DRAFTGELBERT ECO PRINT KFT.

(Incorporated in Hungary with limited liability)REPORTS AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024 AND FOR THE FIVE MONTHS ENDED 31 MAY 2025截至2024年

月

日止年度及2025年

月

日止五个月期间

GELBERT ECO PRINT KFT.ZHONGHUI ANDA CPA Limited

GELBERT ECO PRINT KFT.

DRAFTREPORTS AND FINANCIAL STATEMENTS

REPORTS AND FINANCIAL STATEMENTSCONTENTS

内容页码ACCOUNTANTS’ REPORT ON HISTORICAL FINANCIAL INFORMATION1 - 2

历史财务信息会计师报告

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME3

损益及其他全面收益表

STATEMENT OF FINANCIAL POSITION4

财务状况表STATEMENT OF CHANGES IN EQUITY5权益变动表STATEMENT OF CASH FLOWS6 - 7

现金流量表NOTES TO THE FINANCIAL STATEMENTS8 - 31财务报表附注

FOR THE YEAR ENDED 31 DECEMBER 2024 AND FOR THE FIVE MONTHS ENDED 31 MAY 2025

致香港裕同印刷有限公司董事的历史财务信息会计师报告Introduction

ThedirectoroftheTargetCompanyisresponsibleforthepreparationofHistoricalFinancialInformationthatgivesatrueandfairviewinaccordancewiththebasisofpreparationandpresentationsetoutinNote2totheHistoricalFinancialInformation,andforsuchinternalcontrolasthedirectordetermineisnecessarytoenablethepreparationofHistoricalFinancialInformationthatisfreefrom material misstatement, whether due to fraud or error.

目标公司董事负责编制历史财务信息，该信息应按照历史财务信息注释

中规定的编制和列报基础真实、公允地反映财务状况，并负责进行董事认为必要的内部控制，以使编制的历史财务信息不存在因欺诈或错误而导致的重大错报。

DRAFTAuditor’s Responsibilities

ACCOUNTANTS’ REPORT ON HISTORICAL FINANCIAL INFORMATION TO THEDIRECTORS OF HONG KONG YUTO PRINTING COMPANY LIMITED

Director's responsibility for the Historical FinancialInformation

WeconductedourauditinaccordancewithHongKongStandardsonAuditing("HKSAs")issuedbytheHongKongInstituteofCertifiedPublicAccountants("HKICPA").WeareindependentoftheCompanyinaccordancewiththeHKICPA’s"CodeofEthicsforProfessionalAccountants"(the"Code"),andwehavefulfilledourotherethicalresponsibilitiesinaccordance

Auditor’s Responsibilitieswith the Code.

我们依据香港会计师公会所颁布的《香港审计准则》进行审计。根据香港会计师公会的《专业会计师道德守则》（简称「《守则》」），我们独立于目标公司，并已根据《守则》履行其他职业道德责任。

WereportonthehistoricalfinancialinformationofGelbertEcoPrintKft(the“TargetCompany”)setoutonpages3to31,whichcomprisestheconsolidatedstatementsoffinancialpositionoftheTargetCompanyasat31December2024and31May2025,andtheconsolidatedstatementsofprofitorlossandothercomprehensiveincome,theconsolidatedstatementsofchangesinequityandtheconsolidatedstatementsofcashflowsfortheyearended31December2024andforthefivemonthsended31May2025(the“RelevantPeriods”)andmaterialaccountingpolicyinformationandother

with the Code.explanatory information (together, the “Historical

我们报告第

至

页所列的GelbertEcoPrintKft（「目标公司」）的历史财务信息，其中包括目标公司截至2024年

月

日和2025年

月

日的合并财务状况表、截至2024年

月

日止年度和截至2025年

月

日止五个月的合并损益及其他综合损益表、合并权益变动表及合并现金流量表（「相关期间」）以及重大会计政策信息及其他解释性信息（统称为「历史财务信息」）。

致香港裕同印刷有限公司董事的历史财务信息会计师报告ACCOUNTANTS’ REPORT ON HISTORICAL FINANCIAL INFORMATION TO THEDIRECTORS OF HONG KONG YUTO PRINTING COMPANY LIMITED

(

ZHONGHUI ANDA CPA Limited

DRAFTCertified Public Accountants

Sze Lin Tang

Certified Public AccountantsAudit Engagement Director

Practising Certificate Number P03614执业证书号码

Inouropinion,theHistoricalFinancialInformationgives,forthepurposesoftheaccountants’report,atrueandfairviewoftheTargetCompany’sfinancialpositionasat31December2024and31May2025andoftheTargetCompany’sfinancialperformanceandcashflowsfortheRelevantPeriodsinaccordancewiththebasisofpreparationandpresentationsetoutinNote2totheHistorical Financial Information.

我们认为，就会计师报告而言，历史财务资料真实且公平地反映了目标公司于2024年

月

日及2025年

月

日的财务状况以及目标公司于有关期间的财务表现及现金流量，符合历史财务资料附注

所载的编制及呈列基准。

OurworkinvolvedperformingprocedurestoobtainevidenceabouttheamountsanddisclosuresintheHistoricalFinancialInformation.Theproceduresselecteddependonthereportingaccountants’judgement,includingtheassessmentofrisksofmaterialmisstatementoftheHistoricalFinancialInformation,whetherduetofraudorerror.Inmakingthoseriskassessments,thereportingaccountantsconsiderinternalcontrolrelevanttotheentity’spreparationofHistoricalFinancialInformationthatgiveatrueandfairviewinaccordancewiththebasisofpreparationandpresentationsetoutinNote2totheHistoricalFinancialInformationinordertodesignproceduresthatareappropriateinthecircumstances,butnotforthepurposeofexpressinganopinionontheeffectivenessoftheentity’sinternalcontrol.Ourworkalsoincludedevaluatingtheappropriatenessofaccountingpoliciesusedandthereasonablenessofaccountingestimatesmadebythedirectors,aswellasevaluatingtheoverallpresentationoftheHistoricalFinancialInformation.

我们的工作涉及执行程序以获取有关历史财务信息中金额和披露的证据。所选程序取决于申报会计师的判断，包括对历史财务信息因欺诈或错误而导致的重大错报风险的评估。在进行这些风险评估时，申报会计师会考虑与企业编制历史财务信息相关的内部控制，这些内部控制应根据历史财务信息附注

所载的编制和列报基准真实、公允地反映财务信息，以便设计符合具体情况的程序，但目的并非就企业内部控制的有效性发表意见。我们的工作也包括评估董事所采用会计政策的适当性和所做会计估计的合理性，以及评估历史财务信息的整体列报。

Webelievethattheevidencewehaveobtainedissufficientand appropriate to provide a basis for our opinion.Opinion

我们相信，我们所获得的证据是充分且适当的，为我们的意见提供了基础。

Auditor’s Responsibilities (continued)

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

损益及其他全面收益表截至二零二四年十二月三十一日止年度及二零二五年五月三十一日止五个月期间

Notes

Five months ended31 May 2025

For the year ended31 December 2024

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOMEHUF

Revenue

收入

Cost of sales

销售成本

Gross profit毛利67,347,338325,187,545Other income and other gains

其他收入以及其他收益及 亏损净额728,617,460107,296,369Administrative and other

and losses expenses

管理及其他費用

Finance costs

融资成本

Profit before income tax37,616,849312,868,218

所得税开支

Profit for the year/period1037,616,849312,868,218Earnings before interest, taxes, depreciation and amortisation (EBITDA)202,105,624646,442,487

STATEMENT OF FINANCIAL POSITION

财务状况表AT 31 DECEMBER 2024 AND 31 MAY 2025

于二零二四年十二月三十一日及二零二五年五月三十一日

At 31 May 2025At 31 December2024

STATEMENT OF FINANCIAL POSITIONNotes

Non-current assets

Property, plant and equipment物业、厂房及设备

1,602,334,1481,686,854,834

Non-current assetsRight-of-use assets

1,848,231,9631,953,244,134

存货

270,104,428310,133,027Trade receivables贸易应收款

331,241,540357,717,584Prepayment, deposits and other

receivables

预付款项、按金及其他应

71,985,03377,464,382Amount due from a related party应收一家关联公司109,430,00028,000,000Bank and cash balances银行及现金结余148,204,097220,930,511

Current liabilities流动负债

Trade payables贸易应付款121,042,510374,687,004Accruals and other payables应计费用及其他应付款311,636,208315,777,197Dividend payables应付股息192,803,647105,000,000Deferred income递延收入82,105,04478,105,044Bank borrowings银行及其他借款

28,235,29228,320,292Lease liabilities租赁负债

230,895,860208,058,956Income tax payables应付税项9,390,01017,273,000

Net current liabilities

Non-current liabilitiesLease liabilities租赁负债

846,503,069812,793,462Bank and other borrowings银行及其他借款

249,468,424237,974,5351,095,971,4931,050,767,997NET ASSETS707,116,997769,500,148Capital and reservesShare capital股本

4,000,0004,000,000Reserves储备703,116,997765,500,148TOTAL EQUITY

DRAFTGELBERT ECO PRINT KFT.

