 年 4 月至 2018 年 10 月，彼獲委任為杭 州潤升的總經理，並於 2018 年 11 月至 2019 年 3 月調任為互娛事業部的總監。其後，自 2019 年 4 月至 2019 年 12 月，彼獲委任為杭州潤升的 董事會秘書。自 2020 年 1 月至 2020 年 6 月，彼 獲委任為浙江潤也的董事會秘書。自 2020 年 7 月至 2023 年 12 月，彼擔任杭州潤歌的副總 裁。自 2024 年 1 月起，彼擔任杭州潤歌權益事 業部總經理。

夏先生已於增值電信行業累積逾 15 年經驗。自 2008 年 3 月至 2009 年 10 月，夏先生擔任上海 洲信的經理助理，彼負責客戶及供應商開發。 彼其後自 2009 年 11 月至 2011 年 5 月調任為區 域經理；自 2011 年 6 月至 2013 年 8 月擔任事業 部運營總監；自 2013 年 9 月至 2014 年 8 月擔任 副總經理；並自 2014 年 9 月至 2018 年 3 月於同 一公司擔任總經理，於該等期間主要負責公司 的增值服務業務整體運營及管理。自 2016 年 6 月至 2019 年 7 月，夏先生擔任湖北精英的董 事，彼主要負責整體管理。夏先生畢業於中國 浙江科技學院，於 2005 年 6 月取得通信工程學 士學位。

58 Rego Interactive Co., Ltd 潤歌互動有限公司

Profiles of Directors and Senior Management 董事及高級管理層履歷詳情

Mr. Chen Wei ( 陳緯 ) , aged 42, was appointed as an executive Director of the Company on 1 January 2024. He was the executive director of Beijing Dingjin Xianghui Venture Capital Co., Ltd. ( 北京鼎金翔輝創業投資股份有限責任 公司 ) from June 2010 to March 2018 and the vice president of Shanghai Juxing Media Co., Ltd. ( 上海巨興傳媒技術有限 公司 ) from April 2018 to December 2019. Mr. Chen is also the executive director and general manager of Qingdao Haimaobian Investment Co., Ltd. ( 青島亥卯帑創業投資有限公司 ) since November 2020, the executive director and manager of Beijing Dingjin Xianghui Venture Capital Co., Ltd. since June 2021. Mr. Chen has been the general manager of Shanghai Deyixin Enterprise Management Co., Ltd. since January 2020. Mr. Chen obtained a bachelor degree in actuarial science in 2007 and a master degree in mathematical finance in 2009, both from Warwick University.

陳緯先生 ， 42 歲，於 2024 年 1 月 1 日獲委任為 本公司之執行董事。於 2010 年 6 月至 2018 年 3 月，彼擔任北京鼎金翔輝創業投資股份有限責 任公司執行董事，及自 2018 年 4 月至 2019 年 12 月擔任上海巨興傳媒技術有限公司副總裁。 陳先生亦自 2020 年 11 月起擔任青島亥卯帑創 業投資有限公司執行董事兼總經理、自 2021 年 6 月起擔任北京鼎金翔輝創業投資股份有限 責任公司執行董事兼經理。陳先生於 2020 年 1 月至今擔任上海德以新企業管理有限公司總 經理。陳先生於 2007 年獲得華威大學精算學 士學位並於 2009 年獲得該校數理金融碩士學 位。

Independent Non-executive Directors

獨立非執行董事

Ms. Mo Lan ( 莫蘭 ) , aged 39, was appointed as an independent non-executive Director of the Company on 1 January 2024. Ms. Mo has been the chairman and founder of Henghua Energy Technology Group Limited since 2014, and was the managing partner of Qingkong Guochuang Fund from 2018 to 2021. She was also the vice president of Shanxi Hongrun Electric Power Engineering Design Consulting Co., Ltd. ( 山西弘潤電力工程設計諮詢有限公司 ) from 2010 to 2014, and the administration manager of State Grid Corporation of China Exchange Construction Branch ( 國家電網公司交流建設分 公司 ) from 2007 to 2010. Ms. Mo holds a master’s degree in public policy and a doctorate in Education from Southwest University. She has also obtained an EMBA at PBC School of Finance, Tsinghua University in 2020.

莫蘭女士 ， 39 歲，於 2024 年 1 月 1 日獲委任為 本公司獨立非執行董事。莫女士自 2014 年起 擔任恆華能源科技集團有限公司主席並為該公 司創始人，及於 2018 年至 2021 年擔任清控國 創基金管理合夥人。彼亦曾於 2010 年至 2014 年擔任山西弘潤電力工程設計諮詢有限公司副 總裁，及於 2007 年至 2010 年擔任國家電網公 司交流建設分公司行政經理。莫女士取得西南 大學公共政策碩士學位及教育學博士學位。彼 亦於 2020 年取得清華大學五道口金融學院高 級工商管理碩士學位。

Mr. Shen Yunjia ( 沈雲駕 ) , aged 37, was appointed as an independent non-executive Director of the Company on 1 January 2024. He currently serves as the financial director of Zhejiang Xinke Semiconductor Co., Ltd.. From 2011 to 2021, he served as the senior manager of BDO China Shu Lun Pan CPAs and the deputy director of investment banking at Zheshang Securities from 2021 to 2023. Mr. Shen graduated from Zhejiang University of Finance and Economics majoring in auditing and taxation.

沈雲駕先生 ， 37 歲，於 2024 年 1 月 1 日獲委 任為本公司獨立非執行董事。彼現時擔任浙 江芯科半導體有限公司財務總監。於 2011 年 至 2021 年，彼擔任立信會計師事務所高級經 理，及於 2021 年至 2023 年擔任浙商證券投行 業務副總監。沈先生畢業於浙江財經大學，主 修審計及稅務。

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Profiles of Directors and Senior Management 董事及高級管理層履歷詳情

Mr. Shen is also an independent non-executive director of Zhejiang Jingyang Mechanical and Electrical Co., Ltd. ( 浙江 晶陽機電股份有限公司 ) (SZSE: 300316) since August 2023. As far as the Board is aware and save as disclosed above, Mr. Shen does not have any relationship with any Director, senior management, Substantial Shareholder or controlling shareholder (as defined in the Listing Rules) of the Company.

沈先生亦自 2023 年 8 月起擔任浙江晶陽機電股 份有限公司 (SZSE: 300316) 獨立非執行董 事。就董事會所知及除上述披露者外，沈先生 與本公司任何董事、高級管理層、主要股東或 控股股東（定義見上市規則）概無任何關係。

Mr. Zeng Liang ( 曾良 ) , aged 52, was appointed as an independent non-executive Director of the Company on 1 January 2024. Mr. Zeng Liang is a well-known Internet entrepreneur and angel investor. He has extensive experience in strategic planning, business development and operation management in industries such as digital marketing, mobile Internet and artificial intelligence applications.

曾良先生 ， 52 歲，於 2024 年 1 月 1 日獲委任為 本公司獨立非執行董事。曾良先生為知名的互 聯網創業家和天使投資人。彼在數字行銷、移 動互聯網和人工智慧應用等行業有豐富的戰略 規劃、業務拓展和運營管理經驗。

Mr. Zeng served as senior vice president of Kingdee International Software Group Company Limited from 2003 to 2010. He worked for Microsoft as vice president of Greater China Region from 2010 to 2013 and was responsible for the development of government, education and medical industries in the region. From 2013 to 2017, he held several executive positions including vice president of Baidu Inc. and general manager of Baidu Nuomi. Mr. Zeng obtained Master of Science both in Management and in Engineering from Georgia Institute of Technology in the United States. In addition, he holds another Master of Science in Engineering degree from Tsinghua University in Beijing.

曾先生於 2003 年至 2010 年擔任金蝶國際軟 件集團有限公司高級副總裁。彼於 2010 年至 2013 年擔任微軟大中華區副總裁，負責微軟 在該地區針對政府、教育和醫療行業的發展。 於 2013 年至 2017 年，彼擔任百度集團股份有 限公司副總裁兼百度糯米總經理等高管職務。 曾先生擁有美國佐治亞理工大學的管理學碩士 和工程碩士學位。此外，彼還擁有北京清華大 學的工程碩士學位。

Mr. Zeng Liang has been an independent non-executive director of Kingwisoft Technology Group Company Limited ( 金慧科技集團股份有限公司 ) (SEHK: 8295) since 2021. As far as the Board is aware, save as disclosed above, Mr. Zeng Liang does not have any relationship with any Director, senior management, Substantial Shareholder or controlling shareholder (as defined in the Listing Rules) of the Company.

曾良先生自 2021 年起擔任金慧科技集團股份 有限公司 (SEHK: 8295) 獨立非執行董事。就 董事會所知，除上述披露者外，曾良先生與本 公司任何董事、高級管理層、主要股東或控股 股東（定義見上市規則）概無任何關係。

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Profiles of Directors and Senior Management 董事及高級管理層履歷詳情

SENIOR MANAGEMENT

高級管理層

Mr. Yang Lei ( 楊磊 ) , aged 43, is the vice president of the Group and the general manager of our equity department. Mr. Yang joined our Group in October 2017. He has also served as other roles in various subsidiaries of our Group. From October 2017 to January 2018, he was appointed as a deputy director of the innovative business department of Hangzhou Rego and served as the head of virtual goods sourcing and delivery services department in the same company from July 2020 to December 2023, and has been serving as the general manager of our equity department since January 2024.

楊磊先生 ， 43 歲，為本集團副總裁兼權益事 業部總經理。楊先生於 2017 年 10 月加入本集 團。彼亦擔任本集團不同附屬公司其他職務。 自 2017 年 10 月至 2018 年 1 月，彼獲委任為杭 州潤歌創新業務部門的副總監，並自 2020 年 7 月至 2023 年 12 月，為同一公司虛擬商品採購 及交付服務事業部的負責人，並於 2024 年 1 月 起擔任權益事業部總經理。

He was a deputy general manager of Hangzhou Runsheng from February 2018 to October 2018 and was appointed as a chief officer from April 2019 to December 2019. He has been further appointed as an executive director and general manager of Hangzhou Runsheng since July 2020. Mr. Yang also acted as the deputy chief officer of Zhejiang Runye from November 2018 to March 2019. He was later redesignated as a chief officer of the same company from January 2020 to June 2020.

自 2018 年 2 月至 2018 年 10 月，彼為杭州潤升 的副總經理，並於 2019 年 4 月至 2019 年 12 月 獲委任為總監。自 2020 年 7 月起，彼進一步 獲委任為杭州潤升的執行董事及總經理。自 2018 年 11 月至 2019 年 3 月，楊先生亦擔任浙 江潤也的副總監。隨後，彼於 2020 年 1 月至 2020 年 6 月調任為同一公司總監。

Mr. Yang has over 18 years of experience in marketing and sales of mobile, internet and lottery business. Among others, Mr. Yang worked as a project manager at Shanghai Zhouxin from January 2005 to January 2011. He served as a manager of the Zhejiang Operation Centre at Shanghai New Continental Yima Information Technology Co., Ltd. ( 上海新大陸翼碼信息科 技有限公司 ) from January 2011 to January 2013, where he was primarily responsible for business development management covering the Zhejiang Province. From August 2016 to October 2017, Mr. Yang returned to Shanghai Zhouxin serving as a director of innovative business department, where he was responsible for managing the innovative business development. Mr. Yang has also served as a director of Hangzhou Chongda Technology Co. Ltd. ( 杭州充達科技有限 公司 ) from April 2017 to May 2021, where he was primarily responsible for overall business operation and administrative management.

楊先生已於手機營銷及銷售、互聯網及彩票業 務擁有逾 18 年經驗。其中包括，自 2005 年 1 月至 2011 年 1 月，楊先生擔任上海洲信的項目 經理。自 2011 年 1 月至 2013 年 1 月，彼擔任上 海新大陸翼碼信息科技有限公司的浙江營運中 心經理，主要負責浙江省的業務發展管理。自 2016 年 8 月至 2017 年 10 月，楊先生回到上海 洲信擔任創新業務部門的總監，負責管理創新 業務發展。楊先生自 2017 年 4 月至 2021 年 5 月 亦擔任杭州充達科技有限公司的董事，主要負 責整體業務運營及行政管理。

Mr. Yang graduated from Anhui University of Finance and Economics* ( 安徽財經大學 ) in the PRC with a diploma in the major of accounting in July 2001.

楊先生畢業於中國安徽財經大學，於 2001 年 7 月取得會計專業文憑。

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Profiles of Directors and Senior Management 董事及高級管理層履歷詳情

Ms. Yang Chao ( 楊超 ) , aged 34, was appointed as our general manager of compliance department on 21 September 2020. Ms. Yang joined our Group in September 2020 and is responsible for the investor relations and compliance matters of our Group. Prior to joining our Group, Ms. Yang worked as an attorney at the Hangzhou office of AllBright Law Offices ( 上 海錦天城（杭州）律師事務所 ) from July 2016 to September 2020, where she was primarily responsible for handling corporate and finance law matters.

楊超女士 ， 34 歲，於 2020 年 9 月 21 日獲委任 為我們的合規部門總經理。楊女士於 2020 年 9 月加入本集團，負責本集團投資者關係及合 規事宜。於加入本集團前，自 2016 年 7 月至 2020 年 9 月，楊女士擔任上海錦天城（杭州）律 師事務所的律師，主要負責處理公司及金融法 律事宜。

Ms. Yang graduated from Zhejiang University of Technology ( 浙江工業大學 ) in the PRC with a bachelor’s degree in law in June 2014 and subsequently obtained a master’s degree in law from East China University of Political Science and Law ( 華東政法大學 ) in the PRC in June 2016. Ms. Yang obtained her Legal Professional Qualification Certificate ( 法律職業資格證書 ) in August 2014 issued by the Ministry of Justice of the PRC ( 中國司法部 ), her Lawyer’s Practising Certificate ( 律師執業證書 ) in June 2018 issued by the Department of Justice of Zhejiang Province* ( 浙江省司法廳 ), and her qualification certificate as board secretary in October 2020 issued by the Shenzhen Stock Exchange.

楊女士於 2014 年 6 月畢業於中國浙江工業大 學，取得法學學士學位，並隨後於 2016 年 6 月 自中國華東政法大學取得法學碩士學位。楊女 士於 2014 年 8 月取得由中國司法部頒發的法律 職業資格證書，並於 2018 年 6 月取得由浙江省 司法廳頒發的律師執業證書，再於 2020 年 10 月獲得深圳證券交易所頒發的董事會秘書資格 證書。

• For identification purposes only

62 Rego Interactive Co., Ltd 潤歌互動有限公司

Corporate Governance Report 企業管治報告

The board (the “ Board ”) of directors (the “ Directors ”) of the Company is pleased to report to the shareholders of the Company (the “ Shareholders ”) on the corporate governance of the Company for the year ended 2025.

本公司董事（「 董事 」）會（「 董事會 」）欣然向本公 司股東（「 股東 」）呈報本公司截至 2025 年止年 度的企業管治情況。

CORPORATE GOVERNANCE PRACTICES

企業管治常規

The Group is committed to implementing high corporate governance standards of corporate governance to safeguard the interests of the Shareholders and enhance the corporate value as well as the responsibility commitments. The Directors recognise the importance of incorporating elements of good corporate governance in the management structures, internal control and risk management procedures of the Group so as to achieve effective accountability. The Board believes that corporate culture is a prominent element to the fulfilment of the Company’s mission. The Board places great importance in reviewing and enhancing its risk management and internal controls and procedures in light of changes in regulations and developments, so as to ensure that the Company’s purpose, values and strategies are aligned with the corporate culture.

本集團致力於實現高標準企業管治，以保障股 東權益及提高企業價值與責任承擔。為達致有 效問責，董事確認在本集團管理架構、內部控 制及風險管理程序引進良好企業管治元素攸關 重要。董事會相信，企業文化為實現本公司宗 旨的重要元素。董事會重視根據規例變更及發 展檢討及加強其風險管理及內部控制和程序， 以確保本公司的目標、價值及策略與企業文化 符合一致。

During the Reporting Period, the Company has adopted the CG Code as its own code of corporate governance. The Company has complied with all the applicable code provisions of the CG Code during the Year. The Group will continue to review and enhance its corporate governance practices to ensure its continued compliance with the CG Code.

於報告期間內，本公司已採納企業管治守則作 為其本身的企業管治守則。本公司於本年度已 遵守企業管治守則的所有適用守則條文。本集 團將繼續檢討及提升其企業管治常規，以確保 繼續遵守企業管治守則。

MODEL CODE

標準守則

The Company has adopted Model Code as its own code of conduct governing the securities transactions by the Directors. Specific enquiries have been made to all the Directors and the Directors have confirmed that they have complied with the Model Code during the Year. The Model Code applies to all Directors and relevant employees of the Group who are likely to be in possession of unpublished price-sensitive information of the Company, on terms no less than the required standard indicated by the Model Code. All Directors have confirmed, following specific enquiry by the Company, that they have complied with the Model Code during the Reporting Period and up to the date of this report. No incident of non-compliance of the Model Code by the Directors and relevant employees was noted during the Reporting Period and up to the date of this report.

本公司已採納標準守則，作為董事自身進行證 券交易之操守準則。本公司已向全體董事作出 具體查詢，而董事已確認彼等於本年度已遵守 標準守則。標準守則適用於本集團全體董事及 可能掌握本公司未公開價格敏感資訊的相關員 工，相關條款不比標準守則所示規定標準寬 鬆。經本公司作出具體查詢後，全體董事確 認，彼等於報告期間內至本報告日期期間已遵 守標準守則。本公司並無發現於報告期間內至 本報告日期期間存在董事及相關員工違反標準 守則之情況。

Annual Report 2025 年報 63

Corporate Governance Report 企業管治報告

THE BOARD

Responsibilities, Accountabilities and Contributions of the Board and Management

The Board is responsible for the leadership and control of the Group and oversees the Group’s businesses, strategic decisions and performance. The Board has delegated the day-to-day responsibility to the executive Directors and senior management who perform their duties. The Board understands that independent views and input are vital elements to good corporate governance. The Company has mechanisms in place to ensure independent views and input are available to the Board, among others, (i) each individual director can access to the advice from the senior management and external independent professionals of the Company directly, when necessary; and (ii) dedicated meetings between independent non-executive Directors and chairman of the Board or external auditors had been arranged for the independent non-executive Directors to express their own views and raise any matters or irregularities which may have impact on the Company and provide constructive advice accordingly. The Board reviews the implementation and effectiveness of the mechanisms on an annual basis. The Board has conducted review on the implementation and effectiveness of the independence assessment mechanism during the Reporting Period, and the result is satisfactory.

All Directors, including the independent non-executive Directors (the “ INEDs ”), have brought a wide spectrum of valuable business experience, knowledge and professionalism to the Board for its efficient and effective functioning. The executive Directors oversee the daily operations of the Group, while the INEDs bring independent judgement to the decision making process of the Board, taking into account the advice of the senior management of the Group.

The Group’s senior management is responsible for the dayto-day management of the Group’s business, carrying out the business decisions of the Group, overseeing the general operation, business development, finance, marketing, and operations as well as other essential management functions of the Group.

董事會

董事會及管理層的責任、問責及貢獻

董事會負責領導及控制本集團，並監督本集團 的業務、戰略決策及表現。董事會已授權執行 董事及高級管理層負責日常責任，以履行彼等 之職責。董事會深知獨立觀點及意見是良好企 業管治的重要元素。本公司已設立確保董事會 可獲得獨立觀點及意見的機制，其中包括 (i) 每 名個別董事可於必要時直接向本公司高級管理 人員及外部獨立專家諮詢意見；及 (ii) 安排獨立 非執行董事與董事會主席或外部核數師舉行專 門會議，使獨立非執行董事得以發表其自身意 見及提出可能影響本公司的任何事項或不合規 行為，並相應地提供建設性意見。董事會按年 檢討該等機制的實施及成效。報告期間內董事 會已檢討獨立性評估機制的實施情況及成效， 評估結果令人信納。

所有董事（包括獨立非執行董事）為董事會帶來 了廣泛的寶貴商業經驗、知識和專業精神，使 其能有效地運作。執行董事負責監督本集團的 日常營運，而獨立非執行董事則經計及本集團 高級管理層的建議後，對董事會的決策過程作 出獨立判斷。

本集團高級管理層負責本集團業務的日常管 理，執行本集團的業務決策，監督整體營運、 業務發展、財務、市場推廣及運營以及本集團 的其他基本管理職能。

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Corporate Governance Report 企業管治報告

The Directors have full access to information of the Group and the management has an obligation to supply the Directors with adequate information in a timely manner to enable the Directors to perform their responsibilities. The Company will review these arrangements periodically to ensure that they remain appropriate to the Group’s needs.

董事可全面取閱本集團之資料，且管理層有義 務及時向董事提供充足的資料，使董事能夠履 行其責任。本公司將定期檢討該等安排以確保 其仍符合本集團的需要。

All Directors have carried out duties in good faith and in compliance with applicable laws and regulations, and have acted in the interests of the Company and the Shareholders at all times.

全體董事須以誠信態度執行職責，並遵守適用 法例及法規，且始終以符合本公司及股東利益 的方式行事。

Composition

組成

As at the date of this report, the Board is comprised of six (6) executive Directors and three (3) independent non-executive Directors as set out below:

於本報告日期，董事會由六 (6) 名執行董事及 三 (3) 名獨立非執行董事組成，載列如下：

Executive Directors

執行董事

Mr. Chen Ping (Chairman)

Mr. Tian Huan (Chief Executive Officer) Mr. Zhang Yongli (President and CEO of the market and new business group)

Mr. Fan Lianshun

Mr. Xia Yuanbo (President and CEO of the corporate digitalisation business group)

Mr. Chen Wei

陳平先生（主席） 田歡先生（行政總裁） 張永利先生（總裁兼市場及新業務群 CEO ）

范連順先生 夏遠波先生（總裁兼企業數字賦能業務群 CEO ）

陳緯先生

Independent Non-executive Directors

獨立非執行董事

Ms. Mo Lan Mr. Shen Yunjia Mr. Zeng Liang

莫蘭女士 沈雲駕先生 曾良先生

In compliance with Rule 3.09D of the Listing Rules, Ms. Mo Lan, Mr. Shen Yunjia and Mr. Zeng Liang have each obtained the legal advice referred to in Rule 3.09D of the Listing Rules and have each confirmed that they understood their respective obligations as a Director on 1 January 2024 respectively.

遵照上市規則第 3.09D 條，於 2024 年 1 月 1 日，莫蘭女士、沈雲駕先生及曾良先生各自已 取得上市規則第 3.09D 條所述之法律意見， 且各自確認彼等已了解彼等各自作為董事之義 務。

Annual Report 2025 年報 65

Corporate Governance Report 企業管治報告

The biographical information of the Directors and relationship between the Directors are set out in the section headed “Profiles of Directors and Senior Management” on pages 53 to 62 of this report. There is no other financial, business, family or other material/relevant relationships among the members of the Board or any chief executive.

董事的履歷資料及董事之間的關係載列於本報 告第 53 至 62 頁「董事及高級管理層履歷詳情」 一節。董事會成員或任何最高管理人員之間概 無任何其他財務、業務、家庭或其他重大╱相 關關係。

INEDs

獨立非執行董事

During the Year, the Board has met the requirements of the Listing Rules relating to the appointment of at least three INEDs representing at least one-third of the Board members, and that at least one of the INEDs has appropriate professional qualifications or accounting or related financial management expertise.

於本年度，董事會已符合上市規則規定須委任 至少三名獨立非執行董事及有關人數須佔董事 會成員人數的至少三分之一，並符合至少有一 名獨立非執行董事具備適當專業資格或會計或 相關財務管理專業知識的規定。

The Company has received a confirmation of independence in writing from each of the INEDs pursuant to Rule 3.13 of the Listing Rules and the Company considers each of them to be independent during the Year.

本公司已接獲各獨立非執行董事根據上市規則 第 3.13 條書面發出的獨立性確認函，及本公司 認為彼等於本年度均為獨立人士。

Board Meetings

董事會會議

Pursuant to CG Code, at least four regular Board meetings should be held in each year. During the Year, four Board meeting(s) were held and one annual general meeting was held and the attendance record of each Director is set out in the table below:

根據企業管治守則，應每年舉行至少四次常規 董事會會議。於本年度，已舉行四次董事會會 議及已舉行一次股東週年大會，各董事的出席 記錄載於下表：

			Attendance/
		Attendance/	Eligible to
		Eligible to	Attend Annual
		Attend Board	General
		Meetings	Meeting
		已出席╱	已出席╱
		合資格出席	合資格出席
Name of Directors	董事姓名	董事會會議次數	股東週年大會次數
Mr. Chen Ping	陳平先生	4/4	1/1
Mr. Tian Huan	田歡先生	4/4	1/1
Mr. Zhang Yongli	張永利先生	4/4	1/1
Mr. Fan Lianshun	范連順先生	4/4	1/1
Mr. Xia Yuanbo	夏遠波先生	4/4	1/1
Mr. Chen Wei	陳緯先生	4/4	1/1
Ms. Mo Lan	莫蘭女士	4/4	1/1
Mr. Shen Yunjia	沈雲駕先生	4/4	1/1
Mr. ZengLiang	曾良先生	4/4	1/1

Rego Interactive Co., Ltd 潤歌互動有限公司

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Corporate Governance Report 企業管治報告

Directors’ Induction and Continuous Professional Development

董事之入職培訓及持續專業發展

The Company will from time to time fund and arrange suitable training to all Directors to develop and refresh their knowledge and skills in relation to their duties and responsibilities, such that their contribution to the Board remains informed and relevant. All Directors are also encouraged to attend relevant training courses at the Company’s expense and they have been requested to provide the Company with their training records. According to the training records maintained by the Company, the continuous professional development programmes received by each of the Directors during the Year is summarised as follows:

本公司將不時為全體董事安排合適培訓並提供 有關經費，發展並更新其對職責及責任之知識 及技能，以便其繼續在知情及切合所需之情況 下對董事會作出貢獻。本公司亦鼓勵全體董事 參加相關培訓課程，費用由本公司承擔，且全 體董事已被要求向本公司提供其培訓記錄。根 據本公司存置之培訓記錄，各董事於本年度接 受之持續專業發展課程概述如下：

		Type of
		Trainings
Name of Directors	董事姓名	培訓類型
Mr. Chen Ping	陳平先生	A & B
Mr. Tian Huan	田歡先生	A & B
Mr. Zhang Yongli	張永利先生	A & B
Mr. Fan Lianshun	范連順先生	A & B
Mr. Xia Yuanbo	夏遠波先生	A & B
Mr. Chen Wei	陳緯先生	A & B
Ms. Mo Lan	莫蘭女士	A & B
Mr. Shen Yunjia	沈雲駕先生	A & B

• A: attending training sessions, including but not limited to, seminars, briefings, conferences, forums and workshops.

• A ： 參加培訓課程，包括但不限於座談會、簡報 會、會議、論壇及研討會。

• B: reading newspapers, journals and updates relating to the economy, general business, corporate governance and directors’ duties and responsibilities

• B ： 閱讀有關經濟、一般商務、企業管治以及董事 職責及責任的報紙、期刊和最新資料。

Annual Report 2025 年報 67

Corporate Governance Report 企業管治報告

Appointment and Re-election of Directors

Each of the executive Directors has entered into a service contract with the Company for an initial term of three years and each of the INEDs has entered into a letter of appointment with the Company for an initial term of three years.

None of the Directors has a service contract or letter of appointment with the Company or any of its subsidiaries other than the contracts/letters of appointment expiring or determinable by the employer within one year without payment of compensation (other than statutory compensation).

All the Directors, including the INEDs, are subject to retirement by rotation and eligible for re-election in accordance with the articles of association of the Company (the “ Articles of Association ”). At each annual general meeting (“ AGM ”), one-third of the Directors for the time being (or if their number is not three or a multiple of three, then the number nearest to but not less than one-third) will retire from office by rotation provided that every Director will be subject to retirement by rotation at least once every three years. A retiring Director shall be eligible for re-election.

Any Director appointed by the Board to fill a casual vacancy or as an addition to the existing Board shall hold office only until the first annual general meeting of the Company after his appointment and be subject to re-election at such meeting.

Remuneration of Directors and Senior Management

The particulars of the Directors’ remuneration are set out in Note 12 to the consolidated financial statements.

委任及重選董事

各執行董事已與本公司訂立初步任期為三年的 服務合約，而各獨立非執行董事已與本公司訂 立初步任期為三年的委任函。

概無董事與本公司或其任何附屬公司訂有服務 合約或委任函，惟於一年內屆滿或可由僱主於 一年內免付賠償（法定賠償除外）而終止的合 約╱委任函除外。

所有董事（包括獨立非執行董事）須根據本公司 組織章程細則（「 組織章程細則 」）輪席退任，並 合資格膺選連任。在每屆股東週年大會（「 股東 週年大會 」）上，屆時三分之一（倘彼等人數並 非三或三的倍數，則須為最接近但不少於三分 之一的人數）董事須輪席退任，惟每位董事須 至少每三年輪席退任一次。退任董事符合資格 膺選連任。

任何就填補臨時空缺或作為董事會新增成員而 由董事會委任的董事的任期應僅至其獲委任後 本公司首屆股東週年大會為止，並須於該大會 上膺選連任。

董事及高級管理層薪酬

董事薪酬的詳情載於綜合財務報表附註 12 。

68 Rego Interactive Co., Ltd 潤歌互動有限公司

Corporate Governance Report 企業管治報告

Pursuant to Code Provision E.1.5 of the CG Code, the remuneration of the members of the senior management (other than the Directors) whose particulars are contained in the section headed “Profiles of Directors and Senior Management” in this annual report by band is set out below:

根據企業管治守則第 E.1.5 條守則條文，高級 管理層成員（董事除外）（詳情載於本年報「董事 及高級管理層履歷詳情」一節）之薪酬範圍載列 如下：

		Number of
		Individuals
Remuneration Band	薪酬範圍	人數
Nil to HK$1,000,000	零至1,000,000港元	2

Corporate Governance Function

企業管治職能

The Board recognises that corporate governance should be the collective responsibility of the Directors which includes:

董事會確認，企業管治應屬董事的共同責任， 包括：

• (a) to review and monitor the Company’s policies and practices on compliance with legal and regulatory requirements;

• (a) 檢討及監察本公司在遵守法律及法規要 求方面的政策及常規；

• (b) to review and monitor the training and continuous professional development of the Directors and senior management;

• (b) 檢討及監察董事及高級管理層的培訓及 持續專業發展；

• (c) to develop, review and monitor the code of conduct and compliance manual applicable to employees and Directors;

• (c) 制訂、檢討及監察適用於僱員及董事的 行為守則及合規手冊；

• (d) to develop and review the Company’s policies and practices on corporate governance and make recommendations to the Board and report to the Board on such matters;

• (d) 制訂及檢討本公司的企業管治政策及常 規，並就有關事宜向董事會提出建議及 進行匯報；

• (e) to review the Company’s compliance with the CG Code and disclosure in the corporate governance report; and

• (e) 檢討本公司遵守企業管治守則的情況及 企業管治報告的披露資料；及

• (f) to review and monitor the Company’s compliance with the Company’s whistleblowing policy.

• (f) 檢討及監察本公司遵守其舉報政策的情 況。

Annual Report 2025 年報 69

Corporate Governance Report 企業管治報告

BOARD COMMITTEES

To oversee particular aspects of the Company’s affairs, the Board has established three Board committees including the Audit Committee, the Remuneration Committee and the Nomination Committee. The Board has delegated to the Board Committees responsibilities as set out in their respective terms of reference which are available on the websites of the Stock Exchange and the Company. The Board Committees are provided with sufficient resources to discharge their duties.

Audit Committee

The Company has established the Audit Committee with terms of reference in compliance with the Listing Rules and the CG Code. The Audit Committee consists of three INEDs (namely Ms. Mo Lan, Mr. Zeng Liang and Mr. Shen Yunjia. The current chairman of the Audit Committee is Mr. Shen Yunjia.

The principal duties of the Audit Committee include but are not limited to:

• m a k e r e c o m m e n d a t i o n s t o t h e B o a r d o n t h e appointment, re-appointment and removal of the external auditor, and to approve the remuneration and terms of engagement of the external auditor, and any questions of its resignation or dismissal;

• review and monitor the external auditor’s independence and objectivity and the effectiveness of the audit process in accordance with applicable standards; and to discuss with the auditor the nature and scope of the audit and reporting obligations before the audit commences; and

• develop and implement policies on engaging an external auditor to supply non-audit services; and identify, make recommendations and report to the Board on any matters where action or improvement is needed.

董事委員會

為監督本公司事務的特定方面，董事會已成立 三個董事委員會，包括審核委員會、薪酬委員 會及提名委員會。董事會已向董事委員會授權 彼等各自職權範圍（可於聯交所及本公司網站 查閱）所載的職責。董事委員會已獲提供足夠 資源以履行其職責。

審核委員會

本公司已遵照上市規則及企業管治守則成立審 核委員會，並訂明其書面職權範圍。審核委員 會由三名獨立非執行董事（即莫蘭女士、曾良 先生及沈雲駕先生）組成。審核委員會現任主 席為沈雲駕先生。

審核委員會的主要職責包括但不限於：

• 就委任、續聘及罷免外部核數師的事宜 向董事會提供建議、批准外部核數師的 薪酬及聘用條款，以及處理其辭任或遭 辭退的任何問題；

• 按適用標準檢討及監察外部核數師的獨 立性及客觀性以及審核程序的有效性。 委員會應在審核開始前與核數師討論審 核性質及範圍以及申報責任；及

• 就委聘外部核數師提供非審核服務制定 政策，並予以執行；以及就任何必須採 取行動或作出改善的事項向董事會匯 報、確認並提出建議。

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The Audit Committee members shall meet at least twice a year pursuant to the terms of reference for the Audit Committee.

審核委員會成員應根據審核委員會書面職權範 圍，每年至少召開兩次會議。

During the Year, the Audit Committee held two meetings to, among others, review (i) the Group’s financial and accounting policies and practices; (ii) the Group’s financial controls as well as risk management and internal control systems; (iii) the independence and the re-appointment of external auditors; and (iv) the audited consolidated annual financial statements for the year ended 31 December 2025 and recommended the same to the Board for its consideration and approval. The Audit Committee was of the opinion that the relevant results were prepared in compliance with the applicable accounting standards and requirements and that adequate disclosures had been made. All members of the Audit Committee attended the meetings.

於本年度，審核委員會舉行了兩次會議，其中 包括檢討 (i) 本集團的財務及會計政策及常規； (ii) 本集團的財務控制以及風險管理及內部控制 制度； (iii) 外聘核數師的獨立性及重新委任； 及 (iv) 截至 2025 年 12 月 31 日止年度的經審核 綜合年度財務報表，並就此向董事會提出推薦 建議，以供董事會考慮及批准。審核委員會認 為，相關業績乃按符合適用會計準則及規定予 以編製，且已作出充分披露。審核委員會全體 成員均出席該等會議。

The attendance record of each committee member at the meeting is set out below:

各委員會成員出席大會的記錄載於下表：

		Attendance/
		Number of
		the Meetings
Name of the Directors	董事姓名	出席╱會議次數
Ms. Mo Lan	莫蘭女士	2/2
Mr. Shen Yunjia	沈雲駕先生	2/2
Mr. ZengLiang	曾良先生	2/2

Annual Report 2025 年報 71

Corporate Governance Report 企業管治報告

Remuneration Committee

The Company has established the Remuneration Committee with terms of reference in compliance with the Listing Rules and the CG Code. The Remuneration Committee comprises one executive Director, Mr. Chen Ping and two INEDs (namely Mr. Zeng Liang and Mr. Shen Yunjia). The chairman of the Remuneration Committee is Mr. Zeng Liang.

The Remuneration Committee members shall meet at least once a year pursuant to the terms of reference for the Remuneration Committee.

The principal duties of the Remuneration Committee include but are not limited to:

• make recommendations to the Board on the Company’s policy and structure for the remuneration of all the Directors and senior management of the Company and on the establishment of a formal and transparent procedure for developing remuneration policy;

• review and approve the management’s remuneration proposals with reference to the corporate goals and objectives resolved by the Board from time to time;

• m a k e r e c o m m e n d a t i o n s t o t h e B o a r d o n t h e remuneration packages of executive Directors and senior management of the Company, including benefits in kind, pension rights and compensation payments, including any compensation payable for loss or termination of their office or appointment;

• review and/or approve matters relating to share schemes;

薪酬委員會

本公司已遵照上市規則及企業管治守則成立薪 酬委員會，並訂明其書面職權範圍。薪酬委員 會由一名執行董事陳平先生及兩名獨立非執行 董事（即曾良先生及沈雲駕先生）組成。薪酬委 員會主席為曾良先生。

薪酬委員會成員應根據薪酬委員會書面職權範 圍，每年至少召開一次會議。

薪酬委員會的主要職責包括但不限於：

• 就本公司所有董事及高級管理層的薪酬 政策及架構，以及設立正式及透明的程 序以制定薪酬政策向董事會提供建議；

• 經參照董事會不時議決的企業目的及目 標檢討及批准管理層的薪酬建議；

• 向董事會建議本公司執行董事及高級管 理層的薪酬組合，包括實物福利、退休 金權利及賠償付款（包括任何喪失或終止 職務或委任的賠償）；

• 檢討及╱或批准股份計劃相關事宜；

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• consider factors such as the level of remuneration paid by comparable companies, the time commitment and responsibilities of Directors and senior management of the Company, and the employment conditions of the Company and its subsidiaries and consolidated affiliated entities;

• 考慮可比公司的薪酬水平、本公司董事 及高級管理層的工作時間及責任以及本 公司及其附屬公司與併表聯屬實體的僱 傭條件等因素；

• consider the level of remuneration required to attract and retain Directors to manage the Company successfully; and

• 考慮吸引並挽留董事成功管理本公司所 需的薪酬水平；及

• ensure that no Director or any of his/her associates is involved in deciding his or her own remuneration.

• 確保概無董事或其任何聯繫人參與決策 彼等自身的薪酬。

During the Year, the Remuneration Committee held one meeting to, among others, (i) evaluate and review the performance of the executive Directors and senior management; and (ii) make recommendations to the Board on the remuneration packages of the Directors (including nonexecutive Directors) and senior management. All members of the Remuneration Committee attended the meeting.

於本年度，薪酬委員會舉行了一次會議，以 （其中包括） (i) 評估及檢討執行董事及高級管理 層的表現；及 (ii) 就董事（包括非執行董事）及高 級管理層的薪酬組合向董事會提供建議。薪酬 委員會全體成員均出席該會議。

The attendance record of each committee member at the meeting is set out below:

各委員會成員出席大會的記錄載於下表：

		Attendance/
		Number of
		the Meetings
Name of the Directors	董事姓名	出席╱會議次數
Mr. Chen Ping	陳平先生	1/1
Mr. Shen Yunjia	沈雲駕先生	1/1
Mr. ZengLiang	曾良先生	1/1

Annual Report 2025 年報 73

Corporate Governance Report 企業管治報告

Nomination Committee

The Company has established the Nomination Committee with terms of reference in compliance the Listing Rules and the CG Code. The Nomination Committee comprises one executive Director, Mr. Chen Ping and two INEDs (namely Ms. Mo Lan and Mr. Zeng Liang). The current chairman of the Nomination Committee is Mr. Chen Ping.

The principal duties of the Nomination Committee include but are not limited to:

• review the structure, size and composition (including the skills, knowledge and experience) of the Board at least annually and to make recommendations on any proposed changes to the Board to complement the Company’s corporate strategy;

• develop the criteria for identifying and assessing the qualifications of and evaluating candidates for directorship;

• develop and maintain a policy for the nomination of the Directors which includes the nomination procedures and the process and criteria adopted by the Nomination Committee to identify, select and recommend candidates for directorship during the year, and to review periodically and disclose the policy and progress made towards achieving the objectives set in the nomination policy in the corporate governance report of the Company;

• identify individuals who are suitably qualified to become a member (including whether the individuals can bring to the Board the perspectives, skills and experiences and how the individuals can contribute to the diversity of the Board) and to select or make recommendations to the Board on the selection of individuals nominated for directorships with regard to the nomination policy of the Company;

提名委員會

本公司已遵照上市規則及企業管治守則成立提 名委員會，並訂明其職權範圍。提名委員會由 一名執行董事陳平先生及兩名獨立非執行董事 （即莫蘭女士及曾良先生）組成。提名委員會現 任主席為陳平先生。

提名委員會的主要職責包括但不限於：

• 至少每年檢討董事會的架構、人數及組 成（包括技能、知識及經驗方面），並就 為配合本公司的公司策略而對董事會作 出的任何擬定變更提出建議；

• 制定物色和評估董事候選人資格以及對 其進行評估的標準；

• 制定及維持董事的提名政策，包括提名 程序和提名委員會在年內物色、甄選及 推薦董事候選人的程序及標準，以及定 期檢討及披露政策和達致本公司企業管 治報告內提名政策所載目標的進度；

• 物色具備合適資格可擔任董事會成員的 人士（包括該等人士是否能為董事會帶來 見識、技能及經驗以及該等人士如何促 進董事會多元化），並根據本公司的提名 政策挑選獲提名的有關人士出任董事或 就此向董事會提供建議；

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• assess the independence of independent non-executive Directors with regard to the requirements of the Listing Rules (as amended from time to time);

• 根據上市規則（經不時修訂）的規定評估 獨立非執行董事的獨立性；

• assess the number of directorship of other listed companies held by candidates to be nominated as the independent non-executive Directors;

• 評估將獲提名為獨立非執行董事的候選 人出任其他上市公司董事職位的數目；

• make recommendations to the Board on the appointment or re-appointment of Directors and succession planning for Directors; and

• 就董事的委任或重新委任以及董事的繼 任計劃向董事會提供建議；及

• develop a policy concerning diversity of Board members, and disclose the policy or a summary of the policy in the corporate governance report.

• 制定關於董事會成員多元化的政策，並 在企業管治報告中披露該政策或政策概 要。

During the Year, the Nomination Committee held one meeting to, among others, (i) review the structure, size and diversity of the Board; (ii) assess the independence of the INEDs; (iii) review the policy of the Board on diversity and measurable objectives for implementing such policy and the progress on achieving the objectives; and (iv) make recommendation to the Board for the re-election of retiring Directors at the forthcoming AGM. All members of the Nomination Committee attended the meeting.

於本年度，提名委員會舉行了一次會議，以 （其中包括） (i) 檢討董事會的架構、人數及多元 性； (ii) 評估獨立非執行董事的獨立性； (iii) 檢 討董事會多元性政策及實施有關政策的可量化 目標以及達成該等目標的進度；及 (iv) 就於應 屆股東週年大會上重選退任董事向董事會提供 建議。提名委員會全體成員均出席該會議。

The attendance record of each committee member at the meeting is set out below:

各委員會成員出席大會的記錄載於下表：

		Attendance/
		Number of
		the Meetings
Name of the Directors	董事姓名	出席╱會議次數
Mr. Chen Ping	陳平先生	1/1
Mr. Zeng Liang	曾良先生	1/1
Ms. Mo Lan	莫蘭女士	1/1

Annual Report 2025 年報 75

Corporate Governance Report 企業管治報告

Nomination Policy

The nomination policy aims to ensure that the Board has a balance of skills, experience and diversity of perspective appropriate to the Company’s business needs and development. It provides formal, clear and transparent procedures, process and criteria for the Nomination Committee to identify and nominate suitable candidate(s) to the Board either to fill a causal vacancy or as an addition to the Board; or make recommendations to the Shareholders for re-election at general meetings.

Selection Criteria

The Nomination Committee shall consider the following factors in assessing the suitability of a proposed candidate:

• (a) reputation for integrity;

• (b) commitment in respect of sufficient time, interest and attention to the businesses of the Group;

• (c) accomplishment, experience and reputation in the business and industry;

• (d) board diversity, including but not limited to gender, age, cultural and educational background, ethnicity, skills, knowledge and experience;

• (e) the structure, size, composition and needs of the Board and its respective Board Committees at the time, taking into account succession planning, where appropriate;

• (f) potential/actual conflicts of interest that may arise if the candidate is selected;

提名政策

提名政策旨在確保董事會於技能、經驗及多元 化觀點方面取得平衡，以配合本公司業務需求 及發展。其為提名委員會提供正式、明確及具 透明度的程序、流程及準則，以識別及提名合 適候選人加入董事會以填補臨時空缺或作為新 增董事加入董事會，或向股東就於股東大會進 行重選提出推薦建議。

甄選準則

提名委員會於評估擬任候選人的合適性時，應 參考以下因素：

• (a) 誠信信譽；

• (b) 為本集團的業務投入足夠的時間、興趣 及關注；

• (c) 在商業和行業的成就、經驗及聲譽；

• (d) 董事會多元化，包括但不限於性別、年 齡、文化及教育背景、種族、技能、知 識及經驗；

• (e) 董事會及各董事委員會當時的架構、規 模、組成及需要，以及董事會成員繼任 計劃（如合適）；

• (f) 倘候選人當選可能產生的潛在╱實際利 益衝突；

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• (g) the independence of a candidate proposed to be appointed as an INED, as prescribed under Rule 3.13 of the Listing Rules;

• (g) 根據上市規則第 3.13 條就擬委任為獨立 非執行董事的候選人所規定之獨立性；

• (h) in case of a proposed re-appointment of an INED, the number of years he/she has already served the Company in accordance with the Listing Rules; and

• (h) 倘擬重選獨立非執行董事，其根據上市 規則已服務本公司的年期；及

• (i) any other relevant factors as may be determined by the Nomination Committee or the Board from time to time as appropriate.

• (i) 提名委員會或董事會不時酌情釐定的任 何其他相關因素。

Nomination Procedures

提名程序

Appointment of Directors

委任董事

1. The Nomination Committee identifies candidate(s) suitably qualified to become Board members, having due regard to the nomination policy and the board diversity policy of the Company, and assesses the independence of the proposed INED(s) as appropriate.

2. 提名委員會經審慎考慮本公司提名政策 及董事會多元化政策的情況下，識別具 備合適資格成為董事會成員的候選人， 並在適當情況下評估建議獨立非執行董 事的獨立性。

3. The Nomination Committee makes recommendation(s) to the Board.

4. 提名委員會向董事會提出推薦建議。

5. The Board considers the candidate(s) recommended by the Nomination Committee, having due regard to the nomination policy and the board diversity policy of the Company.

6. 董事會經審慎考慮本公司的提名政策及 董事會多元化政策的情況下，考慮提名 委員會推薦的候選人。

7. The Board confirms the appointment of the candidate(s) as Director(s) or recommends the candidate(s) to stand for re-election at a general meeting of the Company. Candidate(s) appointed by the Board will be subject to re-election by the Shareholders at the next following AGM in the case of an addition to the existing Board or filling a casual vacancy in accordance with the Articles of Association.

8. 董事會確認委任候選人為董事，或推薦 候選人在本公司股東大會上膺選連任。 董事會委任的候選人，如屬作為董事會 新增成員或填補臨時空缺的情況，根據 組織章程細則須於下屆股東週年大會上 由股東重選。

9. Shareholders approve the election of candidate(s), who stand(s) for re-election at general meeting of the Company, as Director(s).

10. 股東批准選舉在本公司股東大會上重選 的候選人為董事。

Annual Report 2025 年報 77

Corporate Governance Report 企業管治報告

Re-appointment of retiring Directors

1. The Nomination Committee considers each retiring Director, having due regard to the nomination policy and the board diversity policy of the Company, and assesses the independence of each retiring INED as appropriate.

2. The Nomination Committee makes recommendation(s) to the Board.

3. The Board considers each retiring Director recommended by the Nomination Committee, having due regard to the nomination policy and the board diversity policy of the Company.

4. The Board recommends the retiring Directors to stand for re-election at the AGM in accordance with the Articles and Association.

5. Shareholders approve the re-election of the retiring Directors at the AGM.

Board Diversity Policy

The Board values diversity as a factor in selecting candidates to serve on the Board, and believes diversity at the Board level can strengthen the business development of the Company. In compliance with the CG Code, the Company will ensure that the Board has the appropriate balance of skills, experience and diversity. The Board currently consists of both male and female Directors to maintain a reasonable balance of gender diversity at Board level. Going forward, the Company will continue to monitor and maintain gender diversity at senior management level as well as employee level.

During the Reporting Period and up to the date of this report, among the nine directors of the Group, one is female and eight are male. During the Reporting Period and up to the date of this report, among the two senior management members of the Group, one is female and one is male.

重選退任董事

1. 提名委員會經審慎考慮本公司提名政策 及董事會多元化政策後，考慮各退任董 事，並在適當情況下評估各退任獨立非 執行董事的獨立性。

2. 提名委員會向董事會提出推薦建議。

3. 董事會經審慎考慮本公司提名政策及董 事會多元化政策後，考慮提名委員會推 薦的各退任董事。

4. 董事會根據組織章程細則推薦退任董事 於股東週年大會上膺選連任。

5. 股東於股東週年大會上批准重選退任董 事。

董事會多元化政策

董事會甄選候選人進入董事會時重視多元化， 並相信董事會成員多元化可增強本公司業務發 展。遵循企業管治守則，本公司將確保董事會 具備適當技能、經驗及多元化之平衡。董事會 現時擁有男性及女性董事成員，維持董事會層 級合理的性別多元化平衡。展望未來，本公司 將繼續監控及維持高級管理層及僱員層級的性 別多元化。

於報告期間內至本報告日期，在本集團九名董 事中，有一名女性及八名男性。於報告期間內 至本報告日期，在本集團兩名高級管理層人員 中，一名為女性及一名為男性。

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Corporate Governance Report 企業管治報告

During the Reporting Period and up to the date of this report, approximately 38% of total workforce of the Group were female and 62% were male. The gender ratio of male to female in the workforce of the Group including senior management and other employees was approximately 2:1. For details, please refer to the Environmental, Social and Governance Report on page 126 of this annual report.

於報告期間內至本報告日期，本集團員工團隊 總數中約 38% 為女性及 62% 為男性。本集團 員工團隊（包括高級管理層及其他僱員）的男女 性別比為約 2:1 。有關詳情，請參閱本年報第 126 頁的環境、社會及管治報告。

The Board adopted a board diversity policy which relates to the selection of candidates for the Board. Pursuant to the board diversity policy, selection of Board candidates will be based on a range of diversity perspectives, including but not limited to the Company’s needs, gender, age, cultural and educational background, ethnicity, integrity, management experience, skills, industry or professional knowledge and experience, length of services, level of time and effort devoted to discharge responsibilities and independence of serving as an INED in accordance with the independence guidelines set out in the Listing Rules. The ultimate decision will be based on merit and contribution that the selected candidates will bring to the Board.

董事會已採納有關甄選候選人進入董事會的董 事會多元化政策。根據董事會多元化政策，董 事會候選人的甄選將基於多元化角度，包括但 不限於本公司的需要、性別、年齡、文化及教 育背景、種族、誠信、管理經驗、技能、行業 或專業知識及經驗、服務年期、就履行職責付 出的時間及努力程度，以及根據上市規則所載 的獨立性指引擔任獨立非執行董事的獨立性。 最終的決定將基於獲選候選人的優點和對董事 會的貢獻。

The Nomination Committee has been delegated with the responsibilities for the review of the board diversity policy regularly, as appropriately, to ensure its continued effectiveness. The Board has reviewed the existing board diversity policy and considers it to be adequate and effective.

提名委員會已獲授權負責定期、適當地檢討董 事會多元化政策，以確保其持續有效。董事會 已檢討現有董事會多元化政策，並認為有關政 策充足及有效。

DIRECTORS’ RESPONSIBILITY FOR FINANCIAL REPORTING

董事就財務匯報之責任

The Directors acknowledge their responsibility for preparing the financial statements of the Group for the Year.

董事確認彼等須負責編製本集團本年度的財務 報表。

The statement of the independent auditor about its reporting responsibilities and opinion on the consolidated financial statements is set out in the Independent Auditor’s Report on pages 177 to 187 of this annual report.

獨立核數師有關其申報責任的聲明及對綜合財 務報表的意見載於本年報第 177 至 187 頁的獨 立核數師報告。

Annual Report 2025 年報 79

Corporate Governance Report 企業管治報告

GOING CONCERN ASSUMPTION

For the year ended 31 December 2025, the Group incurred a net loss of approximately RMB77,594,000. As at 31 December 2025, the Group’s current bank and other borrowings of approximately RMB124,838,000, while its cash and cash equivalents amounted to approximately RMB76,062,000 only. These conditions may cast significant doubt on the Group’s ability to continue as a going concern. In view of these circumstances, the directors of the Company have given careful consideration of the liquidity and future cash flows of the Group in assessing the Group’s ability to continue as a going concern. For this purpose, the directors of the Company have prepared a cash flow forecast covering a period of 18 months from 31 December 2025 (the “ Forecast Period ”), taking into account the plans and measures designed to mitigate the Group’s liquidity pressure and enhance its financial position. The major plans and measures that have been implemented and/or will be undertaken by the directors of the Company include, but are not limited to, the following: (i) subsequent to the end of the reporting period, the Group raised additional working capital of approximately HK$69,600,000 through a placing of an aggregate of 160,000,000 new ordinary shares of the Company completed on 26 January 2026; (ii) subsequent to the end of the reporting period, the Group received (i) full payment of the cash consideration of RMB11,250,000 from the disposal of a subsidiary in March 2026, and (ii) the refundable earnest money of RMB14,880,000 in connection with a potential acquisition in March 2026; and (iii) subsequent to the end of the reporting date, in March 2026, the Group successfully extended the maturity date of 3 bank loans amounting to RMB42,000,000 for one year to March 2027. In respect of the remaining bank borrowings, the Group expects that these facilities will be renewed or extended upon their maturities, taking in to account of the Group’s continued compliance with the relevant terms and conditions of the loan arrangements and the provision of sufficient collaterals and guarantees over the outstanding borrowings.

Based on the above, the directors of the Company are of the opinion that the Group will have sufficient working capital to finance its operations and to meet its financial obligations over the Forecast Period as and when they fall due. Accordingly, the directors consider that it is appropriate to prepare the consolidated financial statements on a going concern basis.

持續經營假設

截至 2025 年 12 月 31 日止年度，本集團產生淨 虧損約人民幣 77,594,000 元。於 2025 年 12 月 31 日，本集團有即期銀行及其他借款約人民 幣 124,838,000 元，而其現金及現金等價物 僅約為人民幣 76,062,000 元。該等情況可能 會對本集團的持續經營能力造成重大疑慮。鑑 於上述情況，在評估本集團持續經營能力時， 本公司董事已審慎考慮本集團的流動資金及未 來現金流量。就此，本公司董事已編製涵蓋 自 2025 年 12 月 31 日起計 18 個月期間（「 預測 期間 」）的現金流量預測，當中已考慮旨在緩解 本集團流動資金壓力及改善其財務狀況的計劃 與措施。本公司董事已經實施及╱或及將予採 取的主要計劃及措施包括但不限於以下各項： (i) 於報告期末後，本集團透過於 2026 年 1 月 26 日完成配售合共 160,000,000 股本公司新 普通股，額外籌集營運資金約 69,600,000 港 元； (ii) 於報告期末後，本集團已於 2026 年 3 月收取 (i) 出售一間附屬公司的現金代價人民幣 11,250,000 元的全數付款；及 (ii) 就潛在收 購的可退還保證金人民幣 14,880,000 元；及 (iii) 於報告日期結束後，於 2026 年 3 月，本集 團成功將三筆銀行貸款人民幣 42,000,000 元 的到期日延長一年至 2027 年 3 月。對於餘下銀 行借款，考慮到本集團持續遵守貸款安排的有 關條款及條件以及就未償還借款提供充足抵押 及擔保，本集團預期該等融資於屆滿時將獲續 期或展期。

基於上述情況，本公司董事認為，本集團將具 備充足營運資金以滿足其營運所需資金，並於 財務責任到期時履行其預測期間的有關責任。 因此，董事認為按持續經營基準編製綜合財務 報表實屬恰當。

80 Rego Interactive Co., Ltd 潤歌互動有限公司

Corporate Governance Report 企業管治報告

INDEPENDENT AUDITORS’ REMUNERATION

獨立核數師薪酬

During the Year, the remuneration paid/payable to the independent auditor of the Company, BDO Limited for the provision of audit services and non-audit services are as below:

於本年度，就本公司獨立核數師香港立信德豪 會計師事務所有限公司提供審計及非審計服務 的已付╱應付酬金載列如下：

		Fees Paid/
		Payable
Services	服務	已付╱應付費用
		RMB’000
		人民幣千元
Audit Services	審計服務	860
Non-audit Services	非審計服務	–
Total	總計	860

RISK MANAGEMENT AND INTERNAL CONTROLS

風險管理及內部監控

The Board is responsible for the establishment and updating of our internal control system while our senior management monitors the daily implementation of internal control procedures and measures with respect to our subsidiaries and functional departments. The Board has formulated internal control measures and procedures in various aspects, including risks relating to information system, human resources, internal control and credit in order to provide reasonable assurance for our operations, reporting and compliance. The Board acknowledges that such risk management and internal control systems are designed to manage rather than eliminate the risk of failure to achieve business objectives, and can only provide reasonable but not absolute assurance against material misstatement or loss. The Company has established an internal audit department which directly reports to the Audit Committee and the Board with updated internal audit management measures clarifying the reporting objects, work scope, duties and responsibilities, reporting system and implementation standards of internal control. The Board also engaged a third-party internal control advisor to conduct review and assessment on the internal control and risk management of the Company.

董事會負責建立及升級我們的內部監控系統， 而我們的高級管理層則監督我們附屬公司及職 能部門內部監控程序及措施的日常實施。董事 會已制定各個方面的內部監控措施及程序，包 括與信息系統、人力資源、內部監控及信貸有 關的風險，以便為我們的經營、匯報及合規性 提供合理保證。董事會知悉有關風險管理及內 部監控系統旨在管理而非消除未能達成業務目 標的風險，且僅可就並無重大失實陳述或虧損 作出合理而非絕對的保證。本公司成立內部審 核部門，直接向審核委員會及董事會匯報，更 新內部審核管理辦法，明確內部監控的匯報對 象、工作範圍、職責、匯報制度及實施標準。 董事會另聘請了第三方內控顧問對公司的內部 控制和風險進行審核和評估。

Annual Report 2025 年報 81

Corporate Governance Report 企業管治報告

The Company’s Risk Management and Internal Control Framework

The Company has commissioned an independent internal control consultant to review and enhance our risk management and internal control systems and measures in certain aspects, including revenue, purchase, fixed assets management, human resources, financial management, information technology and corporate governance. In the risk assessment process, the management have identified the major risks faced by the Company and ranked these risks according to the likelihood and the severity of the impact on the business of the Company, as well as further developed risk management measures to maintain the risks at an acceptable level.

The management would report to the Audit Committee and the Board on all findings and the effectiveness of the risk management and internal control systems. The Audit Committee assists the Board in leading the management to oversee the design, implementation and monitoring of the risk management and internal control systems, and makes recommendations. The Audit Committee also ensures that an overall review of the effectiveness of such systems is conducted at least annually and put forward to the Board for consideration. The Board has the overall responsibility for evaluating and determining the nature and extent of the risks it is willing to take in achieving the Company’s strategic objectives; and acknowledges its responsibility for the risk management and internal control systems and reviewing their effectiveness.

本公司之風險管理及內部監控框架

本公司已委託獨立內部監控顧問檢討及加強本 公司在收入、採購、固定資產管理、人力資 源、財務管理、資訊科技及企業管治等方面的 風險管理及內部監控制度及措施。於風險評估 過程中，管理層已識別本公司面臨的主要風 險，並根據對本公司業務造成影響的可能性 及嚴重性對該等風險進行排序，同時進一步制 定風險管理措施，以將風險維持於可承受程度 內。

管理層將向審核委員會及董事會匯報所有發現 及風險管理及內部監控系統的有效性。審核委 員會協助董事會指導管理層監督風險管理及內 部監控系統的設計、實施和監控，並提出推薦 建議。審核委員會亦確保至少每年對該等系統 的有效性進行一次全面檢討，並提交董事會審 議。董事會全面負責評估及釐定為實現本公司 戰略目標而願意承擔之風險的性質及程度；並 確認其對風險管理及內部監控系統的責任以及 檢討其有效性。

82 Rego Interactive Co., Ltd 潤歌互動有限公司

Corporate Governance Report 企業管治報告

Review of Risk Management and Internal Control System

風險管理及內部監控系統的檢討

The Board and its Audit Committee reviewed the effectiveness of the Company’s risk management and internal control systems which include financial, operational and compliance controls during the Year. The Company improved the whistleblowing policy and system for the employees and those who deal with the Company (such as customers and suppliers) to raise concerns, in confidence and anonymity, with the Audit Committee (or any designated committee comprising mostly by the INEDs) about any possible improprieties related to the Company, so as to promote and support policies and systems related to anti-corruption laws and regulations. Management throughout the Company maintains and monitors the risk management and internal control systems on an ongoing basis. The Board reviewed the financial, operational and compliance monitoring systems during the Year and assessed the effectiveness of such systems after considering the work performed by the Audit Committee, the management of the Company, external auditors. Based on the reports submitted by the management, the Board considered that the Company’s risk management and internal control system are effective and adequate.

董事會及其轄下審核委員會已於本年度對本公 司風險管理及內部監控系統的有效性進行檢 討，當中包括財務、營運及合規控制等。本公 司已完善舉報政策及系統，讓僱員及其他與發 行人有往來者（如客戶及供應商）可暗中及以不 具名方式向審核委員會（或任何由獨立非執行 董事佔大多數的指定委員會）提出其對任何可 能關於發行人的不當事宜的關注，並促進和支 持反貪污法律及規例的政策和系統。本公司管 理層一直維持及監察該等風險管理及內部監控 系統。於本年度，董事會檢討財務、營運及合 規監控系統，並經考慮審核委員會、本公司管 理層、外聘核數師所進行的工作後評估該等系 統的有效性。基於管理層提交的報告，董事會 認為本公司的風險管理及內部控制系統屬有效 及充足。

DISCLOSURE OF INSIDE INFORMATION

內幕消息披露

The Group acknowledges its responsibilities under the Securities and Futures Ordinance, Chapter 571 of the Laws of Hong Kong and the Listing Rules and the overriding principle that inside information should be announced promptly when it is the subject of a decision. The procedures and internal controls for the handling and dissemination of inside information are as follows:

本集團知悉其根據香港法例第 571 章證券及期 貨條例及上市規則所應履行的責任，整體原則 是凡涉及內幕消息，必須在有所決定後即時公 佈。處理及發佈內幕消息的程序及內部監控措 施如下：

• the Group conducts its affairs with close regard to the disclosure requirements under the Listing Rules as well as the “Guidelines on Disclosure of Inside Information” published by the Securities and Futures Commission of Hong Kong in June 2012;

• 本集團處理事務時會充分考慮上市規則 下的披露規定以及香港證券及期貨事務 監察委員會於 2012 年 6 月頒佈的「內幕消 息披露指引」；

Annual Report 2025 年報 83

Corporate Governance Report 企業管治報告

• the Group has implemented and disclosed its policy on fair disclosure by pursuing broad, non-exclusive distribution of information to the public through channels such as financial reporting, public announcements and the Company’s website;

• the Group has strictly prohibited unauthorised use of confidential or inside information; and

• the Group has established and implemented procedures for responding to external enquiries about the Group’s affairs, so that only the executive Directors of the Company are authorised to communicate with parties outside the Group.

JOINT COMPANY SECRETARIES

Ms. Yang Chao was appointed as a joint company secretary of the Company on 28 October 2021.

Ms. Chan Sau Ling was appointed as a joint company secretary of the Company on 22 March 2024 and resigned on 31 December 2025, and Mr. Yau Tsz Lun has been appointed to fill in the vacancy subsequent to the resignation of Ms. Chan Sau Ling. Mr. Yau Tsz Lun is a Manager of company secretarial service division of Tricor Services Limited.

During the Reporting Period, each of the joint company secretaries had undertaken no less than 15 hours of relevant professional training in compliance with Rule 3.29 of the Listing Rules. The primary person at the Company with whom Mr. Yau Tsz Lun has been contacting in respect of company secretarial matters is Ms. Yang Chao, a joint company secretary of the Company.

• 本集團已透過財務報告、公告及本公司 網站等途徑向公眾披露廣泛及非獨家資 料，以實施並披露其公平披露政策；

• 本集團已嚴格禁止未經授權使用機密或 內幕消息；及

• 本集團已就外界查詢本集團事務建立及 執行回應程序，據此，只有本公司執行 董事方獲授權與本集團外部人士溝通。

聯席公司秘書

楊超女士於 2021 年 10 月 28 日獲委任為本公司 的聯席公司秘書之一。

陳秀玲女士於 2024 年 3 月 22 日獲委任為本公司 的聯席公司秘書之一並於 2025 年 12 月 31 日辭 任，而游子麟先生已獲委任以填補陳秀玲女士 辭任的空缺。游子麟先生為卓佳專業商務有限 公司公司秘書服務部經理。

於報告期間，各聯席公司秘書已遵守上市規 則第 3.29 條接受不少於 15 小時的相關專業培 訓。一直以來，游子麟先生於本公司有關公司 秘書事宜的主要聯繫人為本公司之聯席公司秘 書楊超女士。

84 Rego Interactive Co., Ltd 潤歌互動有限公司

Corporate Governance Report 企業管治報告

DIVIDEND POLICY

股息政策

The Company has adopted a dividend policy, pursuant to which the Company may declare and distribute dividends to the Shareholders.

本公司已採納股息政策，據此，本公司可向股 東宣派及派付股息。

According to the dividend policy, declaration and payment of any dividends will require the recommendation of the Board and at the Board’s discretion. A decision to declare or to pay any dividend and the amount of any dividends will depend on a number of factors, including our results of operations, financial condition, the payment by our subsidiaries of cash dividends to us, and other factors the Board may deem relevant.

根據股息政策，宣派及派付任何股息須由董事 會提出建議並經其酌情決定。宣派或派付任何 股息的決定及任何股息的金額將視乎多項因素 而定，包括我們的經營業績、財務狀況、附屬 公司向我們派付的現金股息及董事會可能認為 相關的其他因素。

The declaration and payment as well as the amounts of dividends shall be subject to all applicable laws and regulations, including but not limited to the Companies Law, Cap. 22 of the Cayman Islands and the Articles of Association of the Company. No dividend shall be declared or payable except out of the Company’s profits and reserves lawfully available for distribution. Dividends declared in the past may not be indicative of the Company’s future dividend policy. The Directors have the absolute discretion to recommend any dividend.

股息的宣派及派付以及有關金額須遵守所有適 用法律及規例，包括但不限於開曼群島法例第 22 章公司法及本公司組織章程細則。除本公司 合法可供分配的利潤及儲備外，本公司不應宣 派或派付任何股息。過往宣派的股息可能並不 代表本公司日後的股息政策。董事對任何股息 建議具有絕對酌情權。

As the Company is a holding company, declaration and payment of dividends will depend on the availability of dividends received from the subsidiaries, particularly the subsidiaries incorporated in the PRC. The PRC laws require that dividends be paid only out of the net profit calculated according to the PRC accounting principles, which differ from generally accepted accounting principles in other jurisdictions, including Hong Kong Financial Reporting Standards. The PRC laws also require foreign-invested enterprises, such as all the subsidiaries in the PRC, to set aside part of their net profit as statutory reserves. These statutory reserves are not available for distribution as cash dividends. Distributions from these subsidiaries may also be restricted if they incur debt or losses or in accordance with any restrictive covenants in bank credit facilities or other agreements that the Group may enter into in the future.

由於本公司為控股公司，宣派及派付股息將取 決於自附屬公司（特別是在中國註冊成立的附 屬公司）所收取的股息。中國法律規定股息只 能從按照中國會計準則計算的純利中支付，而 中國會計準則不同於其他司法權區的公認會計 準則（包括香港財務報告準則）。中國法律亦規 定，外商投資企業（例如在中國的所有附屬公 司）須撥出部分純利作為法定儲備，而該等法 定儲備不可用作分派現金股息。倘若該等附屬 公司出現債務或虧損，或根據本集團未來可能 訂立的銀行信貸融資或其他協議的任何限制性 契諾的規定，來自該等附屬公司的分派亦可能 受到限制。

Annual Report 2025 年報 85

Corporate Governance Report 企業管治報告

The Company does not have any pre-determined dividend distribution proportion or distribution ratio. The Board will review the dividend policy on a regular basis.

SHAREHOLDERS’ RIGHTS

Convening an Extraordinary General Meeting by Shareholders

Pursuant to Article 64 of the Articles of Association, any one or more Shareholders holding, as at the date of deposit of the requisition, not less than one-tenth of the paid up capital of the Company having the right of voting at general meetings. Such requisition shall be made in writing to the Board or the company secretary of the Company for the purpose of requiring an extraordinary general meeting to be called by the Board for the transaction of any business specified in such requisition. Such meeting shall be held within two months after the deposit of such requisition. If within 21 days of such deposit, the Board fails to proceed to convene such meeting, the requisitionist(s) himself (themselves) may do so in the same manner, and all reasonable expenses incurred by the requisitionist(s) as a result of the failure of the Board shall be reimbursed to the requisitionist(s) by the Company.

Putting Forward Proposals at General Meetings

There are no provisions in the Articles of Association or the Cayman Islands Companies Act (as revised) for the Shareholders to propose new resolutions at general meetings. Shareholders who wish to propose a resolution may request the Company to convene a general meeting in accordance with the procedures set out in the preceding paragraph.

Putting Forward Enquiries to the Board

Shareholders may send enquiries to the Board by post to the Company’s principal place of business in Hong Kong at Room 1917, 19/F, Lee Garden One, 33 Hysan Road, Causeway Bay, Hong Kong for the attention of the company secretary of the Company.

本公司並無任何預定派息率或分派比例。董事 會將定期檢討股息政策。

股東權利

股東召開股東特別大會

根據組織章程細則第 64 條，任何一名或多名股 東於提出要求當日須持有本公司不少於十分之 一有權在股東大會上投票的實繳股本。有關要 求須以書面形式向董事會或本公司的公司秘書 提出，藉以要求董事會就處理有關要求所指明 之任何事務而召開股東特別大會。有關會議須 在提呈該要求後兩個月內召開。如董事會在提 呈日期起計 21 日內未有安排召開有關會議，則 請求人（或多名請求人）可用相同方式自行召開 會議，且請求人（或多名請求人）因董事會未有 妥為召開會議而招致的所有合理費用，須由本 公司償還請求人。

於股東大會上提呈建議

組織章程細則或開曼群島公司法（經修訂）並無 有關股東於股東大會提呈新決議案的條文。股 東如欲提呈決議案，可按照上一段所載程序要 求本公司召開股東大會。

向董事會作出查詢

股東可將查詢郵寄至董事會（本公司於香港銅 鑼灣希慎道 33 號利園一期 19 樓 1917 室的香港 主要營業地點），並註明收件人為本公司的公 司秘書。

86 Rego Interactive Co., Ltd 潤歌互動有限公司

Corporate Governance Report 企業管治報告

COMMUNICATION WITH SHAREHOLDERS AND INVESTORS RELATIONS

與股東溝通及投資者關係

The Company considers that effective communication with Shareholders is essential for enhancing investor relations and investor understanding of the Company’s business performance and strategies. The Company endeavours to maintain an on-going dialogue with the Shareholders and in particular, through AGMs and other general meetings. At the AGM, Chairman and chairman of the Board Committees (or their delegates as appropriate) are available to meet the Shareholders and answer their enquiries.

