DRAFT

GELBERT 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12月31日止年度及2025年5月31日止五个月期间

ZHONGHUI ANDA CPA LimitedDRAFT

GELBERT ECO PRINT KFT.REPORTS AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024 AND

FOR THE FIVE MONTHS ENDED 31 MAY 2025

CONTENTS PAGE内容页码

ACCOUNTANTS’ REPORT ON HISTORICAL FINANCIAL INFORMATION 1 - 2历史财务信息会计师报告

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 3损益及其他全面收益表

STATEMENT OF FINANCIAL POSITION 4财务状况表

STATEMENT OF CHANGES IN EQUITY 5权益变动表

STATEMENT OF CASH FLOWS 6 - 7现金流量表

NOTES TO THE FINANCIAL STATEMENTS 8 - 31

财务报表附注DRAFT

ACCOUNTANTS’ REPORT ON HISTORICAL FINANCIAL INFORMATION TO THE

DIRECTORS OF HONG KONG YUTO PRINTING COMPANY LIMITED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

IntroductionWe report on the historical financial information of 我们报告第 3 至 31 页所列的 Gelbert Eco Print Kft（「目Gelbert Eco Print Kft (the “Target Company”) set out on 标公司」）的历史财务信息，其中包括目标公司截至pages 3 to 31 which comprises the consolidated 2024 年 12 月 31 日和 2025 年 5 月 31 日的合并财务状况

statements of financial position of the Target Company as 表、截至 2024 年 12 月 31 日止年度和截至2025年5 月31at 31 December 2024 and 31 May 2025 and the 日止五个月的合并损益及其他综合损益表、合并权益变

consolidated statements of profit or loss and other 动表及合并现金流量表（「相关期间」）以及重大会计comprehensive income the consolidated statements of 政策信息及 其他解释性信息 （统称为「历 史财 务信changes in equity and the consolidated statements of cash 息」）。

flows for the year ended 31 December 2024 and for the

five months ended 31 May 2025 (the “Relevant Periods”)

and material accounting policy information and otherexplanatory information (together the “HistoricalDirector's responsibility for the Historical Financial

Information

The director of the Target Company is responsible for the 目标公司董事负责编制历史财务信息，该信息应按照历preparation of Historical Financial Information that gives a 史财务信息注释2中规定的编制和列报基础真实、公允

true and fair view in accordance with the basis of 地反映财务状况，并负责进行董事认为必要的内部控制preparation and presentation set out in Note 2 to the ，以使编制的历史财务信息不存在因欺诈或错误而导致Historical Financial Information and for such internal 的重大错报。

control as the director determine is necessary to enable the

preparation of Historical Financial Information that is free

from material misstatement whether due to fraud or error.Auditor’s Responsibilities

We conducted our audit in accordance with Hong Kong 我们依据香港会计师公会所颁布的《香港审计准则》进Standards on Auditing ("HKSAs") issued by the Hong 行审计。根据香港会计师公会的《专业会计师道德守Kong Institute of Certified Public Accountants 则》（简称「《守则》」），我们独立于目标公司，并("HKICPA"). We are independent of the Company in 已根据《守则》履行其他职业道德责任。

accordance with the HKICPA ’ s "Code of Ethics for

Professional Accountants" (the "Code") and we have

fulfilled our other ethical responsibilities in accordance

with the Code.

1DRAFT

ACCOUNTANTS’ REPORT ON HISTORICAL FINANCIAL INFORMATION TO THE

DIRECTORS OF HONG KONG YUTO PRINTING COMPANY LIMITED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

Auditor’s Responsibilities (continued) (

Our work involved performing procedures to obtain 我们的工作涉及执行程序以获取有关历史财务信息中金

evidence about the amounts and disclosures in the 额和披露的证据。所选程序取决于申报会计师的判断，Historical Financial Information. The procedures selected 包括对历史财务信息因欺诈或错误而导致的重大错报风

depend on the reporting accountants’ judgement including 险的评估。在进行这些风险评估时，申报会计师会考虑the assessment of risks of material misstatement of the 与企业编制历史财务信息相关的内部控制，这些内部控Historical Financial Information whether due to fraud or 制应根据历史财务信息附注2所载的编制和列报基准真

error. In making those risk assessments the reporting 实、公允地反映财务信息，以便设计符合具体情况的程accountants consider internal control relevant to the entity’ 序，但目的并非就企业内部控制的有效性发表意见。我s preparation of Historical Financial Information that give 们的工作也包括评估董事所采用会计政策的适当性和所

a true and fair view in accordance with the basis of 做会计估计的合理性，以及评估历史财务信息的整体列preparation and presentation set out in Note 2 to the 报。

Historical Financial Information in order to design

procedures that are appropriate in the circumstances but

not for the purpose of expressing an opinion on the

effectiveness of the entity ’ s internal control. Our work

also included evaluating the appropriateness of accounting

policies used and the reasonableness of accounting

estimates made by the directors as well as evaluating the

overall presentation of the Historical Financial

Information.We believe that the evidence we have obtained is sufficient 我们相信，我们所获得的证据是充分且适当的，为我们and appropriate to provide a basis for our opinion. 的意见提供了基础。

Opinion

In our opinion the Historical Financial Information gives 我们认为，就会计师报告而言，历史财务资料真实且公for the purposes of the accountants’ report a true and fair 平地反映了目标公司于2024年12月31日及2025年5月31view of the Target Company’s financial position as at 31 日的财务状况以及目标公司于有关期间的财务表现及现

December 2024 and 31 May 2025 and of the Target 金流量，符合历史财务资料附注2所载的编制及呈列基Company’s financial performance and cash flows for the 准。

Relevant Periods in accordance with the basis of

preparation and presentation set out in Note 2 to the

Historical Financial Information.ZHONGHUI ANDA CPA Limited

Certified Public Accountants

Sze Lin Tang

Audit Engagement Director 审计项目董事

Practising Certificate Number P03614 执业证书号码P03614

2GELBERT ECO PRINT KFT. DRAFT

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME损益及其他全面收益表

FOR THE YEAR ENDED 31 DECEMBER 2024 AND FOR THE FIVE MONTHS ENDED 31 MAY 2025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 For the year ended

Notes 31 May 2025 31 December 2024

HUF HUF

Revenue 收入 6 1121824451 2927881024

Cost of sales 销售成本 (1054477113) (2602693479)

Gross profit 毛利 67347338 325187545

Other income and other gains 其他收入以及其他收益及

and losses 亏损净额 7 28617460 107296369

Administrative and other

expenses 管理及其他費用 (30602754) (61446344)