GELBERT ECO PRINT KFT.STATEMENT OF CHANGES IN EQUITY

权益变动表截至二零二四年十二月三十一日止年度及二零二五年五月三十一日止五个月期间

STATEMENT OF CHANGES IN EQUITYShare capital

Share capitalOther reserves

Other reservesRetained earnings

Retained earningsTotal

TotalHUF

HUFHUF

HUFHUF

HUFHUF

HUFAt 1 January 2024

于二零二四年一月一日

At 1 January 20244,000,000

4,000,00062,381,367

62,381,367490,250,563

490,250,563556,631,930

Total comprehensive income for the year

本年度全面收入总额

--

556,631,930312,868,218

312,868,218

312,868,218Release of restricted reserves

Release of restricted reserves释

释放限制性准

放限制性准备

备金

金-

-(3,264,660)

(3,264,660)3,264,660

3,264,660-

-Dividends declared

Dividends declared宣派股息

宣派股息-

--

-(100,000,000)

(100,000,000)(100,000,000)

(100,000,000)At 31 December 2024

于二零二四年十二月三十一日

At 31 December 20244,000,000

4,000,00059,116,707

59,116,707706,383,441

706,383,441769,500,148

769,500,148At 1 January 2025

于二零二五年一月一日

At 1 January 20254,000,000

4,000,00059,116,707

59,116,707706,383,441

706,383,441769,500,148

769,500,148Total comprehensive income for the period

Total comprehensive income for the period本期

本期间

间全面收入

全面收入总额

总额-

--

-37,616,849

37,616,84937,616,849

37,616,849Dividends declared

Dividends declared宣派股息

宣派股息(100,000,000)

(100,000,000)(100,000,000)

(100,000,000)At 31 May 2025

于二零二五年五月三十一日

At 31 May 20254,000,000

4,000,00059,116,707

59,116,707644,000,290

644,000,290707,116,997

707,116,997FOR THE YEAR ENDED 31 DECEMBER 2024 AND FOR THE FIVE MONTHS ENDED 31 MAY 2025

STATEMENT OF CASH FLOWS

现金流量表截至二零二四年十二月三十一日止年度及二零二五年五月三十一日止五个月期间

Five months ended 31May 2025

For the year ended 31

December 2024

STATEMENT OF CASH FLOWSHUF

Profit before tax除税前亏损37,616,849312,868,218Adjustments for:

就下列项目作出之调整：

Interest income利息收入

Interest income from loan to a related party关联方贷款利息收入(1,430,000)(408,767)Finance costs融资成本27,745,19558,169,352Depreciation of property, plant and equipment

物业、厂房及设备折旧

Depreciation of right-of-use assets使用权资产折旧

Gain on disposal of property, plant and equipment

出售物业厂房及设备之收益

Gain on modification of lease租赁修改收益

Impairment loss on trade receivables应收帐款减值

190,866,305621,697,372

Change in prepayment, deposits and other receivables

预付款项、按金及其他应收款项变动

5,479,349(17,817,099)Change in trade receivables应收帐款变动

Change in trade payables应付帐款变动

Change in accruals and other payables

应计费用及其他应付款变动及递延收入(166,687)(11,700,531)

营运所得现金151,356,965646,094,255Corporate income tax paid已付企業所得税项(7,882,990)668,000143,473,975646,762,255Cash flows from investing activitiesInterest received已收利息

and deferred income2,479,225

购买物业、厂房及设备

(32,020,695)(367,283,379)出售物业、厂房及设备

7,619,380185,124,420

(81,430,000)(28,000,000)(103,352,090)(209,963,571)

FOR THE YEAR ENDED 31 DECEMBER 2024 AND FOR THE FIVE MONTHS ENDED 31 MAY 2025Cash flows from operating activities

Operating cash flow before working capital changes

Net cash generated from operating activitiesCash generated from operations

向关联公司垫款

营运资金变动前之经营现金流量

Net cash used in investing activitiesProceeds from disposal of property, plant and equipmentAdvance to a related companyPurchaseofproperty,plantandequipment

STATEMENT OF CASH FLOWS

现金流量表截至二零二四年十二月三十一日止年度及二零二五年五月三十一日止五个月期间

Five months ended 31May 2025

For the year ended 31

December 2024

STATEMENT OF CASH FLOWSHUF

FOR THE YEAR ENDED 31 DECEMBER 2024 AND FOR THE FIVE MONTHS ENDED 31 MAY 2025

Cash flows from financing activitiesInterest paid

FOR THE YEAR ENDED 31 DECEMBER 2024 AND FOR THE FIVE MONTHS ENDED 31 MAY 2025已付利息

银行借款之还款(14,117,646)(391,235,202)

银行借款之借款25,603,784416,797,970Dividend paid

(112,873,997)(366,389,029)(72,752,112)70,409,655

于年/期间初之现金及现金等价物

220,930,511151,400,458外汇汇率变动的影响净额

25,698(879,602)/

148,204,097220,930,511Effect of foreign exchange rate changes, net

()/

Cash and cash equivalents at end of period/year

Net cash used in financing activitiesNet (decrease)/increase in cash and cash equivalents

Repayment of bank borrowings, net

Cash and cash equivalents at beginning of period/year

Drawdown of bank borrowings

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注截至二零二四年十二月三十一日止年度及二零二五年五月三十一日止五个月期间

1.GENERAL INFORMATION1.一般数据

2.2.采纳新订及经修订国际财务报告准则会计准则

3.MATERIAL ACCOUNTING POLICIES3.重大会计政策

ADOPTION OF NEW AND REVISED IFRSACCOUNTING STANDARDSForthepurposeofpreparingandpresentingthefinancialinformationfortheyearended31December2024andforthefivemonthsended31May2025,theTargetCompanyhaveconsistentlyappliedallthenewandrevisedIFRSAccountingStandardsissuedbyInternationalAccountingStandardsBoardthatarerelevanttoitsoperationsandeffectiveforitsaccountingyearbeginningon1January2024.IFRSAccountingStandardscompriseInternationalFinancialReportingStandards("IFRS");InternationalAccounting Standards ("IAS"); and Interpretations.

Thematerialaccountingpoliciesappliedinthepreparationof these financial statements are set out below.

编制该等财务报表时采用的主要会计政策载列如下。

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2024 AND FOR THE FIVE MONTHS ENDED 31 MAY 2025

GelbertEcoPrintKFT.(the"TargetCompany")wasincorporatedinHunguarywithlimitedliability.Theaddressofitsregisteredofficeanditsprincipalplaceof

FOR THE YEAR ENDED 31 DECEMBER 2024 AND FOR THE FIVE MONTHS ENDED 31 MAY 2025business is 2120 Dunakeszi Fo ut 143/a, Hungary.

目標公司为一间于匈牙利注册成立的有限公司。其注册办事处地址为。其主要营业地点之地址为匈牙利多瑙卡西2120Fout 143/a。

Thesefinancialstatementshavebeenpreparedunderthehistorical cost convention.

该等财务报表乃按历史成本法编制。ThepreparationoffinancialstatementsinconformitywithIFRSAccountingStandardsrequirestheuseofcertainkeyassumptionsandestimates.Italsorequiresthedirectorstoexerciseitsjudgementsintheprocessofapplyingtheaccountingpolicies.Theareasinvolvingcriticaljudgementsandareaswhereassumptionsandestimatesaresignificanttothesefinancialstatements,aredisclosedinnote 4 to the financial statements.

编制符合国际财务报告准则会计准则的财务报表须采用若干

主要假设及估计。亦要求董事于应用该等会计政策的过程中

作出判断。涉及对该等财务报表而言属重大的假设及估计范

畴，于财务报表附注4披露。

为编制及呈列截至2024年12月31日止年度及截至2025年5月31

日止五个月的财务信息，目标公司已持续应用国际会计准则

理事会颁布的所有与其经营相关且自2024年1月1日开始的会

计年度起生效的新订及经修订的国际财务报告准则。国际财

务报告准则包括国际财务报告准则（「IFRS」）、国际会计

准则（「IAS」）及诠释。

TheTargetCompanyhasnotappliedthenewandrevisedIFRSAccountingStandardsthathavebeenissuedbutarenot yet effective.

目標公司尚未應用已頒布但尚未生效的新訂及修訂的國際財

務報告準則。

Thesefinancialstatementshavebeenpreparedinaccordance with IFRS Accountings Standards.

该等财务报表乃根据国际财务报告准则会计准则而编制。

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注截至二零二四年十二月三十一日止年度及二零二五年五月三十一日止五个月期间

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2024 AND FOR THE FIVE MONTHS ENDED 31 MAY 2025

Foreign currency translation外币换算Functional and presentation currency

Property, plant and equipment物业、机器及设备

FOR THE YEAR ENDED 31 DECEMBER 2024 AND FOR THE FIVE MONTHS ENDED 31 MAY 2025Machinery

33%家俬、装置及其他设备33%

Subsequentcostsareincludedintheasset'scarryingamountorrecognisedasaseparateasset,asappropriate,onlywhenitisprobablethatfutureeconomicbenefitsassociatedwiththeitemwillflowtotheTargetCompanyandthecostoftheitemcanbemeasuredreliably.Allotherrepairsandmaintenancearerecognisedinprofitorloss during the period in which they are incurred.

仅当与该项目有关之日后经济利益有可能流入目標公司，及该项目成本能可靠计量时，其后成本方会计入资产账面值或确认为个别资产(如适用)。所有其他维修及保养于其产生期间在损益内确认。

Depreciationofproperty,plantandequipmentiscalculatedatratessufficienttowriteofftheircostorrevaluedamountslesstheirresidualvaluesovertheestimatedusefullivesonastraight-linebasis.Theprincipalannualratesare as follows:

物业、机器及设备之折旧，按足以撇销其成本减剩余价值之比率，于估计可使用年期内使用直线法计算。主要年率如下：

Transactions and balances in financial statementsTransactionsinforeigncurrenciesaretranslatedintothefunctionalcurrencyoninitialrecognitionusingtheexchangeratesprevailingonthetransactiondates.Monetaryassetsandliabilitiesinforeigncurrenciesaretranslatedattheexchangeratesattheendofeachreportingperiod.Gainsandlossesresultingfromthistranslationpolicy are recognised in profit or loss.

外币交易于初始确认时使用交易日期之通行汇率换算为功能货币。以外币为单位之货币资产及负债按各报告期末之汇率换算。此换算政策产生之盈亏于损益内确认。

Property,plantandequipmentarestatedatcostlessaccumulated depreciation and impairment losses.

物业、机器及设备乃按成本减累计折旧及减值亏损列账。

ItemsincludedinthefinancialstatementsaremeasuredusingthecurrencyoftheprimaryeconomicenvironmentinwhichtheTargetCompanyoperates(the"functionalcurrency").ThefinancialstatementsarepresentedinHungarianForint("HUF"),whichistheTargetCompany'sfunctional and presentation currency.