本公司認為有效地與股東溝通對於加強投資者 關係，加強投資者對於本公司業務表現及策略 的理解不可或缺。本公司致力於與股東維持持 續對話，尤其是透過股東週年大會及其他股東 大會。於股東週年大會上，主席及董事會委員 會主席（或彼等的委託人，倘適用）將與股東會 面，並回答其有關查詢。

The Company maintains a website at www.regopimc.com as a communication platform with the Shareholders and investors, where the financial information and other relevant information of the Company are available for public access. In accordance with requirements under the Expansion of the Paperless Listing Regime issued by the Hong Kong Stock Exchange, the corporate communications of the Company, both in English and Chinese, will be published on the websites of the Company and HKEXnews (www.hkexnews.hk) in substitution of printed copy. In case any shareholder wishes to receive a printed copy, please refer to the circular issued by the Company on 1 February 2024 for details. During the Year, the Company has reviewed the existing communication policy with Shareholders and considers it to be adequate and effective.

本公司設有網站 www.regopimc.com ，作為 與股東及投資者的溝通平台，而本公司的財務 資料及其他相關資料可於該網站供公眾查閱。 而根據香港聯合交易所擴大無紙化上市機制要 求，本公司公司通訊的英文版和中文版提供在 本公司網站和披露易網站 www.hkexnews.hk 上，以代替印刷本。如股東需要收取印刷本， 詳情請見本公司於 2024 年 2 月 1 日發佈的通 函。於本年度，本公司已檢討與股東之現有溝 通政策，並認為與股東之溝通充足及有效。

CONSTITUTIONAL DOCUMENTS

章程文件

There was no change in the constitutional documents of the Company during the Year. The Memorandum of Association and Articles of Association is available on the respective websites of the Company and the Stock Exchange.

本公司的章程文件於本年度並無改動。組織章 程大綱及組織章程細則可分別於本公司及聯交 所網站查閱。

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Environmental, Social and Governance Report 環境、社會及管治報告

OVERVIEW OF THE REPORT

報告概覽

Rego Interactive Co., Ltd. (the “ Company ” and, together with its subsidiaries, the “ Group ”, “ we ”, or “ us ”) hereby presents our fourth Environmental, Social and Governance (ESG) Report (the “ Report ”). The Report sets out the Group’s strategies, practices, and aspirations regarding ESG matters, and underscores our dedication to advancing sustainable development.

潤歌互動有限公司（「 本公司 」，連同其附屬公 司統稱「 本集團 」或「 我們 」）謹此呈報其第四份 環境、社會及管治報告（「 本報告 」）。本報告列 載本集團於環境、社會及管治方面的策略、實 踐及願景，並彰顯本集團致力推進可持續發 展。

The Group recognises its responsibility as a corporate citizen and the critical importance of strong ESG governance. We understand that effective stewardship is fundamental to sustaining long-term business performance, building trusted relationships with stakeholders, and maintaining a positive reputation in the communities where we operate.

本集團深知其作為企業公民的責任以及穩健環 境、社會及管治治理的重要性。我們了解，有 效管理對維持長期業務表現、與持份者建立互 信關係及保持在我們運營所處社區的良好聲譽 至關重要。

Our commitment to continuous improvement and sustainable development is comprehensive. We proactively manage operational challenges, uphold rigorous ethical standards, respond to emerging global trends, and ensure full compliance with all applicable laws and regulations. These principles are deeply embedded in our decision-making processes and operations, supporting our ambition to achieve sustainable growth and reinforce corporate accountability.

我們從多方面著手，致力推進持續改進及可持 續發展。我們積極管理營運挑戰、堅持嚴格的 道德標準、應對新興全球趨勢，並確保全面遵 守所有適用法律法規。該等原則深入融入我們 的決策流程及業務營運，為實現可持續增長及 強化企業問責提供支持。

Reporting Scope

報告範圍

Unless otherwise specified, the scope of the Report covers our operations and offices in Hong Kong, Hangzhou, Shanghai, Hainan, Xi’an of the People’s Republic of China (the “ PRC ”), the same as the coverage of the Annual Report. The Reporting Period for the Report is from 1 January 2025 to 31 December 2025 (the “ Reporting Period ”), consistent with the fiscal year covered by our Group’s 2025 annual report.

除另有訂明外，本報告範圍涵蓋我們位於中華 人民共和國（「 中國 」）香港、杭州、上海、海 南、西安的業務及辦事處，與年報所涵蓋範圍 相同。本報告涵蓋的報告期間為 2025 年 1 月 1 日至 2025 年 12 月 31 日（「 報告期間 」），與本集 團 2025 年年報涵蓋的財政年度一致。

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Environmental, Social and Governance Report 環境、社會及管治報告

Basis of Compilation of the Report

報告編製基準

This Report has been prepared in accordance with the Environmental, Social and Governance Reporting Code (the “ ESG Reporting Code ”) set out in Appendix C2 to the Rules Governing the Listing of Securities (the “ Listing Rules ”) of The Stock Exchange of Hong Kong Limited (the “ Stock Exchange ”). The Report follows the reporting principles of “materiality”, “quantitative”, “balance”, and “consistency” to enhance the transparency, accuracy and reliability of ESG disclosures.

本報告乃根據香港聯合交易所有限公司（「 聯交 所 」）證券上市規則（「 上市規則 」）附錄 C2 所載的 環境、社會及管治報告守則（「 環境、社會及管 治報告守則 」）編製。本報告遵「重要性」、「量 化」、「平衡」及「一致性」報告原則，以提升環 境、社會及管治披露的透明度、準確性及可靠 性。

Reporting principles	Description
報告原則	描述
Materiality	The Report identifies and prioritises ESG issues that are significant to
重要性	both the Group and its stakeholders by engaging with stakeholders and
	assessing the materiality of key topics.
	本報告透過與持份者溝通及評估關鍵議題的重要性，識別出對本集團及持份者均至關
	重要的環境、社會及管治事項並對其進行優先排序。
Quantitative	Key Performance Indicators (“KPIs”) have been established to ensure
量化	that performance is measurable and allows for effective comparison
	under appropriate conditions. Where applicable, the Report discloses the
	standards, methodologies, assumptions and calculation tools adopted,
	along with the sources of any conversion factors used.
	設立關鍵績效指標（「關鍵績效指標」），以確保表現為可計量並於適當條件下可進行有
	效比較。於適用情況下，本報告披露所採用的標準、方法、假設及計算工具，連同所
	使用的任何轉換因素來源。
Balance	The Report provides a fair and balanced representation of the Group’s
平衡	performance during the Reporting Period, avoiding any selection, omission
	or presentation that could mislead readers or result in inappropriate
	conclusions or judgments.
	本報告對本集團在報告期間內的表現作出公允及平衡的呈報，避免可能誤導讀者或導
	致不當結論或判斷之選擇、遺漏或呈列方式。
Consistency	This Report has been prepared in a manner consistent with the
一致性	methodologies adopted in previous years. Where methodological updates
	or other factors may influence the comparability of data with prior
	reporting periods, these changes are clearly described in the relevant
	sections.
	本報告按與過往年度所採用方法一致的方式編製。倘方法更新或其他因素可能影響與
	過往報告期間數據的可比較性，會在對應的章節對該等變動作出清晰描述。

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Source of Data and Reliability Statement

資料來源及可靠性聲明

The data and information presented in this Report are sourced from the Group’s internal statistical records and other internal documents. The Board of Directors (the “ Board ”) is committed to ensuring the integrity of this Report and assumes responsibility for the truthfulness, accuracy, and completeness of its contents.

本報告所呈報的數據及資料來源於本集團的內 部統計報告及其他內部文件。董事會（「 董事 會 」）致力確保本報告的完整性，並對其內容的 真實性、準確性及完整性負責。

Statement of the Board

董事會聲明

The Board has ultimate oversight of the Company’s sustainable development. It is responsible for reviewing material ESG topics, supervising and evaluating the effectiveness of ESG management processes, and monitoring the implementation of related initiatives. The Board also ensures accountability for the Company’s ESG strategy and reporting.

董事會對監管本公司的可持續發展承擔最終責 任，負責審閱重大環境、社會及管治議題，監 督及評估環境、社會及管治監管流程的成效， 並監察相關措施的落實。董事會亦確保就本公 司的環境、社會及管治策略及報告承擔責任。

The Group places strong emphasis on stakeholder engagement and maintains transparent and effective communication channels with key stakeholder groups to identify material ESG topics and potential risks. Insights gained through ongoing engagement inform the continuous enhancement of the Group’s ESG strategies and policies. During the year, the Board reviewed the Group’s material ESG issues and endorsed revisions to the materiality assessment to ensure the continued relevance and accuracy of the materiality matrix. Further details can be found in the “MATERIALITY ASSESSMENT” section.

本集團非常重視持份者參與，並保持與主要持 份者群體的溝通渠道透明暢通，以識別重大環 境、社會及管治議題以及潛在風險。透過持續 對話所獲見解，有助於本集團環境、社會及管 治策略及政策的持續改進。年內，董事會已審 閱本集團的重大環境、社會及管治事宜，並批 准對重要性評估的調整，以確保重要性矩陣的 持續相關性及準確性。進一步詳情請參閱「重 要性評估」一節。

The Group has established an ESG target management framework covering key performance indicators such as pollutant emissions, energy consumption, and water resource management. The Board conducts an annual review of progress against these targets and assesses whether adjustments or enhancements are necessary to support the continuous improvement of ESG performance. Further details can be found in the section titled “ENVIRONMENTAL PROTECTION AND GREEN DEVELOPMENT”.

本集團已確立環境、社會及管治目標管理框 架，涵蓋諸如污染排放、能耗以及水資源管理 等關鍵表現指標。董事會每年審閱達成該等目 標的進度，並評估是否需要作出調整或改進以 支持持續改進環境、社會及管治表現。進一步 詳情請參閱「環境保護及綠色發展」一節。

This report discloses in detail the above environmental, social and governance matters, which have been reviewed and approved by the Board on 31 March 2026.

本報告詳細披露上述環境、社會及管治事項， 有關事項已於 2026 年 3 月 31 日經董事會審閱並 批准。

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Environmental, Social and Governance Report 環境、社會及管治報告

Contact Us

聯絡我們

The Group highly welcomes comments and opinions from investors and stakeholders on ESG policies and performance, to assist the Group in continuously improving its sustainable development performance. Should you have any comments or suggestions, please contact the Group via:

本集團高度重視投資者及持份者對於環境、社 會及管治相關政策及表現提出評論及意見，以 協助本集團不斷改善可持續發展表現。如 閣 下有任何意見或建議，歡迎透過以下方式聯絡 本集團：

E-mail: yangchao@regopimc.com; douxingfeng@regopimc.com Postal address: 19/F Rego Building, No.77 Yinxi Road, Yinhu Street, Fuyang District, Hangzhou, PRC

電郵： yangchao@regopimc.com; douxingfeng@regopimc.com 郵寄地址： 中國杭州市富陽區銀湖街道銀溪 路 77 號潤歌大樓 19 樓

ESG MANAGEMENT AND STRATEGY

環境、社會及管治管理及策略

ESG Management Structure

環境、社會及管治管理架構

The Group has established a three-tier ESG governance structure led by the Board. As the supreme decisionmaking entity, the Board conducts regular reviews of major issues, performance metrics, and climate-related risks and opportunities across the organisation. The Board also assumes overall leadership in ESG governance, actively participating in strategic discussions to ensure that ESG related decisionmaking is both efficient and effective, and aligned with the Group’s business development priorities.

本集團已經實施由董事會引領的三級環境、社 會及管治監管框架。作為最高決策機構，董事 會定期檢視機構內部的重大事宜、績效矩陣以 及氣候相關風險及機遇。董事會亦負責全面引 領環境、社會及管治監管、積極參與戰略討 論，以確保環境、社會及管治相關決策高效且 有效，並契合本集團業務發展重點。

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Under this structure, the ESG Management Committee (the “ Committee ”) is composed of the Company’s Directors, Board Secretary, Executive Manager to the Board Secretary, and Legal Affairs Officers. The Committee is tasked with preparing the ESG report, assisting the Board in monitoring relevant data resources and evaluating the effectiveness of the measures implemented by the Group. This ensures the Group’s ongoing fulfilment of its ESG responsibilities. The Committee serves as a liaison between the Board and the functional departments, ensuring that ESG strategies and policies are effectively implemented, and oversees of continuous monitoring and evaluation of performance to drive ongoing improvement.

在此框架下，環境、社會及管治管理委員會 （「 委員會 」）由本公司董事、董事會秘書、董事 會秘書執行經理及法務部部長組成。其負責編 製環境、社會及管治報告、協助董事會監察相 關資料來源，以及評估本集團所實施措施的有 效性。此舉確保本集團持續履行其環境、社會 及管治責任。委員會作為董事會與職能部門的 聯絡紐帶，確保環境、社會及管治策略及政策 有效實施，並監督持續監控及評估表現以推進 持續改進。

The Board 董事會

• Ultimate decision-making body for ESG management. 環境、社會及管治管理的最終決策機構。

• Regular oversight of the Group’s ESG performance and approves the annual ESG report.

• 定期監督本集團的環境、社會及管治表現及批准年度環境、社會及管治報告。

• Responsibility for overseeing ESG matters and taking full responsibility for the ESG strategy and reporting.

• 負責監督環境、社會及管治事宜，並就環境、社會及管治策略及報告承擔全部責任。

The ESG Management Committee 環境、社會及管治管理委員會

• Assists the Board in the day-to-day management and monitoring the ESG matters.

• 協助董事會日常管理及監察環境、社會及管治事宜。

• Reporting ESG-related risks and opportunities. 匯報環境、社會及管治相關風險及機會。

• Reporting regularly to the Board of Directors on progress and making recommendations.

• 定期向董事會匯報進程及作出建議。

Functional Departments 職能部門

• Collecting information and data for ESG reporting to prepare and report annual ESG report to the Working Group.

• 為環境、社會及管治報告收集資料及數據，以供編製及向工作小組呈報年度環境、 社會及管治報告。

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Environmental, Social and Governance Report 環境、社會及管治報告

ESG Working Process

環境、社會及管治工作流程

==> picture [478 x 300] intentionally omitted <==

----- Start of picture text -----

Identify ESG trends Analyse potential
and key issues risks and Set targets
識別環境、社會及 opportunities 設定目標
管治趨勢及重大事宜 分析潛在風險及機遇
Execute strategies Formulate risk
Analyse results and and monitor response
make adjustment outcomes and strategies
分析結果及作出調整 執行策略及監控成果 制定風險應對及策略
----- End of picture text -----

Identification of and Engagement With Stakeholders

持份者識別及參與

The Group remains committed to addressing the material issues that are of greatest concern to stakeholders throughout its operations. Through comprehensive and transparent stakeholder engagement, we continuously enhance and refine our sustainability strategies and action plans in response to stakeholder insights and expectations. We strive to foster and strengthen relationships built on mutual trust and collaboration by aligning our efforts with stakeholder expectations and needs. Our ultimate goal is long-term economic growth, environmental sustainability, and social progress.

本集團在營運過程中持續致力於解決持份者最 為關切的重大事項。經過全面及透明的持份者 諮詢，我們持續加強及優化可持續發展策略與 行動計劃以回應持份者的觀點及期待。透過確 保我們的工作切合持份者的期待與需求，本集 團致力於促進建立並加強相互信任及合作關 係。我們的終極目標為實現長遠經濟增長、環 境可持續發展及社會進步。

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A summary of the key ESG concerns raised by stakeholders, along with the corresponding engagement approaches adopted by the Group, is presented below:

持份者提出的主要環境、社會及管治關切，連 同本集團採用的相關參與方式之概要呈列如 下：

Stakeholders	Areas of ESG Concern	Areas of ESG Concern	Means of Engagement	Means of Engagement
持份者	環境、社會及管治關注領域		參與方式
Stock Exchange	•	Compliance with the Listing Rules	•	Meetings
聯交所	•	遵守上市規則	•	會議
	•	Timely and accurate announcement	•	Training and seminars
	•	及時及準確的公告	•	培訓與研討會
			•	Company’s website and
				announcements
			•	本公司網站及公告
Employees	•	Rights and benefits of employees	•	Regular meetings
員工	•	員工權利及福利	•	定期會議
	•	Training and development	•	Employee training
	•	培訓及發展	•	員工培訓
	•	Working environment and	•	Annual appraisal
		occupational safety	•	年度考核
	•	工作環境及職業安全	•	Opinion box
	•	Equal opportunities	•	意見箱
	•	平等機會	•	WhatsApp and WeChat group
			•	WhatsApp及微信群
Government and	•	Operational compliance	•	Annual reviewal process
Regulatory	•	營運合規	•	年度審查程序
Authorities	•	Tax payment as legally required	•	Company’s website and
政府及監管機構	•	依法納稅		announcements
	•	Disclosure of information and	•	本公司網站及公告
		submission of materials	•	Study on policy issues and guidance
	•	信息披露與資料提交		documents
			•	政策事宜及指引文件學習
Shareholders/	•	Business strategies and	•	General meetings
Investors		performances	•	股東大會
股東╱投資者	•	業務策略及表現	•	Financial reports and announcements
	•	Effective corporate governance	•	財務報告及公告
	•	有效企業管治	•	Company’s website
	•	Sustainable profitability	•	本公司網站
	•	持續盈利
	•	Investment returns
	•	投資回報

94 Rego Interactive Co., Ltd 潤歌互動有限公司

Environmental, Social and Governance Report 環境、社會及管治報告

Stakeholders	Areas of ESG Concern	Areas of ESG Concern	Means of Engagement	Means of Engagement
持份者	環境、社會及管治關注領域		參與方式
Media and Public	•	Corporate governance	•	Announcements
媒體及公眾	•	企業管治	•	公告
	•	Environmental protection	•	Company’s website
	•	環境保護	•	本公司網站
	•	Uphold human rights standards	•	Press conference
	•	堅持人權準則	•	新聞發佈會
Business Partners	•	Quality services and products	•	Site visits
業務夥伴	•	優質的服務與產品	•	實地訪查
	•	Open, fair, and just procurement	•	Meetings
	•	公開、公平及公正的採購	•	會議
	•	Demand stability	•	Conference calls and interviews
	•	需求穩定性	•	電話會議及會談
	•	Commitment to contracts
	•	履行合約
Customers	•	Quality services and products	•	Point-to-point communication
客戶	•	優質的服務與產品		services
	•	Product safety	•	點對點通訊服務
	•	產品安全	•	Demand analysis
	•	Commercial credibility	•	需求分析
	•	商業信譽	•	Customers’ enquiries handling
	•	Intellectual property rights and		mechanism
		protection	•	客戶諮詢處理機制
	•	知識產權與保護	•	Conference calls
	•	Satisfaction of diversified needs of	•	電話會議
		customers	•	Meetings
	•	滿足客戶的多元化需求	•	會議
			•	Visits
			•	訪查
Community	•	Community development	•	Community service activities
社區	•	社區發展	•	社區服務活動
	•	Employment opportunities	•	Media enquiry
	•	就業機會	•	媒體諮詢
	•	Environmental protection	•	Press releases and announcements
	•	環境保護	•	新聞發佈及公告
	•	Social welfare
	•	社會福祉

Annual Report 2025 年報 95

Environmental, Social and Governance Report 環境、社會及管治報告

MATERIALITY ASSESSMENT

重要性評估

In accordance with the requirements of the ESG Reporting Code, the Group identifies and evaluates material ESG issues through its ESG Management Committee and the Board. By conducting materiality assessments in collaboration with stakeholders, the Group ensures more accurate and comprehensive disclosure of operational management information in a more specific manner.

根據環境、社會及管治報告守則的規定，本集 團透過環境、社會及管治管理委員會及董事會 識別及評估重大環境、社會及管治事宜。透過 與持份者合作進行重要性評估，本集團確保以 更準確、全面的方式更具體地披露經營管理資 訊。

1. Identification

1. 識別

• 17 potential ESG topics were identified in FY2025.

• 2025 財年識別 17 項潛在環境、社 會及管治議題。

• A comprehensive list of ESG topics was compiled through peer benchmarking, stakeholder feedback, industry trends, regulatory bodies, rating agencies, and sustainability reporting standards.

• 通過同業對標、持份者反饋、行業 趨勢、監管機構、評級機構及可持 續發展報告標準，編製一份全面的 環境、社會及管治議題清單。

2. Prioritisation

2. 排序

• Conducted an online assessment survey to collect feedback from internal and external stakeholders to prioritise the identified ESG topics according to their significance to the Group’s business and significance of the likely economic, social, and environmental impacts.

• 展開線上評估調查，收集內外部持 份者的反饋，根據已識別環境、社 會及管治議題對本集團業務的重要 性以及可能對經濟、社會及環境帶 來影響的重大性進行排序。

96 Rego Interactive Co., Ltd 潤歌互動有限公司

Environmental, Social and Governance Report 環境、社會及管治報告

3. Determination

3. 釐定

• The results of the assessment survey were consolidated and weighted, leading to the development of a materiality matrix based on these findings.

• 整合及加權評估調查的結果，並據 此制定重要性矩陣。

• The matrix was used to determine the focus areas for sustainability initiatives.

• 該矩陣用於釐定可持續發展舉措的 重點領域。

4. Validation

4. 批准

• The results were reported to and reviewed by the Board.

• 有關結果已向董事會匯報以供其審 議。

Annual Report 2025 年報 97

Environmental, Social and Governance Report 環境、社會及管治報告

The outcomes of the materiality assessment conducted on the identified ESG-related issues are presented below:

下表載列對已識別環境、社會及管治相關事宜 所進行重要性評估的結果：

==> picture [355 x 307] intentionally omitted <==

----- Start of picture text -----

High
高
17
10
3
13
11 14
9
7
Medium
中
12
16 15
8
5 6
2
4
1
Low Medium High
低 中 高
Materiality to Stakeholders
對持份者的重要性
對本集團業務的重要性
Materiality to Group’s Business
----- End of picture text -----

Environment 環境

1. Emissions and waste management 排放物與廢棄物管理

2. Resource use and management 資源使用管理

3. Climate change 氣候變化

4. Equality, inclusion and diversity 平等、包容與多元

Community 社區

• 16.Community public welfare 社區公益

Products 產品

Employee 員工

1. Employee welfare and talent 9. Product quality attraction 產品質量 僱員福利及人才招攬 10. Intellectual property protection

2. Health and safety 知識產權保護 健康與安全 11. Supply chain management

3. Labour practice 供應鏈管理 勞工常規 12. Excellent customer service

4. Training and career 卓越客戶服務 development 13. Data security and privacy 培訓及職業發展 protection 數據安全與隱私保護

5. Responsible marketing 負責任營銷

6. R&D and technological innovation 研發與科技創新

7. Governance 管治

8. 1. Business ethics and anticorruption 商業道德與反腐敗

98 Rego Interactive Co., Ltd 潤歌互動有限公司

Environmental, Social and Governance Report 環境、社會及管治報告

STABLE OPERATION AND COMPLIANCE

穩健營運及合規

Anti-corruption

反貪污

Business integrity forms the foundation of the Group’s ability to achieve its objectives and ensuring long-term, sustainable growth. We are committed to maintaining the highest standards of business ethics and governance, maintains a strict zero-tolerance stance towards bribery, fraud, and corruption.

業務誠信是本集團能夠實現目標及確保長期可 持續增長的基礎。我們致力於維持最高標準的 商業道德與管治，對賄賂、舞弊及貪污行為保 持嚴格的零容忍態度。

The Group has a zero-tolerance stance towards corruption, including bribery, extortion, fraud, and money laundering. We are committed to cultivating a corporate culture grounded in fairness and integrity. Our commitment extends to full compliance with all relevant anti-corruption laws and regulations, such as the Anti-Money Laundering Law of the PRC, the Anti-Unfair Competition Law of the PRC, as well as the Prevention of Bribery Ordinance of Hong Kong.

本集團對貪污腐敗採取零容忍態度，包括賄 賂、勒索、欺詐及洗黑錢行為。我們致力打造 根植於公平誠信的企業文化，並全面遵守所有 相關反貪污法律及規例，諸如《中華人民共和 國反洗錢法》、《中華人民共和國反不正當競爭 法》以及香港《防止賄賂條例》。

To strengthen the clarify of incentives and disciplinary measures outlined in the Integrity Guidelines, the Group has established the Anti-Money Laundering Policy, Anti-Corruption Policy and the Employee Handbook. These documents set out the following ethical principles and conduct requirements:

為更加明確誠信指引所載的獎懲措施，本集團 已制定《反洗錢政策》、《反貪污政策》及員工手 冊。該等文件載列下列道德原則及行為要求：

• Employees must not accept gifts or benefits that exceed generally accepted standards of business courtesy.

• 員工不得收受超出公認業務接待標準的 禮物或利益。

• Employees are strictly prohibited from offering bribes to anyone with the intention of acquiring or maintaining business dealings.

• 嚴格禁止員工為取得或保有業務而賄賂 任何人士。

• The act of falsifying documents or providing inaccurate accounting records is strictly forbidden.

• 嚴格禁止竄改文件或提供不準確的會計 記錄。

Annual Report 2025 年報 99

Environmental, Social and Governance Report 環境、社會及管治報告

Oversight of the Group’s anti-corruption framework is vested in a dedicated Anti-Corruption Committee. This committee, which includes members of senior management and independent external advisors, is responsible for the development, implementation, and continuous monitoring of our ethical integrity programme. The Anti-Corruption Committee oversees the identification of “at-risk” functions and activities. Key elements of our risk management approach include:

本集團的反貪污框架由專責反貪污委員會負責 監督。該委員會成員包括高級管理層人員及獨 立外聘顧問，負責制定、實施及持續監察我們 的道德誠信計劃。反貪污委員會監督「存在風 險」職能及活動的識別工作。我們的風險管理 方法的關鍵要素包括：

• Procedural Controls: Clear prohibitions and standard operating procedures for high-risk areas such as procurement, expense claims, and third-party engagements.

• 程序監控：針對高風險領域（如採購、費 用申報及第三方往來）的明確禁令及標準 操作程序。

• Internal Audit: Regular, independent audits and proactive risk assessments are conducted to test the design and operational effectiveness of our anti-corruption controls.

• 內部審計：定期進行獨立審計及主動風 險評估，以測試我們反貪污監控的設計 及運作成效。

During the Reporting Period, the Group has organised anticorruption training session, to our senior management personnel. These sessions aimed to strengthen employees’ understanding of the importance of anti-corruption practices, enhance their knowledge of relevant laws and regulations, and familiarise them with the Group’s internal compliance measures.

於報告期間，本集團為高級管理人員組織反貪 污培訓課程。該等課程旨在加強僱員對反貪污 腐敗工作重要性的理解、加深其相關法律法規 方面的知識及有助彼等熟悉本集團內部合規措 施。

The Group places strong emphasis on encouraging employees to report any suspected misconduct through confidential channels, including designated email and telephone hotlines. To protect the rights and interests of whistle-blowers, all information and personal data provided are handled with strict confidentiality and safeguarded. During the Reporting Period, the Group was not involved in any legal cases related to corruption and has not identified any incidents of bribery, extortion, fraud, money laundering, or other forms of misconduct.

本集團高度重視鼓勵員工透過指定電郵及電話 熱線等匿名渠道舉報任何疑似不當行為。為保 障舉報人的權利及權益，我們嚴格保密處理及 保障獲提供的所有資料及個人信息。於報告期 間，本集團並無涉及任何關於貪污的法律案 件，亦並無發現任何賄賂、勒索、欺詐、洗黑 錢或其他形式不當行為的事件。

100 Rego Interactive Co., Ltd 潤歌互動有限公司

Environmental, Social and Governance Report 環境、社會及管治報告

Intellectual Property Protection

知識產權保護

The Group’s core business in cloud services and software development places significant importance on the effective management and protection of intellectual property (“ IP ”), which represents a critical asset supporting its operational capabilities and long-term competitiveness.

本集團於雲服務及軟件開發的核心業務強調知 識產權（「 知識產權 」）的有效管理及保護，其為 支持本集團營運能力及長期競爭力的重要資 產。

Recognising the essential role of IP rights in driving innovation and maintaining competitive advantage, the Group maintains strict compliance with applicable laws and regulations, including the Trademark Law of the PRC, the Patent Law of the PRC, the Copyright Law of the PRC, and the Regulations on the Protection of Computer Software of the PRC.

認識到知識產權在促進創新及保持競爭優勢方 面的重要作用，本集團堅持嚴格遵守相關法律 法規，包括《中華人民共和國商標法》、《中華 人民共和國專利法》、《中華人民共和國著作權 法》及《中華人民共和國計算機軟件保護條例》。

Internally, the Group has implemented a comprehensive Intellectual Property Management Handbook to govern and standardise the management of its intellectual property assets, including trademarks, domains, copyrights, and patents. This handbook reflects the Group’s commitment to safeguarding the integrity and security of our intellectual property. Employees engaged in IP work must undergo specialised training provided by the China National Intellectual Property Administration to obtain recognition and related certificates.

對內，本集團已實施全面的知識產權管理工作 手冊，以監管及統一商標、域名、版權及專利 等知識產權資產的管理。該工作手冊反映本集 團對保護知識產權完整性及安全的承諾。員工 工作如涉及知識產權，須接受中國國家知識產 權局的專業培訓，以取得認可及相關證書。

During the Reporting Period, the Group did not receive any material claims relating to the infringement of intellectual property rights, nor was it aware of any pending or threatened claims in this regard. In addition, the Group has established specific guidelines for management of confidential information, including the information technology solutions devised for clients. These guidelines are detailed in the Group’s Confidentiality Guidelines which are part of the Intellectual Property Management Regulations. These regulations establish clear requirements governing the production, circulation, use, and disposal of internal materials. By strictly implementing these rules, the Group effectively reduces the risk of unintentional disclosure of intellectual property.

於報告期間，本集團並無接獲任何有關侵犯知 識產權的重大索賠，亦不知悉任何相關的尚未 了結或面臨威脅的索賠。此外，本集團已就機 密資料的管理制訂具體指引，其中包括為客戶 設計的信息技術解決方案。該等指引詳述於本 集團的保密條例，乃企業知識產權管理規範的 一部分。該等規定制定監管內部材料的製作、 傳送、使用及處理的明確要求。透過嚴格實施 該等規則，本集團有效降低意外披露知識產權 的風險。

Annual Report 2025 年報 101

Environmental, Social and Governance Report 環境、社會及管治報告

Designated representatives from the management levels of the Intellectual Property Department and the Administrative Department are responsible for overseeing the enforcement of the Intellectual Property Management Regulations across the Group. Their responsibilities include, but are not limited to the following:

來自知識產權部門及行政部門的管理層指定代 表負責監督本集團知識產權管理規範的執行情 況，其責任包括但不限於下列各項：

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----- Start of picture text -----

Provide leadership and define the
strategic direction for the Group’s IP
management.
負責本集團的知識產權管理及
制定戰略方針。
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approves of
Promote IP policy
IP-related
awareness among
policies to ensure
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manage external
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related to the objectives and
legal standards.
Group’s IP rights.
定期檢討及審批
提高僱員的知識產權
知識產權相關政
政策意識，及管理
策，確保符合本集
有關本集團知識產權
團目標及法律
的對外通訊。
標準。
Allocate adequate resources Establish and maintain the IP
to support the operation and management system, to ensure
continual improvement of the its effectiveness and relevance.
IP management system. 制定及落實知識產權管理制度，
投入充足資源以支持營運及持續 確保其有效並適用。
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102 Rego Interactive Co., Ltd 潤歌互動有限公司

Environmental, Social and Governance Report 環境、社會及管治報告

The Group continued to strengthen its intellectual property portfolio to support innovation and maintain its competitive advantage. As of the end of the Reporting Period, we held a total of 221 intellectual property rights. During the Reporting Period, the Group obtained 7 of new software copyrights, 5 patents, 136 of software copyrights. Additionally, the Group has a total number of approved trademarks reaching 80, all of which have been officially authorised.

本集團持續加強其知識產權組合，以支持創新 及保持其競爭優勢。截至報告期間末，我們持 有合共 221 項知識產權。於報告期間，本集團 獲得七項新軟件版權、五項專利、 136 項軟件 版權。此外，本集團獲批商標總數達到 80 個， 均已獲正式批准。

Advertising

廣告

We ensure that all advertising and promotional materials are truthful, accurate, and reliable to maintain full legal compliance. The Group conducts stringent reviews of advertising content to prevent the use of inappropriate wording, false or misleading statements, exaggerated claims, or any content that may infringe upon the rights of others. We comply with applicable laws and regulations, including the Advertising Law of the PRC, the Anti-Unfair Competition Law of the PRC and others.

我們確保所有廣告及推廣資料真實、準確及可 靠，以保持完全合法合規。本集團嚴格審查廣 告內容，以防止使用不當用詞、虛假或誤導陳 述、誇大其詞或可能侵犯其他人權利的任何內 容。我們遵守《中華人民共和國廣告法》、《中 華人民共和國反不正當競爭法》及其他相關法 律法規。

We prioritise transparent and effective communication with customers and the media. In all client interactions, the Group ensures that information relating to our products and services is complete, truthful, accurate, and clearly presented. The Board oversees the Group’s communication practices and is responsible for ensuring that no advertising or public communications contain misleading, inaccurate, or misrepresented information.

我們重視與客戶及媒體的透明及有效溝通。在 與客戶的所有互動中，本集團確保有關我們產 品及服務的資料均為完整、真實、準確及清 晰。董事會監督本集團的通訊工作，並負責確 保廣告或公共通訊並無誤導、不準確或歪曲資 料。

• Pre-Clearance and Registration: All new advertising partners and contracts must be formally registered and vetted by the Legal Department to verify client credentials and contractual integrity before work commences.

• 事前核准及登記： 所有新的廣告合作夥 伴及合約在工作開始之前，必須經由法 務部正式登記及審查，以查核客戶資質 以及合約完整性。

Annual Report 2025 年報 103

Environmental, Social and Governance Report 環境、社會及管治報告

• Content Compliance Review: A strict pre-publication review of all creative assets is conducted against a detailed checklist that prohibits:

• 內容合規審查： 所有創意素材於發佈前 須依據詳細清單進行嚴格審查以杜絕：

• The use of national symbols or governmental endorsements.

• 使用國家象徵或政府背書。

• Absolute claims and unsubstantiated data.

• 絕對化陳述以及未經證實的數據。

• Content that is discriminatory, harmful to minors, or detrimental to social order.

• 具歧視性、對未成年人有害或破壞 社會秩序的內容。

• Infringement on third-party intellectual property rights, including celebrity images and endorsements without valid authorisation.

• 侵犯第三方知識產權，包括未經有 效授權使用名人肖像及代言。

• Promotion of prohibited or unsafe products, including counterfeit goods.

• 推廣被禁止或不安全的產品，包括 假冒貨品。

• Real-Time Monitoring and Auditing: Dedicated personnel conduct daily audits of live campaigns. The Legal Department also performs unscheduled spotchecks to ensure ongoing compliance and can mandate the immediate takedown of any non-compliant material.

• 實時監控與審核： 專責人員每日對直播 活動開展審核。法務部亦會進行不定期 的突擊檢查，以確保持續合規，並可勒 令立即下架任何不合規的材料。

• Complaint and Incident Protocol: A clear procedure is in place for handling user complaints. All complaints are routed through Customer Service to the Legal Department for verification, triggering an immediate correction process.

• 投訴及事件處理機制： 已設立明確程序 處理用戶投訴。所有投訴均由客戶服務 部轉交法務部核實，並隨即啟動糾正程 序。

QUALITY FIRST, RELIABLE SERVICES

質量第一，服務可靠

The Group places strong emphasis on the quality and reliability of its offerings, dedicating itself to enhancing the calibre of its core businesses, which include marketing and promotion services, cloud services, and integrated information technology solutions. The Group has established a comprehensive quality management system covering two key dimensions: service quality and product quality.

本集團重視所提供產品及服務的質量及可靠 性，致力於提高核心業務能力，包括營銷及推 廣服務、雲服務及綜合信息技術解決方案。本 集團制定全面的品質管理系統，涵蓋兩大關鍵 層面：服務質素及產品質素。

104 Rego Interactive Co., Ltd 潤歌互動有限公司

Environmental, Social and Governance Report 環境、社會及管治報告

Superior Quality

卓越品質

The Group places strong emphasis on product quality across its marketing and advertising services, striving to deliver superior client satisfaction and uphold its brand reputation. Recognising client feedback as a vital foundation for continuous improvement, the Group conducts regular reviews of ongoing campaigns to ensure alignment with client expectations. Upon completion of each contract, client insights are systematically collected and analysed to inform future strategic enhancements.

營銷及廣告服務方面，本集團重視產品的品 質，致力令客戶十分滿意及維護品牌聲譽。本 集團深知客戶反饋乃促進持續改善的重要基 石，對正在進行的項目進行定期審查，以確保 符合客戶預期。合約完成後，系統化收集及分 析客戶意見，並用於日後策略改進。

In IT solutions, the Group’s commitment to service excellence is underpinned by the deep technical expertise of its professionals, who possess extensive knowledge of core product functionalities and the operational dynamics of downstream sectors within the IT service industry. The Quality Control Team is responsible for developing user interface designs for software platforms, monitoring system services, and reviewing products and services to ensure consistent, high-quality solutions for clients.

IT 解決方案方面，本集團對卓越服務的追求依 賴其專業人員的深厚技術專業知識。該等專業 人員深刻了解核心產品功能及 IT 服務行業下游 產業的運營動態。品質控制團隊負責軟件平台 的用戶界面設計開發、監督系統服務以及審核 產品及服務，以確保穩定為客戶提供優質解決 方案。

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Environmental, Social and Governance Report 環境、社會及管治報告

The Quality Control Team is responsible for monitoring and completing respective follow-up, in which their tasks included but not limited to the following:

品質控制團隊負責監督及完成各自的跟進工 作，其任務包括但不限於以下事項：

The team conducts inspections of IT products sourced from vendors and designated for customer delivery, ensuring quality assurance throughout the 01 procurement, warehousing, and distribution stages of the hardware. 該團隊檢查自賣方採購並擬交付予客戶的IT產品，確保硬件採購、倉儲及分銷環節的品質 控制。

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The hardware and software products utilised in the Group’s IT services are 02 covered by suppliers’ warranties, ranging from 12 to 36 months. 本集團IT服務使用的硬件及軟件產品由供應商提供12至36個月保質期。 With ISO 9001 Certification, the team follows the supplier management 03 process of ISO 9001 to manage the quality of suppliers and subcontractors.透過ISO 9001資格認證，該團隊依循ISO 9001供應商管理流程，以管理供應商及分包商 質素。 The team performs ongoing supplier performance evaluations and quality remains amenable to the initiation of relationships with prospective new 04 suppliers. 該團隊持續評估供應商的表現質素，同時對與潛在的新供應商建立合作關係保持開放態 度。 In the event that defects are identified, the suppliers in question will bear responsibility, and customers have the option to contact these suppliers 05 directly to arrange for the replacement of the defective hardware or software. 如發現任何瑕疵，有關供應商將承擔責任，客戶可直接聯絡供應商安排替換瑕疵硬件或軟 件。

Customer Services

客戶服務

The Group places strong emphasis on customer feedback and complaints, committing to prompt and decisive followup actions upon receipt of such reports. The Compliance Department staff are responsible for meticulously documenting and monitoring the status of complaint resolution. The employee assigned to conduct a thorough investigation into the issues raised and executes necessary corrective measures. All actions and progress are recorded in the Client Complaints Form, which is subsequently submitted to the Director of the Compliance Department for review. Notably, during the Reporting Period, the Group did not receive any complaints relating to products and services.

本集團十分重視客戶的反饋及投訴，務求在接 獲有關報告後及時果斷採取跟進行動。合規部 員工負責仔細記錄及監督投訴解決情況。負責 的員工會對提出的問題進行徹底調查，並採取 必要的整改措施。客戶投訴表記錄所有行動及 進展，然後交由合規部總監審閱。值得注意的 是，於報告期間，本集團並無接獲任何產品及 服務相關投訴。

106 Rego Interactive Co., Ltd 潤歌互動有限公司

Environmental, Social and Governance Report 環境、社會及管治報告

Customer Information Security

客戶資料安全

The Group places strong emphasis on safeguarding client privacy, recognising that the secure handling and processing of data are critical to maintaining its market reputation. A solid reputation not only reinforces trust among existing clients but also enhances confidence amount potential clients. At the same time, the Group acknowledges its broader social responsibilities and remains continuously improving its privacy protection practices.

本集團十分重視保障客戶的隱私，明白安全接 觸及處理資料對維持其市場聲譽至關緊要。建 立良好聲譽不僅可增強現有客戶之間的信任， 亦可增強潛在客戶的信心。同時，本集團承認 其整體社會責任，並繼續不斷改進隱私保護工 作。

The Group is committed to full compliance with all applicable laws and regulations governing information security in the PRC. This includes, but is not limited to, adherence to the Information Security Technology – Personal Information Security Specification of the PRC, the Personal Information Protection Law of the PRC and the Network Security La of the PRC. In addition, the Group has obtained ISO 27001 and ISO 20000 certifications, demonstrating its alignment with internationally recognised standards in software development. Throughout the Reporting Period, the Group maintained strict compliance with all relevant information security regulations and requirements in the PRC.

本集團竭力全面遵守中國監管信息安全的一 切相關法律法規，其中包括但不限於遵從《中 華人民共和國信息安全技術個人信息安全規 範》、《中華人民共和國個人信息保護法》及《中 華人民共和國網絡安全法》。此外，本集團已 取得 ISO 27001 及 ISO 20000 認證，表明在 軟件開發領域符合國際公認標準。於報告期 間，本集團嚴格遵守中國所有相關的信息安全 法律法規。

Annual Report 2025 年報 107

Environmental, Social and Governance Report 環境、社會及管治報告

To strengthen privacy and data security, the Group strictly enforces its Data Usage and Management Regulation. This regulation clearly defines authorised personnel permitted to access data and establishes safeguards to prevent the excessive collection and improper use or unauthorised disclosure of protected information. All information related to the Group and its affiliates must be treated as strictly confidentiality. Without express permission from the Chief Executive Officer, the replication, scanning, or verbal dissemination of any information contained within the Group’s databases to unauthorised individuals is prohibited. In the case of a breach involving sensitive data, the implicated personnel may face disciplinary actions ranging from official warnings to contract termination or even referral to legal authorities.

為增強隱私及數據安全，本集團嚴格執行數據 使用及管理制度。該制度清楚界定獲准取得數 據的獲授權人士，並建立防止過度收集及不當 使用或擅自披露受保護信息的保障措施。與本 集團及其聯屬人士有關的一切資料必須作嚴格 保密處理。未經行政總裁明確許可，不得向未 獲授權人士複製、掃描或口頭傳播本集團數據 庫內任何資料。如敏感資料遭洩露，則涉事人 員可能面臨紀律處分，包括正式警告、終止合 約甚至移交司法機關處理。

Employees are required to maintain the confidentiality of sensitive information in strict accordance with the terms set out in the internal document. The Group emphasises that swift action and thorough investigation are essential to safeguarding data privacy.

員工須嚴格根據內部文件所載條款對敏感資料 進行保密。本集團強調，迅速行動及徹底調查 乃信息隱私保護的關鍵。

Improving Network Security Management

提升網絡安全管理

In its commitment to maintaining robust network security, the Group utilises external cloud services to ensure the protection of its databases and data storage. To mitigate the risks associated with potential cloud service provider failures, the Group has implemented a comprehensive backup mechanism and a series of network security management measures, including:

本集團致力於維持穩健的網絡安全，採用外部 雲服務來確保保護數據庫及數據存儲。為了降 低潛在雲服務提供商出現故障的風險，本集團 已實行一套綜合備份機制及一系列網絡安全管 理措施，包括：

• Prohibiting employees from accessing or logging into unknown or unsecured websites.

• 禁止員工使用或登入不明或不安全網站。

• Mandating the use of complex passwords and requiring regular password updates.

• 強制使用複雜密碼並要求定期更新密碼。

• Restricting the use of personal email accounts for conducting official business within the workplace.

• 限制於辦公場所使用個人電郵賬戶處理 公事。

• Prohibiting the downloading of attachments from unverified or suspicious emails.

• 禁止下載未經驗證或可疑的電郵附件。

108 Rego Interactive Co., Ltd 潤歌互動有限公司

Environmental, Social and Governance Report 環境、社會及管治報告

The Group has established a clear, time-bound procedure for restoring critical systems. The Group maintains a Personnel Backup Plan, identifying first, second, and third responders for critical roles, including Information System Management, Infrastructure Management, and Service Management.

本集團制定明確的限期關鍵系統恢復程序。本 集團備有人員備用計劃，為關鍵職能（包括資 訊系統管理、基礎設施管理及服務管理）指定 第一、第二及第三順位處理人員。

The effectiveness of the Service Continuity Plan is verified through rigorous annual testing. These tests measure key performance indicators, including the recovery point of critical systems, backup success rates, and the effectiveness of disaster recovery drills. The results are evaluated against a standardised service continuity measurement table to identify areas for improvement.

透過每年進行嚴格的測試，驗證服務持續計劃 的有效性。該等測試衡量關鍵績效指標，包括 關鍵系統的恢復點、備份成功率及災難復原演 練成效。測試結果會按照標準化服務持續性計 量表進行評估，以識別需要改進之處。

Supply Chain Management

供應鏈管理

The Group is committed to maintaining a responsible, transparent, and resilient supply chain. Governed by a comprehensive Procurement Management Policy, our approach ensures that all sourcing activities, from raw materials to professional services are conducted with integrity, fairness, and rigorous oversight.

本集團致力維持負責任、透明且穩健的供應 鏈。在全面採購管理政策的規管下，我們的管 理方法確保從原材料到專業服務的所有採購活 動，均以誠信、公平及嚴格監管的方式進行。

To uphold consistency and integrity in the procurement of products and services, the Group has established the Supplier Evaluation Assessment Regulation. This framework sets out a structured process for conducting thorough evaluations prior to onboarding new suppliers and mandates ongoing assessments and regular audits of current approved suppliers. This systematic approach guarantees that procurement practices meet the Group’s high quality and legal compliance standards.

為確保產品及服務採購的一致性及廉潔誠信， 本集團已制定供應商評價考核規定。該框架列 明在接納新供應商之前進行全面評估的系統化 流程，並要求對當前認可的供應商進行持續評 核及定期審查。此系統性方法可確保採購常規 符合本集團的高質量及法律合規要求。

Annual Report 2025 年報 109

Environmental, Social and Governance Report 環境、社會及管治報告

We adopt a rigorous and structured approach to onboarding new suppliers, ensuring that they meet a comprehensive set of criteria before being considered. The evaluation process conducted by the purchasing agent includes an examination of the following factors:

我們就接納新供應商採取嚴謹的系統化流程， 確保彼等符合一套全面的標準後方予考慮。採 購代理會進行評估，該過程包括核查以下因 素：

• Supplier’s Background Information: The agent assesses the supplier’s overall history, credibility, and operational stability.

• 供應商的背景資料：由代理評核供應商的整體過往記錄、信譽及營運穩定情況。

• Professional Qualifications: Relevant business licences and certifications – such as ISO management system certifications – are reviewed, particularly given the Group’s focus on technology-related software.

• 專業資格：審查相關營業執照及證書（例如ISO管理系統認證），尤其是考慮到本集團專注於技術有關 軟件。

• Product and Service Quality: The quality and reliability of the supplier’s products and services are evaluated to ensure alignment with the Group’s standards. 產品及服務質素：評估供應商產品及服務的質素及可靠性以確保符合本集團標準。

• Reputation: The supplier’s industry reputation, along with feedback and evaluations from other clients, is taken into consideration.

• 聲譽：供應商的行業聲譽，連同來自其他客戶的反饋及評價，均納入考量。

• Human Rights Management: The Group examines the supplier’s human rights practices to ensure consistency with international standards and the Group’s values. 人權管理：本集團審查供應商的人權常規，以確保符合國際標準及本集團的價值觀。

• Compliance with Social and Environmental Issues: Suppliers must demonstrate adherence to responsible labour practices, social compliance, and environmental sustainability standards.

• 社會及環境合規事宜：供應商須表明遵守負責任的勞工常規、社會合規及環境可持續發展標準。

To ensure continuous alignment with our standards, the Group conducts formal reviews of all long-term suppliers at least annually. Performance is evaluated using a balanced scorecard approach, assessing delivery reliability, product quality, service responsiveness, and price competitiveness. Based on these reviews, suppliers are categorised as Excellent, Qualified, or Unqualified. Those failing to meet minimum requirements are removed from the Approved Vendor List, while consistently high-performing suppliers are recognised as strategic partners.

為確保持續符合我們的標準，本集團至少每年 對所有長期合作供應商進行一次正式評核。使 用平衡計分卡的方法評價其表現，考核範疇涵 蓋交付可靠性，產品質素，服務響應速度以及 價格競爭力。根據該等評核結果，供應商被分 類為優秀，合格或不合格。未能達到最低要求 的供應商於准入供應商名單中除名，而表現持 續優異的供應商則獲得認可，成為策略合作夥 伴。

110 Rego Interactive Co., Ltd 潤歌互動有限公司

Environmental, Social and Governance Report 環境、社會及管治報告

The Group enforces a strict segregation of duties throughout the procurement process to prevent errors and misconduct. All purchasing activities follow a mandatory “apply, approve, then execute” protocol, with approval authority calibrated to the value and nature of each transaction. Contracts are subject to multi-departmental review, and payments are only processed upon verification of goods receipt, invoice accuracy, and contractual compliance. Regular supplier reconciliations are conducted to ensure financial accuracy and transparency.

本集團於採購全過程中實施嚴格的職責分離機 制，以杜絕錯誤及不當行為。所有採購活動均 須遵循強制性的「申請、審批、隨後執行」程 序。審批權限依據每筆交易的金額與性質進行 分級設定。合約須經多部門聯合審查，且僅在 確認貨物已收訖、發票準確無誤並符合合約規 定後，方可辦理付款。本集團亦定期進行供應 商對賬，以確保財務數據的準確性與透明度。

As of December 31, 2025, the Group has a total 222 of suppliers, all of which are situated in the PRC.

截至 2025 年 12 月 31 日，本集團共有 222 名供 應商，全部位於中國。

ENVIRONMENTAL PROTECTION AND GREEN DEVELOPMENT

環境保護及綠色發展

As a provider of integrated marketing-promotion and IT solutions services, the Group does not generate significant or measurable gaseous emissions, resulting in a relatively low direct environmental footprint. The Group’s primary environmental impacts arise from electricity and water consumption, paper usage, emissions from company-owned vehicles, and carbon emissions associated with employee business air travel during the Reporting Period.

作為一家集營銷推廣及資訊科技解決方案服務 於一體的供應商，本集團並未產生大量或可測 量的氣體排放物，對環境的直接影響相對較 低。本集團造成的環境影響主要來自報告期間 用電及用水、用紙及公司自有車輛排放物，以 及員工公幹乘坐航班相關的碳排放所致。

The Group is committed to complying with all applicable environmental laws and regulations, including but not limited to the Environmental Protection Law of the PRC, the Law on Air Pollution and Control of the PRC, the Water Pollution and Control Law of the PRC, the Solid Waste Pollution Prevention and Control Law of the PRC, and the Energy Conservation Law of the PRC. The Group further demonstrates its commitment to environmental responsibility through its certification under the ISO 14001 standard, underscoring its dedication to environmental stewardship across its operations.

本集團致力遵守所有適用環保法律法規，包括 但不限於《中華人民共和國環境保護法》、《中 華人民共和國大氣污染防治法》、《中華人民共 和國水污染防治法》、《中華人民共和國固體廢 物污染環境防治法》及《中華人民共和國節約能 源法》。本集團獲得 ISO 14001 項下認證，進 一步彰顯其致力履行環保責任，強調其在業務 運營過程中遵守環保標準的決心。

Annual Report 2025 年報 111

Environmental, Social and Governance Report 環境、社會及管治報告

Throughout the Reporting Period, the Group complied with all relevant environmental regulations with material impact on its operations, demonstrating its ongoing commitment to environmental compliance and sustainable development.

於報告期間，本集團一直遵守對其營運有重大 影響的所有相關環境法規，表明其持續致力於 達致環保合規及可持續發展的承諾。

• Waste Reduction Targets

• Reduce waste generated from the Group’s office areas.

• 減廢目標

  • 減少本集團辦公室場所產生的廢棄 物。

• Energy Saving Targets

• Optimise the Group’s energy consumption structure, enhance energy-use efficiency, and progressively reduce overall energy consumption.

  • 節能目標 o 優化本集團能耗結構、提高能源使 用效率及逐步減少整體能耗。

• Water Saving Targets

• Improve water-use efficiency and gradually reduce overall water consumption.

• 節水目標 o 提高水資源使用效率及逐步減少整 體用水。

AIR POLLUTION EMISSION MANAGEMENT

廢氣排放管理

Given the nature of the Group’s business in marketing promotion and IT solutions services, our operations do not involve fixed machinery or gas-fuel combustion that would generate stationary emissions. Emissions of nitrogen oxides (NOx), sulphur oxides (SOx), and particulate matter (PM) arise primarily from the use of company-owned vehicles.

由於本集團於營銷推廣及資訊科技解決方案服 務業務的性質使然，我們的營運並無涉及將產 生固定燃燒源排放的固定機器或氣體燃料燃 燒。氮氧化物 (NOx) 、硫氧化物 (SOx) 和顆粒 物 (PM) 排放主要產生自使用公司自有車輛。

112 Rego Interactive Co., Ltd 潤歌互動有限公司

Environmental, Social and Governance Report 環境、社會及管治報告

Details of exhaust gas generated by the Group’s vehicles:

本集團車輛產生的廢氣詳情：

		Total	Total
		總計
		Year ended	Year ended
		31 December	31 December
		Unit 2025	2024
		截至2025年	截至2024年
		12月31日	12月31日
Types of emissions	排放物種類	單位 止年度	止年度
Nitrogen Oxides (NOx)	氮氧化物(NOx)	kg
Sulphur Oxides (SOx)	硫氧化物(SOx)	千克 93.83 kg	133.97
Particulate Matter (PM)	顆粒物(PM)	千克 0.11 kg	0.24
		千克 8.97	12.54

WASTE MANAGEMENT

廢棄物管理

Due to the nature of the Group’s operations, no material hazardous waste is generated in the ordinary course of business. For non-hazardous waste, paper constitutes the primary waste stream. To minimise waste generation, the Group promotes environmentally responsible practices by adopting the “4R” principles – Reduce, Reuse, Recycle, and Replace. Key initiatives include encouraging digital communication, prioritising electronic documentation over printed materials, setting double-sided printing as the default for all printers, and promoting the reuse of single-sided paper where no confidential information is involved. These measures help reduce paper consumption and contribute to lowering the Group’s overall waste footprint.

由於本集團業務營運性質使然，日常業務過程 中不會產生重大有害廢棄物。就無害廢棄物而 言，廢紙構成主要廢棄物來源。為了盡量減 少產生廢棄物，本集團透過採取「 4R 」原則（減 少、重用、回收、替代），倡導對環境負責的 做法。主要措施包括鼓勵數碼通訊、優先採用 電子文件而非打印材料、將雙面打印設為所有 打印機的默認模式，並倡導在不涉及保密資料 的情況下重複使用單面打印的紙張。該等措施 有助減少紙張用量，並有助降低本集團整體廢 棄物產生。

Annual Report 2025 年報 113

Environmental, Social and Governance Report 環境、社會及管治報告

Details of the emission data of the Group:

本集團排放數據詳情：

		Total	Total
		總計
		Year ended	Year ended
		31 December	31	December
		Unit 2025		2024
		截至2025年	截至2024年
		12月31日		12月31日
Types of emissions	排放物種類	單位 止年度		止年度
Hazardous wastes	有害廢棄物	Tonnes
		噸 0		0.021
Hazardous wastes intensity	有害廢棄物密度	Tonnes/number of
		employees1
Non-hazardous wastes	無害廢棄物	噸╱員工人數1 0 Tonnes噸 0.50		0.000046 0.92
Non-hazardous wastes intensity	無害廢棄物密度	Tonnes/number of
		employees 噸╱員工人數 0.0025		0.0029

Use of Resources

資源利用

Water Usage

用水

The Group recognises the critical importance of water as a natural resource and has made water conservation a key environmental objective. It actively promotes responsible water use across its operations, emphasising the avoidance of unnecessary consumption. The Group’s water supply during the Reporting Period remained stable and sufficient for daily office activities, with no associated sourcing risks. The Group remains focused on using water resources efficiently and responsibly within its office environments to support broader water conservation efforts.

本集團深知水作為天然資源至關重要，故將節 約用水作為主要環保目標。本集團積極倡導在 整個業務營運中負責地用水，強調避免不必要 耗用。於報告期內本集團的供水就日常辦公室 活動而言維持穩定充裕，並無與求取水資源相 關的風險。本集團仍專注於在其辦公場所內有 效及負責地使用水資源，以支持加大節水力 度。

1 Intensity calculated by dividing tonnes of carbon dioxide equivalent by total number of employees in the Group. As of 31 December 2025, the total number of employees were 198 (2024: 311).

1 密度以噸二氧化碳當量除以本集團員工總人數 計算。截至 2025 年 12 月 31 日，員工總人數為 198 名（ 2024 年： 311 名）。

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The Group promotes water conservation and encourages employees to adopt responsible water-use practices. To reduce water consumption, we promptly repair any leaking faucets to prevent water loss. Notices have also been placed in washroom areas to remind employees to use water mindfully and avoid unnecessary wastage.

本集團倡導節水，並鼓勵員工採取負責任的用 水方式。為了降低耗水量，我們會即時維修任 何漏水的水龍頭以防止耗水。我們亦在洗手間 區域張貼提示，提醒員工注意用水量，避免不 必要的浪費。

			Total	Total
			總計
			Year ended	Year ended
			31 December	31	December
		Unit	2025		2024
			截至2025年	截至2024年
			12月31日		12月31日
Types of emissions	排放物種類	單位	止年度		止年度
Water consumption	耗水量	m3
Intensity	密度	立方米 m3/number of	2,661.04		4,277.80
		employees
		立方米╱員工人數	13.44		13.75

Energy Use Efficiency

能源使用效率

The Group has actively implemented energy-saving measures across its operations to reduce overall energy consumption. Energy conservation reminders are prominently displayed to encourage employees to adopt energy-efficient behaviours, such as switching off computers and office lights when not in use. These practices, especially after business hours, help minimise unnecessary electricity usage and reduce light pollution.

本集團在營運過程中積極採取節能舉措以減少 整體耗能。我們在顯眼位置張貼節能提示，鼓 勵員工採取節能行為，諸如在不使用時關閉電 腦、辦公室照明，尤其是在辦公時間後，有助 盡量減少不必要用電及減少光污染。

Additionally, we have implemented an air-conditioning usage policy that recommends maintaining an optimal temperature setting of 25[o] C. This approach enhances occupant comfort while supporting energy-efficiency objectives. In parallel, blinds are utilised strategically to improve thermal insulation and minimise heat gain, thereby reducing the overall cooling demand and contributing to lower energy consumption.

此外，我們施行空調使用政策，推薦最佳溫度 設為 25 攝氏度，在提升使用者舒適度的同時， 支持節能目標。同時，戰略性使用百葉窗，提 高隔熱效果並盡量減少吸熱，從而降低整體供 冷需求及有助降低能耗。

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The Group has actively implemented energy-saving measures across its operations to reduce overall energy consumption. Energy conservation reminders are prominently displayed to encourage employees to adopt energy-efficient behaviours, such as turning off computers, office equipment, and lighting when not in use. These practices, particularly after business hours, help minimise unnecessary electricity usage and contribute to the reduction of light pollution.

本集團在各營運層面積極推行節能措施，以減 少整體能源消耗。我們在顯眼位置張貼節能提 示，鼓勵員工採取節能行為，諸如在不使用時 關閉電腦、辦公室設備及照明，尤其是在辦公 時間後，有助盡量減少不必要用電及有助減少 光污染。

		Total	Total
		總計
		Year ended	Year ended
		31 December	31 December
		Unit 2025	2024
		截至2025年	截至2024年
		12月31日	12月31日
Types of emissions	排放物種類	單位 止年度	止年度
Fuel consumption	燃料消耗	kWh 千瓦時 72,608.46	157,432.26
Fuel consumption intensity	燃料消耗密度	kWh/number of employees 千瓦時╱員工人數 366.71	506.21
Electricity consumption	耗電量	kWh 千瓦時 340,984.88	307,825.53
Electricity consumption intensity	耗電密度	kWh/number of employees 千瓦時╱員工人數 1,722.15	992.99
Total energy consumption	總能耗	kWh 千瓦時 413,593.338	465,257.79
Intensity	密度	kWh/number of employees 千瓦時╱員工人數 2,088.86	1,496.00

The Environment and Natural Resources

環境及天然資源

Our daily office operations do not involve any production processes and the impact on the environment and natural resources is minimal. Nonetheless, the Group firmly believes that corporate growth should be pursued responsibly, with a conscious effort to protect the environment. This philosophy is ingrained in the Group’s operations, as it strives to minimise its carbon footprint through vigilant monitoring of resource consumption and strict compliance with environmental regulations.

我們的日常辦公運營不涉及任何生產過程，故 對環境及天然資源的影響甚微。儘管如此，本 集團堅信應以負責任的態度追求企業增長，注 重保護環境。此理念深深根植於本集團營運之 中，務求透過對資源耗用的審慎監控及對環保 法例的嚴格遵守將其碳足跡降至最低。

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Coping with Climate Change

應對氣候變化

The Group recognises the seriousness of climate change and its potential implications for our business operations. We are committed to identifying climate-related risks that may affect our activities and developing appropriate strategies to manage these risks effectively.

本集團深知氣候變化的嚴重性及其對我們業務 運營的潛在影響。我們致力識別可能影響我們 業務活動的氣候相關風險，並制定適當的策略 有效管理該等風險。

We have gradually aligned our climate-related disclosures according to the ESG Code and with reference to the International Financial Reporting Standards S2 Climaterelated Disclosures, which provides a structured approach to assessing and disclosing climate risks and opportunities.

我們已逐步依據環境、社會及管治守則，並參 照《國際財務報告準則第 S2 號 —— 氣候相關披 露》，對氣候相關披露進行對標與調整。該準 則為評估及披露氣候風險與機遇提供了一套結 構化的方法。

Governance

管治

The Group has established a robust ESG governance framework. The Board has the ultimate responsibility for our climate-related initiatives, it plays a crucial role in developing and reviewing the climate strategy, ensuring alignment with the Group’s objectives, values, and long-term sustainability goals.

本集團已確立穩健的環境、社會及管治監管框 架。董事會對本集團的氣候相關措施承擔最終 責任，並在制定及審閱氣候策略方面發揮關鍵 作用，確保該策略與本集團的目標、價值觀及 長期可持續發展目標符合一致。

The Committee reports regularly to the Board, providing updates on sustainability performance, climate-related targets, and climate-related risks and opportunities assessments in regular meetings. Each division and department also have the responsibility to stay aware of any climate-related risk that may affect their areas of responsibility. For further details, please refer to the “ESG MANAGEMENT AND STRATEGY” section of this Report.

委員會定期向董事會匯報，透過例行會議提供 可持續發展表現、氣候相關目標，以及氣候相 關風險與機遇評估的最新資料。各業務分部及 部門亦須負責留意任何可能影響其職責範圍的 氣候相關風險。有關進一步詳情，請參閱本報 告「環境、社會及管治管理及策略」章節。

During the Reporting Period, to ensure the Board stays informed of the latest trend of climate-related risks and opportunities, we provided climate-related training on climate trends, regulatory developments, equipping Board members with the knowledge needed to drive effective climate governance. Climate-related considerations are not currently factored into the Group’s remuneration policy.

於報告期間，為確保董事會緊跟氣候相關風險 與機遇的最新趨勢，我們圍繞氣候趨勢以及監 管動向提供氣候相關培訓，協助各位董事會成 員掌握達致有效氣候管治所需知識。目前，本 集團薪酬政策並無納入氣候相關考量因素。

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Strategy

策略

The Group continuously monitors the potential impacts of climate change, systematically identifying related risks and opportunities to provide a basis for formulating response measures.

本集團持續監控氣候變化可能帶來的影響，系 統性識別相關風險與機遇，為制訂應對措施提 供依據。

Climate-related risks:

氣候相關風險：

			Effects on Business	Potential
			Model and Value	Financial			Response
Category	Type	Description	Chain	Impact	Time Horizon2	Impact Level	Strategy
類型	類別	描述	對業務模式及價值鏈的影響	潛在財務影響	影響週期2	影響水平	應對策略
Physical Risks	Acute	Increased frequency	Employee commuting	Decreased	Short-term	Low	Office locations selected
物理風險	立即性	and severity of	difficulties or	revenue.	短期	低	to avoid high-risk areas;
		extreme weather	temporary office	收入減少。			enhanced business continuity
		events (e.g.,	closures, delaying				plans to ensure operations
		typhoons, floods,	project delivery.				during disruptions.
		heatwaves).	員工通勤困難或辦公室暫時				辦事處選址時避開高風險區域；提升
		颱風、洪水、酷熱等極端天	關閉，延遲項目交付。				業務延續計劃以確保中斷時的運
		氣事件的發生頻率，嚴重					營。
		程度上升。	Potential downtime of	Increased asset			Adoption of multi-cloud
			data centres.	replacement			strategies and partnerships
			數據中心潛在的停機時段。	costs (IT			with resilient data centre
				equipment			providers to mitigate physical
				damage).			risks.
				增加資產置換成本			採用多雲策略以及與穩健數據中心供
				（IT設備損壞）。			應商合作以減低物理風險。
Physical Risks	Chronic	Rising global	Higher electricity	Increased	Medium to Long-	Low	Implementation of energy-
物理風險	長期性	temperatures leading	consumption for air	operating	term	低	saving retrofits (e.g., high-
		to increased cooling	conditioning in offices	expenses.	中期至長期		efficiency HVAC, smart
		demands.	and any in-house	營運成本增加。			sensors); promotion of
		全球升溫導致製冷需求	server rooms.				energy-saving culture among
		增長。	辦公室空調以及任何室內				employees; preference
			服務器機房用電量增加。				for cloud partners using
							renewable energy or with low
							PUE data centres.

實施節能改造（例如高能效空調，智 能傳感器）；在員工中推廣節能文 化；優先選擇使用可再生能源或低 能耗數據中心的雲合作夥伴。

2 Short-term: before 2030; Medium-term: 2030–2050; Longterm: Beyond 2050.

• 2

短期： 2030 年之前；中期： 2030 年至 2050 年；長期： 2050 年之後。

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			Effects on Business	Potential
			Model and Value	Financial			Response
Category	Type	Description	Chain	Impact	Time Horizon2	Impact Level	Strategy
類型	類別	描述	對業務模式及價值鏈的影響	潛在財務影響	影響週期2	影響水平	應對策略
Transition Risks	Policy & Legal	Stricter environmental	Greater resources	Increased	Short-term	Medium	Regular participation in
轉型風險	政策及法律	disclosure	needed for data	administrative	短期	中	regulatory training to stay
		requirements and	collection, carbon	and			ahead of policy changes,
		carbon regulations.	accounting, and	compliance			ensuring compliance and
		更加嚴格的環境披露規定	potential external	expenditure.			avoiding penalties.
		以及碳規定。	assurance.	增加行政及合規開			定期參與合規培訓以緊跟政策變動，
			數據蒐集、碳核算以及潛在	支。			確保合規並避免受罰。
			的外部認證需要投入更多
			的資源。
Transition Risks	Market &	Clients prioritising	Large corporate clients	Decreased	Long-term	Low	Integrating ESG into branding
轉型風險	Customers	suppliers with strong	may include ESG	revenue (loss	長期	低	to attract sustainability-
	市場及客戶	ESG credentials.	performance in	of market			conscious clients.
		客戶優先選擇擁有強大	procurement criteria.	share).			將環境、社會及管治理念融入品牌
		環境、社會及管治資質	Failure to meet these	收入減少（喪失市			建設，以吸引認同可持續發展理念
		的公司。	standards could result	場份額）。			的客戶。
			in exclusion from
			tenders.
			大公司客戶可能將環境、社
			會及管治表現納入採購標
			準。未能滿足該等標準可
			能導致被取消競標資格。
Transition Risks	Reputation	Negative stakeholder	Reduced investor	Increased cost	Long-term	Low	Publishing high-quality annual
轉型風險	聲譽	perception regarding	confidence impacting	of capital;	長期	低	ESG reports; actively
		the Group’s climate	valuation or financing	increased			participating in industry
		inaction.	terms. Difficulty	recruitment			forums.
		因本集團未採取氣候行動	attracting top talent	and training			刊發高質量的年度環境、社會及管治
		而導致持份者持負面	who prefer employers	costs due			報告；積極參與行業論壇。
		印象。	with strong social	to talent
			responsibility.	turnover.
			投資者信心降低影響估值或	資本成本增加；人
			融資條款。難以吸引偏好	才離職率高導致
			重視企業社會責任的僱主	招聘及培訓成本
			的頂尖人才。	增加。
Transition Risks	Technology	Failure to transition	Write-offs and early	Failure to	Long-term	Low	Prudent investments ensure
轉型風險	技術	to lower emissions	retirement of existing	transition	長期	低	cost-efficiency in technology
		technology.	assets.	to lower			development and adaptation.
		未能轉向採用排放更低的	撇銷及提早報廢現有資產。	emissions			審慎投資，以確保技術開發及應用具
		技術。		technology.			成本效益。
				未能轉向採用排放
				更低的技術。

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Climate-related opportunities:	氣候相關機遇：	氣候相關機遇：
Opportunity	Potential Impact	Response Strategy
機遇	潛在影響	應對策略
Enhanced reputation and	Build trust and loyalty among	Proactively communicate climate
brand value	customers and stakeholders;	initiatives through ESG reports
聲譽及品牌價值得到提升	strengthen competitive	and social media; align with
	positioning	global sustainability standards
	與客戶及持份者建立信任和培養忠誠	透過環境、社會及管治報告及社交媒體積
	度；增強具競爭力的定位	極溝通氣候相關舉措；確保與全球
		可持續發展標準符合一致
Operational efficiency and	Reduce operational costs through	Invest in energy-efficient
cost savings	energy and resource	technologies (e.g., LED
運營效率及節約成本	efficiency.	lighting, smart meters);
	透過能源及資源使用效率降低運營成本。	transition to renewable energy
		sources where feasible
		投資節能技術（例如LED照明，智能電
		錶）；於可行時轉向使用可再生能源
Market differentiation	Capture market share from	Integrate climate considerations
市場差異化	sustainability-focused	into core business strategies.
	customers	將氣候考量融入核心業務策略。
	發展關注可持續發展的客戶以獲取市場
	份額

The Group recognises the importance of scenario analysis in assessing strategy resilience but has not yet completed formal climate-related scenario analysis. We are developing internal capabilities and gathering the required data to conduct reliable scenario modelling. Accordingly, the Group has applied the Capabilities Relief and Reasonable Information Relief.

本集團深知情景分析對於評估策略韌性的重要 程度，惟尚未完成正式的氣候相關情景分析。 我們現正致力發展內部能力，並蒐集搭建可靠 情景模型所需數據。因此，本集團已應用「能 力寬免」及「合理資料寬免」。

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Given the Group’s scale and business nature, both current and anticipated financial effects of climate-related risks and opportunities are not considered material to the Group’s overall financial position. Furthermore, where effects may exist, the level of measurement uncertainty is high and isolating specific impacts is difficult. The Group is also developing internal capabilities for preparing disclosures on anticipated financial effects. Accordingly, the Group has therefore applied the Financial Effects Relief and the Capabilities Relief (where applicable) as provided under the ESG Code for disclosure requirements about the current and anticipated financial effects of the climate-related risks and opportunities. The Group has also assessed and determined that the combined financial effects of climate-related risks and opportunities would not be useful at this stage.