Finance costs 融资成本 8 (27745195) (58169352)

Profit before income tax 37616849 312868218

Income tax expenses 所得税开支 9 - -

Profit for the year/period 10 37616849 312868218

Earnings before interest

taxes depreciation and

amortisation (EBITDA) 202105624 646442487

3GELBERT ECO PRINT KFT. DRAFT

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 2025 At 31 December

2024

Notes HUF HUF

Non-current assets

Property plant and equipment 物业、厂房及设备 12 1602334148 1686854834

Right-of-use assets 使用权资产 13 245897815 266389300

18482319631953244134

Current assets

Inventories 存货 14 270104428 310133027

Trade receivables 贸易应收款 15 331241540 357717584

Prepayment deposits and other 预付款项、按金及其他应

receivables 收款项 71985033 77464382

Amount due from a related party 应收一家关联公司 109430000 28000000

Bank and cash balances 银行及现金结余 148204097 220930511

930965098994245504

Current liabilities 流动负债

Trade payables 贸易应付款 121042510 374687004

Accruals and other payables 应计费用及其他应付款 311636208 315777197

Dividend payables 应付股息 192803647 105000000

Deferred income 递延收入 82105044 78105044

Bank borrowings 银行及其他借款 16 28235292 28320292

Lease liabilities 租赁负债 17 230895860 208058956

Income tax payables 应付税项 9390010 17273000

9761085711127221493

Net current liabilities (45143473) (132975989)

Non-current liabilities

Lease liabilities 租赁负债 17 846503069 812793462

Bank and other borrowings 银行及其他借款 16 249468424 237974535

10959714931050767997

NET ASSETS 707116997 769500148

Capital and reserves

Share capital 股本 18 4000000 4000000

Reserves 储备 703116997 765500148

TOTAL EQUITY 707116997 769500148

4DRAFT

GELBERT ECO PRINT KFT.STATEMENT OF CHANGES IN EQUITY权益变动表

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

Share capital Other reserves Retained earnings Total

HUF HUF HUF HUF

At 1 January 2024 于二零二四年一月一日 4000000 62381367 490250563 556631930

Total comprehensive income for the year 本年度全面收入总额 - - 312868218 312868218

Release of restricted reserves 释放限制性准备金 - (3264660) 3264660 -

Dividends declared 宣派股息 - - (100000000) (100000000)

At 31 December 2024 于二零二四年十二月三十一日 4000000 59116707 706383441 769500148

At 1 January 2025 于二零二五年一月一日 4000000 59116707 706383441 769500148

Total comprehensive income for the period 本期间全面收入总额 - - 37616849 37616849

Dividends declared 宣派股息 (100000000) (100000000)

At 31 May 2025 于二零二五年五月三十一日 4000000 59116707 644000290 707116997

5DRAFT

GELBERT ECO PRINT KFT.STATEMENT OF CASH FLOWS现金流量表

FOR THE YEAR ENDED 31 DECEMBER 2024 AND FOR THE FIVE MONTHS ENDED 31 MAY 2025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 31 For the year ended 31

May 2025 December 2024

HUF HUF

Cash flows from operating activities

Profit before tax 除税前亏损 37616849 312868218

Adjustments for: 就下列项目作出之调整：

Interest income 利息收入 (2479225) (195388)

Interest income from loan to a related party 关联方贷款利息收入 (1430000) (408767)

Finance costs 融资成本 27745195 58169352

Depreciation of property plant and 物业、厂房及设备折旧

equipment 116252095 221256001

Depreciation of right-of-use assets 使用权资产折旧 20491485 54148916

Gain on disposal of property plant 出售物业厂房及设备之收益

and equipment (7330094) (26700889)

Gain on modification of lease 租赁修改收益 - (2806457)

Impairment loss on trade receivables 应收帐款减值 - 5366386

Operating cash flow before working 营运资金变动前之经营 #

capital changes 现金流量 190866305 621697372

Change in inventories 存货变动 40028599 (103366296)

Change in prepayment deposits and 预付款项、按金及其他应收

other receivables 款项变动 5479349 (17817099)

Change in trade receivables 应收帐款变动 26476044 (25988351)

Change in trade payables 应付帐款变动 (111326645) 183269160

Change in accruals and other payables 应计费用及其他应付款变动

and deferred income 及递延收入 (166687) (11700531)

Cash generated from operations 营运所得现金 151356965 646094255

Corporate income tax paid 已付企業所得税项 (7882990) 668000

Net cash generated from

operating activities 143473975 646762255

Cash flows from investing activities

Interest received 已收利息 2479225 195388

Purchase of property plant and 购买物业、厂房及设备

equipment (32020695) (367283379)

Proceeds from disposal of property plant 出售物业、厂房及设备

and equipment 7619380 185124420

Advance to a related company 向关联公司垫款 (81430000) (28000000)

Net cash used in investing activities (103352090) (209963571)

6DRAFT

GELBERT ECO PRINT KFT.STATEMENT OF CASH FLOWS现金流量表

FOR THE YEAR ENDED 31 DECEMBER 2024 AND FOR THE FIVE MONTHS ENDED 31 MAY 2025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 31 For the year ended 31

May 2025 December 2024

HUF HUF

Cash flows from financing activities

Interest paid 已付利息 (22248031) (44236742)

Repayment for lease liabilities 偿还租赁负债 (89915751) (332715055)

Repayment of bank borrowings net 银行借款之还款 (14117646) (391235202)

Drawdown of bank borrowings 银行借款之借款 25603784 416797970

Dividend paid 已付股息 (12196353) (15000000)

Net cash used in financing activities (112873997) (366389029)

Net (decrease)/increase in cash and ( )/

cash equivalents (72752112) 70409655

Cash and cash equivalents at beginning 于年/期间初之现金及现金等价物

of period/year 220930511 151400458

Effect of foreign exchange rate 外汇汇率变动的影响净额

changes net 25698 (879602)

Cash and cash equivalents at end of /

period/year 148204097 220930511

7DRAFT

GELBERT ECO PRINT KFT.NOTES TO THE FINANCIAL STATEMENTS财务报表附注

FOR THE YEAR ENDED 31 DECEMBER 2024 AND FOR THE FIVE MONTHS ENDED 31 MAY 2025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 INFORMATION 1. 一般数据

Gelbert Eco Print KFT. (the "Target Company") was 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incorporated in Hunguary with limited liability . The 处地址为。其主要营业地点之地址为匈牙利多瑙卡西 2120 Foaddress of its registered office and its principal place of ut 143/a。

business is 2120 Dunakeszi Fo ut 143/a Hungary.