目標公司之财务报表内项目均以所在主要经济环境通行之货币(「功能货币」)计量。财务报表以福林呈列，该货币为目標公司之功能及呈报货币。

Furniture, fixtures, and other equipmentTheresidualvalues,usefullivesanddepreciationmethodarereviewedandadjusted,ifappropriate,attheendofeach reporting period.

剩余价值、可使用年期及折旧法会于各报告期末作出检讨及调整(如适用)。Constructioninprogressrepresentsbuildingsunderconstructionandplantandmachinerypendinginstallation,andisstatedatcostlessimpairmentlosses.Depreciationbegins when the relevant assets are available for use.

在建工程指在建楼宇及待安装的机器及设备，按成本减减值亏损列账。折旧于相关资产可供使用时开始。

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注截至二零二四年十二月三十一日止年度及二零二五年五月三十一日止五个月期间

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2024 AND FOR THE FIVE MONTHS ENDED 31 MAY 2025

Leases租赁The Target Company as lessee

Land and buildings - Under the lease terms土地及房屋 - 根据租约条款

Inventories存货

Paymentsassociatedwithshort-termleasesandleasesoflow-valueassetsarerecognisedasexpensesinprofitorlossonastraight-linebasisovertheleaseterms.Short-termleasesareleaseswithaninitialleasetermof12monthsorless.Low-valueassetsareassetsofvaluebelowUS$ 5,000.

与短期租赁相关的付款及低价值资产租赁于租期内以直线法在损益内确认为开支。短期租赁乃为初步租期为12个月或少于12个月的租赁。低价值资产为价值低于5,000美元。

Inventoriesarestatedatthelowerofcostandnetrealisablevalue.Costisdeterminedusingtheweightedaveragebasis.Thecostoffinishedgoodsandworkinprogresscomprisesrawmaterials,directlabourandanappropriateproportionofallproductionoverheadexpenditure,andwhereappropriate,subcontractingcharges.Netrealisablevalueistheestimatedsellingpriceintheordinarycourseofbusiness,lesstheestimatedcostsofcompletionandtheestimated costs necessary to make the sale.

存货按成本与可变现净值两者之较低者入账。成本以加权平均基准厘定。制成品及在制品之成本包括原材料、直接人工及所有生产经常性开支之适当部分及(如适用)分包费用。可变现净值按一般业务过程中估计的销售价格减去尚需投入的估计生产成本及估计销售费用计算。

Thegainorlossondisposalofproperty,plantandequipmentisthedifferencebetweenthenetsalesproceedsandthecarryingamountoftherelevantasset,andisrecognised in profit or loss.

出售物业、机器及设备之盈亏为出售所得款项净额与相关资产之账面值两者之间差额，于损益确认。

Leasesarerecognisedasright-of-useassetsandcorrespondingleaseliabilitieswhentheleasedassetsareavailableforusebytheTargetCompany.Right-of-useassetsarestatedatcostlessaccumulateddepreciationandimpairmentlosses.Depreciationofright-of-useassetsiscalculatedatratestowriteofftheircostovertheshorteroftheasset'susefullifeandtheleasetermonastraight-linebasis. The principal annual rates are as follows:

租赁于租赁资产可供目標公司使用时确认为使用权资产及相应租赁负债。使用权资产乃按成本减累计折旧及减值亏损列账。使用权资产乃按资产可使用年期与租赁期二者中较短者以直线法按撇销其成本的利率折旧。主要年利率如下：

Right-of-useassetsaremeasuredatcostcomprisingtheamountoftheinitialmeasurementoftheleaseliabilities,leasepaymentsprepaid,initialdirectcostsandtherestorationcosts.Leaseliabilitiesincludethenetpresentvalueoftheleasepaymentsdiscountedusingtheinterestrateimplicitintheleaseifthatratecanbedetermined,orotherwisetheTargetCompany'sincrementalborrowingrate.Eachleasepaymentisallocatedbetweentheliabilityandfinancecost.Thefinancecostischargedtoprofitorlossovertheleasetermsoastoproduceaconstantperiodicrateofinterestontheremainingbalanceofthelease liability.

使用权资产乃按成本(包括初步计量租赁负债金额、预付租赁款项、初步直接成本及恢复成本)计量。倘有关利率或目標公司的增量借贷利率可予确定，租赁负债包括使用租约内所述利率折现租赁付款的现值净额。各租赁付款于负债与财务成本之间作出分配。财务成本于租期内在损益内扣除，以使租赁负债余额的息率固定。

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注截至二零二四年十二月三十一日止年度及二零二五年五月三十一日止五个月期间

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2024 AND FOR THE FIVE MONTHS ENDED 31 MAY 2025

Recognition and derecognition of financial instruments确认及终止确认金融工具

Financial assets金融资产

----

Theyaresubsequentlymeasuredatamortisedcostusingtheeffectiveinterestmethodlesslossallowanceforexpected credit losses.

有关项目其后以实际利率法按摊销成本减去预期信贷亏损之亏损拨备计量。

Financialassets(includingtradeandotherreceivables)areclassifiedunderthiscategoryiftheysatisfybothofthefollowing conditions:

倘金融资产(包括贸易应收款项及其他应收款项)符合以下两项条件则归入此分类：

theassetsareheldwithinabusinessmodelwhoseobjectiveistoholdassetsinordertocollectcontractual cash flows; andthecontractualtermsoftheassetsgiveriseonspecifieddatestocashflowsthataresolelypaymentsofprincipalandinterestontheprincipalamountoutstanding.

资产乃按目的为持有资产以收集合约现金流量的业务模式持有；及资产合约条款于特定日期产生现金流量，有关现金流量仅为本金及尚未偿还本金之利息付款。

Financialliabilitiesarederecognisedwhentheobligationspecifiedintherelevantcontractisdischarged,cancelledorexpires.Thedifferencebetweenthecarryingamountofthefinancialliabilityderecognisedandtheconsiderationpaid is recognised in profit or loss.

当相关合约中规定之责任获解除、注销或届满时，则终止确认金融负债。已终止确认之金融负债之账面值与已付代价之差额于损益内确认。

Financialassetsarerecognisedandderecognisedonatradedatebasiswherethepurchaseorsaleofanassetisunderacontractwhosetermsrequiredeliveryoftheassetwithinthetimeframeestablishedbythemarketconcerned,andareinitiallyrecognisedatfairvalue,plusdirectlyattributabletransactioncostsexceptinthecaseofinvestmentsatfairvaluethroughprofitorloss.Transactioncostsdirectlyattributabletotheacquisitionofinvestmentsatfairvaluethroughprofitorlossarerecognisedimmediatelyinprofitor loss.

倘属于根据合约条款规定须于有关市场所规定期限内交付资产之购入或出售资产，则金融资产按交易日基准确认入账及终止确认，并按公允值加直接应占交易成本作初步确认，惟按公允值计入损益之投资除外。收购按公允值计入损益的投资之直接应占交易成本，实时于损益内确认。

FinancialassetsoftheTargetCompanyareclassifiedunder financial assets at amortised cost.

目標公司的金融资产为按摊销成本计量的金融资产。

FinancialassetsandfinancialliabilitiesarerecognisedinthestatementoffinancialpositionwhentheTargetCompanybecomesapartytothecontractualprovisionsofthe instruments.

目標公司于成为工具合约条文之订约方时，于财务状况表中确认金融资产及金融负债。Financialassetsarederecognisedwhenthecontractualrightstoreceivecashflowsfromtheassetsexpire;theTargetCompanytransferssubstantiallyalltherisksandrewardsofownershipoftheassets;ortheTargetCompanyneithertransfersnorretainssubstantiallyalltherisksandrewardsofownershipoftheassetsbuthasnotretainedcontrolontheassets.Onderecognitionofafinancialasset,thedifferencebetweentheasset'scarryingamountandthesumoftheconsiderationreceivedisrecognisedinprofit or loss.

于收取资产现金流量之合约权利届满；目標公司转让有关资产所有权的绝大部分风险及回报，或目標公司概无转让亦无保留资产所有权的绝大部分风险及回报惟并无保留对资产的控制权时，则终止确认金融资产。于终止确认一项金融资产时，该项资产之账面值与已收代价总和之差额于损益内确认。

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注截至二零二四年十二月三十一日止年度及二零二五年五月三十一日止五个月期间

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2024 AND FOR THE FIVE MONTHS ENDED 31 MAY 2025

Loss allowances for expected credit losses预期信贷亏损的亏损拨备

Cash and cash equivalents现金及现金等价物

If,attheendofthereportingperiod,thecreditriskonafinancialinstrument(otherthantradereceivables)hasnotincreasedsignificantlysinceinitialrecognition,theTargetCompanymeasuresthelossallowanceforthatfinancialinstrumentatanamountequaltotheportionoflifetimeexpectedcreditlossesthatrepresentstheexpectedcreditlossesthatresultfromdefaulteventsonthatfinancialinstrumentthatarepossiblewithin12monthsafterthereporting period.

倘于报告期末，金融工具(贸易应收款项除外)的信贷风险自初始确认以来并无大幅增加，目標公司按相等于反映该金融工具于报告期后12个月内可能发生的违约事件所引致预期信贷亏损的全期预期信贷亏损部分的金额计量该金融工具的亏损拨备。

Theamountofexpectedcreditlossesorreversaltoadjustthelossallowanceattheendofthereportingperiodtotherequiredamountisrecognisedinprofitorlossasanimpairment gain or loss.

于报告期末将亏损拨备调整至所需金额的预期信贷亏损或拨回金额，于损益中确认为减值收益或亏损。

Forthepurposeofthestatementofcashflows,cashandcashequivalentsrepresentcashatbankandonhand,demanddepositswithbanksandotherfinancialinstitutions,andshort-termhighlyliquidinvestmentswhicharereadilyconvertibleintoknownamountsofcashandsubjecttoaninsignificantriskofchangeinvalue.BankoverdraftswhicharerepayableondemandandformanintegralpartoftheTargetCompany'scashmanagementarealsoincludedasacomponentofcashandcashequivalents.