鑑於本集團的規模及業務性質，氣候相關風險 與機遇所產生的當前及預期財務影響，對本集 團整體財務狀況而言並不屬於重大。此外，即 使存在影響，其計量的不確定性偏高，且單獨 識別特定影響實屬困難。本集團亦正發展內部 能力，以編製有關預計財務影響的披露資料。 因此，本集團已就氣候相關風險與機遇的當前 及預期財務影響的披露規定，應用環境、社會 及管治守則所規定的「財務影響寬免」及「能力 寬免」（如適用）。本集團亦已評估及釐定，於 現階段氣候相關風險與機遇的綜合財務影響意 義不大。

To uphold environmental sustainability, the Group has adopted a series of proactive measures to reduce emissions and improve operational efficiency:

為維持環境可持續發展，本集團已採取一系列 積極措施以實現減排及提高營運效率：

To uphold environmental sustainability, the Group is taking proactive steps: 為維持環境可持續發展，本集團正採取以下積極措施：

• Rational Driving: Promoting fuel-efficient driving behaviours to reduce fuel consumption and emissions generated by official vehicles.

• 合理駕車：倡導節省燃料的駕車行為以減少公務用車的燃料消耗及排放。

• Business Travel Oversight: Strengthening the monitoring of long-distance business travel to avoid unnecessary journeys and minimise travel-related carbon emissions. 差旅監管：加強對長途差旅的監督以避免不必要的旅行及盡量減少旅行相關碳排放。

• Alternative Meeting Methods: Encouraging employees to utilise online meetings and other digital communication tools to reduce reliance on air travel and other high-emission transportation modes.

• 其他會議方法：鼓勵員工使用線上會議及其他數碼通訊工具以減少對航空差旅及其他高排放交通模式 的依賴。

• Vehicle Maintenance: Conducting regular maintenance and performance inspections on company-owned vehicles to enhance fuel efficiency and reduce exhaust emissions. 車輛維護：對公司自有車輛定期進行維護檢查以提升燃料使用效率及降低廢氣排放。

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RISK MANAGEMENT

風險管理

As part of our enterprise risk management framework, the Group maintains a structured and ongoing process for identifying, assessing, and monitoring risks that could affect our strategic objectives. This framework, supported by a comprehensive suite of risk management policies, enables us to evaluate key risks systematically and respond with appropriate mitigation measures.

作為我們企業風險管理框架的一部分，本集團 設置系統化、持續流程，以識別、評估以及監 控可能影響本集團策略目標的風險。憑藉由一 整套風險管理政策支持的該架構，我們得以系 統性評估主要風險並採取合適的緩解措施應 對。

Climate-related risks are increasingly recognised as material factors within this landscape. Accordingly, we have integrated climate considerations into our annual risk assessment cycle, ensuring they are evaluated alongside traditional business risks.

在此背景下，氣候相關風險越來越多地被確認 為重大因素。因此，我們已將氣候考量納入我 們年度風險評估，確保與傳統業務風險一道進 行評估。

• Identification: Climate-related risks are identified through regular risk reviews conducted by the relevant business units, with reference to the PRC’s dual carbon goals and ongoing monitoring of evolving regulatory requirements, market trends, and stakeholder expectations.

• 識別： 氣候相關風險透過相關業務單位 開展的常規風險審核進行識別，並參照 中國的雙碳目標，以及持續監察監管規 定、市場趨勢以及持份者預期的變化。

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• Assessment: Identified climate risks are assessed qualitatively, taking into account their likelihood, potential impact on the Group’s business model, operations, and value chain, and the relevant time horizon. Each risk is assigned to a designated risk owner within the corresponding department, who is responsible for leading the assessment and overseeing the development of appropriate mitigation measures.

• 評估： 對已識別的氣候風險進行定性評 估，當中考慮到其可能性，對本集團業 務模式、運營以及價值鏈的潛在影響， 以及相關的影響週期。各項風險均分配 至對應部門內指定的風險專員，此人負 責領導評估並監察制訂適當緩解措施。

• Prioritisation: Climate-related risks are prioritised based on the outcome of the qualitative materiality assessment. Risks deemed most material to the Group’s strategic objectives and operational continuity are elevated for closer monitoring and more immediate action.

• 排序： 氣候相關風險依據定性重要性評 估結果進行排序。被視作對本集團策略 目標及持續運營至關重要的風險，則進 行更為密切的監控並即時採取行動。

• Monitoring: Ongoing monitoring of climate-related risks is embedded within our regular reporting cycle. Key risk indicators, including energy consumption and greenhouse gas emissions data, are tracked and reviewed periodically.

• 監控： 氣候相關風險已納入我們的定期 報告週期進行持續監控。對於關鍵風險 指標，包括能耗以及溫室氣體排放數 據，開展跟踪監測並定期核查。

METRICS AND TARGETS

指標及目標

The Group’s greenhouse gas emissions primarily comprise direct emissions generated from the use of company-owned vehicles and indirect emissions arising from electricity consumption in office premises.

本集團的溫室氣體排放主要為使用公司自有車 輛產生的直接排放及辦公場所用電產生的間接 排放。

Considering economic development and societal changes, the Group continuously evaluates the climate-related impacts of its business operations and monitors performance to enhance emission reduction and optimise resource efficiency. In alignment with this commitment, the Group has established a carbon reduction target using 2024 as the baseline year, aiming to achieve a 5% reduction in carbon emissions by 2030. Looking ahead, the Group remains aligned with the national strategic direction set forth in China’s Dual Carbon Goals. While our immediate focus is on achieving the 2030 target, we are committed to playing our part in the broader transition towards carbon neutrality by 2060. This longerterm vision will guide the evolution of our climate strategy, as we continue to explore further opportunities for emissions reduction, energy efficiency, and sustainable business practices in the decades to come.

考慮到經濟發展和社會變革，本集團持續評估 其業務營運的氣候相關影響，並監察其表現以 改善減排情況以及優化資源使用效率。秉承這 一承諾，本集團已將 2024 年作為基準年設立 減碳目標，旨在於 2030 年達致碳排放減少 5% 之目標。展望未來，本集團繼續緊跟中國「雙 碳目標」中所制定的國家戰略方針。儘管我們 現時專注實現 2030 年目標，我們亦致力在邁 向 2060 年碳中和的整體轉型中履行自身的責 任。該長遠願景將引領我們氣候策略的變化， 我們在未來數十年將持續挖掘更多減排、能源 效益及可持續業務機遇。

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The target has not been subject to independent third-party assurance. In relation to cross-industry, the Group has applied the Reasonable Information Relief, and we don’t have any capital expenditure, financing or investment deployed towards climate-related risks and opportunities. Given the low materiality of climate-related risks and the limited carbon footprint of its operations, the Group has not considered it necessary to adopt an internal carbon price at this stage.

該目標未經獨立第三方鑒證。在跨行業方面， 本集團應用合理資料寬免，且我們並未就氣候 相關風險與機遇配置任何資本開支、融資或投 資。鑒於氣候相關風險的重要性較低及其營運 的碳足跡有限，本集團認為現階段無需採取內 部碳定價。

Detailed breakdown of Greenhouse Gases Emissions by the Group:

本集團溫室氣體排放詳情：

		Total	Total
		總計
		Year ended	Year ended
		31 December	31 December
		Unit 2025	2024
		截至2025年	截至2024年
		12月31日	12月31日
Types of emissions	排放物種類	單位 止年度	止年度
Scope 1 – Energy Direct	範圍1－能源直接排放
Emissions
Combustion of fuels by the	車輛燃料燃燒	tCO2e
vehicles		噸二氧化碳當量 16.21	43.21
Scope 2 – Energy Indirect	範圍2－能源間接排放3
Emissions3
Electricity	電力	tCO2e 噸二氧化碳當量 182.97	165.18
Scope 3 – Other Indirect	範圍3－其他間接排放
Emissions
Business Air Travel4	商務航空差旅4	tCO2e 噸二氧化碳當量 20.16	99.23
Paper Consumption	用紙	0.04	4.11
Total Emissions	總排放量	tCO2e
		噸二氧化碳當量 219.35	311.73
Emission Intensity	排放密度	tCO2e/number of
		employees 噸二氧化碳當量╱員工 人數 1.11	1.00

3 According to The Ministry of Ecology and Environment of People’s Republic of China (2022), the National Emission Factors in the PRC is 0.5366 t-CO2/MWh.

4 The CO2 emission is calculated with reference to International Civil Aviation Organization (ICAO) data.

3 根據中華人民共和國生態環境部的數據（ 2022 年），中國的國家排放係數為 0.5366 噸二氧化 碳╱兆瓦時。

4 二氧化碳排放量根據國際民用航空組織的數據 計算。

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PEOPLE-ORIENTED

以人為本

The Group regards its employees as its most valuable asset and a core source of competitive advantage, driving continuous innovation and sustainable development. We are committed to safeguarding employees’ occupational health and safety, protecting their rights and interests, and fully respecting and valuing their motivation, mobility, and creativity. The Group strives to foster a harmonious and stable labour relationship while supporting employee wellbeing and development.

本集團視其員工為最重要的資產及競爭優勢的 核心來源，推動持續創新及可持續發展。我們 致力保障員工的職業健康及安全，保護員工的 權利及權益，並充分尊重及重視員工的積極 性、流動性及創造力。本集團竭力構建和諧及 穩定的勞工關係，同時大力支持僱員福祉及發 展。

During the Reporting Period, the Company did not encounter any litigation cases related to employment matters.

於報告期間，本公司並無面臨與僱傭事宜相關 的任何訴訟案件。

Employment and Labour Standards

僱傭及勞工準則

Labour Standards

勞工準則

As a responsible corporate entity, the Group places strong emphasis on employee well-being and strictly complies with all applicable employment laws and regulations. This compliance covers, but is not limited to the Labour Contract Law of the PRC, the Labour Law of the PRC, as well as the Employment Ordinance, Minimum Wage Ordinance, and Employees Compensation Ordinance of Hong Kong.

作為負責任的法人實體，本集團高度重視員工 福祉，並嚴格遵守關於僱傭的所有適用法律及 法規，包括但不限於《中華人民共和國勞動合 同法》、《中華人民共和國勞動法》以及香港《僱 傭條例》、《最低工資條例》及《僱員補償條例》。

The Group has established a comprehensive Employee Handbook (the “ Handbook ”) that serves as a formal governance framework for managing employment-related matters across all business units. The Handbook are implemented to ensure full compliance with applicable labour regulations.

本集團制定全面的僱員手冊（「 手冊 」），作為管 理所有業務單位內僱員相關事宜的正式監管架 構。本集團施行手冊，以確保全面遵守適用勞 工法規。

The Group firmly opposes all forms of forced labour and child labour. It ensures that all employees work voluntarily and are not subject to any form of coercion. During the recruitment process, the human resources department conducts strict verification of identification documents to confirm the age and eligibility of all new hires. If an employee is found to have provided false information during the probationary period, the employment contract may be terminated immediately in accordance with relevant policies.

本集團堅決反對任何形式的強迫勞動及童工， 確保所有員工均自願工作，不遭受任何形式的 脅迫。人力資源部在招聘過程中嚴格核實所有 新招聘員工的身份文件，以確認其年齡及資 格。如果員工在試用期內被發現提供虛假資 料，則可根據相關政策即刻終止僱傭合約。

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The Group has established a whistleblowing mechanism to uphold a fair, transparent, and accountable working environment. This mechanism enables employees to report any workplace misconduct, irregularities, or violations confidentially and without fear of retaliation. All reports are handled with strict confidentiality, and the Group conducts prompt investigations and takes appropriate follow-up actions as necessary to ensure the integrity of its operations.

本集團建立了舉報機制以維持公平、透明及責 任分明的工作環境。該機制使員工能夠以保密 形式舉報工作場所的任何不當行為、違規或違 反行為，而無需擔心遭報復。本集團會嚴格保 密處理所有舉報，並即時展開調查及在必要情 況下採取適當的跟進措施，以確保營運的廉潔 性。

During the Reporting Period, the Group remained fully compliant with all relevant labour laws and regulations applicable to its operations and continued to safeguard the rights and interests of its employees.

於報告期間，本集團持續全面遵守適用於其營 運的所有相關勞工法律及法規，並持續保障員 工權利及權益。

		As of 31 December 2025	As of 31 December 2024	As of 31 December 2024
Employee Data	員工數據	截至2025年12月31日 Number of	截至2024年12月31日 Number of
		people Ratio	people	Ratio
		人數 比率	人數	比率
Total Number of Employees	員工總數	198	311
By Gender	按性別
Male	男性	122 62%	199	64%
Female	女性	76 38%	112	36%
By Age Group	按年齡組別
Aged below 25	25歲以下	11 5%	10	3%
Aged 25 to 29	25至29歲	32 17%	65	21%
Aged 30 to 39	30至39歲	89 45%	141	45%
Aged 40 to 49	40至49歲	48 24%	68	22%
Aged 50 or above	50歲或以上	18 9%	27	9%
By Geographical Region	按地區
Hangzhou	杭州	79 40%	115	37%
Hainan	海南	3 2%	5	2%
Xi’an	西安	89 45%	149	48%
Shanghai	上海	16 8%	38	12%
Hong Kong	香港	11 5%	3	1%
Beijing	北京	0 0%	1	0%

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Employee Management

員工管理

The Group is committed to fostering an inclusive, respectful, and diverse workplace. We strictly prohibit any form of discrimination or unfair treatment in recruitment, performance appraisal, and compensation practices. All employment decisions are based on merit, ensuring equal opportunities for every employee regardless of gender, ethnicity, age, religion, marital status, cultural background, or other protected characteristics.

本集團致力於打造包容、尊重及多元的工作環 境。我們嚴格禁止在招聘、績效評估及薪酬制 度中的任何形式的歧視或不公平對待。本集團 秉持擇優錄取原則，不論性別、種族、年齡、 宗教、婚姻狀況、文化背景或其他受保護特 徵，確保所有員工均獲得平等機會。

The Handbook regulates key aspects of employment, including staff recruitment, remuneration structure, working hours, leave arrangements, and compensation policies, with the aim of enhancing productivity and standardising internal procedures. Employees who successfully complete their probation period are entitled to statutory holidays, mandatory provident fund contributions, basic social insurance benefits, and various types of paid leave in accordance with the relevant laws and regulatory requirements.

手冊規定僱傭的主要方面，包括員工招聘、薪 酬結構、工作時間、休假安排及補償政策，旨 在提升工作效率及標準化內部程序。員工順利 通過試用期後，有權根據相關法律及法規規定 享有法定假期、強制性公積金、基本社會保險 福利及各種帶薪休假。

The Group upholds the principles of open recruitment, fair competition, and merit-based selection. Individuals with good moral character, who meet the job requirements and are in good health, shall be considered for employment. We are committed to attracting the most capable and qualified talent in the market to create substantial value for the business and strengthen client trust. To ensure fairness, transparency, and consistency, a standardised recruitment process is applied uniformly across all departments.

本集團秉持公開招聘、平等競爭及擇優甄選的 原則。品德良好、符合工作要求且身體健康的 人士均可考慮錄用。我們致力從市場上招攬能 力超群、最符合資格的人才，為企業創造巨大 價值，並增強客戶的信任度。為確保公平性、 透明度及一致性，所有部門統一貫徹標準化的 招聘流程。

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	Year ended 31 December 2025 Year ended 31 December 2024 截至2025年 12月31日 止年度 截至2024年 12月31日 止年度 Ratio Ratio 比率 比率
Turnover Rate	流失率
Total	總計 40% 19%
By Gender	按性別
Male	男性 30% 17%
Female	女性 55% 23%
By Age Group	按年齡組別
Aged below 25	25歲以下 45% 40%
Aged 25 to 29	25至29歲 69% 15%
Aged 30 to 39	30至39歲 45% 18%
Aged 40 to 49	40至49歲 25% 19%
Aged 50 or above	50歲或以上 0% 19%
By Geographical Region	按地區
Mainland China	中國內地 40% 19%
HongKong	香港 25% 0%

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Remuneration and Benefits

薪酬及福利

The Group is committed to attracting and retaining top talent by offering competitive remuneration and a comprehensive benefits package. In strict compliance with applicable labour laws, the Group provides employees with the five mandatory social insurance schemes and housing fund contributions required under PRC regulations, supplemented by group accident insurance and work-related injury compensation. Employees are entitled to statutory public holidays, as well as marriage, paternity, and bereavement leave in accordance with relevant legal requirements.

本集團注重吸引及挽留頂尖人才，提供具有競 爭力的薪酬及全面的福利待遇。本集團嚴格遵 守適用勞動法，為僱員提供中國法規規定的五 項強制性社會保險計劃及一項住房公積金供 款，輔以團體意外險及工傷賠償。根據相關法 律規定，員工享受法定公眾假期以及婚假、侍 產假及喪假。

The Group also provides retirement benefits to support employees throughout their careers. The standard work schedule comprises five working days per week, with eight working hours per day. Employees required to work overtime are compensated through additional pay or time off in lieu, in accordance with applicable labour laws and internal policies.

本集團還提供退休金，在員工的整個職業生涯 為其提供生活保障。標準工作時間為每週五 天，每天八小時。員工如須加班，可根據相關 勞動法及內部政策獲得補償金或補休假。

To promote gender equality and support employees with family responsibilities, the Group provides a range of additional leave entitlements, including maternity leave, prenatal check-up leave, breastfeeding leave, and miscarriage leave. These policies are designed to safeguard the well-being of female employees and offer support during important life events.

為促進性別平等及為有家庭責任的員工提供支 持，本集團提供各種額外休假，包括產假、產 檢假、哺乳假及流產假。該等政策旨在保障女 性員工福祉及支援員工的人生大事。

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Maternity Leave Prenatal Breastfeeding Leave Miscarriage Leave 產假 Check-Ups Leave 哺乳假 流產假 產檢假

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The Group recognises and rewards employee contributions through a structured bonus mechanism that takes individual performance and achievements into account. Both year-end bonuses and project-based incentives are designed to reflect the dedication and accomplishments of our team members. To ensure fairness and merit-based recognition, comprehensive performance evaluations are conducted on a quarterly basis.

本集團透過考慮個人表現及成就的結構性獎金 機制表彰及獎勵員工貢獻。年終獎金及項目激 勵旨在反映團隊成員的勤勉及成就。為確保根 據績效公平作出表彰，我們每季都會進行全面 評估。

Importantly, this evaluation process also serves as a platform for two-way communication. It reinforces the Group’s expectations while encouraging employees to discuss any challenges they encounter. This open dialogue promotes transparency and continuous feedback, helping the Group maintain high performance standards while fostering a supportive workplace culture where obstacles are addressed collaboratively and constructively.

重要的是，這一評估過程亦作為雙向溝通的平 台。在強調本集團期望的同時，鼓勵員工討論 他們面臨的任何挑戰。上述公開對話途徑，可 促進透明度及持續反饋，有助本集團保持高績 效標準，同時營造相互支持的企業文化，通過 積極協作克服障礙。

Health and Safety

健康與安全

The Group complies with all applicable occupational health and safety laws and regulations. This commitment includes adherence to the Law of the People’s Republic of China on the Prevention and Control of Occupational Diseases, the Provisions on the Supervision and Administration of Occupational Health at Work Sites of the PRC, and the Occupational Safety and Health Ordinance of Hong Kong. The Group continuously ensures that workplace practices align with these regulatory requirements to safeguard employees’ health and well-being.

本集團遵守所有相關的職業健康安全法律法 規，包括《中華人民共和國職業病防治法》、 《工作場所職業衛生監督管理規定》以及香港的 《職業安全及健康條例》。本集團持續確保工作 場所實務符合該等監管規定，以保障僱員的健 康及福祉。

Safety Management

安全管理

The Group places the highest importance on the health and safety of its employees, recognising that both mental and physical well-being are essential to sustaining a productive and supportive work environment. To this end, the Group is firmly committed to safeguarding the overall well-being of its team members and fostering a safe working environment.

本集團高度重視員工的健康與安全，深明身心 健康對維持高效及互相支持的工作環境至關重 要。為此，本集團致力保障團隊成員的整體身 心健康及營造安全的工作環境。

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In the event of a work-related injury, employees are required to notify the Administration Department by submitting an Employee Incident Report. Given the office-based nature of the Group’s operations, the risk of occupational injuries is relatively low. Nevertheless, the Group maintains appropriate fire-fighting and first-aid facilities within the office premises and conducts regular inspections to identify and eliminate potential safety hazards.

如發生工傷事故，員工須透過提交工傷報告單 知會行政管理部門。鑒於本集團的營運限於辦 公室工作，工傷風險相對較低。儘管如此，本 集團在辦公室場所存置適當的消防及急救設 備，並定期檢查以排查潛在安全隱患。

In addition, employees are provided with clear emergency response guidelines covering fire, electric shock, earthquakes, and other unexpected situations, along with relevant safety protocols. These measures are intended to ensure a safe working environment and to enable employees to carry out their duties under proper safety conditions.

此外，我們為員工提供明確的應急指引，涵蓋 火災、觸電、地震及其他意外情況，連同相關 安全方案。該等措施旨在確保安全的工作環 境，並使員工能夠在良好安全的條件下工作。

Reflecting the effectiveness of these safety practices, the Group has recorded no work-related fatalities or lost-time injuries over the past three years.

本集團於過去三年並無錄得任何因工亡故或因 工傷損失工作時間，反映上述安全策略極具成 效。

injuries over the past three year	效。 s.
	FY2025	FY2024	FY2023
	2025財年	2024財年	2023財年
Number and rate of work-related	因工亡故的人數及比率
fatalities occurred	0	0	0
The fatalities rate	死亡率 0	0	0
Lost days due to work injury	因工傷損失工作日數 0	0	0

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Mental Health

心理健康

Promoting a healthy work-life balance is essential to supporting employees’ overall well-being. To cultivate a pleasant and engaging workplace, the Group organises a variety of activities that encourage relaxation, social interaction, and a sense of community.

促進健康的工作與生活平衡，對支持員工的整 體福祉至關重要。為營造愉快、互助的工作場 所，本集團組辦多元化活動，鼓勵員工放鬆身 心、促進社交互動，並建立社群歸屬感。

During the Reporting Period, we’ve organised a series of small but meaningful treats and gatherings, from Laba porridge in January to New Year’s Eve treats in December, including festive foods, DIY activities, seasonal surprises, and shared afternoon teas. More than just events, these moments reflect our ongoing commitment to team wellbeing – bringing warmth, recognition, and a sense of connection to the everyday. Through these activities, the Group strives to create a supportive, harmonious, and enjoyable working environment where employees feel valued and connected.

於報告期間，我們舉辦一系列小而貼心的聚會 活動，涵蓋一月份的臘八粥到十二月份的尾牙 宴，包括節日美食、手工活動、特定季節活動 及共享下午茶等。這活動的共聚時光，更是反 映我們持續投入團隊福祉建設，在日常工作中 注入溫暖、作出肯定及帶來歸屬感。透過這些 活動，本集團致力營造互助、和諧且愉快的工 作環境，讓員工感受到被重視與歸屬。

Development and Training

發展及培訓

The Group is committed to fostering a culture of continuous learning and professional development. To support employees in their career advancement and skills enhancement, the Group has established a structured system encompassing training, promotion, and performance management. This framework is designed to help employees realise their full potential while enabling the Group to meet the evolving talent demands of the industry.

本集團致力打造持續進修及專業發展的文化。 為支持員工職業發展及技能提升，本集團設立 涵括培訓、晉升及績效管理的結構性體系。該 框架旨在協助員工發揮全部潛能，同時使本集 團能夠滿足行業不斷增長的人才需求。

The Group’s training programme comprises multiple components designed to support employees at different stages of their careers. Onboarding training is provided to new employees to familiarise them with the Group’s policies, procedures, and corporate culture, ensuring a smooth transition into their roles.

本集團的培訓計劃由多個部分組成，旨在支持 不同職業發展階段員工的需求。本集團為新員 工提供入職培訓，以讓其熟知本集團的政策、 程序及企業文化，確保其順利進入工作角色。

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For employees at all levels, on-the-job training is delivered through structured learning opportunities facilitated by both internal and external trainers, helping to enhance their professional knowledge and competencies. In addition, employees may apply for external training programmes that align with their individual development needs. The Group actively encourages skill enhancement by providing access to industry-specific courses and professional certification programmes.

本集團為各層級員工提供在職培訓，並透過內 外部培訓機構提供的規範學習機會進行，協助 提升員工的專業知識及技能。此外，僱員可申 請參加符合其個人發展需要的外部培訓計劃。 本集團提供行業特定課程及專業證書課程，積 極鼓勵技術提升。

The Group ensures equal training rights for all employees to provide fair and consistent access to learning and development opportunities. Employees may apply for training based on their job responsibilities and are encouraged to offer suggestions to enhance the effectiveness of training initiatives. The Group fully supports all approved training programmes. In return, employees are expected to participate actively, adhere to training schedules, and comply with all relevant policies.

本集團確保全體員工享有平等培訓權利，提供 公平、一致的學習及發展機會。員工可根據其 工作職責申請培訓，我們亦鼓勵員工就提升培 訓計劃成效作出建議。本集團全力支持一切經 認可的培訓計劃。相應地，員工預期將積極參 加、緊跟培訓課程安排及遵守所有相關政策。

The Group is dedicated to supporting employee career progression by providing structured pathways for promotion and professional advancement. Employees are encouraged to participate in specialised training programmes, mentoring schemes, project management assignments, job rotation opportunities, and internal secondments, ensuring they have ample avenues to strengthen their expertise and develop leadership capabilities. Through these initiatives, the Group aims to nurture high-potential talent and build a strong foundation for sustained organisational growth.

本集團致力支持員工職業發展，提供晉升及專 業發展的系統化途徑。本集團鼓勵員工參加特 定培訓計劃、導師計劃、項目管理工作、崗位 輪換機會及內部調任，確保為彼等提供充足平 台提升其專業技能及發展領導能力。透過該等 措施，本集團旨在培養高潛人才及為持續組織 發展奠定堅實基礎。

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	Year ended 31 December 2025	Year ended 31	December 2024
Employee Training Data	員工培訓數據 截至2025年12月31日止年度 Average	截至2024年12月31日止年度 Average
	Number of Training training % of Number of	Training	training	% of
	people hours hours trainees people 平均 佔受訓員工	hours	hours 平均	trainees 佔受訓員工
	人數 培訓時數 培訓時數 百分比 人數	培訓時數	培訓時數	百分比
Total	總計 54 122 2.26 27% 54	126	2.33	17%
By Gender	按性別
Male	男性 28 70 2.50 52% 32	80	2.50	53%
Female	女性 26 52 2.00 48% 22	46	2.09	47%
By Employment Category	按員工類別
Junior Staff	初級員工 39 78 2.00 75% 41	82	2.00	76%
Senior Staff	高級員工 4 12 3.00 8% 4	8	2.00	7%
Management level	管理層 9 36 4.00 17% 9	36	4.00	17%

COMMUNITY CARE

關愛社區

As a corporation committed to social responsibility, the Group has consistently taken an active role in a variety of community initiatives. By giving back to the communities in which we operate, we contribute to broader societal development.

作為一家致力承擔社會責任的企業，本集團一 直積極參與各種社區倡議。透過回饋我們經營 業務所在的社區，我們為整體社會發展貢獻力 量。

During the Reporting Period, we sponsored the “Fuchun Cup” Silicon Valley Town Business Community Football Championship with a contribution of RMB27,000. The tournament brought together 16 local enterprises and over 200 participants, fostering inter-company connections and promoting workplace wellbeing through sport.

於報告期間，我們出資人民幣 27,000 元，贊 助「富春杯」硅谷小鎮商務社區足球冠軍賽。是 次賽事匯聚 16 隻當地企業球隊，逾 200 人參 加，透過體育活動構築企業聯繫並促進職場福 祉。

Looking ahead, the Group will continue to devote its efforts to supporting the community by organising relevant programmes and projects that address local needs and create positive, long-term impact.

展望未來，本集團將透過組辦相關計劃及項 目，解決當地需要及創造長期積極影響，繼續 致力為社區提供支持。

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APPENDIX: ESG REPORTING CODE CONTENT INDEX

附錄：環境、社會及管治報告指引 內容索引

Subject Areas, Description Section Aspects, General Disclosures and KPIs 主要範疇、層面、一般披露 描述 參考章節 及關鍵績效指標 A. Environmental A. 環境 Aspect A1: Emissions 層面 A1 ：排放物 General Disclosure Information on: 一般披露

ENVIRONMENTAL PROTECTION AND GREEN DEVELOPMENT 環境保護及綠色發展

• (a) the policies; and

• (b) compliance with relevant laws and regulations that have a significant impact on the issuer

relating to air and greenhouse gas emissions, discharges into water and land, and generation of hazardous and non-hazardous waste.

有關廢氣及溫室氣體排放、向水及土地的排污、有害及無害 廢棄物的產生等的：

• (a) 政策；及

• (b) 遵守對發行人有重大影響的相關法律及規例

的資料。

KPI A1.1 The types of emissions and respective emissions AIR POLLUTION EMISSION 關鍵績效指標 A1.1 data. MANAGEMENT 排放物種類及相關排放數據。 廢氣排放管理 KPI A1.3 Total hazardous waste produced (in tonnes) and, WASTE MANAGEMENT 關鍵績效指標 A1.3 where appropriate, intensity (e.g. per unit of 廢棄物管理 production volume, per facility). 所產生有害廢棄物總量（以噸計算）及（如適用）密度（如以每產 量單位、每項設施計算）。

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Subject Areas,	Description	Section
Aspects, General
Disclosures and KPIs
主要範疇、層面、一般披露	描述	參考章節
及關鍵績效指標
KPI A1.4	Total non-hazardous waste produced (in tonnes)	WASTE MANAGEMENT
關鍵績效指標A1.4	and, where appropriate, intensity (e.g. per unit of	廢棄物管理
	production volume, per facility
	所產生無害廢棄物總量（以噸計算）及（如適用）密度（如以每產
	量單位、每項設施計算）。
KPI A1.5	Description of emissions target(s) set and steps	USE OF RESOURCES
關鍵績效指標A1.5	taken to achieve them.	資源利用
	描述所訂立的排放量目標及為達到這些目標所採取的步驟。
KPI A1.6	Description of how hazardous and non-hazardous	WASTE MANAGEMENT
關鍵績效指標A1.6	wastes are handled, and a description of reduction	廢棄物管理
	target(s) set and steps taken to achieve them.
	描述處理有害及無害廢棄物的方法，及描述所訂立的減廢目
	標及為達到這些目標所採取的步驟。
Aspect A2: Use of Resources
層面A2：資源使用
General Disclosure	Policies on the efficient use of resources, including	USE OF RESOURCES
一般披露	energy, water and other raw materials.	資源利用
	有效使用資源（包括能源、水及其他原材料）的政策。
KPI A2.1	Direct and/or indirect energy consumption by type	WASTE MANAGEMENT
關鍵績效指標A2.1	(e.g. electricity, gas or oil) in total (kWh in ’000s)	廢棄物管理
	and intensity (e.g. per unit of production volume,
	per facility).
	按類型劃分的直接及╱或間接能源（如電、氣或油）總耗量（以
	千個千瓦時計算）及密度（如以每產量單位、每項設施計算）。
KPI A2.2	Water consumption in total and intensity (e.g. per	USE OF RESOURCES
關鍵績效指標A2.2	unit of production volume, per facility).	資源利用
	總耗水量及密度（如以每產量單位、每項設施計算）。
KPI A2.3	Description of energy use efficiency target(s) set and	WASTE MANAGEMENT
關鍵績效指標A2.3	steps taken to achieve them.	廢棄物管理
	描述所訂立的能源使用效益目標及為達到這些目標所採取的
	步驟。

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Subject Areas,	Description	Section
Aspects, General
Disclosures and KPIs
主要範疇、層面、一般披露	描述	參考章節
及關鍵績效指標
KPI A2.4	Description of whether there is any issue in sourcing	USE OF RESOURCES
關鍵績效指標A2.4	water that is fit for purpose, water efficiency	資源利用
	target(s) set and steps taken to achieve them.
	描述求取適用水源上可有任何問題，以及所訂立的用水效益
	目標及為達到這些目標所採取的步驟。
KPI A2.5	Total packaging material used for finished products	N/A
關鍵績效指標A2.5	(in tonnes) and, if applicable, with reference to per	不適用
	unit produced.
	製成品所用包裝材料的總量（以噸計算）及（如適用）每生產單
	位佔量。
Aspect A3: The Environment and Natural Resources
層面A3：環境及天然資源
General Disclosure	Policies on minimising the issuer’s significant impacts	THE ENVIRONMENT AND
一般披露	on the environment and natural resources.	NATURAL RESOURCES
	減低發行人對環境及天然資源造成重大影響的政策。	環境及天然資源
KPI A3.1	Description of the significant impacts of activities	THE ENVIRONMENT AND
關鍵績效指標A3.1	on the environment and natural resources and the	NATURAL RESOURCES
	actions taken to manage them.	環境及天然資源
	描述業務活動對環境及天然資源的重大影響及已採取管理有
	關影響的行動。
KPI A4.1	Description of the significant climate-related issues	COPING WITH CLIMATE
關鍵績效指標A4.1	which have impacted, and those which may impact,	CHANGE
	the issuer, and the actions taken to manage them.	應對氣候變化
	描述已經及可能會對發行人產生影響的重大氣候相關事宜，
	及應對行動。

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Subject Areas, Description Section Aspects, General Disclosures and KPIs 主要範疇、層面、一般披露 描述 參考章節 及關鍵績效指標 B. Social B. 社會 Employment and Labour Practices 僱傭及勞工常規 Aspect B1: Employment 層面 B1 ：僱傭 General Disclosure Information on: EMPLOYMENT AND 一般披露 LABOUR STANDARDS (a) the policies; and 僱傭及勞工準則

(b) compliance with relevant laws and regulations that have a significant impact on the issuer relating to compensation and dismissal, recruitment and promotion, working hours, rest periods, equal opportunity, diversity, anti-discrimination, and other benefits and welfare.

有關薪酬及解僱、招聘及晉升、工作時數、假期、平等機 會、多元化、反歧視以及其他待遇及福利的：

• (a) 政策；及

• (b) 遵守對發行人有重大影響的相關法律及規例

的資料。

KPI B1.1 Total workforce by gender, employment type EMPLOYMENT AND 關鍵績效指標 B1.1 (for example, full- or part-time), age group and LABOUR STANDARDS geographical region. 僱傭及勞工準則 按性別、僱傭類型（如全職或兼職）、年齡組別及地區劃分的 僱員總數。 KPI B1.2 Employee turnover rate by gender, age group and EMPLOYMENT AND 關鍵績效指標 B1.2 geographical region. LABOUR STANDARDS 按性別、年齡組別及地區劃分的僱員流失比率。 僱傭及勞工準則

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Subject Areas,	Description	Section
Aspects, General
Disclosures and KPIs
主要範疇、層面、一般披露	描述	參考章節
及關鍵績效指標
Aspect B2: Health and	Safety
層面B2：健康與安全
General Disclosure	Information on:	HEALTH AND SAFETY
一般披露		健康與安全
	(a) the policies; and
	(b) compliance with relevant laws and regulations
	that have a significant impact on the issuer
	relating to providing a safe working environment and
	protecting employees from occupational hazards.
	有關提供安全工作環境及保障僱員避免職業性危害的：
	(a)政策；及
	(b)遵守對發行人有重大影響的相關法律及規例
	的資料。
KPI B2.1	Number and rate of work-related fatalities occurred	HEALTH AND SAFETY
關鍵績效指標B2.1	in each of the past three years including the	健康與安全
	reporting year.
	過去三年（包括匯報年度）每年因工亡故的人數及比率。
KPI B2.2	Lost days due to work injury.	HEALTH AND SAFETY
關鍵績效指標B2.2	因工傷損失工作日數。	健康與安全
KPI B2.3	Description of occupational health and safety	HEALTH AND SAFETY
關鍵績效指標B2.3	measures adopted, and how they are implemented	健康與安全
	and monitored.
	描述所採納的職業健康與安全措施，以及相關執行及監察方
	法。

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Subject Areas,	Description	Section
Aspects, General
Disclosures and KPIs
主要範疇、層面、一般披露	描述	參考章節
及關鍵績效指標
Aspect B3: Development and Training
層面B3：發展及培訓
General Disclosure	Policies on improving employees’ knowledge and	DEVELOPMENT AND
一般披露	skills for discharging duties at work. Description of	TRAINING
	training activities.	發展及培訓
	有關提升僱員履行工作職責的知識及技能的政策。描述培訓
	活動。
KPI B3.1	The percentage of employees trained by gender and	DEVELOPMENT AND
關鍵績效指標B3.1	employee category (e.g. senior management, middle	TRAINING
	management).	發展及培訓
	按性別及僱員類別（如高級管理層、中級管理層）劃分的受訓
	僱員百分比。
KPI B3.2	The average training hours completed per employee	DEVELOPMENT AND
關鍵績效指標B3.2	by gender and employee category.	TRAINING
	按性別及僱員類別劃分，每名僱員完成受訓的平均時數。	發展及培訓
Aspect B4: Labour Standards
層面B4：勞工準則
General Disclosure	Information on:	EMPLOYMENT AND
一般披露		LABOUR STANDARDS
	(a) the policies; and	僱傭及勞工準則
	(b) compliance with relevant laws and regulations
	that have a significant impact on the issuer
	relating to preventing child and forced labour.
	有關防止童工或強制勞工的：
	(a)政策；及
	(b)遵守對發行人有重大影響的相關法律及規例
	的資料。

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Subject Areas,	Description	Section
Aspects, General
Disclosures and KPIs
主要範疇、層面、一般披露	描述	參考章節
及關鍵績效指標
KPI B4.1	Description of measures to review employment	EMPLOYMENT AND
關鍵績效指標B4.1	practices to avoid child and forced labour.	LABOUR STANDARDS
	描述檢討招聘慣例的措施以避免童工及強制勞工。	僱傭及勞工準則
KPI B4.2	Description of steps taken to eliminate such practices	EMPLOYMENT AND
關鍵績效指標B4.2	when discovered.	LABOUR STANDARDS
	描述在發現違規情況時消除有關情況所採取的步驟。	僱傭及勞工準則
Operating Practices
營運慣例
Aspect B5: Supply Chain Management
層面B5：供應鏈管理
General Disclosure	Policies on managing environmental and social risks	SUPPLY CHAIN
一般披露	of the supply chain.	MANAGEMENT
	管理供應鏈的環境及社會風險政策。	供應鏈管理
KPI B5.1	Number of suppliers by geographical region.	SUPPLY CHAIN
關鍵績效指標B5.1	按地區劃分的供應商數目。	MANAGEMENT
		供應鏈管理
KPI B5.2	Description of practices relating to engaging	SUPPLY CHAIN
關鍵績效指標B5.2	suppliers, number of suppliers where the practices	MANAGEMENT
	are being implemented, and how they are	供應鏈管理
	implemented and monitored.
	描述有關聘用供應商的慣例，向其執行有關慣例的供應商數
	目，以及相關執行及監察方法。
KPI B5.3	Description of practices used to identify	SUPPLY CHAIN
關鍵績效指標B5.3	environmental and social risks along the supply	MANAGEMENT
	chain, and how they are implemented and	供應鏈管理
	monitored.
	描述有關識別供應鏈每個環節的環境及社會風險的慣例，以
	及相關執行及監察方法。
KPI B5.4	Description of practices used to promote	SUPPLY CHAIN
關鍵績效指標B5.4	environmentally preferable products and services	MANAGEMENT
	when selecting suppliers, and how they are	供應鏈管理
	implemented and monitored.
	描述在揀選供應商時促使多用環保產品及服務的慣例，以及
	相關執行及監察方法。

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Subject Areas,	Description	Section
Aspects, General
Disclosures and KPIs
主要範疇、層面、一般披露	描述	參考章節
及關鍵績效指標
Aspect B6: Product Responsibility
層面B6：產品責任
General Disclosure	Information on:	SUPPLY CHAIN
一般披露		MANAGEMENT
	(a) the policies; and	供應鏈管理
	(b) compliance with relevant laws and regulations
	that have a significant impact on the issuer
	relating to health and safety, advertising, labelling
	and privacy matters relating to products and services
	provided and methods of redress.
	有關所提供產品和服務的健康與安全、廣告、標籤及私隱事
	宜以及補救方法的：
	(a)政策；及
	(b)遵守對發行人有重大影響的相關法律及規例
	的資料。
KPI B6.1	Percentage of total products sold or shipped subject	N/A
關鍵績效指標B6.1	to recalls for safety and health reasons.	不適用
	已售或已運送產品總數中因安全與健康理由而須回收的百分
	比。
KPI B6.2	Number of products and service-related complaints	CUSTOMER SERVICES
關鍵績效指標B6.2	received and how they are dealt with.	客戶服務
	接獲關於產品及服務的投訴數目以及應對方法。
KPI B6.3	Description of practices relating to observing and	INTELLECTUAL PROPERTY
關鍵績效指標B6.3	protecting intellectual property rights.	PROTECTION
	描述與維護及保障知識產權有關的慣例。	知識產權保護
KPI B6.4	Description of quality assurance process and recall	SUPERIOR QUALITY
關鍵績效指標B6.4	procedures.	卓越品質
	描述質量檢定過程及產品回收程序。

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Subject Areas, Description Section Aspects, General Disclosures and KPIs 主要範疇、層面、一般披露 描述 參考章節 及關鍵績效指標 KPI B6.5 Description of consumer data protection and IMPROVING NETWORKING 關鍵績效指標 B6.5 privacy policies, and how they are implemented and SECURITY monitored. MANAGEMENT 描述消費者資料保障及私隱政策，以及相關執行及監察方法。 提升網絡安全管理

Aspect B7: Anti-corruption 層面 B7 ：反貪污 General Disclosure Information on: ANTI-CORRUPTION 一般披露 反貪污 (a) the policies; and (b) compliance with relevant laws and regulations that have a significant impact on the issuer relating to bribery, extortion, fraud and money laundering. 有關防止賄賂、勒索、欺詐及洗黑錢的： (a) 政策；及 (b) 遵守對發行人有重大影響的相關法律及規例 的資料。 KPI B7.1 Number of concluded legal cases regarding corrupt ANTI-CORRUPTION 關鍵績效指標 B7.1 practices brought against the issuer or its employees 反貪污 during the reporting period and the outcomes of the cases. 於報告期間內對發行人或其僱員提出並已審結的貪污訴訟案 件的數目及訴訟結果。 KPI B7.2 Description of preventive measures and whistleANTI-CORRUPTION 關鍵績效指標 B7.2 blowing procedures, and how they are implemented 反貪污 and monitored. 描述防範措施及舉報程序，以及相關執行及監察方法。

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Subject Areas,	Description	Section
Aspects, General
Disclosures and KPIs
主要範疇、層面、一般披露	描述	參考章節
及關鍵績效指標
KPI B7.3	Description of anti-corruption training provided to	ANTI-CORRUPTION
關鍵績效指標B7.3	directors and staff.	反貪污
	描述向董事及員工提供的反貪污培訓。
Community
社區
Aspect B8: Community Investment
層面B8：社區投資
General Disclosure	Policies on community engagement to understand	COMMUNITY CARE
一般披露	the needs of the communities where the issuer	關愛社區
	operates and to ensure its activities take into
	consideration the communities’ interests.
	有關以社區參與來了解發行人營運所在社區需要和確保其業
	務活動會考慮社區利益的政策。
KPI B8.1	Focus areas of contribution (e.g. education,	COMMUNITY CARE
關鍵績效指標B8.1	environmental concerns, labour needs, health,	關愛社區
	culture, sport).
	專注貢獻範疇（如教育、環境事宜、勞工需求、健康、文化、
	體育）。
KPI B8.2	Resources contributed (e.g. money or time) to the	COMMUNITY CARE
關鍵績效指標B8.2	focus area.	關愛社區
	在專注範疇所動用資源（如金錢或時間）。

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CLIMATE-RELATED DISCLOSURE CONTENT INDEX

氣候相關披露內容索引

INDEX
Category	Subcategory	Descriptions	Corresponding
			Section
類別	子類別	描述	相關章節
Governance		Governance body responsible for overseeing	COPING WITH
管治		climate-related risks and opportunities.	CLIMATE CHANGE –
		負責監督氣候相關風險和機遇的治理機構。	GOVERNANCE
			應對氣候變化—管治
Governance		Role of management in monitoring, managing,	COPING WITH
管治		and overseeing climate-related risks and	CLIMATE CHANGE —
		opportunities.	GOVERNANCE
		管理層在監察、管理及監督氣候相關風險和機遇中的	應對氣候變化－管治
		角色。
Strategy	Climate-Related	Description of the reasonably expected	COPING WITH CLIMATE
策略	Risks and	climate-related risks and opportunities that	CHANGE – STRATEGY
	Opportunities	could affect the issuer’s cash flows, financing	應對氣候變化－策略
	氣候相關風險和機	channels, or cost of capital in the short,
	遇	medium, or long term.
		描述合理預期可能在短期、中期或長期影響發行人的
		現金流量、融資渠道或資本成本的氣候相關風險和
		機遇。
		For each climate-related risk identified by the
		issuer, explanation of whether the issuer
		considers the risk to be related to climate-
		related physical factors or climate-related
		transitional factors.
		就發行人已識別的每項氣候相關風險，解釋發行人是
		否認為該風險與氣候相關物理因素或氣候相關轉型
		因素相關。
		Specification of the time frame (short term,
		medium term, or long term) during which
		each identified climate-related risk and
		opportunity is reasonably expected to impact
		the issuer.
		就已識別的每項氣候相關風險和機遇，具體說明其合
		理預期可能影響發行人的時間範圍（短期、中期或長
		期）。
		Explanation of how the issuer defines short
		term, medium term, and long term, and how
		these definitions are linked to the scope of its
		strategic decision-making planning.
		解釋發行人如何定義短期、中期及長期，以及這些定
		義如何與其策略決定規劃範圍掛鈎。

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Category	Subcategory	Descriptions	Corresponding
			Section
類別	子類別	描述	相關章節
Strategy	Business Model	Description of the current and expected	COPING WITH CLIMATE
策略	and Value	impacts of climate-related risks and	CHANGE – STRATEGY
	Chain	opportunities on the issuer’s business model	應對氣候變化－策略
	業務模式和價值鏈	and value chain.
		描述氣候相關風險和機遇對發行人的業務模式和價值
		鏈的當期和預期影響。
		Description of where climate-related risks and
		opportunities are concentrated within the
		issuer’s business model and value chain (e.g.,
		geographical regions, facilities, and types of
		assets).
		描述在發行人的業務模式和價值鏈中，氣候相關風險
		和機遇集中的地方（例如，地理區域、設施及資產類
		型）。
Strategy	Strategy and	Providing information on how the issuer has	COPING WITH CLIMATE
策略	Decision-	addressed and plans to address significant	CHANGE – STRATEGY
	Making	climate related risks and opportunities in its	應對氣候變化－策略
	策略和決策	strategies and decisions, including how the
		issuer plans to achieve any climate-related
		targets it has set and any targets required by
		law or regulation.
		提供有關發行人已經及將來計劃在其策略和決策中如
		何應對氣候相關風險及機遇的資訊，包括發行人計
		劃如何實現任何其所設定的氣候相關目標，以及任
		何法律或法規要求達到的目標。
		Providing information on how the issuer
		currently plans to provide resources for its
		actions to address significant climate-related
		risks and opportunities, both presently and in
		the future.
		提供有關發行人當前計劃如何為當前及將來應對重大
		氣候相關風險及機遇的行動提供資源的資訊。
Strategy	Current	How climate-related risks and opportunities	COPING WITH CLIMATE
策略	Financial	affect an issuer’s financial position, financial	CHANGE – STRATEGY
	Impacts	performance, and cash flow during the	Financial Effects Relief
	當前財務影響	reporting period.	Capabilities Relief
		氣候相關風險和機遇如何影響發行人在匯報期的財務	應對氣候變化－策略
		狀況、財務表現及現金流量。	財務影響寬免
			能力寬免

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Category	Subcategory	Descriptions	Corresponding
			Section
類別	子類別	描述	相關章節
		Information on how climate-related risks and
		opportunities affect the issuer’s financial
		position, financial performance, and cash
		flow identification during the reporting period
		when there is a significant risk that will cause
		significant adjustments to the book value of
		assets and liabilities in the relevant financial
		statements for the next reporting year.
		當存在將導致下一匯報年度相關財務報表中的資產和
		負債賬面價值發生重要調整的重大風險時，關於氣
		候相關風險和機遇如何影響發行人在匯報期的財務
		狀況、財務表現及現金流量識別的資訊。
Strategy	Expected	After considering its strategy to manage	Financial Effects Relief
策略	Financial	climate-related risks and opportunities, and	Capabilities Relief
	Impacts	taking into account the following, the issuer	財務影響寬免
	預期財務影響	anticipates how its financial performance will	能力寬免
		change in the short, medium and long term.
		發行人經考慮其管理氣候相關風險和機遇的策略後，
		並考慮到以下各項，預期其財務表現在短期、中期
		及長期內將如何變化。
		Based on the issuer’s strategy to manage
		climate-related risks and opportunities, and
		how its financial performance and cash flow
		are expected to change in the short, medium
		and long term.
		基於發行人管理氣候相關風險和機遇的策略，並預計
		其財務表現及現金流量在短期、中期及長期內將如
		何變化。
Strategy	Climate	The issuer’s assessment of its climate resilience	Reasonable Information
策略	Resilience	as of the reporting date.	Relief
	氣候韌性	發行人截至匯報日對其氣候韌性的評估。	Capabilities Relief
		How and when to conduct climate-related	合理資料寬免
		scenario analyses	能力寬免
		如何及何時進行氣候相關情景分析。
Risk		Processes and related policies used by issuers	COPING WITH CLIMATE
Management		to identify, assess, prioritize, and maintain	CHANGE – RISK
風險管理		monitoring of climate-related risks and	MANAGEMENT
		opportunities.	應對氣候變化－風險管理
		發行人用於識別、評估氣候相關風險和機遇，以及釐
		定當中輕重緩急並保持監察的流程及相關政策。

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Category	Subcategory	Descriptions	Corresponding
			Section
類別	子類別	描述	相關章節
Risk		Processes used by issuers to identify, assess,	COPING WITH CLIMATE
Management		prioritize, and maintain monitoring of	CHANGE – RISK
風險管理		climate-related risks and opportunities	MANAGEMENT
		(including information that issuers can and	應對氣候變化－風險管理
		use climate-related scenario analysis to
		determine climate-related opportunities).
		發行人用於識別、評估氣候相關風險和機遇，以及釐
		定當中輕重緩急並保持監察的流程（包括發行人可
		及使用氣候相關情景分析來確定氣候相關機遇的資
		訊）。
Risk		The identification, assessment, prioritization,	COPING WITH CLIMATE
Management		and monitoring of climate-related risks	CHANGE – RISK
風險管理		and opportunities, and how these are	MANAGEMENT
		incorporated into the issuer’s overall risk	應對氣候變化－風險管理
		management process, along with the extent
		of their integration.
		氣候相關風險和機遇的識別、評估、排序和監察，是
		如何融入發行人的整體風險管理流程，以及融入的
		程度如何。
Metrics and	Greenhouse Gas	An issuer shall disclose its absolute gross	COPING WITH CLIMATE
Targets	Emissions	greenhouse gas emissions generated during	CHANGE – METRICS
指標及目標	溫色氣體排放	the reporting period, expressed as metric	AND TARGETS
		tons of CO2 equivalent, classified as: (a)	Reasonable Information
		Scope 1 greenhouse gas emissions; (b)	Relief
		Scope 2 greenhouse gas emissions; and (c)	應對氣候變化－指標及目
		Scope 3 greenhouse gas emissions.	標
		發行人須披露匯報期內的溫室氣體絕對總排放量（以公	合理資料寬免
		噸二氧化碳當量表示），並分為：(a)範圍1溫室氣體
		排放；(b)範圍2溫室氣體排放；及(c)範圍3溫室氣
		體排放。
Metrics and	Climate-related	An issuer shall disclose the amount and	Reasonable Information
Targets	transition	percentage of assets or business activities	Relief
指標及目標	risks	vulnerable to climate-related transition risks.	合理資料寬免
	氣候相關轉型風險	發行人須披露容易受氣候相關轉型風險影響的資產或
		業務活動的金額及百分比。
Metrics and	Climate-related	An issuer shall disclose the amount and	Reasonable Information
Targets	physical risks	percentage of assets or business activities	Relief
指標及目標	氣候相關物理風險	vulnerable to climate-related physical risks.	合理資料寬免
		發行人須披露容易受氣候相關物理風險影響的資產或
		業務活動的金額及百分比。

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Category	Subcategory	Descriptions	Corresponding
			Section
類別	子類別	描述	相關章節
Metrics and	Climate-related	An issuer shall disclose the amount and	Reasonable Information
Targets	opportunities	percentage of assets or business activities	Relief
指標及目標	氣候相關機遇	aligned with climate-related opportunities.	合理資料寬免
		發行人須披露涉及氣候相關機遇的資產或業務活動的
		金額及百分比。
Metrics and	Capital	An issuer shall disclose the amount of capital	During the Reporting
Targets	deployment	expenditure, financing or investment	Period, we did not
指標及目標	資本運用	deployed towards climate-related risks and	undertake any
		opportunities.	capital expenditure,
		發行人須披露用於氣候相關風險和機遇的資本開支、	financing or
		融資或投資的金額。	investments
			related to climate-
			related risks and
			opportunities.
			於報告期間，我們並無作
			出任何與氣候相關風險
			和機遇有關的任何資本
			開支、融資或投資。
Metrics and	Internal carbon	An issuer shall disclose: (a) an explanation of	As at the end of the
Targets	prices	whether and how the issuer is applying a	Reporting Period, we
指標及目標	內部碳定價	carbon price in decision-making (for example,	had not yet applied
		investment decisions, transfer pricing, and	an internal carbon
		scenario analysis); and (b) the price of each	pricing mechanism in
		metric tonne of greenhouse gas emissions	our internal decision-
		the issuer uses to assess the costs of its	making processes.
		greenhouse gas emissions; or an appropriate	於報告期間末，我們並無
		negative statement that the issuer does not	在內部決策流程中應用
		apply a carbon price in decision-making.	內部碳定價機制。
		發行人須披露如下：(a)闡釋發行人可有及如何在決
		策中應用碳定價（例如投資決策、轉移定價及情景分
		析）；及(b)發行人用於評估其溫室氣體排放成本的
		每公噸溫室氣體排放量定價；或適當的否定聲明，
		確認發行人沒有在決策中應用碳定價。

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Category	Subcategory	Descriptions	Corresponding
			Section
類別	子類別	描述	相關章節
Metrics and	Remuneration	An issuer shall disclose whether and how	As at the end of the
Targets	薪酬	climate-related considerations are factored	Reporting Period, the
指標及目標		into remuneration policy, or an appropriate	remuneration policy
		negative statement.	for the Company’s
		發行人須披露氣候相關考慮因素可有及如何納入薪酬	senior management
		政策，或提供適當的否定聲明。	was primarily linked
			to the Company’s
			overall financial
			performance,
			operational objectives
			and individual
			performance. Specific
			climate-related
			performance metrics
			have not yet been
			directly incorporated
			into the remuneration
			assessment system.
			於報告期間末，本公司高
			級管理層的薪酬政策主
			要與本公司整體財務表
			現、營運目標及個人表
			現掛鈎。特定氣候相關
			表現指標並無直接納入
			薪酬評估系統。

Metrics and Industry-based An issuer is encouraged to disclose industryTargets metrics based metrics that are associated with one 指標及目標 行業指標 or more particular business models, activities or other common features that characterise participation in an industry. 本交易所鼓勵發行人披露與一項或多項特定的業務模 式和活動有關的行業指標，或與參與有關行業常見 特徵有關的行業指標。

During the Reporting Period, we have not yet referenced other industry-based metrics that are associated with one or more particular business models, activities or other common features that characterise participation in our industry.

於報告期間，我們並無 參考與一項或多項特定 業務模式、活動或與參 與我們所在行業其他常 見特徵有關的其他行業 指標。

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Category	Subcategory	Descriptions	Corresponding
			Section
類別	子類別	描述	相關章節
Metrics and	Climate-related	An issuer shall disclose (a) the qualitative	COPING WITH CLIMATE
Targets	targets	and quantitative climate-related targets the	CHANGE – METRICS
指標及目標	氣候相關目標	issuer has set to monitor progress towards	AND TARGETS
		achieving its strategic goals; and (b) any	應對氣候變化－指標及目
		targets the issuer is required to meet by law	標
		or regulation, including any greenhouse gas
		emissions targets.
		發行人須披露(a)其為監察實現其策略目標的進展而設
		定的與氣候相關的定性及量化目標；及(b)法律或法
		規要求發行人達到的任何目標，包括任何溫室氣體
		排放目標。

Annual Report 2025 年報 151

Directors’ Report 董事會報告

The Directors are pleased to present their report together with the consolidated financial statements of the Group for the year ended 31 December 2025.

PRINCIPAL ACTIVITIES

The Company was incorporated in the Cayman Islands on 8 August 2017, as an exempted company with limited liability under the Cayman Companies Act. The Company is an investment holding company. The Group is a marketing service provider based in PRC. The Company was listed on the Main Board of the Stock Exchange on 17 October 2022 with stock code 02422.

The activities and particulars of the Company’s principal subsidiaries are set out in Note 37 to the consolidated financial statements. An analysis of the Group’s revenue and operating profit for the year ended 31 December 2025 by principal activities is set out in the section headed “Management Discussion and Analysis” in this annual report and Note 6 and 7 to the consolidated financial statements.

BUSINESS REVIEW AND RESULTS

A review of the business of the Group, which includes a discussion of the principal risks and uncertainties faced by the Group, an analysis of the Group’s performance using financial key performance indicators, particulars of important events affecting the Group during the year, and an indication of likely future developments in the Group’s business, is provided in the sections headed “Chairman’s Statement” and “Management Discussion and Analysis” in this annual report.

The results of the Group for the year ended are set out in the consolidated financial statements in this annual report.

董事欣然呈列截至 2025 年 12 月 31 日止年度之 董事會報告連同本集團綜合財務報表。

主要業務

本公司根據開曼公司法於 2017 年 8 月 8 日在開 曼群島註冊成立為一家獲豁免有限公司。本公 司為一家投資控股公司。本集團為一家於中 國運營的營銷服務提供商。本公司已於 2022 年 10 月 17 日在聯交所主板上市，股份代號為 02422 。

本公司主要附屬公司的業務及詳情載於綜合財 務報表附註 37 。本集團於截至 2025 年 12 月 31 日止年度按主要業務劃分的收益及經營溢利分 析載於本年報「管理層討論及分析」一節及綜合 財務報表附註 6 及 7 。

業務回顧及業績

對本集團業務的審視，包括對本集團面對的主 要風險及不確定因素的討論、運用主要財務表 現指標對本集團表現進行的分析、年內對本集 團有影響的重大事件的詳情，以及本集團業務 的預期未來發展跡象，載於本年報「主席報告」 及「管理層討論及分析」各節。

本集團年內業績載於本年報綜合財務報表。

152 Rego Interactive Co., Ltd 潤歌互動有限公司

Directors’ Report 董事會報告

MAJOR CUSTOMERS AND SUPPLIERS

During the year ended 31 December 2025,

• (i) the Group’s largest customer accounted for 12.6% (2024: 33.4%) of its total revenue, and the five largest customers accounted for 44.8% of its total revenue (2024: 53.1%); and

• (ii) the Group’s largest supplier accounted for 28.8% (2024: 23.3%) of its total purchases, and the five largest suppliers accounted for 55.3% of its total purchases (2024: 67.9%).

None of the Directors or any of their close associates or any Shareholders of the Company (which, to the best knowledge of the Directors, own more than 5% of the Company’s issued share capital) had any interest in the Group’s five largest customers and suppliers for 2025.

KEY RELATIONSHIPS WITH ITS EMPLOYEES, CUSTOMERS AND SUPPLIERS

For details of relationship with the employees, customers and suppliers, please refer to “Employee, Training and Remuneration Policies,” “Major Customers and Suppliers” and the “Environmental, Social and Governance Report” in this annual report.

PROPERTY, PLANT AND EQUIPMENT

Details of movements in the property, plant and equipment of the Group of the year are set out in Note 17 to the consolidated financial statements in this annual report.

SHARE CAPITAL

Details of movements in the share capital of the Company of the year are set out in Note 33 to the consolidated financial statements in this annual report.

主要客戶及供應商

截至 2025 年 12 月 31 日止年度，

• (i) 本集團最大客戶佔收益總額的 12.6% （ 2024 年： 33.4% ），及五大客戶佔收益 總額的 44.8% （ 2024 年： 53.1% ）；及

• (ii) 本集團最大供應商佔採購總額的 28.8% （ 2024 年： 23.3% ），及五大供應商佔採 購總額的 55.3% （ 2024 年： 67.9% ）。

於 2025 年，概無本公司董事或其任何緊密聯 繫人或任何據董事所知擁有超過 5% 本公司已 發行股本的股東於本集團五大客戶及供應商中 擁有任何利益。

與其僱員、客戶及供應商的主要關 係

有關與僱員、客戶及供應商的關係的詳情，請 參閱本年報「僱員、培訓及薪酬政策」、「主要 客戶及供應商」及「環境、社會及管治報告」。

物業、廠房及設備

年內本集團物業、廠房及設備的變動詳情載於 本年報綜合財務報表附註 17 。

股本

年內本公司股本的變動詳情載於本年報綜合財 務報表附註 33 。

Annual Report 2025 年報 153

Directors’ Report 董事會報告

DEBENTURES

The Company did not issue any debentures during the Year.

DISTRIBUTABLE RESERVES

The Company’s reserves available for distribution to its Shareholders as of 31 December 2025 amounted to RMB144.4 million (31 December 2024: RMB155.4 million).

EQUITY LINKED AGREEMENTS

Details of the share options granted during the Year is set out in “Share Option Scheme” section contained in this report. No shares were under the Share Option Scheme issued during the Year. Subsequent to the Year, the Company has adopted a share award scheme on 17 January 2023. No share award had been granted or agreed to be granted by the Company since the adoption of the scheme.

DIRECTORS

Directors during the Reporting Period and up to the date of this report were:

Executive Directors

Mr. Chen Ping (Chairman) Mr. Tian Huan Mr. Zhang Yongli Mr. Fan Lianshun Mr. Xia Yuanbo Mr. Chen Wei

Independent Non-executive Directors

Ms. Mo Lan Mr. Shen Yunjia Mr. Zeng Liang

In accordance with the Company’s articles of association, Mr. Fan Lianshun, Mr. Xia Yuanbo, Mr. Chen Wei, Ms. Mo Lan, Mr. Shen Yunjia and Mr. Zeng Liang shall retire or retire by rotation at the forthcoming AGM.

債權證

於本年度內，本公司並無發行任何債權證。

可分派儲備

本公司於截至 2025 年 12 月 31 日可供分派予其 股東的儲備達人民幣 144.4 百萬元（ 2024 年 12 月 31 日：人民幣 155.4 百萬元）。

股票掛鈎協議

於本年度內授出的購股權的詳情載於本報告內 「購股權計劃」一節。於本年度內概無根據購股 權計劃發行任何股份。年後，本公司於 2023 年 1 月 17 日採納一項股份獎勵計劃。自採納該 計劃以來，本公司並無授出或同意授出股份獎 勵。

董事

於報告期間內及直至本報告日期的董事如下：

執行董事

陳平先生（主席） 田歡先生 張永利先生 范連順先生 夏遠波先生 陳緯先生

獨立非執行董事

莫蘭女士 沈雲駕先生 曾良先生

根據本公司組織章程細則，范連順先生、夏遠 波先生、陳緯先生、莫蘭女士、沈雲駕先生及 曾良先生須於應屆股東週年大會上退任或輪值 退任。

154 Rego Interactive Co., Ltd 潤歌互動有限公司

Directors’ Report 董事會報告

BIOGRAPHICAL DETAILS OF THE DIRECTORS AND THE SENIOR MANAGEMENT

Biographical details of Directors and senior management are set out in “Director and Senior Management” of this annual report.

As of the date of this report, there was no changes to information which are required to be disclosed by Directors pursuant to paragraphs (a) to (e) and (g) of Rule 13.51(2) of the Listing Rules.

DIRECTORS’ SERVICE CONTRACTS

On 8 August 2017, the executive Directors, Mr. Tian Huan and Mr. Zhang Yongli, have entered into a service contract with our Company for a period of three years subject always to re-election as and when required under the Articles and the provision under the service contract. On 28 October 2021, the executive Directors, Mr. Chen Ping, has entered into a service contract with our Company for a period of three years subject always to re-election as and when required under the Articles and the provision under the service contract. On 5 January 2023, the executive Directors, Mr. Fan Lianshun and Mr. Xia Yuanbo, have entered into a service contract with our Company for a period of three years subject to re-election as and when required under the Articles and the provision under the service contract. On 5 January 2023, Mr. Chen Wei, an executive Director, has entered into a service contract with the Company for a period of three years subject to re-election as and when required under the Articles and the provision under the service contract. The letters of appointment with each of our independent non-executive Directors are for an initial fixed term of three years since the Listing Date.

Save as disclosed above, none of the Directors has a service contract with members of the Group that is not determinable by the Group within one year without payment of compensation (other than statutory compensation).

董事及高級管理層履歷詳情

董事及高級管理層的履歷詳情載於本年報「董 事及高級管理層」一節。

截至本報告日期，概無資料變動須由董事根據 上市規則第 13.51(2) 條第 (a) 至 (e) 段及第 (g) 段予以披露。

董事服務合約

於 2017 年 8 月 8 日，執行董事田歡先生及張永 利先生已與本公司訂立服務合約，為期三年， 並須遵守細則所規定的膺選連任及服務合約內 的條文。於 2021 年 10 月 28 日，執行董事陳平 先生已與本公司訂立服務合約，為期三年，並 須遵守細則所規定的膺選連任及服務合約內的 條文。於 2023 年 1 月 5 日，執行董事范連順先 生及夏遠波先生已與本公司訂立服務合約，為 期三年，並須遵守細則所規定的膺選連任及服 務合約內的條文。於 2023 年 1 月 5 日，執行董 事陳緯先生已與本公司訂立服務合約，為期三 年，並須遵守細則所規定的膺選連任及服務合 約內的條文。與各獨立非執行董事訂立之委任 函自上市日期起初步固定為期三年。

除上文所披露者外，概無董事與本集團成員公 司訂立本集團不可於一年內終止而毋須支付賠 償（法定賠償除外）的服務合約。

Annual Report 2025 年報 155

Directors’ Report 董事會報告

DIRECTORS’ INTEREST IN COMPETING BUSINESS

During the year ended 31 December 2025, none of the Directors were interested in any business which competes or is likely to compete with the businesses of the Group, which would require disclosure in accordance with Rule 8.10 of the Listing Rules.

CONTRACTS WITH CONTROLLING SHAREHOLDERS

Save as disclosed in the section headed “Related Party Transactions” in this annual report, no contract of significance has been entered into between the Company or any of its subsidiaries and a Controlling Shareholder or any of its subsidiaries during the year ended 31 December 2025.

DIRECTORS’ INTERESTS IN TRANSACTIONS, ARRANGEMENTS OR CONTRACTS

No transactions, arrangements and contracts of significance in relation to the group’s business to which the Company’s subsidiaries, fellow subsidiaries or its parent company was a party and in which a director of the Company had a material interest, whether directly or indirectly, subsisted at the end of the Year or at any time during the Year.

MANAGEMENT CONTRACTS

No contracts concerning the management and administration of the whole or any substantial part of the business of the Company were entered into or existed during the Year.

董事於競爭業務的權益

截至 2025 年 12 月 31 日止年度，概無董事於與 本集團業務構成或可能構成競爭的任何業務中 擁有根據上市規則第 8.10 條須予披露的權益。

與控股股東的合約

除本年報「關聯方交易」一節所披露者外，本公 司或其任何附屬公司與控股股東或其任何附屬 公司於截至 2025 年 12 月 31 日止年度並無訂立 任何重大合約。

董事於交易、安排或合約的權益

概無本公司附屬公司、同系附屬公司或其母公 司所訂立與本集團業務有關而本公司董事於當 中直接或間接擁有重大權益的任何重大交易、 安排及合約於本年度末或於本年度內任何時間 存續。

管理合約

於本年度內，概無訂立或存在與本公司整體或 任何重大部分業務的管理及行政事務有關的合 約。

156 Rego Interactive Co., Ltd 潤歌互動有限公司

Directors’ Report 董事會報告

REMUNERATION OF DIRECTORS AND SENIOR MANAGEMENT

The Directors and senior management receive emolument from the Company in the form of salaries, allowances, discretionary bonus and contributions to defined contribution retirement plan. The Board has established the Remuneration Committee with terms of reference in compliance with Rule 3.25 of the Listing Rules and the Corporate Governance Code and Corporate Governance Report as set out in Appendix C1 to the Listing Rules. The primary duties of the committee include, amongst others, (i) making recommendations to Directors on the policy and structure for remunerations of all Directors and senior management and on the establishment of a formal and transparent procedure for developing policies on such remuneration; and (ii) reviewing and approving performance-based remuneration by reference to corporate goals and objects resolved by Directors from time to time.

Details of the emoluments of the Directors and five highest paid individuals in the Group are set out in Note 12 to the consolidated financial statements in this annual report.

None of the Directors waived or agreed to waive any remuneration and there were no emoluments paid by the Group to any of the Directors or other individuals as an inducement to join, or upon joining the Group, or as compensation for loss of office.

DEFINED CONTRIBUTION RETIREMENT PLAN

Pursuant to the relevant regulations of the PRC government, the Group participates in a central pension scheme operated by the local municipal government (the “ Scheme ”), whereby the subsidiaries of the Company in the PRC is required to contribute a certain percentage of the basic salaries of its employees to the Scheme to fund their retirement benefits. The local municipal government undertakes to assume the retirement benefits obligations of all existing and future retired employees of the subsidiaries of the Company. The only obligation of the Group with respect to the Scheme is to pay the ongoing required contributions under the Scheme. Contributions under the Scheme are charged to profit or loss as incurred.

董事及高級管理層的薪酬

董事及高級管理層以薪金、津貼、酌情花紅及 定額供款退休計劃供款的方式自本公司收取酬 金。董事會已遵照上市規則第 3.25 條及上市規 則附錄 C1 所載的企業管治守則及企業管治報告 成立薪酬委員會，並訂明職權範圍。該委員會 的主要職責包括（其中包括） (i) 就所有董事及高 級管理層的薪酬政策及架構，以及設立正式及 透明的程序以制定有關薪酬政策向董事提供建 議；及 (ii) 經參照董事不時議決的企業目的及目 標檢討及批准績效薪酬。

有關董事及本集團五名最高薪酬人士薪酬的詳 情載於本年報綜合財務報表附註 12 。

概無董事放棄或同意放棄任何酬金，而本集團 亦無向任何董事或其他人士支付酬金作為加入 或於加入本集團時的激勵或作為離職補償。

定額供款退休計劃

根據中國政府的相關法規，本集團參與由地方 市級政府辦理的中央退休金計劃（「 計劃 」），據 此，本公司的中國附屬公司須按僱員基本薪金 的若干百分比向計劃作出供款，以撥付僱員的 退休福利。地方市級政府承諾承擔本公司附屬 公司所有現有及未來退休僱員的退休福利責 任。本集團應就計劃承擔的唯一責任為根據計 劃持續作出所需供款。計劃的供款於產生時於 損益內扣除。

Annual Report 2025 年報 157

Directors’ Report 董事會報告

The Group operates a defined contribution Mandatory Provident Fund retirement benefits scheme (the “ MPF Scheme ”) for Hong Kong subsidiaries, under the Mandatory Provident Fund Schemes Ordinance, for those employees who are eligible to participate in the MPF Scheme. Contributions are made based on a percentage of the employees’ basic salaries and are charged to profit or loss as they become payable in accordance with the rules of the MPF Scheme. The assets of the MPF Scheme are held separately from those of the company in an independently administered fund. The Hong Kong subsidiaries’ employer contributions vest fully with the employees when contributed into the MPF Scheme.