2. ADOPTION OF NEW AND REVISED IFRS 2. 采纳新订及经修订国际财务报告准则会计准则

ACCOUNTING STANDARDS

For the purpose of preparing and presenting the financial 为编制及呈列截至2024年12月31日止年度及截至2025年5月31information for the year ended 31 December 2024 and for 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the five months ended 31 May 2025 the Target Company 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

have consistently applied all the new and revised IFRS 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Accounting Standards issued by International Accounting 务报告准则包括国际财务报告准则（「IFRS」）、国际会计

Standards Board that are relevant to its operations and 准则（「IAS」）及诠释。

effective for its accounting year beginning on 1 January

2024. IFRS Accounting Standards comprise International

Financial Reporting Standards ("IFRS"); International

Accounting Standards ("IAS"); and Interpretations.The Target Company has not applied the new and revised 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

IFRS Accounting Standards that have been issued but are 務報告準則。

not yet effective.

3. MATERIAL ACCOUNTING POLICIES 3. 重大会计政策

These financial statements have been prepared in 该等财务报表乃根据国际财务报告准则会计准则而编制。

accordance with IFRS Accountings Standards.These financial statements have been prepared under the 该等财务报表乃按历史成本法编制。

historical cost convention.The preparation of financial statements in conformity with 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

IFRS Accounting Standards requires the use of certain key 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assumptions and estimates. It also requires the directors to 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exercise its judgements in the process of applying the 畴，于财务报表附注4披露。

accounting policies. The areas involving critical

judgements and areas where assumptions and estimates are

significant to these financial statements are disclosed in

note 4 to the financial statements.The material accounting policies applied in the preparation 编制该等财务报表时采用的主要会计政策载列如下。

of these financial statements are set out below.

8DRAFT

GELBERT ECO PRINT KFT.NOTES TO THE FINANCIAL STATEMENTS财务报表附注

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

Foreign currency translation 外币换算

Functional and presentation currency

Items included in the financial statements are measured 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

using the currency of the primary economic environment in 币(「功能货币」)计量。财务报表以福林呈列，该货币为目which the Target Company operates (the "functional 標公司之功能及呈报货币。

currency"). The financial statements are presented in

Hungarian Forint ("HUF") which is the Target Company's

functional and presentation currency.Transactions and balances in financial statements

Transactions in foreign currencies are translated into the 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

functional currency on initial recognition using the 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exchange rates prevailing on the transaction dates. 换算。此换算政策产生之盈亏于损益内确认。

Monetary assets and liabilities in foreign currencies are

translated at the exchange rates at the end of each reporting

period. Gains and losses resulting from this translation

policy are recognised in profit or loss.Property plant and equipment 物业、机器及设备

Property plant and equipment are stated at cost less 物业、机器及设备乃按成本减累计折旧及减值亏损列账。

accumulated depreciation and impairment losses.Subsequent costs are included in the asset's carrying 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amount or recognised as a separate asset as appropriate 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only when it is probable that future economic benefits 确认为个别资产(如适用)。所有其他维修及保养于其产生期associated with the item will flow to the Target Company 间在损益内确认。

and the cost of the item can be measured reliably. All

other repairs and maintenance are recognised in profit or

loss during the period in which they are incurred.Depreciation of property plant and equipment is calculated 物业、机器及设备之折旧，按足以撇销其成本减剩余价值之at rates sufficient to write off their cost or revalued 比率，于估计可使用年期内使用直线法计算。主要年率如amounts less their residual values over the estimated useful 下：

lives on a straight-line basis. The principal annual rates

are as follows:

Machinery 14.5% 机器 14.5%

Furniture fixtures and 33% 家俬、装置及其他设备 33%

other equipment

Motor vehicles 20% 汽车 20%

The residual values useful lives and depreciation method 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

are reviewed and adjusted if appropriate at the end of 调整(如适用)。

each reporting period.Construction in progress represents buildings under 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construction and plant and machinery pending installation 亏损列账。折旧于相关资产可供使用时开始。

and is stated at cost less impairment losses. Depreciation

begins when the relevant assets are available for use.

9DRAFT

GELBERT ECO PRINT KFT.NOTES TO THE FINANCIAL STATEMENTS财务报表附注

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

The gain or loss on disposal of property plant and 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

equipment is the difference between the net sales proceeds 产之账面值两者之间差额，于损益确认。

and the carrying amount of the relevant asset and is

recognised in profit or loss.Leases 租赁

The Target Company as lessee

Leases are recognised as right-of-use assets and 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

corresponding lease liabilities when the leased assets are 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available for use by the Target Company. Right-of-use 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assets are stated at cost less accumulated depreciation and 以直线法按撇销其成本的利率折旧。主要年利率如下：

impairment losses. Depreciation of right-of-use assets is

calculated at rates to write off their cost over the shorter of

the asset's useful life and the lease term on a straight-line

basis. The principal annual rates are as follows:

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

Right-of-use assets are measured at cost comprising the 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

amount of the initial measurement of the lease liabilities 款项、初步直接成本及恢复成本)计量。倘有关利率或目標公lease payments prepaid initial direct costs and the 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restoration costs. Lease liabilities include the net present 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value of the lease payments discounted using the interest 本之间作出分配。财务成本于租期内在损益内扣除，以使租rate implicit in the lease if that rate can be determined or 赁负债余额的息率固定。

otherwise the Target Company's incremental borrowing

rate. Each lease payment is allocated between the liability

and finance cost. The finance cost is charged to profit or

loss over the lease term so as to produce a constant

periodic rate of interest on the remaining balance of the

lease liability.Payments associated with short-term leases and leases of 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

low-value assets are recognised as expenses in profit or 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loss on a straight-line basis over the lease terms. Short- 于12个月的租赁。低价值资产为价值低于5000美元。

term leases are leases with an initial lease term of 12

months or less. Low-value assets are assets of value below

US$ 5000.Inventories 存货

Inventories are stated at the lower of cost and net realisable 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value. Cost is determined using the weighted average 均基准厘定。制成品及在制品之成本包括原材料、直接人工basis. The cost of finished goods and work in progress 及所有生产经常性开支之适当部分及(如适用)分包费用。可comprises raw materials direct labour and an appropriate 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

proportion of all production overhead expenditure and 估计生产成本及估计销售费用计算。

where appropriate subcontracting charges. Net realisable

value is 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.