就现金流量表而言，现金及现金等价物指银行现金及手头现金、银行及其他金融机构的活期存款，以及可随时转换为已知数额现金且价值变动风险并不重大的短期高流通性投资。须按要求偿还并构成目標公司现金管理的组成部分的银行透支亦入账列作现金及现金等价物的一部分。

TheTargetCompanyrecogniseslossallowancesforexpectedcreditlossesonfinancialassetsatamortisedcost.Expectedcreditlossesaretheweightedaverageofcreditlosseswiththerespectiverisksofadefaultoccurringastheweights.

目標公司就按摊销成本列账的金融资产的预期信贷亏损确认亏损拨备。预期信贷亏损为加权平均信贷亏损，并以发生相关违约风险的金额作为加权数值。Attheendofeachreportingperiod,theTargetCompanymeasuresthelossallowanceforafinancialinstrumentatanamountequaltotheexpectedcreditlossesthatresultfromallpossibledefaulteventsovertheexpectedlifeofthatfinancialinstrument(“lifetimeexpectedcreditlosses”)fortradereceivables,contractassetsandleasereceivables,orifthecreditriskonthatfinancialinstrumenthasincreased significantly since initial recognition.

于各报告期末，就贸易应收款项而言，或倘金融工具的信贷风险自初始确认以来大幅增加，目標公司按相等于该金融工具的预计年期所有可能发生违约事件所引致的预期信贷亏损(「全期预期信贷亏损」)的金额计量金融工具的亏损拨备。

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注截至二零二四年十二月三十一日止年度及二零二五年五月三十一日止五个月期间

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2024 AND FOR THE FIVE MONTHS ENDED 31 MAY 2025

Financial liabilities and equity instruments金融负债及股本工具

Borrowings借贷

Trade and other payables贸易应付款项及其他应付款项

Equity instruments股本工具

Revenue from contract with customers来自客户合约的收益

TheTargetCompanyrecognisesrevenuewhenitsatisfiesaperformanceobligationbytransferringcontroloveraproductorservicetoacustomer.Dependingonthetermsofacontractandthelawsthatapplytothatcontract,aperformanceobligationcanbesatisfiedovertimeoratapointintime.Aperformanceobligationissatisfiedovertime if:

目標公司于透过将产品或服务的控制权转移至客户而履行履约责任时确认收益。视乎合约条款及该合约适用的法例，履约责任可随时间或于某一时间点履行。倘属下列情况，履约责任乃随时间履行：

Tradeandotherpayablesareinitiallyrecognisedatfairvalueandsubsequentlymeasuredatamortisedcostusingtheeffectiveinterestmethodunlesstheeffectofdiscountingwouldbeimmaterial,inwhichcasetheyarestated at cost.

贸易应付款项及其他应付款项初步按其公允值列账，其后采用实际利率法按摊销成本计量，除非贴现影响甚微，于此情况下，则以成本列账。

EquityinstrumentsissuedbytheTargetCompanyarerecorded at the proceeds received, net of direct issue costs.

目標公司所发行的股本工具按已收所得款项(扣除直接发行成本)入账。

Revenueismeasuredbasedontheconsiderationspecifiedinacontractwithacustomerwithreferencetothecustomarybusinesspracticesandexcludesamountscollectedonbehalfofthirdparties.Foracontractwheretheperiodbetweenthepaymentbythecustomerandthetransferofthepromisedproductorserviceexceedsoneyear,theconsiderationisadjustedfortheeffectofasignificant financing component.

收益乃参考常见业务惯例按客户合约所列明的代价计量，且不包括代表第三方收取的款项。就客户付款与转移已承诺产品或服务之间的期限超过一年的合约而言，代价就重大融资部分的影响作出调整。

FinancialliabilitiesandequityinstrumentsareclassifiedaccordingtothesubstanceofthecontractualarrangementsenteredintoandthedefinitionsofafinancialliabilityandanequityinstrumentunderIFRSAccountingStandards.AnequityinstrumentisanycontractthatevidencesaresidualinterestintheassetsoftheTargetCompanyafterdeductingallofitsliabilities.Theaccountingpoliciesadoptedforspecificfinancialliabilitiesandequityinstruments are set out below.

金融负债及股本工具乃根据所订立合约安排的内容及国际财务报告准则会计准则项下金融负债及股本工具的定义分类。股本工具乃证明于目標公司经扣除其所有负债后的资产中拥有剩余权益的任何合约。下文载列就特定金融负债及股本工具所采纳的会计政策。

Borrowingsareinitiallyrecognisedatfairvalue,netoftransactioncostsincurred,andsubsequentlymeasuredatamortised cost using the effective interest method.

借贷初步按公允值(扣除已产生交易成本)确认，其后采用实际利率法按摊销成本计量。BorrowingsareclassifiedascurrentliabilitiesunlesstheTargetCompanyhasanunconditionalrighttodefersettlementoftheliabilityforatleast12monthsafterthereporting period.

借贷分类为流动负债，除非目標公司拥有无条件权利将负债的结算递延至报告期后至少12个月。

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注截至二零二四年十二月三十一日止年度及二零二五年五月三十一日止五个月期间

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2024 AND FOR THE FIVE MONTHS ENDED 31 MAY 2025

------

Other revenue其他收益

Employee benefits雇员福利

(i)(i)

(ii)(ii)

(iii)(iii)

TerminationbenefitsarerecognisedattheearlierofthedateswhentheTargetCompanycannolongerwithdrawtheofferofthosebenefitsandwhentheTargetCompanyrecognisesrestructuringcostsandinvolves the payment of termination benefits.

终止雇佣福利于目標公司无法撤回提供该等福利及目標公司确认重组成本并涉及支付终止雇佣福利的较早日期予以确认。Termination benefits终止雇佣福利

Employeeentitlementstoannualleaveandlongserviceleavearerecognisedwhentheyaccruetoemployees.Aprovisionismadefortheestimatedliabilityforannualleaveandlongserviceleaveasaresultofservicesrenderedbyemployeesuptotheendof the reporting period.

雇员可享有的年假及长期服务假期乃于雇员可享有假期时确认。拨备乃就雇员直至报告期末所提供服务而可享有的年假及长期服务假期的估计负债作出。Employeeentitlementstosickleaveandmaternityleave are not recognised until the time of leave.

雇员可享有的病假及产假于放假时方予确认。Pension obligations退休金责任

Employee leave entitlements雇员有薪假期

theTargetCompany'sperformancedoesnotcreateanassetwithanalternativeusetotheTargetCompanyandtheTargetCompanyhasanenforceablerighttopayment for performance completed to date.

目標公司履约并无创建对目標公司而言具替代用途的资

产，且目標公司对至今已完成的履约付款拥有可强制执

行的权利。Ifaperformanceobligationissatisfiedovertime,revenueisrecognisedbyreferencetotheprogresstowardscompletesatisfactionofthatperformanceobligation.Otherwise,revenueisrecognisedatapointintimewhenthe customer obtains control of the product or service.

倘履约责任随时间获履行，收益乃参考履约责任圆满完成的进度确认。否则，收益于客户取得产品或服务控制权的时点确认。

Interestincomeisrecognisedusingtheeffectiveinterestmethod.

利息收入采用实际利率法确认。

TheTargetCompanycontributestodefinedcontributionretirementschemeswhichareavailabletoallemployees.ContributionstotheschemesbytheTargetCompanyandemployeesarecalculatedasapercentageofemployees'basicsalaries.TheretirementbenefitschemecostchargedtoprofitorlossrepresentscontributionspayablebytheTargetCompany to the funds.

目標公司向所有雇员均可参与的界定供款退休计划作出

供款。目標公司及雇员向计划作出的供款乃按雇员基本

薪金的百分比计算。于损益内扣除的退休福利计划成本

乃指目標公司应向基金作出的供款。

theTargetCompany'sperformancecreatesorenhancesanassetthatthecustomercontrolsastheasset is created or enhanced; or

目標公司履约创建或提升客户随着资产的创建或提升而

控制的资产；或

thecustomersimultaneouslyreceivesandconsumesthebenefitsprovidedbytheTargetCompany'sperformance;

客户同时获得及消耗目標公司履约所提供的利益；

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注截至二零二四年十二月三十一日止年度及二零二五年五月三十一日止五个月期间

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2024 AND FOR THE FIVE MONTHS ENDED 31 MAY 2025

Borrowing costs借贷成本

Government grants政府补助

Governmentgrantsrelatingtothepurchaseofassetsarededucted from the carrying amount of the assets. The grantisrecognisedinprofitorlossoverthelifeofadepreciableasset by way of a reduced depreciation charge.

有关购买资产的政府补助自资产的账面值扣减。补助透过扣减折旧费用于可折旧资产年期在损益内确认。

AgovernmentgrantisrecognisedwhenthereisreasonableassurancethattheTargetCompanywillcomplywiththeconditionsattachingtoitandthatthegrantwillbereceived.

当有合理保证目標公司将遵守政府补助的附带条件及将接获补助时，确认政府补助。

Governmentgrantsrelatingtoincomearedeferredandrecognisedinprofitorlossovertheperiodtomatchthemwith the costs they are intended to compensate.

有关收入的政府补助将予以递延，并将于配合拟补助的成本的期间内在损益内确认。GovernmentgrantsthatbecomereceivableascompensationforexpensesorlossesalreadyincurredorforthepurposeofgivingimmediatefinancialsupporttotheTargetCompanywithnofuturerelatedcostsarerecognisedinprofitorlossintheperiodinwhichtheybecome receivable.

因已产生的开支或亏损或向目標公司提供实时财务支持成为应收补偿且并无日后相关成本的政府补助，乃于其成为应收款项的期间在损益确认。

Borrowingcostsdirectlyattributabletotheacquisition,constructionorproductionofqualifyingassets,whichareassetsthatnecessarilytakeasubstantialperiodoftimetogetreadyfortheirintendeduseorsale,arecapitalisedaspartofthecostofthoseassets,untilsuchtimeastheassetsaresubstantiallyreadyfortheirintendeduseorsale.Investmentincomeearnedonthetemporaryinvestmentofspecificborrowingspendingtheirexpenditureonqualifyingassetsisdeductedfromtheborrowingcostseligible for capitalisation.