There were no forfeited contributions utilised by the Group to reduce the existing level of the contributions for the Year.

EMPLOYEES AND REMUNERATION POLICIES

As of 31 December 2025, we had 194 full-time employees, the majority of whom were based in Hangzhou, China, Shanghai, China and Shanxi, China.

The remuneration of our employees is determined based on their performance, experience, competence and market comparable. We provide our employees with competitive salaries and bonuses determined by performance, housing subsidies, regular team building activities and internal opportunities of career advancement. Our Group adopts an appraisal system for our employees, where their respective supervisor and our president’s office conduct monthly or quarterly performance review depending on their rank and determines the amount of bonus to be awarded accordingly.

Our Group’s total staff costs (including Directors’ emolument, salaries, bonus, social insurance and provident funds) amounted to approximately RMB44.5 million for the year ended 31 December 2025 (For the year ended 31 December 2024: approximately RMB54.0 million). As required by the PRC laws and regulations, we have made contributions to various mandatory social security funds, including funds for basic pension insurance, unemployment insurance, basic medical insurance, maternity leave insurance and occupational injury.

本集團根據《強制性公積金計劃條例》為香港附 屬公司合資格參與香港強積金退休福利計劃 （「 強積金計劃 」）的僱員辦理定額供款強積金計 劃。供款乃按僱員基本薪金的某一百分比計 算，並根據強積金計劃的規則於到期應付時自 損益內扣除。強積金計劃的資產與公司資產分 開，由獨立管理之資金持有。香港附屬公司的 僱主供款於向強積金計劃供款時即悉數撥歸僱 員所有。

本集團於本年度內並無動用沒收供款以降低現 有供款水平。

僱員及薪酬政策

截至 2025 年 12 月 31 日，我們有 194 名全職僱 員，其多數位於中國杭州、中國上海及中國山 西。

僱員的薪酬乃基於彼等的表現、經驗、能力及 市場可比水平釐定。我們向僱員提供具競爭力 的薪金及績效花紅、住房補貼、定期團建活動 及內部職業發展機會。本集團採納僱員評核制 度，根據該制度，僱員各自的主管及我們的總 裁辦公室根據僱員職級每月或每季度進行績效 考核，並據此釐定僱員將獲得的花紅金額。

截至 2025 年 12 月 31 日止年度，本集團的員工 成本總額（包括董事酬金、薪金、花紅、社會 保險及公積金）約為人民幣 44.5 百萬元（截至 2024 年 12 月 31 日止年度：約人民幣 54.0 百萬 元）。按中國法律法規規定，我們已向多個強 制性社會保障基金作出供款，包括基本養老保 險基金、失業保險基金、基本醫療保險基金、 生育保險基金及工傷保險基金。

158 Rego Interactive Co., Ltd 潤歌互動有限公司

Directors’ Report 董事會報告

The remuneration of Directors and members of senior management is determined on the basis of each individual’s responsibilities, qualification, position, experience, performance and time commitment. They receive compensation in the form of salaries, allowances, discretionary bonuses and contributions to defined contribution retirement plan.

As regards our corporate governance, we have specific policies on declaration of potential conflicts of interest, antimoney laundering measures and procurement management to ensure compliance with all relevant laws and regulations and avoid corruption in our business operations. For the year ended 31 December 2025, to the best of the knowledge and belief of our Directors, there were no legal proceedings regarding corrupt practices brought against us or any of our directors and employees.

To the best knowledge and belief of our Directors, as at the date of this report, we were not subject to any significant environmental, social and climate-related risks that could negatively impact our Group’s businesses, strategies and financial performance. Our Directors confirm that for the year ended 31 December 2025, we were not subject to any material claim, lawsuit, penalty or administrative action relating to non-compliance with health, work safety or environmental laws and regulations.

In accordance with the Corporate Governance Code and ESG Reporting Guide set forth in Appendices C1 and C2 to the Listing Rules respectively, we will put in place mechanisms that will effectively enable us to continue to adopt recognised best practices and fulfil our corporate responsibility in respect of corporate governance and ESG matters.

董事及高級管理層成員的薪酬乃根據各自的責 任、資歷、職位、經驗、表現及投入時間釐 定。彼等以薪金、津貼、酌情花紅及定額供款 退休計劃供款等方式收取酬金。

在企業管治方面，我們制定了有關潛在利益衝 突申報、反洗錢措施及採購管理的具體政策， 以確保遵守所有相關法律法規並避免業務運營 中的腐敗。截至 2025 年 12 月 31 日止年度，據 董事所深知及確信，概無任何就我們或我們的 任何董事及僱員的貪腐行為提起的法律訴訟。

據董事所深知及確信，於本報告日期，我們並 無面臨任何可能對本集團業務、策略及財務表 現造成負面影響的重大環境、社會及氣候相關 風險。我們的董事確認，於截至 2025 年 12 月 31 日止年度，我們並無面臨與未遵守健康、工 作安全或環境方面的法律法規有關的任何重大 索賠、訴訟、處罰或行政訴訟。

我們將分別根據上市規則附錄 C1 及 C2 內所載 的企業管治守則及環境、社會及管治報告指引 建立機制，以使我們有效地繼續採納公認的最 佳做法，履行我們在企業管治及環境、社會及 管治事項方面的企業責任。

Annual Report 2025 年報 159

Directors’ Report 董事會報告

ENVIRONMENTAL POLICIES AND PERFORMANCE

It is the corporate and social responsibility of the Company in promoting a sustainable and environmental friendly environment. We have overall responsibility for our strategy and reporting on environmental, social and governance (“ ESG ”) matters. We also strive to fulfilling the environmental and social responsibility, for which they are responsible for identification, assessment and management of our ESGrelated risks, and ensuring that appropriate and effective ESG risk management and internal control systems are in place.

Due to the nature of our business as a marketing service provider, we do not operate any production facilities or otherwise impose any material threats to the environment in our daily operations. Nonetheless, we are committed to conducting our business operations to comply with all applicable environmental laws and regulations. Our environmental management system in relation to software design and development has been assessed and certified as meeting the requirements of the ISO 14001:2015 standard. It is also our policy to minimise our impact on the environment in the design and operations of all our facilities and business processes to the largest extent where reasonable and costefficient.

In relation to our employment practices, we have put in place a set of social policies to promote health and safety of our employees. In order to provide a safe working environment, we provide our employees with occupational safety training and updates to enhance their awareness of safety issues. We confirm that we had been in compliance with health and work safety requirements in all material respects during the Reporting Period and up to the date of this report. We also invest in the training of our employees, including management and recruitment training for potential mid-level staff, and strive to engage with the local community. We encourage our employees to donate to local charities and take part in volunteering and other social activities on a voluntary basis. We intend to organise social activities which integrate our talents to care for those in need in the future.

環境政策及表現

促進可持續發展及有利保育的環境是本公司的 企業及社會責任。我們全面負責我們的有關環 境、社會及管治（「 環境、社會及管治 」）事項的 戰略及報告。我們亦努力履行環境及社會責 任，為此，其負責識別、評估及管理我們的環 境、社會及管治相關風險，並確保設有適當及 有效的環境、社會及管治風險管理及內部控制 系統。

由於我們作為營銷服務提供商的業務性質，我 們在日常運營中不運營任何生產設施或以其他 方式對環境造成任何重大威脅。儘管如此，我 們致力於在遵守所有適用的環境法律和法規的 基礎上開展業務運營。我們與軟件設計和開發 相關的環境管理體系已經過評估和認證，符合 ISO 14001:2015 標準的要求。我們的政策亦 為在合理且具有成本效益的情況下，在我們所 有設施和業務流程的設計和運營中盡量降低對 環境的影響。

在我們的僱傭實踐方面，我們制定了一套社會 政策來促進我們僱員的健康和安全。為提供安 全的工作環境，我們為僱員提供職業安全培訓 及最新資料，以提高其對安全問題的意識。我 們確認，於報告期間及直至本報告日期，我們 在所有重大方面均符合健康及工作安全要求。 我們亦投資於僱員培訓，包括對準中層員工的 管理和招聘培訓，並努力與當地社區互動。我 們鼓勵僱員向當地慈善機構捐款，並在自願的 基礎上參加志願服務及其他社會活動。我們打 算在未來舉辦可整合我們的才智以關愛有需要 人士的社會活動。

160 Rego Interactive Co., Ltd 潤歌互動有限公司

Directors’ Report 董事會報告

To our best knowledge and belief, as at the date of this report, we were not subject to any significant environmental, social and climate-related risks that could negatively impact our Group’s businesses, strategies and financial performance. We confirm that during the Reporting Period and up to the date of this report, we were not subject to any material claim, lawsuit, penalty or administrative action relating to noncompliance with health, work safety or environmental laws and regulations.

The environmental, social and governance report of the Company prepared in accordance with Appendix C2 to the Listing Rules is set out in the section headed “Environmental, Social and Governance Report” in this annual report.

據董事所深知及確信，於本報告日期，我們並 無面臨任何可能對本集團業務、策略及財務表 現造成負面影響的重大環境、社會及氣候相關 風險。我們確認於報告期間及直至本報告日 期，我們並無面臨與未遵守健康、工作安全或 環境方面的法律法規有關的任何重大索賠、訴 訟、處罰或行政訴訟。

本公司根據上市規則附錄 C2 編製的環境、社會 及管治報告載於本年報「環境、社會及管治報 告」一節。

Annual Report 2025 年報 161

Directors’ Report 董事會報告

DIRECTORS’ AND CHIEF EXECUTIVE’S INTERESTS AND SHORT POSITIONS IN SHARES, UNDERLYING SHARES AND DEBENTURES

董事及最高行政人員於股份、相關 股份及債權證的權益及淡倉

As at 31 December 2025, to the best knowledge of the Directors, the interests and short positions of the Directors and chief executive 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 SFO), which were required (a) 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 were taken or deemed to have under such provisions of the SFO); or (b) pursuant to Section 352 of the SFO, to be entered in the register referred to therein; or (c) to be notified to the Company and the Stock Exchange pursuant to the Model Code, were as follows:

截至 2025 年 12 月 31 日，據董事所深知，董事 及本公司最高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）的股份、 相關股份或債權證中擁有 (a) 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（包括根據證券及期貨條例的 有關條文彼等被當作或被視為擁有的權益及淡 倉）；或 (b) 須根據證券及期貨條例第 352 條記 錄於該條所述登記冊內的權益及淡倉；或 (c) 根 據標準守則須知會本公司及聯交所的權益及淡 倉如下：

Interest in the Company

於本公司的權益

			Approximate
Name of Director/	Capacity/	Number of	percentage of
Chief Executive	Nature of interest	Shares held(1)	interest(1)
董事╱最高行政人員姓名	身份╱權益性質	持有的股份數目 (1)	權益概約百分比 (1)
Mr. Tian Huan	Interest in controlled	705,060,000 (L)	47.00%
田歡先生	corporation(Note 2)	15,306,541 (S)	1.02%
	受控法團權益（附註2）
	Parties acting in concert(Note 5)
	一致行動人士（附註5）
Mr. Chen Ping	Interest in controlled	705,060,000 (L)	47.00%
陳平先生	corporation(Note 3)	36,564,224 (S)	2.44%
	受控法團權益（附註3）
	Parties acting in concert(Note 5)
	一致行動人士（附註5）
Mr. Zhang Yongli	Interest in controlled	705,060,000 (L)	47.00%
張永利先生	corporation(Note 4)	7,388,495 (S)	0.49%
	受控法團權益（附註4）
	Parties acting in concert(Note 5)
	一致行動人士（附註5）
Mr. Fan Lianshun	Interest in controlled	72,885,000 (L)	4.86%
范連順先生	corporation
	受控法團權益

162 Rego Interactive Co., Ltd 潤歌互動有限公司

Directors’ Report 董事會報告

			Approximate
Name of Director/	Capacity/	Number of	percentage of
Chief Executive	Nature of interest	Shares held(1)	interest(1)
董事╱最高行政人員姓名	身份╱權益性質	持有的股份數目 (1)	權益概約百分比 (1)
Mr. Chen Wei	Beneficial owner	67,800,000 (L)	4.52%
陳緯先生	實益擁有人
Mr. Xia Yuanbo	Beneficial owner	200,000 (L)	0.99%
夏遠波先生	實益擁有人

The letter “L and S” denote the person’s long position and short position in the Shares respectively.

字母「 L 及 S 」分別指該人士於股份的好倉及淡倉。

• (1) The calculation is based on the total number of 1,500,000,000 Shares in issue as at 31 December 2025, without taking into account any Shares that may be issued under the Share Option Scheme.

• (1) 該計算乃基於 2025 年 12 月 31 日已發行股份總 數 1,500,000,000 股（並無計及根據購股權計 劃可能發行的任何股份）而得出。

• (2) As at 31 December 2025, Tanshin Investments directly held 182,130,000 Shares in our Company. Tanshin Investments is wholly-owned by Mr. Tian Huan. By virtue of the SFO, Mr. Tian Huan is therefore deemed to have an interest in the Shares held by Tanshin Investments.

• (2) 於 2025 年 12 月 31 日，天歡投資直接持有本 公司 182,130,000 股股份。天歡投資由田歡 先生全資擁有。根據證券及期貨條例，田歡先 生因此被視為於天歡投資持有的股份中擁有權 益。

• (3) As at 31 December 2025, Vicen Investments directly held 435,000,000 Shares in the Company. Vicen Investments is wholly-owned by Mr. Chen Ping. By virtue of the SFO , Mr. Chen Ping is therefore deemed to have an interest in the Shares held by Vicen Investments.

• (3) 於 2025 年 12 月 31 日，緯晨投資直接持有本 公司 435,000,000 股股份。緯晨投資由陳平 先生全資擁有。根據證券及期貨條例，陳平先 生因此被視為於緯晨投資持有的股份中擁有權 益。

• (4) As at 31 December 2025, Sprus Investments directly held 87,930,000 Shares in the Company. Sprus Investments is wholly-owned by Mr. Zhang Yongli. By virtue of the SFO, Mr. Zhang Yongli is therefore deemed to have an interest in the Shares held by Sprus Investments.

• (4) 於 2025 年 12 月 31 日，雲杉投資直接持有本公 司 87,930,000 股股份。雲杉投資由張永利先 生全資擁有。根據證券及期貨條例，張永利先 生因此被視為於雲杉投資持有的股份中擁有權 益。

• (5) On 22 October 2021, Mr. Tian Huan, Mr. Chen Ping and Mr. Zhang Yongli entered into an acting-in-concert Agreement, pursuant to which Mr. Tian Huan, Mr. Chen Ping and Mr. Zhang Yongli confirmed that they had been acting in concert since 14 July 2017 when they started to own the equity interest of Hangzhou Rego in proportions of 60%, 25% and 15% respectively, directly or indirectly and undertook to vote unanimously for any resolutions proposed at board meetings and shareholder meetings of the Group upon the signing of the acting-in-concert agreement.

• (5) 於 2021 年 10 月 22 日，田歡先生、陳平先生及 張永利先生訂立一致行動協議，據此，田歡先 生、陳平先生及張永利先生確認彼等自 2017 年 7 月 14 日（彼等開始分別直接或間接擁有杭 州潤歌 60% 、 25% 及 15% 股權之日）起一直 一致行動，且承諾於簽署一致行動協議後就於 本集團董事會會議及股東大會上提呈的任何決 議案進行一致表決。

Annual Report 2025 年報 163

Directors’ Report 董事會報告

SUBSTANTIAL SHAREHOLDERS’ INTERESTS AND SHORT POSITIONS IN SHARES AND UNDERLYING SHARES

主要股東於股份及相關股份之權益 及淡倉

As at 31 December 2025, to the best of knowledge of the Directors, the following persons, other than Directors or chief executive of the Company, had interests or short positions in the Shares or underlying Shares which fall to be disclosed to the Company under the provisions of Divisions 2 and 3 of Part XV of the SFO as recorded in the register required to be kept by the Company pursuant to Section 336 of the SFO:

於 2025 年 12 月 31 日，據董事所深知，下列人 士（除董事或本公司最高行政人員外）於股份或 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，或記錄於根據證券及期貨條例第 336 條規 定本公司須予備存的登記冊內的權益或淡倉：

			Approximate
	Capacity/	Number of	percentage of
Name of shareholder	Nature of interest	shares held	interest (1)
股東名稱╱姓名	身份╱權益性質	持有的股份數目	權益概約百分比 (1)
Mr. Tian Huan	Interest in controlled	705,060,000 (L)	47.00%
田歡先生	corporation(Note 2)	15,306,541 (S)	1.02%
	受控法團權益（附註2）
	Parties acting in concert(Note 5)
	一致行動人士（附註5）
Tanshin Investments	Beneficial interest(Note 2)	182,130,000 (L)	12.14%
天歡投資	實益權益（附註2）	15,306,541 (S)	1.02%
Ms. Yin Xiaohua	Interest of spouse(Note 2)	705,060,000 (L)	47.00%
殷筱華女士	配偶權益（附註2）	15,306,541 (S)	1.02%
Mr. Chen Ping	Interest in controlled	705,060,000 (L)	47.00%
陳平先生	corporation(Note 3)	36,564,224 (S)	2.44%
	受控法團權益（附註3）
	Parties acting in concert(Note 5)
	一致行動人士（附註5）
Vicen Investments	Beneficial interest(Note 3)	435,000,000 (L)	29.00%
緯晨投資	實益權益（附註3）	36,564,224 (S)	2.44%
Ms. Yang Jie	Interest of spouse(Note 3)	705,060,000 (L)	47.00%
楊潔女士	配偶權益（附註3）	36,564,224 (S)	2.44%
Mr. Zhang Yongli	Interest in controlled	705,060,000 (L)	47.00%
	corporation(Note 4)	7,388,495 (S)	0.49%
張永利先生	受控法團權益（附註4）
	Parties acting in concert(Note 5)
	一致行動人士（附註5）
Sprus Investments	Beneficial interest(Note 4)	87,930,000 (L)	5.86%
雲杉投資	實益權益（附註4）	7,388,495 (S)	0.49%
Ms. Chen Yingzhi	Interest of spouse(Note 4)	705,060,000 (L)	47.00%
陳英志女士	配偶權益（附註4）	7,388,495 (S)	0.49%

164 Rego Interactive Co., Ltd 潤歌互動有限公司

Directors’ Report 董事會報告

The letter “L” denotes the person’s long position in the Shares.

• (1) The calculation is based on the total number of 1,500,000,000 Shares in issue as at 31 December 2025, without taking into account any Shares that may be issued under the Share Option Scheme.

• (2) As at 31 December 2025, Tanshin Investments directly held 182,130,000 Shares in the Company. Tanshin Investments was wholly-owned by Mr. Tian Huan. By virtue of the SFO, Mr. Tian Huan was therefore deemed to have an interest in the Shares held by Tanshin Investments. Ms. Yin Xiaohua is the spouse of Mr. Tian Huan. By virtue of the SFO, Ms. Yin Xiaohua is deemed to be interested in the same number of Shares in which Mr. Tian is interested.

• (3) As at 31 December 2025, Vicen Investments directly held 435,000,000 Shares in the Company. Vicen Investments was wholly-owned by Mr. Chen Ping. By virtue of the SFO, Mr. Chen Ping was therefore deemed to have an interest in the Shares held by Vicen Investments. Ms. Yang Jie is the spouse of Mr. Chen Ping. By virtue of the SFO, Ms. Yang Jie is deemed to be interested in the same number of Shares in which Mr. Chen Ping is interested.

• (4) As at 31 December 2025, Sprus Investments directly held 87,930,000 Shares in the Company. Sprus Investments was wholly-owned by Mr. Zhang Yongli. By virtue of the SFO, Mr. Zhang Yongli was therefore deemed to have an interest held by Sprus Investments. Ms. Chen Yingzhi is the spouse of Mr. Zhang. By virtue of the SFO, Ms. Chen Yingzhi is deemed to be interested in the same number of Shares in which Mr. Zhang is interested.

Save as disclosed above and to the best knowledge of the Directors, as at 31 December 2025, the Directors and the chief executive of the Company are not aware of any other person (other than the Directors or chief executive of the Company) who had an interest or short position in the Shares or underlying Shares which would be required to be notified to the Company and the Stock Exchange under the provisions of Divisions 2 and 3 of Part XV of the SFO or which would be required to be recorded in the register to be kept by the Company pursuant to Section 336 of the SFO.

字母「 L 」指該人士於股份的好倉。

• (1) 該計算乃基於 2025 年 12 月 31 日已發行股份總 數 1,500,000,000 股（並無計及根據購股權計 劃可能發行的任何股份）而得出。

• (2) 於 2025 年 12 月 31 日，天歡投資直接持有本 公司 182,130,000 股股份。天歡投資由田歡 先生全資擁有。根據證券及期貨條例，田歡先 生因此被視為於天歡投資持有的股份中擁有權 益。殷筱華女士為田歡先生的配偶。根據證券 及期貨條例，殷筱華女士被視為於田先生擁有 權益的相同數目股份中擁有權益。

• (3) 於 2025 年 12 月 31 日，緯晨投資直接持有本 公司 435,000,000 股股份。緯晨投資由陳平 先生全資擁有。根據證券及期貨條例，陳平先 生因此被視為於緯晨投資持有的股份中擁有權 益。楊潔女士為陳平先生的配偶。根據證券及 期貨條例，楊潔女士被視為於陳平先生擁有權 益的相同數目股份中擁有權益。

• (4) 於 2025 年 12 月 31 日，雲杉投資直接持有本公 司 87,930,000 股股份。雲杉投資由張永利先 生全資擁有。根據證券及期貨條例，張永利先 生因此被視為於雲杉投資持有的股份中擁有權 益。陳英志女士為張先生的配偶。根據證券及 期貨條例，陳英志女士被視為於張先生擁有權 益的相同數目股份中擁有權益。

除上文所披露者外及據董事所深知，於 2025 年 12 月 31 日，董事及本公司最高行政人員概 不知悉任何其他人士（除董事或本公司最高行 政人員外）於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 分部的條文須知會 本公司及聯交所的權益或淡倉，或須記錄於本 公司根據證券及期貨條例第 336 條將予備存的 登記冊內的權益或淡倉。

Annual Report 2025 年報 165

Directors’ Report 董事會報告

DIRECTORS’ RIGHTS TO ACQUIRE SHARES OR DEBENTURES

Other than the Share Option Scheme, at no time during the year ended 31 December 2025, was the Company or any of its subsidiaries a party to any arrangement that would enable the Directors to acquire benefits by means of acquisition of the shares in, or debentures of, the Company or any other body corporate.

RIGHTS ISSUES

The Company completed the rights issue on 19 December 2023 at the price of HK$0.20 per rights share on the basis of one (1) rights share for every two (2) shares held by the eligible shareholders on the Record Date (i.e. 17 November 2023) (“ Rights Issue in November 2023 ”). Details on the Rights Issue in November 2023 are set out in the announcements of the Company dated 3 November 2023 and 15 December 2023 and the prospectus of the Company dated 20 November 2023 respectively. The net proceeds from the Rights Issue in December 2023 after deduction of the professional fees and other expenses are approximately HK$98.9 million. On 21 November 2025, the Company announced a change in use of the remaining net proceeds. Please refer to the announcement dated 21 November 2025 for more.

PURCHASE, SALE OR REDEMPTION OF THE COMPANY’S LISTED SECURITIES

During the Year, neither the Company nor any of its subsidiaries, purchase, sell or redeem any of the listed securities of the Company.

董事購買股份或債權證的權利

除購股權計劃外，於截至 2025 年 12 月 31 日止 年度任何時間，本公司或其任何附屬公司概無 訂立任何安排，以使董事可藉購買本公司或任 何其他法人團體的股份或債權證而獲得利益。

供股

本公司於 2023 年 12 月 19 日按於記錄日期（即 2023 年 11 月 17 日）合資格股東每持有兩 (2) 股股份獲發一 (1) 股供股股份之基準，按每股 供股股份 0.20 港元之價格完成供股（「 2023 年 11 月供股 」）。 2023 年 11 月供股之詳情分 別載於本公司日期為 2023 年 11 月 3 日及 2023 年 12 月 15 日之公告以及本公司日期為 2023 年 11 月 20 日之供股章程。 2023 年 12 月供股之所 得款項淨額在扣除專業費用及其他開支後約為 98.9 百萬港元。於 2025 年 11 月 21 日，本公司 宣佈更改餘下所得款項淨額的用途。更多詳情 請參閱日期為 2025 年 11 月 21 日公告。

購買、出售或贖回本公司上市證券

於本年度，本公司或其任何附屬公司概無購 買、出售或贖回任何本公司上市證券。

166 Rego Interactive Co., Ltd 潤歌互動有限公司

Directors’ Report 董事會報告

SHARE OPTION SCHEME

The Share Option Scheme was adopted by the Company on 27 July 2022, as amended from time to time.

(i) Purpose of Share Option Scheme

The purpose of the Share Option Scheme is to incentivise and reward an employee (whether full time or part-time) or a director of a member of the Group (the “ Eligible Persons ”) for their contribution to the Group and to align their interests with that of the Company so as to encourage them to work towards enhancing the value of the Company.

(ii) Participants of IPO Share Option Scheme

Eligible Persons to participate in the IPO Share Option Scheme include (i) an employee (whether full time or part-time); and (ii) a director of a member of the Group.

• (iii) Total number of shares available for issue under the Share Option Scheme and percentage of issued shares as at the date of this annual report

The total number of shares available for issue under the Share Option Scheme as at the date of this annual report is 100,000,000 Shares, representing 6.67% of the Company’s issued ordinary shares of the Company as at the date of this annual report.

(iv) Maximum entitlement of each participant

No options shall be granted to any Eligible Persons under the Share Option Scheme and any Other Schemes of the Company which, if exercised, would result in such Eligible Person becoming entitled to subscribe for such number of Shares as, when aggregated with the total number of Shares already issued or to be issued to him under all options granted to him (including exercised, cancelled and outstanding options) in the 12-month period up to and including the date of offer of such options, exceeds 1% of the Shares in issue at such date.

購股權計劃

購股權計劃已於 2022 年 7 月 27 日獲本公司採 納，並經不時修訂。

(i) 購股權計劃之目的

購股權計劃之目的是透過激勵和獎勵 本集團成員公司的僱員（不論全職或兼 職）或董事（「 合資格人士 」）對本集團的 貢獻，讓彼等的利益與本公司的利益掛 鈎，以鼓勵彼等致力提高本公司價值。

(ii) IPO 購股權計劃之參與人士

參與 IPO 購股權計劃之合資格人士包括 本集團成員公司的 (i) 僱員（不論全職或兼 職）；及 (ii) 董事。

• (iii) 根據購股權計劃可供發行之股份 總數及佔於本年報日期已發行股 份的百分比

於本年報日期根據購股權計劃可供發行 的股份總數為 100,000,000 股，佔本公 司於本年報日期已發行普通股的 6.67% 。

(iv) 每名參與人士可獲授權益上限

倘根據本公司購股權計劃及任何其他計 劃向任何合資格人士授出的購股權獲行 使將導致有關合資格人士有權認購的股 份數目，加上其於直至有關購股權要約 日期（包括該日）止 12 個月期間根據其獲 授的全部購股權（包括已行使、已註銷及 尚未行使的購股權）而獲發行或將獲發行 的股份總數超過該日已發行股份的 1% ， 則不得授出有關購股權。

Annual Report 2025 年報 167

Directors’ Report 董事會報告

Any further grant of options to an Eligible Person in excess of this 1% limit shall be subject to the approval of the Shareholders in general meeting with such Eligible Person and his close associates (of if such Eligible Person is a connected person of the Company, his associates) abstaining from voting. The Company must send a circular to the Shareholders disclosing the identity of the Eligible Person in question, the number and terms of the options to be granted (and options previously granted to such Eligible Person) and such other information required under the Listing Rule.

The number and terms (including the exercise price) of the options to be granted to such Eligible Person must be fixed before the Shareholders’ approval and the date of the Board meeting approving such further grant shall be taken as the date of grant for the purpose of determining the exercise price of the options.

• (v) The period within which the option may be exercised by the grantee under the Share Option Scheme

The Share Option Scheme shall be valid and effective for a period of ten (10) years commencing on 17 October 2022 (the Listing Date), after which period no further options will be granted but the provisions of the Share Option Scheme shall remain in full force and effect to the extent necessary to give effect to the exercise of any options granted prior thereto which are at that time or become thereafter capable of exercise under the Share Option Scheme, or otherwise to the extent as may be required in accordance with the provisions of the Share Option Scheme.

倘進一步向合資格人士授出購股權而超 出該 1% 上限，則須經股東於股東大會上 批准，而該合資格人士及其緊密聯繫人 （倘該合資格人士為本公司關連人士，則 為其聯繫人）須放棄投票。本公司必須向 股東發出通函，以披露有關合資格人士 的身份、將授出購股權的數目及條款（及 先前授予該合資格人士的購股權）及上市 規則規定的有關其他資料。

向該合資格人士授出的購股權數目及條 款（包括行使價）必須於提呈股東批准前 釐定，而批准該進一步授出購股權的董 事會會議日期應被視為授出日期，以釐 定購股權的行使價。

• (v) 承授人根據購股權計劃可行使購 股權之期間

購股權計劃由 2022 年 10 月 17 日（上市日 期）起十 (10) 年期間內有效及生效，該期 間後不會再授出購股權，但購股權計劃 的條文仍具十足效力及效用，以致先前 授出任何可於當時或其後根據購股權計 劃行使的購股權得以行使，或其他方面 以致於根據購股權計劃條文規定有效。

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Directors’ Report 董事會報告

• (vi) The vesting period and exercise period of options under the Share Option Scheme

Any option shall be vested on an option-holder immediately upon his acceptance of the offer of options provided that if any vesting schedule and/or conditions are specified in the offer of the option, such option shall only be vested on an option-holder according to such vesting schedule and/or upon the fulfilment of the vesting conditions (as the case may be). Any vested option which has not lapsed and which conditions have been satisfied or waived by the Board in its sole discretion may, unless the Board determines otherwise in its absolute discretion, be exercised at any time from the next business day after the offer of options has been accepted. Any option which remain unexercised shall lapse upon the expiry of the option period, which period shall be determined by the Board and shall not exceed ten years from the offer date of the option.

An option shall be subject to such terms and conditions (if any) as may be determined by the Board and specified in the offer of the option, including any vesting schedule and/or conditions, any minimum period for which any option must be held before it can be exercised and/or any performance targe which need to be achieved by an option-holder before the option can be exercised. Such terms and conditions determined by the Board must not be contrary to the purpose of the Share Option Scheme and must be consistent with such guidelines (if any) as may be approved from time to time by the Shareholders.

No option may be exercised in circumstances where such exercise would, in the opinion of the Board, be in breach of a statutory or regulatory requirement.

• (vi) 購股權計劃項下購股權之歸屬期 及行使期

購股權持有人一經接納提呈的購股權 後，任何購股權須即時歸屬予購股權持 有人，惟倘購股權要約列明任何歸屬時 間表及╱或條件，則有關購股權僅根據 有關歸屬時間表及╱或於歸屬條件達成 時（視情況而定）歸屬予購股權持有人。 除董事會按其全權酌情權另行釐定外， 任何已歸屬而未失效的購股權於達成條 件或董事會按其全權酌情決定豁免條件 後，可於購股權要約獲接納後的下一個 營業日起隨時行使。任何尚未行使的購 股權於購股權期限屆滿後將告失效，而 該期限由董事會釐定，不得超過購股權 要約日期起計十年。

購股權須受董事會可能釐定及購股權要 約列明的有關條款及條件（如有）限制， 包括任何歸屬時間表及╱或條件、行使 任何購股權前必須持有的任何最短期限 及╱或購股權持有人於行使購股權前須 達成的任何表現目標。董事會釐定的條 款及條件不得與購股權計劃的目的有所 抵觸，同時必須符合股東不時可能批准 的有關指引（如有）。

倘董事會認為行使購股權將違反法定或 監管規定，則不得行使。

Annual Report 2025 年報 169

Directors’ Report 董事會報告

• (vii) The amount payable on application or acceptance of the option and the period within which payments or calls must or may be made or loans for such purposes must be repaid

An offer may be accepted by a participant within 30 days from the offer date. An amount of HK$1.00 is payable upon acceptance of the grant of an option and such payment shall not be refundable and shall not be deemed to be a part payment of the exercise price.

(viii) The basis of determining the exercise price of options granted

Subject to any adjustment made as described in “Statutory and General Information – D. Share Option Scheme – paragraph (u)” in Appendix IV to the Prospectus, the exercise price shall be such price as determined by the Board and notified to an option-holder and which shall not be less than the higher of:

• (i) the closing price of the Shares as stated in the Stock Exchange daily quotation sheets on the date on which the offer to grant such options is approved by the Board (or where that is not a trading day, the last trading day prior to such date);

• (ii) the average of the closing price of the Shares as stated in the Stock Exchange’s daily quotation sheets for the five trading days immediately preceding the date on which the offer to grant such options is approved by the Board; and

• (iii) the nominal value of the Shares.

• (vii) 於申請或接納購股權時應付金額 以及必須或可能須付款或作出催 繳通知或須償還用作該等用途的 貸款之期限

參與者可於要約日期起計 30 天內接納 要約。於接納所授出的購股權時須支付 1.00 港元，而該款項將不予退還，且不 應視為行使價的部分款項。

(viii) 釐定所授出購股權之行使價的基 準

除按章程附錄四「法定及一般資料－ D. 購 股權計劃－第 (u) 段」所述作出任何調整 外，行使價須由董事會釐定，並須通知 購股權持有人，且不得低於以下較高者：

• (i) 董事會批准授出該等購股權要約日 期（或倘該日並非交易日，則有關 日期前的最後一個交易日）聯交所 每日報價表所報的股份收市價；

• (ii) 緊接董事會批准授出該等購股權要 約日期前五個交易日聯交所每日報 價表所報的股份平均收市價；及

• (iii) 股份面值。

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Directors’ Report 董事會報告

(ix) The remaining life of the Share Option Scheme

(ix) 購股權計劃之尚餘期限

The Share Option Scheme shall be valid and effective for a period of ten (10) years from the date of adoption, i.e. 17 October 2022.

購股權計劃由採納日期（即 2022 年 10 月 17 日）起十 (10) 年期間內有效及生效。

Details of the options granted to each participant or category of participants involving new shares of the Company for the year

年內向各參與人士或各類別參與人士所 授出涉及本公司新股份之購股權的詳情

No options have been granted under the Share Option Scheme since its adoption and up to the date of this annual report.

自購股權計劃獲採納起及直至本年報日 期，概無根據購股權計劃授出任何購股 權。

• (x) Number of options available for grant as at 1 January 2025 and 31 December 2025 are as follow:

• (x) 於 2025 年 1 月 1 日及 2025 年 12 月 31 日可 供授出之購股權數目如下：

		1 January	31 December
		2025	2025
		2025年	2025年
		1月1日	12月31日
Share options	購股權
Under the mandate limit	根據授權上限	100,000,000	100,000,000

No option has been granted or outstanding pursuant to the Share Option Scheme.

並無根據購股權計劃授出或尚未行使的 購股權。

For the year ended 31 December 2025, options to subscribe for a total of nil shares were granted under all share options schemes of the Company, representing 0% of the weighted average number of issued ordinary shares of the Company.

截至 2025 年 12 月 31 日止年度，本公司 所有購股權計劃項下已授出之購股權合 共可認購零股股份，佔本公司已發行普 通股加權平均數的 0% 。

For more information on the Share Option Scheme, please refer to “Statutory and General Information – D. Share Option Scheme” in Appendix IV to the Prospectus.

有關購股權計劃之更多資料，請參閱章 程附錄四「法定及一般資料－ D. 購股權計 劃」。

Annual Report 2025 年報 171

Directors’ Report 董事會報告

SHARE AWARD SCHEME

The Share Award Scheme adopted on 17 January 2023 (“ Share Award Scheme ”) is funded solely by existing shares to be purchased by the trustee. The purposes and objectives of the Share Award Scheme are: (i) to recognise the contributions by certain eligible participants and to provide them with incentives in order to retain them for the continual operation and development of the Group; and (ii) to attract suitable personnel for further development of the Group.

Any employee, officer or director of the Group is eligible to participate in the Share Award Scheme. The total number of Shares available for grant under the Share Award Scheme was 14,864,000 Shares, representing approximately 0.99% of the issued shares (excluding treasury shares) of the Company as at the date of this annual report.

The maximum number of Shares which may be awarded to a selected employee shall not in aggregate exceed ten per cent (10%) of the total number of issued Shares of the Company as at the adoption date. Subject to the effectiveness of the Share Award Scheme and all applicable laws, the Board may determine the vesting criteria, conditions and periods for vesting of awarded shares from time to time. No specific amount, payable on application or acceptance of the award. The remaining life of the Share Award Scheme is 7 years as at the date of this annual report.

No award under the Share Award Scheme has been granted or agreed during the financial year ended 31 December 2025.

股份獎勵計劃

於 2023 年 1 月 17 日採納的股份獎勵計劃（「 股份 獎勵計劃 」）僅以受託人將予購買的現有股份支 付。股份獎勵計劃之目的及目標為： (i) 表揚若 干合資格參與者所作的貢獻，並向彼等提供獎 勵以使彼等留任，為本集團的持續經營及發展 作出努力；及 (ii) 為本集團的進一步發展吸引合 適的人員。

本集團任何僱員、高級職員或董事均符合資格 參與股份獎勵計劃。股份獎勵計劃項下可供授 出的股份總數為 14,864,000 股，佔本公司於 本年報日期已發行股份（不包括庫存股份）約 0.99% 。

選定僱員可獲授予的股份數目上限合共不得超 過本公司於採納日期已發行股份總數的百分之 十 (10%) 。在股份獎勵計劃有效前提下及在不 違反所有適用法律情況下，董事會可不時釐定 獎勵股份的歸屬標準、條件及歸屬期。申請或 接納獎勵時無須支付任何特定金額。截至本年 報日期，股份獎勵計劃的剩餘有效期為七年。

截至 2025 年 12 月 31 日止財政年度，概無根據 股份獎勵計劃授出或同意任何獎勵。

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Directors’ Report 董事會報告

USE OF PROCEEDS FROM THE GLOBAL OFFERING

The Shares of the Company were listed on the Main Board of the Stock Exchange on 17 October 2022, whereby 25,000,000 new Shares were issued at the offer price of HKD0.64 each by the Company. The net proceeds from the Global Offering received by the Company, after deduction of the underwriting fees and other related expenses payable by the Company, was approximately HKD100.7 million.

There was no change in the intended use of net proceeds as previously disclosed in the Prospectus, and the expected timeline for the use of net proceeds will be subject to the business development of the Company. Since the Listing Date and up to the date of this report, the Group has utilised the net proceeds as illustrated on page 49 of this report.

LEGAL PROCEEDINGS AND COMPLIANCE

Details of the legal proceedings are set out in Note 46 to the Consolidated Financial Statements in this annual report.

Except the above, the Group was not involved in any material legal proceedings during the Year.

RELATED PARTY TRANSACTION

The related party transaction of the Company is set out in note 38 to the consolidated financial statement in this report. The related party transactions are not connected transaction or fully-exempted under Chapter 14A of the Listing Rules and the Company has complied with the requirements under Chapter 14A of the Listing Rules during the year ended 31 December 2025.

ANNUAL GENERAL MEETING

The AGM is scheduled to be held on Friday, 26 June 2026. A notice convening the AGM and all other relevant documents will be published and dispatched to the Shareholders who have elected to receive printed copies in the manner required by the Listing Rules in due course.

全球發售之所得款項用途

本公司股份於 2022 年 10 月 17 日在聯交所主板 上市，據此本公司已按發售價每股 0.64 港元發 行 25,000,000 股新股份。本公司自全球發售 獲得的所得款項淨額（已扣除本公司應付的包 銷費用及其他相關開支）約為 100.7 百萬港元。

先前於章程披露之所得款項淨額的擬定用途並 無發生變化，且所得款項淨額的預期使用時間 將視本公司業務發展情況確定。自上市日期起 及直至本報告日期，本集團已按本報告第 49 頁 所示動用所得款項淨額。

法律訴訟及合規

上述訴訟的詳情載於本年報綜合財務報表附註 46 。

除上文所述者外，年內本集團並無牽涉任何重 大法律訴訟。

關聯方交易

本公司的關聯方交易載於本報告內綜合財務報 表附註 38 。根據上市規則第 14A 章，關聯方 交易並非關連交易或獲全面豁免，且於截至 2025 年 12 月 31 日止年度本公司已遵守上市規 則第 14A 章項下的規定。

股東週年大會

股東週年大會定於 2026 年 6 月 26 日（星期五）舉 行。召開股東週年大會的通告及所有其他相關 文件將按上市規則規定的方式適時刊發及寄發 予選擇收取印刷本的股東。

Annual Report 2025 年報 173

Directors’ Report 董事會報告

FINAL DIVIDEND

The Board has resolved not to recommend the payment of a final dividend for the year ended 31 December 2025.

CLOSURE OF REGISTER OF MEMBERS

The register of members of the Company will be closed from Tuesday, 23 June 2026 to Friday, 26 June 2026, both days inclusive, in order to determine the eligibility of the Shareholders to attend and vote at the AGM to be held on Friday, 26 June 2026. The record date is Friday, 26 June 2026. In order to be eligible to attend and vote at the AGM, all transfers accompanied by the relevant share certificates and transfer forms must be lodged with the Company’s branch share registrar and transfer office in Hong Kong, Computershare Hong Kong Investor Services Limited at Shops 1712–1716, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong before 4:30 p.m. on Monday, 22 June 2026.

PRE-EMPTIVE RIGHTS

There are no provisions for pre-emptive rights under the Articles of Association or the laws of the Cayman Islands which would oblige the Company to offer new shares on a pro rata basis to the existing Shareholders.

TAX RELIEF AND EXEMPTION

The Directors are not aware of any tax relief and exemption available to the Shareholders by reason of their holding of the Company’s listed securities. If any of the Shareholders is unsure about the taxation implications of purchasing, holding, disposing of, dealing in, or the exercise of any rights in relation to the Shares, he or she is advised to consult an expert.

FIVE-YEAR FINANCIAL SUMMARY

A summary of the results and of the assets and liabilities of the Group for the last four financial years ended 31 December 2025 is set out on in page 11 of this annual report.

末期股息

董事會已議決不建議就截至 2025 年 12 月 31 日 止年度派付末期股息。

暫停辦理股份過戶登記

本公司將於 2026 年 6 月 23 日（星期二）至 2026 年 6 月 26 日（星期五）期間（包括首尾兩日）暫停 辦理股份過戶登記手續，以釐定股東是否合資 格出席將於 2026 年 6 月 26 日（星期五）舉行的股 東週年大會並於會上投票。記錄日期為 2026 年 6 月 26 日（星期五）。為符合資格出席股東週 年大會並於會上投票，所有股份過戶文件連同 相關股票及過戶表格必須於 2026 年 6 月 22 日 （星期一）下午四時三十分前提交予本公司的香 港股份過戶登記分處香港中央證券登記有限公 司，地址為香港灣仔皇后大道東 183 號合和中 心 17 樓 1712–1716 號舖。

優先購股權

組織章程細則或開曼群島法例下概無訂有有關 優先購股權之條文，規定本公司有責任按比例 向其現有股東提呈發售新股份。

稅務寬免及豁免

董事並不知悉股東因其持有本公司上市證券而 享有的任何稅務寬免及豁免。倘任何股東不確 定購買、持有、出售、買賣或行使有關股份的 任何權利所涉及的稅務影響，務請諮詢專家意 見。

五年財務概要

本集團於截至 2025 年 12 月 31 日止過去四個財 政年度之業績及資產與負債概要載於本年報第 11 頁。

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Directors’ Report 董事會報告

INDEMNITY OF DIRECTORS

Under the Articles of Association, every Director or other officers of the Company acting in relation to any of the affairs of the Company shall be entitled to be indemnified against all actions, costs, charges, losses, damages and expenses which he may incur or sustain in or about the execution of his duties in his office. The Company has arranged appropriate insurance cover in respect of legal action against its Directors and officers.

PUBLIC FLOAT

As at 31 December 2025, the Company has only one class of ordinary share with 1,500,000,000 shares in issue. Based on the information publicly available to the Company and within the knowledge of the Directors, approximately 48.15% of the Company’s total number of issued Shares were held by the public, which exceeded the minimum 25% threshold required under the Listing Rules. The Company confirms that it has been in compliance with Rule 13.32B of the Listing Rules as at 31 December 2025.

AUDITOR

The consolidated financial statements of the Group for the year ended 31 December 2025 have been audited by BDO Limited.

BDO Limited shall retire at the forthcoming annual general meeting and, being eligible, will offer itself for re-appointment. A resolution for the re-appointment of BDO Limited as the auditors of the Company will be proposed at the AGM.

RESULTS AND APPROPRIATION

The results of the Group for the year are set out in the consolidated financial statements on pages 188 to 340 of this annual report.

DONATION

During the year ended 31 December 2025, the Group made no charitable donations (2024: nil).

董事之彌償保證

根據組織章程細則，就本公司任何事宜行事之 每名董事或本公司其他高級職員在其任期內執 行職責而可能產生或持續蒙受之所有法律行 動、成本、費用、損失、損害及開支均有權獲 得彌償。本公司已就其董事及高級職員可能面 臨的法律訴訟提供適當的投保安排。

公眾持股量

截至 2025 年 12 月 31 日，本公司僅有一類普通 股，已發行股份數目為 1,500,000,000 股。 根據本公司可獲得的公開資料及據董事所知， 本公司已發行股份總數中約有 48.15% 由公眾 人士持有，該比例超過上市規則所規定的 25% 最低門檻。本公司確認，截至 2025 年 12 月 31 日，本公司一直遵守上市規則第 13.32B 條的 規定。

核數師

本集團截至 2025 年 12 月 31 日止年度之綜合財 務報表已由香港立信德豪會計師事務所有限公 司審核。

香港立信德豪會計師事務所有限公司須於應屆 股東週年大會上退任，惟合資格並願意獲續聘 連任。於股東週年大會上將提呈有關續聘香港 立信德豪會計師事務所有限公司為本公司核數 師之決議案。

業績及分派

本集團之年內業績載於本年報第 188 至 340 頁 的綜合財務報表。

捐款

截至 2025 年 12 月 31 日止年度，本集團並無作 出慈善捐款（ 2024 年：無）。

Annual Report 2025 年報 175

Directors’ Report 董事會報告

CORPORATE GOVERNANCE

The Company is committed to maintaining high standards of corporate governance practices. Detailed information on the corporate governance practices adopted by the Company is set out in the Corporate Governance Report on pages 63 to 87 of this annual report.

No share awards have been granted under the Share Award Scheme since the adoption of the Share Award Scheme and up to the date of this annual report.

SUBSEQUENT EVENTS

Save as disclosed, as at the date of this report, there was no other significant event subsequent to 31 December 2025.

APPRECIATION

The Board would like to express its sincere gratitude to the management and staff members of the Group for their dedication and hard work during the year under review. Also, the Board would like to extend thanks to all the business partners, customers and shareholders for their support. The Chairman of the Company believes that they will continue to render support to the Group for our continuous growth and success in the future.

On behalf of the Board

Rego Interactive Co., Ltd Mr. CHEN Ping Chairman and Executive Director

企業管治

本公司致力維持高水平的企業管治常規。有關 本公司所採納企業管治常規之詳細資料載於本 年報第 63 至 87 頁的企業管治報告。

自股份獎勵計劃獲採納起及直至本年報日期， 概無根據股份獎勵計劃授出任何股份獎勵。

期後事項

除所披露者外，於本報告日期，於 2025 年 12 月 31 日後概無發生其他重大事項。

致謝

董事會謹此對本集團管理層及員工於回顧年度 內作出的傑出貢獻和不懈努力表示衷心感謝， 同時亦感謝所有業務夥伴、客戶及股東的支 持。本公司主席相信，彼等將繼續給予支持， 協助本集團未來繼續成功發展。

代表董事會

潤歌互動有限公司 主席兼執行董事 陳平先生

176 Rego Interactive Co., Ltd 潤歌互動有限公司

Independent Auditor’s Report 獨立核數師報告

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INDEPENDENT AUDITOR’S REPORT

致潤歌互動有限公司股東的獨立核數師報告

TO THE SHAREHOLDERS OF REGO INTERACTIVE CO., LTD

(incorporated in the Cayman Islands with limited liability)

（於開曼群島註冊成立的有限公司）

OPINION

意見

We have audited the consolidated financial statements of Rego Interactive Co., Ltd (the “ Company ”) and its subsidiaries (together the “ Group ”) set out on pages 188 to 340, which comprise the consolidated statement of financial position as at 31 December 2025, and the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, which include material accounting policy information.

吾等經已審計第 188 至 340 頁所載之潤歌互動 有限公司（「 貴公司 」）及其附屬公司（統稱「 貴集 團 」）之綜合財務報表，包括於 2025 年 12 月 31 日之綜合財務狀況表及截至該日止年度之綜合 損益及其他全面收入表、綜合權益變動表及綜 合現金流量表以及綜合財務報表附註（包括重 大會計政策資料）。

In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial position of the Group as at 31 December 2025, and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with HKFRS Accounting Standards as issued by the Hong Kong Institute of Certified Public Accountants (“ HKICPA ”) and have been properly prepared in compliance with the disclosure requirements of the Hong Kong Companies Ordinance.

吾等認為，該等綜合財務報表已根據香港會計 師公會（「 香港會計師公會 」）頒佈的香港財務報 告準則會計準則真實而中肯地反映了 貴集團 於 2025 年 12 月 31 日的綜合財務狀況及其截至 該日止年度的綜合財務表現及綜合現金流量， 並已遵照香港《公司條例》的披露規定妥為擬 備。

Annual Report 2025 年報 177

Independent Auditor’s Report 獨立核數師報告

BASIS FOR OPINION

We conducted our audit in accordance with Hong Kong Standards on Auditing (“ HKSAs ”) issued by the HKICPA. Our responsibilities under those standards are further described in the “Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements” section of our report. We are independent of the Group in accordance with the HKICPA’s “Code of Ethics for Professional Accountants” (the “ Code ”), as applicable to audits of financial statements of public interest entities. We have also fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

KEY AUDIT MATTERS

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Provision for expected credit losses (“ECLs”) on trade receivables

The Group had the net carrying amounts of trade receivables of approximately RMB76,611,000 as at 31 December 2025.

意見基準

吾等已根據香港會計師公會頒佈的《香港審計 準則》（「 香港審計準則 」）進行審計。吾等在該 等準則下承擔的責任已在本報告「核數師就審 計綜合財務報表承擔的責任」部分中作進一步 闡述。根據香港會計師公會頒佈的《專業會計 師道德守則》（「 守則 」）中適用於公眾利益實體 財務報表審計的相關要求，吾等獨立於 貴 集團。吾等亦已履行守則中的其他專業道德責 任。吾等相信，吾等所獲得的審計憑證能充足 及適當地為吾等的審計意見提供基礎。

關鍵審計事項

關鍵審計事項是根據吾等的專業判斷，認為對 本期綜合財務報表的審計最為重要的事項。這 些事項是在吾等審計整體綜合財務報表及出具 意見時進行處理的，且吾等不會對這些事項提 供單獨的意見。

貿易應收款項的預期信貸虧損（「預期 信貸虧損」）撥備

於 2025 年 12 月 31 日， 貴集團有貿易應收款 項賬面淨值約人民幣 76,611,000 元。

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Independent Auditor’s Report 獨立核數師報告

Management applied the simplified approach to measure the lifetime expected loss allowance for its trade receivables. In developing the loss allowances of trade receivables, management used judgement in making the assumptions about the risk of default and expected credit loss rate with reference to the Group’s historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment which may impact the customers’ ability to repay the outstanding balances. In addition, management also reviewed the credit risk of individual debtors by considering the nature of transactions, relationship with customers and their financial position, etc. to assess whether any increase in credit risk which may trigger further specific provision at the end of the Reporting Period.

管理層應用簡化法計量其貿易應收款項的全期 預期虧損撥備。於釐定貿易應收款項的虧損撥 備時，管理層於作出有關違約風險及預期信貸 虧損率的假設時會參考 貴集團過往信貸虧損 經驗，並就對債務人特定之前瞻性因素及可能 影響客戶償還尚未償還結餘能力之經濟環境進 行調整。此外，管理層亦透過考慮交易性質、 與客戶之關係及其財務狀況等，檢討個別債務 人的信貸風險，從而評估信貸風險有否增加， 而可能觸發報告期間末的進一步特定撥備。

We have identified ECLs assessment of trade receivables as a key audit matter because assessing ECLs on trade receivables is a subjective area as it requires management’s judgment and uses of estimates.

吾等將貿易應收款項的預期信貸虧損評估識別 為關鍵審計事項，概因評估貿易應收款項的預 期信貸虧損屬主觀性質，其要求管理層作出判 斷及使用估算。

Refer to Notes 5(iii), 24 and 42(a) to the consolidated financial statements and accounting policy in Note 4(g)(ii).

詳見綜合財務報表附註 5(iii) 、 24 及 42(a) 以及 附註 4(g)(ii) 所載會計政策。

Our response:

吾等的應對方法：

Our audit procedures in relation to management’s judgment and uses of estimates on ECLs assessment of trade receivables included:

吾等對管理層就貿易應收款項的預期信貸虧損 評估的判斷及使用估計所採用審計程序包括：

• obtaining an understanding of the design and implementation of key internal controls which govern credit control, debt collection and estimation of ECLs;

• 了解規管信貸控制、收債及估算預期信 貸虧損的關鍵內部控制的設計及執行；

• assessing the reasonableness of management’s loss allowance estimates by examining the information used by management to form such judgements;

• 透過檢查管理層達致有關判斷時所用資 料，評估管理層對虧損撥備估計是否合 理；

• evaluating techniques and methodology in the ECLs model with reference to the requirements of HKFRS 9;

• 參考香港財務報告準則第 9 號的規定評估 預期信貸虧損模型的技術及方法；

• involving an auditor’s expert to assist our assessment; and

• 委託核數師專家協助吾等評估；及

• evaluating the competency, capabilities and objectivity of the management’s expert and auditor’s expert.

• 評估管理層專家及核數師專家的資格、 能力及客觀性。

Annual Report 2025 年報

179

Independent Auditor’s Report 獨立核數師報告

Impairment of non-financial assets

As at 31 December 2025, the Group had the carrying amounts of goodwill, property, plant and equipment, intangible assets and right-of-use assets of approximately RMB29,333,000, RMB24,278,000, RMB8,857,000 and RMB270,000 respectively.

Management is required to perform impairment assessment on the Group’s goodwill annually and property, plant and equipment, intangible assets and right-of-use assets where indications of impairment are identified. For the purpose of assessing impairment, assets were tested at cash generating unit(s) (the “ CGU(s) ”) level, and management has assessed the recoverable amounts of these assets based on value-inuse and fair value less costs of disposal. In carrying out the impairment assessments, significant management judgement was used to determine the methodologies adopted and the key assumptions used. Based on the assessment performed, as at 31 December 2025, the management concluded that impairment loss on goodwill of approximately RMB11,983,000 was recognised in the consolidated statement of profit or loss and other comprehensive income. To support management’s assessment, the Group engaged an independent external valuer as management’s expert.

We identified impairment assessment of non-financial assets as a key audit matter due to the involvement of significant management judgement and assumptions in the assessment.

Refer to Notes 5(ii), 5(v), 16, 17, 18 and 19(a) to the consolidated financial statements and accounting policy in Notes 4(c) and 4(o).

非金融資產減值

於 2025 年 12 月 31 日， 貴集團之商譽、物 業、廠房及設備、無形資產及使用權資產之賬 面值分別為約人民幣 29,333,000 元、人民幣 24,278,000 元、人民幣 8,857,000 元及人民 幣 270,000 元。

如識別減值跡象，管理層須每年對 貴集團商 譽以及物業、廠房及設備、無形資產及使用權 資產進行減值測試。就評估減值而言，資產於 現金產生單位（「 現金產生單位 」）層面進行測 試，而管理層已基於使用價值及公平價值減出 售成本評估該等資產的可收回金額。於進行減 值評估時，採用重大管理層判斷以釐定所採用 方法及所使用關鍵假設。根據所進行評估，於 2025 年 12 月 31 日，管理層評定於綜合損益 及其他全面收入表確認商譽減值虧損約人民幣 11,983,000 元。為支援管理層評估， 貴集團 委聘獨立外部評估師作為管理層專家。

吾等將非金融資產的減值評估識別為關鍵審計 事項，乃由於評估涉及重大管理層判斷及假 設。

詳見綜合財務報表附註 5(ii) 、 5(v) 、 16 、 17 、 18 及 19(a) 以及附註 4(c) 及 4(o) 所載會 計政策。

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Independent Auditor’s Report 獨立核數師報告

Our response:

吾等的應對方法：

Our audit procedures in relation to management’s judgment and uses of estimates on Impairment of non-financial assets included:

吾等對管理層就非金融資產減值的判斷及使用 估計所採用審計程序包括：

• assessing the appropriateness of the management’s identification of CGUs based on our understanding of the Group’s business;

• 基於吾等對 貴集團業務的了解評估管 理層識別現金產生單位的合理性；

• evaluating the appropriateness of the methodologies applied in respect of the assessment of the recoverable amounts;

• 評估就可收回金額評估所應用方法的合 理性；

• challenging the reasonableness of key assumptions of the cash flow projections including revenue growth rate during budget period, long term growth rate and discount rate based on our knowledge of the Group’s business and industry;

• 基於吾等對 貴集團業務及行業的知識 質疑預算期內現金流量預測（包括收益增 長率、長期增長率及貼現率）的關鍵假設 的合理性；

• reconciling input data to supporting evidence, such as approved budget and considering the reasonableness of this evidence;

• 根據支持性證據（例如經核定的預算）核 對輸入數據，及考慮該證據的合理性；

• involving an auditor’s expert to assist our assessment; and

• 委託核數師專家協助吾等評估；及

• evaluating the competency, capabilities and objectivity of the management’s expert and auditor’s expert.

• 評估管理層專家及核數師專家的資格、 能力及客觀性。

Revenue recognition of corporate digitalisation solution services

企業數字化服務的收益確認－總額或 淨額

– gross or net

For the year ended 31 December 2025, the Group recognised revenue of approximately RMB464,709,000 from corporate digitalisation solution services in which digital marketing service include in enterprises’ private domain traffic marketing services and virtual goods sourcing and delivery services of, representing 2.54% of corporate digitalisation solution, are recognised on net basis.

截至 2025 年 12 月 31 日止年度， 貴集團 確認來自企業數字化服務的收益約人民幣 464,709,000 元，其中數字化營銷服務計入企 業私域流量營銷服務以及虛擬商品採購及交付 服務，佔企業數字化服務的 2.54% ，乃按淨額 基準確認。

Annual Report 2025 年報 181

Independent Auditor’s Report 獨立核數師報告

In determining whether the Group is acting as a principal or as an agent in the provision of promotion and advertising services and virtual goods sourcing and delivery services requires judgements and considerations of all relevant facts and circumstances. The Group follows the accounting guidance for principal-agent considerations to assess whether the Group controls the specified service before it is transferred to the customer, the indicators of which including but not limited to (a) whether the entity is primarily responsible for fulfilling the promise to provide the specified service; (b) whether the entity has inventory risk before the specified service has been transferred to a customer; and (c) whether the entity has discretion in establishing the prices for the specified goods or service.

We focused on this area because the judgements involved in determining the Group’s role as a principal or an agent in recognising corporate digitalisation solution is subject to high degree of judgements. The inherent risk in relation to the determination of revenue recognition on gross or net basis is considered significant due to the management’s judgements are subjective.

Refer to Notes 5(a) and 7 to the consolidated financial statements and accounting policy in Note 4(j).

Our response:

Our audit procedures in relation to management’s judgment involved in determining the Group’s role as a principal or an agent in recognising marketing and promotion service included:

• understanding the key controls over management’s principal-agent assessment, including management’s approval and review of sales contracts;

於釐定 貴集團於提供推廣及營銷服務及虛擬 商品採購及交付服務過程中是否以委託人或代 理人身份行事時，需對所有相關事實及情況作 出判斷及考量。 貴集團遵循委託人與代理人 考量的會計指引，評估 貴集團於特定服務轉 移至客戶前是否擁有對該特定服務的控制權， 評估指標包括但不限於 (a) 實體是否主要負責 履行提供特定服務的承諾； (b) 實體於特定服 務轉移至客戶前是否有存貨風險；及 (c) 實體是 否能酌情權設定特定商品或服務的價格。

我們重點關注該範疇乃由於在確認企業數字化 服務時就釐定 貴集團作為委託人或代理人涉 及高度判斷。由於管理層判斷具主觀性，因此 與釐定收益確認基準（總額或淨額）相關的固有 風險被視為屬重大。

• 詳見綜合財務報表附註 5(a) 及 7 以及附註 4(j) 所載會計政策。

吾等的應對方法：

吾等對管理層於確認營銷及推廣服務時就釐 定 貴集團作為委託人或代理人所涉及的判斷 採用的審計程序包括：

• 了解管理層評估委託人－代理人的關鍵 控制，包括管理層對銷售合約的批准及 審閱；

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Independent Auditor’s Report 獨立核數師報告

• discussing with management and understanding the indicators and judgement which management considered and applied when performing principal agent assessment under different circumstances;

• 與管理層討論並了解管理層在不同情形 下進行委託人－代理人評估時所考慮及 應用的指標及判斷；

• inspecting sales contracts, on a sample basis, to understand the terms of service and assess whether management recognised the related revenue in accordance with the Group’s accounting policies, with reference to the requirements of the prevailing accounting standards; and

• 抽樣檢查銷售合約以了解服務條款及經 參考現行會計準則的規定後評估管理層 是否根據 貴集團的會計政策確認相關 收益；及

• considering whether the judgements made by management in assessing gross versus net would give rise to indicators of possible management bias.

• 考慮管理層於評估總額與淨額時作出的 判斷是否會導致管理層出現潛在偏頗的 跡象。

OTHER INFORMATION IN THE ANNUAL REPORT

年報內其他資料

The directors are responsible for the other information. The other information comprises the information included in the Company’s annual report, but does not include the consolidated financial statements and our auditor’s report thereon.

董事須對其他資料負責。其他資料包括納 入 貴公司年報的資料，惟不包括綜合財務報 表及吾等就此的核數師報告。

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

吾等對綜合財務報表的意見並不涵蓋其他資 料，且吾等並無就此發表任何形式的鑒證結 論。

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

就吾等對綜合財務報表的審計而言，吾等的責 任為細閱其他資料，且於此過程中，考慮其他 資料是否與綜合財務報表或吾等於審計中取得 的認知存在重大抵觸，或者似乎有重大錯誤陳 述。倘基於吾等所作工作，吾等評定本其他資 料存在重大錯誤陳述，吾等須報告此事實，而 就此而言，吾等沒有任何報告。

Annual Report 2025 年報 183

Independent Auditor’s Report 獨立核數師報告

DIRECTORS’ RESPONSIBILITIES FOR THE CONSOLIDATED FINANCIAL STATEMENTS

The directors are responsible for the preparation of the consolidated financial statements that give a true and fair view in accordance with HKFRS Accounting Standards as issued by the HKICPA and the disclosure requirements of the Hong Kong Companies Ordinance, and for such internal control as the directors determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, the directors are responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.

The directors are also responsible for overseeing the Group’s financial reporting process. The Audit Committee assists the directors in discharging their responsibility in this regard.

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. This report is made solely to you, as a body, in accordance with the terms of our engagement, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report.

董事對綜合財務報表的責任

董事須負責根據香港會計師公會頒佈的香港財 務報告準則會計準則及香港《公司條例》的披露 規定擬備真實而中肯的綜合財務報表，並落實 其認為為使綜合財務報表的擬備不存在由於欺 詐或錯誤而導致的重大錯誤陳述所需的內部控 制。

在擬備綜合財務報表時，董事負責評估 貴集 團持續經營的能力，並在適用情況下披露與持 續經營有關的事項，以及使用持續經營為會計 基礎，除非董事有意將 貴集團清盤或停止經 營，或別無其他實際的替代方案。

董事亦負責監督 貴集團財務報告程序。審核 委員會協助董事履行彼等於此方面的責任。

核數師就審計綜合財務報表承擔的 責任

吾等的目標，是對綜合財務報表整體是否不存 在由於欺詐或錯誤而導致的重大錯誤陳述取得 合理保證，並根據協定委聘條款僅向全體股東 出具包括吾等意見的核數師報告，除此以外吾 等的報告不可用作其他用途。吾等並不就本報 告之內容對任何其他人士承擔任何責任或接受 任何義務。

184 Rego Interactive Co., Ltd 潤歌互動有限公司

Independent Auditor’s Report 獨立核數師報告

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with HKSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

合理保證是高水平的保證，但不能保證按照香 港審計準則進行的審計，在某一重大錯誤陳述 存在時總能發現。錯誤陳述可以由欺詐或錯誤 引起，如果合理預期它們單獨或匯總起來可能 影響綜合財務報表使用者依賴該等綜合財務報 表所作出的經濟決定，則有關的錯誤陳述可被 視作重大。

As part of an audit in accordance with HKSAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

在根據香港審計準則進行審計的過程中，吾等 運用了專業判斷，保持了專業懷疑態度。吾等 亦：

• identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• － 識別和評估由於欺詐或錯誤而導致綜合 財務報表存在重大錯誤陳述的風險，設 計及執行審計程序以應對這些風險，以 及獲取充足和適當的審計憑證，作為吾 等意見的基礎。由於欺詐可能涉及串 謀、偽造、蓄意遺漏、虛假陳述，或凌 駕於內部控制之上，因此未能發現因欺 詐而導致的重大錯誤陳述的風險高於未 能發現因錯誤而導致的重大錯誤陳述的 風險。

• obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.

• － 了解與審計相關的內部控制，以設計在 有關情況下適當的審計程序，但目的並 非對 貴集團內部控制的有效性發表意 見。

• evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

• － 評價董事所採用會計政策的恰當性及所 作出會計估計和相關披露的合理性。

Annual Report 2025 年報 185

Independent Auditor’s Report 獨立核數師報告

• conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.

• evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the group financial statements. We are responsible for the direction, supervision and review of the work performed for the purposes of the group audit. We remain solely responsible for our audit opinion.

We communicate with the Audit Committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable actions taken to eliminate threats or safeguards applied.