10DRAFT

GELBERT ECO PRINT KFT.NOTES TO THE FINANCIAL STATEMENTS财务报表附注

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

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

Financial assets and financial liabilities are recognised in 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the statement of financial position when the Target 确认金融资产及金融负债。

Company becomes a party to the contractual provisions of

the instruments.Financial assets are derecognised when the contractual 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

rights to receive cash flows from the assets expire; the 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Target Company transfers substantially all the risks and 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

rewards of ownership of the assets; or the Target Company 控制权时，则终止确认金融资产。于终止确认一项金融资产neither transfers nor retains substantially all the risks and 时，该项资产之账面值与已收代价总和之差额于损益内确rewards of ownership of the assets but has not retained 认。

control on the assets. On derecognition of a financial

asset the difference between the asset's carrying amount

and the sum of the consideration received is recognised in

profit or loss.Financial liabilities are derecognised when the obligation 当相关合约中规定之责任获解除、注销或届满时，则终止确specified in the relevant contract is discharged cancelled 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or expires. The difference between the carrying amount of 差额于损益内确认。

the financial liability derecognised and the consideration

paid is recognised in profit or loss.Financial assets 金融资产

Financial assets are recognised and derecognised on a trade 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

date basis where the purchase or sale of an asset is under a 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contract whose terms require delivery of the asset within 终止确认，并按公允值加直接应占交易成本作初步确认，惟the timeframe established by the market concerned and are 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initially recognised at fair value plus directly attributable 资之直接应占交易成本，实时于损益内确认。

transaction costs except in the case of investments at fair

value through profit or loss. Transaction costs directly

attributable to the acquisition of investments at fair value

through profit or loss are recognised immediately in profit

or loss.Financial assets of the Target Company are classified 目標公司的金融资产为按摊销成本计量的金融资产。

under financial assets at amortised cost.Financial assets (including trade and other receivables) are 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

classified under this category if they satisfy both of the 项条件则归入此分类：

following conditions:

- the assets are held within a business model whose - 资产乃按目的为持有资产以收集合约现金流量的业务模

objective is to hold assets in order to collect 式持有；及

contractual cash flows; and

- the contractual terms of the assets give rise on - 资产合约条款于特定日期产生现金流量，有关现金流量specified dates to cash flows that are solely payments 仅为本金及尚未偿还本金之利息付款。

of principal and interest on the principal amount

outstanding.They are subsequently measured at amortised cost using 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

the effective interest method less loss allowance for 亏损拨备计量。

expected credit losses.

11DRAFT

GELBERT ECO PRINT KFT.NOTES TO THE FINANCIAL STATEMENTS财务报表附注

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

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

The Target Company recognises loss allowances for 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

expected credit losses on financial assets at amortised cost. 亏损拨备。预期信贷亏损为加权平均信贷亏损，并以发生相Expected credit losses are the weighted average of credit 关违约风险的金额作为加权数值。

losses with the respective risks of a default occurring as the

weights.At the end of each reporting period the Target Company 于各报告期末，就贸易应收款项而言，或倘金融工具的信贷measures the loss allowance for a financial instrument at 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an amount equal to the expected credit losses that result 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

from all possible default events over the expected life of (「全期预期信贷亏损」)的金额计量金融工具的亏损拨备。

that financial instrument (“lifetime expected credit losses”)

for trade receivables contract assets and lease receivables

or if the credit risk on that financial instrument has

increased significantly since initial recognition.If at the end of the reporting period the credit risk on a 倘于报告期末，金融工具(贸易应收款项除外)的信贷风险自financial instrument (other than trade receivables) has not 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increased significantly since initial recognition the Target 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

Company measures the loss allowance for that financial 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

instrument at an amount equal to the portion of lifetime 损拨备。

expected credit losses that represents the expected credit

losses that result from default events on that financial

instrument that are possible within 12 months after the

reporting period.The amount of expected credit losses or reversal to adjust 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

the loss allowance at the end of the reporting period to the 回金额，于损益中确认为减值收益或亏损。

required amount is recognised in profit or loss as an

impairment gain or loss.Cash and cash equivalents 现金及现金等价物

For the purpose of the statement of cash flows cash and 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cash equivalents represent cash at bank and on hand 金、银行及其他金融机构的活期存款，以及可随时转换为已demand deposits with banks and other financial 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。

institutions and short-term highly liquid investments 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

which are readily convertible into known amounts of cash 支亦入账列作现金及现金等价物的一部分。

and subject to an insignificant risk of change in value.Bank overdrafts which are repayable on demand and form

an integral part of the Target Company's cash management

are also included as a component of cash and cash

equivalents.

12DRAFT

GELBERT ECO PRINT KFT.NOTES TO THE FINANCIAL STATEMENTS财务报表附注

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

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

Financial liabilities and equity instruments are classified 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

according to the substance of the contractual arrangements 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。

entered into and the definitions of a financial liability and 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

an equity instrument under IFRS Accounting Standards. 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An equity instrument is any contract that evidences a 具所采纳的会计政策。

residual interest in the assets of the Target Company after

deducting all of its liabilities. The accounting policies

adopted for specific financial liabilities and equity

instruments are set out below.Borrowings 借贷

Borrowings are initially recognised at fair value net of 借贷初步按公允值(扣除已产生交易成本)确认，其后采用实transaction costs incurred and subsequently measured at 际利率法按摊销成本计量。

amortised cost using the effective interest method.Borrowings are classified as current liabilities unless the 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Target Company has an unconditional right to defer 的结算递延至报告期后至少12个月。

settlement of the liability for at least 12 months after the

reporting period.Trade and other payables 贸易应付款项及其他应付款项

Trade and other payables are initially recognised at fair 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value and subsequently measured at amortised cost using 用实际利率法按摊销成本计量，除非贴现影响甚微，于此情the effective interest method unless the effect of 况下，则以成本列账。

discounting would be immaterial in which case they are

stated at cost.Equity instruments 股本工具

Equity instruments issued by the Target Company are 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

recorded at the proceeds received net of direct issue costs. 本)入账。

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

Revenue is measured based on the consideration specified 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in a contract with a customer with reference to the 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customary business practices and excludes amounts 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collected on behalf of third parties. For a contract where 部分的影响作出调整。

the period between the payment by the customer and the

transfer of the promised product or service exceeds one

year the consideration is adjusted for the effect of a

significant financing component.The Target Company recognises revenue when it satisfies a 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

performance obligation by transferring control over a 约责任时确认收益。视乎合约条款及该合约适用的法例，履product or service to a customer. Depending on the terms 约责任可随时间或于某一时间点履行。倘属下列情况，履约of a contract and the laws that apply to that contract a 责任乃随时间履行：

performance obligation can be satisfied over time or at a

point in time. A performance obligation is satisfied over

time if:

13DRAFT

GELBERT ECO PRINT KFT.NOTES TO THE FINANCIAL STATEMENTS财务报表附注

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

- the customer simultaneously receives and consumes - 客户同时获得及消耗目標公司履约所提供的利益；

the benefits provided by the Target Company's

performance;

- the Target Company's performance creates 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

enhances an asset that the customer controls as the 控制的资产；或

asset is created or enhanced; or

- the Target Company's performance does not create an - 目標公司履约并无创建对目標公司而言具替代用途的资

asset with an alternative use to the Target Company 产，且目標公司对至今已完成的履约付款拥有可强制执and the Target Company has an enforceable right to 行的权利。

payment for performance completed to date.If a performance obligation is satisfied over time revenue 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is recognised by reference to the progress towards 进度确认。否则，收益于客户取得产品或服务控制权的时点complete satisfaction of that performance obligation. 确认。

Otherwise revenue is recognised at a point in time when

the customer obtains control of the product or service.Other revenue 其他收益

Interest income is recognised using the effective interest 利息收入采用实际利率法确认。

method.Employee benefits 雇员福利

(i) Employee leave entitlements (i) 雇员有薪假期

Employee entitlements to annual leave and long 雇员可享有的年假及长期服务假期乃于雇员可享有假期

service leave are recognised when they accrue to 时确认。拨备乃就雇员直至报employees. A provision is made for the estimated 告期末所提供服务而可享有的年假及长期服务假期的估

liability for annual leave and long service leave as a 计负债作出。

result of services rendered by employees up to the end

of the reporting period.Employee entitlements to sick leave and maternity 雇员可享有的病假及产假于放假时方予确认。

leave are not recognised until the time of leave.(ii) Pension obligations (ii) 退休金责任

The Target Company contributes to defined 目標公司向所有雇员均可参与的界定供款退休计划作出

contribution retirement schemes which are available 供款。目標公司及雇员向计划作出的供款乃按雇员基本to all employees. Contributions to the schemes by the 薪金的百分比计算。于损益内扣除的退休福利计划成本Target Company and employees are calculated as a 乃指目標公司应向基金作出的供款。

percentage of employees' basic salaries. The

retirement benefit scheme cost charged to profit or

loss represents contributions payable by the Target

Company to the funds.(iii) Termination benefits (iii) 终止雇佣福利

Termination benefits are recognised at the earlier of 终止雇佣福利于目標公司无法撤回提供该等福利及目標

the dates when the Target Company can no longer 公司确认重组成本并涉及支付终止雇佣福利的较早日期

withdraw the offer of those benefits and when the 予以确认。

Target Company recognises restructuring costs and

involves the payment of termination benefits.

14DRAFT

GELBERT ECO PRINT KFT.NOTES TO THE FINANCIAL STATEMENTS财务报表附注

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

Borrowing costs 借贷成本

Borrowing costs directly attributable to the acquisition 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

construction or production of qualifying assets which are 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

assets that necessarily take a substantial period of time to 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get ready for their intended use or sale are capitalised as 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part of the cost of those assets until such time as the assets 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

are substantially ready for their intended use or sale. 除。

Investment income earned on the temporary investment of

specific borrowings pending their expenditure on

qualifying assets is deducted from the borrowing costs

eligible for capitalisation.To the extent that funds are borrowed generally and used 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for the purpose of obtaining a qualifying asset the amount 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

of borrowing costs eligible for capitalisation is determined 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by applying a capitalisation rate to the expenditures on that 平均借贷成本，不包括为获取合资格资产而专门借入的借asset. The capitalisation rate is the weighted average of the 贷。

borrowing costs applicable to the borrowings of the Target

Company that are outstanding during the period other than

borrowings made specifically for the purpose of obtaining

a qualifying asset.All other borrowing costs are recognised in profit or loss in 所有其他借贷成本于其产生期间于损益内确认。

the period in which they are incurred.Government grants 政府补助

A government grant is recognised when there is reasonable 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

assurance that the Target Company will comply with the 补助时，确认政府补助。

conditions attaching to it and that the grant will be

received.Government grants relating to income are deferred and 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recognised in profit or loss over the period to match them 的期间内在损益内确认。

with the costs they are intended to compensate.Government grants that become receivable as 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

compensation for expenses or losses already incurred or for 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the purpose of giving immediate financial support to the 款项的期间在损益确认。

Target Company with no future related costs are

recognised in profit or loss in the period in which they

become receivable.Government grants relating to the purchase of assets are 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deducted from the carrying amount of the assets. The grant 减折旧费用于可折旧资产年期在损益内确认。

is recognised in profit or loss over the life of a depreciable

asset by way of a reduced depreciation charge.

15DRAFT

GELBERT ECO PRINT KFT.NOTES TO THE FINANCIAL STATEMENTS财务报表附注

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

Taxation 税项

Income tax represents the sum of the current tax and 所得税指即期税项及递延税项的总额。

deferred tax.The tax currently payable is based on taxable profit for the 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year. Taxable profit differs from profit recognised in profit 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or loss because it excludes items of income or expense that 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are taxable or deductible in other years and it further 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excludes items that are never taxable or deductible. The 颁布或已实质颁布的税率计算。

Target Company's liability for current tax is calculated

using tax rates that have been enacted or substantively

enacted by the end of the reporting period.Deferred tax is recognised on differences between the 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

carrying amounts of assets and liabilities in the financial 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statements and the corresponding tax bases used in the 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computation of taxable profit. Deferred tax liabilities are 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

generally recognised for all taxable temporary differences 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and deferred tax assets are recognised to the extent that it is 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

probable that taxable profits will be available against 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which deductible temporary differences unused tax losses 负债。

or unused tax credits can be utilised. Such assets and

liabilities are not recognised if the temporary difference

arises from the initial recognition of other assets and

liabilities in a transaction that affects neither the taxable

profit nor the accounting profit.Deferred tax liabilities are recognised for taxable 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

temporary differences arising on investments in 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subsidiaries and associates and interests in joint ventures 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except where the Target Company is able to control the 拨回者除外。

reversal of the temporary difference and it is probable that

the temporary difference will not reverse in the foreseeable

future.The carrying amount of deferred tax assets is reviewed at 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the end of each reporting period and reduced to the extent 将不再可能有充裕的应课税溢利以收回所有或部分资产。

that it is no longer probable that sufficient taxable profits

will be available to allow all or part of the asset to be

recovered.Deferred tax is calculated at the tax rates that are expected 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to apply in the period when the liability is settled or the 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asset is realised based on tax rates that have been enacted 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or substantively enacted by the end of the reporting period. 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Deferred tax is recognised in profit or loss except when it 其他全面收益或直接于权益确认。

relates to items recognised in other comprehensive income

or directly in equity in which case the deferred tax is also

recognised in other comprehensive income or directly in

equity.