直接归属于收购、建造或生产合资格资产(即需要花费相当长时间才能为其拟定用途或销售做好准备的资产)的借贷成本资本化为该等资产的部分成本，直至资产大致准备作其拟定用途或销售为止。有待就合资格资产支销的特定借贷的暂时投资所赚取的投资收入由符合资格进行资本化的借贷成本中扣除。

Totheextentthatfundsareborrowedgenerallyandusedforthepurposeofobtainingaqualifyingasset,theamountofborrowingcostseligibleforcapitalisationisdeterminedbyapplyingacapitalisationratetotheexpendituresonthatasset.ThecapitalisationrateistheweightedaverageoftheborrowingcostsapplicabletotheborrowingsoftheTargetCompanythatareoutstandingduringtheperiod,otherthanborrowingsmadespecificallyforthepurposeofobtaininga qualifying asset.

倘资金借入作一般用途及用于获取合资格资产，则合资格资本化的借贷成本金额乃按该资产支销所应用的资本化比率厘定。资本化比率为适用于目標公司期内尚未偿还借贷的加权平均借贷成本，不包括为获取合资格资产而专门借入的借贷。

Allotherborrowingcostsarerecognisedinprofitorlossinthe period in which they are incurred.

所有其他借贷成本于其产生期间于损益内确认。

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注截至二零二四年十二月三十一日止年度及二零二五年五月三十一日止五个月期间

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2024 AND FOR THE FIVE MONTHS ENDED 31 MAY 2025

Taxation税项

Deferredtaxiscalculatedatthetaxratesthatareexpectedtoapplyintheperiodwhentheliabilityissettledortheassetisrealised,basedontaxratesthathavebeenenactedorsubstantivelyenactedbytheendofthereportingperiod.Deferredtaxisrecognisedinprofitorloss,exceptwhenitrelatestoitemsrecognisedinothercomprehensiveincomeordirectlyinequity,inwhichcasethedeferredtaxisalsorecognisedinothercomprehensiveincomeordirectlyinequity.

递延税项乃根据于报告期末已颁布或已实质颁布的税率，按预期在负债结清或资产变现期间应用的税率计算。递延税项于损益中确认，惟倘递延税项与在其他全面收益确认或直接于权益确认的项目有关则除外，在此情况下递延税项亦会于其他全面收益或直接于权益确认。

Deferredtaxisrecognisedondifferencesbetweenthecarryingamountsofassetsandliabilitiesinthefinancialstatementsandthecorrespondingtaxbasesusedinthecomputationoftaxableprofit.Deferredtaxliabilitiesaregenerallyrecognisedforalltaxabletemporarydifferencesand deferred tax assets are recognised to the extent that it isprobablethattaxableprofitswillbeavailableagainstwhichdeductibletemporarydifferences,unusedtaxlossesorunusedtaxcreditscanbeutilised.Suchassetsandliabilitiesarenotrecognisedifthetemporarydifferencearisesfromtheinitialrecognitionofotherassetsandliabilitiesinatransactionthataffectsneitherthetaxableprofit nor the accounting profit.

递延税项按资产及负债于财务报表内的账面值与计算应课税溢利采用的相应税基的差额确认。递延税项负债一般按所有应课税暂时差额确认，而递延税项资产则将在可能有应课税溢利可供作抵销可予扣减暂时差额、未动用税项亏损或可动用而未动用税项抵免时确认。倘暂时差额乃因商誉或初始确认一宗既不影响应课税溢利亦不影响会计溢利的交易(业务合并除外)中的其他资产及负债而产生，则不会确认有关资产及负债。

Deferredtaxliabilitiesarerecognisedfortaxabletemporarydifferencesarisingoninvestmentsinsubsidiariesandassociates,andinterestsinjointventures,exceptwheretheTargetCompanyisabletocontrolthereversalofthetemporarydifferenceanditisprobablethatthetemporarydifferencewillnotreverseintheforeseeablefuture.

递延税项负债乃按于附属公司及联营公司的投资以及于合营公司的权益所产生的应课税暂时差额确认，惟倘目標公司可控制暂时差额的拨回，且该暂时差额可能将不会在可见将来拨回者除外。

Thecarryingamountofdeferredtaxassetsisreviewedattheendofeachreportingperiodandreducedtotheextentthatitisnolongerprobablethatsufficienttaxableprofitswillbeavailabletoallowallorpartoftheassettoberecovered.

递延税项资产的账面值乃于各报告期末进行检讨，并调低至将不再可能有充裕的应课税溢利以收回所有或部分资产。

Incometaxrepresentsthesumofthecurrenttaxanddeferred tax.

所得税指即期税项及递延税项的总额。

Thetaxcurrentlypayableisbasedontaxableprofitfortheyear.Taxableprofitdiffersfromprofitrecognisedinprofitorlossbecauseitexcludesitemsofincomeorexpensethataretaxableordeductibleinotheryearsanditfurtherexcludesitemsthatarenevertaxableordeductible.TheTargetCompany'sliabilityforcurrenttaxiscalculatedusingtaxratesthathavebeenenactedorsubstantivelyenacted by the end of the reporting period.

即期应付税项乃根据年内应课税溢利计算。应课税溢利与于损益内确认的溢利有所不同，乃由于应课税溢利不包括其他年度的应课税或可予扣税收入或开支项目，且亦不包括免税或不可扣税项目。目標公司即期税项负债采用于报告期末已颁布或已实质颁布的税率计算。

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注截至二零二四年十二月三十一日止年度及二零二五年五月三十一日止五个月期间

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2024 AND FOR THE FIVE MONTHS ENDED 31 MAY 2025

Related parties关联方(A)(A)(i)(i)

(ii)(ii)

(iii)(iii)(B)(B)

(i)(i)

(ii)(ii)

(iii)(iii)

(iv)(iv)(v)(v)

(vi)(vi)Theentityiscontrolledorjointlycontrolledbyaperson identified in (A).

Bothentitiesarejointventuresofthesamethirdparty.Oneentityisajointventureofathirdentityandthe other entity is an associate of the third entity.Theentityisapost-employmentbenefitplanforthebenefitofemployeesofeithertheTargetCompanyoranentityrelatedtotheTargetCompany.IftheTargetCompanyisitselfsuchaplan,thesponsoringemployersarealsorelatedtothe Target Company.

两家实体均为同一第三方之合营公司。一家实体为第三方实体之合营公司，而另一实体为该第三方实体之联营公司。该实体为目標公司或与目標公司有关联之实体就雇员利益设立之离职福利计划。倘目標公司本身为该计划，提供资助之雇主亦与目標公司有关联。

该实体受(A)所识别人士控制或共同控制。

AnentityisrelatedtotheTargetCompanyifanyofthe following conditions applies:

倘符合以下任何条件，即实体与目標公司有关联：

TheentityandtheTargetCompanyaremembersofthesamegroup(whichmeansthateachparent,subsidiaryandfellowsubsidiaryisrelatedtotheothers).Oneentityisanassociateorjointventureoftheotherentity(oranassociateorjointventureofamemberofagroupofwhichtheotherentityisamember).

has control or joint control over the Targethas significant influence over the TargetisamemberofthekeymanagementpersonneloftheTargetCompanyorofaparentoftheTargetCompany.

控制或共同控制目標公司；对目標公司有重大影响力；或为目標公司或目標公司母公司之主要管理层人员。

该实体与目標公司属同一集团之成员公司(即各母公司、附属公司及同系附属公司彼此间有关联)。一家实体为另一实体之联营公司或合营公司(或另一实体为成员公司之集团旗下成员公司之联营公司或合营公司)。

DeferredtaxassetsandliabilitiesareoffsetwhenthereisalegallyenforceablerighttosetoffcurrenttaxassetsagainstcurrenttaxliabilitiesandwhentheyrelatetoincometaxesleviedbythesametaxationauthorityandtheTargetCompanyintendstosettleitscurrenttaxassetsandliabilities on a net basis.

当有可依法强制执行的权利将即期税项资产与即期税项负债抵销，且递延税项资产与负债与同一税务机构所征收的所得税相关及目標公司有意按净额基准结算其即期税项资产及负债时，则可将递延税项资产与负债抵销。

ArelatedpartyisapersonorentitythatisrelatedtotheTarget Company.

关联方乃与目標公司有关联之人士或实体。Apersonoraclosememberofthatperson'sfamilyisrelated to the Target Company if that person:

倘属以下人士，即该人士或该人士直系亲属与目標公司有关联：

ThemeasurementofdeferredtaxassetsandliabilitiesreflectsthetaxconsequencesthatwouldfollowfromthemannerinwhichtheTargetCompanyexpects,attheendofthereportingperiod,torecoverorsettlethecarryingamount of its assets and liabilities.

递延税项资产及递延税项负债之计量反映目標公司于报告期

末预计收回或结算资产及负债账面值之方式而引致之税务后

果。

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注截至二零二四年十二月三十一日止年度及二零二五年五月三十一日止五个月期间

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2024 AND FOR THE FIVE MONTHS ENDED 31 MAY 2025

FOR THE YEAR ENDED 31 DECEMBER 2024 AND FOR THE FIVE MONTHS ENDED 31 MAY 2025(vii)

(vii)

(vii)(viii)

(viii)

Impairment of assets资产减值

Iftherecoverableamountofanassetorcash-generatingunitisestimatedtobelessthanitscarryingamount,thecarryingamountoftheassetorcash-generatingunitisreducedtoitsrecoverableamount.Animpairmentlossisrecognisedimmediatelyinprofitorloss,unlesstherelevantassetiscarriedatarevaluedamount,inwhichcasetheimpairmentlossistreatedasarevaluationdecrease.

倘资产或现金产生单位之可收回金额估计低于其账面值，则资产或现金产生单位之账面值减至其可收回金额。减值亏损实时于损益确认，惟倘相关资产以重估金额列账则除外，在此情况下减值亏损视作重估减少处理。

Intangibleassetsthathaveanindefiniteusefullifeornotyetavailableforusearereviewedannuallyforimpairmentandarereviewedforimpairmentwhenevereventsorchangesincircumstancesindicatethecarryingamountmay not be recoverable.