• － 對董事採用持續經營會計基礎的恰當性 作出結論。根據所獲取的審計憑證，確 定是否存在與事項或情況有關的重大不 確定性，從而可能導致對 貴集團的持 續經營能力產生重大疑慮。如果吾等認 為存在重大不確定性，則有必要在核數 師報告中提請使用者注意綜合財務報表 中的相關披露。假若有關的披露不足， 則吾等應當發表非無保留意見。吾等的 結論是基於截至核數師報告日止所取得 的審計憑證。然而，未來事項或情況可 能導致 貴集團不能持續經營。

• － 評價綜合財務報表的整體列報方式、結 構和內容，包括披露，以及綜合財務報 表是否中肯反映相關交易和事項。

• － 規劃及進行集團審計以就集團內實體或 業務單位的財務信息獲取充足、適當的 審計憑證，藉此對集團財務報表發表意 見。吾等負責就集團審計所進行工作的 方向、監督和審查。吾等為審計意見承 擔全部責任。

除其他事項外，吾等與審核委員會溝通了計劃 的審計範圍、時間安排、重大審計發現等，包 括吾等在審計中識別出內部控制的任何重大缺 陷。

吾等還向審核委員會提交聲明，說明吾等已符 合有關獨立性的相關職業道德要求，並與他們 溝通有可能合理地被認為會影響吾等獨立性的 所有關係和其他事項，以及（如適用）為消除威 脅而採取的行動或應用的防範措施。

186 Rego Interactive Co., Ltd 潤歌互動有限公司

Independent Auditor’s Report 獨立核數師報告

From the matters communicated with the directors, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

從與董事溝通的事項中，吾等確定哪些事項對 本期綜合財務報表的審計最為重要，因而構成 關鍵審計事項。吾等在核數師報告中描述這些 事項，除非法律法規不允許公開披露這些事 項，或在極端罕見的情況下，如果合理預期在 吾等報告中溝通某事項造成的負面後果超過產 生的公眾利益，吾等決定不應在報告中溝通該 事項。

BDO Limited

Certified Public Accountants

香港立信德豪會計師事務所有限公司 執業會計師

Lau Kin Tat, Terry

Practising Certificate no. P07676

劉健達

執業證書編號 P07676

Hong Kong, 31 March 2026

香港， 2026 年 3 月 31 日

Annual Report 2025 年報 187

Consolidated Statement of Profit or Loss and Other Comprehensive Income 綜合損益及其他全面收入表

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

			2025	2024
			2025年	2024年
		Notes	RMB’000	RMB’000
		附註	人民幣千元	人民幣千元
Revenue	收益	7	503,594	244,646
Cost of sales	銷售成本		(458,932)	(178,838)
Gross profit	毛利		44,662	65,808
Other income and other gains or	其他收入及其他收益或
losses, net	虧損淨額	8	(1,980)	2,536
Provision for impairment losses on	金融資產減值虧損撥備
financial assets		9	(29,336)	(16,857)
Impairment loss on goodwill	商譽減值虧損	16	(11,983)	(2,359)
Selling and distribution expenses	銷售及分銷開支		(23,457)	(22,009)
Administrative expenses	行政開支		(31,631)	(34,750)
Research and development expenses	研發開支		(15,564)	(24,293)
Finance costs	融資成本	11	(4,051)	(4,998)
Share of losses of ajoint venture	分佔一家合營企業虧損	21	(76)	(924)
Loss before income tax	除所得稅前虧損	10	(73,416)	(37,846)
Income tax expense	所得稅開支	13	(1,373)	(1,444)
Loss for theyear	年內虧損		(74,789)	(39,290)
Other comprehensive income	其他全面收入
Item that will not be reclassified to	不會重新分類至損益的項目：
profit or loss:
– Exchange differences arising from	－換算產生的匯兌差額
translation			(2,805)	4,928
Total comprehensive income for the	年內全面收入總額
year			(77,594)	(34,362)
Loss for the year attributable to:	以下各方應佔年內虧損：
Owners of the Company	本公司擁有人		(73,213)	(37,960)
Non-controllinginterests	非控股權益		(1,576)	(1,330)
			(74,789)	(39,290)
Total comprehensive income for the	以下各方應佔年內全面收入
year attributable to:	總額：
Owners of the Company	本公司擁有人		(76,018)	(33,032)
Non-controllinginterests	非控股權益		(1,576)	(1,330)
			(77,594)	(34,362)
Loss per share for the loss	本公司擁有人應佔年內
attributable to owners of the	虧損之每股虧損
Company during the year
– Basic and diluted (expressed in	－基本及攤薄（以每股
RMBper share)	人民幣元列示）	15	(0.05)	(0.03)

Rego Interactive Co., Ltd 潤歌互動有限公司

188

Consolidated Statement of Financial Position 綜合財務狀況表

At 31 December 2025 於 2025 年 12 月 31 日

			2025	2024
			2025年	2024年
		Notes	RMB’000	RMB’000
		附註	人民幣千元	人民幣千元
ASSETS AND LIABILITIES	資產及負債
Non-current assets	非流動資產
Intangible assets	無形資產	18	8,857	9,476
Property, plant and equipment	物業、廠房及設備	17	24,278	28,026
Right-of-use assets	使用權資產	19(a)	270	6,539
Goodwill	商譽	16	29,333	23,024
Investment in associates Investment in a joint venture	於聯營公司之投資 於一家合營企業之投資	20 21	3,750 –	– 76
Deferred tax assets Financial assets at fair value through	遞延稅項資產 按公平價值計入損益之	32	572	1,868
profit or loss	金融資產	22	860	9,700
			67,920	78,709
Current assets	流動資產
Inventories	存貨	23	5,611	8,527
Contract assets	合約資產	30(a)	–	1,586
Trade receivables Prepayments, deposits and other	貿易應收款項 預付款項、按金及其他應收	24	76,611	153,396
receivables	款項	25	252,482	146,523
Amount due from a related party	應收一名關聯方款項	26	–	2,494
Restricted bank deposits	受限制銀行存款	27	651	1,720
Cash and cash equivalents	現金及現金等價物	27	76,062	138,994
			411,417	453,240
Total assets	資產總額		479,337	531,949
Current liabilities	流動負債
Trade payables	貿易應付款項	28	30,594	27,896
Contract liabilities	合約負債	30(b)	–	8,644
Other payables and accruals	其他應付款項及應計費用	29	27,745	22,291
Amounts due to related parties	應付關聯方之款項	26	3,884	6,301
Bank and other borrowings	銀行及其他借款	31	124,838	87,500
Lease liabilities	租賃負債	19(b)	191	1,300
Income taxpayable	應付所得稅		10,655	12,046
			197,907	165,978
Net current assets	流動資產淨值		213,510	287,262
**Total assets less current liabilities **	資產總值減流動負債		281,430	365,971
Non-current liabilities	非流動負債
Contract liabilities	合約負債	30(b)	–	1,782
Lease liabilities	租賃負債	19(b)	83	5,245
Deferred tax liabilities	遞延稅項負債	32	127	160
			210	7,187
Total liabilities	負債總額		198,117	173,165
NET ASSETS	資產淨值		281,220	358,784

Annual Report 2025 年報 189

Consolidated Statement of Financial Position 綜合財務狀況表

At 31 December 2025 於 2025 年 12 月 31 日

		2025 2024 2025年 2024年 Notes RMB’000 RMB’000 附註 人民幣千元 人民幣千元
EQUITY	權益
Share capital	股本	33 10,349 10,349
Reserves	儲備	34 273,257 349,275
Equity attributable to owners of the	本公司擁有人應佔權益
Company		283,606 359,624
Non-controllinginterests	非控股權益	(2,386) (840)
TOTAL EQUITY	權益總額	281,220 358,784

On behalf of the board of directors 代表董事會

Mr. Chen Ping Mr. Tian Huan 陳平先生 田歡先生 Director Director 董事 董事

190 Rego Interactive Co., Ltd 潤歌互動有限公司

Consolidated Statement of Changes in Equity 綜合權益變動表

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

	Share capital Share premium # Shares held under the share award scheme # Other reserve # Statutory reserve # Translation reserve # Retained earnings # Sub-total Non- controlling interests Total 股本 股份溢價 # 根據股份獎勵 計劃持有的股份 # 其他儲備 # 法定儲備 # 匯兌儲備 # 保留盈利 # 小計 非控股權益 總計 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 (Note 33) (Note 34(a)) (Note 34(f)) (Note 34(b)) (Note 34(c)) (Note 34(d)) (Note 34(e)) (Note 43) （附註33） （附註34(a)） （附註34(f)） （附註34(b)） （附註34(c)） （附註34(d)） （附註34(e)） （附註43）
At 1 January 2025	於2025年1月1日 10,349 199,398 (7,167) (47,432) 12,486 8,148 183,842 359,624 (840) 358,784
Loss for the year	年內虧損 – – – – – – (73,213) (73,213) (1,576) (74,789)
Other comprehensive income	年內其他全面收入：
for the year:
Exchange differences arising on	換算差異產生的匯兌差額
translation differences	– – – – – (2,805) – (2,805) – (2,805)
Total comprehensive income	年內全面收入總額
for the year	– – – – – (2,805) (73,213) (76,018) (1,576) (77,594)
Appropriation to statutory reserve	撥入法定儲備 – – – – 244 – (244) – – –
Net investment from non-	非控股股東之投資淨額
controlling shareholder	– – – – – – – – 30 30
Transfer of statutory reserve due	因出售一家附屬公司轉撥法定儲備
to disposal of a subsidiary	（附註45）
(Note 45)	– – – – (980) – 980 – – –
Transfer of statutory reserve due	因註銷一家附屬公司轉撥法定儲備
to deregistration of a subsidiary	– – – – (426) – 426 – – –
At 31 December 2025	於2025年12月31日 10,349 199,398 (7,167) (47,432) 11,324 5,343 111,791 283,606 (2,386) 281,220

Annual Report 2025 年報 191

Consolidated Statement of Changes in Equity 綜合權益變動表

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

				Shares held
				under the						Non-
		Share	Share	share award	Other	Statutory	Translation	Retained		controlling
		capital	premium #	scheme #	reserve #	reserve #	reserve #	earnings #	Sub-total	interests	Total
				根據股份獎勵
		股本	股份溢價 #	計劃持有的股份 #	其他儲備 #	法定儲備 #	匯兌儲備 #	保留盈利 #	小計	非控股權益	總計
		RMB’000	RMB’000	RMB’000	RMB’000	RMB’000	RMB’000	RMB’000	RMB’000	RMB’000	RMB’000
		人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元
		(Note 32)	(Note 34(a))	(Note 34(f))	(Note 34(b))	(Note 34(c))	(Note 34(d))	(Note 34(e))		(Note 43)
		（附註32）	（附註34(a)）	（附註34(f)）	（附註34(b)）	（附註34(c)）	（附註34(d)）	（附註34(e)）		（附註43）
At 1 January 2024	於2024年1月1日	10,349	199,398	(7,167)	(47,432)	10,906	3,220	223,382	392,656	–	392,656
Loss for the year	年內虧損	–	–	–	–	–	–	(37,960)	(37,960)	(1,330)	(39,290)
Other comprehensive income	年內其他全面收入：
for the year:
Exchange differences arising on	換算差異產生的匯兌差額
translation differences		–	–	–	–	–	4,928	–	4,928	–	4,928
Total comprehensive income	年內全面收入總額
for the year		–	–	–	–	–	4,928	(37,960)	(33,032)	(1,330)	(34,362)
Appropriation to statutory reserve	撥入法定儲備	–	–	–	–	1,580	–	(1,580)	–	–	–
Net investment from non-controlling	來自非控股股東之投資淨額
shareholder		–	–	–	–	–	–	–	–	490	490
At 31 December 2024	於2024年12月31日	10,349	199,398	(7,167)	(47,432)	12,486	8,148	183,842	359,624	(840)	358,784

The total of these balances represents “reserves” in the # 該等結餘之總和指綜合財務狀況表內之「儲備」。 consolidated statement of financial position.

Rego Interactive Co., Ltd 潤歌互動有限公司

192

Consolidated Statement of Cash Flows 綜合現金流量表

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

		2025	2024
		2025年	2024年
		RMB’000	RMB’000
		人民幣千元	人民幣千元
Cash flows from operating activities	經營活動所得現金流量
Loss before income tax Adjustments for:	除所得稅前虧損 調整如下：	(73,416)	(37,846)
Amortisation of intangible assets	無形資產攤銷	3,541	4,168
Depreciation of property, plant and	物業、廠房及設備折舊
equipment		3,380	1,549
Depreciation of right-of-use assets	使用權資產折舊	823	782
Finance costs	融資成本	4,051	4,998
Interest income Gain on disposal of property, plant and	利息收入 出售物業、廠房及設備收益	(56)	(3,100)
equipment		–	(15)
Gain on termination and modification of	終止及修訂租賃之收益
leases Gain on disposal of a subsidiary	出售一家附屬公司之收益	(107) (3,466)	– –
Loss on deregistration of a subsidiary	註銷一家附屬公司之虧損	748	–
Write-down of inventories	存貨撇減	–	230
Write-off of property, plant and equipment	物業、廠房及設備撇銷	30	–
Write-off of advance to a supplier	撇銷向一家供應商預付款	–	5,000
Reversal of impairment loss on contract	合約資產減值虧損撥回
assets Provision for impairment loss on trade	貿易應收款項減值虧損撥備	(108)	(645)
receivables Provision for/(reversal of) impairment loss	其他應收款項減值虧損	28,767	17,685
on other receivables	撥備╱（撥回）	677	(183)
Impairment loss on goodwill	商譽減值虧損	11,983	2,359
Net valuation loss in fair value of financial	按公平價值計入損益之金融
assets at fair value through profit or loss	資產之公平價值淨估值虧損	8,681	2,745
Share losses of ajoint venture	分佔一家合營企業虧損	76	924
Operating loss before working capital changes	營運資金變動前的經營虧損	(14,396)	(1,349)
Increase in inventories	存貨增加	(1,281)	(4,940)
(Increase)/decrease in contract assets	合約資產（增加）╱減少	(966)	511
Decrease/(increase) in trade receivables	貿易應收款項減少╱（增加）	48,286	(5,435)
(Increase)/decrease in prepayments,	預付款項、按金及其他應收款項
deposits and other receivables	（增加）╱減少	(104,483)	33,314
Decrease/(increase) in amount due from a	應收一名關聯方款項減少╱
related party	（增加）	2,494	(2,494)
Decrease/(increase) in restricted	受限制銀行存款減少╱（增加）
bank deposits		1,069	(1,369)
(Decrease)/increase in contract liabilities	合約負債（減少）╱增加	(1,858)	1,280
Increase in trade payables	貿易應付款項增加	5,022	10,866
Decrease in otherpayables and accruals	其他應付款項及應計費用減少	(177)	(18,627)
Cash (used in)/generated from	經營（所用）╱所得現金
operations		(66,290)	11,757
Interest received	已收利息	56	3,100
Income taxpaid	已付所得稅	(1,556)	(523)
Net cash (used in)/generated from	經營活動（所用）╱所得現金淨額
operating activities		(67,790)	14,334

Annual Report 2025 年報 193

Consolidated Statement of Cash Flows 綜合現金流量表

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

		2025 2024 2025年 2024年 RMB’000 RMB’000 人民幣千元 人民幣千元
Cash flows from investing activities	投資活動所得現金流量
Proceed for acquisition of a subsidiary, net	收購一家附屬公司所得款項淨額
(Note 44)	（附註44）	(18,074) (10,000)
Proceed from disposal of a subsidiary	出售一家附屬公司所得款項	(5,502) –
Proceed from deregistration of a subsidiary	註銷一家附屬公司所得款項	4 –
Purchases of intangible assets	購買無形資產	(1,327) (103)
Purchases of property, plant and	購買物業、廠房及設備
equipment		(139) (27,882)
Proceeds from disposal of property, plant	出售物業、廠房及設備的
and equipment	所得款項	– 15
Purchases of financial assets at fair value	購買按公平價值計入損益之
through profit or loss	金融資產	(900) –
Investment in a joint venture	於一家合營企業之投資	– (1,000)
Withdrawal ofpledged bank deposits	提取已抵押銀行存款	– 44,831
Net cash (used in)/generated from	投資活動（所用）╱所得現金淨額
investing activities		(25,938) 5,861
Cash flows from financing activities	融資活動所得現金流量
(Note 40)	（附註40）
Proceeds from bank and other borrowings	銀行及其他借款所得款項	135,338 111,228
Repayments of bank and other borrowings	償還銀行及其他借款	(92,500) (179,908)
Interests paid on bank and other borrowings	已付銀行及其他借款利息	(3,952) (4,881)
Advance to a related party	向一名關聯方之墊款	(3,502) –
Advance from a related party	來自一名關聯方之墊款	2,500 6,301
Repayment to a related party	向一名關聯方之還款	(6,301) –
Repayments of principal portion of lease	償還租賃負債的本金部分
liabilities Interests paid on lease liabilities	已付租賃負債利息	(718) (793) (99) (117)
Proceed from non-controlling interests	非控股權益注資的所得款項
capital injection		30 490
Net cash generated from/(used in)	融資活動所得╱（所用）現金淨額
financing activities		30,796 (67,680)
Net decrease in cash and cash	現金及現金等價物減少淨額
equivalents		(62,932) (47,485)
Cash and cash equivalents at	年初現金及現金等價物
beginning of theyear		138,994 186,479
Cash and cash equivalents at end of	年末現金及現金等價物
theyear		76,062 138,994

194 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

1. GENERAL

1. 一般資料

Rego Interactive Co., Ltd (the “ Company ”) was incorporated in the Cayman Islands, as an exempted company with limited liability under the Cayman Companies Act on 8 August 2017. Its shares are listed on the Main Board of the Stock Exchange of Hong Kong Limited (the “ Stock Exchange ”). The registered office of the Company is located at 4th Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman, KY1-1002, Cayman Islands and its principal place of business is located at People’s Republic of China (“ PRC ”). The Company is an investment holding company. The Company and its subsidiaries (collectively referred to as the “ Group ”) were engaged in the following businesses in the PRC.

潤歌互動有限公司（「 本公司 」）於 2017 年 8 月 8 日根據開曼《公司法》在開曼群島註 冊成立為獲豁免有限公司。其股份於香 港聯合交易所有限公司（「 聯交所 」）主板 上市。本公司的註冊辦事處地址位於 4th Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman, KY1-1002, Cayman Islands ，而其主要營業地點位於中華 人民共和國（「 中國 」）。本公司為一家投 資控股公司。本公司及其附屬公司（統稱 「 本集團 」）於中國從事以下業務。

• Corporate digitalisation solution services

• 企業數字化服務

• Industry digitalisation solution services

• 行業數字化服務

In the opinion of the directors of the Company, the immediate holding companies of the Company are Tanshin Investments Limited (“ Tanshin Investments ”), Vicen Investments Limited (“ Vicen Investments ”) and Sprus Investments Limited (“ Sprus Investments ”) which are incorporated in the British Virgin Islands. The ultimate shareholders of the Company are Mr. Tian Huan (“ Mr. Tian ”), Mr. Chen Ping (“ Mr. Chen ”) and Mr. Zhang Yongli (“ Mr. Zhang ”) who have entered into acting-inconcert agreement on 22 October 2021 and confirmed they have been acting in concert since 14 July 2017. Accordingly, Mr. Tian, Mr. Chen, Mr. Zhang, Tanshin Investments, Vicen Investments and Sprus Investments collectively referred to as the “Controlling Shareholders”.

本公司董事認為，本公司的直接控股公 司為天歡投資有限公司（「 天歡投資 」）、 緯晨投資有限公司（「 緯晨投資 」）及雲杉 投資有限公司（「 雲杉投資 」）（均於英屬處 女群島註冊成立）。本公司的最終股東為 田歡先生（「 田先生 」）、陳平先生（「 陳先 生 」）及張永利先生（「 張先生 」），彼等於 2021 年 10 月 22 日訂立一致行動協議及 確認彼等自 2017 年 7 月 14 日起皆維持一 致行動。因此，田先生、陳先生、張先 生、天歡投資、緯晨投資及雲杉投資統 稱「控股股東」。

Annual Report 2025 年報 195

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

2. ADOPTION OF HKFRS ACCOUNTING STANDARDS

2. 採納香港財務報告準則會計準 則

• (a) Adoption of amended HKFRS Accounting Standards – effective 1 January 2025

• (a) 採納經修訂香港財務報告準 則會計準則－於 2025 年 1 月 1 日生效

The Hong Kong Institute of Certified Public Accountants has issued a number of amended HKFRS Accounting Standards that are first effective for the current accounting year of the Group:

香港會計師公會已頒佈多項經修訂 香港財務報告準則會計準則，該等 準則於本集團當前會計年度內首次 生效：

Amendments to Lack of Exchangeability HKAS 21

香港會計準則第 21 號（修訂本） 缺乏可兌換性

None of these amended HKFRS Accounting Standards has a material impact on the Group’s results and financial position for the current year.

該等經修訂香港財務報告準則會計 準則概無對本集團本年度業績及財 務狀況造成重大影響。

196 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

2. ADOPTION OF HKFRS ACCOUNTING STANDARDS (CONTINUED)

2. 採納香港財務報告準則會計準 則（續）

• (b) New and amended HKFRS Accounting Standards that have been issued but are not yet effective

• (b) 已頒佈但尚未生效之新訂及 經修訂香港財務報告準則會 計準則

The following new/amended HKFRS Accounting Standards and interpretations potentially relevant to the Group’s consolidated financial statements, have been issued, but are not yet effective and have not been early adopted by the Group.

下列可能與本集團綜合財務報表相 關的新訂╱經修訂香港財務報告準 則會計準則及詮釋已經頒佈，惟尚 未生效亦未獲本集團提前採用。

Amendments to Classification and Measurement of HKFRS 9 and Financial Instruments[1] HKFRS 7 Amendments to Annual Improvements to HKFRS HKFRS 1, HKFRS 7, Accounting Standards – HKFRS 9, HKFRS 10 Volume 11[1] and HKAS 7 Amendments to Contracts Referencing Nature-dependent HKFRS 9 and Electricity[1] HKFRS 7 HKFRS 18 Presentation and Disclosures in Financial Statements[2] HKFRS 19 Subsidiaries without Public Accountability: Disclosures[2] Amendment to Subsidiaries without Public HKFRS 19 Accountability: Disclosures[2] Amendment to Classification by the Borrower of a Term HK Int 5 Loan that Contains a Repayment on Demand Clause[2] Amendments to Translation to a Hyperinflationary HKAS 21 Presentation Currency[2] Amendments to Sale or Contribution of Assets between HKFRS 10 and an Investor and its Associate or Joint HKAS 28 Venture[3]

香港財務報告準則第 9 號 金融工具分類和計量[1] 及香港財務報告準則 第 7 號（修訂本） 香港財務報告準則 香港財務報告準則會計 第 1 號、香港財務報告準 準則之年度改進－ 則第 7 號、香港財務報告 第 11 卷[1] 準則第 9 號、香港財務報 告準則第 10 號及香港會 計準則第 7 號之修訂本 香港財務報告準則第 9 號 涉及依賴自然能源生產 及香港財務報告準則 電力的合約[1] 第 7 號（修訂本） 香港財務報告準則第 18 號 財務報表的呈列及披露[2] 香港財務報告準則第 19 號 非公共受託責任的附屬 公司：披露[2] 香港財務報告準則第 19 號 非公共受託責任的附屬 （修訂本） 公司：披露[2] 香港詮釋第 5 號（修訂本） 借貸人對包含按要求償還 條文的定期貸款的 分類[2] 香港會計準則第 21 號（修 換算為惡性通脹 訂本） 經濟下的列報貨幣[2] 香港財務報告準則第 10 號 投資者與其聯營公司或合 及香港會計準則第 28 號 營企業之間的資產出售 （修訂本） 或注資[3]

• 1 Effective for annual periods beginning on or after 1 January 2026.

• 2 Effective for annual periods beginning on or after 1 January 2027.

• 3 Effective for annual periods beginning on or after a date to be determined.

• 1 於 2026 年 1 月 1 日或之後開始的 年度期間生效。

• 2 於 2027 年 1 月 1 日或之後開始的 年度期間生效。

• 3 於待定日期或之後開始的年度期 間生效。

Annual Report 2025 年報

197

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

2. ADOPTION OF HKFRS ACCOUNTING STANDARDS (CONTINUED)

2. 採納香港財務報告準則會計準 則（續）

• (b) New and amended HKFRS Accounting Standards that have been issued but are not yet effective (Continued)

• (b) 已頒佈但尚未生效之新訂及 經修訂香港財務報告準則會 計準則（續）

HKFRS 18 Presentation and Disclosure in Financial Statements, which was issued by the HKICPA in July 2024 supersedes HKAS 1 and will result in major consequential amendments to HKFRS Accounting Standards including HKAS 8 Basis of Preparation of Financial Statements (renamed from Accounting Policies, Changes in Accounting Estimates and Errors). Even though HKFRS 18 will not have any effect on the recognition and measurement of items in the consolidated financial statements, it is expected to have a significant effect on the presentation and disclosure of certain items. These changes include categorisation and sub-totals in the statement of profit or loss, aggregation/ disaggregation and labelling of information, and disclosure of management-defined performance measures.

香港會計師公會於 2024 年 7 月頒佈 的香港財務報告準則第 18 號財務報 表的呈列及披露取代香港會計準則 第 1 號，並將導致對香港財務報告 準則會計準則（包括香港會計準則 第 8 號財務報表的編製基準（自會計 政策、會計估計變更及錯誤更名）） 作出重大修訂。儘管香港財務報告 準則第 18 號將不會對綜合財務報 表中項目的確認及計量造成任何影 響，惟預期將對若干項目的列報及 披露產生重大影響。該等變更包括 在損益表中的分類及小計、資料匯 總╱分拆及標籤，以及管理層定義 的績效指標的披露。

The directors of the Company is in progress of assessing the potential impact of the above other than HKFRS 18, the directors do not anticipate that the application of all new and amendments to HKFRS Accounting Standards will have material impact on the consolidated financial statements in the foreseeable future.

本公司董事現正評估上述準則（香 港財務報告準則第 18 號除外）的潛 在影響，董事預計應用所有新訂及 經修訂香港財務報告準則會計準則 於可見未來不會對綜合財務報表產 生重大影響。

198 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

3. BASIS OF PREPARATION

3. 編製基準

(a) Statement of compliance

(a) 合規聲明

The consolidated financial statements have been prepared in accordance with all applicable Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards (“ HKASs ”) and Interpretations (collectively “ HKFRS Accounting Standards ”) issued by Hong Kong Institute of Certified Public Accountants (“ HKICPA ”). In addition, the consolidated financial statements include applicable disclosures required by the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited including the disclosure requirements of the Hong Kong Companies Ordinance.

綜合財務報表乃根據香港會計師公 會（「 香港會計師公會 」）頒佈的所有 適用香港財務報告準則、香港會計 準則（「 香港會計準則 」）及詮釋（統 稱「 香港財務報告準則會計準則 」） 編製。此外，綜合財務報表包括香 港聯合交易所有限公司證券上市規 則（包括香港公司條例之披露規定） 所規定之適用披露。

(b) Basis of measurement and going concern assumption

(b) 計量基準及持續經營假設

The consolidated financial statements have been prepared under the historical cost basis except for financial assets at fair value through profit or loss which has been measured at fair value.

綜合財務報表已根據歷史成本法編 製，惟按公平價值計入損益的金融 資產乃按公平價值計量。

For the year ended 31 December 2025, the Group incurred a net loss of approximately RMB77,594,000. As at 31 December 2025, the Group’s current bank and other borrowings of approximately RMB124,838,000, while its cash and cash equivalents amounted to approximately RMB76,062,000 only. These conditions may cast significant doubt on the Group’s ability to continue as a going concern.

截至 2025 年 12 月 31 日止年 度，本集團產生淨虧損約人民幣 77,594,000 元。於 2025 年 12 月 31 日，本集團有即期銀行及其他借 款約人民幣 124,838,000 元，而 其現金及現金等價物僅約為人民幣 76,062,000 元。該等情況可能會 對本集團的持續經營能力造成重大 疑慮。

Annual Report 2025 年報 199

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

3. BASIS OF PREPARATION (CONTINUED)

3. 編製基準（續）

(b) Basis of measurement and going concern assumption (Continued)

(b) 計量基準及持續經營假設 （續）

In view of these circumstances, the directors of the Company have given careful consideration of the liquidity and future cash flows of the Group in assessing the Group’s ability to continue as a going concern. For this purpose, the directors of the Company have prepared a cash flow forecast covering a period of 18 months from 31 December 2025 (the “ Forecast Period ”), taking into account the plans and measures designed to mitigate the Group’s liquidity pressure and enhance its financial position. The major plans and measures that have been implemented and/or will be undertaken by the directors of the Company include, but are not limited to, the following:

鑑於上述情況，在評估本集團持續 經營能力時，本公司董事已審慎考 慮本集團的流動資金及未來現金流 量。就此，本公司董事已編製涵蓋 自 2025 年 12 月 31 日起計 18 個月期 間（「 預測期間 」）的現金流量預測， 當中已考慮旨在緩解本集團流動資 金壓力及改善其財務狀況的計劃與 措施。本公司董事已經實施及╱或 將予採取的主要計劃及措施包括但 不限於以下各項：

• (i) Subsequent to the end of the reporting period, the Group raised additional working capital of approximately HK$69,600,000 through a placing of an aggregate of 160,000,000 new ordinary shares of the Company completed on 26 January 2026 (Note 47);

• (i) 於報告期末後，本集團透過 於 2026 年 1 月 26 日完成配售 合共 160,000,000 股本公司 新普通股，額外籌集營運資 金約 69,600,000 港元（附註 47 ）；

• (ii) Subsequent to the end of the reporting period, the Group received (i) full payment of the cash consideration of RMB11,250,000 from the disposal of a subsidiary in March 2026 (Note 45), and (ii) the refundable earnest money of RMB14,880,000 in connection with a potential acquisition in March 2026 (Note 25); and

• (ii) 於報告期末後，本集團已於 2026 年 3 月收取 (i) 出售一 家附屬公司的現金代價人民 幣 11,250,000 元的全數付 款（附註 45 ）；及 (ii) 就潛在 收購的可退還保證金人民幣 14,880,000 元（附註 25 ）； 及

200 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

3. BASIS OF PREPARATION (CONTINUED)

3. 編製基準（續）

(b) Basis of measurement and going concern assumption (Continued)

(b) 計量基準及持續經營假設 （續）

• (iii) Subsequent to the end of the reporting date, in March 2026, the Group successfully extended the maturity date of 3 bank loans amounting to RMB42,000,000 for one year to March 2027. In respect of the remaining bank borrowings, the Group expects that these facilities will be renewed or extended upon their maturities, taking in to account of the Group’s continued compliance with the relevant terms and conditions of the loan arrangements and the provision of sufficient collaterals and guarantees over the outstanding borrowings.

• (iii) 於報告日期結束後，於 2026 年 3 月，本集團成功將三筆銀 行貸款人民幣 42,000,000 元 的到期日延長一年至 2027 年 3 月。對於餘下銀行借款，考 慮到本集團持續遵守貸款安 排的相關條款及條件以及就 未償還借款提供充足抵押及 擔保，本集團預期該等融資 於到期時將獲續期或展期。

Based on the above, the directors of the Company are of the opinion that the Group will have sufficient working capital to finance its operations and to meet its financial obligations over the Forecast Period as and when they fall due. Accordingly, the directors consider that it is appropriate to prepare the consolidated financial statements on a going concern basis.

基於上述情況，本公司董事認為， 本集團將具備充足營運資金以滿足 其營運所需資金，並於財務責任到 期時履行其預測期間的有關責任。 因此，董事認為按持續經營基準編 製綜合財務報表實屬恰當。

(c) Functional and presentation currency

(c) 功能及呈列貨幣

Items included in the financial statements of each of the group entities are measured using the currency of the primary economic environment in which the entity operates (the “ functional currency ”). The functional currency of the Company is Hong Kong dollar (“ HKD ”). The Group’s primary subsidiaries are incorporated in the PRC and these subsidiaries consider RMB as their functional currency. As the major operations of the Group are within Mainland China, the Group determined to present its consolidated financial statements in RMB. All values are rounded to the nearest thousand except when otherwise indicated.

每個集團實體的財務報表中包含的 項目乃採用該實體經營業務所在主 要經濟環境的貨幣（「 功能貨幣 」）計 量。本公司的功能貨幣為港元（「 港 元 」）。本集團主要附屬公司於中國 註冊成立及該等附屬公司視人民幣 為其功能貨幣。由於本集團主要業 務位於中國內地，本集團決定以人 民幣呈列其綜合財務報表。除另有 指明外，所有數值均約整至最接近 的千位數。

Annual Report 2025 年報 201

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

4. SUMMARY OF ACCOUNTING POLICIES

4. 會計政策概要

(a) Business combination and basis of consolidation

(a) 業務合併及綜合基準

The consolidated financial statements comprise the financial statements of the Company and its subsidiaries. Inter-company transactions and balances between group companies together with unrealised profits are eliminated in full in preparing the consolidated financial statements. Unrealised losses are also eliminated unless the transaction provides evidence of impairment on the asset transferred, in which case the loss is recognised in profit or loss.

綜合財務報表包括本公司及其附屬 公司的財務報表。集團內各公司間 的交易及結餘連同未變現溢利於編 製綜合財務報表時全數撇銷。未變 現虧損亦作撇銷，除非該項交易提 供所轉讓資產減值的證據，於該情 況下則在損益中確認虧損。

The results of subsidiaries acquired or disposed of during the year are included in the consolidated statement of profit or loss and other comprehensive income from the effective dates of acquisition or up to the effective dates of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with those used by other members of the Group.

年內已收購或出售之附屬公司業 績，由收購生效日期起或直至出售 生效日期（如適合）納入綜合損益及 其他全面收入表內。本集團於需要 時會對附屬公司之財務報表作出調 整，使其會計政策與本集團其他成 員公司所用者相一致。

The Group accounts for business combinations using the acquisition method when the acquired set of activities and assets meet the definition of a business and control is transferred to the Group. In determining whether a particular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive processes and whether the acquired set has the ability to produce outputs.

當所收購的一組活動及資產符合業 務的定義且控制權轉移至本集團 時，本集團就業務合併使用收購法 入賬。於釐定一組特定活動及資產 是否為一項業務時，本集團會評估 所收購的該組資產及活動是否至少 包括投入及實質性過程，以及所收 購組別是否有能力帶來產出。

202 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

4. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)

4. 會計政策概要（續）

(a) Business combination and basis of consolidation (Continued)

(a) 業務合併及綜合基準（續）

The cost of an acquisition is measured at the aggregate of the acquisition-date fair value of assets transferred, liabilities incurred and equity interests issued by the Group, as the acquirer. The identifiable assets acquired and liabilities assumed are principally measured at acquisition-date fair value. The Group’s previously held equity interest in the acquiree, if any, is re-measured at acquisitiondate fair value and the resulting gains or losses are recognised in profit or loss. The Group may elect, on a transaction-by-transaction basis, to measure the non-controlling interests that represent present ownership interests in the subsidiary either at fair value or at the proportionate share of the acquiree’s identifiable net assets. All other non-controlling interests are measured at fair value unless another measurement basis is required by HKFRS Accounting Standards. Acquisition-related costs incurred are expensed unless they are incurred in issuing equity instruments in which case the costs are deducted from equity.

收購成本按所轉讓資產、所產生的 負債及本集團（作為收購方）所發行 的股本權益於收購日期的公平價值 總和計量。所收購的可識別資產及 所承擔負債主要按收購日期的公平 價值計量。本集團先前於被收購方 中所持股權（如有）按收購日期的公 平價值重新計量，產生的收益或虧 損則於損益內確認。本集團或可選 擇以逐筆交易的基準按公平價值或 被收購方可識別的資產淨值的比例 份額計量代表目前於附屬公司擁有 權權益的非控股權益。所有其他非 控股權益乃以公平價值計量，惟香 港財務報告準則會計準則規定的其 他計量基準除外。收購產生的成本 以開支列賬，惟發行權益工具所產 生的成本從權益扣除。

Annual Report 2025 年報 203

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

4. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)

4. 會計政策概要（續）

(a) Business combination and basis of consolidation (Continued)

(a) 業務合併及綜合基準（續）

Non-controlling interests in subsidiaries are identified separately from the Group’s equity and are initially measured at their proportionate share of the fair value of the acquiree’s identifiable net assets at the date of acquisition. Subsequent to initial recognition, the carrying amount of non-controlling interests that represent present ownership interests in the subsidiary is the amount of those interests at initial recognition plus such non-controlling interest’s share of subsequent changes in equity. Non-controlling interests are presented in the consolidated statement of financial position within equity, separately from equity attributable to owners of the Company. Profit or loss and each component of other comprehensive income is attributed to the owners of the Company and to the non-controlling interests, even if this results in those non-controlling interests having a deficit balance.

附屬公司的非控股權益與本集團的 權益分開列示，並初步按應佔被收 購方可識別淨資產於收購日期的 公平價值按比例計量。於初始確 認後，代表現時於附屬公司擁有權 益之非控股權益之賬面值為該等權 益之初步確認金額加非控股權益佔 其後權益變動之份額。非控股權益 於綜合財務狀況表的權益內呈列， 並與本公司擁有人應佔權益分開列 示。損益及其他全面收入的各組成 部分歸屬於本公司擁有人及非控股 權益，即使此舉會導致該等非控股 權益出現虧絀結餘。

(b) Investments

(b) 投資

(i) Subsidiaries

(i) 附屬公司

A subsidiary is an investee over which the Company is able to exercise control. The Company controls an investee if all three of the following elements are present: (i) power over the investee, (ii) exposure, or rights, to variable returns from the investee, and (iii) the ability to use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control.

附屬公司乃指本公司可行使 控制權的被投資方。倘達成 以下全部三項條件，本公司 即取得被投資方的控制權： (i) 有權控制被投資方； (ii) 面 臨或享有來自被投資方的可 變回報；及 (iii) 能運用其權力 影響該等可變回報。倘有事 實及情況顯示任何該等控制 權因素變動時，則將重新評 估有關控制權。

204 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

4. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)

4. 會計政策概要（續）

(b) Investments (Continued)

(b) 投資（續）

(i) Subsidiaries (Continued)

(i) 附屬公司（續）

In the Company’s statement of financial position, investments in subsidiaries are stated at cost less impairment loss, if any. The results of subsidiaries are accounted for by the Company on the basis of dividend received and receivable.

在本公司之財務狀況表中， 於附屬公司的投資按成本扣 除減值虧損（如有）列賬。附 屬公司的業績由本公司按已 收及應收股息基準列賬。

(ii) Associate and joint venture

(ii) 聯營公司及合營企業

An associate is an entity in which the Group has significant influence, but not control or joint control, over the financial and operating policies.

聯營公司指本集團對其財務 及營運政策擁有重大影響力 但並無控制或共同控制權的 實體。

A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of parties sharing control.

合營企業為一項共同安排， 據此對該項安排擁有共同控 制權之人士對該項安排的淨 資產享有權利。共同控制是 指按照合約協定對某項安排 共有之控制，共同控制僅於 相關活動的決定要求共同享 有控制權之各方一致同意時 存在。

Annual Report 2025 年報 205

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

4. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)

4. 會計政策概要（續）

(b) Investments (Continued)

(b) 投資（續）

(ii) Associate and joint venture (Continued)

(ii) 聯營公司及合營企業（續）

The results, assets and liabilities of the associate or joint venture are incorporated in the consolidated financial statements using the equity method of accounting. The financial statements of the associate or joint venture used for equity accounting purposes are prepared using uniform accounting policies as those of the Group for like transactions and events in similar circumstances. Under the equity method, investments in the associate or joint venture are initially recognised in the consolidated statement of financial position at cost and adjusted thereafter to recognise the Group’s share of the profit or loss and other comprehensive income of the associate or joint venture. When the Group’s share of losses of an associate or a joint venture equals or exceeds its interest in that associate or joint venture (which includes any long-term interests that, in substance, form part of the Group’s net investment in the associate or joint venture), the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of that associate or joint venture.

聯營公司或合營企業的業績 及資產與負債以權益會計法 計入綜合財務報表。就權益 會計目的所用之聯營公司或 合營企業的財務報表乃採用 本集團在相若情況下就類似 交易及事件所用者一致的會 計政策編製。根據權益法， 於聯營公司或合營企業的投 資初始按成本於綜合財務狀 況表確認，並於隨後作出調 整以確認本集團應佔該聯營 公司或合營企業的損益及其 他全面收入。倘本集團應佔 聯營公司或合營企業虧損相 等於或高於其於該聯營公司 或合營企業的權益（包括任何 實質上構成本集團於該聯營 公司或合營企業淨投資一部 份的長期權益），則本集團會 終止確認其應佔的進一步虧 損。倘本集團代表該聯營公 司或合營企業招致法律或建 設性責任或作出付款，方會 確認額外虧損。

206 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

4. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)

4. 會計政策概要（續）

(c) Goodwill

(c) 商譽

Goodwill represents the excess of the aggregate of the fair value of the consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of the Group’s previously held equity interest in the acquiree over the fair value of the identifiable assets and liabilities measured as at the acquisition date.

商譽指所轉讓代價的公平價值、被 收購方的任何非控股權益的金額及 本集團先前於被收購方中所持股權 的公平價值的總和超出於收購日期 計量之可識別資產及負債的公平價 值之部分。

Where the fair value of identifiable assets and liabilities exceed the aggregate of the fair value of consideration paid, the amount of any noncontrolling interest in the acquiree and the acquisition date fair value of the acquirer’s previously held equity interest in the acquiree, the excess is recognised in profit or loss on the acquisition date, after re-assessment.

倘可識別資產及負債的公平價值超 出已付代價的公平價值、於被收購 方的任何非控股權益的金額及收購 方先前於被收購方中所持股權於收 購日期的公平價值的總和，則超出 金額在重估後於收購日期於損益中 確認。

Goodwill is measured at cost less impairment losses. For the purpose of impairment testing, goodwill arising from an acquisition is allocated to each of the relevant cash-generating units (“ CGUs ”) that are expected to benefit from the synergies of the acquisition. A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. A CGU to which goodwill has been allocated is tested for impairment annually, by comparing its carrying amount with its recoverable amount, and whenever there is an indication that the unit may be impaired.

商譽按成本扣除減值虧損計量。就 減值測試而言，收購產生的商譽會 分配至預期受惠於收購所帶來協同 效應之各相關現金產生單位（「 現金 產生單位 」）。現金產生單位是產生 現金流入的最小可識別資產組別， 其產生的現金流入基本上獨立於其 他資產或資產組別的現金流入。獲 分配商譽的現金產生單位每年會透 過比較其賬面值與其可收回金額進 行減值測試，及於有跡象顯示該單 位可能出現減值時進行減值測試。

Annual Report 2025 年報 207

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

4. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)

4. 會計政策概要（續）

(c) Goodwill (Continued)

(c) 商譽（續）

For goodwill arising on an acquisition in a financial year, the CGU to which goodwill has been allocated is tested for impairment before the end of that financial year. When the recoverable amount of the CGU is less than the carrying amount of the unit, the impairment loss is allocated to reduce the carrying amount of any goodwill allocated to the unit first, and then to the other assets of the unit pro-rata on the basis of the carrying amount to each asset in the unit. However, the loss allocated to each asset will not reduce the individual asset’s carrying amount to below its fair value less cost of disposal (“ FVLCD ”) (if measurable) or its value in use (“ VIU ”) (if determinable), whichever is the higher. Any impairment loss for goodwill is recognised in profit or loss and is not reversed in subsequent periods.

就於某一財政年度收購產生的商譽 而言，已獲分配商譽的現金產生單 位會於該財政年度結束之前進行 減值測試。當現金產生單位的可 收回金額少於該單位的賬面值，則 會首先分配減值虧損以沖減分配至 該單位的任何商譽賬面值，然後再 根據有關單位各項資產的賬面值按 比例分配至該單位的其他資產。然 而，分配至各項資產的虧損將不會 令個別資產的賬面值減少至低於其 公平價值減出售成本（「 公平價值減 出售成本 」）（如可計量）或其使用價 值（「 使用價值 」）（如可釐定）（以較 高者為準）。商譽的任何減值虧損 於損益中確認且不會於其後期間撥 回。

(d) Property, plant and equipment

(d) 物業、廠房及設備

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. The cost of property, plant and equipment includes its purchase price and the costs directly attributable to the acquisition of the items.

物業、廠房及設備按成本扣除累計 折舊及累計減值虧損列賬。物業、 廠房及設備的成本包括其購買價及 購買該項目的直接應佔成本。

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are recognised as an expense in profit or loss during the financial year in which they are incurred.

僅於後續成本的相關未來經濟利益 可能流入本集團，且能可靠計量該 項目的成本時，該項成本方可計入 有關資產的賬面值或確認為一項獨 立資產（如適用）。被替換部分的賬 面值會被終止確認。所有其他維修 及保養則在其產生的財政年度於損 益中確認為開支。

208 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

4. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)

4. 會計政策概要（續）

(d) Property, plant and equipment (Continued)

(d) 物業、廠房及設備（續）

Property, plant and equipment are depreciated so as to write off their cost net of expected residual value over their estimated useful lives on a straightline basis. The useful lives, residual value and depreciation method are reviewed, and adjusted if appropriate, at the end of the Reporting Period. The principal annual rates are as follows:

物業、廠房及設備採用直線基準按 估計可使用年期計提折舊以撇銷其 成本（經扣除預期剩餘價值）。可使 用年期、剩餘價值及折舊方法於報 告期間末檢討及於適當時予以調 整。有關主要年率如下：

Motor vehicles 10 years Furniture, fixtures and 5 years equipment Leasehold improvements Shorter of 5 years or lease term

Computer and office 3 years equipment Land and building Shorter of expected useful lives or remaining lease term of 20 years

汽車 十年 傢俱、固定裝置 五年 及設備 租賃物業裝修 五年或租賃期 （以較短者 為準） 電腦及辦公設備 三年 土地及樓宇 預期使用年期或 餘下 20 年租 賃期（以較短 者為準）

An asset is written down immediately to its recoverable amount if its carrying amount is higher than the asset’s estimated recoverable amount. The gain or loss on disposal of an item of property, plant and equipment is the difference between the net disposal proceeds and its carrying amount, and is recognised in profit or loss on disposal.

倘資產的賬面值高於其估計可收回 金額，則資產會即時撇減至其可收 回金額。

出售物業、廠房及設備項目的收益 或虧損乃為出售所得款項淨額與其 賬面值的差額，並於出售時在損益 中確認。

Annual Report 2025 年報 209

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

4. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)

4. 會計政策概要（續）

(e) Leasing

(e) 租賃

Accounting as a lessee

入賬作為承租人

All leases are capitalised in the consolidated statement of financial position as right-of-use assets and lease liabilities, except for leases which are short-term leases asset is of low-value for which the Group has elected not to recognise. The lease payments associated with those leases have been expensed on straight-line basis over the lease term.

所有租賃均於綜合財務狀況表內資 本化為使用權資產及租賃負債，惟 屬短期低價值資產租賃的租賃除 外，本集團已選擇不就該等租賃予 以確認。與該等租賃相關的租賃付 款已於租賃期內按直線法支銷。

Right-of-use asset

使用權資產

The right-of-use asset is recognised at cost and would comprise: (i) the amount of the initial measurement of the lease liability (see below for the accounting policy to account for lease liability); (ii) any lease payments made at or before the commencement date, less any lease incentives received; (iii) any initial direct costs incurred by the lessee; and (iv) an estimate of costs to be incurred by the lessee in dismantling and removing the underlying asset to the condition required by the terms and conditions of the lease. The Group measures the right-to-use assets at cost, less any accumulated depreciation and any impairment losses, and adjusted for any remeasurement of lease liability. The Group accounts for leased properties which is held for own use under HKFRS 16 and are depreciated over the lease term on a straight-line basis.

使用權資產按成本確認，包括： (i) 初步計量租賃負債的金額（見下文 有關租賃負債入賬的會計政策）； (ii) 於開始日期或之前作出的任何 租賃付款減已收取的任何租賃優 惠； (iii) 承租人產生的任何初步直 接成本；及 (iv) 承租人根據租賃條 款及條件規定的情況下分解及移除 相關資產時將產生的估計成本。本 集團按成本減任何累計折舊及任何 減值虧損計量使用權資產，並就租 賃負債的任何重新計量作出調整。 本集團根據香港財務報告準則第 16 號將持作自用的租賃物業入賬，並 於租賃期內按直線法折舊。

210 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

4. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)

4. 會計政策概要（續）

(e) Leasing (Continued)

(e) 租賃（續）

Lease liability

租賃負債

The lease liability is recognised at the present value of the lease payments that are not paid at the date of commencement of the lease. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined. If that rate cannot be readily determined, the Group uses the lessee’s incremental borrowing rate.

租賃負債按於租賃開始日期並未支 付的租賃付款的現值確認。倘利率 可輕易釐定，租賃付款採用租賃隱 含的利率貼現。倘利率無法輕易釐 定，則本集團採用承租人的增量借 款利率。

Subsequent to the commencement date, the Group measures the lease liability by: (i) increasing the carrying amount to reflect interest on the lease liability; (ii) reducing the carrying amount to reflect the lease payments made; and (iii) remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect revised insubstance fixed lease payments.

於開始日期後，本集團透過下列方 式計量租賃負債： (i) 增加賬面值以 反映租賃負債的利息； (ii) 減少賬面 值以反映作出的租賃付款；及 (iii) 重新計量賬面值以反映任何重估或 租賃修改，或反映經修訂的實質固 定租賃付款。

• (f) Intangible assets (other than goodwill)

(f) 無形資產（不包括商譽）

• (i) Intangible assets acquired separately and in a business combination

• (i) 獨立收購及於業務合併中收 購的無形資產

Intangible assets acquired separately are initially recognised at cost. The cost of intangible assets acquired in a business combination is its fair value at the date of acquisition. Subsequently, intangible assets with finite useful lives are carried at cost less accumulated amortisation and accumulated impairment losses.

獨立收購的無形資產初步按 成本確認。於業務合併中收 購的無形資產的成本為其於 收購日期的公平價值。其 後，具有限可使用年期的無 形資產按成本減累計攤銷及 累計減值虧損列賬。

Annual Report 2025 年報 211

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

4. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)

4. 會計政策概要（續）

• (f) Intangible assets (other than goodwill) (Continued)

(f) 無形資產（不包括商譽）（續）

• (i) Intangible assets acquired separately and in a business combination (Continued)

• (i) 獨立收購及於業務合併中收 購的無形資產（續）

For the intangible assets with finite useful lives, amortisation is provided on a straight-line basis over their useful lives, and amortisation expense recognised in profit or loss. The following intangible assets with finite useful lives are amortised from the date when they are available for use and their estimated useful lives are as follows:

就具有限可使用年期的無形 資產而言，攤銷乃於其可使 用年期內按直線基準計提撥 備，且攤銷開支於損益中確 認。以下具有限可使用年期 的無形資產自可供使用日期 起攤銷，其估計可使用年期 如下：

Computer software 10 years Copyrights 5–10 years Exclusive contract Shorter of the expected useful life or remaining contract term

電腦軟件 十年 著作權 五至十年 獨家合約 預期使用年期 或餘下合約 年期（以較短 者為準）

Both of the period and method of amortisation are reviewed at the end of the Reporting Period.

攤銷期間及方法均於報告期 間末檢討。

• (ii) Internally generated intangible assets (research and development costs)

• (ii) 內部產生的無形資產（研發成 本）

Expenditure on internally developed products is capitalised if it can be demonstrated that:

內部開發產品的支出在可證 明下列情況時予以資本化：

• it is technically feasible to develop the product for it to be sold;

• 開發產品以供銷售具備 技術可行性；

• adequate resources are available to complete the development;

• 有足夠資源完成開發；

• there is an intention to complete and sell the product;

• 有意完成及銷售產品；

• the Group is able to sell the product; and

• 本集團有能力銷售產 品；及

• sale of the product will generate future economic benefits; and expenditure on the project can be measured reliably.

• 銷售產品會產生未來經 濟利益；及能可靠計量 項目支出。

212 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

4. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)

4. 會計政策概要（續）

(f) Intangible assets (other than goodwill) (Continued)

(f) 無形資產（不包括商譽）（續）

• (ii) Internally generated intangible assets (research and development costs) (Continued)

• (ii) 內部產生的無形資產（研發成 本）（續）

Capitalised development costs are amortised over the periods the Group expects to benefit from selling the products developed. The amortisation expense is recognised in profit or loss and included in cost of sales.

資本化的開發成本於本集團 預期可從銷售所開發產品中 獲利的期間攤銷。攤銷開支 於損益中確認，並計入銷售 成本。

Development expenditure not satisfying the above criteria and expenditure on the research phase of internal projects are recognised in profit or loss as incurred.

不能滿足以上條件的開發支 出，及於內部項目研究階段 所產生的支出，於產生時在 損益中確認。

(g) Financial instruments

(g) 金融工具

(i) Financial assets

(i) 金融資產

A financial asset (unless it is a trade receivable without a significant financing component) is initially measured at fair value plus, for an item not at fair value through profit or loss, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price.

金融資產（除非其為並無重大 融資部分的貿易應收款項）初 步按公平價值計量加上（就並 非按公平價值計入損益的項 目而言）與其收購或發行直接 相關的交易成本。並無重大 融資部分的貿易應收款項初 步按交易價格計量。

All regular way purchases and sales of financial assets are recognised on the trade date, that is, the date that the Group commits to purchase or sell the asset. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the period generally established by regulation or convention in the market place.

所有常規方式買賣之金融資 產概於交易日期（即本集團承 諾購買或出售資產的日期）予 以確認。常規方式買賣指遵 循一般法規或市場慣例在約 定時間內交付資產的金融資 產買賣。

Annual Report 2025 年報 213

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

4. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)

4. 會計政策概要（續）

(g) Financial instruments (Continued)

(g) 金融工具（續）

(i) Financial assets (Continued)

(i) 金融資產（續）

Financial assets with embedded derivatives are considered in their entirely when determining whether their cash flows are solely payment of principal and interest.

附帶嵌入式衍生工具的金融 資產於釐定其現金流量是否 僅為支付本金及利息時作整 體考慮。

Debt instruments

債務工具

Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and the cash flow characteristics of the asset. Debt instruments that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Financial assets at amortised cost are subsequently measured using the effective interest method. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss.

債務工具的後續計量取決於 本集團管理該項資產時的業 務模式及該項資產的現金流 量特點。為收取合約現金流 量而持有且其現金流量僅為 支付本金及利息的債務工具 按攤銷成本計量。按攤銷成 本計量的金融資產其後按實 際利率法計量。利息收入、 匯兌收益及虧損以及減值於 損益中確認。終止確認的任 何收益或虧損於損益中確認。

Amortised cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Financial assets at amortised cost are subsequently measured using the effective interest rate method. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain on derecognition is recognised in profit or loss.

按攤銷成本計量：為收取合 約現金流量而持有且其現金 流量僅為支付本金及利息的 資產按攤銷成本計量。按攤 銷成本計量的金融資產其後 按實際利率法計量。利息收 入、匯兌收益及虧損以及減 值於損益中確認。終止確認 的任何收益於損益中確認。

214 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

4. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)

4. 會計政策概要（續）

(g) Financial instruments (Continued)

(g) 金融工具（續）

(i) Financial assets (Continued)

(i) 金融資產（續）

Equity instruments

股本工具

On initial recognition of an equity investment that is not held for trading, the Group could irrevocably elect to present subsequent changes in the investment’s fair value in other comprehensive income. This election is made on an investment-by-investment basis. Equity instruments are classified as FVTPL, whereby changes in fair value, dividends and interest income are recognised in profit or loss.

於初步確認並非持作買賣的 股本投資時，本集團能不可 撤回地選擇於其他全面收入 中呈列該項投資公平價值的 後續變動。該選擇乃按個別 投資作出。股本工具按公平 價值計入損益分類，而公平 價值變動、股息及利息收入 則於損益內確認。

(ii) Impairment loss on financial assets

(ii) 金融資產減值虧損

The Group measured loss allowances for expected credit loss (“ ECLs ”) on contract asset, trade receivables and other financial assets measured at amortised cost. The ECLs are measured on either of the following bases: (1) 12 months ECLs: these are the ECLs that result from possible default events within the 12 months after the reporting date; and (2) lifetime ECLs: these are ECLs that result from all possible default events over the expected life of a financial instrument. The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk.

本集團就合約資產、貿易應 收款項及其他按攤銷成本計 量的金融資產的預期信貸虧 損（「 預期信貸虧損 」）計量虧 損撥備。預期信貸虧損按以 下基準之一計量： (1) 12 個 月的預期信貸虧損：於報告 日期後 12 個月內可能發生的 違約事件而導致的預期信貸 虧損；及 (2) 全期預期信貸虧 損：金融工具在預計年限內 所有可能發生的違約事件而 導致的預期信貸虧損。於估 計預期信貸虧損時所考慮的 最長期間為本集團面臨信貸 風險的最長合約期間。

Annual Report 2025 年報 215

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

4. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)

4. 會計政策概要（續）

(g) Financial instruments (Continued)

(g) 金融工具（續）

(ii) Impairment loss on financial assets (Continued)

(ii) 金融資產減值虧損（續）

ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the difference between all contractual cash flows that are due to the Group in accordance with the contract and all the cash flows that the Group expects to receive. The shortfall is then discounted at an approximation to the assets’ original effective interest rate.

預期信貸虧損是信貸虧損的 概率加權估計。信貸虧損按 本集團根據合約應收的所有 合約現金流量與本集團預期 收到的所有現金流量之間的 差額計量。該差額其後按與 資產原實際利率相近的比率 貼現。

The Group measured loss allowances for trade receivables and contract asset using HKFRS 9 simplified approach and has calculated ECLs based on lifetime ECLs. The Group has established a provision matrix that is based on the Group’s historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.

本集團採用香港財務報告準 則第 9 號簡化法計量貿易應 收款項及合約資產的虧損撥 備，並已根據全期預期信貸 虧損計算預期信貸虧損。本 集團已建立基於本集團過往 信貸虧損經驗的撥備矩陣， 並就債務人特定的前瞻性因 素及經濟環境作出調整。

For other debt financial assets, ECLs are based on lifetime ECLs excepts when there has not been a significant increase in credit risk since initial recognition, in which case the allowance will be based on the 12 months ECLs.

就其他債務金融資產而言， 預期信貸虧損根據全期預期 信貸虧損釐定，惟當信貸風 險自初始確認以來並無顯著 增加時，撥備將根據 12 個月 的預期信貸虧損釐定。

Significant increase in credit risk

信貸風險顯著增加

When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information analysis, based on the Group’s historical experience and informed credit assessment and including forward-looking information.

當釐定金融資產的信貸風險 是否自初步確認後顯著上 升，並於估計預期信貸虧損 時，本集團會考慮相關及無 須付出過多成本或努力即可 獲得的合理及可靠資料。此 包括根據本集團的過往經驗 及已知信貸評估得出的定量 及定性資料分析，並包括前 瞻性資料。

216 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

4. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)

4. 會計政策概要（續）

(g) Financial instruments (Continued)

(g) 金融工具（續）

• (ii) Impairment loss on financial assets (Continued)

• (ii) 金融資產減值虧損（續）

Significant increase in credit risk (Continued)

信貸風險顯著增加（續）

In particular, the following information is taken into account when assessing whether credit risk has increased significantly:

具體而言，評估信貸風險有 否顯著增加時會考慮以下資 料：

• an actual or expected significant deterioration in the financial instrument’s external (if available) or internal credit rating;

• 金融工具外部（如有）或 內部信貸評級的實際或 預期顯著惡化；

• significant deterioration in external market indicators of credit risk, e.g. a significant increase in the credit spread, the credit default swap prices for the debtor;

• 信貸風險的外部市場指 標嚴重轉差，例如，信 貸息差、債務人的信貸 違約掉期價格大幅增 加；

• existing or forecast adverse changes in business, financial or economic conditions that are expected to cause a significant decrease in the debtor’s ability to meet its debt obligations;

• 現時業務、金融或經濟 環境受到不利影響或預 測會出現不利影響，並 預計會使債務人的債務 償還能力嚴重下降；

• an actual or expected significant deterioration in the operating results of the debtor; and

• 債務人的經營業績實際 上或預計會嚴重惡化； 及

• an actual or expected significant adverse change in the regulatory, economic, or technological environment of the debtor that results in a significant decrease in the debtor’s ability to meet its debt obligations.

• 債務人面對的監管、經 濟或技術環境在實際上 或預計會發生重大不利 變動，使債務人的債務 償還能力嚴重下降。

Annual Report 2025 年報 217

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

4. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)

4. 會計政策概要（續）

(g) Financial instruments (Continued)

(g) 金融工具（續）

(ii) Impairment loss on financial assets (Continued)

• (ii) 金融資產減值虧損（續）

Significant increase in credit risk (Continued)

信貸風險顯著增加（續）

Irrespective of the outcome of the above assessment, the Group presumes that the credit risk has increased significantly since initial recognition when contractual payments are more than 30 days past due, unless the Group has reasonable and supportable information that demonstrates otherwise.

如不考慮上述的評估結果， 除非本集團有合理且具理據 的資料另作說明，否則如合 約付款逾期超過 30 日，則本 集團會推定信貸風險自初始 確認以來已顯著增加。

The Group regularly monitors the effectiveness of the criteria used to identify whether there has been a significant increase in credit risk and revises them as appropriate to ensure that the criteria are capable of identifying significant increase in credit risk before the amount becomes past due.

本集團定期監察就確定信貸 風險曾否顯著增加所用標準 之成效，並視適當情況修訂 有關標準，以確保其能夠於 款項逾期前發現信貸風險顯 著增加。

Definition of default

違約定義

For internal credit risk management, the Group considers an event of default occurs when information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its creditors, including the Group, in full. Irrespective of the above, the Group considers that default has occurred when a financial asset is more than 90 days past due unless the Group has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate.

就內部信貸風險管理而言， 本集團認為，違約事件在內 部制定或取自外界來源的資 料顯示債務人不大可能悉數 向其債權人（包括本集團）還 款時發生。不論上述，本集 團認為，違約於金融資產逾 期超過 90 日時發生，除非本 集團有合理且具理據資料顯 示更加滯後的違約標準更為 恰當。

218 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

4. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)

4. 會計政策概要（續）

(g) Financial instruments (Continued)

(g) 金融工具（續）

• (ii) Impairment loss on financial assets (Continued)

• (ii) 金融資產減值虧損（續）

Definition of default (Continued)

違約定義（續）

A financial asset is credit-impaired when one or more events of default that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data about the following events:

金融資產在一件或多件違約 事件（對該金融資產估計未來 現金流量構成不利影響）發生 時出現信貸減值。金融資產 出現信貸減值的證據包括有 關以下事件的可觀察數據：

• (a) significant financial difficulty of the issuer or the borrower;

• (a) 發行人或借款人出現重 大財務困難；

• (b) a breach of contract, such as a default;

• (b) 違反合約，如拖欠；

• (c) the lender(s) of the borrower, for economic or contractual reasons relating to the borrower’s financial difficulty, having granted to the borrower a concession(s) that the lender(s) would not otherwise consider; or

• (c) 借款人的貸款人因有關 借款人出現財務困難的 經濟或合約理由而向借 款人批出貸款人在其 他情況下不會考慮的優 惠；或

• (d) it is becoming probable that the borrower will enter bankruptcy or other financial reorganisation.

• (d) 借款人可能破產或進行 其他財務重組。

Annual Report 2025 年報 219

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

4. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)

4. 會計政策概要（續）

(g) Financial instruments (Continued)

(g) 金融工具（續）

(ii) Impairment loss on financial assets (Continued)

• (ii) 金融資產減值虧損（續）

The Group recognises an impairment gain or loss in profit or loss for all financial instruments with the corresponding adjustment recognised through a loss allowance account.

本集團於損益中就所有金融 工具確認減值損益並透過虧 損撥備賬確認相應調整。

Write-off policy

撇銷政策

The Group writes off a financial asset when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery, e.g. when the debtor has been placed under liquidation or has entered into bankruptcy proceedings, or in the case of trade receivables, when the amounts are over 2 years past due, whichever occurs sooner. Financial assets written off may still be subject to enforcement activities under the Group’s recovery procedures, taking into account legal advice where appropriate. Any recoveries made are recognised in profit or loss.

本集團於有資料顯示債務人 處於嚴重財政困難且無實際 復甦前景時，例如債務人處 於清盤程序或已進入破產程 序時，或者就貿易應收款項 而言，相關金額逾期超過兩 年（以較早者為準）撇銷金融 資產。於計及適用法律意見 的情況下，已撇銷金融資產 可仍然受限於根據本集團的 收回程序進行的強制執行工 作。所作任何收回於損益中 確認。

Interest income on credit-impaired financial assets is calculated based on the amortised cost (i.e. the gross carrying amount less loss allowance) of the financial asset. For non credit-impaired financial assets, interest income is calculated based on the gross carrying amount.

出現信貸減值的金融資產的 利息收入乃根據金融資產的 攤銷成本（即賬面總值減虧損 撥備）計算。並無出現信貸減 值的金融資產的利息收入則 根據賬面總值計算。

220 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

4. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)

4. 會計政策概要（續）

(g) Financial instruments (Continued)

(g) 金融工具（續）

(iii) Financial liabilities

(iii) 金融負債

The Group classifies its financial liabilities, depending on the purpose for which the liabilities were incurred. Financial liabilities at amortised cost are subsequently measured at amortised cost, using the effective interest method. The related interest expense is recognised in profit or loss.

本集團按負債產生的目的對 其金融負債進行分類。按攤 銷成本計量的金融負債其後 採用實際利率法按攤銷成本 計量。有關利息開支在損益 中確認。

Gains or losses are recognised in profit or loss when the liabilities are derecognised as well as through the amortisation process.

於終止確認負債及在攤銷過 程中，收益或虧損將在損益 中確認。

(iv) Effective interest method

(iv) 實際利率法

The effective interest method is a method of calculating the amortised cost of a financial asset or financial liability and of allocating interest income or interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts or payments through the expected life of the financial asset or liability, or where appropriate, a shorter period.

實際利率法為計算金融資產 或金融負債的攤銷成本及於 有關期間分配利息收入或利 息開支的方法。實際利率指 可透過金融資產或負債的預 期年期或較短期間內（如適 用）準確貼現估計未來現金收 入或付款的利率。

(v) Equity instruments

(v) 權益工具

Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.

本公司所發行的權益工具按 已收所得款項扣除直接發行 成本列賬。

Annual Report 2025 年報 221

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

4. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)

4. 會計政策概要（續）

(g) Financial instruments (Continued)

(g) 金融工具（續）

(vi) Derecognition

(vi) 終止確認

The Group derecognises a financial asset when the contractual rights to the future cash flows in relation to the financial asset expire or when the financial asset has been transferred and the transfer meets the criteria for derecognition in accordance with HKFRS 9.

當就金融資產的未來現金流 量的合約權利屆滿時，或金 融資產已轉讓且該轉讓符合 香港財務報告準則第 9 號的終 止確認規定，本集團終止確 認該項金融資產。

Financial liabilities are derecognised when the obligation specified in the relevant contract is discharged, cancelled or expires.

當相關合約中訂明的責任獲 解除、註銷或到期時，終止 確認金融負債。

(h) Cash and cash equivalents

(h) 現金及現金等價物

Cash and cash equivalents comprise cash on hand, bank balances, and short-term highly liquid investments which are readily convertible into known amounts of cash, are subject to an insignificant risk of changes in value, and have a short maturity of generally within three months when acquired.

現金及現金等價物包括手頭現金、 銀行結餘以及可隨時轉換為已知金 額現金、所涉價值變動風險不高且 一般自購入起計三個月內到期的短 期高流通投資。

(i) Inventories

(i) 存貨

Inventories are initially recognised at cost, and subsequently at the lower of cost and net realisable value. Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Cost is calculated using the weighted average method. Net realisable value represents the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale.

存貨初步按成本確認，其後按成本 及可變現淨值兩者中的較低者確 認。成本包括所有採購成本、加工 成本及將存貨送至現有地點及達致 現有狀況所需的其他成本。成本按 加權平均法計算。可變現淨值指日 常業務過程中的估計銷售價格減估 計完成成本及進行銷售的估計所需 成本。

222 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

4. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)

4. 會計政策概要（續）

(j) Revenue recognition

(j) 收益確認

Revenue from contracts with customers is recognised when control of goods or services is transferred to the customers at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services, excluding those amounts collected on behalf of third parties. Revenue excludes value added taxes or other sales taxes and is after deduction of any trade discounts.

客戶合約收益於商品或服務的控制 權轉移至客戶時確認，確認金額反 映本集團預期就交換該等商品或服 務而有權獲得的代價（不包括代表 第三方收取的金額）。收益不包括 增值稅或其他銷售稅，並經扣除任 何交易折扣。

Depending on the terms of the contract and the laws that apply to the contract, control of the goods or service may be transferred over time or at a point in time. Control of the goods or service is transferred over time if the Group’s performance:

視乎合約條款及適用於合約的法律 規定，商品或服務的控制權可能隨 時間或在某一時間點轉移。倘本集 團於履約過程中滿足下列條件，則 商品或服務的控制權乃隨時間轉 移：

• provides all of the benefits received and consumed simultaneously by the customer;

• 提供客戶同時收取且耗用的 所有利益；

• creates or enhances an asset that the customer controls as the Group performs; or

• 於本集團履約時創建或增強 由客戶控制的資產；或

• does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date.

• 並無創建對本集團具有可替 代用途的資產，且本集團有 強制執行權就累計至今已完 成的履約部分收取款項。

If control of the goods or services transfers over time, revenue is recognised over the period of the contract by reference to the progress towards complete satisfaction of that performance obligation. Otherwise, revenue is recognised at a point in time when the customer obtains control of the goods or service.

倘商品或服務的控制權隨時間轉 移，則收益於整個合約期間參照已 完成履約責任的進度確認。否則， 收益於客戶獲得商品或服務的控制 權的某一時間點確認。

Annual Report 2025 年報 223

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

4. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)

4. 會計政策概要（續）

(j) Revenue recognition (Continued)

(j) 收益確認（續）

(a) Corporate digitalisation solution services

(a) 企業數字化服務

• (i) Enterprises’ private domain traffic marketing services

• (i) 企業私域流量營銷服務

The Group provides the marketing services to enterprise advertisers or their respective advertising agents through integration of downstream marketing channels, including traditional off-line channels and on-line platforms.

本集團透過整合下游營 銷渠道（包括傳統線下 渠道及線上平台）向企 業廣告商或彼等各自的 廣告代理商提供營銷服 務。

The Group charges advertising customers for traditional marketing and promotion marketing services primarily based on cost per action (“ CPA ”) and on the basis of each action of the mobile device user such as download, installation or registration or cost per sale (“ CPS ”). The Group recognises revenue when relevant services are provided to the Group’s customers. The Group recognises the revenue on a gross basis as the Group bears the sole responsibility for the transaction.

本集團主要根據每次 操作成本（「 CPA 」）及 以移動設備用戶的每次 操作（如下載、安裝或 註冊）或每次銷售成本 （「 CPS 」）為基準向廣告 客戶收取傳統營銷及推 廣營銷服務費。本集團 於提供相關服務予本集 團客戶時確認收益。由 於本集團承擔有關交易 的全權責任，故本集團 按總額基準確認收益。

224 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

4. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)

4. 會計政策概要（續）

(j) Revenue recognition (Continued)

(j) 收益確認（續）

• (a) Corporate digitalisation solution services (Continued)

• (a) 企業數字化服務（續）

• (i) Enterprises’ private domain traffic marketing services (Continued)

• (i) 企業私域流量營銷服務 （續）

For advertisement placement services, the Group recognises the revenue on a net basis as the Group acts as an intermediary in executing transactions on behalf of the media publishers and advertisers. Media publishers may also grant to the Group rebates based on the gross spending of the advertisers (i) in the form of prepayments for future traffic acquisition; (ii) to net off the accounts payables the Group owed to them; or (iii) in cash mainly based on the gross spending of the advertisers. Under these arrangements, media publishers may also grant the Group rebates which are recorded as revenue.

就廣告投放服務而言， 本集團按淨額基準確認 收益，因本集團擔任代 表媒體出版商及廣告商 進行交易的中介人。媒 體出版商亦可能按廣告 商的支出總額， (i) 以購 買未來流量之預付款項 的形式； (ii) 以抵銷本 集團欠負彼等之應付賬 款的方式；或 (iii) 主要 根據廣告商的支出總額 以現金的方式向本集團 授出返利。根據該等安 排，媒體出版商亦可能 向本集團授出入賬列作 收益的返利。

Annual Report 2025 年報 225

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

4. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)

(j) Revenue recognition (Continued)

4. 會計政策概要（續）

(j) 收益確認（續）

• (a) Corporate digitalisation solution services (Continued)

• (a) 企業數字化服務（續）

• (i) Enterprises’ private domain traffic marketing services (Continued)

• (i) 企業私域流量營銷服務 （續）

Advertisement placement services also 廣告投放服務亦提供增 provides value-added solutions which 值解決方案，涉及直接 involves directly marketing and advertising 於各類線上媒體渠道為 the customers’ brands and products on 客戶推廣及宣傳其品 various online media channels. The Group 牌及產品。本集團主要 is primarily responsible for providing 負責提供戰略性廣告投 strategic advertisements placement 放策略及計劃；提供設 strategies and plans; providing design 計服務，且本集團可能 and third party service providers may be 委聘第三方服務供應商 engaged by the Group to produce creative 製作創意廣告內容及材 advertising contents and materials; 料；於線上媒體渠道採 procuring and placing of advertising 購及投放廣告內容；以 contents on online media channels; and 及管理及與參與項目的 managing and coordinating with those 第三方服務供應商協 third party service providers involved in 調。本集團亦動用其員 the project. The Group also involves in 工製作創意廣告內容及 produce creative advertising contents 材料。合約中所承諾的 and materials by utilising its staffs. The 各項服務並不被視為可 promised services in a contract are not 單獨區分，亦不構成一 considered distinct or represent a series 系列大致相同且向客戶 of services that are substantially the same 轉移模式一致的服務， with the same pattern of transfer to the 因此入賬為單一履約義 customer and, as such, are accounted for 務。該等承諾之所以不 as a single performance obligation. The 可單獨區分，乃因其為 promises are not distinct because there 構成綜合產出的多項工 is a high degree of integration of the 作的高度集成，或由於 various tasks forming a combined output 本集團無法透過獨立轉 or because the Group is unable to fulfil 移各項服務來履行其承 its promises by transferring each of the 諾。每個數字化營銷項 services independently. The duration of 目的期限通常為一個月 each project of digital marketing projects 內。客戶一般會於履行 typically ranges from within one month. 協議中規定的服務義務 The customer typically would make 前預付款項。數字化營 prepayments before the fulfilment of the 銷服務的收入乃基於產 service obligations in the agreement. 出法隨時間確認，蓋因 Revenue from digital marketing services 客戶同時接獲及消耗本 is recognised over time based on 集團所提供的利益。 output method because the customer simultaneously received and consumes the benefits provided by the Group.

226 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

4. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)

4. 會計政策概要（續）

(j) Revenue recognition (Continued)

(j) 收益確認（續）

• (a) Corporate digitalisation solution services (Continued)

• (a) 企業數字化服務（續）

• (ii) Marketing services operation platform

• (ii) 營銷服務運營平台

• (a) Virtual goods sourcing and delivery services

• (a) 虛擬商品採購及 交付服務

The Group arranges virtual goods, including sourcing and delivery services, between the customers and suppliers. The Group retains the revenue from such completed transactions. The Group does not control specific virtual goods prior to the purchase by the downstream users. Therefore, the Group is acting as an agent in the transactions. Revenue from the virtual goodsrelated services is recognised at a point in time when the virtual goods-related services is rendered. The Group records the net amount that it retains from such completed transaction as revenue.