16DRAFT

GELBERT ECO PRINT KFT.NOTES TO THE FINANCIAL STATEMENTS财务报表附注

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

The measurement of deferred tax 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

reflects the tax consequences that would follow from the 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

manner in which the Target Company expects at the end 果。

of the reporting period to recover or settle the carrying

amount of its assets and liabilities.Deferred tax assets and liabilities are offset when there is a 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

legally enforceable right to set off current tax assets against 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current tax liabilities and when they relate to income taxes 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

levied by the same taxation authority and the Target 债时，则可将递延税项资产与负债抵销。

Company intends to settle its current tax assets and

liabilities on a net basis.Related parties 关联方

A related party is a person or entity that is related to the 关联方乃与目標公司有关联之人士或实体。

Target Company.

(A) A person or a close member of that person's family is (A) 倘属以下人士，即该人士或该人士直系亲属与目標公司

related to the Target Company if that person: 有关联：

(i) has control or joint control over the Target (i) 控制或共同控制目標公司；

(ii) has significant influence over the Target (ii) 对目標公司有重大影响力；或

(iii) is a member of the key management personnel of (iii) 为目標公司或目標公司母公司之主要管理层人员。

the Target Company or of a parent of the Target

Company.

(B) An entity is related to the Target Company if any of (B) 倘符合以下任何条件，即实体与目標公司有关联：

the following conditions applies:

(i) The entity and the Target Company are members (i) 该实体与目標公司属同一集团之成员公司(即各母

of the same group (which means that each parent 公司、附属公司及同系附属公司彼此间有关联)。

subsidiary and fellow subsidiary is related to the

others).(ii) One entity is an associate or joint venture of the (ii) 一家实体为另一实体之联营公司或合营公司(或另

other entity (or an associate or joint venture of a 一实体为成员公司之集团旗下成员公司之联营公司

member of a group of which the other entity is a 或合营公司)。

member).(iii) Both entities are joint ventures of the same third (iii) 两家实体均为同一第三方之合营公司。

party.(iv) One entity is a joint venture of a third entity and (iv) 一家实体为第三方实体之合营公司，而另一实体为the other entity is an associate of the third entity. 该第三方实体之联营公司。

(v) The entity is a post-employment benefit plan for (v) 该实体为目標公司或与目標公司有关联之实体就雇

the benefit of employees of either the Target 员利益设立之离职福利计划。倘目標公司本身为该Company or an entity related to the Target 计划，提供资助之雇主亦与目標公司有关联。

Company. If the Target Company is itself such a

plan the sponsoring employers are also related to

the Target Company.(vi) The entity is controlled or jointly controlled by a (vi) 该实体受(A)所识别人士控制或共同控制。

person identified in (A).

17DRAFT

GELBERT ECO PRINT KFT.NOTES TO THE FINANCIAL STATEMENTS财务报表附注

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

(vii) A person identified in (A)(i) has significant (vii) 于(A)(i)所识别人士对实体有重大影响力或属该实

influence over the entity or is a member of the 体(或该实体母公司)主要管理层人员。

key management personnel of the entity (or of a

parent of the entity).(viii)The entity or any member of a group of which it (viii) 该实体(或集团(而该实体为当中成员)旗 下 任 何成

is a part provides key management personnel 员公司)向目標公司或目標公司母公司提供主要管

services to the Target Company or to a parent of 理人员服务。

the Target Company.Impairment of assets 资产减值

Intangible assets that have an indefinite useful life or not 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

yet available for use are reviewed annually for impairment ，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and are reviewed for impairment whenever events or 值。

changes in circumstances indicate the carrying amount

may not be recoverable.At the end of each reporting period the Target Company 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reviews the carrying amounts of its tangible and intangible 账面值，以厘定有否迹象显示该等资产出现减值亏损。倘存assets to determine whether there is any indication that 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those assets have suffered an impairment loss. If any such 亏损程度。倘无法估计个别资产之可收回金额，则目標公司indication exists the recoverable amount of the asset is 估计资产所属现金产生单位之可收回金额。

estimated in order to determine the extent of any

impairment loss. Where it is not possible to estimate the

recoverable amount of an individual asset the Target

Company estimates the recoverable amount of the cash

generating unit to which the asset belongs.Recoverable amount is the higher of fair value less costs of 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。

disposal and value in use. In assessing value in use the 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estimated future cash flows are discounted to their present 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value using a pre-tax discount rate that reflects current 现值。

market assessments of the time value of money and the

risks specific to the asset.If the recoverable amount of an asset or cash-generating 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unit is estimated to be less than its carrying amount the 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carrying amount of the asset or cash-generating unit is 实时于损益确认，惟倘相关资产以重估金额列账则除外，在reduced to its recoverable amount. An impairment loss is 此情况下减值亏损视作重估减少处理。

recognised immediately in profit or loss unless the

relevant asset is carried at a revalued amount in which

case the impairment loss is treated as a revaluation

decrease.

18DRAFT

GELBERT ECO PRINT KFT.NOTES TO THE FINANCIAL STATEMENTS财务报表附注

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

Where an impairment loss subsequently reverses the 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carrying amount of the asset or cash-generating unit is 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increased to the revised estimate of its recoverable amount 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

but so that the increased carrying amount does not exceed 定之账面值(扣除摊销或折旧)。减值亏损拨回实时于损益确the carrying amount that would have been determined (net 认，惟倘相关资产以重估金额列账则除外，在此情况下减值of amortisation or depreciation) had no impairment loss 亏损拨回视作重估增加处理。

been recognised for the asset or cash-generating unit in

prior years. A reversal of an impairment loss is recognised

immediately in profit or loss unless the relevant asset is

carried at a revalued amount in which case the reversal of

the impairment loss is treated as a revaluation increase.Provisions and contingent liabilities 拨备及或然负债

Provisions are recognised for liabilities of uncertain timing 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or amount when the Target Company has a present legal or 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constructive obligation arising as a result of a past event it 的情况下，便会确认该等时间或金额不确定之负债拨备。倘is probable that an outflow of economic benefits will be 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required to settle the obligation and a reliable estimate can 出之现值列账。

be made. Where the time value of money is material

provisions are stated at the present value of the

expenditures expected to settle the obligation.Where it is not probable that an outflow of economic 倘需要流出经济利益之机会不大，或金额无法可靠估计，则benefits will be required or the amount cannot be 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estimated reliably the obligation is disclosed as a 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contingent liability unless the probability of outflow is 生一宗或多宗事件，除非经济利益流出之可能性极低，否则remote. Possible obligations whose existence will only be 该

confirmed by the occurrence or non-occurrence of one or 等责任亦披露为或然负债。

more future events are also disclosed as contingent

liabilities unless the probability of outflow is remote.Events after the reporting period 报告期后事项

Events after the reporting period that provide additional 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

information about the Target Company's position at the end 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of the reporting period or those that indicate the going 务报表。并非调整事项之报告期后事项，如属重大时乃于财concern assumption is not appropriate are adjusting events 务报表附注披露。

and are reflected in the financial statements. Events after

the reporting period that are not adjusting events are

disclosed in the notes to the financial statements when

material.