具有无限可使用年期或尚未使用之无形资产会每年检讨减值，亦会于事件或情况改变显示可能无法收回账面值时检讨减值。Attheendofeachreportingperiod,theTargetCompanyreviewsthecarryingamountsofitstangibleandintangibleassetstodeterminewhetherthereisanyindicationthatthoseassetshavesufferedanimpairmentloss.Ifanysuchindicationexists,therecoverableamountoftheassetisestimatedinordertodeterminetheextentofanyimpairmentloss.Whereitisnotpossibletoestimatetherecoverableamountofanindividualasset,theTargetCompanyestimatestherecoverableamountofthecash

(viii)generating unit to which the asset belongs.

Recoverableamountisthehigheroffairvaluelesscostsofdisposalandvalueinuse.Inassessingvalueinuse,theestimatedfuturecashflowsarediscountedtotheirpresentvalueusingapre-taxdiscountratethatreflectscurrentmarketassessmentsofthetimevalueofmoneyandtherisks specific to the asset.

于各报告期末，目標公司检讨其有形资产及其他无形资产之账面值，以厘定有否迹象显示该等资产出现减值亏损。倘存在任何该等迹象，则估计资产之可收回金额以厘定任何减值亏损程度。倘无法估计个别资产之可收回金额，则目標公司估计资产所属现金产生单位之可收回金额。

可收回金额为公允值减出售成本及使用价值两者之较高者。评估使用价值时，估计未来现金流量会按照可反映现时市场对货币时值及资产特定风险之评估之税前贴现率，贴现至其现值。

Apersonidentifiedin(A)(i)hassignificantinfluenceovertheentityorisamemberofthekeymanagementpersonneloftheentity(orofaparent of the entity).Theentity,oranymemberofagroupofwhichitisapart,provideskeymanagementpersonnelservicestotheTargetCompanyortoaparentofthe Target Company.

于(A)(i)所识别人士对实体有重大影响力或属该实体(或该实体母公司)主要管理层人员。该实体(或集团(而该实体为当中成员)旗下任何成员公司)向目標公司或目標公司母公司提供主要管理人员服务。

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注截至二零二四年十二月三十一日止年度及二零二五年五月三十一日止五个月期间

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2024 AND FOR THE FIVE MONTHS ENDED 31 MAY 2025

Provisions and contingent liabilities拨备及或然负债

Events after the reporting period报告期后事项

Whereitisnotprobablethatanoutflowofeconomicbenefitswillberequired,ortheamountcannotbeestimatedreliably,theobligationisdisclosedasacontingentliability,unlesstheprobabilityofoutflowisremote.Possibleobligations,whoseexistencewillonlybeconfirmedbytheoccurrenceornon-occurrenceofoneormorefutureeventsarealsodisclosedascontingentliabilities unless the probability of outflow is remote.

倘需要流出经济利益之机会不大，或金额无法可靠估计，则责任乃披露为或然负债，除非经济利益流出之可能性极低则另作别论。可能出现之责任是否存在仅将取决于日后会否发生一宗或多宗事件，除非经济利益流出之可能性极低，否则该等责任亦披露为或然负债。

EventsafterthereportingperiodthatprovideadditionalinformationabouttheTargetCompany'spositionattheendofthereportingperiodorthosethatindicatethegoingconcernassumptionisnotappropriateareadjustingeventsandarereflectedinthefinancialstatements.Eventsafterthereportingperiodthatarenotadjustingeventsaredisclosedinthenotestothefinancialstatementswhenmaterial.

提供有关目標公司于报告期末之状况之额外数据或显示持续经营假设并不适当之报告期后事项为调整事项，并反映于财务报表。并非调整事项之报告期后事项，如属重大时乃于财务报表附注披露。

Whereanimpairmentlosssubsequentlyreverses,thecarryingamountoftheassetorcash-generatingunitisincreasedtotherevisedestimateofitsrecoverableamount,butsothattheincreasedcarryingamountdoesnotexceedthecarryingamountthatwouldhavebeendetermined(netofamortisationordepreciation)hadnoimpairmentlossbeenrecognisedfortheassetorcash-generatingunitinprioryears.Areversalofanimpairmentlossisrecognisedimmediatelyinprofitorloss,unlesstherelevantassetiscarriedatarevaluedamount,inwhichcasethereversalofthe impairment loss is treated as a revaluation increase.

倘减值亏损于其后拨回，则资产或现金产生单位之账面值增至其可收回金额之经修订估计，惟增加后之账面值不得高于假设过往年度并无就资产或现金产生单位确认减值亏损而厘定之账面值(扣除摊销或折旧)。减值亏损拨回实时于损益确认，惟倘相关资产以重估金额列账则除外，在此情况下减值亏损拨回视作重估增加处理。

ProvisionsarerecognisedforliabilitiesofuncertaintimingoramountwhentheTargetCompanyhasapresentlegalorconstructiveobligationarisingasaresultofapastevent,itisprobablethatanoutflowofeconomicbenefitswillberequiredtosettletheobligationandareliableestimatecanbemade.Wherethetimevalueofmoneyismaterial,provisionsarestatedatthepresentvalueoftheexpenditures expected to settle the obligation.

在目標公司现时须因过往事件承担法定或推定责任，而履行责任有可能导致经济利益流出，且能够可靠地估计责任金额的情况下，便会确认该等时间或金额不确定之负债拨备。倘货币时值重大，则拨备之金额乃按预期用于履行该责任之支出之现值列账。

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注截至二零二四年十二月三十一日止年度及二零二五年五月三十一日止五个月期间

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2024 AND FOR THE FIVE MONTHS ENDED 31 MAY 2025

4.4.关键会计判断及估计不确定性之主要来源Critical judgements in applying accounting policies

Key sources of estimation uncertainty

(a)(a)

5.FINANCIAL RISK MANAGEMENT5.金融风险管理

(a)Foreign currency risk(a)外币风险

由于某些业务交易、资产和负债主要以欧元计价，因此公司面临一定的外汇风险。目標公司目前并无针对外币交易、资产及负债的外币避险政策。目標公司将密切监控其外汇风险，并在必要时考虑对冲重大外汇风险。TheTargetCompanyhascertainexposuretoforeigncurrencyriskascertainbusinesstransactions,assetsandliabilitiesareprincipallydenominatedinEuro.TheTargetCompanycurrentlydoesnothaveaforeigncurrencyhedgingpolicyinrespectofforeigncurrencytransactions,assetsandliabilities.TheTargetCompanywillmonitoritsforeigncurrencyexposurecloselyandwillconsiderhedgingsignificant

FOR THE YEAR ENDED 31 DECEMBER 2024 AND FOR THE FIVE MONTHS ENDED 31 MAY 2025foreign currency exposure should the need arise.

Intheprocessofapplyingtheaccountingpolicies,thedirectorshavemadethefollowingjudgementsthathavethemostsignificanteffectontheamountsrecognisedinthefinancial statements.

TheTargetCompany'sactivitiesexposeittoavarietyoffinancialrisks:foreigncurrencyrisk,pricerisk,creditrisk,liquidityriskandinterestraterisk.TheTargetCompany'soverallriskmanagementprogrammefocusesontheunpredictabilityoffinancialmarketsandseekstominimisepotentialadverseeffectsontheTargetCompany'sfinancialperformance.

在应用会计政策的过程中，董事作出了以下对财务报表中已确认金额有最重大影响的判断，惟涉及估计者。

目標公司的活动使其面临各种金融风险：外汇风险、价格风险、信用风险、流动性风险和利率风险。目標公司的整体风险管理计划重点在于金融市场的不可预测性，并力求将对目標公司财务表现的潜在不利影响降至最低。

CRITICAL JUDGEMENTS AND KEY ESTIMATES

Thekeyassumptionsconcerningthefuture,andotherkeysources of estimation uncertainty at the end of the reportingperiod,thathaveasignificantriskofcausingamaterialadjustmenttothecarryingamountsofassetsandliabilitieswithin the next financial year, are discussed below.

下文讨论了有关未来的关键假设以及报告期末估计不确定性的其他主要来源，这些假设和来源具有导致下一财政年度资产和负债的账面价值发生重大调整的重大风险。

Property,plantandequipmentarereviewedforimpairmentwhenevereventsorchangesincircumstancesindicatethatthecarryingamountoftheassetsexceedsitsrecoverableamount.Therecoverableamountisdeterminedwithreferencetothehigheroffairvaluelesscostsofdisposalorpresentvalueofestimatedfuturecashflows.Wherethefairvaluelesscostsofdisposal/futurecashflowsarelessthanexpectedorthereareunfavourableeventsandchangeinfactsandcircumstancewhichresultinrevisionoffairvaluelesscostsofdisposal/futureestimatecashflows,amaterialimpairmentlossmayarise.

当事件或情况变化显示资产的账面价值超过其可收回价值时，就会对物业、厂房和设备进行减损审查。 可收回金额依公允价值减去处置费用后金额与预期未来现金流量的现值两者之间较高者决定。 倘公允价值减处置成本/未来现金流量低于预期或出现不利事件及事实及情况变化，以致公允价值减处置成本/未来估计现金流量须予修订，则可能产生重大减损损失。

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注截至二零二四年十二月三十一日止年度及二零二五年五月三十一日止五个月期间

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2024 AND FOR THE FIVE MONTHS ENDED 31 MAY 2025

(b)Credit risk(b)信贷风险

--

--

------

Asignificantincreaseincreditriskispresumedifadebtorismorethan30dayspastdueinmakingacontractualpayment.Adefaultonafinancialassetiswhenthecounterpartyfailstomakecontractualpayments within 60 days of when they fall due.

倘涉及合约付款之债务人逾期超过30日，则假定信贷风险大幅增加。当交易对手无法于合约付款到期时60日内支付款项，则金融资产出现违约。

significantchangesintheexpectedperformanceandbehaviouroftheborrower,includingchangesin the payment status of borrowers.