本集團在客戶及 供應商之間安排 虛擬商品，包 括採購及交付 服務。本集團保 留來自有關完成 交易的收益。本 集團於下游用戶 購買前對特定虛 擬商品並無控制 權。因此，本集 團在交易中以代 理商身份行事。 來自虛擬商品相 關服務的收益於 提供虛擬商品相 關服務的時間點 確認。本集團將 其自有關完成交 易中保留的淨額 入賬列為收益。

Annual Report 2025 年報 227

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

4. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)

4. 會計政策概要（續）

(j) Revenue recognition (Continued)

(j) 收益確認（續）

• (a) Corporate digitalisation solution services (Continued)

• (a) 企業數字化服務（續）

• (ii) Marketing services operation platform (Continued)

• (ii) 營銷服務運營平台（續）

• (a) Virtual goods sourcing and delivery services (Continued)

• (a) 虛擬商品採購及 交付服務（續）

Variable consideration is contingent on the performance-based and/or volume based, which are finalised on a periodical basis. Variable consideration is estimating by using the data on the platforms which billed on monthly basis and a receivable is expected to be collected within the contracted credit terms. For transactions which the Group acts as an agent, the Group bills the customers in gross amounts with credit terms, which are different from the bills from suppliers. As the Group has no legally enforceable right to set off the bill from the suppliers against the bill to the customer, the Group records the payable and the receivable on gross basis.

可變代價取決於 基於業績及╱或 基於銷量，按定 期基準確定。可 變代價通過使用 平台上的數據來 估計，按月計 費，預計應收款 項將在合約信貸 期內收回。就本 集團擔任代理商 的交易而言，本 集團按總額向客 戶計費，並有信 貸期，與供應商 的計費方式不 同。由於本集團 並無法定可執行 權以供應商賬單 抵銷客戶賬單， 本集團按總額基 準列賬應付款項 及應收款項。

228 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

4. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)

4. 會計政策概要（續）

(j) Revenue recognition (Continued)

(j) 收益確認（續）

• (a) Corporate digitalisation solution services (Continued)

• (a) 企業數字化服務（續）

• (ii) Marketing services operation platform (Continued)

• (ii) 營銷服務運營平台（續）

• (b) Tangible goods sourcing and delivery services

• (b) 實物商品採購及 交付服務

The Group generates revenue primarily through sourcing and delivery services between the customers and suppliers. Revenue is recognised on a gross basis because (i) the Group rather than the suppliers, is primarily responsible for fulfilling the promise to provide the specified goods; (ii) the Group bears the physical and general inventory risk once the products are delivered to its warehouse; and (iii) the Group has discretion in establishing price. Revenue is recognised at point in time when customers accept the products upon delivery.

本集團的收益主 要來自客戶及供 應商之間的採購 及交付服務。收 益乃按總額基準 確認，蓋因 (i) 本 集團（而非供應 商）主要負責履行 提供特定商品的 承諾； (ii) 貨品一 旦交付至本集團 倉庫，其須承擔 實物及一般存貨 風險；及 (iii) 本 集團有權制定價 格。收益乃於客 戶在交付時接納 有關產品時確認。

Annual Report 2025 年報 229

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

4. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)

4. 會計政策概要（續）

(j) Revenue recognition (Continued)

(j) 收益確認（續）

(b) Industry digitalisation solution services

• (b) 行業數字化服務

• (i) Software development and maintenance service

• (i) 軟件開發及維護服務

The revenue from provision of software development services is recognised at a point in time when the products developed are delivered and the end customers have physical possession that is control over the software and related products. The Group recognises the revenue on a gross basis as the Group bears the sole responsibility for the transaction.

提供軟件開發服務的收 益於所開發產品交付且 終端客戶實際擁有及控 制軟件及相關產品的時 間點確認。由於本集團 承擔有關交易的全權責 任，故本集團按總額基 準確認收益。

230 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

4. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)

4. 會計政策概要（續）

(j) Revenue recognition (Continued)

(j) 收益確認（續）

• (b) Industry digitalisation solution services (Continued)

• (b) 行業數字化服務（續）

• (ii) Solutions on lottery related software systems and equipment

• (ii) 彩票相關軟件系統及設 備解決方案

The Group sells lottery systems and equipment to its customers are and recognised when control of the goods has transferred, being when the products are delivered to the customers, the customer has accepted the products, the collection of the related consideration is probable and there is no unfulfilled obligation that could affect the customer’s acceptance of the products. Revenue is thus recognised at the point in time when the customers accepted the lottery systems and equipment. There is generally only one performance obligation and the considerations include no variable amount.

本集團向其客戶銷售彩 票系統及設備於商品的 控制權轉移（即產品交 付予客戶時，客戶已 接納產品且可能收回有 關代價，以及概無可能 影響客戶接納產品的未 履行責任）時確認。因 此，收益於客戶接納彩 票系統及設備的時間點 確認。一般僅有一項履 約責任，且代價並不包 括可變金額。

T h e G r o u p p r o v i d e s r e p a i r a n d maintenance services for the lottery related software systems and equipment to its customers. Revenue is recognised when the services are rendered according to the terms of service agreement. The revenue recognised overtime using the output method as the customer simultaneously receives and consumes the maintenance services as time elapsed within the service period as the Group performs. Accordingly, revenue is recognised on a straight-line basis during the service period.

本集團就彩票相關軟件 系統及設備向其客戶提 供維修及維護服務。收 益於根據服務協議條 款提供服務時確認。由 於客戶於本集團履約的 服務期間內隨時間同時 收取及耗用維護服務， 故收益按輸出法隨時間 確認。因此，收益於服 務期間內按直線基準確 認。

Annual Report 2025 年報 231

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

4. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)

4. 會計政策概要（續）

(j) Revenue recognition (Continued)

(j) 收益確認（續）

(c) Interest income

(c) 利息收入

Interest income is recognised on a timeproportion basis using the effective interest method.

利息收入乃根據時間比例基 準按實際利率法確認。

Contract assets and liabilities

合約資產及負債

A contract asset represents the Group’s right to consideration in exchange for services that the Group has transferred to a customer that is not yet unconditional. In contrast, a receivable represents the Group’s unconditional right to consideration, i.e. only the passage of time is required before payment of that consideration is due.

合約資產指本集團就換取本 集團已向客戶轉移的服務而 收取代價的權利（尚未成為 無條件）。相反，應收款項指 本集團收取代價的無條件權 利，即代價付款到期前僅需 經過一段時間。

A contract liability represents the Group’s obligation to transfer services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer.

合約負債指本集團因已向客 戶收取代價（或代價金額已到 期）而須向客戶轉移服務的責 任。

Contract asset is recognised when the customers retain retention money to secure the due performance of the contracts. Any amount previously recognised as a contract asset is reclassified to trade receivables at the point at which it is invoiced to the customer. If the considerations (including advances received from customers) exceeds the revenue recognised to date under the output method then the Group recognises a contract liability for the difference.

合約資產於客戶保留質保金 以確保妥善履約時確認。先 前確認為合約資產的任何金 額在向客戶開具發票時重新 分類為貿易應收款項。倘代 價（包括已收客戶預付款項） 迄今超過根據輸出法確認的 收益，則本集團就差額確認 合約負債。

232 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

4. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)

4. 會計政策概要（續）

(j) Revenue recognition (Continued)

(j) 收益確認（續）

(c) Interest income (Continued)

• (c) 利息收入（續）

Principal versus agent

委託人與代理人

When another party is involved in providing goods or services to a customer, the Group determines whether the nature of its promise is a performance obligation to provide the specified goods or services itself (i.e. the Group is a principal) or to arrange for those goods or services to be provided by the other party (i.e. the Group is an agent). The Group is a principal if it controls the specified goods or service before that goods or service is transferred to a customer. The Group is an agent if its performance obligation is to arrange for the provision of the specified goods or service by another party. In this case, the Group does not control the specified goods or service provided by another party before that goods or service is transferred to the customer. When the Group acts as an agent, it recognises revenue in the amount of any fee or commission to which it expects to be entitled in exchange for arranging for the specified goods or services to be provided by the other party.

當另一方參與向客戶提供商 品或服務時，本集團確定其 承諾的性質是以自身提供特 定商品或服務（本集團為委 託人）或安排另一方向客戶提 供商品或服務（即本集團為代 理人）的履約義務。如果本 集團在將特定商品或服務轉 移給客戶之前控制該商品或 服務，則本集團為委託人。 如果履約義務是安排另一方 提供特定商品或服務，則本 集團為代理人。在這種情況 下，本集團在特定商品或 服務轉移給客戶前不擁有由 另一方提供的商品或服務的 控制權。當本集團為代理人 時，其應當將因安排另一方 向客戶提供特定商品或服務 而預期有權獲得的手續費和 佣金確認為收入。

Annual Report 2025 年報 233

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

4. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)

4. 會計政策概要（續）

(k) Income taxes

(k) 所得稅

Income taxes for the year comprise current tax and deferred tax.

年內所得稅包括即期稅項及遞延稅 項。

Current tax is based on the profit or loss from ordinary activities adjusted for items that are nonassessable or disallowable for income tax purposes and is calculated using tax rates that have been enacted or substantively enacted at the end of Reporting Period. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects any uncertainty related to income tax.

即期稅項乃按日常業務損益基準， 對就所得稅而言無須課稅或不可扣 稅的項目作出調整，按報告期間末 已頒佈或實質上已頒佈的稅率計 算。應付或應收即期稅項金額為預 期將予支付或收取稅項金額的最佳 估計，該金額反映與所得稅有關的 任何不確定因素。

Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the corresponding amounts used for tax purposes.

遞延稅項乃以就財務報告而言資產 與負債之賬面值與就稅務而言之相 關數值間之暫時差額確認。

234 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

4. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)

4. 會計政策概要（續）

(k) Income taxes (Continued)

(k) 所得稅（續）

Deferred tax is measured at the tax rates appropriate to the expected manner in which the carrying amount of the asset or liability is realised or settled and that have been enacted or substantively enacted at the end of Reporting Period, and reflects any uncertainty related to income taxes.

遞延稅項乃按適用於預期變現資產 或清償負債賬面值的方式以及於報 告期間末已實施或大致上已實施之 稅率計算，並反映與所得稅有關的 任何不確定因素。

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income tax levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.

倘有合法可強制執行權利將即期稅 項資產抵銷即期稅項負債，且與同 一稅務機關所徵收之所得稅有關， 而本集團擬按淨值基準結算其即期 稅項資產及負債，則遞延稅項資產 及負債可予以抵銷。

Income taxes are recognised in profit or loss except when they relate to items recognised in other comprehensive income in which case the taxes are also recognised in other comprehensive income or when they relate to items recognised directly in equity in which case the taxes are also recognised directly in equity.

所得稅於損益內確認，惟所得稅與 於其他全面收入內確認的項目有關 則除外，在此情況下，所得稅亦於 其他全面收入內確認，或所得稅與 直接於權益內確認的項目有關則除 外，在此情況下，所得稅亦直接於 權益內確認。

(l) Foreign currencies

(l) 外幣

Transactions entered into by group entities in currencies other than the currency of the primary economic environment in which they operate (the “ functional currency ”) are recorded at the rates ruling when the transactions occur. Foreign currency monetary assets and liabilities are translated at the rates ruling at the end of the Reporting Period.

集團實體以其經營所在主要經濟環 境的貨幣（「 功能貨幣 」）以外的貨幣 訂立的交易，按進行交易時的適用 匯率入賬。外幣貨幣資產及負債則 按報告期間末的適用匯率換算。

Annual Report 2025 年報 235

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

4. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)

4. 會計政策概要（續）

(l) Foreign currencies (Continued)

(l) 外幣（續）

Exchange differences arising on the settlement of monetary items, and on the translation of monetary items, are recognised in profit or loss in the period in which they arise.

因結算貨幣項目及換算貨幣項目而 產生的匯兌差額於產生期間於損益 內確認。

On consolidation, income and expense items of foreign operations are translated into presentation currency of the Group (i.e. RMB) at the average exchanges rates for the year, unless exchange rates fluctuate significantly during the period. In which case, the rates approximating to those ruling when the transactions took place are used. All assets and liabilities of foreign operations are translated at the rate ruling at the end of Reporting Period. Exchange differences arising, if any, are recognised in other comprehensive income and accumulated in equity as translation reserve (attributed to non-controlling interest as appropriate). Exchange differences recognised in profit or loss of group entities’ separate financial statements on the translation of long-term monetary items forming part of the Group’s net investment in the foreign operation concerned are reclassified to other comprehensive income and accumulated in equity as translation reserve.

於綜合賬目時，海外業務的收入及 開支項目按該年度的平均匯率換算 為本集團的呈列貨幣（即人民幣）， 除非期內的匯率大幅波動，則另作 別論。在此情況下，則按與進行交 易時的適用匯率相若的匯率換算。 海外業務的所有資產及負債於報告 期間末按適用匯率換算。所產生的 匯兌差額（如有）於其他全面收入內 確認，並於權益內累計為匯兌儲備 （歸屬於非控股權益（如適當））。於 換算構成本集團於相關海外業務投 資淨額一部分的長期貨幣項目時， 於集團實體的獨立財務報表的損益 內確認的匯兌差額重新分類至其他 全面收入，並於權益內累計為換算 儲備。

(m) Employee benefits

(m) 僱員福利

(i) Short term employee benefit

(i) 短期僱員福利

Short term employee benefits are employee benefits (other than termination benefits) that are expected to be settled wholly before twelve months after the end of the annual Reporting Period in which the employees render the related service. Short term employee benefits are recognised in the year when the employees render the related service.

短期僱員福利為預期將於僱 員提供相關服務的年度報告 期間末後十二個月前悉數結 算的僱員福利（離職福利除 外）。短期僱員福利於僱員提 供相關服務的年度內確認。

236 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

4. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)

4. 會計政策概要（續）

(m) Employee benefits (Continued)

(m) 僱員福利（續）

(ii) Defined contribution retirement plan

(ii) 定額供款退休計劃

Pursuant to the relevant regulations of the PRC government, the Group participates in a central pension scheme operated by the local municipal government (the “ Scheme ”), whereby the subsidiaries of the Company in the PRC is required to contribute a certain percentage of the basic salaries of its employees to the Scheme to fund their retirement benefits. The local municipal government undertakes to assume the retirement benefits obligations of all existing and future retired employees of the subsidiaries of the Company. The only obligation of the Group with respect to the Scheme is to pay the ongoing required contributions under the Scheme. Contributions under the Scheme are charged to profit or loss as incurred.

根據中國政府的相關法規， 本集團參與由地方市級政府 辦理的中央退休金計劃（「 計 劃 」），據此，本公司的中國 附屬公司須按僱員基本薪金 的若干百分比向計劃作出供 款，以撥付僱員的退休福 利。地方市級政府承諾承擔 本公司附屬公司所有現有及 未來退休僱員的退休福利責 任。本集團應就計劃承擔的 唯一責任為根據計劃持續作 出所需供款。計劃的供款於 產生時於損益內扣除。

The Group operates a Mandatory Provident Fund Scheme (the “ MPF Scheme ”) under the Hong Kong Mandatory Provident Fund Schemes Ordinance. Under the MPF Scheme, the employees are required to contribute 5% of their monthly salaries or up to a maximum of HK$1,500 and they can choose to make additional contributions. The employer’s monthly contributions are calculated at 5% of the employee’s monthly salaries or up to a maximum of HK$1,500 (the “ mandatory contributions ”). Contributions are charged to profit or loss as they become payable in accordance with the rules of the MPF Scheme. The employees are entitled to 100% of the employer’s mandatory contributions upon their retirement at the age of 65, death or total incapacity. No forfeited contributions are available to reduce the contribution payable by the Group in the future years.

本集團根據《強制性公積金計 劃條例》設定一項強制性公積 金計劃（「 強積金計劃 」）。根 據強積金計劃，僱員需作出 其月薪百分之五或最高可達 1,500 港元的供款，並可選擇 作出額外供款。僱主的每月 供款按僱員月薪之百分之五 計算，或最高可達 1,500 港元 （「 強制供款 」）。根據強積金 計劃之規則，供款於到期應 付時自損益內扣除。僱員於 年滿 65 歲退休、身故或完全 殘疾時可百分百享有僱主所 作出的強制供款。並無被沒 收的供款可供本集團在未來 年度抵減應付供款。

Annual Report 2025 年報 237

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

4. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)

4. 會計政策概要（續）

(m) Employee benefits (Continued)

(m) 僱員福利（續）

(iii) Termination benefits

(iii) 終止福利

Termination benefits are recognised on the earlier of when the Group can no longer withdraw the offer of those benefits and when the Group recognises restructuring costs involving the payment of termination benefits.

終止福利乃於以下之較早者 確認，當本集團不再可以撤 回該等福利之提供時與當本 集團確認涉及終止福利付款 的重組成本時。

(n) Government grant

(n) 政府補助

Government grants are not recognised until there is reasonable assurance that the Group will comply with the conditions attaching to them and that the grants will be received.

政府補助於可合理確定本集團將符 合政府補助附帶的條件及將獲授補 助後方予確認。

Government grants are recognised in profit or loss on a systematic basis over the periods in which the Group recognises as expenses the related costs for which the grants are intended to compensate.

政府補助於本集團將補助金擬補償 的相關成本確認為開支的期間有系 統地於損益中確認。

Government grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Group with no future related costs are recognised in profit or loss in the period in which they become receivable.

作為已產生開支或虧損的補償或 向本集團提供即時財務資助（並無 日後相關成本）而可收取的政府補 助，會於其成為可收取的期間於損 益中確認。

238 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

4. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)

4. 會計政策概要（續）

(o) Impairment of assets (other than financial assets and goodwill)

(o) 資產（不包括金融資產及商 譽）減值

At the end of the Reporting Period, the Group reviews the carrying amounts of the following assets to determine whether there is any indication that those assets have suffered an impairment loss or an impairment loss previously recognised no longer exists or may have decreased:

於報告期間末，本集團檢討以下資 產的賬面值，以釐定是否有任何跡 象顯示該等資產已出現減值虧損， 或先前確認的減值虧損已不存在或 可能已減少：

• Other intangible assets;

• 其他無形資產；

• Property, plant and equipment;

• 物業、廠房及設備；

• Right-of-use assets;

• 使用權資產；

• Investment in subsidiaries;

• 於附屬公司的投資；

• Investment in associates; and

• 於聯營公司的投資；及

• Investment in a joint venture.

• 於一家合營企業的投資。

If the recoverable amount (i.e. the greater of the fair value less costs of disposal and value in use) of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately, unless the relevant asset is carried at a revalued amount under another HKFRS Accounting Standards, in which case the impairment loss is treated as a revaluation decrease under the HKFRS Accounting Standards.

倘資產的可收回金額（即公平價值 減出售成本與使用價值兩者中的 較高者）估計低於其賬面值，則該 資產的賬面值將調低至其可收回金 額。減值虧損即時確認為開支，除 非有關資產根據另一香港財務報告 準則會計準則按重估金額列賬，在 此情況下，減值虧損根據香港財務 報告準則會計準則視為重估減值。

Value in use is based on the estimated future cash flows expected to be derived from the asset or cash generating unit, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or cash generating unit.

使用價值乃基於資產或現金產生單 位預期產生的估計未來現金流量釐 定，並採用除稅前貼現率貼現至其 現值，而有關貼現率反映當前市場 對貨幣時間價值及有關資產或現金 產生單位特定風險的評估。

Annual Report 2025 年報 239

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

4. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)

4. 會計政策概要（續）

(p) Provisions and contingent liabilities

(p) 撥備及或然負債

Provisions are recognised for liabilities of uncertain timing or amount when the Group has a legal or constructive obligation arising as a result of a past event, which it is probable will result in an outflow of economic benefits that can be reliably estimated.

就期限或金額不明確的負債而言， 倘本集團因過往事件而須承擔法律 或推定責任，而有關責任將可能導 致可合理估計的經濟利益流出時， 則會確認撥備。

Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow of economic benefits is remote. Possible obligations, the existence of which will only be confirmed by the occurrence or non-occurrence of one or more future events, are also disclosed as contingent liabilities unless the probability of outflow of economic benefits is remote.

倘須流出經濟利益的可能性不大， 或未能可靠估計有關金額時，則該 責任會披露為或然負債，除非經濟 利益流出的可能性極低則另作別 論。可能承擔的責任（其存在與否 僅能通過一項或多項未來事件的發 生與否來確定）亦會披露為或然負 債，除非經濟利益流出的可能性極 低則另作別論。

(q) Segment reporting

(q) 板塊報告

The Group identifies operating segments and prepares segment information based on the regular internal financial information reported to the executive directors of the Group, being the chief operating decision maker (“ CODM ”) for their decisions about resources allocation to the Group’s business components and for their review of the performance of those components. The business components in the internal financial information reported to the CODM are determined the Group’s major products and service lines stated in Note 6.

本集團定期向本集團執行董事（即 主要經營決策者（「 主要經營決策 者 」）報告內部財務資料，以供彼 等就本集團業務組成部分的資源分 配作決定，以及供彼等檢討該等組 成部分的表現，而本集團則根據該 等資料劃分經營板塊及編製板塊資 料。向主要經營決策者報告之內部 財務資料的業務組成部分，乃依照 附註 6 所述本集團之主要產品及服 務類別而釐定。

240 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

5. CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

5. 重大會計判斷及估計不確定因 素的主要來源

In the application of the Group’s accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant.

於應用本集團的會計政策時，董事須就 未能於其他來源輕易得出的資產及負債 的賬面值作出判斷、估計及假設。估計 及相關假設乃基於過往經驗及其他被認 為相關的因素。

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

管理層會持續審閱該等估計及相關假 設。倘會計估計之修訂僅影響作出修訂 估計之期間，則有關估計修訂將於作出 修訂之期間確認，或倘修訂對本期及未 來期間均會構成影響，則會於作出修訂 之期間及未來期間確認。

Critical accounting judgement

關鍵會計判斷

(a) Principal vs agent

(a) 委託人或代理人

In determining whether the Group is acting as a principal or as an agent in the provision of corporate digitalisation solution, virtual goods sourcing and delivery services and tangible goods sourcing and delivery services requires judgements and considerations of all relevant facts and circumstances. The Group follows the accounting guidance for principal-agent considerations to assess whether the Group controls the specified service before it is transferred to the customer, the indicators of which including but not limited to (a) whether the entity is primarily responsible for fulfilling the promise to provide the specified service; (b) whether the entity has inventory risk before the specified service has been transferred to a customer; and (c) whether the entity has discretion in establishing the prices for the specified goods or service.

於釐定本集團於提供企業數字化服 務、虛擬商品採購及交付服務以及 實物商品採購及交付服務過程中是 否以委託人或代理人身份行事時， 需對所有相關事實及情況作出判斷 及考量。本集團遵循委託人與代理 人考量的會計指引，評估本集團於 特定服務轉移至客戶前是否擁有對 該特定服務的控制權，評估指標包 括但不限於 (a) 實體是否主要負責 履行提供特定服務的承諾； (b) 實 體於特定服務轉移至客戶前是否有 存貨風險；及 (c) 實體是否能酌情設 定特定商品或服務的價格。

Annual Report 2025 年報 241

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

5. CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (CONTINUED)

5. 重大會計判斷及估計不確定因 素的主要來源（續）

Critical accounting judgement (Continued)

關鍵會計判斷（續）

(b) Going concern assumption

(b) 持續經營假設

The directors consider that the Group has the ability to continue as a going concern and therefore, have prepared these consolidated financial statements on a going concern basis. The assessment of the going concern assumption, as disclosed in Note 3(b), involves making judgement by the directors of the Company at a particular point of time, about the future outcome of events or conditions which are uncertain. Such judgments include the Group’s ability to renew or extend its borrowings and credit facilities on a timely basis, and its abilities to generate sufficient cash flow from operations.

董事認為，本集團有能力繼續持續 經營，故而按持續經營基準編製綜 合財務報表。誠如附註 3(b) 所披 露，持續經營假設評估涉及本公司 董事於特定時間點就尚不確定的事 件或情況的日後結果作出判斷。有 關判斷包括本集團能否及時續期或 展期其借款及信貸融資，及其自營 運產生充足現金流量的能力。

242 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

5. CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (CONTINUED)

5. 重大會計判斷及估計不確定因 素的主要來源（續）

The key sources of estimation uncertainty

估計不確定因素的主要來源

In addition to the information disclosed elsewhere in these consolidated financial statements, other key sources of uncertainty at the end of the Reporting Period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below:

除該等綜合財務報表其他部分所披露資 料外，有關於報告期間末不確定因素的 其他主要來源（具有導致須於下一財政年 度內對資產及負債的賬面值作出重大調 整的重大風險）的討論如下：

• (i) Estimated useful lives of property, plant and equipment and intangible assets

• (i) 物業、廠房及設備及無形資產的估 計可使用年期

In determining the useful lives of property, plant and equipment and intangible assets, the Group’s management has to consider various factors, such as expected usage of the asset, expected physical wear and tear, the care and maintenance of the asset, and legal or similar limits on the use of the asset. The estimation of the useful life of the asset is based on the experience of the management with similar assets that are used in a similar way. In particular, for intangible assets, computer software are mainly used in the operation of the platforms for corporate digitalisation solution and the copyrights are mainly related to the software and equipment used in industry digitalisation solution. The Group estimates the useful life of computer software and copyrights based on the estimated period of time during which the computer software and copyrights would generate revenue to the Group. It is expected that further updates to the computer software and copyrights will be required after the expiry of their respective useful life. Depreciation and amortisation charge are revised if the estimated useful lives of items of property, plant and equipment and intangible assets are different from the previous estimation. Estimated useful life is reviewed, at the end of the year, based on changes in circumstances.

於釐定物業、廠房及設備及無形資 產的可使用年期時，本集團管理層 須考慮多項因素，如資產預期用 途、預期損耗、資產保養維修及 資產用途的法定或類似限制。資產 可使用年期乃根據管理層於類似用 途的類似資產方面的經驗估算。特 別是，就無形資產而言，電腦軟件 主要用於企業數字化服務的平台操 作，而著作權主要與行業數字化服 務所用的軟件及設備有關。本集團 根據電腦軟件及著作權將為本集團 帶來收益的估計期限來估計電腦軟 件及著作權的可使用年期。預計在 電腦軟件及著作權各自的可使用年 期到期後，將需進一步更新該等軟 件及著作權。倘物業、廠房及設備 以及無形資產項目的估計可使用年 期與先前的估計不同，折舊及攤銷 費用會作修訂。估計可使用年期乃 按情況變化於年末進行審閱。

Annual Report 2025 年報 243

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

5. CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (CONTINUED)

5. 重大會計判斷及估計不確定因 素的主要來源（續）

The key sources of estimation uncertainty (Continued)

估計不確定因素的主要來源（續）

• (ii) Impairment of property, plant and equipment, intangible assets and right-of-use assets

• (ii) 物業、廠房及設備、無形資產及使 用權資產減值

The Group’s management assesses whether there are any indicators of impairment for property, plant and equipment, right-of-use assets and intangible assets with finite useful life at the end of the Reporting Period. The property, plant and equipment, right-of-use assets and intangible assets are tested for impairment when there are indicators that the carrying amounts may not be recoverable. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, assets are allocated to the respective CGU. Management’s judgement is required in the area of asset impairment particularly in assessing: (i) whether the carrying amount of an asset can be supported by the recoverable amount, being the higher of fair value less cost of disposal or value in use; and (ii) the appropriate key assumptions to be applied in preparing cash flow projections including whether these cash flow projections are discounted using an appropriate rate.

本集團管理層於報告期間末評估物 業、廠房及設備、使用權資產及具 有限可使用年期的無形資產是否有 任何減值跡象。倘有跡象顯示物 業、廠房及設備、使用權資產及無 形資產之賬面值可能無法收回時， 則會進行減值測試。就減值測試而 言，倘無法估計個別資產的可收回 金額，資產則分配至其各自現金產 生單位。於評估： (i) 資產之賬面值 是否能得到可收回金額（即公平價 值減出售成本或使用價值中之較高 者）之支持；及 (ii) 編製現金流量預 測時適用之適當關鍵假設（包括該 等現金流量預測是否使用適當利率 進行貼現）時，尤其需要管理層運 用資產減值方面的判斷。

244 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

5. CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (CONTINUED)

5. 重大會計判斷及估計不確定因 素的主要來源（續）

The key sources of estimation uncertainty (Continued)

估計不確定因素的主要來源（續）

• (iii) Impairment of trade and other receivables (2024: Trade and other receivables and contract assets)

• (iii) 貿易及其他應收款項（ 2024 年：貿 易及其他應收款項以及合約資產） 減值

Management determines the provision for the trade receivables (2024: trade receivables and contract assets) based on the ECLs which uses a lifetime expected loss allowance for all trade receivables (2024: trade receivables and contract assets). Management also determines the provision for the other receivables based on the ECLs which use either 12 months or lifetime ECLs depending whether the credit risk has increased significantly since initial-recognition or being credit-impaired for all other receivables. The loss allowance for financial assets are based on assumptions about risk of default and expected loss rate. The Group uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Group’s historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment which may impact the customers’ ability to repay the outstanding balances in order to estimate the ECLs for the impairment assessment. In addition, management also reviewed the credit risk of individual debtors by considering the nature of transactions, relationship with customers and their financial position, etc. to assess whether any increase in credit risk which may trigger further specific provision at the end of the Reporting Period.

管理層基於預期信貸虧損釐定貿易 應收款項（ 2024 年：貿易應收款項 及合約資產）的撥備，當中就所有 貿易應收款項（ 2024 年：貿易應收 款項及合約資產）使用全期預期虧 損撥備。管理層亦基於預期信貸虧 損釐定其他應收款項的撥備，當中 使用 12 個月或全期預期信貸虧損 撥備，惟視乎所有其他應收款項的 信貸風險自初步確認以來是否顯著 增加或已發生信貸減值而定。金融 資產的虧損撥備乃基於有關違約風 險及預期虧損率的假設。本集團於 作出該等假設及選擇減值計算的輸 入數據時會基於本集團的過往信貸 虧損經驗運用判斷，並就與債務人 及可能影響客戶償還未償還結餘能 力的經濟環境有關的特定前瞻性因 素作出調整，以就減值評估估計預 期信貸虧損。此外，管理層亦透過 考慮交易性質、與客戶之關係及其 財務狀況等，檢討個別債務人的信 貸風險，從而評估信貸風險有否增 加，而可能觸發於報告期間末作出 進一步特定撥備。

Annual Report 2025 年報 245

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

5. CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (CONTINUED)

5. 重大會計判斷及估計不確定因 素的主要來源（續）

The key sources of estimation uncertainty (Continued)

估計不確定因素的主要來源（續）

(iv) Income taxes

(iv) 所得稅

The Group is subject to income taxes in the PRC. Significant judgement is required in determining the provision for income taxes. Transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provision in the period in which such determination is made.

本集團須繳納中國的所得稅。在釐 定所得稅撥備時須作出重大判斷。 於日常業務過程中，存在多項難以 釐定最終稅務的交易及計算。倘該 等事宜的最終稅務結果與初始記錄 的金額有所不同，則該等差額將影 響於稅務釐定期內的所得稅及遞延 稅項撥備。

(v) Impairment assessments of goodwill

(v) 商譽減值評估

Determining whether goodwill is impaired requires an estimation of the recoverable amounts of the CGUs to which goodwill has been allocated, which is the higher of the value in use or fair value less costs of disposal. The value in use calculation requires the Group to estimate the future cash flows expected to arise from the CGU (or CGUs) and a suitable discount rate in order to calculate the present value. Where the actual future cash flows are less than expected, or changes in facts and circumstances which results in downward revision of future cash flows, a further impairment loss may arise. Details of the recoverable amount calculation are set out in Note 16.

於釐定商譽有否減值時，須對獲分 配商譽的現金產生單位的可收回金 額作出估計，可收回金額為使用 價值與公平價值減出售成本的較 高者。計算使用價值時，本集團須 估計現金產生單位預期產生的未來 現金流量及合適的貼現率以計算現 值。倘實際未來現金流量少於預 期，或事實及情況有變以致未來現 金流量下調，則可能產生進一步減 值虧損。可收回金額計算詳情載於 附註 16 。

246 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

5. CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (CONTINUED)

5. 重大會計判斷及估計不確定因 素的主要來源（續）

The key sources of estimation uncertainty (Continued)

估計不確定因素的主要來源（續）

(vi) Rebate from media publishers

(vi) 來自媒體出版商的返利

As disclosed in Note 4(j), media publishers may grant the Group rebates in various forms. The Group records such rebates as revenue. The rebates earned by the Group from media publishers come with a variety of structures and rates, which are primarily determined based on the contract terms with these media publishers, their applicable rebate policies, the business performances of the Group and the discretionary incentive programs as set up by the media publishers.

誠如附註 4(j) 所披露，媒體出版可 能以多種形式向本集團提供返利。 本集團將該等返利錄作收益。該等 本集團自媒體出版商賺取的返利具 有各種不同的結構及費率，主要按 與該等媒體出版商的合約條款、彼 等適用的返利政策、本集團的業務 表現及媒體出版商制定的酌情激勵 計劃釐定。

The Group accrues rebates from media publishers based on evaluation as to whether the contractually stipulated thresholds of advertising spend are likely to being reached, or other benchmarks or certain prescribed classification are likely to being qualified. This determination requires significant judgment and estimation. In making this judgment and estimation, the Group evaluates based on the past experience and regular monitoring of various performance factors set within the rebate policies. Such rebates as a percentage of gross spending of the Group and the advertisers may fluctuate and are reviewed and adjusted from time to time.

本集團評估合約訂明的廣告支出門 檻是否可能達成，或其他基準或若 干預定分類是否符合資格，據此累 計來自媒體出版商的返利。相關釐 定需要重大判斷及估計。於作出此 判斷及估計時，本集團根據過往經 驗及定期監測於返利政策範圍內設 定的各種績效因素，以進行評估。 有關返利佔本集團及廣告商支出總 額的百分比可能出現波動，並不時 經審閱及調整。

Annual Report 2025 年報 247

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

5. CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (CONTINUED)

5. 重大會計判斷及估計不確定因 素的主要來源（續）

The key sources of estimation uncertainty (Continued)

估計不確定因素的主要來源（續）

• (vii) Fair value of financial instruments measured at fair value through profit or loss

• (vii) 按公平價值計入損益計量之金融工 具之公平價值

The Group selects appropriate valuation techniques for financial instruments measured at FVTPL for financial reporting purposes. The directors determine the appropriate valuation techniques and inputs for fair value measurements. In estimating the fair value of assets, the Group uses marketobservable data to the extent it is available. Where Level 1 inputs are not available, the Group engages a qualified valuer, an independent third party, to perform the valuation. The directors works closely with the valuer to establish the appropriate valuation techniques and inputs to the model. The Group uses valuation techniques that include inputs that are not based on observable market data to estimate the fair value of certain types of financial instruments. Note 42(f) to the consolidated financial statements provides detailed information about the valuation techniques and inputs used in the determination of the fair value of various assets.

• 為財務報告之目的，本集團為按公 平價值計入損益計量之金融工具選 擇適當的估值方法。董事釐定公平 價值計量之適當估值方法及輸入數 據。於估計資產之公平價值時，本 集團於可獲得範圍內使用市場可觀 察數據。當無法獲得第一層輸入數 據時，本集團委任獨立第三方合資 格估值師進行估值工作。董事與估 值師緊密合作，為該模型建立適當 估值方法及輸入數據。本集團用以 估計若干類別的金融工具之公平價 值所使用之估值方法包括非根據可 觀察市場數據而得出之輸入數據。 釐定各類資產之公平價值所使用的 估值方法及輸入數據之詳情載於綜 。

• 合財務報表附註 42(f)

248 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

5. CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (CONTINUED)

5. 重大會計判斷及估計不確定因 素的主要來源（續）

The key sources of estimation uncertainty (Continued)

估計不確定因素的主要來源（續）

(viii) Recognition of deferred tax assets

(viii) 確認遞延稅項資產

The amount of the deferred tax assets included in the consolidated financial statements of the Group is recognised only to the extent that it is probable that future taxable profits will be available against which the deductible temporary differences and unused tax losses can be utilised. The recognition of deferred tax assets requires the Group to make judgements, based on assessment regarding future financial performance, about the amount of future taxable profits and the timing of when these will be realised.

本集團綜合財務報表所載遞延稅項 資產金額僅於日後很可能有應課稅 溢利用作對銷可扣減暫時差額及未 動用稅項虧損時予以確認。就確認 遞延稅項資產，本集團須基於對日 後財務表現、日後應課稅溢利金額 及其變現時間的評估作出判斷。

Annual Report 2025 年報 249

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

6. SEGMENT INFORMATION

6. 板塊資料

Management has determined the operating segments based on the reports reviewed by the chief operating decision maker (“ CODM ”). The CODM, who is responsible for allocating resources and assessing performance of the operating segment has been identified as executive directors of the Company.

管理層乃根據主要經營決策者（「 主要經 營決策者 」）審閱的報告確定經營板塊。 主要經營決策者負責分配資源及評估經 營板塊的表現，其被認定為本公司執行 董事。

The Group’s operating and reportable segments are (i) the provision of Corporate digitalisation solutions services and (ii) the provision of Industry digitalisation solutions services.

本集團的營運及可報告板塊為 (i) 提供企 業數字化服務及 (ii) 提供行業數字化服 務。

“Corporate digitalisation solutions services” mainly comprise the Group’s traditional marketing and promotion services, advertisement placement services, virtual goods sourcing and delivery services, tangible goods sourcing and delivery services and software development and maintenance services. “Industry digitalisation solutions services” mainly comprise the Group’s solutions on lottery related software systems and equipment. “Cross-industry Empowerment solutions services” mainly comprise the Group’s cooperation across different industries services.

「企業數字化服務」主要包括本集團的傳 統營銷及推廣服務、廣告投放服務、虛 擬商品採購及交付服務、實物商品採購 及交付服務以及軟件開發及維護服務。 「行業數字化服務」主要包括本集團的彩 票相關軟件系統及設備解決方案。「異業 賦能服務」主要包括本集團的跨行業服務 合作。

The CODM assesses the performance of the operating segments based on the segment profit. The reconciliation of segment profit, which is the same as the gross profit of the Group, to profit before income tax is shown in the consolidated statement of profit or loss and other comprehensive income. There were no separate segment assets and segment liabilities information provided to the CODM, as the CODM does not use this information to allocate resources or to evaluate the performance of the operating segments.

主要經營決策者根據板塊溢利評估經營 板塊的表現。板塊溢利（與本集團毛利相 同）與除所得稅前溢利的對賬列於綜合 損益及其他全面收入表。主要經營決策 者並未取得單獨板塊資產及板塊負債信 息，原因為主要經營決策者並不使用該 信息來分配資源或評估經營板塊的表現。

250 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

6. SEGMENT INFORMATION (CONTINUED)

6. 板塊資料（續）

(a) Segment revenue and results

(a) 板塊收益及業績

Corporate digitalisation solution services Industry digitalisation solutions services Total 企業數字化服務 行業數字化服務 總計 RMB’000 RMB’000 RMB’000 人民幣千元 人民幣千元 人民幣千元	Corporate digitalisation solution services Industry digitalisation solutions services Total 企業數字化服務 行業數字化服務 總計 RMB’000 RMB’000 RMB’000 人民幣千元 人民幣千元 人民幣千元	Corporate digitalisation solution services Industry digitalisation solutions services Total 企業數字化服務 行業數字化服務 總計 RMB’000 RMB’000 RMB’000 人民幣千元 人民幣千元 人民幣千元
For the year ended 31 December 2025 截至2025年12月31日 止年度 Revenue 收益 464,709 38,885 503,594 Cost of sales 銷售成本 (437,632) (21,300) (458,932)
Segmentprofit 板塊溢利 27,077	17,585	44,662
For the year ended 31 December 2024 截至2024年12月31日 止年度 Revenue 收益 214,918 29,728 244,646 Cost of sales 銷售成本 (162,712) (16,126) (178,838)
Segmentprofit 板塊溢利 52,206 13,602 65,808

(b) Revenue from external customers

(b) 來自外部客戶的收益

All significant external customers of the Group are located in Mainland China. Accordingly, no geographical information of external customers is presented.

所有本集團主要外部客戶皆位於中 國內地。因此，概無呈列有關外部 客戶的地區資料。

Annual Report 2025 年報 251

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

6. SEGMENT INFORMATION (CONTINUED)

6. 板塊資料（續）

(c) Non-current assets

(c) 非流動資產

All significant non-current assets of the Group are located in Mainland China. Accordingly, no geographical information of segment assets is presented.

所有本集團重大非流動資產皆位於 中國內地。因此，概無呈列有關板 塊資產的地區資料。

(d) Information about major customers

(d) 主要客戶資料

Revenue attributed from customers that accounted for 10% or more of the Group’s total revenue during the year are as follows:

本年度，佔本集團收益總額 10% 或 以上的各客戶應佔收益如下：

the year are as follows:
	2025	2024
	2025年	2024年
	RMB’000	RMB’000
	人民幣千元	人民幣千元
Customer “A” from corporate	來自企業數字化服務的客戶「A」
digitalisation solution services	N/A不適用*	81,697
Customer “B” from corporate	來自企業數字化服務的客戶「B」
digitalisation solution services	63,321	–

• The corresponding revenue did not contribute over 10% of the total revenue of the Group.

• 相關收益並無佔本集團收益總額 10% 以上。

252 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

7. REVENUE

7. 收益

The amounts of each significant category of revenue recognised during the year are as follows:

於年內，已確認各重要類別的收益金額 如下：

如下： recognised during the year are as follows:
2025 2025年 RMB’000 人民幣千元	2024 2024年 RMB’000 人民幣千元
Revenue from: 來自以下各項之收益： Corporate digitalisation solution services 企業數字化服務 Enterprises’ private domain traffic marketing services 企業私域流量營銷服務 339,166 Marketing service platform services 營銷服務平台服務 – Virtual goods sourcing and delivery services －虛擬商品採購及交付服務 10,644 – Tangible goods sourcing and delivery services －實物商品採購及交付服務 114,297 – Others(note) －其他（附註） 602	58,826 40,202 114,908 982
464,709 Industry digitalisation solution services 行業數字化服務 – Solutions on lottery related software systems and equipment － 彩票相關軟件系統及設備 解決方案 38,885	214,918 29,728
Total revenue from contracts with customers 客戶合約收益總額 503,594	244,646

Note: Others include revenue from the software development 附註： 其他包括軟件開發及維護服務收益， and maintenance services which was previously under IT 先前呈列於 IT 解決方案分部項下。 solution segment.

Annual Report 2025 年報 253

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

7. REVENUE (CONTINUED)

7. 收益（續）

(a) Disaggregated revenue information

(a) 收益資料細分

Corporate digitalisation solution services 企業數字化服務 RMB’000 人民幣千元	Industry digitalisation solutions services 行業數字化服務 RMB’000 人民幣千元	Total 總計 RMB’000 人民幣千元
For the year ended 31 December 2025 截至2025年12月31日 止年度 Timing of revenue recognition: 收益確認時間： At a point in time 於某一時間點 169,277 Transferred over time 隨時間轉移 295,432
	19,594	188,871
	19,291	314,723
Total revenue from contracts with customers 客戶合約收益總額 464,709	38,885	503,594
For the year ended 31 December 2024 截至2024年12月31日 止年度 Timing of revenue recognition: 收益確認時間： At a point in time 於某一時間點 214,918 Transferred over time 隨時間轉移 –	12,519 17,209	227,437 17,209
Total revenue from contracts with customers 客戶合約收益總額 214,918	29,728	244,646

254 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

7. REVENUE (CONTINUED)

7. 收益（續）

(b) Transaction price allocated to remaining performance obligations

(b) 分配至餘下履約責任的交易 價格

At the end of the Reporting Period, the transaction price allocated to the performance obligations on solutions on lottery related software systems and equipment that is unsatisfied (or partially satisfied) are expected to be satisfied as follows:

於報告期間末，分配至未履行（或 部分履行）的彩票相關軟件系統及 設備解決方案履約責任的交易價格 預期將達成如下：

	2025 2024 2025年 2024年 RMB’000 RMB’000 人民幣千元 人民幣千元
Remaining performance	預期將於以下期間達成的餘下
obligations expected to	履約責任：
be satisfied:
Within 1 year	一年以內 – 23,580
More than 1 year but less than	一年以上但少於兩年
2 years	– 2,610
More than 2 years but less than	兩年以上但少於三年
3 years	– 939
More than 3 years but less than	三年以上但少於四年
4years	– 8
	– 27,137

Following the disposal of Xi’an Tiantai on 31 December 2025, the Group will have no performance obligations on solutions on lottery related software systems and equipment.

於 2025 年 12 月 31 日出售西安天泰 後，本集團將無彩票相關軟件系統 及設備解決方案的履約責任。

Annual Report 2025 年報 255

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

8. OTHER INCOME AND OTHER GAINS OR 8. 其他收入及其他收益或虧損淨 LOSSES, NET 額

LOSSES, NET		額
				2025	2024
				2025年	2024年
				RMB’000	RMB’000
				人民幣千元	人民幣千元
Other income	其他收入
Bank interest income	銀行利息收入			56	3,100
Government grants (Note)	政府補助（附註）			835	6,111
Sundryincome	雜項收入			2,800	994
				3,691	10,205
Other gains/(losses), net	其他收益╱（虧損）淨額
Exchange (loss)/gain	匯兌（虧損）╱收益			(86)	61
Gain on disposal of property,	出售物業、廠房及設備收益
plant and equipment				–	15
Gain on disposal of a subsidiary	出售一家附屬公司的收益（附註45）
(Note 45)				3,466	–
Loss on deregistration of a subsidiary 註銷一家附屬公司的虧損				(748)	–
Gain on lease modification	租賃修訂的收益			378	–
Net valuation losses in fair value of	按公平價值計入損益之金融資產
financial assets at fair value	之公平價值淨估值虧損
through profit or loss (Note 42(f))	（附註42(f)）			(8,681)	(2,745)
Write-off of advance to a supplier	撇銷向一家供應商預付款
(Note 25)	（附註25）			–	(5,000)
				(5,671)	(7,669)
				(1,980)	2,536
Note: For the years ended 31 December 2025 and 2024,		附註：		截至2025年及2024年12月31日止
the Group enjoyed the tax incentives on input value-				年度，根據相關中國法規，本集團
added tax according to the related regulations in				就進項增值稅享有稅務優惠。該等
the PRC. There are no unfulfilled conditions related				政府補助並無任何未履行條件。截
to these government grants.	For the years ended			至2025年及2024年12月31日止年
31 December 2025 and 2024, government grants				度，已自中國地方政府機關收取政
had been received from the PRC local government				府補助，作為本集團研發活動的報
authorities as reimbursement of the Group’s research				銷費用。

Note: For the years ended 31 December 2025 and 2024, the Group enjoyed the tax incentives on input valueadded tax according to the related regulations in the PRC. There are no unfulfilled conditions related to these government grants. For the years ended 31 December 2025 and 2024, government grants had been received from the PRC local government authorities as reimbursement of the Group’s research and development activities.

9. PROVISION FOR IMPAIRMENT LOSSES 9. 金融資產減值虧損撥備 ON FINANCIAL ASSETS

2025 2025年 RMB’000 人民幣千元	2024 2024年 RMB’000 人民幣千元
(Provision for)/reversal of of impairment losses on financial assets recognised on: 就下列項目確認之金融資產減值 虧損（撥備）╱撥回： – Contract assets －合約資產 108 645 – Trade receivables －貿易應收款項 (28,767) (17,685) – Other receivables －其他應收款項 (677) 183
(29,336) (16,857)

256 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

10. LOSS BEFORE INCOME TAX

10. 除所得稅前虧損

Loss before income tax is arrived at after charging:

除所得稅前虧損乃經扣除下列各項後達 致：

2025 2025年 RMB’000 人民幣千元	2024 2024年 RMB’000 人民幣千元
Cost of services recognised as expenses 確認為開支的服務成本 336,511 Costs of inventories recognised as expenses (included write-down of inventories) 確認為開支的存貨成本 （包括存貨撇減） 122,421 Write-down of inventories 存貨撇減 – Write-off of property, plant and equipment 物業、廠房及設備撇銷 30 Write-off of trade receivable 貿易應收款項撇銷 547 Auditors’ remuneration 核數師薪酬 860 Amortisation of intangible assets 無形資產攤銷 3,541 Depreciation of property, plant and equipment 物業、廠房及設備折舊 3,380 Depreciation of right-of-use assets 使用權資產折舊 823 Loss on termination of lease 終止租賃之虧損 271 Short-term leases 短期租賃 2,570 Employees’ costs(including directors’ remuneration (Note 12)) 僱員成本（包括董事酬金 （附註12）） – Salaries －薪金 37,735 – Welfare and other expenses －福利及其他開支 940 – Contribution to defined contribution retirementplans －向定額供款退休計劃作出的 供款 5,836	62,853 115,985 230 – – 1,021 4,168 1,549 782 – 3,213 44,550 1,977 7,483
44,511	54,010

• Employees’ costs of approximately RMB12,313,000 (2024: RMB22,316,000) were included in the research and development expenses for the year ended 31 December 2025.

• 僱員成本約人民幣 12,313,000 元 （ 2024 年：人民幣 22,316,000 元）計 入截至 2025 年 12 月 31 日止年度的研發 開支。

11. FINANCE COSTS

11. 融資成本

	2025	2024
	2025年	2024年
	RMB’000	RMB’000
	人民幣千元	人民幣千元
Interest expenses on bank	銀行借款利息開支
borrowings	3,952	4,881
Interest expenses on lease	租賃負債利息開支
liabilities	99	117
	4,051	4,998

Annual Report 2025 年報 257

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

12. DIRECTORS’ REMUNERATION AND FIVE HIGHEST PAID INDIVIDUALS

12. 董事薪酬及五名最高薪酬人士

(a) Directors’ remuneration

(a) 董事薪酬

The remunerations of the directors of the Company are set out below:

本公司董事薪酬載列如下：

		Fees Salaries and other benefits Discretionary bonus Contribution to defined contribution retirement plans Total 袍金 薪金及 其他福利 酌情花紅 定額供款 退休計劃供款 總計 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元
Year ended 31 December 2025	截至2025年12月31日
	止年度
Executive directors	執行董事
Mr. Chen	陳先生	– 247 – 16 263
Mr. Tian	田先生	– 145 – 46 191
Mr. Zhang	張先生	– 347 36 46 429
Mr. Fan Lianshun (“Mr. Fan”)	范連順先生（「范先生」）	– 61 – – 61
Mr. Xia Yuanbo (“Mr. Xia”)	夏遠波先生（「夏先生」）	– 142 – 74 216
Mr. Chen Wei (Note i)	陳緯先生（附註i）	– – – – –
Independent non-executive directors	獨立非執行董事
Ms. Mo Lan (“Ms. Mo”) (Note i)	莫蘭女士（「莫女士」）（附註i）	50 – – – 50
Mr. Shen Yunjia (“Mr. Shen”) (Note i)	沈雲駕先生（「沈先生」）（附註i）
Mr. Zeng Liang (“Mr. Zeng”) (Note i)	曾良先生（「曾先生」）（附註i）	50 – – – 50 50 – – – 50 `
		150 942 36 182 1,310

258 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

12. DIRECTORS’ REMUNERATION AND FIVE HIGHEST PAID INDIVIDUALS (CONTINUED)

12. 董事薪酬及五名最高薪酬人士 （續）

(a) Directors’ remuneration (Continued)

(a) 董事薪酬（續）

					Contribution
					to defined
			Salaries		contribution
			and other	Discretionary	retirement
		Fees	benefits	bonus	plans	Total
			薪金及		定額供款
		袍金	其他福利	酌情花紅	退休計劃供款	總計
		RMB’000	RMB’000	RMB’000	RMB’000	RMB’000
		人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元
Year ended 31 December 2024	截至2024年12月31日
	止年度
Executive directors	執行董事
Mr. Chen	陳先生	–	282	–	17	299
Mr. Tian	田先生	–	321	–	68	389
Mr. Zhang	張先生	–	419	–	67	486
Mr. Fan	范先生	–	341	–	–	341
Mr. Xia	夏先生	–	382	62	95	539
Mr. Chen Wei (Note i)	陳緯先生（附註i）	–	–	–	–	–
Ms. Zeng (Note ii)	曾女士（附註ii）	–	–	–	–	–
Independent non-executive directors	獨立非執行董事
Ms. Mo (Note i)	莫女士（附註i）	50	–	–	–	50
Mr. Shen (Note i)	沈先生（附註i）	50	–	–	–	50
Mr. Zeng (Note i)	曾先生（附註i）	50	–	–	–	50
Ms. Hu Huijun (“Ms. Hu”) (Note ii)	胡惠君女士（「胡女士」）（附註ii）	–	–	–	–	–
Mr. Wan Lixiang (“Mr. Wan”)	萬立祥先生（「萬先生」）
(Note ii)	（附註ii）	–	–	–	–	–
Mr. Zhao Zhongping (“Mr. Zhao”)	趙忠平先生（「趙先生」）（附註ii）
(Note ii)		–	–	–	–	–
		150	1,745	62	247	2,204

Notes:

附註：

• (i) Mr. Chen Wei, Ms. Mo, Mr. Shen and Mr. Zeng were appointed as executive director and independent non-executive directors on 1 January 2024.

• (i) 陳緯先生、莫女士、沈先生及曾 先生於 2024 年 1 月 1 日獲委任為 執行董事及獨立非執行董事。

• (ii) Ms. Zeng, Ms. Hu, Mr. Wan and Mr. Zhao resigned as the executive director and independent nonexecutive directors on 1 January 2024.

• (ii) 曾女士、胡女士、萬先生及趙先 生於 2024 年 1 月 1 日辭任執行董 事及獨立非執行董事。

Annual Report 2025 年報

259

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

12. DIRECTORS’ REMUNERATION AND FIVE HIGHEST PAID INDIVIDUALS (CONTINUED)

12. 董事薪酬及五名最高薪酬人士 （續）

(a) Directors’ remuneration (Continued)

(a) 董事薪酬（續）

During the current and prior years, none of the Directors waived or agreed to waive any remuneration and there were no emoluments paid by the Group to any of the Directors as an inducement to join, or upon joining the Group, or as compensation for loss of office. The executive directors’ emoluments shown above were mainly for their services in connection with the management of the affairs of the Company and the Group. The independent non-executive directors’ emoluments shown above were mainly for their services as the Directors.

於當前及過往年度，概無董事放棄 或同意放棄任何酬金，而本集團亦 無向任何董事支付酬金作為加入或 於加入本集團時的激勵或作為離職 補償。上表所示執行董事酬金乃主 要償付其就管理本公司及本集團事 務所作服務。上表所示獨立非執行 董事酬金乃主要償付其作為董事的 服務。

(b) Five highest paid individuals

(b) 五名最高薪酬人士

The five highest-paid individuals with the highest emoluments in the Group did not include executive director of the Company for the year ended 31 December 2025 (2024: 1 executive director). The remuneration of the remaining 5 (2024: 4) individuals were as follows:

截至 2025 年 12 月 31 日止年度，本 集團五名最高薪酬人士並無包括本 公司執行董事（ 2024 年：包括 1 名 執行董事）。餘下 5 名人士（ 2024 年： 4 名人士）的酬金如下：

individuals were as follows:
	2025	2024
	2025年	2024年
	RMB’000	RMB’000
	人民幣千元	人民幣千元
Salaries and allowances	薪金及津貼 3,325	2,129
Discretionary bonus	酌情花紅 –	–
Contribution to defined	定額供款退休計劃供款
contribution retirementsplans	403	371
	3,728	2,500

260 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

12. DIRECTORS’ REMUNERATION AND FIVE HIGHEST PAID INDIVIDUALS (CONTINUED)

12. 董事薪酬及五名最高薪酬人士 （續）

(b) Five highest paid individuals (Continued)

(b) 五名最高薪酬人士（續）

The remuneration fell within the following band:

酬金介乎以下範圍：

	2025	2024
	2025年	2024年
	Number of	Number of
	individuals	individuals
	人數	人數
Nil to HK$1,000,000	零至1,000,000港元 5	4

13. INCOME TAX EXPENSE

13. 所得稅開支

The income tax expense in the consolidated statement of profit or loss and other comprehensive income represents:

綜合損益及其他全面收入表內的所得稅 開支指：

2025 2024 2025年 2024年 RMB’000 RMB’000 人民幣千元 人民幣千元	2025 2024 2025年 2024年 RMB’000 RMB’000 人民幣千元 人民幣千元
Current income tax – the PRC 即期所得稅－中國 – tax for the year －年內稅項 156 2,051 – over provision in respect ofprioryears －過往年度超額撥備 (6) (523)
150 Deferred tax(Note 32) 遞延稅項（附註32） 1,223	1,528 (84)
Income tax expense 所得稅開支 1,373	1,444

Pursuant to the rules and regulations of the Cayman Islands, the Group is not subject to any taxation under the jurisdictions of the Cayman Islands.

根據開曼群島法規及規例，本集團毋須 繳納開曼群島司法權區任何稅項。

Annual Report 2025 年報 261

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

13. INCOME TAX EXPENSE (CONTINUED)

13. 所得稅開支（續）

Pursuant to Enterprise Income Tax Law of the PRC (“ EIT Law ”) and the Implementation Regulation on the EIT Law, the tax rate of the Group’s subsidiaries operating in the PRC during the year was 25% of their taxable profits, except for the following:

根據《中華人民共和國企業所得稅法》 （「 《企業所得稅法》 」）及《企業所得稅法實 施條例》，於本年度內，本集團於中國經 營的附屬公司的稅率為其應課稅溢利的 25% ，惟以下除外：

Xi’an Tiantai was accredited as “High and New Technology Enterprise” in 2016, 2023 and 2025 under relevant PRC laws and regulation, and subject to a preferential EIT rate of 15% from 1 January 2016 to 31 December 2025 and subject to the preferential EIT from 1 October 2022 to 31 December 2025. Hangzhou Rego was accredited as “High and New Technology Enterprise” in 2020 under relevant PRC laws and regulation, would be entitled with a preferential EIT rate of 15% from 1 January 2020 to 31 December 2026, and subject to the preferential EIT from 1 January 2022 to 31 December 2026.

西安天泰根據相關中國法律法規於 2016 年、 2023 年及 2025 年獲認證為「高新技 術企業」，並自 2016 年 1 月 1 日至 2025 年 12 月 31 日適用 15% 優惠企業所得稅 率，及自 2022 年 10 月 1 日至 2025 年 12 月 31 日適用優惠企業所得稅率。杭州潤 歌根據相關中國法律法規於 2020 年獲認 證為「高新技術企業」，自 2020 年 1 月 1 日 至 2026 年 12 月 31 日將享有 15% 的優惠 企業所得稅率，並自 2022 年 1 月 1 日至 2026 年 12 月 31 日適用優惠企業所得稅。

According to relevant laws and regulations promulgated by the State Tax Bureau of the PRC that was effective and updated from 2017 onwards, enterprises engaging in research and development activities are entitled to claim 175% of their research and development expenses so incurred as tax deductible expenses when determining their assessable profits for the year (“ Super Deduction ”). The Group has made its best estimate for the Super Deduction to be claimed for the Group’s entities in ascertaining their assessable profits during the Reporting Period.

根據中國國家稅務總局頒佈及自 2017 年起生效並更新的相關法律法規，從事 研發活動的企業在釐定其於該年度的應 課稅溢利時，有權將其就此產生的研發 開支的 175% 列為可扣稅開支（「 加計扣 除 」）。於釐定本集團實體於報告期間的 應課稅溢利時，本集團已就該等實體可 申報的加計扣除作出最佳估計。

262 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

13. INCOME TAX EXPENSE (CONTINUED)

13. 所得稅開支（續）

The income tax expense for the year can be reconciled to the loss before income tax in the consolidated statement of profit or loss and other comprehensive income as follows:

年內所得稅開支與綜合損益及其他全面 收入表內的除所得稅前虧損對賬如下：

年內所得稅開支與綜合損益及其他全面 收入表內的除所得稅前虧損對賬如下： The income tax expense for the year can be reconciled to the loss before income tax in the consolidated statement of profit or loss and other comprehensive income as follows:	年內所得稅開支與綜合損益及其他全面 收入表內的除所得稅前虧損對賬如下： The income tax expense for the year can be reconciled to the loss before income tax in the consolidated statement of profit or loss and other comprehensive income as follows:
2025 2024 2025年 2024年 RMB’000 RMB’000 人民幣千元 人民幣千元
Loss before income tax 除所得稅前虧損 (73,416) (37,846)
Tax at PRC statutory rate of 25% (2024: 25%) 按中國法定稅率25% （2024年：25%）計算的稅項 (18,354) (9,462) Tax effect of expenses not deductible for tax purposes 不可扣稅開支的稅務影響 7,520 5,028 Tax effect of income not subject to tax 無須課稅收入的稅務影響 – (23) Tax effect of deductible temporary differences not recognised 未確認可扣減暫時性差額的稅務 影響 9,421 4,404 Tax effect of tax losses not recognised 未確認稅務虧損的稅務影響 4,764 4,334 Over-provision in prior year 過往年度超額撥備 (6) (523) Income tax at preferential tax rates 按優惠稅率計算的所得稅 (623) (1,196) Tax effect of Super Deduction 加計扣除的稅務影響 (1,349) (1,118)
Income tax expense 所得稅開支 1,373	1,444

Annual Report 2025 年報 263

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

13. INCOME TAX EXPENSE (CONTINUED)

13. 所得稅開支（續）

Pillar Two income taxes

支柱二所得稅

On 6 June 2025, the Inland Revenue (Amendment) (Minimum Tax For Multinational Enterprise Groups) Ordinance 2025 was enacted to implement the Pillar Two of the Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting – the Global Anti-Base Erosion Rules (" Pillar Two model rules ") in HKSAR in which the Group operates. The new tax law is effective from 1 January 2025.

於 2025 年 6 月 6 日，《 2025 年稅務（修 訂）（跨國企業集團的最低稅）條例》獲頒 佈，於本集團經營業務所在的香港特別 行政區實施經濟合作與發展組織（經合組 織）╱二十國集團關於侵蝕稅基和轉移利 — 潤包容性框架第二支柱 全球反侵蝕稅 基規則（「 支柱二示範規則 」）。新稅法自 2025 年 1 月 1 日起生效。

The new tax laws introduce a minimum top-up tax and are applicable to the Group. The Group has assessed its potential exposure based on the information available regarding the financial performance of the Group in the current year. As such, it may not be entirely representative of future circumstances. The Group is within the scope of the Pillar Two model rules. Based on the assessment, the Group should benefit from the transitional safe harbour for all the jurisdictions in which the Group operates. Therefore, the Group does not expect potential exposure to Pillar Two "top-up" taxes. The Group continues to monitor developments relating to the Pillar Two model rules including the new tax laws.

新稅法引入了最低補足稅，適用於本集 團。本集團已根據有關本集團本年度財 務表現的可得資料，評估其潛在風險， 因此未必完全代表未來情況。本集團屬 於支柱二示範規則的適用範圍。根據該 評估，本集團應可受惠於本集團經營所 在所有司法管轄區的過渡性安全港規 則。因此，本集團預期不會面臨支柱二 「補足稅」的潛在風險。本集團將持續監 察支柱二示範規則（包括新稅法）的相關 發展。

Following the exception required by HKAS 12, the Group has not recognised deferred tax assets and liabilities, if any, related to Pillar Two income taxes.

根據香港會計準則第 12 號所規定的豁 免，本集團並未確認與支柱二所得稅相 關的遞延稅項資產及負債（如有）。

264 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

14. DIVIDEND

14. 股息

No dividend was paid or proposed for ordinary shares of the Company during the year ended 31 December 2025 (2024: nil).

於截至 2025 年 12 月 31 日止年度，概 無就本公司普通股派付或建議任何股息 （ 2024 年：無）。

15. LOSS PER SHARE

15. 每股虧損

LOSS PER SHARE	15.每股虧損
	2025	2024
	2025年	2024年
Loss attributable to owners	本公司擁有人應佔虧損
of the Company (RMB’000)	（人民幣千元） (73,213)	(37,960)
Weighted average number of	用於計算每股基本虧損的普通股
ordinary shares for the purpose	加權平均數（千股）
of calculating basic loss per share
(in thousands)	1,485,136	1,485,136
Basic and diluted loss per share	每股基本及攤薄虧損
(expressed in RMBper share)	（以每股人民幣元列示） (0.05)	(0.03)

The number of ordinary shares for the purpose of calculating basic loss per share has been determined based on the loss attributable to owners of the Company of approximately RMB73,213,000 (2024: a loss of RMB37,960,000) and the weighted average number of 1,485,136,000 (2024: 1,485,136,000) ordinary shares in issue.

用於計算每股基本虧損的普通股數目 乃按本公司擁有人應佔虧損約人民幣 73,213,000 元（ 2024 年：虧損人民幣 37,960,000 元）及已發行普通股加權 平均數 1,485,136,000 股（ 2024 年： 1,485,136,000 股）釐定。

There are no diluted loss per share because there were no dilutive potential shares in exercise during the years ended 31 December 2025 and 2024. Accordingly, diluted earnings per share are the same as the basic loss per share for the years ended 31 December 2025 and 2024.

並無每股攤薄虧損，蓋因截至 2025 年及 2024 年 12 月 31 日止年度並無行使任何 潛在攤薄股份。因此，截至 2025 年及 2024 年 12 月 31 日止年度，每股攤薄盈 利均與每股基本虧損相同。

Annual Report 2025 年報 265

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

16. GOODWILL

16. 商譽

GOODWILL			16.商譽
			Xi’an
		Yuncaitong	Tiantai	ASMKT	Caipingfang	Total
		雲彩通	西安天泰	ASMKT	彩平方	總計
		RMB’000	RMB’000	RMB’000	RMB’000	RMB’000
		人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元
Cost	成本
At 1 January 2024,	於2024年1月1日、
31 December 2024 and	2024年12月31日及
1 January 2025	2025年1月1日	4,210	10,132	11,041	–	25,383
Acquisition of a subsidiary (Note 44)	收購一家附屬公司（附註44）	–	–	–	18,292	18,292
Disposal of a subsidiary (Note 45)	出售一家附屬公司（附註45）	–	(10,132)	–	–	(10,132)
Deregistration of a subsidiary	註銷一家附屬公司	(4,210)	–	–	–	(4,210)
At 31 December 2025	於2025年12月31日	–	–	11,041	18,292	29,333
Accumulated impairment loss	累計減值虧損
At 1 January 2024,	於2024年1月1日、
31 December 2024 and	2024年12月31日及
1 January 2025	2025年1月1日	–	2,359	–	–	2,359
Impairment loss	減值虧損	4,210	7,773	–	–	11,983
Disposal of a subsidiary (Note 45)	出售一家附屬公司（附註45）	–	(10,132)	–	–	(10,132)
Deregistration of a subsidiary	註銷一家附屬公司	(4,210)	–	–	–	(4,210)
At 31 December 2025	於2025年12月31日	–	–	–	–	–
Carrying amount	賬面值
At 31 December 2025	於2025年12月31日	–	–	11,041	18,292	29,333
At 31 December 2024	於2024年12月31日	4,210	7,773	11,041	–	23,024

During the years ended 31 December 2025 and 2024, the Group has engaged Graval Consulting Limited (“ Graval ”) to perform valuations for the purpose to assess the recoverable amounts of Yuncaitong, Xi’an Tiantai, ASMKT and Caipingfang.

於截至 2025 年及 2024 年 12 月 31 日止年 度，本集團已委聘博浩企業顧問有限公 司（「 博浩 」）就評估雲彩通、西安天泰、 ASMKT 及彩平方的可收回金額進行估 值。

Yuncaitong

雲彩通

During the year ended 2025, the Group deregistered the Yuncaitong because the market conditions were out of management expectation. Accordingly, the carrying amount of Yuncaitong CGU was fully impaired.

截至 2025 年 12 月 31 日止年度，本集團 已將雲彩通予以註銷，蓋因市場狀況出 乎管理層預料。因此，雲彩通現金產生 單位的賬面金額已悉數減值。

266 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

16. GOODWILL (CONTINUED)

16. 商譽（續）

Yuncaitong (Continued)

雲彩通（續）

As at 31 December 2024, the recoverable amount of Yuncaitong CGU as within the corporate digitalisation solution services segment was determined based on a VIU calculation which used cash flow projections based on financial budgets approved by the directors covering a 5 years period, followed by an extrapolation of expected cash flow at 2.02% growth rate which did not exceed the long-term growth rate for the business in which the CGU operated for the year ended 31 December 2024, and a discount rate of 17.24% per annum. Other key assumptions for the VIU calculations related to the estimation of cash inflows/outflows which included budgeted sales and gross margin. The discount rate used was pre-tax and reflected specific risks relating to the CGU.

於 2024 年 12 月 31 日，企業數字化服務 板塊內的雲彩通現金產生單位的可收回 金額乃根據使用價值計算釐定，使用價 值乃採用根據董事批准涵蓋 5 年期間的財 務預算的現金流量預測計算，其後按截 至 2024 年 12 月 31 日止年度 2.02% 的增 長率（並無超出現金產生單位所經營業務 的長期增長率），以及按 17.24% 的年貼 現率推算預期現金流量。使用價值計算 的其他主要假設與現金流入╱流出的估 計有關，包括預算銷售額及毛利率。所 採用貼現率為除稅前比率，並反映有關 現金產生單位之特定風險。

Based on the assessment result, the recoverable amounts of approximately RMB4,231,000 was greater than the carrying amounts including the goodwill and certain property, plant and equipment of approximately RMB4,212,000 in total as at 31 December 2024. The Directors believed that any reasonably possible changes in other key assumptions on which recoverable amount was based would not cause the carrying amount of Yuncaitong CGU to exceed its recoverable amount. No impairment loss on its goodwill had been recognised for the years ended 31 December 2024. Based on the result of the goodwill impairment testing, the headroom of the combined business was approximately RMB19,000 as at 31 December 2024.

根據評估結果，於 2024 年 12 月 31 日， 可收回金額約人民幣 4,231,000 元高於 賬面值總額（包含商譽及若干物業、廠房 及設備）約人民幣 4,212,000 元。董事 認為，可收回金額所依據的其他主要假 設的任何合理可能變動不會導致雲彩通 現金產生單位的賬面值超出其可收回金 額。截至 2024 年 12 月 31 日止年度，概 無確認其商譽的減值虧損。根據商譽減 值測試的結果，於 2024 年 12 月 31 日， 合併業務的淨空約為人民幣 19,000 元。

Annual Report 2025 年報 267

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

16. GOODWILL (CONTINUED)

16. 商譽（續）

Yuncaitong (Continued)

雲彩通（續）

The Group performed the sensitivity analysis based on the assumptions that revenue amount or terminal growth rate or discount rate had been changed. Had the estimated key assumptions during the forecast period been changed as below, the headroom would be decreased to as below:

本集團基於收益金額或最終增長率或貼 現率出現變動的假設進行敏感度分析。 倘於預測期間估計主要假設出現下列變 動，淨空將減少至下列金額：

		2024
		2024年
		RMB’000
		人民幣千元
Revenue amount decreases by 1%	收益金額減少1%	(238)
Gross margin decreases by 1%	毛利率下降1%	(245)
Terminal growth rate decreases by 0.5%	最終增長率下降0.5%	(75)
Discount rate increases by0.5%	貼現率上升0.5%	(142)

Considering there was still sufficient headroom based on the assessment, the management of the Company believed that a reasonably possible change in the above key parameters would not cause the carrying amount of the CGU to exceed its recoverable amount.

考慮到根據評估，淨空仍屬足夠，故本 公司管理層認為上述關鍵參數的合理可 能變動不會導致現金產生單位的賬面值 超出其可收回金額。

268 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

16. GOODWILL (CONTINUED)

16. 商譽（續）

Xi’an Tiantai

西安天泰

On 22 December 2025, the Company entered into an equity transfer agreement with two independent third parties, under which the Company agreed to dispose of its entire 75% equity interest in Xi’an Tiantai for a total consideration of RMB11,250,000. The disposal was completed on 31 December 2025. As a result, the carrying amount of Xi’an Tiantai CGU was derecognised on the date of disposal. Further details are set out in Note 45.