19DRAFT

GELBERT ECO PRINT KFT.NOTES TO THE FINANCIAL STATEMENTS财务报表附注

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

4. CRITICAL JUDGEMENTS AND KEY ESTIMATES 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

In the process of applying the accounting policies the 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directors have made the following judgements that have the 确认金额有最重大影响的判断，惟涉及估计者。

most significant effect on the amounts recognised in the

financial statements.Key sources of estimation uncertainty

The key assumptions concerning the future and other key 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

sources of estimation uncertainty at the end of the reporting 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period that have a significant risk of causing a material 产和负债的账面价值发生重大调整的重大风险。

adjustment to the carrying amounts of assets and liabilities

within the next financial year are discussed below.(a) Property plant and equipment are reviewed for (a) 当事件或情况变化显示资产的账面价值超过其可收回价

impairment whenever events or changes in 值时，就会对物业、厂房和设备进行减损审查。 可收回circumstances indicate that the carrying amount of the 金额依公允价值减去处置费用后金额与预期未来现金流

assets exceeds its recoverable amount. The 量的现值两者之间较高者决定。 倘公允价值减处置成本/recoverable amount is determined with reference to 未来现金流量低于预期或出现不利事件及事实及情况变

the higher of fair value less costs of disposal or 化，以致公允价值减处置成本/未来估计现金流量须予修present value of estimated future cash flows. Where 订，则可能产生重大减损损失。

the fair value less costs of disposal/future cash flows

are less than expected or there are unfavourable events

and change in facts and circumstance which result in

revision of fair value less costs of disposal/future

estimate cash flows a material impairment loss may

arise.

5. FINANCIAL RISK MANAGEMENT 5. 金融风险管理

The Target Company's activities expose it to a variety of 目標公司的活动使其面临各种金融风险：外汇风险、价格风

financial risks: foreign currency risk price risk credit risk 险、信用风险、流动性风险和利率风险。 目標公司的整体风liquidity risk and interest rate risk. The Target Company's 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overall risk management programme focuses on the 標公司财务表现的潜在不利影响降至最低。

unpredictability of financial markets and seeks to minimise

potential adverse effects on the Target Company's financial

performance.(a) Foreign currency risk (a) 外币风险

The Target Company has certain exposure to foreign 由于某些业务交易、资产和负债主要以欧元计价，因此currency risk as certain business transactions assets 公司面临一定的外汇风险。 目標公司目前并无针对外币and liabilities are principally denominated in Euro. 交易、资产及负债的外币避险政策。 目標公司将密切监The Target Company currently does not have a 控其外汇风险，并在必要时考虑对冲重大外汇风险。

foreign currency hedging policy in respect of foreign

currency transactions assets and liabilities. The

Target Company will monitor its foreign currency

exposure closely and will consider hedging significant

foreign currency exposure should the need arise.

20DRAFT

GELBERT ECO PRINT KFT.NOTES TO THE FINANCIAL STATEMENTS财务报表附注

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

(b) Credit risk (b) 信贷风险

The carrying amount of the cash and bank balances 财务状况表中包含的现金和银行存款、贸易应收款和其

trade and other receivables included in the statement 他应收款的账面价值代表了目標公司在金融资产方面面

of financial position represents the Target Company's 临的最大信用风险。

maximum exposure to credit risk in relation to the

Target Company's financial assets.The Target Company has no significant 目標公司并无重大信用风险集中。

concentrations of credit risk.It has policies in place to ensure that sales are made to 目標公司制定了政策来确保向具有良好信用记录的客户

customers with an appropriate credit history. 进行销售。董事密切监控关联公司应收款项。

Amounts due from related companies are closely

monitored by the director.The credit risk on cash and bank balances and 由于交易对手均为经国际信用评等机构评定具有高信用

derivative financial instruments is limited because the 评等的银行，因此现金及银行结余以及衍生性金融工具counterparties are banks with high credit-ratings 的信用风险有限。

assigned by international credit-rating agencies.The Target Company considers whether there has 目標公司透过比较报告日发生的违约风险与初始确认日

been a significant increase in credit risk of financial 的违约风险，在每个报告期间持续考虑金融资产的信用assets on an ongoing basis throughout each reporting 风险是否显着增加。 它考虑可用的合理且支持性的前瞻period by comparing the risk of a default occurring as 性信息。特别使用以下信息：

at the reporting date with the risk of default as at the

date of initial recognition. It considers available

reasonable and supportive forwarding-looking

information. Especially the following information is

used:

- internal credit rating; - 内部信贷评级；

- actual or expected significant adverse changes in - 预期导致对借款人履行责任的能力出现重大变动之

business financial or economic conditions that 业务、财务或经济状况之实际或预期重大不利变

are expected to cause a significant change to the 动；

borrower's ability to meet its obligations;

- actual or expected significant changes in the - 借款人经营业绩之实际或预期重大变动；

operating results of the borrower;

- significant changes in the value of the collateral - 抵押品价值或担保或信贷提升措施之质素出现重大

or in the quality of guarantees or credit 变动；及

enhancements;

- significant changes in the expected performance - 借款人预期表现及行为之重大变动，包括借款人之and behaviour of the borrower including changes 付款状况变动。

in the payment status of borrowers.A significant increase in credit risk is presumed if a 倘涉及合约付款之债务人逾期超过30日，则假定信贷风debtor is more than 30 days past due in making a 险大幅增加。当交易对手无法于合约付款到期时60日内contractual payment. A default on a financial asset is 支付款项，则金融资产出现违约。

when the counterparty fails to make contractual

payments within 60 days of when they fall due.