借款人预期表现及行为之重大变动，包括借款人之付款状况变动。

internal credit rating;actualorexpectedsignificantadversechangesinbusiness,financialoreconomicconditionsthatareexpectedtocauseasignificantchangetotheborrower's ability to meet its obligations;actualorexpectedsignificantchangesintheoperating results of the borrower;

借款人经营业绩之实际或预期重大变动；

significantchangesinthevalueofthecollateralorinthequalityofguaranteesorcreditenhancements;

抵押品价值或担保或信贷提升措施之质素出现重大变动；及

内部信贷评级；预期导致对借款人履行责任的能力出现重大变动之业务、财务或经济状况之实际或预期重大不利变动；

Thecreditriskoncashandbankbalancesandderivativefinancialinstrumentsislimitedbecausethecounterpartiesarebankswithhighcredit-ratingsassigned by international credit-rating agencies.

由于交易对手均为经国际信用评等机构评定具有高信用评等的银行，因此现金及银行结余以及衍生性金融工具的信用风险有限。

TheTargetCompanyconsiderswhethertherehasbeenasignificantincreaseincreditriskoffinancialassetsonanongoingbasisthroughouteachreportingperiodbycomparingtheriskofadefaultoccurringasatthereportingdatewiththeriskofdefaultasatthedateofinitialrecognition.Itconsidersavailablereasonableandsupportiveforwarding-lookinginformation.Especiallythefollowinginformationisused:

目標公司透过比较报告日发生的违约风险与初始确认日的违约风险，在每个报告期间持续考虑金融资产的信用风险是否显着增加。它考虑可用的合理且支持性的前瞻性信息。特别使用以下信息：

Ithaspoliciesinplacetoensurethatsalesaremadetocustomerswithanappropriatecredithistory.Amountsduefromrelatedcompaniesarecloselymonitored by the director.

财务状况表中包含的现金和银行存款、贸易应收款和其他应收款的账面价值代表了目標公司在金融资产方面面临的最大信用风险。目標公司并无重大信用风险集中。目標公司制定了政策来确保向具有良好信用记录的客户进行销售。董事密切监控关联公司应收款项。

Thecarryingamountofthecashandbankbalances,tradeandotherreceivables,includedinthestatementoffinancialpositionrepresentstheTargetCompany'smaximumexposuretocreditriskinrelationtotheTarget Company's financial assets.TheTargetCompanyhasnosignificantconcentrations of credit risk.

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注截至二零二四年十二月三十一日止年度及二零二五年五月三十一日止五个月期间

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2024 AND FOR THE FIVE MONTHS ENDED 31 MAY 2025

(c)Liquidity risk(c)流动资金风险

(d)Interest rate risk(d)利率风险

TheTargetCompany'sexposuretointerest-rateriskarisesfromitsbankdepositsandbankborrowings.Thesedepositsandborrowingsbearinterestsatvariableratesvariedwiththethenprevailingmarketcondition.

目標公司面临的利率风险来自其银行存款及银行借款。该等存款及借贷按其时现行市场状况变动厘定之浮动利率计息。Exceptasstatedabove,theTargetCompanyhasnosignificantinterest-bearingassetsandliabilities,theTargetCompany'soperatingcashflowsaresubstantiallyindependentofchangesinmarket

FOR THE YEAR ENDED 31 DECEMBER 2024 AND FOR THE FIVE MONTHS ENDED 31 MAY 2025

interest rates.

除上文所述者外，目標公司并无其他重大计息资产及负债，且其收入及经营现金流量实质上与市场利率变动无关。

TheTargetCompany'sbankdepositsandbankborrowingsbearinterestsatfixedinterestratesandtherefore are subject to fair value interest rate risks.

目標公司银行存款及银行借款按固定利率计息，并因此面临公允值利率风险。

TheTargetCompany'spolicyistoregularlymonitorcurrentandexpectedliquidityrequirementstoensurethatitmaintainssufficientreservesofcashtomeetitsliquidity requirements in the short and longer term.

目標公司之政策为定期监察目前及预期流动资金需要，以确保其维持足够现金储备，应付其短期及较长期之流动资金需要。Tradepayablesandaccrualsandotherpayablesareduewithinoneyear.Thematurityanalysis,basedonundiscountedcashflows,oftheTargetCompany'sotherfinancialliabilitiesincludingbankborrowingsand lease liabilities are disclosed in note 16 and 17.

贸易应付款项、应计款项和其他应付款项应在一年内到期。基于未折现现金流，目標公司其他金融负债（包括银行借款和租赁负债）的到期日分析在附注16和17中披露。

Financialassetsarewrittenoffwhenthereisnoreasonableexpectationofrecovery,suchasadebtorfailingtoengageinarepaymentplanwiththeTargetCompany.TheTargetCompanynormallycategorisesaloanorreceivableforwriteoffwhenadebtorfailstomakecontractualpaymentsgreaterthan360dayspastdue.Whereloansorreceivableshavebeenwrittenoff,theTargetCompany,ifpracticableandeconomical,continuestoengageinenforcementactivity to attempt to recover the receivable due.

金融资产于合理预期无法收回(如债务人无法与目標公司达成还款计划)时撇销。倘债务人于逾期后超过360日无法作出合约付款，目標公司通常会撇销有关贷款或应收款项。倘贷款或应收款项已予撇销，则目標公司在实际可行及符合经济效应的情况下，继续采取强制行动试图收回到期应收款项。

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注截至二零二四年十二月三十一日止年度及二零二五年五月三十一日止五个月期间

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2024 AND FOR THE FIVE MONTHS ENDED 31 MAY 2025

(e)(e)

At 31 May 2025At 31 December 2024HUFHUFFinancial assets:

金融资产：

660,860,670 684,112,477Financial liabilities:

金融负债：

1,989,975,020 2,117,157,446(f)Fair values(f)公允值

6.REVENUE6.收入

Five months ended 31May 2025

For the year ended 31

December 2024

HUFHUFPrinting of patient information leaflets用药信息手册印刷544,833,7031,797,931,134Book printing services书籍印刷服务112,956,371509,426,416Sheet and poster printing纸张和海报印刷73,595,927168,379,546Die-cut模切287,032,990175,697,018Others其他103,405,460276,446,910

1,121,824,4512,927,881,024The revenue are recognised upon goods and services transferred at a point in time.收入于货物及服务在某个时间点转移时确认。

ThecarryingamountsoftheTargetCompany'sfinancialassetsandfinancialliabilitiesasreflectedinthestatementoffinancialpositionapproximatetheirrespective fair values.

财务状况表反映的目標公司金融资产及金融负债的账面值与其各自公允值相若。

Financialassetsatamortisedcost(includingcashandcashequivalents)

按摊销成本计量的金融资产(包括现金及现金等价物)

Categoriesoffinancialinstrumentsat31December2024 and 31 May 2025

于2024年

月

日及2025年

月

日的金融工具类别

Financialliabilitiesatamortisedcost

以摊余成本计量的金融负债

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注截至二零二四年十二月三十一日止年度及二零二五年五月三十一日止五个月期间

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2024 AND FOR THE FIVE MONTHS ENDED 31 MAY 2025

7.7.其他收入以及其他收益及亏损

Five months ended31 May 2025

For the year ended31 December 2024HUFHUFBank interest income银行利息收入2,479,225195,388关联方借款利息收入

1,430,000408,767Foreign exchange loss, net汇兑亏损(1,465,809)(32,390,728)清理固定资减值损失

- (3,599,999)Impairment loss on trade receivables应收帐款减值- (5,366,386)Gain on modification of lease租赁修改收益- 2,806,457处置固定资产盈利

7,330,09426,700,889Government grant income recognised政府补贴收入确认14,003,000115,592,195Others其他4,840,9502,949,78628,617,460107,296,369

8.8.财务成本

Five months ended31 May 2025

For the year ended31 December 2024HUFHUF15,850,15329,933,819Leases interests租赁利息6,397,87814,302,923Leases interests - right-of-use assets租赁利息 - 使用权资产5,497,16413,932,61027,745,19558,169,352

FINANCE COSTS

Interest expense on bank and other borrowings

银行及其他借款之利息开支

OTHER INCOME AND OTHER GAINSAND (LOSSES)

Interest income from loan to a related partyWritten off of properties, plant and equipmentGain on disposal of properties, plant and equipment

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注截至二零二四年十二月三十一日止年度及二零二五年五月三十一日止五个月期间

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2024 AND FOR THE FIVE MONTHS ENDED 31 MAY 2025

9.9.所得税

Five months ended31 May 2025

For the year ended31 December 2024HUFHUFCurrent tax - Hungary Corporate Tax- -

10.

FOR THE YEAR ENDED 31 DECEMBER 2024 AND FOR THE FIVE MONTHS ENDED 31 MAY 202510.

期/年间内溢利

Five months ended31 May 2025

For the year ended31 December 2024HUFHUF物业、机器及设备折旧

116,252,095221,256,001Depreciation of right-of-use assets使用权资产折旧20,491,48554,148,916Staff costs员工成本257,575,215638,087,902Cost of inventories

10.存

11.

Five months ended31 May 2025

For the year ended31 December 2024HUFHUFProposed final dividend

100,000,000100,000,000

期/年间内溢利已扣除以下各项：

INCOME TAX EXPENSES

Hungary Corporate Tax is provided at 9% based on the assessable profit for the year.No provision for Hungary Corporate Tax is required since the Target Company was eligible and adopted for Hungary SmallBusiness Tax instead of Hungary Corporate Tax for the year ended 31 December 2024 and for the five months ended 31 May 2025.Hungary Small Business Tax are calculated based on the paid dividend and staff cost incurred during the year/period and not basedon taxable profits. Such expenses are classified as "administrative and other expenses".匈牙利企业所得税以年度应税利润的9%计算。由于目标公司截至2024年

月

日止年度及截至2025年

月

日止五个月符合匈牙利小型企业税资格且已采用匈牙利小型商业税而非匈牙利企业所得税，因此无需提列匈牙利企业所得税拨备。匈牙利小型商业税是根据年度/期间支付的股息和员工成本计算的，而不是根据应税利润计算。此类费用被归类为「行政及其他费用」。

即期税项 - 匈牙利企业所得税

Depreciation of properties, plant and equipment

PROFIT FOR THE PERIOD/YEARProfitfortheperiod/yearhasbeenarrivedataftercharging:

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

NOTES TO THE FINANCIAL STATEMENTS12.