於 2025 年 12 月 22 日，本公司與兩名 獨立第三方訂立一份股權轉讓協議， 據此，本公司同意出售其於西安天泰 的全部 75% 股權，總代價為人民幣 11,250,000 元。該項出售已於 2025 年 12 月 31 日完成。因此，西安天泰現金產 生單位的賬面金額已於出售日期終止確 認。進一步詳情載於附註 45 。

Aa at 31 December 2024, the recoverable amount of Xi’an Tiantai CGU as within the industry digitalisation solution services segment, was determined based on a VIU calculation which used cash flow projections based on financial budgets approved by the directors covering a 5 years period, followed by an extrapolation of expected cash flow at 2.02% growth rate which did not exceed the long-term growth rate for the business in which the CGU operates for the year ended 31 December 2024, and a discount rate of 15.57% per annum for the year ended 31 December 2024. Other key assumptions for the VIU calculations related to the estimation of cash inflows/ outflows which included budgeted sales and gross margin. The discount rate used was pre-tax and reflect specific risks relating to the CGU. Based on the assessment result, the recoverable amount of approximately RMB10,539,000 was lower than the carrying amount including the goodwill, certain property, plant and equipment and intangible assets of approximately RMB12,898,000 in total as at 31 December 2024. The Directors considered that the goodwill attributable to Xi’an Tiantai CGU were impaired because the market conditions were out of management’s expectation and an impairment loss of approximately RMB2,359,000 was recognised in the consolidated statement of profit or loss and other comprehensive income.

於 2024 年 12 月 31 日，行業數字化服 務板塊內的西安天泰現金產生單位的可 收回金額乃根據使用價值計算釐定，使 用價值乃採用根據董事批准涵蓋 5 年期 間的財務預算的現金流量預測計算，其 後分別按截至 2024 年 12 月 31 日止年度 2.02% 的增長率（並無超出現金產生單 位所經營業務的長期增長率），以及按截 至 2024 年 12 月 31 日止年度為 15.57% 的年貼現率推算預期現金流量。使用價 值計算的其他主要假設與現金流入╱流 出的估計有關，包括預算銷售額及毛利 率。所採用貼現率為除稅前比率，並反 映有關現金產生單位之特定風險。根據 評估結果，於 2024 年 12 月 31 日，可收 回金額約人民幣 10,539,000 元，低於賬 面值總額（包含商譽、若干物業、廠房及 設備及無形資產）約人民幣 12,898,000 元。董事認為，西安天泰現金產生單位 應佔的商譽出現減值，蓋因市場狀況出 乎管理層的預期，故於綜合損益及其 他全面收入表確認減值虧損約人民幣 2,359,000 元。

Annual Report 2025 年報 269

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

16. GOODWILL (CONTINUED)

16. 商譽（續）

Xi’an Tiantai (Continued)

西安天泰（續）

The Group performs the sensitivity analysis based on the assumptions that revenue amount or terminal growth rate or discount rate have been changed. Had the estimated key assumptions during the forecast period been changed as below, the headroom would be decreased to as below:

本集團基於收益金額或最終增長率或貼 現率出現變動的假設進行敏感度分析。 倘於預測期間估計主要假設出現下列變 動，淨空將減少至下列金額：

		2024
		2024年
		RMB’000
		人民幣千元
Revenue amount decreases by 1%	收益金額減少1%	(3,244)
Gross margin decreases by 1%	毛利率下降1%	(3,388)
Terminal growth rate decreases by	最終增長率下降0.5%
0.5%		(682)
Discount rate increases by0.5%	貼現率上升0.5%	(1,333)

Considering there was still sufficient headroom based on the assessment, the management of the Company believes that a reasonably possible change in the above key parameters would not cause the carrying amount of the CGU to exceed its recoverable amount.

考慮到根據評估，淨空仍屬足夠，故本 公司管理層認為上述關鍵參數的合理可 能變動不會導致現金產生單位的賬面值 超出其可收回金額。

270 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

16. GOODWILL (CONTINUED)

16. 商譽（續）

ASMKT

ASMKT

The recoverable amount of ASMKT CGU as within the corporate digitalisation solution segment is determined based on a VIU calculation which uses cash flow projections based on financial budgets approved by the directors covering a 5 years period, followed by an extrapolation of expected cash flow at 2.02% (2024: 2.02%) growth rate which do not exceed the long-term growth rate for the business in which the CGU operates for the year ended 31 December 2025, and a discount rate of 14.99% (2024: 17.29%) per annum for the year ended 31 December 2025. Other key assumptions for the VIU calculations relate to the estimation of cash inflows/ outflows which include budgeted sales and gross margin. The discount rate used is pre-tax and reflect specific risks relating to the CGU.

企業數字化服務板塊內的 ASMKT 現金產 生單位的可收回金額乃根據使用價值計 算釐定，使用價值乃採用根據董事批准 涵蓋 5 年期間的財務預算的現金流量預測 計算，其後分別按截至 2025 年 12 月 31 日止年度 2.02% （ 2024 年： 2.02% ）的 增長率（並無超出現金產生單位所經營業 務的長期增長率），以及按截至 2025 年 12 月 31 日止年度為 14.99% （ 2024 年： 17.29% ）的年貼現率推算預期現金流 量。使用價值計算的其他主要假設與現 金流入╱流出的估計有關，包括預算銷 售額及毛利率。所採用貼現率為除稅前 比率，並反映有關現金產生單位之特定 風險。

Based on the assessment result, the recoverable amounts of approximately RMB32,462,000 (2024: RMB102,154,000) is greater than the carrying amounts including the goodwill and certain property, plant and equipment, intangible assets and advance to suppliers of approximately RMB23,716,000 (2024: RMB18,508,000) as at 31 December 2025, respectively. The Directors believe that any reasonably possible changes in other key assumptions on which recoverable amount is based would not cause the carrying amount of ASMKT CGU to exceed its recoverable amount.

根據評估結果，於 2025 年 12 月 31 日， 可收回金額約人民幣 32,462,000 元 （ 2024 年：人民幣 102,154,000 元）， 高於賬面值（包含商譽以及若干物業、 廠房及設備、無形資產及向供應商支付 的預付款項）約人民幣 23,716,000 元 （ 2024 年：人民幣 18,508,000 元）。 董事認為，可收回金額所依據的其他主 要假設的任何合理可能變動不會導致 ASMKT 現金產生單位的賬面值超出其可 收回金額。

Annual Report 2025 年報 271

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

16. GOODWILL (CONTINUED)

16. 商譽（續）

ASMKT (Continued)

ASMKT （續）

No impairment loss on its goodwill has been recognised for the year ended 31 December 2025 and 2024. Based on the result of the goodwill impairment testing, the headroom of the combined business were approximately RMB8,746,000 (2024: RMB83,646,000) as at 31 December 2025.

於截至 2025 年及 2024 年 12 月 31 日止 年度，概無確認其商譽的減值虧損。 根據商譽減值測試的結果，於 2025 年 12 月 31 日，合併業務的淨空約為人 民幣 8,746,000 元（ 2024 年：人民幣 83,646,000 元）。

The Group performs the sensitivity analysis based on the assumptions that revenue amount or terminal growth rate or discount rate have been changed. Had the estimated key assumptions during the forecast period been changed as below, the headroom would be decreased to as below:

本集團基於收益金額或最終增長率或貼 現率出現變動的假設進行敏感度分析。 倘於預測期間估計主要假設出現下列變 動，淨空將減少至下列金額：

	2025	2024
	2025年	2024年
	RMB’000	RMB’000
	人民幣千元	人民幣千元
Revenue amount decreases by 1%	收益金額減少1% (1,000)	(3,600)
Gross margin decreases by 1%	毛利率下降1% (1,000)	(3,600)
Terminal growth rate decreases by	最終增長率下降0.5%
0.5%	(700)	(1,700)
Discount rate increases by0.5%	貼現率上升0.5% (1,500)	(4,600)

Considering there was still sufficient headroom based on the assessment, the management of the Company believes that a reasonably possible change in the above key parameters would not cause the carrying amount of the CGU to exceed its recoverable amount.

考慮到根據評估，淨空仍屬足夠，故本 公司管理層認為上述關鍵參數的合理可 能變動不會導致現金產生單位的賬面值 超出其可收回金額。

272 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

16. GOODWILL (CONTINUED)

16. 商譽（續）

Caipingfang

彩平方

The goodwill is arise from acquisition of Caipingfang on 30 June 2025.

有關商譽來自 2025 年 6 月 30 日的彩平方 收購事項。

The recoverable amount of Caipingfang CGU as within the corporate digitalisation solution segment is determined based on a VIU calculation which uses cash flow projections based on financial budgets approved by the directors covering a 5 years period, followed by an extrapolation of expected cash flow at 2.02% growth rate which do not exceed the long-term growth rate for the business in which the CGU operates for the year ended 31 December 2025, and a discount rate of 15.66% per annum for the year ended 31 December 2025. Other key assumptions for the VIU calculations relate to the estimation of cash inflows/outflows which include budgeted sales and gross margin. The discount rate used is pre-tax and reflect specific risks relating to the CGU.

企業數字化服務板塊內的彩平方現金產 生單位的可收回金額乃根據使用價值計 算釐定，使用價值乃採用根據董事批准 涵蓋 5 年期間的財務預算的現金流量預 測計算，其後按截至 2025 年 12 月 31 日 止年度 2.02% 的增長率（並無超出現金 產生單位所經營業務的長期增長率）， 以及按截至 2025 年 12 月 31 日止年度 為 15.66% 的年貼現率推算預期現金流 量。使用價值計算的其他主要假設與現 金流入╱流出的估計有關，包括預算銷 售額及毛利率。所採用貼現率為除稅前 比率，並反映有關現金產生單位之特定 風險。

Based on the assessment result, the recoverable amounts of approximately RMB22,331,000 is greater than the carrying amounts including the goodwill and certain property, plant and equipment, intangible assets and advance to suppliers of approximately RMB20,855,000 as at 31 December 2025, respectively. The Directors believe that any reasonably possible changes in other key assumptions on which recoverable amount is based would not cause the carrying amount of Caipingfang CGU to exceed its recoverable amount.

根據評估結果，於 2025 年 12 月 31 日， 可收回金額約人民幣 22,331,000 元高於 賬面值（包含商譽以及若干物業、廠房及 設備、無形資產及向供應商支付的預付 款項）約人民幣 20,855,000 元。董事認 為，可收回金額所依據的其他主要假設 的任何合理可能變動不會導致彩平方現 金產生單位的賬面值超出其可收回金額。

Annual Report 2025 年報 273

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

16. GOODWILL (CONTINUED)

16. 商譽（續）

Caipingfang (CONTINUED)

彩平方（續）

No impairment loss on its goodwill has been recognised for the year ended 31 December 2025. Based on the result of the goodwill impairment testing, the headroom of the combined business were approximately RMB1,476,000 as at 31 December 2025.

於截至 2025 年 12 月 31 日止年度，概無 確認其商譽的減值虧損。根據商譽減值 測試的結果，於 2025 年 12 月 31 日，合 併業務的淨空約為人民幣 1,476,000 元。

The Group performs the sensitivity analysis based on the assumptions that revenue amount or terminal growth rate or discount rate have been changed. Had the estimated key assumptions during the forecast period been changed as below, the headroom would be decreased to as below:

本集團基於收益金額或最終增長率或貼 現率出現變動的假設進行敏感度分析。 倘於預測期間估計主要假設出現下列變 動，淨空將減少至下列金額：

		2025 2025年 RMB’000 人民幣千元
Revenue amount decreases by 1%	收益金額減少1%	(1,000)
Gross margin decreases by 1%	毛利率下降1%	(600)
Terminal growth rate decreases by 0.5%	最終增長率下降0.5%	(600)
Discount rate increases by0.5%	貼現率上升0.5%	(1,000)

Considering there was still sufficient headroom based on the assessment, the management of the Company believes that a reasonably possible change in the above key parameters would not cause the carrying amount of the CGU to exceed its recoverable amount.

考慮到根據評估，淨空仍屬足夠，故本 公司管理層認為上述關鍵參數的合理可 能變動不會導致現金產生單位的賬面值 超出其可收回金額。

274 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

17. PROPERTY, PLANT AND EQUIPMENT

17. 物業、廠房及設備

			Furniture,		Computer	Land and
		Motor	fixtures and	Leasehold	and office	building
		vehicles	equipment	improvements	equipment	(Note (a))	Total
			傢俱、固定裝置			土地及建築物
		汽車	及設備	租賃物業裝修	電腦及辦公設備	（附註(a)）	總計
		RMB’000	RMB’000	RMB’000	RMB’000	RMB’000	RMB’000
		人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元
Cost	成本
At 1 January 2024	於2024年1月1日	1,794	174	480	2,422	–	4,870
Additions	添置	60	695	8,722	915	17,490	27,882
Disposals	處置	–	(102)	–	(88)	–	(190)
At 31 December 2024 and	於2024年12月31日及
1 January 2025	2025年1月1日	1,854	767	9,202	3,249	17,490	32,562
Additions	添置	–	57	–	82	–	139
Write-off	撇銷	–	(6)	–	(31)	–	(37)
Acquisition of a subsidiary (Note 44)	收購一家附屬公司（附註44）	6	10	–	44	–	60
Disposal of a subsidiary (Note 45)	出售一家附屬公司（附註45）	(611)	(90)	–	(1,564)	–	(2,265)
At 31 December 2025	於2025年12月31日	1,249	738	9,202	1,780	17,490	30,459
Accumulated depreciation	累計折舊
At 1 January 2024	於2024年1月1日	174	172	480	2,351	–	3,177
Depreciation	折舊	249	55	553	328	364	1,549
Disposals	處置	–	(102)	–	(88)	–	(190)
At 31 December 2024 and	於2024年12月31日及
1 January 2025	2025年1月1日	423	125	1,033	2,591	364	4,536
Depreciation	折舊	255	172	1,744	334	875	3,380
Write-off	撇銷	–	(1)	–	(6)	–	(7)
Disposal of a subsidiary (Note 45)	出售一家附屬公司（附註45）	(353)	(76)	–	(1,299)	–	(1,728)
At 31 December 2025	於2025年12月31日	325	220	2,777	1,620	1,239	6,181
Carrying amount	賬面值
At 31 December 2025	於2025年12月31日	924	518	6,425	160	16,251	24,278
At 31 December 2024	於2024年12月31日	1,431	642	8,169	658	17,126	28,026

Notes:

附註：

• (a) As at 31 December 2025, the carrying amount of property, plant and equipment amounting to approximately RMB16,251,000 (2024: RMB17,126,000) was pledged to bank as securities for bank borrowings granted to a subsidiary of the Company (Note 31).

• (a) 於 2025 年 12 月 31 日，賬面值約為人 民幣 16,251,000 元（ 2024 年：人民幣 17,126,000 元）的物業、廠房及設備已 抵押予銀行作為本公司一家附屬公司獲 授銀行借款的擔保（附註 31 ）。

• (b) The property, plant and equipment purchased during the year ended 31 December 2024 was from a company in which the ultimate shareholders of the Group collectively hold a 20% equity interest.

• (b) 截至 2024 年 12 月 31 日止年度購買的物 業、廠房及設備乃來自一家由本集團最 終股東合共持有 20% 股權的公司。

Annual Report 2025 年報 275

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

18. INTANGIBLE ASSETS

18. 無形資產

		Computer		Exclusive
		software	Copyrights	contract	Total
		電腦軟件	著作權	獨家合約	總計
		RMB’000	RMB’000	RMB’000	RMB’000
		人民幣千元	人民幣千元	人民幣千元	人民幣千元
Cost	成本
At 1 January 2024	於2024年1月1日	1,593	25,343	–	26,936
Additions	添置	103	–	–	103
At 31 December 2024 and	於2024年12月31日及2025
1 January 2025	年1月1日	1,696	25,343	–	27,039
Additions	添置	–	1,327	–	1,327
Acquisition of a subsidiary	收購一家附屬公司（附註44）
(Note 44)		–	–	2,900	2,900
Disposal of a subsidiary	出售一家附屬公司（附註45）
(Note 45)		–	(15,795)	–	(15,795)
At 31 December 2025	於2025年12月31日	1,696	10,875	2,900	15,471
Accumulated depreciation	累計折舊
At 1 January 2024	於2024年1月1日	624	12,771	–	13,395
Amortisation for the year	年內攤銷	161	4,007	–	4,168
At 31 December 2024 and	於2024年12月31日及2025
1 January 2025	年1月1日	785	16,778	–	17,563
Amortisation for the year	年內攤銷	161	3,025	355	3,541
Disposal of a subsidiary	出售一家附屬公司（附註45）
(Note 45)		–	(14,490)	–	(14,490)
At 31 December 2025	於2025年12月31日	946	5,313	355	6,614
Carrying amount	賬面值
At 31 December 2025	於2025年12月31日	750	5,562	2,545	8,857
At 31 December 2024	於2024年12月31日	911	8,565	–	9,476

276 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

19. LEASES

19. 租賃

The Group has lease contract for office premises for its operation. The lease term is within 1 to 2 years (2024: 1 to 5 years).

本集團訂有用於業務經營的辦公室物業 租賃合約。租期為一至兩年（ 2024 年： 一至五年）內。

(a) Right-of-use assets

(a) 使用權資產

The carrying amounts of the Group’s right-of-use assets and the movements during the year are as follows:

本集團使用權資產的賬面值及年內 變動如下：

		Rental	Office
		shop	premises	Total
		租賃商舖	辦公室物業	總計
		RMB’000	RMB’000	RMB’000
		人民幣千元	人民幣千元	人民幣千元
At 1 January 2024	於2024年1月1日	–	152	152
Additions	添置	7,048	–	7,048
Lease modification	租賃修訂	–	121	121
Depreciation	折舊	(587)	(195)	(782)
At 31 December 2024 and	於2024年12月31日及
1 January 2025	2025年1月1日	6,461	78	6,539
Addition	添置	–	362	362
Lease modification	租賃修訂	(3,470)	–	(3,470)
Depreciation	折舊	(653)	(170)	(823)
Earlytermination	提前終止	(2,338)	–	(2,338)
At 31 December 2025	於2025年12月31日	–	270	270

Annual Report 2025 年報 277

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

19. LEASES (CONTINUED)

19. 租賃（續）

(b) Lease liabilities

(b) 租賃負債

The carrying amount of lease liabilities and the movements during the year are as follows:

租賃負債賬面值及年內變動如下：

	2025 2024 2025年 2024年 RMB’000 RMB’000 人民幣千元 人民幣千元
Carrying amount at 1 January	於1月1日的賬面值 6,545 169
Additions Lease modification Interest expense	添置 362 7,048 租賃修訂 (3,848) 121 利息開支 99 117
Payments	付款 (817) (910)
Earlytermination	提前終止 (2,067) –
Carrying amount at	於12月31日的賬面值
31 December	274 6,545

The total cashflow for lease is approximately RMB3,387,000 (2024: RMB4,123,000) for the year ended 31 December 2025.

截至 2025 年 12 月 31 日止年度， 租賃的現金流總額為約人民幣 3,387,000 元（ 2024 年：人民幣 4,123,000 元）。

The present value of future lease payments is analysed as:

未來租賃付款的現值分析如下：

analysed as:
	2025	2024
	2025年	2024年
	RMB’000	RMB’000
	人民幣千元	人民幣千元
Not later than one year	不超過一年 191	1,300
Later than one year and not	超過一年但不超過兩年
later than twoyears	83	5,245
	274	6,545

278 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

20. INVESTMENT IN ASSOCIATES

20. 於聯營公司的投資

	2025 2024 2025年 2024年 RMB’000 RMB’000 人民幣千元 人民幣千元
At the beginning of the year	於年初 – –
Additions during the year:	年內添置：
– Xi’an Tiantai (Note 45)	—西安天泰（附註45） 3,750 –
– Zhejiang Yue Xiang (Note 21)	—浙江悅享（附註21） – –
Share of results and other	分佔業績及其他全面收益
comprehensive income	– –
At the end of theyear	於年末 3,750 –

Particulars of the associates are as follows:

聯營公司之詳情如下：

	Country of
	incorporation/	Proportion of ownership
	principal place of	interest as at		Principal activities and
Name	business	31 December		place of operations
	註冊成立	於12月31日
名稱	國家╱主要營業地點	擁有權權益比例		主要業務及經營地點
		2025	2024
		2025年	2024年
Xi’an Tiantai	PRC	25%	100%	Solutions on lottery related
	13 June 2007			software systems and
	Limited liability company			equipment in the PRC
西安天泰	中國			於中國提供彩票相關軟件系統及
	2007年6月13日			設備解決方案
Zhejiang Yuexiang Chunzhen	有限責任公司 PRC	35%	60%	Corporate digitalisation
Science and Trade Co., Ltd	15 March 2024	(note 21)		solution service
(“Zhejiang Yue Xiang”) (浙江	Limited liability company	（附註21）		in the PRC
悅享醇臻科貿有限公司)
浙江悅享醇臻科貿	中國			於中國提供企業數字化服務
有限公司（「浙江悅享」）	2024年3月15日 有限責任公司

The above associates are accounted for using the equity method in the consolidated financial statements.

上述聯營公司乃採用權益法於綜合財務 報表中入賬。

Annual Report 2025 年報 279

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

20. INVESTMENT IN ASSOCIATES (CONTINUED)

20. 於聯營公司的投資（續）

• (a) Summarised the financial information of the Group’s associates, adjusted for the differences in accounting policies and reconciled the carrying amount in the consolidated financial statements.

• (a) 本集團聯營公司財務資料概要，已 就會計政策差異作出調整並與綜合 財務報表內的賬面值對賬。

2025

2025 年

2025	2025年
	Xi’an Tiantai Zhejiang Yue Xiang 西安天泰 浙江悅享 RMB’000 RMB’000 人民幣千元 人民幣千元
Current assets Non-current assets Current liabilities Non-current liabilities	流動資產 28,906 797 非流動資產 1,842 2,258 流動負債 (18,717) – 非流動負債 (497) (5,903)
Net assets/(liabilities) (100%)	資產╱（負債）淨額(100%) 11,534 (2,848)
Group’s effective interest	本集團實際權益 25% 35%
Group’s share of net assets/	本集團應佔淨資產╱（負債）
(liabilities)	2,884 (997)
Year ended 31 December	截至12月31日止年度
Revenue Loss for the year	收益 – (243) 年內虧損 – (3,807)
Total comprehensive income	全面收入總額 – (3,807)
Dividend received by the	本公司自聯營公司收取的股息
Companyfrom the associates	– –

280 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

20. INVESTMENT IN ASSOCIATES (CONTINUED)

20. 於聯營公司的投資（續）

(b) Impairment testing of the Group’s interests in associates

• (b) 本集團於聯營公司的權益之 減值測試

Xi’an Tiantai

西安天泰

Based on the valuation as at 31 December 2025 performed by Graval, on the basis of VIU calculation, the recoverable amount of Xi’an Tiantai CGU and the Group’s 25% interest in Xi’an Tiantai exceed it’s respective carrying amount as at 31 December 2025. Accordingly, no impairment was considered necessary on disposal of the assets and the Group’s interest in Xi’an Tiantai at the disposal date and 31 December 2025, respectively.

根據博浩於 2025 年 12 月 31 日進行 的估值，基於使用價值計算，西安 天泰現金產生單位及本集團於西安 天泰的 25% 權益之可收回金額超過 其各自於 2025 年 12 月 31 日的賬面 值。因此，於出售日期及 2025 年 12 月 31 日，無需就出售資產及本 集團於西安天泰的權益作出減值。

Annual Report 2025 年報 281

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

21. INVESTMENT IN A JOINT VENTURE

21. 於一家合營企業的投資

					2025	2024
					2025年	2024年
				RMB’000		RMB’000
				人民幣千元		人民幣千元
At the beginning of the year		於年初			76	–
Unlisted share, at cost		非上市股份，按成本值			–	1,000
Share of losses of ajoint venture		分佔一家合營企業之虧損			(76)	(924)
At the end of theyear		於年末			–	76
	Country of
	incorporation		Proportion of
	principal	place of	ownership interest		Principal activities and
Name	business		as at 31 December		place of	operations
	註冊成立國家		於12月31日
名稱	主要營業地點		擁有權權益比例		主要業務及經營地點
			2025	2024
			2025年	2024年
Zhejiang Yuexiang Chunzhen	PRC		35%	60%	Corporate digitalisation
Science and Trade Co., Ltd	15 March 2024		(note 20)		solution service in the
(“Zhejiang Yue Xiang”)	Limited	liability			PRC
(浙江悅享醇臻科貿有限公司)	company
浙江悅享醇臻科貿有限公司	中國		（附註20）		於中國提供企業數字化服務
（「浙江悅享」）	2024年3月15日
	有限責任公司

282 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

21. INVESTMENT IN A JOINT VENTURE (CONTINUED)

21. 於一家合營企業的投資（續）

As at 31 December 2024, the contractual arrangement provides the Group with only the rights to the net assets of the joint arrangement, with the rights to the assets and obligation for liabilities of the joint arrangement resting primarily with Zhejiang Yue Xiang. Under HKFRS 11 this joint arrangement is classified as a joint venture and has been included in the consolidated financial statements using the equity method.

於 2024 年 12 月 31 日，合約安排規定本 集團僅於共同安排的資產淨值中享有權 利，而共同安排項下資產的權利及負債 的義務主要由浙江悅享享有及承擔。根 據香港財務報告準則第 11 號，該共同安 排被分類為合營企業，並已採用權益法 計入綜合財務報表。

On 3 July 2025, the Group disposed of its entire 25% equity interest in Zhejiang Yue Xiang to an entity controlled by one of the Group's directors for zero consideration, as the Group elected not to contribute the remaining unpaid registered capital under the PRC Company's articles of association, thereby avoiding future capital injection obligations. At the date of disposal, the carrying amount of the investment was nil (reflecting the PRC Company's net liabilities position and the Group's cumulative share of losses), resulting in no gain or loss recognised in profit or loss. The transaction was approved by the Board. There were no outstanding balances, commitments, or other financial effects arising from the transaction. Separately, on the same day, the Group terminated the joint arrangement with another shareholder in Zhejiang Yue Xiang resulting in loss of joint control but retention of significant influence through ownership interest. The retained 35% equity interest accounted for as investment in an associate with details set out in Note 20.

由於本集團根據中國公司組織章程細則 選擇不注資餘下未繳註冊股本，本集團 於 2025 年 7 月 3 日以零代價將其於浙江悅 享的全部 25% 權益出售予一間由本集團 一名董事控制的實體，從而避免日後注 資責任。於出售日期，投資的賬面值為 零（反映中國公司的淨負債狀況及本集團 的累計應佔虧損），導致並無於損益確認 盈虧。該項交易已獲董事會批准。該項 交易並無產生尚未償還結餘、承擔或其 他財務影響。另外，於同日，本集團終 止與浙江悅享另一名股東的共同安排， 導致失去共同控制，但透過所有權權益 保留重大影響力。保留的 35% 股權入賬 列為於一家聯營公司之投資，詳情載於 附註 20 。

Annual Report 2025 年報 283

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

21. INVESTMENT IN A JOINT VENTURE (CONTINUED)

21. 於一家合營企業的投資（續）

Summarised financial information in relation to the joint 與合資企業有關的財務資料概要呈列如 venture is presented below: 下：

		2024
		2024年
		RMB’000
		人民幣千元
As at 31 December	於12月31日
Current assets	流動資產	2,061
Non-current assets	非流動資產	111
Current liabilities	流動負債	(2,714)
Non-current liabilities	非流動負債	–
Net liabilities (100%)	負債淨額(100%)	(542)
Groupshare of net liabilities(60%)	本集團分佔負債淨額(60%)	(325)
Year ended 31 December	截至12月31日止年度
Revenue	收益	3,091
Loss for the year	年內虧損	(1,540)
Total comprehensive income	全面收入總額	(1,540)
Dividend received by the Company from the	本公司收取合營企業的股息
joint venture		–

284 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

22. FINANCIAL ASSET AT FAIR VALUE THROUGH PROFIT OR LOSS

22. 按公平價值計入損益之金融資 產

THROUGH PROFIT OR	產 LOSS
	2025 2024 2025年 2024年 RMB’000 RMB’000 人民幣千元 人民幣千元
Unlisted equity investment,	非上市股本投資，
at fair value:	按公平價值：
Caipingfang (Note i)	彩平方（附註i） – 1,700
Mingzhi (Note ii)	明致（附註ii） – 8,000
Youyirun(Note iii)	優易潤（附註iii） 860 –
	860 9,700

Notes:

附註：

(i) Investment in a welfare lottery business company – “Caipingfang”

(i) 投資一家福利彩票業務公司－「彩平方」

In December 2022, the Group entered into an investment agreement to acquire 5% holding of ordinary shares of a company based in China, namely Caipingfang, with consideration of approximately RMB2,696,000. On 9 February 2023, the transaction was completed.

於 2022 年 12 月，本集團訂立一份投資 協議，以代價約人民幣 2,696,000 元收 購一家中國公司彩平方的 5% 普通股持 股。該交易已於 2023 年 2 月 9 日完成。

Caipingfang is principally engaged in the welfare lottery business for the provision of solutions on lottery related software systems and equipment.

彩平方主要從事福利彩票業務，提供彩 票相關軟件系統及設備解決方案。

As at 31 December 2024, the proportion of the issued share capital of Caipingfang owned by the Group was 5%. As at 31 December 2024, the fair value of the issued share capital of Caipingfang was approximately RMB1,700,000.

於 2024 年 12 月 31 日，本集團擁有的彩 平方已發行股本比例為 5% 。於 2024 年 12 月 31 日，彩平方已發行股本的公平 價值為約人民幣 1,700,000 元。

On 30 June 2025, the Company entered into a share transfer agreement to acquire 95% equity interests in Caipingfang at a consideration of RMB18,300,000 with details set out in Note 44. The transaction was completed on 31 July 2025.

於 2025 年 6 月 30 日，本公司訂立股份 轉讓協議，以收購彩平方 95% 股權，代 價為人民幣 18,300,000 元，詳情載於 附註 44 。該交易已於 2025 年 7 月 31 日 完成。

On 14 December 2025, the Group and its subsidiary, Xi’an Tiantai as disclosed in Note 44, entered into a share transfer agreement in which Xi’an Tiantai agreed to transfer 4.42% equity interest in Caipingfang at RMBnil consideration to the Group. Accordingly, upon the completion of share transfer agreement, the Group indirectly owned the whole equity interest in Caipingfang and was reclassified to the investment in subsidiaries on 31 December 2025.

誠如附註 44 所披露，於 2025 年 12 月 14 日，本集團及其附屬公司西安天泰訂 立股份轉讓協議，據此西安天泰同意按 代價人民幣零元向本集團轉讓彩平方的 4.42% 股權。因此，於股份轉讓協議完 成後，本集團間接擁有彩平方的全部股 權，於 2025 年 12 月 31 日重新分類至附 屬公司投資。

Annual Report 2025 年報 285

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

22. FINANCIAL ASSET AT FAIR VALUE THROUGH PROFIT OR LOSS (CONTINUED)

22. 按公平價值計入損益之金融資 產（續）

Notes: (Continued)

附註：（續）

(ii) Investment in a welfare lottery business company – “Mingzhi”

(ii) 投資一家福利彩票業務公司－「明致」

In March 2023, the Group entered into a share subscription agreement with Beijing Mingzhi Hongfengcai Sports Technology Co., Ltd, (“ Mingzhi ”). Pursuant to the agreement and the completion of the above subscription on 11 April 2023, the Group subscribed 6,670,000 ordinary shares of Mingzhi for an aggregate amount of RMB10,005,000, representing approximately 10% of the ordinary shares. The Group is entitled to exercise the redemption right to demand the Shareholders of Mingzhi to repurchase 10% of the ordinary shares at a pre-agreed price under certain conditions on or before 31 December 2025 after negotiation with the Shareholders of Mingzhi.

於 2023 年 3 月，本集團與北京明致鴻 豐彩體育科技股份有限公司（「 明致 」）訂 立一份股份認購協議。根據該協議及 於 2023 年 4 月 11 日完成的上述認購事 項，本集團以總額人民幣 10,005,000 元認購明致 6,670,000 股普通股，佔普 通股約 10% 。在與明致股東磋商後，本 集團有權行使贖回權以要求明致股東於 特定情況下在 2025 年 12 月 31 日或之前 按預定價格購回 10% 普通股。

Mingzhi is principally engaged in provision of solutions on lottery related software systems in China Sports Lottery Issuance and Administration Centre.

明致主要從事提供中國體育彩票發行管 理中心的彩票相關軟件系統解決方案。

As at 31 December 2024, the proportion of the ordinary shares with the redemption option of Mingzhi owned by the Group was 10%. As at 31 December 2024, the fair value of the ordinary shares of Mingzhi with the redemption option was approximately RMB8,000,000.

於 2024 年 12 月 31 日，本集團所擁有 明致附帶贖回選擇權的普通股比例為 10% 。於 2024 年 12 月 31 日，明致附 帶贖回選擇權的普通股公平價值為約人 民幣 8,000,000 元。

On 31 December 2025, the Group issued a notice to Mingzhi to exercise the redemption option. However, due to Mingzhi’s ongoing losses, net liabilities position, failure to repay under a prior enforcement settlement and the Daxing District People’s Court restricted high consumption measures imposed on Mingzhi and its legal representative (effective August 2025), no repayment or settlement response has been received as at the date of approval of the consolidated financial statements. The directors of the Company considered that Mingzhi is unable to repay the amount due to Mingzhi’s severe financial distress, and enforcement constraints and the likelihood of recovery under the redemption option is remote. Accordingly, the Group considered that the Investment in Mingzhi has a fair value of zero and recognised a loss on fair value of financial assets at fair value through profit or loss of approximately RMB8,000,000 during the year ended 31 December 2025.

於 2025 年 12 月 31 日，本集團向明致發 出通知以行使贖回選擇權。然而，由於 明致持續虧損、處於淨負債狀況、未能 償還先前強制執行和解協議項下款項， 以及大興區人民法院對明致及其法定代 表實施的限制高消費措施（自 2025 年 8 月起生效），截至綜合財務報表獲批准 日期並無接獲任何還款或和解回應。本 公司董事認為，由於明致面臨嚴重的財 務困難及強制執行限制，明致無力償還 有關款項，且透過行使贖回選擇權收回 款項的可能性極微。因此，本集團認 為，於明致的投資的公平價值為零，故 於截至 2025 年 12 月 31 日止年度確認按 公平價值計入損益的金融資產的公平價 值虧損約人民幣 8,000,000 元。

286 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

22. FINANCIAL ASSET AT FAIR VALUE THROUGH PROFIT OR LOSS (CONTINUED)

22. 按公平價值計入損益之金融資 產（續）

Notes: (Continued)

附註：（續）

• (iii) Investment in an agency of the automobile mortgage business company – “Youyirun”

(iii) 投資代理汽車抵押貸款業務公司－「優 易潤」

On 14 January 2025, the Group entered into an investment agreement with two independent third shareholders to set up an entity named Hangzhou Youyirun Technology Co., Ltd (“ Youyirun ”).

於 2025 年 1 月 14 日，本集團與兩名獨 立第三方股東訂立投資協議，以設立一 間實體杭州優易潤科技有限公司（「 優易 潤 」）。

Pursuant to the agreement, the Group subscribed an aggregate amount of RMB900,000, representing 9% of the issued share capital of Youyirun. On 20 June 2025, the transaction was completed.

根據該協議，本集團認繳合共人民幣 900,000 元，佔優易潤已發行股本 9% 。該交易已於 2025 年 6 月 20 日完 成。

Youyirun is principally engaged in the agency of the automobile mortgage business.

優易潤主要從事代理汽車抵押貸款業 務。

As at 31 December 2025, the proportion of the issued share capital of Youyirun owned by the Group was 9%. As at 31 December 2025, the fair value of the issued share capital of Youyirun was approximately RMB860,000 (2024: Nil).

於 2025 年 12 月 31 日，本集團擁有的優 易潤已發行股本比例為 9% 。於 2025 年 12 月 31 日，優易潤已發行股本的公平 價值為約人民幣 860,000 元（ 2024 年： 零）。

Annual Report 2025 年報 287

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

22. FINANCIAL ASSET AT FAIR VALUE THROUGH PROFIT OR LOSS (CONTINUED)

22. 按公平價值計入損益之金融資 產（續）

Notes: (Continued)

附註：（續）

• (iv) Investment on financial products issued by Zhongrong International Trust Co., Ltd. (“Zhongrong Trust”)

(iv) 投資由中融國際信託有限公司（「中融信 託」）發行之金融產品

During the year ended 31 December 2023, the Group subscribed the financial products issued by Zhongrong Trust (“ 1st Batch Financial Products ”) amounted to RMB10,000,000 and disposed the 1st Batch Financial Products with a fair value gain amounted to RMB191,000 recognised in the profit or loss during the year.

截至 2023 年 12 月 31 日止年度，本 集團認購中融信託所發行價值人民幣 10,000,000 元的金融產品（「 第一批金 融產品 」），並於年內售出第一批金融產 品，於損益確認公平價值收益人民幣 191,000 元。

During the year ended 31 December 2023, the Group subscribed another financial products issued by Zhongrong Trust (“ 2nd Batch Financial Products ”) amounted to RMB10,000,000 with the maturity date on 19 October 2023 and the 2nd Batch Financial Products has been defaulted at its repayment date.

於截至 2023 年 12 月 31 日止年度，本 集團增購中融信託所發行價值人民幣 10,000,000 元且到期日為 2023 年 10 月 19 日的金融產品（「 第二批金融產 品 」），而第二批金融產品已於其還款日 期違約。

As at 31 December 2023, in the opinion of the directors of the Company, due to the fact that Zhongrong Trust failed to pay the principals and interests of several financial products to its investors and the liquidity crisis of its major shareholder, Zhongzhi Enterprise Group Co., Ltd. during the year, the Group considered that the 2nd Batch Financial Product has a fair value of zero and recognised a loss on fair value of financial assets at fair value through profit or loss of approximately RMB10,000,000 during the year ended 31 December 2023.

於 2023 年 12 月 31 日，本公司董事認 為，由於年內中融信託未能向其投資者 支付若干金融產品的本金及利息，加上 其主要股東中植企業集團有限公司的流 動性危機，本集團認為第二批金融產品 的公平價值為零，並於截至 2023 年 12 月 31 日止年度確認按公平價值計入損 益之金融資產的公平價值虧損約人民幣 10,000,000 元。

As at 31 December 2025 and 2024, Zhongrong Trust continued to be default on payment of the principals and interests of the financial products. The Group considered that the fair value of the financial assets at fair value through profit or loss remains unchanged at zero.

截至 2025 年及 2024 年 12 月 31 日，中 融信託仍拖欠未付金融產品的本金及利 息。本集團認為按公平價值計入損益之 金融資產的公平價值維持不變，仍為 零。

23. INVENTORIES

23. 存貨

INVENTORIES	23.存貨
	2025	2024
	2025年	2024年
	RMB’000	RMB’000
	人民幣千元	人民幣千元
Finished goods	製成品
– Lottery related equipment	－彩票相關設備 –	3,365
– Consumables	－消費品 5,611	5,162
	5,611	8,527

288 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

24. TRADE RECEIVABLES

24. 貿易應收款項

TRADE RECEIVABLES	24.貿易應收款項
	2025 2024 2025年 2024年 RMB’000 RMB’000 人民幣千元 人民幣千元
Trade receivables	貿易應收款項
– Due from third parties	－應收第三方款項 86,358 179,161
– Due from related companies	－應收關聯公司款項（附註i）
(Note i)	– 90
Less: Allowance for credit losses	86,358 179,251 減：信貸虧損撥備 (9,747) (25,855)
Trade receivables,net	貿易應收款項淨額 76,611 153,396

Notes:

附註：

• (i) The amounts due from related companies of which Mr. Chen and Mr. Fan, the executive directors of the Company is also the substantial shareholder of the related companies. The balances are unsecured, interest-free and repayable on credit terms similar to those offered to the major customers of the Group.

• (i) 就應收關聯公司款項而言，本公司執行 董事陳先生及范先生亦為該等關聯公司 的主要股東。該等結餘為無抵押、免息 及須按與向本集團主要客戶提供的信貸 條款相若的信貸條款償還。

• (ii) During the year ended 31 December 2025, the Group entered into a non-recourse factoring arrangement and sold trade receivables with a gross carrying amount of RMB26,829,000 to an independent third party. Cash proceeds of RMB20,738,000 were received, of which RMB6,091,000 remained receivable from the factor as at 31 December 2025 (Note 25).

• (ii) 截至 2025 年 12 月 31 日止年度，本集團 訂立一項無追索權保理安排，將賬面總 值為人民幣 26,829,000 元的貿易應收 款項出售予一名獨立第三方。本集團已 收到現金所得款項人民幣 20,738,000 元，其中人民幣 6,091,000 元於 2025 年 12 月 31 日仍為應收保理商款項（附註 25 ）。

The receivables were fully derecognised from the consolidated statement of financial position because the Group has transferred substantially all the risks and rewards of ownership in accordance with HKFRS 9 Financial Instruments. The difference of RMB547,000 between the carrying amount of the derecognised receivables and the cash consideration received has been recognised as a loss on derecognition and is included in administrative expenses in consolidated statements of profit or loss and other comprehensive income.

由於本集團已根據香港財務報告準則第 9 號「金融工具」轉讓該等應收款項擁有 權的絕大部分風險及回報，故有關應收 款項已於綜合財務狀況表內全數終止確 認。已終止確認應收款項的賬面值與已 收現金代價之間的差額人民幣 547,000 元已確認為終止確認之虧損，並計入綜 合損益及其他全面收入表的行政開支 內。

The credit period granted to customers is ranging from 5 to 60 days as at the Reporting Periods.

於報告期間，授予客戶的信貸期介乎 5 至 60 日。

Annual Report 2025 年報 289

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

24. TRADE RECEIVABLES (CONTINUED)

24. 貿易應收款項（續）

An ageing analysis of the Group’s trade receivables at the end of the year, net of impairment, based on invoice date and net of loss allowance is as follows:

於年末，按發票日期並扣除虧損撥備呈列的本 集團貿易應收款項（扣除減值後）賬齡分析如 下：

	2025 2024 2025年 2024年 RMB’000 RMB’000 人民幣千元 人民幣千元
Less than 1 month More than 1 month but less than	一個月內 55,352 121,748 一個月以上但少於三個月
3 months More than 3 months but less than	15,987 14,095 三個月以上但少於六個月
6 months More than 6 months but less than	1,230 2,975 六個月以上但少於一年
1 year	735 5,180
More than oneyear	一年以上 3,307 9,398
	76,611 153,396

Movements in loss on trade receivables were as follows:

貿易應收款項虧損變動如下：

	2025 2024 2025年 2024年 RMB’000 RMB’000 人民幣千元 人民幣千元
At beginning of year	年初 25,855 27,367
Provision for impairment losses	減值虧損撥備（附註9）
(Note 9)	28,767 17,685
Write-off Disposal of a subsidiary	撇銷 (44,109) (19,197) 出售一家附屬公司 (766) –
	9,747 25,855

Details of impairment assessment of trade receivables for the year are set out in Note 42(a).

年內的貿易應收款項減值評估詳情載於 附註 42(a) 。

290 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

25. PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES

25. 預付款項、按金及其他應收款 項

RECEIVABLES	項
	2025 2024 2025年 2024年 RMB’000 RMB’000 人民幣千元 人民幣千元
Deposits and other receivables	按金及其他應收款項 20,653 18,353
Factoring receivable (Note 24)	應收保理款項（附註24） 6,091 –
Consideration receivable from	出售一家附屬公司之應收代價
disposal of a subsidiary (Note i)	（附註i） 11,250 –
Less: Allowance for credit losses	減：信貸虧損撥備 (775) (120)
Advance to suppliers (Note ii, iii)	37,219 18,233 向供應商預付款（附註ii、iii） 199,191 107,218
Otherprepayments(Note iv)	其他預付款項（附註iv） 16,072 21,072
Currentportion	流動部分 252,482 146,523

Notes:

附註：

• (i) The consideration receivable from disposal of a subsidiary (Note 45) was fully settled in March 2026.

• (ii) In the normal business arrangement of intermediary services, the Group makes advance to virtual goods suppliers for the virtual goods which is non-refundable. For the advertisement placement services, the Group makes prepayments on advertisement placement services on behalf of advertisers before receiving payments from these advertisers.

• (i) 出售一家附屬公司之應收代價（附註 45 ） 已於 2026 年 3 月悉數結清。

• (ii) 於中介服務的一般業務安排中，本集團 就虛擬商品向虛擬商品供應商支付預付 款項，該款項不可退還。就廣告投放服 務而言，本集團於收到廣告商付款前代 表該等廣告商預付廣告投放服務款項。

• (iii) As at 31 December 2024, the prepayment made to the service provider of RMB5,000,000 was written off due to no future economic benefits are expected from its use. Legal action has been taken and the court judgments have been made in favour of the Group. In the opinion of the directors, the compensation to be received from the service provider following the court judgment, is considered to be remote.

• (iii) 於 2024 年 12 月 31 日，向服務提供商作 出的預付款人民幣 5,000,000 元予以撇 銷，原因是其使用料將不會帶來未來經 濟利益。本集團已採取法律行動且法院 已作出有利本集團的裁決。董事認為， 於法院裁決後將自該服務提供商獲得補 償的可能性被視為極低。

• (iv) As at 31 December 2025, the balance mainly represented the refundable earnest money in RMB14,880,000 (2024: RMB15,505,000) for potential acquisition of 100% equity interest of a company incorporated in the PRC. During the year ended 31 December 2025, the exclusivity period for memorandum of understanding in relation to the potential acquisition is extended to 30 June 2026 after the negotiation with the potential seller. Subsequently, the Group announced that the acquisition would not proceed as planned. The related earnest money is to be refunded to the Company on 30 June 2026. The refundable earnest money was fully refunded in March 2026. For details, please refer to the announcements dated 13 June 2025 and 21 November 2025.

• (iv) 於 2025 年 12 月 31 日，有關結餘主 要為潛在收購一家於中國註冊成立公 司的 100% 股權的可退還保證金人民 幣 14,880,000 元（ 2024 年：人民幣 15,505,000 元）。截至 2025 年 12 月 31 日止年度，經與潛在賣家磋商後，潛 在收購事項的相關諒解備忘錄的獨家期 延長至 2026 年 6 月 30 日。其後，本集 團宣佈收購事項不會按計劃進行。相關 保證金將於 2026 年 6 月 30 日退還予本 公司。可退還保證金已於 2026 年 3 月悉 數退還。有關詳情請參閱日期為 2025 年 6 月 13 日及 2025 年 11 月 21 日的公 告。

Annual Report 2025 年報 291

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

25. PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES (CONTINUED)

25. 預付款項、按金及其他應收款 項（續）

Details of impairment assessment of deposits and other receivables for the year are set out in Note 42(a).

年內的按金及其他應收款項減值評估詳 。 情載於附註 42(a)

26. BALANCES WITH RELATED PARTIES

26. 與關聯方之結餘

The amount due from/(to) an associate, a joint venture, an ultimate shareholder and a director are unsecured, non-interest-bearing and repayable on demand.

應收╱（應付）一家聯營公司、一家合營 企業、一名最終股東及一名董事的款項 乃無擔保、免息且須按要求償還。

27. PLEDGED BANK DEPOSITS, RESTRICTED BANK DEPOSITS AND CASH AND CASH EQUIVALENTS

27. 已抵押銀行存款、受限制銀行 存款以及現金及現金等價物

Restricted bank balances amounting to RMB651,000 (2024: RMB1,720,000) in respect of the performance obligation with the banks, has been frozen and will be released upon three months after the completion of the cooperation.

銀行履約責任相關之受限制銀行結餘 人民幣 651,000 元（ 2024 年：人民幣 1,720,000 元）已被凍結並將於合作完成 後滿三個月解除。

As at 31 December 2025 and 2024, cash and cash equivalents denominated in RMB were approximately RMB74,606,000 and RMB128,805,000 respectively. The RMB is not freely convertible into other currencies, however, under Mainland China’s Foreign Exchange Control Regulations and Administration of Settlement, Sale and Payment of Foreign Exchange Regulations, the Group are permitted to exchange RMB for other currencies through banks authorised to conduct foreign exchange business.

於 2025 年及 2024 年 12 月 31 日，以 人民幣計值的現金及現金等價物分 別約人民幣 74,606,000 元及人民幣 128,805,000 元。人民幣不能自由兌換 為其他貨幣，惟根據中國內地的《外匯 管理條例》及《結匯、售匯及付匯管理規 定》，本集團可通過獲授權進行外匯業務 的銀行將人民幣兌換為其他貨幣。

Banks balances earns interest at floating rates based on daily bank deposit rates. The bank balances are deposited with creditworthy banks with no recent history of default.

銀行結餘按基於每日銀行存款利率的浮 動利率賺取利息。銀行結餘乃存放於信 譽良好且近期無違約記錄的銀行。

292 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

28. TRADE PAYABLES

28. 貿易應付款項

TRADE PAYABLES	28.貿易應付款項
	2025	2024
	2025年	2024年
	RMB’000	RMB’000
	人民幣千元	人民幣千元
Tradepayables	貿易應付款項 30,594	27,896

The credit period on purchase from suppliers is generally ranging from 10 to 60 days as at the end of the Reporting Periods.

於報告期間末，向供應商採購的信貸期 一般介乎 10 至 60 日。

An ageing analysis of the Group’s trade payables as at the end of the year, based on invoice date, is as follows:

於年末，本集團基於發票日期的貿易應 付款項賬齡分析如下：

2025 2025年 RMB’000 人民幣千元	2024 2024年 RMB’000 人民幣千元
Less than 1 month 一個月內 29,369 More than 1 month but less than 3 months 一個月以上但少於三個月 297 More than 3 months but less than 6 months 三個月以上但少於六個月 201 More than 6 months but less than 1 year 六個月以上但少於一年 54 More than oneyear 一年以上 673	22,211 1,776 2,567 1,022 320
30,594	27,896

29. OTHER PAYABLES AND ACCRUALS

29. 其他應付款項及應計費用

OTHER PAYABLES AND ACCRUALS 29.其他應付款項及	應計費用
2025 2025年 RMB’000 人民幣千元	2024 2024年 RMB’000 人民幣千元
Other payables 其他應付款項 5,778 Accrued expenses 應計費用 11,872 Deposits received 已收按金 8,721 Other taxpayable 其他應付稅項 1,374	3,403 11,848 4,778 2,262
27,745	22,291

Annual Report 2025 年報 293

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

30. CONTRACT BALANCES

30. 合約結餘

(a) Contract assets

(a) 合約資產

Contract assets	(a)合約資產
	2025	2024
	2025年	2024年
	RMB’000	RMB’000
	人民幣千元	人民幣千元
**Contract assets arising from: **	以下項目所產生的合約資產：
Solutions on lottery related	彩票相關軟件系統及設備解決
software systems and	方案
equipment	–	2,403
Less: Allowance for credit	減：信貸虧損撥備
losses	–	(817)
	–	1,586

Contract assets arising from maintenance services and solutions on lottery related software systems and equipment represent the Group’s right to consideration for work completed and not billed because the rights are conditional on the Group’s future performance as at the end of the year. The contract assets are transferred to trade receivables when the rights become unconditional.

彩票相關軟件系統及設備維護服務 及解決方案所產生的合約資產指本 集團就已完成而尚未收款的工作收 取代價的權利，因為該等權利取決 於本集團於年末的未來表現。合約 資產於權利成為無條件時轉撥至貿 易應收款項。

294 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

30. CONTRACT BALANCES

30. 合約結餘

(a) Contract assets

(a) 合約資產

Movement in loss allowances on contract assets were as follows:

合約資產虧損撥備的變動情況如 下：

were as follows:	下：
	2025	2024
	2025年	2024年
	RMB’000	RMB’000
	人民幣千元	人民幣千元
Balance as at 1 January	於1月1日的結餘 817	1,462
Reversal of impairment	減值虧損撥回（附註9）
losses (Note 9)	(108)	(645)
Disposal of a subsidiary	出售一家附屬公司（附註45）
(Note 45)	(709)	–
Balance as at 31 December	於12月31日的結餘 –	817

Details of impairment assessment of contract assets for the year are set out in Note 42(a).

年內的合約資產減值評估詳情載於 附註 42(a) 。

Following the disposal of Xi'an Tiantai on 31 December 2025, the Group will have no contract assets related to lottery software systems and equipment beyond 2025.

於 2025 年 12 月 31 日出售西安天泰 後，本集團於 2025 年之後將無與 彩票軟件系統及設備相關的合約資 產。

Annual Report 2025 年報 295

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

30. CONTRACT BALANCES (CONTINUED)

30. 合約結餘（續）

(b) Contract liabilities

(b) 合約負債

(b)合約負債 Contract liabilities
2025 2025年 RMB’000 人民幣千元	2024 2024年 RMB’000 人民幣千元
Contract liabilities arising from: 以下項目所產生的合約負債： Solutions on lottery related software systems and equipment 彩票相關軟件系統及設備解決 方案 – Less: Portion classified as non-currentportion 減：分類為非流動的部分 –	10,426 (1,782)
Currentportion 流動部分 –	8,644

The Group’s contract liabilities arising from solutions on lottery related software systems and equipment represent advance consideration received from customers as at the end of each of the year. Contract liabilities, that are not expected to be settled within the Group’s normal operating cycle are classified as current and non-current based on the Group’s earliest obligation to transfer goods or services to the customers.

彩票相關軟件系統及設備解決方案 所產生的本集團合約負債指於各年 末的預收客戶代價。預期未能於本 集團正常經營週期內結算的合約負 債，根據本集團向客戶轉移貨品或 服務的最早責任分類為流動或非流 動。

296 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

30. CONTRACT BALANCES (CONTINUED)

30. 合約結餘（續）

(b) Contract liabilities (Continued)

(b) 合約負債（續）

Movements in the contract liabilities during the year are as follows:

年內，合約負債的變動情況如下：

年內，合約負債的變動情況如下： Movements in the contract liabilities during the year are as follows:	年內，合約負債的變動情況如下： Movements in the contract liabilities during the year are as follows:
2025 2024 2025年 2024年 RMB’000 RMB’000 人民幣千元 人民幣千元
Balance as at 1 January 於1月1日的結餘 10,426 9,146 Decrease in contract liabilities as a result of recognising revenue during the year that was included in the contract liabilities at beginning of year 年內確認於年初計入合約負債的 收益導致的合約負債減少 (6,524) (4,558) Increase in contract liabilities as a result of cash received, excluding amounts recognised during the year 已收現金（不包括年內已確認金額） 導致的合約負債增加 4,666 5,838 Disposal of a subsidiary (Note 45) 出售一家附屬公司（附註45） (8,568) –
Balance as at 31 December 於12月31日的結餘 –	10,426

The Group typically agrees to a one year retention period for 5–10% of the contract value.

本集團通常同意留置合約價值的 5% 至 10% 一年。

Following the disposal of Xi'an Tiantai on 31 December 2025, the Group will have no contract liabilities related to lottery software systems and equipment beyond 2025.

於 2025 年 12 月 31 日出售西安天泰 後，本集團於 2025 年之後將無與 彩票軟件系統及設備相關的合約負 債。

Annual Report 2025 年報 297

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

31. BANK AND OTHER BORROWINGS

31. 銀行及其他借款

	2025 2024 2025年 2024年 RMB’000 RMB’000 人民幣千元 人民幣千元
Bank borrowings (Note a)	銀行借款（附註a）
Secured and guaranteed	有抵押及有擔保 36,018 9,000
Unsecured and guaranteed	無抵押及有擔保 5,000 14,000
Unsecured and unguaranteed	無抵押及無擔保 65,000 64,500
	106,018 87,500
Other borrowing (Note b)	其他借款（附註b） 18,820 –
Carryingamounts repayable	應償還賬面值 124,838 87,500
Within one-year or on demand	一年內或按要求償還 124,838 87,500

(a) Bank borrowings

(a) 銀行借款

The amount of banking facilities and the utilisation as at 31 December 2025 and 2024 are set out as follows:

於 2025 年及 2024 年 12 月 31 日的 銀行融資金額及其動用情況載列如 下：

2025 2025年 RMB’000 人民幣千元	2024 2024年 RMB’000 人民幣千元
Facilities granted 獲授融資 108,000 112,500 Less: facilities utilised 減：已動用融資 (106,018) (87,500)
Unused facilities 未動用融資 1,982 25,000

298 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

31. BANK AND OTHER BORROWINGS (CONTINUED)

31. 銀行及其他借款（續）

(a) Bank borrowings (Continued)

(a) 銀行借款（續）

Unsecured and unguaranteed

無抵押及無擔保

Bank loans with carrying amounts of approximately RMB65,000,000 (2024: RMB64,500,000) carry at fixed interest rates ranged from 2.60% to 4.80% per annum (2024: 3.00% to 4.30% per annum) as at 31 December 2025.

於 2025 年 12 月 31 日，賬面值約 人民幣 65,000,000 元（ 2024 年： 人民幣 64,500,000 元）的銀行貸 款，按固定年利率介乎 2.60% 至 4.80% （ 2024 年：年利率 3.00% 至 4.30% ）計息。

Unsecured and guaranteed

無抵押及有擔保

Bank loans with unsecured and guaranteed, with carrying amounts of approximately RMB5,000,000 (2024: RMB14,000,000) carry at fixed interest rates ranged from 2.70% to 3.80% (2024: 3.30% to 3.70%) per annum as at 31 December 2025. As at 31 December 2025, the guaranteed bank borrowing was guaranteed by a subsidiary within the Group of approximately RMB5,000,000 (2024: RMB14,000,000).

於 2025 年 12 月 31 日，賬面值約 人民幣 5,000,000 元（ 2024 年： 人民幣 14,000,000 元）的無抵押 及有擔保之銀行貸款，按固定年 利率介乎 2.70% 至 3.80% （ 2024 年： 3.30% 至 3.70% ）計息。 於 2025 年 12 月 31 日，有擔保銀行借 款乃由本集團旗下一家附屬公司擔 保，金額約為人民幣 5,000,000 元（ 2024 年：人民幣 14,000,000 元）。

Annual Report 2025 年報 299

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

31. BANK AND OTHER BORROWINGS (CONTINUED)

31. 銀行及其他借款（續）

(a) Bank borrowings (Continued)

(a) 銀行借款（續）

Secured and guaranteed

有抵押及有擔保

At 31 December 2025, a bank loan with carrying amount of approximately RMB36,018,000 (2024: RMB9,000,000) bearing fixed interest rates of 2.65% to 3.0% per annum (2024: 3.0%), are secured by the Group’s property, plant and equipment of RMB16,251,000 (2024: RMB17,126,000).

於 2025 年 12 月 31 日，賬面值約人 民幣 36,018,000 元（ 2024 年：人 民幣 9,000,000 元）之銀行貸款按 固定年利率 2.65% 至 3.0% （ 2024 年： 3.0% ）計息，以本集團物業、 廠房及設備人民幣 16,251,000 元 （ 2024 年：人民幣 17,126,000 元） 作抵押。

As at 31 December 2025, bank facilities o f a p p r o x i m a t e l y R M B2 5 ,0 0 0 ,0 0 0 (2 0 2 4 : RMB19,000,000) are subjected to the fulfilment of covenants relating to certain of a subsidiary’s balance sheet ratios, as are commonly found in lending arrangements with financial institutions. If the Group were to breach the covenants the drawn down facilities would become payable on demand. The Group regularly monitors its compliance with these covenants. Throughout the Reporting Period of year ended 31 December 2025 and 2024, the Group has complied with the covenants relating to drawn down facilities.

於 2025 年 12 月 31 日，銀行融資約 人民幣 25,000,000 元（ 2024 年： 人民幣 19,000,000 元）須達成與金 融機構的貸款安排中常見的有關若 干附屬公司資產負債表比率的契諾 後方可作實。倘本集團違反契諾， 所提取融資將須按要求償還。本集 團定期監控其遵守該等契諾的情 況。於截至 2025 年及 2024 年 12 月 31 日止年度整個報告期間，本集團 一直遵守有關提取融資之契諾。

(b) Other borrowing

(b) 其他借款

Except for the interest payable of RMB320,000, the Group has a borrowing of RMB18,500,000 from an independent third party, bearing interest at a fixed rate of 7% per annum. This borrowing is secured by shares of the Company with a market value of RMB18,500,000 as at 31 December 2025, which were pledged by three controlling shareholders of the Company on 25 June 2025.

除應付利息人民幣 320,000 元外， 本集團有來自一名獨立第三方的 借款人民幣 18,500,000 元，按 固定年利率 7% 計息。於 2025 年 12 月 31 日，該借款以市值人民幣 18,500,000 元的本公司股份作抵 押，該等股份由本公司三名控股股 東於 2025 年 6 月 25 日予以質押。

300 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

32. DEFERRED TAX

32. 遞延稅項

	Deferred tax assets 遞延稅項資產 Expected credit loss provision 預期信貸 虧損撥備 RMB’000 人民幣千元	Deferred tax liabilities 遞延稅項負債 Revaluation of intangible assets Total 無形資產重估 總計 RMB’000 RMB’000 人民幣千元 人民幣千元
At 1 January 2024 於2024年1月1日 Charged to profit or loss (Note 13) 於損益支銷（附註13）	1,868 –	(244) 1,624 84 84
At 31 December 2024 and 1 January 2025 於2024年12月31日及 2025年1月1日 (Credit)/charged to profit or loss (Note 13) 於損益（計入）╱支銷 （附註13） Acquisition of a subsidiary (Note 44) 收購一家附屬公司 （附註44） Disposal of a subsidiary (Note 45) 出售一家附屬公司 （附註45）	1,868 (160) 1,708 (1,296) 73 (1,223) – (145) (145) – 105 105
At 31 December 2025 於2025年12月31日	572 (127) 445

For the purpose of presentation in the consolidated statement of financial position, certain deferred tax assets and liabilities have been offset. The following is the analysis of the deferred tax balances for financial reporting purposes:

為呈列綜合財務狀況表，若干遞延稅項 資產及負債已予抵銷。以下為就財務報 告目的之遞延稅項結餘分析：

the analysis of the deferred reporting purposes:	tax balances for financial
	2025	2024
	2025年	2024年
	RMB’000	RMB’000
	人民幣千元	人民幣千元
Deferred tax assets	遞延稅項資產 572	1,868
Deferred tax liabilities	遞延稅項負債 (127)	(160)
	445	1,708

Annual Report 2025 年報 301

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

32. DEFERRED TAX (CONTINUED)

32. 遞延稅項（續）

No deferred tax asset has been recognised in respect of the unused tax losses amounted approximately RMB36,154,000 (2024: RMB16,623,000) arising in PRC as at 31 December 2025 due to the unpredictability of future profit streams. The unused tax losses can be expired in five years.

由於未來溢利流難以預測，故本集團概 無就於 2025 年 12 月 31 日於中國產生之 未動用稅項虧損約人民幣 36,154,000 元 （ 2024 年： 人民幣 16,623,000 元）確 認遞延稅項資產。該等未動用稅項虧損 可能於五年內到期。

As at 31 December 2025, the aggregate amount of temporary differences associated with investments in subsidiaries for which deferred tax liabilities have not been recognised total approximately RMB197,257,000 (2024: RMB268,195,000), as the Directors consider that timing of reversal of the related temporary differences can be controlled and it is probable that such differences will not be reversed in the foreseeable future.

於 2025 年 12 月 31 日，與於附屬公司 之投資相關且並無就此確認遞延稅項 負債的暫時差額累計總額為約人民幣 197,257,000 元（ 2024 年： 人民幣 268,195,000 元），蓋因董事認為相關暫 時差額的撥回時間無法控制且有關差額 可能於可見未來將不會獲撥回。

As at 31 December 2025, the Group had deductible temporary differences of approximately RMB28,767,000 (2024: RMB17,685,000) arising from impairment losses on trade receivables. No deferred tax asset (2024: Nil) has been recognised in respect of impairment losses on trade receivables as the Group generates losses during the year and it is such differences will not be reversed in the foreseeable future.

於 2025 年 12 月 31 日，本集團自貿易應 收款項之減值虧損產生的可扣減暫時差 額為約人民幣 28,767,000 元（ 2024 年： 人民幣 17,685,000 元）。並無就貿易 應收款項之減值虧損確認遞延稅項資產 （ 2024 年：無），蓋因本集團於年內產生 虧損，及有關差額將不會於可見未來撥 回。

302 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

33. SHARE CAPITAL

33. 股本

SHARE CAPITAL		33.	股	本
				Number of
				shares	Amount
				股份數目	金額
					RMB’000
					人民幣千元
Authorised	法定
At 1 January 2024, 31 December 2024,	於2024年1月1日、2024年12月31日、
1 January 2025 and 31 December 2025 of		2025年1月1日及2025年12月31日
US$0.001 each		每股0.001美元		2,000,000,000	13,916
Issued and fully paid:	已發行及繳足：
At 1 January 2024, 31 December 2024, 1	於2024年1月1日、2024年12月31日、
January 2025 and 31 December 2025 of		2025年1月1日及2025年12月31日
US$0.001 each		每股0.001美元		1,500,000,000	10,349
Note:			附註：
(i) Movements in the number of treasury shares held for			(i)	就獎勵股份持有的庫存股份數目的變動
awarded shares are set out in Note	35.			載於附註35。

Annual Report 2025 年報 303

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

34. RESERVES

34. 儲備

Details of the movements on the Group’s reserves are set out in the consolidated statement of changes in equity.

本集團儲備變動詳情載於綜合權益變動 表。

Movements on the Company’s reserves are as follows:

本公司儲備變動如下：

			Shares
			held
			under the
			share
		Share	award	Accumulated	Translation
		premium	scheme	losses	reserve	Total
			股份獎勵計劃
		股份溢價	項下持有之股份	累計虧損	匯兌儲備	總計
		RMB’000	RMB’000	RMB’000	RMB’000	RMB’000
		人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元
		(Note (a))	(Note (f))	(Note (e))	(Note (d))
		（附註(a)）	（附註(f)）	（附註(e)）	（附註(d)）
At 1 January 2024	於2024年1月1日	199,398	(7,167)	(38,768)	1,306	154,769
Loss for the year	年內虧損	–	–	(4,882)	–	(4,882)
Other comprehensive income for	年內其他全面收入
the year		–	–	–	5,535	5,535
At 31 December 2024 and	於2024年12月31日及
1 January 2025	2025年1月1日	199,398	(7,167)	(43,650)	6,841	155,422
Loss for the year	年內虧損	–	–	(4,419)	–	(4,419)
Other comprehensive income for	年內其他全面收入
the year		–	–	–	(6,626)	(6,626)
At 31 December 2025	於2025年12月31日	199,398	(7,167)	(48,069)	215	144,377

(a) Share premium

(a) 股份溢價

Share premium represented the amount subscribed for share capital in excess of nominal value.

股份溢價指認購股本的金額超出面 值部分。

304 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

34. RESERVES (CONTINUED)

34. 儲備（續）

(b) Other reserve

(b) 其他儲備

It represents difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the Company.

其代表非控股權益的調整金額與直 接於權益中確認並歸屬於本公司擁 有人的已付或已收代價的公平價值 之間的差額。

(c) Statutory reserve

(c) 法定儲備

In accordance with the relevant regulation in PRC, a subsidiary operating in the PRC is required to transfer 10% of its profits after tax, as determined under the accounting regulations in the PRC, to the statutory surplus reserve, until the balance of the fund reaches 50% of its respective registered capital. The statutory surplus reserve is non-distributable, and is subject to certain restrictions set out in the relevant regulations in the PRC. This reserve can be used either to offset against accumulated losses or be capitalised as paid-up capital. However, such balance of the statutory surplus reserve must be maintained at a minimum of 25% of paid-up capital after the above usages.

根據中國相關規例，於中國經營的 附屬公司須轉撥其根據中國會計規 例所釐定的 10% 除稅後溢利予法定 盈餘儲備，直至資金結餘達到其各 自註冊資本的 50% 。法定盈餘儲備 屬不可分派且須遵守若干載於中國 相關規例的限制。該儲備可用作抵 銷累計虧損或資本化為實收資本。 然而，用於上述用途後之有關法定 盈餘儲備結餘須維持於最低實收資 本的 25% 。

(d) Translation reserve

(d) 匯兌儲備

It comprises all foreign exchange differences arising from the translation of the financial statements of operations with functional currency other than RMB.

其包括換算以除人民幣之外的功能 貨幣到值的業務財務報表所產生的 所有匯兌差額。

(e) (Accumulated losses)/retained earnings

(e) （累計虧損）╱保留盈利

It represents cumulative net (losses)/profit recognised in the consolidated statement of profit or loss and other comprehensive income.

其指於綜合損益及其他全面收入表 確認的累計淨利潤╱（虧損）。

Annual Report 2025 年報 305

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

34. RESERVES (CONTINUED)

34. 儲備（續）

• (f) Shares held under the share award scheme reserve

(f) 股份獎勵計劃儲備項下持有 之股份

It represents payments by the Group to the trustee of the Share Award Scheme (as defined in Note 35), net off with the vested portion to selected employees who have been awarded shares under the Share Award Scheme. Details of the share award scheme is set out in Note 35.

其指本集團向股份獎勵計劃（定義 見附註 35 ）的受託人支付的款項， 扣除已歸屬予根據股份獎勵計劃獲 授股份的選定僱員的部份。有關股 份獎勵計劃的詳情載於附註 35 。

35. SHARE AWARD SCHEME

3 5 . 股份獎勵計劃

On 17 January 2023, the Company has adopted a share award scheme (“ Share Award Scheme ”) as an incentive to recognise the contributions by certain eligible participants, which include any employee, officer or director of any member of the Group (the “ Selected Employees ”), and to provide them with incentives in order to retain them for the continual operation and development of the Group as well as to attract suitable personnel for further development of the Group pursuant to the terms of the scheme rules and trust deed of the Share Award Scheme. The Share Award Scheme became effective on the adoption date and, unless otherwise terminated or amended, will remain in force for a term of 10 years commencing on the adoption date.

於 2023 年 1 月 17 日，本公司採納一項股 份獎勵計劃（「 股份獎勵計劃 」），作為獎 勵以表彰若干合資格參與者所作出的貢 獻（該等參與者包括本集團任何成員公司 的任何僱員、行政人員或董事（「 選定僱 員 」）），及根據計劃規則及股份獎勵計劃 信託契據的條款向彼等提供獎勵以挽留 彼等繼續經營及發展本集團以及為本集 團進一步發展吸引合適人才。股份獎勵 計劃已於採納日期生效，及（除非另行終 止或修訂）將於採納日期起計十年期間內 維持有效。

The aggregate number of the awarded shares (the “ Awarded Shares ”) permitted to be awarded under the Share Award Scheme throughout the duration of the Share Award Scheme is limited to 10% of the issued share capital of the Company as at the date on which the Share Award Scheme is adopted by the Company. When a selected employee has satisfied all vesting conditions, which might include service and/or performance conditions specified by the board of directors of the Company at the time of making the award and become entitled to the shares of the Company forming the subject of the award, the trustee shall transfer the relevant Awarded Shares to that employee in accordance with the terms of the Share Award Scheme.