Machinery

MachineryFurniture,

fixtures and

Furniture,other equipment

HUF

Cost

于二零二四年一月一日

At 31 December 2024 and

Additions

At 31 May 2025

Accumulated depreciation

于二零二四年一月一日

At 31 December 2024 and

Charge for the period

At 31 May 2025

Carrying valuesAt 31 December 2024于二零二四年十二月三十一日1,406,431,990166,112,850114,309,9941,686,854,834At 31 May 2025于二零二五年五月三十一日1,339,396,322159,602,785103,335,0411,602,334,148

截至二零二四年十二月三十一日止年度及二零二五年五月三十一日止五个月期间

Asat31December2024and31May2025,thecarryingamountsofproperty,plantandequipmentunderleasearrangementare amounted to HUF1,280,338,863 and HUF1,372,029,079 respectively.于2024年12月31日及2025年5月31日,租赁安排项下的物业、厂房及设备账面值分别为1,280,338,863匈牙利福林及1,372,029,079匈牙利福林。

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注截至二零二四年十二月三十一日止年度及二零二五年五月三十一日止五个月期间

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2024 AND FOR THE FIVE MONTHS ENDED 31 MAY 2025

FOR THE YEAR ENDED 31 DECEMBER 2024 AND FOR THE FIVE MONTHS ENDED 31 MAY 202513.

At 31 May 2025At 31 December 2024HUFHUFRight-of-use assets

- Land & Buildings

245,897,815 266,389,300

At 31 May 2025At 31 December 2024HUFHUF

- 土地及房屋 - Less than 1 year

Five months ended31 May 2025

For the year ended31 December 2024HUFHUF使用权资产之折旧费用 - Land & Buildings

20,491,485 54,148,916Lease interests

- 土地及房屋租

5,497,164 13,932,610Total cash outflow for lease

89,915,751 332,715,055Gain on lease modification

- 2,806,457

At 31 May 2025At 31 December 2024HUFHUFRaw materials原材料165,696,117215,413,598Work in progress在制品81,924,27641,662,896Finished goods制成品22,484,03553,056,533270,104,428310,133,027

Thematurityanalysis,basedonundiscountedcashflows,of the Target Company's lease liabilities is as follows:

基于未贴现现金流量之目標公司租赁负债到期日分析如下：

Depreciation of right-of-use assets

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注截至二零二四年十二月三十一日止年度及二零二五年五月三十一日止五个月期间

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2024 AND FOR THE FIVE MONTHS ENDED 31 MAY 2025

15.TRADE RECEIVABLES

FOR THE YEAR ENDED 31 DECEMBER 2024 AND FOR THE FIVE MONTHS ENDED 31 MAY 202515.

贸易应收款项

At 31 May 2025At 31 December 2024HUFHUFTrade receivables贸易应收款项350,170,898376,646,942Provision for loss allowance亏损准备拨备(18,929,358)(18,929,358)331,241,540357,717,584

15.2025

At the beginning of period/year期/年间初18,929,35813,562,972

- 5,366,386At the end of period/year期/年间末18,929,35818,929,358

20252024HUFHUFWithin 30 days30日内250,260,105246,155,04431 days to 90 days31日至60日65,473,91185,379,909Over 90 days超过60日15,507,52426,182,631331,241,540357,717,584

Theaginganalysisofthetradereceivablesasattheendofthereportingperiod,basedonthetransactiondate,isasfollows:

截至报告期末，根据交易日期的贸易应收款项的账龄分析如下：

Reconciliation of loss allowance for trade receivables:

贸易应收款项亏损拨备的对账：

Increase in loss allowance for the period/year

The Target Company applies the simplified approach underIFRS9toprovideforexpectedcreditlossesusingthelifetimeexpectedlossprovisionforalltradereceivables.Tomeasuretheexpectedcreditlosses,tradereceivableshavebeengroupedbasedonsharedcreditriskcharacteristicsandthedayspastdue.Theexpectedcredit

目標公司应用国际财务报告准则第9号项下的简易方法就所有贸易应收款项使用全期预期亏损拨备计算预期信贷亏损。为计量预期信贷亏损，贸易应收款项已根据共享信贷风险特征及逾期天数分类。预期信贷亏损亦包含前瞻性资料。

期/年间内亏损拨备增加

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注截至二零二四年十二月三十一日止年度及二零二五年五月三十一日止五个月期间

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2024 AND FOR THE FIVE MONTHS ENDED 31 MAY 2025

FOR THE YEAR ENDED 31 DECEMBER 2024 AND FOR THE FIVE MONTHS ENDED 31 MAY 2025Within 90 days

At 31 December 2024Weighted average expected loss rate加权平均预期亏损率0%42%Receivable amount (HUF)应收金额 (匈牙利福林)331,534,95345,111,989Loss allowance (HUF)亏损拨备 (匈牙利福林)- 18,929,358At 31 May 2025Weighted average expected loss rate加权平均预期亏损率0%55%Receivable amount (HUF)应收金额 (匈牙利福林)315,734,01634,436,882Loss allowance (HUF)亏损拨备 (匈牙利福林)- 18,929,358

16.BANK BORROWINGS

银行及其他借款

At 31 May 2025At 31 December 2024HUFHUFBank borrowings银行借款277,703,716266,294,827借贷偿还如下：

On demand or within one year按要求或于一年内28,235,292 28,320,292In the second to third years, inclusive

249,468,424 237,974,535277,703,716266,294,827(28,235,292) (28,320,292)249,468,424237,974,535银行借款按年利率5%计息，并由目標公司董事Robert Geller先生担保。

第二年至第五年(包括首尾两年)

The bank borrowings are carried at interest rate of 5% per annum and are guaranteed by Mr. Robert Geller, the director of the

16.Target Company.

Theborrowingsarerepayableasfollows:

Less:Amountdueforrepaymentondemand(shownundercurrentliabilities)

减：按要求到期归还款项 (列于流动负债项下)12个月后到期结算的款项Amountdueforsettlementafter12months

Aging

DRAFTGELBERT ECO PRINT KFT.

GELBERT ECO PRINT KFT.NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

NOTES TO THE FINANCIAL STATEMENTS17.

17.LEASE LIABILITIES

LEASE LIABILITIES17.

17.租

租赁负债

At 31 May 2025At 31 December 2024At 31 May 2025At 31 December 2024

赁负债HUF

HUFHUF

HUFHUF

HUFHUF

Within one year

一年内

288,688,228268,498,930230,895,860208,058,956930,376,513801,382,301824,892,086691,661,508

After five years

五年后

21,897,238124,099,16621,610,985121,131,954

HUF1,240,961,979

1,240,961,9791,193,980,396

1,193,980,3961,077,398,930

1,077,398,9301,020,852,418

(163,563,049)(173,127,977)1,077,398,9301,020,852,418

(230,895,860)(208,058,956)846,503,070812,793,462

Less:Amountdueforsettlementwithin12months(shown under current liabilities)

减:

于

个月内到期结算之款项

(列于流动负债项下)

Amount due for settlement after 12 months

于

个月后到期结算之款项

1,020,852,418FOR THE YEAR ENDED 31 DECEMBER 2024 AND FOR THE FIVE MONTHS ENDED 31 MAY 2025

FOR THE YEAR ENDED 31 DECEMBER 2024 AND FOR THE FIVE MONTHS ENDED 31 MAY 2025Lease payments

Lease paymentsPresent value of lease payments

In the second to fifth years, inclusive

第二至第五年(包括首尾两年)

截至二零二四年十二月三十一日止年度及二零二五年五月三十一日止五个月期间

Less: Future finance chargesPresent value of lease liabilities

减:

未来融资开支

租赁负债之现值

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注截至二零二四年十二月三十一日止年度及二零二五年五月三十一日止五个月期间

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2024 AND FOR THE FIVE MONTHS ENDED 31 MAY 2025

FOR THE YEAR ENDED 31 DECEMBER 2024 AND FOR THE FIVE MONTHS ENDED 31 MAY 202518.

Number of shares

股份数目金额

HUF匈牙利福林

Issued and fully paid:

已发行及缴足：

Ordinary shares普通股At 1 January 2024, 31 December 2024,于二零二四年一月一日、

1 January 2025 and 31 May 2025

4,000,000 4,000,000

匈牙利福林19.

或然负债

关联方交易

Five months ended 31

For the year ended 31

HUF

Rental payment to L&B

RELATED PARTY TRANSACTIONS

CONTINGENT LIABILITIES

二零二四年十二月三十一日、二零二五年一月一日及二零二五年五月三十一日TheTargetCompany'sobjectiveswhenmanagingcapitalaretosafeguardtheTargetCompany'sabilitytocontinueasagoingconcernandtomaximisethereturntotheshareholdersthroughtheoptimisationofthedebtandequity balance.

目標公司管理资本的目标是保障目標公司持续经营的能力，并通过优化债务和股权平衡来实现股东回报最大化。

报告期末，目標公司就关联方提取的5.92亿匈牙利福林银行贷款向银行提供财务担保。目標公司管理层认为，目標公司对该财务担保的财务风险很小。

TheTargetCompanyhadthefollowingtransactionswithLand&BuildingsInvestLimited("L&B"),arelatedparty

目標公司与关联人 Land & Buildings Invest Limited（「L&B」）进行了以下交易：

Attheendofthereportingperiod,theTargetCompanyprovidedafinancialguaranteetoabankregardingtothebankloanamountedtoHUF592,000,000drewdownbyarelated party.ThemanagementoftheTargetCompanyisoftheviewthatthefinancialexposureoftheTargetCompanytothefinancial guarantee is remote.

of the Target Company:

-------- End of Notes --------