於股份獎勵計劃存續期間根據股份獎勵 計劃獲准授出的獎勵股份（「 獎勵股份 」） 總數不得超過於本公司採納股份獎勵計 劃之日本公司已發行股本之 10% 。當選 定僱員符合所有歸屬條件（可能包括本 公司董事會於作出獎勵之時規定的服務 及╱或績效條件）及有權享有獎勵所涉及 之本公司股份時，受託人應根據股份獎 勵計劃的條款將相關獎勵股份轉讓予該 僱員。

306 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

35. SHARE AWARD SCHEME (CONTINUED)

35. 股份獎勵計劃（續）

During the year ended 31 December 2023, based on the Company’s instruction, the trustee acquired 14,864,000 shares of HK$0.55 each since the adoption of the scheme in the Company for the Share Award Scheme through purchases in the open market and off-market at a total cost of approximately HK$55,000, including related transaction costs since the adoption of the scheme. As at 31 December 2025 and 2024, 14,864,000 outstanding Awarded Shares are held by the Trustee of the Share Award Scheme for relevant grantees and have yet to be awarded.

於截至 2023 年 12 月 31 日止年度，按本 公司之指示，受託人自採納股份獎勵計 劃以來透過於公開市場及市場外買入就 該計劃收購 14,864,000 股本公司每股面 值 0.55 港元的股份，總成本為約 55,000 港元（包括自採納該計劃以來的相關交 易費用）。於 2025 年及 2024 年 12 月 31 日，股份獎勵計劃之受託人為相關承授 人持有 14,864,000 股發行在外獎勵股 份，該等股份尚未授出。

During the year ended 31 December 2025 and 2024, no shares were acquired by the trustee based on the Company’s instruction.

於截至 2025 年及 2024 年 12 月 31 日止年 度，受託人並無根據本公司指示收購股 份。

No share award had been granted or agreed to be granted by the Company since the adoption of the scheme (2024: Nil).

自採納該計劃以來本公司概無授出或同 意授出任何股份獎勵（ 2024 年：無）。

No share award expense had been recognised since the adoption of the scheme (2024: Nil).

自採納該計劃以來概無確認任何股份獎 勵開支（ 2024 年：無）。

Movements in the number of treasury shares held for awarded shares for the years ended 31 December 2025 and 2024 are as follows:

截至 2025 年及 2024 年 12 月 31 日止年度 就獎勵股份持有的庫存股份數目變動情 況如下：

and 2	0	24 are as foll	ows	:	況如下：
					2025	2024
					2025年	2024年
					Number of	Number of
					shares	shares
					股份數目	股份數目
As at	1	Januaryand	31	December	於1月1日及12月31日 14,864,000	14,864,000

Annual Report 2025 年報 307

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

36. HOLDING COMPANY STATEMENT OF FINANCIAL POSITION

36. 控股公司財務狀況表

36.控股公司財務狀 HOLDING COMPANY STATEMENT OF FINANCIAL POSITION	況表
2025 2025年 Notes RMB’000 附註 人民幣千元	2024 2024年 RMB’000 人民幣千元
ASSETS AND LIABILITIES 資產及負債 Non-current assets 非流動資產 Investment in subsidiaries 於附屬公司之投資 –*	–*
–	–
Current assets 流動資產 Prepayments 預付款項 15,429 Amounts due from subsidiaries 應收附屬公司款項 140,031 Cash and cash equivalents 現金及現金等價物 1,147	17,353 143,804 6,524
156,607	167,681
Total assets 資產總值 156,607	167,681
Current liabilities 流動負債 Other payables 其他應付款項 1,451 Amounts due to subsidiaries 應付附屬公司款項 430	1,910 –
1,881	1,910
Net current assets 流動資產淨值 154,726	165,771
Net assets 資產淨值 154,726	165,771
Equity 權益 Share capital 股本 33 10,349 Reserves 儲備 34 144,377	10,349 155,422
TOTAL EQUITY 權益總額 154,726	165,771

• Represents the amount less than RMB1,000.

• 指少於人民幣 1,000 元的金額。

On behalf of the board of directors 代表董事會

Mr. Chen Ping

陳平先生 Director 董事

Mr. Tian Huan

田歡先生 Director 董事

308 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

37. PARTICULARS OF SUBSIDIARIES

37. 附屬公司詳情

The following are the details of the Company’s subsidiaries as at 31 December 2025:

本公司附屬公司於 2025 年 12 月 31 日的 詳情如下：

	Country and date
	of incorporation/
	establishment
	and form of		Attributable		Principal activities
	business	Issued and paid	equity		and place
Name	structure	up share capital	interest		of operations
	註冊成立╱成立國家及
名稱	日期以及業務結構形式	已發行及繳足股本	應佔股本權益		主營業務及營業地點
			Direct	Indirect
			直接	間接
Rego International	British Virgin Islands	United States	100%	–	Investment holding
Holdings Limited	15 August 2017	Dollars			in Hong Kong
(“Rego BVI”)	Limited liability	(“US$”)1
	company
潤歌國際控股有限公司	英屬處女群島	1美元（「美元」）	100%	–	於香港投資控股
（「潤歌BVI」）	2017年8月15日
	有限公司
Vicen International	Hong Kong	Hong Kong Dollars	100%	–	Investment holding
Holdings (Hong Kong)	4 August 2017	(“HK$”)1			in Hong Kong
Limited (“Vicen HK”)	Limited liability
	company
緯晨國際控股（香港）有限公司	香港	1港元（「港元」）	100%	–	於香港投資控股
（「緯晨HK」）	2017年8月4日
	有限公司
Rego Investments Limited	Hong Kong	HK$1	–	100%	Investment holding
(“Rego HK”)	4 September 2017				in Hong Kong
	Limited liability
	company
潤歌投資有限公司（「潤歌HK」）	香港	1港元	–	100%	於香港投資控股
	2017年9月4日
	有限公司

Annual Report 2025 年報 309

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

37. PARTICULARS OF SUBSIDIARIES (CONTINUED)

37. 附屬公司詳情（續）

	Country and date
	of incorporation/
	establishment
	and form of		Attributable		Principal activities
	business	Issued and paid	equity		and place
Name	structure	up share capital	interest		of operations
	註冊成立╱成立國家及
名稱	日期以及業務結構形式	已發行及繳足股本	應佔股本權益		主營業務及營業地點
			Direct	Indirect
			直接	間接
Hangzhou Rego Network	PRC	RMB15,000,000	–	100%	Corporate
Company Limited	25 June 2009				digitalisation
(“Hangzhou Rego”)#	Limited liability				solution services
(杭州潤歌網絡有限公司)	company				and industry
					digitalisation
					solution services
					in the PRC
杭州潤歌網絡有限公司	中國	人民幣15,000,000元	–	100%	於中國的企業數字化服務
（「杭州潤歌」）#	2009年6月25日				及行業數字化服務
	有限公司
Hangzhou Runsheng Network	PRC	RMB10,000,000	–	100%	Corporate
Technology Company	16 November 2017				digitalisation
Limited (“Hangzhou	Limited liability				solution services in
Runsheng”)	company				the PRC
(杭州潤升網絡科技有限公司)
杭州潤升網絡科技有限公司	中國	人民幣10,000,000元	–	100%	於中國的企業數字化服務
（「杭州潤升」）	2017年11月16日
	有限公司
Hainan Rego Network	PRC	RMB1,000,000	–	100%	Corporate
Technology Company	22 July 2019				digitalisation
Limited (“Hainan Rego”)	Limited liability				solution services in
(海南潤歌網絡科技有限公司)	company				the PRC
海南潤歌網絡科技有限公司	中國	人民幣1,000,000元	–	100%	於中國的企業數字化服務
（「海南潤歌」）	2019年7月22日
	有限公司

310 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

37. PARTICULARS OF SUBSIDIARIES (CONTINUED)

37. 附屬公司詳情（續）

	Country and date
	of incorporation/
	establishment
	and form of		Attributable		Principal activities
	business	Issued and paid	equity		and place
Name	structure	up share capital	interest		of operations
	註冊成立╱成立國家及
名稱	日期以及業務結構形式	已發行及繳足股本	應佔股本權益		主營業務及營業地點
			Direct	Indirect
			直接	間接
Xi’an Tiantai Innovation	PRC	RMB10,000,000	–	N/A	Solutions on lottery
Technology Company	13 June 2007			(Note 45)	related software
Limited (“Xi’an Tiantai”)	Limited liability			(2024:	systems and
(西安天泰創新科技有限公司)	company			100%)	equipment in the
					PRC
西安天泰創新科技有限公司	中國	人民幣10,000,000元	–	不適用	於中國的彩票相關軟件系
（「西安天泰」）	2007年6月13日			（附註45）	統及設備解決方案
	有限公司			（2024年：
				100%）
Hangzhou Runying	PRC	RMB1,000,000	–	100%	Corporate
Network Technology	13 April 2021				digitalisation
Company Limited*	Limited liability				solution services
(“Hangzhou Runying”)	company				in the PRC
(杭州潤螢網絡科技有限公司)
杭州潤螢網絡科技有限公司	中國	人民幣1,000,000元	–	100%	於中國的企業數字化服務
（「杭州潤螢」）	2021年4月13日
	有限公司
Yuncaitong Technology	PRC	RMB50,000,000	–	–	Corporate
(Beijing) Company Limited	7 March 2016			(2024:	digitalisation
(“Yuncaitong”)	Limited liability			100%	solution services in
(雲彩通科技（北京）有限公司)	company				the PRC
雲彩通科技（北京）有限公司	中國	人民幣50,000,000元	–	–	於中國的企業數字化服務
（「雲彩通」）	2016年3月7日			（2024年：
	有限公司			100%）
Zhejiang Rego Investment	PRC	RMB50,000,000	–	100%	Investment holding in
Limited	19 October 2022				the PRC
(浙江潤歌股權投資有限公司)	Limited liability
	company
浙江潤歌股權投資有限公司	中國	人民幣50,000,000元	–	100%	於中國投資控股
	2022年10月19日
	有限公司

Annual Report 2025 年報 311

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

37. PARTICULARS OF SUBSIDIARIES (CONTINUED)

37. 附屬公司詳情（續）

	Country and date
	of incorporation/
	establishment
	and form of		Attributable		Principal activities
	business	Issued and paid	equity		and place
Name	structure	up share capital	interest		of operations
	註冊成立╱成立國家及
名稱	日期以及業務結構形式	已發行及繳足股本	應佔股本權益		主營業務及營業地點
			Direct	Indirect
			直接	間接
Yangtze River Delta	PRC	RMB10,000,000	–	100%	Corporate
Demonstration Zone	12 April 2011				digitalisation
(Shanghai) ASMKT Network	Limited liability				solution services in
Technology Co., Ltd	company				the PRC
(長三角一體化示範區（上海）
在贏端網絡科技有限公司)
長三角一體化示範區（上海）在	中國	人民幣10,000,000元	–	100%	於中國的企業數字化
贏端網絡科技有限公司	2011年4月12日				服務
	有限公司
Zhejiang Qirun Network Co.,	PRC	RMB10,000,000	–	51%	Corporate
Ltd (“Zhejiang Qirun”)	16 January 2024				digitalisation
(浙江啟潤網絡有限公司)	Limited liability				solution services
	company				in the PRC
浙江啟潤網絡有限公司	中國	人民幣10,000,000元	–	51%	於中國的企業數字化服務
（「浙江啟潤」）	2024年1月16日
	有限公司
Hangzhou Runyao	PRC	RMB1,000,000	–	55%	Corporate
Technology Co. Ltd.	25 November 2024			(2024:	digitalisation
(“Hangzhou Runyao”) (杭州潤爻科技有限公司)	Limited liability company			100%)	solution services in the PRC
杭州潤爻科技有限公司	中國	人民幣1,000,000元	–	55%	於中國的企業數字化服務
（「杭州潤爻」）	2024年11月25日			（2024年：
	有限公司			100%）
Caipingfang Technology	PRC	RMB60,960,500	–	100%	Industry digitalisation
Co., Ltd. (“Caipingfang”)	11 June 2020			(Note 44)	solution services
(彩平方科技有限公司)	Limited liability			(2024:	in the PRC
	company			N/A)
彩平方科技有限公司	中國	人民幣60,960,500元	–	100%	於中國的行業數字化服務
（「彩平方」）	2020年6月11日			（附註44）
	有限公司			（2024年：
				不適用）

312 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

38. RELATED PARTY TRANSACTIONS

38. 關聯方交易

(a) Related party transactions

(a) 關聯方交易

Save as disclosed elsewhere in the consolidated financial statements, the Group had the following material transactions with related party during the year:

除該等綜合財務報表其他地方所披 露者外，本集團年內與關聯方有下 列重大交易：

year:
Name of		Nature of
related party	Relationship	transactions 2025	2024
關聯方名稱	關係	交易性質 2025年	2024年
		RMB’000	RMB’000
		人民幣千元	人民幣千元
Zhejiang Yuexiang	Related company	Revenue from tangible 155	25
浙江悅享	關聯公司	goods sourcing and delivery service 實物商品採購及交付服務所得
		收益 Purchases for tangible goods sourcing and delivery service 96 購買實物商品採購及交付服務	1,802

Note: The above related party transactions were conducted in accordance with terms mutually agreed between the parties.

附註： 以上關聯方交易按各方一致同 意的條款進行。

Annual Report 2025 年報 313

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

38. RELATED PARTY TRANSACTIONS (CONTINUED)

38. 關聯方交易（續）

(b) Compensation of key management personnel

(b) 主要管理人員報酬

Remuneration for directors and senior management of the Group as disclosed in Note 12(a), is as follows:

附註 12(a) 所披露本集團董事及高 級管理人員的薪酬如下：

follows:
	2025	2024
	2025年	2024年
	RMB’000	RMB’000
	人民幣千元	人民幣千元
Salaries and allowances	薪金及津貼 1,722	2,661
Discretionary bonus	酌情花紅 180	130
Contributions to defined	向定額供款退休計劃作出的供款
contribution retirementplan	351	424
	2,253	3,215

39. MATERIAL INTERESTS OF DIRECTORS IN TRANSACTIONS, ARRANGEMENTS OR CONTRACTS

39. 董事於交易、安排或合約的重 大權益

Except as disclosed in Note 38 to the consolidated financial statements, no contracts of significance to which the Company’s subsidiaries was a party and in which a director of the Company or an entity connected with a director had a material interest, whether directly or indirectly, subsisted during or at the end of the financial year.

除綜合財務報表附註 38 所披露者外，概 無由本公司附屬公司訂立且本公司董事 或董事關連實體於其中擁有重大權益（不 論直接或間接）的於財政年度期間或財政 年度末仍存續的重大合約。

314 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

40. NOTE SUPPORTING CONSOLIDATED STATEMENT OF CASH FLOWS

40. 綜合現金流量表附註

Reconciliation of liabilities arising from financing activities

融資活動所產生負債的對賬

Reconciliation of liabilities arising from financing activities 融資活動所產生負債的對賬	Reconciliation of liabilities arising from financing activities 融資活動所產生負債的對賬	Reconciliation of liabilities arising from financing activities 融資活動所產生負債的對賬
Lease liabilities Bank and other borrowings Amounts due to related parties 租賃負債 銀行及其他借款 應付關聯方款項 RMB’000 RMB’000 RMB’000 人民幣千元 人民幣千元 人民幣千元 (Note 19(b)) (Note 31) (Note 26) （附註19(b)） （附註31） （附註26）
As at 1 January 2025 於2025年1月1日 6,545 87,500 6,301 Changes from cash flows: 現金流量變動： Proceeds from borrowings 借款所得款項 – 135,338 – Repayments of borrowings 償還借款 – (92,500) – Advance to a related party 向一名關聯方之墊款 – – (3,502) Advance from a related party 來自一名關聯方之墊款 – – 2,500 Repayments to a related party 向一名關聯方之還款 – – (6,301) Repayments of principal portion of lease liabilities 償還租賃負債的 本金部分 (718) – – Interestpaid 已付利息 (99) (3,952) –
Total changes from cash flows 現金流量變動總額 (817) 38,886 (7,303)
Other changes: 其他變動： Addition of lease liabilities 新增租賃負債 362 – – Lease modification of lease liabilities 租賃負債的租賃修訂 (3,848) – – Early termination 提前終止 (2,067) – – Disposal of a subsidiary (Note 45) 出售一家附屬公司 （附註45） – (5,500) 4,886 Interest expense 利息開支 99 3,952 –
Total other changes 其他變動總額 (5,454) (1,548) 4,886
As at 31 December 2025 於2025年12月31日 274	124,838	3,884

Annual Report 2025 年報 315

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

40. NOTE SUPPORTING CONSOLIDATED 40. 綜合現金流量表附註（續） STATEMENT OF CASH FLOWS (CONTINUED)

Reconciliation of liabilities arising from 融資活動所產生負債的對賬（續） financing activities (Continued)

				Amount
				due to
		Lease	Bank	a related
		liabilities	borrowings	party
				應付一名
		租賃負債	銀行借款	關聯方款項
		RMB’000	RMB’000	RMB’000
		人民幣千元	人民幣千元	人民幣千元
		(Note 19(b))	(Note 31)	(Note 26)
		（附註19(b)）	（附註31）	（附註26）
As at 1 January 2024	於2024年1月1日	169	156,180	–
Changes from cash flows:	現金流量變動：
Proceeds from borrowings	借款所得款項	–	111,228	–
Repayments of borrowings	償還借款	–	(179,908)	–
Advance from a related party	來自一名關聯方之墊款	–	–	6,301
Repayments of principal	償還租賃負債的
portion of lease liabilities	本金部分	(793)	–	–
Interestpaid	已付利息	(117)	(4,881)	–
Total changes from cash	現金流量變動總額
flows		(910)	(73,561)	6,301
Other changes:	其他變動：
Addition of lease liabilities	新增租賃負債	7,048	–	–
Lease modification of lease	租賃負債的租賃修訂
liabilities		121	–	–
Interest expense	利息開支	117	4,881	–
Total other changes	其他變動總額	7,286	4,881	–
As at 31 December 2024	於2024年12月31日	6,545	87,500	6,301

316 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

41. SUMMARY OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES BY CATEGORY

41. 按類別劃分的金融資產及金融 負債概要

The carrying amounts presented in the consolidated statement of financial position relate to the following categories of financial assets and financial liabilities.

綜合財務狀況表內所列賬面值與下列類 別的金融資產及金融負債有關。

2025 2025年 RMB’000 人民幣千元	2024 2024年 RMB’000 人民幣千元
Financial assets 金融資產 Measured at fair value through profit or loss: 按公平價值計入損益計量： Financial assets at fair value throughprofit or loss 按公平價值計入損益的金融資產 860	9,700
860	9,700
Measured at amortised cost: 按攤銷成本計量： Trade receivables 貿易應收款項 76,611 Deposits and other receivables 按金及其他應收款項 52,099 Amount due from a related party 應收一名關聯方款項 – Restricted bank deposits 受限制銀行存款 651 Cash and cash equivalents 現金及現金等價物 76,062	153,396 33,738 2,494 1,720 138,994
205,423	330,342
Financial liabilities 金融負債 Measured at amortised cost: 按攤銷成本計量： Trade payables 貿易應付款項 30,594 Other payables and accrued expenses 其他應付款項及應計費用 17,650 Amounts due to related parties 應付關聯方款項 3,884 Bank and other borrowings 銀行及其他借款 124,838	27,896 15,251 6,301 87,500
176,966	136,948
Lease liabilities 租賃負債 274	6,545
177,240	143,493

Annual Report 2025 年報 317

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

42. FINANCIAL RISK MANAGEMENT

42. 財務風險管理

The Group is exposed to a variety of financial risks which comprise credit risk, liquidity risk, interest rate risk and currency risk. The Group’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group’s financial performance. Management manages and monitors these exposures to ensure appropriate measures are implemented on a timely and effective manner.

本集團面臨多種財務風險，包括信貸風 險、流動資金風險、利率風險及貨幣風 險。本集團的整體風險管理計劃專注於 金融市場難以預測的因素，並盡量降低 對本集團財務表現造成的潛在不利影 響。管理層管理及監控該等風險，以確 保能及時有效實行合適的措施。

The Group’s financial risk management policy seeks to ensure that adequate resources are available to manage the above risks and to create value for its shareholders. As the directors consider that the Group’s exposure to financial risk is kept at a minimum level, the Group does not hold or issue derivative financial instruments either for hedging or trading purposes.

本集團的財務風險管理政策旨在確保有 充足資源可用於管理上述風險，並為股 東創造價值。由於董事認為本集團的財 務風險維持在最低水平，故本集團並無 持有或發行用作對沖或買賣的衍生金融 工具。

The Group’s financial risk management policy seeks to ensure that adequate resources are available to manage the above risks and to create value for its shareholders.

本集團的財務風險管理政策旨在確保有 充足資源可用於管理上述風險，並為股 東創造價值。

(a) Credit risk

(a) 信貸風險

The Group’s credit risk is primarily attributable to its trade receivables, contract assets, deposits and other receivables, refundable earnest money and deposits with banks and financial institutions. Management has a credit policy in place and the exposures to these credit risks are monitored on an ongoing basis.

本集團的信貸風險主要來自其貿易 應收款項、合約資產、按金及其他 應收款項、可退回保證金及銀行及 金融機構存款。管理層訂有信貸政 策，並持續監控該等信貸風險。

318 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

42. FINANCIAL RISK MANAGEMENT (CONTINUED)

42. 財務風險管理（續）

(a) Credit risk (Continued)

(a) 信貸風險（續）

In respect of trade and other receivables, individual credit evaluations are performed on all customers requiring credit over a certain amount. These evaluations focus on the customer’s past history of making payments when due and current ability to pay, and take into account information specific to the customers as well as pertaining to the economic environment in which the customers operate. Ongoing credit evaluation is performed on the financial condition of trade customers and, where appropriate, credit guarantee insurance cover is purchased. Trade receivables are due within 5 to 60 days from the date of billing. Normally, the Group does not obtain collateral from customers.

就貿易及其他應收款項而言，本集 團對於所有要求若干信貸金額的客 戶均會進行個別信貸評估。該等評 估主要針對客戶過往到期時的還款 記錄及現時的還付能力，並考慮客 戶的特定資料及客戶所處的經濟環 境的資料。本集團會對貿易客戶的 財務狀況進行持續信貸評估，並在 適當情況下購買信貸擔保保險。貿 易應收款項於發票日期起計 5 至 60 日內到期。本集團一般不會向客戶 收取抵押品。

At 31 December 2025 and 2024, the Group has a concentration of credit risk on trade receivables from 3 and 1 customers respectively. The management of the Group considers the credit risk of the trade receivables from these customers is limited as the Group continuously perform credit evaluation on the financial conditions of these debtors. Given the strong business relationship established with these customers, the regular payments made according to contract terms and the financial capability of these customers, the management of the Group does not expect that there will be any significant credit risk from the non-performance of these customers.

於 2025 年及 2024 年 12 月 31 日， 本集團分別有來自三名及一名客戶 的貿易應收款項的信貸集中風險。 由於本集團持續對此等債務人的財 務狀況進行信貸評估，故本集團管 理層認為來自該等客戶的貿易應收 款項的信貸風險有限。鑒於與該等 客戶建立的穩固業務關係、根據合 約條款作出的定期付款及該等客戶 的財務能力，本集團管理層預期不 會因該等客戶的不履約而產生任何 重大信貸風險。

Annual Report 2025 年報 319

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

42. FINANCIAL RISK MANAGEMENT (CONTINUED)

42. 財務風險管理（續）

(a) Credit risk (Continued)

(a) 信貸風險（續）

The Group measures loss allowances for trade receivables (2024: trade receivables and contract assets) at an amount equal to lifetime ECLs, which is calculated using a provision matrix. As the Group’s historical credit loss experience does not indicate significantly different loss patterns for different customer segments, the loss allowance based on past due status is not further distinguished between the Group’s different customer bases.

本集團使用撥備矩陣按等於全期預 期信貸虧損的金額計量貿易應收款 項（ 2024 年：貿易應收款項及合 約資產）的虧損撥備。由於根據本 集團的過往信貸虧損經驗，不同細 分客戶群發生損失的情況無顯著差 異，因此基於過往逾期資料的虧損 撥備並未進一步區分本集團之不同 客戶群。

2025

2025 年

		Expected loss rate Gross carrying amount Lifetime ECL Net carrying amounts 預期 虧損率 賬面總值 全期預期 信貸虧損 賬面淨值 % RMB’000 RMB’000 RMB’000 % 人民幣千元 人民幣千元 人民幣千元
Current (not past due)	即期（尚未逾期）	1.36% 40,278 (547) 39,731
Less than 1 month past due	逾期一個月內	4.73% 11,568 (547) 11,021
More than 1 month past due	逾期一個月以上但少於三個月
but less than 3 months past
due More than 3 months past due	逾期三個月以上但少於六個月	8.14% 20,811 (1,694) 19,117
but less than 6 months past
due More than 6 months past due	逾期六個月以上但少於一年	30.66% 3,868 (1,186) 2,682
but less than 1 year past due		38.26% 1,069 (409) 660
More than one year past due	逾期一年以上但少於一年半
but less than 1.5 years past
due More than 1.5 years past due	逾期一年半以上但少於兩年	61.20% 987 (604) 383
but less than 2 years past
due		61.21% 7,777 (4,760) 3,017
		86,358 (9,747) 76,611

320 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

42. FINANCIAL RISK MANAGEMENT (CONTINUED)

42. 財務風險管理（續）

(a) Credit risk (Continued)

(a) 信貸風險（續）

2024 2024 年

			Gross		Net
		Expected	carrying	Lifetime	carrying
		loss rate	amount	ECL	amounts
		預期		全期預期
		虧損率	賬面總值	信貸虧損	賬面淨值
		%	RMB’000	RMB’000	RMB’000
		%	人民幣千元	人民幣千元	人民幣千元
Current (not past due)	即期（尚未逾期）	2.03%	118,821	(2,415)	116,406
Less than 1 month past due	逾期一個月內	4.33%	9,820	(425)	9,395
More than 1 month past due	逾期一個月以上但少於三個月
but less than 3 months past
due		8.32%	9,175	(763)	8,412
More than 3 months past due	逾期三個月以上但少於六個月
but less than 6 months past
due		28.66%	4,198	(1,203)	2,995
More than 6 months past due	逾期六個月以上但少於一年
but less than 1 year past due		45.08%	15,723	(7,088)	8,635
More than one year past due	逾期一年以上但少於一年半
but less than 1.5 years past
due		61.80%	15,025	(9,285)	5,740
More than 1.5 years past due	逾期一年半以上但少於兩年
but less than 2 years past
due		62.18%	8,892	(5,493)	3,399
			181,654	(26,672)	154,982

Expected credit loss rates are based on the Group’s historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment which may impact the customers’ ability to repay the outstanding balances in order to estimate the ECLs for the impairment assessment.

預期信貸虧損率乃根據本集團的過 往信貸虧損經驗，並就與債務人及 可能影響客戶償還未償還結餘能力 的經濟環境有關的特定前瞻性因素 作出調整，以就減值評估估計預期 信貸虧損。

In addition, the directors of the Company considered that the presumption of default has occurred when the instrument is more than 90 days past due would be rebutted by considering the expected subsequent and historical repayment from the trade debtors.

此外，本公司董事認為，經考慮來 自貿易債務人的預期後續及歷史還 款，工具逾期超過 90 日則發生違約 的假設將被推翻。

Annual Report 2025 年報 321

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

42. FINANCIAL RISK MANAGEMENT (CONTINUED)

42. 財務風險管理（續）

(a) Credit risk (Continued)

(a) 信貸風險（續）

The Group does not have any significant credit risk exposure to any single counterparty or any group of counterparties having similar characteristics. The Group defines counterparties as having similar characteristics if they are related entities.

本集團並無任何重大信貸風險集中 於任何單一對手方或任何一組特質 相若之對手方。倘彼等為關聯實 體，則本集團將該等對手方定義為 具有相似特徵的對手方。

Deposits and other receivables

按金及其他應收款項

In respect of deposits and other receivables, the Group monitors the exposures and manages deposits and other receivables based on historical settlement records and past experience. At each reporting date, the credit risk on deposits and other receivables have not increased significantly since initial recognition, the Group measures loss allowances for deposits and other receivables at an amount equal to 12-month ECL.

就按金及其他應收款項而言，本集 團根據歷史結算記錄及過往經驗監 控風險及管理按金及其他應收款 項。於各報告日期，按金及其他應 收款項的信貸風險自初步確認以來 尚未大幅增加。本集團按等於 12 個 月的預期信貸虧損的金額計量按金 及其他應收款項的虧損撥備。

		12-month
		ECL not	Lifetime
		credit	ECL credit
		impaired	impaired	Total
		無信貸減值之	信貸減值之
		12個月預期信	全期預期信貸
		貸虧損	虧損	總計
		RMB’000	RMB’000	RMB’000
		人民幣千元	人民幣千元	人民幣千元
As at 1 January 2024	於2024年1月1日	(303)	–	(303)
Reversal of impairment	於損益內確認之減值虧
loss recognised in	損撥回
profit or loss		183	–	183
As at 31 December 2024	於2024年12月31日及
and 1 January 2025	2025年1月1日	(120)	–	(120)
Provision for impairment	於損益內確認之減值虧
loss recognised in	損撥備
profit or loss		(677)	–	(677)
Disposal of a subsidiary	出售一家附屬公司	22	–	22
As at 31 December 2025	於2025年12月31日	(775)	–	(775)

322 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

42. FINANCIAL RISK MANAGEMENT (CONTINUED)

42. 財務風險管理（續）

(a) Credit risk (Continued)

(a) 信貸風險（續）

Deposit with banks and financial institution

銀行及金融機構存款

All bank balances and bank deposits are held at reputable financial institutions and there is no significant concentration risk to a single counterparty and there is no history of defaults from these counterparties. Therefore, ECL rate of the deposits is assessed to be minimal.

所有銀行結餘及銀行存款均存放於 信譽良好的金融機構，不存在對單 一對手方的重大集中風險，該等對 手方亦無違約記錄。因此，存款的 預期信貸虧損率被評估為極低。

Amount due from a joint venture

應收一家合營企業款項

In determining the ECL for amount due from a joint venture, the Group considered the historical default experience and forward-looking information as applicable. The Group concluded that the credit risk associated with these amounts is limited and considered the effect is immaterial.

於釐定應收一家合營企業款項的預 期信貸虧損時，本集團已考慮歷史 違約記錄及前瞻性資料（如適用）。 本集團斷定該等款項相關的信貸風 險有限，並認為其影響並不重大。

Annual Report 2025 年報 323

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

42. FINANCIAL RISK MANAGEMENT (CONTINUED)

42. 財務風險管理（續）

(b) Liquidity risk

(b) 流動資金風險

In the management of liquidity risk, the Group’s policy is to regularly monitor its liquidity requirements in order to maintain sufficient reserve of cash and adequate committed lines of funding from major banks, if necessary, to meet its liquidity requirements in the short and long term. The liquidity policies have been followed by the Group during the year and are considered to have been effective in managing liquidity risk.

本集團管理流動資金風險的政策為 定期監控其流動資金需求的情況， 以維持充足現金儲備，以及從主要 銀行獲得足夠承諾資金額度（如必 要），以滿足其短期及長期流動資 金需求。於年內，本集團一直沿用 該等流動資金政策，並認為有關政 策一直有效管理流動資金風險。

		Carrying amount Total contractual undiscounted cash flow Within one year or on demand Between one to two years 賬面值 合約未貼現 現金流量總額 一年內或按要求 一年至兩年之間 RMB’000 RMB’000 RMB’000 RMB’000 人民幣千元 人民幣千元 人民幣千元 人民幣千元
At 31 December 2025	於2025年12月31日
Trade payables	貿易應付款項	30,594 30,594 30,594 –
Other payables and accrued	其他應付款項及應計費用
expenses		17,650 17,650 17,650 –
Amounts due to related parties	應付關聯方款項	3,884 3,884 3,884 –
Bank and other borrowings	銀行及其他借款	124,838 128,040 128,040 –
Lease liabilities	租賃負債	274 284 200 84
		177,240 180,452 180,368 84

324 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

42. FINANCIAL RISK MANAGEMENT (CONTINUED)

42. 財務風險管理（續）

(b) Liquidity risk (Continued)

(b) 流動資金風險（續）

			Total
			contractual	Within	Between
		Carrying	undiscounted	one year or	one to two
		amount	cash flow	on demand	years
			合約未貼現
		賬面值	現金流量總額	一年內或按要求	一年至兩年之間
		RMB’000	RMB’000	RMB’000	RMB’000
		人民幣千元	人民幣千元	人民幣千元	人民幣千元
At 31 December 2024	於2024年12月31日
Trade payables	貿易應付款項	27,896	27,896	27,896	–
Other payables and accrued	其他應付款項及應計費用
expenses		15,251	15,251	15,251	–
Amount due to a related party	應付一名關聯方款項	6,301	6,301	6,301	–
Bank borrowings	銀行借款	87,500	88,576	88,576	–
Lease liabilities	租賃負債	6,545	7,118	1,523	5,595
		143,493	146,942	141,347	5,595

(c) Interest rate risk

(c) 利率風險

The Group is exposed to cash flow interest rate risk in relation to variable-rate bank balances. The Group currently does not have a policy on cash flow hedges of interest rate risk. However, management monitors interest rate exposure and will consider hedging significant interest rate risk should a need arise.

本集團面臨與浮息銀行結餘有關的 現金流量利率風險。本集團現時並 無制定利率風險的現金流量對沖政 策。然而，管理層會監控利率風 險，並將於需要時考慮對沖重大利 率風險。

Sensitivity analysis

敏感度分析

The sensitivity analysis below has been determined based on the exposure to interest rates for variablerate bank balances. The analysis is prepared assuming that the amount of assets and liabilities outstanding at the end of year were outstanding for the whole year. 25 basis points increase or decrease represent management’s assessment of the reasonably possible change in interest rates of bank balances.

下述敏感度分析乃根據有關浮息銀 行結餘的利率風險釐定。編製分析 時，已假設於年末的未償還資產及 負債金額於整個年度均未償還。上 升或下降 25 個基點為管理層對銀行 結餘的利率合理可能變動進行的評 估。

Annual Report 2025 年報 325

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

42. FINANCIAL RISK MANAGEMENT (CONTINUED)

42. 財務風險管理（續）

(c) Interest rate risk (Continued)

(c) 利率風險（續）

Sensitivity analysis (Continued)

敏感度分析（續）

If interest rates had been 25 basis points higher/ lower and all other variables were held constant, the potential effect on the Group’s post-tax profit or loss for the years ended 31 December 2025 and 2024 is as follows:

倘利率上升╱下降 25 個基點及所有 其他變數保持不變，則對本集團截 至 2025 年及 2024 年 12 月 31 日止 年度的除稅後溢利或虧損的潛在影 響如下：

2024 is as follows:	響如下：
	2025	2024
	2025年	2024年
	RMB’000	RMB’000
	人民幣千元	人民幣千元
Increase/(decrease) in profit	年內溢利增加╱（減少）
for the year
– as a result of increase in	－由於利率上升
interest rate	190	347
– as a result of decrease in	－由於利率下降
interest rate	(190)	(347)

(d) Currency risk

(d) 貨幣風險

The Group operates in the PRC with transactions denominated in RMB. At the end of the financial year, certain bank balances and intercompany balances of the Group are denominated in or linked to foreign currencies, details of which are set out in respective notes, expose the Group to foreign currency risk. The Group currently does not have a foreign currency hedging policy. However, the management monitors foreign exchange exposure and will consider hedging significant foreign currency exposure should the need arise.

本集團於中國經營業務，交易以人 民幣計值。於財政年度末，本集團 的若干銀行結餘及公司間結餘乃以 外幣計值或與外幣掛鈎，有關詳情 載於相關附註，導致本集團承受外 幣風險。本集團現時並無制定外幣 對沖政策。然而，管理層會監控外 匯風險，並將於必要時考慮對沖重 大外幣風險。

326 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

42. FINANCIAL RISK MANAGEMENT (CONTINUED)

42. 財務風險管理（續）

(d) Currency risk (Continued)

(d) 貨幣風險（續）

The carrying amounts of the Group’s monetary assets and liabilities denominated in HK$ at the end of the year are as follows:

本集團以港元計值的貨幣資產及負 債於年末的賬面值載列如下：

of the year are as follows:
2025 2025年 RMB’000 人民幣千元	2024 2024年 RMB’000 人民幣千元
Assets 資產 28,796 Liabilities 負債 2,043	27,934 2,219

Sensitivity analysis

敏感度分析

The following table details the Group’s sensitivity to a 5% increase and decrease in RMB against foreign currencies, the foreign currencies with which the Group may have a material exposure. 5% represents management’s assessment of the reasonably possible change in foreign exchange rate. The sensitivity analysis uses outstanding foreign currency denominated monetary items as a base and adjusts their translation at the end of each Reporting Period for a 5% change in foreign currency rate. A positive number below indicates an increase in profit before tax where foreign currencies strengthen 5% against RMB. For a 5% weakening of foreign currencies against RMB, there would be an equal and opposite impact on profit before tax.

下表詳列本集團對於人民幣兌外幣 （本集團可能面臨重大風險的外幣） 升值及貶值 5% 之敏感度。 5% 代 表管理層對匯率合理可能變動的評 估。敏感度分析使用未結以外幣計 值貨幣項目為基準，並於各報告期 間末就匯率變動 5% 對其換算作出 調整。下列正數顯示當外幣兌人民 幣升值 5% 時除稅前溢利的增加。 外幣兌人民幣貶值 5% 時，將會對 除稅前溢利造成同等相反影響。

Annual Report 2025 年報 327

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

42. FINANCIAL RISK MANAGEMENT (CONTINUED)

42. 財務風險管理（續）

(d) Currency risk (Continued)

(d) 貨幣風險（續）

Sensitivity analysis (Continued)	敏感度分析（續）
	2025	2024
	2025年	2024年
	RMB’000	RMB’000
	人民幣千元	人民幣千元
Increase/(decrease) in profit for	年內溢利增加╱（減少）
the year
– as a result of increase in foreign	－由於匯率上升
currency rate	1,542	1,508
– as a result of decrease in foreign	－由於匯率下降
currencyrate	(1,542)	(1,508)

(e) Capital risk management

(e) 資本風險管理

The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide returns for shareholder and to maintain an optimal capital structure to reduce the cost of capital.

本集團管理資本的目標是保障本集 團持續經營的能力，以為股東提供 回報及維持最佳資本架構，進而削 減資本成本。

The Group manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. No changes in the objectives, policies or processes were made during the year.

本集團管理其資本架構並因應經濟 狀況變化對其作出調整。為維持或 調整資本架構，本集團或會調整支 付予股東的股息款額、返還資本予 股東、發行新股份或出售資產以削 減債務。於年內，有關目標、政策 或程序概無任何變動。

328 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

42. FINANCIAL RISK MANAGEMENT (CONTINUED)

42. 財務風險管理（續）

(e) Capital risk management (Continued)

(e) 資本風險管理（續）

The Group monitors capital risk using debt to equity ratio, which is net debts divided by the capital plus net debt. Net debt is calculated as the total of bank and other borrowings, lease liabilities and amounts due to related parties, and less cash and cash equivalents and restricted bank deposits. Capital represents total equity.

本集團使用債務對權益比率監控資 本風險，債務對權益比率乃按債務 淨額除以資本加債務淨額計算。債 務淨額按銀行及其他借款、租賃負 債及應付關聯方款項的總額減現金 及現金等價物以及受限制銀行存款 計算。資本指權益總額。

	2025 2024 2025年 2024年 RMB’000 RMB’000 人民幣千元 人民幣千元
Total debt Less: Cash and cash equivalents	債務總額 128,996 100,346 減：現金及現金等價物 (76,062) (138,994)
Restricted bank deposits	受限制銀行存款 (651) (1,720)
Net cash Total equity	現金淨額 52,283 (40,368) 權益總額 281,220 358,784
Debt-to-equityratio	債務對權益比率 0.19 (0.11)

(f) Fair value estimation

(f) 公平價值估算

Financial instruments carried at fair value or where fair value was disclosed can be categorised by levels of the inputs to valuation techniques used to measure fair value. The inputs are categorised into three levels within a fair value hierarchy as follows:

金融工具按公平價值列賬或（倘披 露公平價值）可按估值技術用以計 量公平價值的輸入數據層級歸類。 輸入數據乃按下文所述歸類入公平 價值架構內的三個層級：

• Level 1: Quoted prices in active markets for identical assets or liabilities (unadjusted);

• Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices); and

• －第一層： 相同資產或負債於交 投活躍市場的報價

• （未經調整）；

• －第二層： 除第一層所包括的報 價外，該資產或負債 可直接（即作為價格） 或間接（即源自價格） 觀察的輸入數據；及

• Level 3: Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).

• －第三層： 資產或負債並非依據 可觀察市場數據的輸 入數據（即非可觀察 輸入數據）。

Annual Report 2025 年報

329

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

42. FINANCIAL RISK MANAGEMENT (CONTINUED)

42. 財務風險管理（續）

(f) Fair value estimation (Continued)

(f) 公平價值估算（續）

The fair value hierarchy of financial instruments measured at fair value is provided below:

按公平價值計量的金融工具之公平 價值層級如下：

As 31 December 2025

於 2025 年 12 月 31 日

		Level 1 第一層 RMB’000 人民幣千元	Level 2 第二層 RMB’000 人民幣千元	Level 3 第三層 RMB’000 人民幣千元	Total 總計 RMB’000 人民幣千元
Financial assets at FVTPL	按公平價值計入損益之金融資產	–	–	860	860
As 31 December 2024			於2024年12月31日
		Level 1	Level 2	Level 3	Total
		第一層	第二層	第三層	總計
		RMB’000	RMB’000	RMB’000	RMB’000
		人民幣千元	人民幣千元	人民幣千元	人民幣千元
Financial assets at FVTPL	按公平價值計入損益之金融資產	–	–	9,700	9,700

There were no transfers between levels during the period.

期內並無層級之間的轉移。

The valuation techniques and significant unobservable inputs used in determining the fair value measurement of level 3 financial instruments, as well as the interrelationship between key unobservable inputs and fair value, are set out in the table below.

下表列載用於釐定第三層金融工具 之公平價值計量的估值技術及重大 不可觀察的輸入數據，以及關鍵不 可觀察的輸入數據與公平價值之間 的相互關係。

330 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

42. FINANCIAL RISK MANAGEMENT (CONTINUED)

42. 財務風險管理（續）

(f) Fair value estimation (Continued)

(f) 公平價值估算（續）

Fair	Fair
Value	Value		Valuation	Significant	Relationship of
Financial 31 December	31 December	Fair value	technique(s) and	unobservable	unobservable inputs
assets 2025 公平價值	2024 公平價值	hierarchy	key input(s)	input(s)	to fair value	Sensitivity
2025年	2024年		估值技術及	重大不可觀察	不可觀察的輸入數據與
金融資產 12月31日	12月31日	公平價值層級	主要的輸入數據	輸入數據	公平價值的關係	敏感度
RMB’000	RMB’000
人民幣千元	人民幣千元
Unlisted ordinary N/A	1,700	Level 3	Market comparable	(i) N/A (2024: EV/S	(i) N/A (2024: The	(i) N/A (2024: 10% increase in EV/S
shares – (Note 44)			Model; The key inputs	Ratio determined by	higher the EV/S	Ratio would result in increase in fair
Caipingfang			is Enterprise value	reference to a pool	Ratio the higher the	value by approximately RMB230,000
classified as			to sales ratio (“EV/S	of comparable listed	fair value).	while an 10% decrease in EV/S Ratio
financial assets			Ratio”).	companies in the		would result in decrease in fair value
at FVTPL				same industry with	(ii) N/A (2024: The	by approximately RMB220,000).
				median multiple	higher the DLOM
				rate of 3.90).	the lower the fair	(ii) N/A (2024: 10% increase in DLOM
					value).	would result decrease in fair value
				(ii) N/A (2024:		by approximately RMB40,000 while a
				Discount for lack		10% decrease in DLOM would result in
				of marketability		increase in fair value by approximately
				(“DLOM”) of		RMB50,000).
				22.10%).
非上市普通股－彩平 不適用		第三層	市場比較模式；主要的	(i)不適用（2024年：	(i)不適用（2024年：	(i)不適用（2024年：EV/S比率上升10%將導
方（分類為按公平價 （附註44）			輸入數據為企業價值╱	EV/S比率經參考同行	EV/S比率與公平價值	致公平價值增加約人民幣230,000元，而
值計入損益的金融			銷售額比率（「EV/S比	業一組可資比較上市公	呈正比）。	EV/S比率下降10%將導致公平價值減少約
資產）			率」）。	司中位倍率3.90釐定）。	(ii)不適用（2024年：缺乏	人民幣220,000元）。
				(ii)不適用（2024年：缺	市場流通性折讓與公平	(ii)不適用（2024年：缺乏市場流通性
				乏市場流通性折讓（「缺	價值呈反比）。	折讓上升10%將導致公平價值減少約
				乏市場流通性折讓」）		人民幣40,000元，而缺乏市場流通性折讓
				22.10%）。		下降10%將導致公平價值增加約人民幣
						50,000元）。

Annual Report 2025 年報 331

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

42. FINANCIAL RISK MANAGEMENT (CONTINUED)

42. 財務風險管理（續）

(f) Fair value estimation (Continued)

(f) 公平價值估算（續）

Fair	Fair
Value	Value		Valuation	Significant	Relationship of
Financial 31 December	31 December	Fair value	technique(s) and	unobservable	unobservable inputs
assets 2025 公平價值	2024 公平價值	hierarchy	key input(s)	input(s)	to fair value	Sensitivity
2025年	2024年		估值技術及	重大不可觀察	不可觀察的輸入數據與
金融資產 12月31日	12月31日	公平價值層級	主要的輸入數據	輸入數據	公平價值的關係	敏感度
RMB’000	RMB’000
人民幣千元	人民幣千元
Unlisted ordinary –	8,000	Level 3	Market comparable	(i) N/A (2024: EV/S	(i) N/A (2024: The	(i) N/A (2024: 10% increase in EV/S
shares with			Model for the equity	Ratio determined by	higher the EV/S	Ratio would result no effect in fair
redemption			interest; The key	reference to a pool	Ratio the higher the	value while an 10% decrease in EV/S
option			inputs is EV/S Ratio	of comparable listed	fair value).	Ratio would result in no effect in fair
– Mingzhi				companies in the		value).
				same industry with	(ii) N/A (2024: The
				median multiple	higher the DLOM	(ii) N/A (2024: 10% increase in DLOM
				rate of 3.9).	the lower the fair	would result in no change in fair value
					value).	while 10% decrease in DLOM would
				(ii) N/A (2024: DLOM of		result in no change in fair value).
				22.1%).
附帶贖回選擇權的		第三層	就股本權益採用市場比較	(i)不適用（2024年：	(i)不適用（2024年：	(i)不適用（2024年：EV/S比率上升10%將不
非上市普通股			模式；主要輸入數據為	EV/S比率經參考同	EV/S比率與公平價值	會對公平價值產生影響，而EV/S比率下降
－明致			EV/S比率	行業一組可資比較上市	呈正比）。	10%亦不會對公平價值產生影響）。
				公司中位倍率3.9釐
				定）。	(ii)不適用（2024年：缺乏	(ii)不適用（2024年：缺乏市場流通性折讓上升
					市場流通性折讓與公平	10%將不會導致公平價值出現任何變動，而
				(ii)不適用（2024年：缺乏	價值呈反比）。	缺乏市場流通性折讓下降10%亦不會導致公
				市場流通性折讓		平價值出現任何變動）。
				22.1%）。
			Black-Scholes Option	(i) N/A (2024: Volatility	(i) N/A (2024: The	(i) N/A (2024: 10% increase in volatility
			Pricing Model for the	of 26.64%).	higher the volatility	would result in no change in fair value
			Redemption option.		the lower the fair	while an 10% decrease in volatility
				(ii) N/A (2024: Risk-	value).	would result in no change in fair
				free rate of 1.09%).	(ii) N/A (2024: The	value).
					higher the risk-free	(ii) N/A (2024: 10% increase in risk-
					rate the lower the	free rate would result in no change in
					fair value).	fair value, 10% decrease in risk-free
						rate would result in no change in fair
						value).
			就贖回選擇權採用柏	(i)不適用（2024年：	(i)不適用（2024年：	(i)不適用（2024年：波幅上升10%不會
			力克－舒爾斯期權定	波幅26.64%）。	波幅與公平價值呈反	導致公平價值出現任何變動，而波幅下
			價模式。		比）。	降10%亦不會導致公平價值出現任何
				(ii)不適用（2024年：無		變動）。
				風險利率1.09%）。	(ii)不適用（2024年：無
					風險利率與公平價值	(ii)不適用（2024年：無風險利率上升10%
					呈反比）。	不會導致公平價值出現任何變動，而無
						風險利率下降10%亦不會導致公平價值
						出現任何變動）。

332 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

42. FINANCIAL RISK MANAGEMENT (CONTINUED)

42. 財務風險管理（續）

(f) Fair value estimation (Continued)

(f) 公平價值估算（續）

Fair	Fair
Value	Value		Valuation	Significant	Relationship of
Financial 31 December	31 December	Fair value	technique(s) and	unobservable	unobservable inputs
assets 2025 公平價值	2024 公平價值	hierarchy	key input(s)	input(s)	to fair value	Sensitivity
2025年	2024年		估值技術及	重大不可觀察	不可觀察的輸入數據與
金融資產 12月31日	12月31日	公平價值層級	主要的輸入數據	輸入數據	公平價值的關係	敏感度
RMB’000	RMB’000
人民幣千元	人民幣千元
Unlisted ordinary 860	–	Level 3	Market comparable	(i) EV/S determined	(i) The higher the	(i) 10% increase in EV/S ratio would
shares – Youyirun			Model; The key inputs is EV/S	by reference to a pool of comparable	EV/S the higher the fair value.	result in increase in fair value by approximately RMB60,000 while an
			Ratio.	listed companies		10% decrease in EV/S ratio would
				in the same	(ii) The higher the	result in decrease in fair value by
				industry with	DLOM the lower	approximately RMB50,000.
				median multiple	the fair value.
				rate of 3.12%.		(ii) 10% increase in DLOM would
						result decrease in fair value by
				(ii) DLOM of 11.40%.		approximately RMB10,000 while
						a 10% decrease in DLOM would
						result in increase in fair value by
						approximately RMB10,000.
非上市普通股 －優易潤		第三層	市場比較模式；主要的 輸入數據為EV/S	(i) EV/S比率經參考同行 業一組可資比較上市	(i) EV/S比率與公平價值 呈正比。	(i) EV/S比率上升10%將導致公平價值增 加約人民幣60,000元，而EV/S比率下
			比率。	公司中位倍率3.12%		降10%將導致公平價值減少約人民幣
				釐定。	(ii)缺乏市場流通性折讓	50,000元。
				(ii)缺乏市場流通性折讓	與公平價值呈反比。	(ii)缺乏市場流通性折讓上升10%將導致公
				11.40%。		平價值減少約人民幣10,000元，而缺乏
						市場流通性折讓下降10%將導致公平價
						值增加約人民幣10,000元。

There were no changes to the valuation techniques during 2025 and 2024.

於 2025 年及 2024 年估值技術概無 變動。

Annual Report 2025 年報 333

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

42. FINANCIAL RISK MANAGEMENT (CONTINUED)

42. 財務風險管理（續）

(f) Fair value estimation (Continued)

(f) 公平價值估算（續）

The reconciliation of the opening and closing fair value balance of level 3 financial instruments is provided below:

第三層之金融工具的期初及期末公 平價值結餘之對賬載列如下：

Financial assets at fair value through profit or loss:

按公平價值計入損益的金融資產：

		RMB’000
		人民幣千元
At 1 January 2024	於2024年1月1日	12,445
Change in fair value	公平價值變動	(2,745)
At 31 December 2024 and 1 January 2025	於2024年12月31日及2025年1月1日	9,700
Additions	添置	900
Change in fair value	公平價值變動	(8,681)
Transfer out(Note 44)	轉出（附註44）	(1,059)
At 31 December 2025	於2025年12月31日	860

There were change on fair value of RMB8,681,000 (2024: RMB2,745,000) relates to financial assets at fair value through profit or loss classified as Level 3 held at the end of the Reporting Period.

公平價值變動人民幣 8,681,000 元 （ 2024 年：人民幣 2,745,000 元） 與報告期間末持有分類為第三層的 按公平價值計入損益之金融資產有 關。

334 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

43. NON-CONTROLLING INTERESTS

43. 非控股權益

Set out below is summarised financial information of Zhejiang Qirun that is material to the Group. The amounts disclosed are before inter-company eliminations:

以下為對本集團重大的浙江啟潤的財務 資料概要。所披露金額為集團內公司間 對銷前之金額：

		For the year	ended
		31 December
		截至12月31日止年度
		2025	2024
		2025年	2024年
		RMB’000	RMB’000
		人民幣千元	人民幣千元
NCI Percentage	非控股權益百分比	49%	49%
Revenue Loss and total comprehensive income	收益 年內虧損及全面收入總額	27,534	15,947
for the year		(2,702)	(2,715)
Loss allocated to non-controlling	分配至非控股權益的虧損
interests Dividends paid to non-controlling	派付予非控股權益的股息	(1,324)	(1,330)
interests		–	–
For the year ended 31 December	截至12月31日止年度
Cash flows used in operating activities	經營活動所用現金流量	(4,422)	(920)
Cash flows used in investing activities	投資活動所用現金流量	(41)	(60)
Cash flows generated from financing	融資活動所得現金流量
activities		4,500	1,000
Net cash inflows	現金流入淨額	37	20
Current assets Non-current assets	流動資產 非流動資產	14,100 89	6,935 60
Current liabilities	流動負債	(18,606)	(8,709)
Net liabilities	負債淨額	(4,417)	(1,714)
Accumulated non-controllinginterests	累計非控股權益	(2,164)	(840)

Annual Report 2025 年報 335

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

44. ACQUISITION OF A SUBSIDIARY

44. 收購一家附屬公司

On 30 June 2025, the Group acquired 95.58% equity interest in Caipingfang from three independent third parties at a cash consideration of RMB18,300,000. Caipingfang is principally engaged in provision of corporate digitalization solutions services and industry digitalization solutions services in the PRC. The acquisition was made in line with the further development and expansion of the one-stop lottery solution business under the industry digitalization solutions services. The acquisition has been accounted for using the acquisition method. The transaction was completed on 31 July 2025. Before the acquisition, the Group held 4.42% (2024: 5%) equity interests in Caipingfang which owned by Xi’an Tiantai, an indirectly wholly-owned subsidiary of the Group, and accounted for Caipingfang as a financial asset at fair value through profit or loss of (“ FVTPL ”). On 22 May 2025, Caipingfang have capitalised the shareholders’ liabilities to share capital through a debt-to-equity conversion, which led to a change in the percentage of FVTPL held by the Group.

於 2025 年 6 月 30 日，本集團自三名獨立 第三方收購彩平方的 95.58% 股權，現 金代價為人民幣 18,300,000 元。彩平方 主要從事於中國提供企業數字化服務及 行業數字化服務。收購事項旨在支持進 一步開發及拓展行業數字化服務中的一 站式彩票解決方案業務。收購事項採用 收購法入賬。該項交易已於 2025 年 7 月 31 日完成。於收購事項之前，本集團持 有彩平方 4.42% （ 2024 年： 5% ）股權， 由本集團間接全資附屬公司西安天泰擁 有，並將彩平方入賬列為按公平價值計 入損益（「 按公平價值計入損益 」）之金融 資產。於 2025 年 5 月 22 日，彩平方透過 債轉股將股東負債資本化為股本，導致 本集團持有的按公平價值計入損益之比 例出現變動。

The Group remeasured the fair value of the equity interest previously held as FVTPL before the date of acquisition, and fair value loss of RMB641,000 were recognised in other income and gains in the consolidated statement of profit or loss during the year ended 31 December 2025 (Note 42(f)).

本集團重新計量先前按公平價值計入損 益持有的股權於收購日期前之公平價 值，於截至 2025 年 12 月 31 日止年度 在綜合損益表內其他收入及收益中確認 公平價值虧損人民幣 641,000 元（附註 42(f) ）。

The Group has elected to measure the non-controlling interest in Caipingfang at the non-controlling interest’s proportionate share of the Caipingfang’s identifiable net assets.

本集團選擇按非控股權益分佔彩平方可 識別淨資產的比例計量於彩平方的非控 股權益。

336 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

44. ACQUISITION OF A SUBSIDIARY (CONTINUED)

44. 收購一家附屬公司（續）

The fair values of the identifiable assets acquired and liabilities of Caipingfang at the date of the acquisition were as follows:

彩平方所收購可識別資產及負債於收購 日期的公平價值如下：

		RMB’000
		人民幣千元
Property, plant and equipment	物業、廠房及設備	60
Trade receivables	貿易應收款項	4,286
Prepayments, deposits and other receivables	預付款項、按金及其他應收款項	2,447
Cash and cash equivalents	現金及現金等價物	226
Trade payables	貿易應付款項	(1,087)
Other payables and accruals	其他應付款項及應計費用	(7,605)
Income tax payable	應付所得稅	(15)
Deferred tax liabilities	遞延稅項負債	(145)
Total identifiable net liabilities at fair value	按公平價值計量的可識別淨負債總額	(1,833)
Intangible assets on acquisition (Note 18)	收購產生之無形資產（附註18）	2,900
Goodwill on acquisition(Note 16)	收購產生之商譽（附註16）	18,292
Fair value of consideration	代價之公平價值	19,359
Satisfied by:	透過以下方式支付：
Cash	現金	18,300
Fair value of equity interests which reclassified	由透過損益之金融資產重新分類至於附屬
from financial assets through profit of loss to	公司之權益之股權之公平價值
interests in subsidiaries		1,059
Total consideration	總代價	19,359
Net cash outflow on acquisition of the subsidiary:	收購附屬公司產生之淨現金流出：
Cash and cash equivalents acquired	所收購現金及現金等價物	226
Less: cash considerationpaid(note)	減：已支付現金代價（附註）	(18,300)
		(18,074)

On acquisition date, Caipingfang held trade receivables with a book and fair value of approximately RMB4,286,000 representing gross contractual receivables recognised on acquisition. The Group expected that the full contractual amounts can be collected.

於收購日期，彩平方持有賬面值及公平 價值約人民幣 4,286,000 元的貿易應收 款項，為就收購確認的合約應收款項總 額。本集團預期可悉數收回全部合約金 額。

Annual Report 2025 年報 337

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

44. ACQUISITION OF A SUBSIDIARY (CONTINUED)

44. 收購一家附屬公司（續）

Acquisition costs of approximately RMB100,000 arose as a result of the transaction. These have been recognised as part of administrative expenses in the consolidated statement of profit or loss and other comprehensive income.

該交易產生收購費用約人民幣 100,000 元，有關金額於綜合損益及其他全面收 入表內確認為行政開支的一部分。

Since the acquisition date, Caipingfang has contributed RMB2,977,000 and RMB1,011,000 to the Group’s revenue and loss before tax, had the acquisition occurred on 1 January 2025, Caipingfang would have contributed revenue and loss before tax for the current year of RMB8,581,000 and RMB485,000 respectively.

自收購日期以來，彩平方為本集團 收益及除稅前虧損分別貢獻人民幣 2,977,000 元及人民幣 1,011,000 元。 倘收購事項於 2025 年 1 月 1 日發生，彩平 方本年度貢獻收益及除稅前虧損分別人 民幣 8,581,000 元及人民幣 485,000 元。

45. DISPOSAL OF A SUBSIDIARY

45. 出售一家附屬公司

On 22 December 2025, the Group entered into an Equity Transfer Agreement with two independent third parties in which the Group has agreed to dispose of its aggregate 75% equity interest in Xi’an Tiantai at a consideration of RMB11,250,000. The transaction was completed on 31 December 2025. After the disposal, the equity interest held by the Group reduced from 100% to 25%. The Group lost control over Xi’an Tiantai but still has the power to govern it’s financial and operating policies, and accordingly it was accounted as the investment in associates under the equity method based on fair value of remaining equity interest on disposal date.

於 2025 年 12 月 22 日，本集團與兩名獨 立第三方訂立股權轉讓協議，據此本集 團同意出售其於西安天泰合共 75% 股 權，代價為人民幣 11,250,000 元。該項 交易已於 2025 年 12 月 31 日完成。於出 售事項後，本集團所持股權由 100% 減 至 25% 。本集團失去對西安天泰之控制 權，惟仍有權監管其財務及營運政策， 故此按餘下股權於出售日期的公平價值 根據股權法入賬為於聯營公司之投資。

338 Rego Interactive Co., Ltd 潤歌互動有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

45. DISPOSAL OF A SUBSIDIARY (CONTINUED)

45. 出售一家附屬公司（續）

The net assets of Xi’an Tiantai at the dates of disposal 於出售日期西安天泰的淨資產如下： were as follows:

		RMB’000
		人民幣千元
Property, plant and equipment	物業、廠房及設備	537
Intangible assets	無形資產	1,305
Inventories	存貨	4,197
Trade receivables	貿易應收款項	4,018
Contract assets	合約資產	2,660
Prepayments, deposits and other receivables	預付款項、按金及其他應收款項	7,643
Amounts due from related parties	應收關聯方款項	4,886
Cash and cash equivalents	現金及現金等價物	5,502
Trade payables	貿易應付款項	(3,411)
Contract liabilities	合約負債	(8,568)
Other payables and accruals	其他應付款項及應計費用	(1,630)
Bank borrowings	銀行借款	(5,500)
Deferred tax liabilities	遞延稅項負債	(105)
Net assets disposed of	所出售淨資產	11,534
Fair value of retained interest which became	成為於聯營公司投資的保留權益的
investment in associates (Note a)	公平價值（附註a）	(3,750)
Gain on disposal of the subsidiary	出售附屬公司之收益	3,466
Cash consideration	現金代價	11,250
Net cash outflow arising on disposal:	出售產生之淨現金流出：
Cash consideration received	已收現金代價	–
Less: cash and cash equivalents disposed of	減：所出售現金及現金等價物	(5,502)
Net cash outflow	淨現金流出	(5,502)

Notes:

附註：

(a) As at 31 December 2025, the Group has engaged Graval to perform valuation for the purpose to assess the recoverable amount of Xi’an Tiantai CGU before the disposal of 75% equity interest in Xi’an Tiantai and recognition of the remaining investment in associates.

(a) 於 2025 年 12 月 31 日，本集團委聘博浩 進行估值，以評估於出售西安天泰 75% 股權及確認於聯營公司餘下投資前西安 天泰現金產生單位的可收回金額。

• (b) The consideration is fully settled in March 2026.

• (b) 代價於 2026 年 3 月悉數償清。

Annual Report 2025 年報 339

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

46. LITIGATION

46. 訴訟

Up to the date of approval of the consolidated financial statements for the year ended 31 March 2024, a supplier have filed litigation against the Group for the settlement of other payable. The directors have assessed the impact of the above litigation matters on the consolidated financial statements for the year ended 31 December 2024 and accrued provision of RMB3,285,000 on the consolidated financial statements of the Group.

直至截至 2024 年 3 月 31 日止年度綜合財 務報表獲批准之日，一家供應商已就結 算其他應付款項對本集團提起訴訟。董 事已評估上述訴訟事項對截至 2024 年 12 月 31 日止年度綜合財務報表的影響， 並於本集團綜合財務報表中計提人民幣 3,285,000 元的撥備。

47. EVENT AFTER THE REPORTING DATE

47. 報告日期後事項

On 26 January 2026, the Company entered into a Placing Agreement with the placing agent in connection with the placing for an aggregate of 160,000,000 new ordinary shares of the Company of US$0.001 each at a placing price of HK$0.435 per share. The placement was completed on 26 January 2026. Details of the above are set out in the Company’s announcements on 23 December 2025 and 31 December 2025.

於 2026 年 1 月 26 日，本公司就按配 售價每股 0.435 港元配售本公司合共 160,000,000 股每股面值 0.001 美元的 新普通股與配售代理訂立配售協議。配 售事項已於 2026 年 1 月 26 日完成。有關 上述事項的詳情載於本公司日期為 2025 年 12 月 23 日及 2025 年 12 月 31 日的公 告。

48. APPROVAL OF CONSOLIDATED FINANCIAL STATEMENTS

48. 批准綜合財務報表

The consolidated financial statements were approved and authorised for issue by the board of directors on 31 March 2026.

綜合財務報表已於 2026 年 3 月 31 日獲董 事會批准及授權刊發。

340 Rego Interactive Co., Ltd 潤歌互動有限公司

Definitions 釋義

“AGM”

「股東週年大會」

the annual general meeting of the Company to be held on 26 June 2026 or any adjournment thereof 本公司謹訂於 2026 年 6 月 26 日舉行的股東週年大會或其任何續會

“Articles of Association” or “Articles”

「組織章程細則」或「細則」

the articles of association of the Company, as amended from time to time 本公司之組織章程細則（經不時修訂）

“Audit Committee” 「審核委員會」

the audit committee of the Board 董事會轄下審核委員會

“Board Committees”

「董事會委員會」

collectively, the Audit Committee, the Remuneration Committee and the Nomination Committee 審核委員會、薪酬委員會及提名委員會之統稱

“Board of Directors” or “Board” 「董事會」

the board of directors of our Company 本公司董事會

“Cayman Companies Act”

「開曼公司法」

the Companies Act (As Revised) of the Cayman Islands as amended, supplemented, or otherwise modified from time to time 開曼群島公司法（修訂版）（經不時修訂、補充或以其他方式修改）

“CG Code”

「企業管治守則」

the Corporate Governance Code as set out in Appendix C1 to the Listing Rules 上市規則附錄 C1 所載企業管治守則

“China”, “Mainland China” or “PRC”

「中國」或「中國內地」

People’s Republic of China, excluding, for the purposes of this annual report and for geographical reference only and except where the context requires otherwise, Hong Kong, the Macau Special Administrative Region of the PRC and Taiwan

中華人民共和國，僅就本年報及提述地理區域而言，且除文義另有所指外，不包括 香港、中國澳門特別行政區及台灣

“Company”, “our Company”, “Group”, “our Group”, “we” or “us”

Rego Interactive Co., Ltd ( 潤歌互動有限公司 ), an exempted company incorporated under the laws of Cayman Islands with limited liability on 8 August 2017, and, except where the context indicated otherwise, all of its subsidiaries, or with respect to the period before our Company became the holding company of our current subsidiaries, the business operated by our present subsidiaries or their predecessors (as the case may be)

「本公司」、「我們公司」、「本集團」、 潤歌互動有限公司，一家根據開曼群島法例於 2017 年 8 月 8 日註冊成立的獲豁免有 「我們集團」或「我們」 限公司，以及（除文義另有所指外）其所有附屬公司，或（就本公司成為我們現有附 屬公司控股公司之前的期間而言）我們現有附屬公司或其前身公司經營的業務（視乎 情況而定）

Annual Report 2025 年報 341

Definitions 釋義

“controlling shareholder(s)” has the meaning ascribed thereto under the Listing Rules 「控股股東」 具有上市規則所賦予的涵義 “Director(s)” the director(s) of our Company 「董事」 本公司董事 “Global Offering” the Hong Kong public offering and the international offering of the Company 「全球發售」 本公司的香港公開發售及國際發售 “Hangzhou Rego” Hangzhou Rego Network Company Limited 「杭州潤歌」 杭州潤歌網絡有限公司 “Hangzhou Runsheng” Hangzhou Runsheng Network Technology Company Limited 「杭州潤升」 杭州潤升網絡科技有限公司 “Hangzhou Saier Equipment” Hangzhou Saier Telecommunication Equipment Co., Ltd. 「杭州賽爾設備」 杭州賽爾通信設備有限公司 “HKD” or “HK$” Hong Kong dollars, the lawful currency of Hong Kong 「港元」 港元，香港法定貨幣 “Hong Kong” the Hong Kong Special Administrative Region of the PRC 「香港」 中國香港特別行政區 “HKFRS” Hong Kong Financial Reporting Standards 「香港財務報告準則」 香港財務報告準則 “IPO” initial public offering 「 IPO 」 首次公開發售 “Jiangxi Yunjia” Jiangxi Yunjia Technology Company Limited 「江西雲家」 江西雲家科技有限公司 “Listing” the listing of the Shares on the Main Board of the Stock Exchange 「上市」 股份於聯交所主板上市 “Listing Date” 17 October 2022, on which the Shares are listed and from which dealings therein are permitted to take place on the Stock Exchange 「上市日期」 2022 年 10 月 17 日，即股份於聯交所上市及獲准買賣之日

342 Rego Interactive Co., Ltd 潤歌互動有限公司

Definitions 釋義

“Listing Rules”

「上市規則」

“Model Code”

「標準守則」

“Nomination Committee” 「提名委員會」

“Prospectus” 「章程」

“Remuneration Committee” 「薪酬委員會」

“Renminbi” or “RMB” 「人民幣」

“Reporting Period” 「報告期間」

“SFO”

「證券及期貨條例」

“Shanghai Zhouxin” 「上海洲信」

“Share(s)”

「股份」

“Share Option Scheme”

「購股權計劃」

“Shareholder(s)” 「股東」

the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, as amended or supplemented from time to time 香港聯合交易所有限公司證券上市規則（經不時修訂或補充）

the Model Code for Securities Transactions by Directors of Listed Issuers contained in Appendix C3 to the Listing Rules 上市規則附錄 C3 所載上市發行人董事進行證券交易的標準守則

the nomination committee of the Board 董事會轄下提名委員會

the prospectus of the Company dated 30 September 2022 本公司日期為 2022 年 9 月 30 日的招股章程

the remuneration committee of the Board 董事會轄下薪酬委員會

the lawful currency of the PRC 中國法定貨幣

the year ended 31 December 2025 截至 2025 年 12 月 31 日止年度

the Securities and Futures Ordinance, Chapter 571 of the Laws of Hong Kong, as amended, supplemented or otherwise modified from time to time

香港法例第 571 章證券及期貨條例（經不時修訂、補充或以其他方式修改）

Shanghai Zhouxin Information Technology Co., Ltd.* 上海洲信信息技術有限公司

ordinary share(s) with par value of US$0.001 each in the share capital of our Company 本公司股本中每股面值 0.001 美元的普通股

the share option scheme adopted by the Company on 27 July 2022, the principal terms of which are summarised in “Statutory and General Information – D. Pre-IPO Share Option Scheme” in Appendix IV to the Prospectus

本公司於 2022 年 7 月 27 日採納的購股權計劃，其主要條款於章程附錄四「法定及一 般資料－ D. 首次公開發售前購股權計劃」概述

holder(s) of our Share(s) 我們的股份持有人

Annual Report 2025 年報 343

Definitions 釋義

“Stock Exchange”	The Stock Exchange of Hong Kong Limited
「聯交所」	香港聯合交易所有限公司
“Substantial Shareholder(s)”	has the meaning ascribed to it under the Listing Rules
「主要股東」	具有上市規則所賦予的涵義
“Tanshin Investments”	Tanshin Investments Limited
「天歡投資」	天歡投資有限公司
“United States”	the United States of America, its territories, its possessions and all
	areas subject to its jurisdiction
「美國」	美利堅合眾國，其領土、屬地及受其司法管轄的所有地區
“USD” or “US$”	US dollars, the lawful currency of the United States
「美元」	美元，美國法定貨幣
“Vicen HK”	Vicen International Holdings (Hong Kong) Limited
「緯晨香港」	緯晨國際控股（香港）有限公司
“Year”	the year ended 31 December 2025
「本年度」	截至2025年12月31日止年度
“Yuncaitong”	Yuncaitong Technology (Beijing) Company Limited*
「雲彩通」	雲彩通科技（北京）有限公司
“Zhejiang Runye”	Zhejiang Runye Information Technology Company Limited*
「浙江潤也」	浙江潤也信息科技有限公司

• English translated names are for identification purpose only.

344 Rego Interactive Co., Ltd 潤歌互動有限公司

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REGO INTERACTIVE co., LTD ,』歌互圖有爾公司