21DRAFT

GELBERT ECO PRINT KFT.NOTES TO THE FINANCIAL STATEMENTS财务报表附注

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

Financial assets are written off when there is no 金融资产于合理预期无法收回(如债务人无法与目標公司

reasonable expectation of recovery such as a debtor 达成还款计划)时撇销。倘债务人于逾期后超过360日无failing to engage in a repayment plan with the Target 法作出合约付款，目標公司通常会撇销有关贷款或应收Company. The Target Company normally categorises 款项。倘贷款或应收款项已予撇销，则目標公司在实际a loan or receivable for write off when a debtor fails to 可行及符合经济效应的情况下，继续采取强制行动试图make contractual payments greater than 360 days past 收回到期应收款项。

due. Where loans or receivables have been written

off the Target Company if practicable and

economical continues to engage in enforcement

activity to attempt to recover the receivable due.(c) Liquidity risk (c) 流动资金风险

The Target Company's policy is to regularly monitor 目標公司之政策为定期监察目前及预期流动资金需要，current and expected liquidity requirements to ensure 以确保其维持足够现金储备，应付其短期及较长期之流that it maintains sufficient reserves of cash to meet its 动资金需要。

liquidity requirements in the short and longer term.Trade payables and accruals and other payables are 贸易应付款项、应计款项和其他应付款项应在一年内到due within one year. The maturity analysis based on 期。基于未折现现金流，目標公司其他金融负债（包括undiscounted cash flows of the Target Company's 银行借款和租赁负债）的到期日分析在附注 16 和 17 中

other financial liabilities including bank borrowings 披露。

and lease liabilities are disclosed in note 16 and 17.(d) Interest rate risk (d) 利率风险

The Target Company's bank deposits and bank 目標公司银行存款及银行借款按固定利率计息，并因此borrowings bear interests at fixed interest rates and 面临公允值利率风险。

therefore are subject to fair value interest rate risks.The Target Company's exposure to interest-rate risk 目標公司面临的利率风险来自其银行存款及银行借款。

arises from its bank deposits and bank borrowings. 该等存款及借贷按其时现行市场状况变动厘定之浮动利

These deposits and borrowings bear interests at 率计息。

variable rates varied with the then prevailing market

condition.Except as stated above the Target Company has no 除上文所述者外，目標公司并无其他重大计息资产及负significant interest-bearing assets and liabilities the 债，且其收入及经营现金流量实质上与市场利率变动无Target Company's operating cash flows are 关。

substantially independent of changes in market

interest rates.

22DRAFT

GELBERT ECO PRINT KFT.NOTES TO THE FINANCIAL STATEMENTS财务报表附注

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

(e) Categories of financial instruments at 31 December (e) 于2024年12月31日及2025年5月31日的金融工具类别

2024 and 31 May 2025

At 31 May 2025 At 31 December 2024

HUF HUF

Financial assets: 金融资产：

Financial assets at amortised cost 按摊销成本计量的金融资

(including cash and cash 产 (包 括现金 及现 金等价

equivalents) 物) 660860670 684112477

Financial liabilities: 金融负债：

Financial liabilities at amortised 以摊余成本计量的金融负

cost 债 1989975020 2117157446

(f) Fair values (f) 公允值

The carrying amounts of the Target Company's 财务状况表反映的目標公司金融资产及金融负债的账面

financial assets and financial liabilities as reflected in 值与其各自公允值相若。

the statement of financial position approximate their

respective fair values.

6. REVENUE 6. 收入

Five months ended 31 For the year ended 31

May 2025 December 2024

HUF HUF

Printing of patient information leaflets 用药信息手册印刷 544833703 1797931134

Book printing services 书籍印刷服务 112956371 509426416

Sheet and poster printing 纸张和海报印刷 73595927 168379546

Die-cut 模切 287032990 175697018

Others 其他 103405460 276446910

11218244512927881024

The 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。

23DRAFT

GELBERT ECO PRINT KFT.NOTES TO THE FINANCIAL STATEMENTS财务报表附注

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

7. OTHER INCOME AND OTHER GAINS 7. 其他收入以及其他收益及亏损

AND (LOSSES)

Five months ended For the year ended

31 May 2025 31 December 2024

HUF HUF

Bank interest income 银行利息收入 2479225 195388

Interest income from loan to a 关联方借款利息收入

related party 1430000 408767

Foreign exchange loss net 汇兑亏损 (1465809) (32390728)

Written off of properties plant 清理固定资减值损失

and equipment - (3599999)

Impairment loss on trade receivables 应收帐款减值 - (5366386)

Gain on modification of lease 租赁修改收益 - 2806457

Gain on disposal of properties plant 处置固定资产盈利

and equipment 7330094 26700889

Government grant income recognised 政府补贴收入确认 14003000 115592195

Others 其他 4840950 2949786

28617460107296369

8. FINANCE COSTS 8. 财务成本

Five months ended For the year ended

31 May 2025 31 December 2024

HUF HUF

Interest expense on bank and 银行及其他借款之利息开支

other borrowings 15850153 29933819

Leases interests 租赁利息 6397878 14302923

Leases interests - right-of-use assets 租赁利息 - 使用权资产 5497164 13932610

2774519558169352

24DRAFT

GELBERT ECO PRINT KFT.NOTES TO THE FINANCIAL STATEMENTS财务报表附注

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

9. INCOME TAX EXPENSES 9. 所得税

Five months ended For the year ended

31 May 2025 31 December 2024

HUF HUF

Current tax - Hungary Corporate Tax 即期税项 - 匈牙利企业所得税 - -

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 Small

Business 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 based

on 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12月31日止年度及截至2025年5月31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」。

10. PROFIT FOR THE PERIOD/YEAR 10.期/年间内溢利

Profit for the period/year has been arrived at after 期/年间内溢利已扣除以下各项：

charging:

Five months ended For the year ended

31 May 2025 31 December 2024

HUF HUF

Depreciation of properties plant 物业、机器及设备折旧

and equipment 116252095 221256001

Depreciation of right-of-use assets 使用权资产折旧 20491485 54148916

Staff costs 员工成本 257575215 638087902

Cost of inventories 存货成本 458479855 1199761393

11. DIVIDENDS 11.股息

Five months ended For the year ended

31 May 2025 31 December 2024

HUF HUF

Proposed final dividend 宣派股息 100000000 100000000

25DRAFT

GELBERT ECO PRINT KFT.NOTES TO THE FINANCIAL STATEMENTS财务报表附注

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

12. PROPERTY PLANT AND EQUIPMENT 12. 物业、机器及设备

Furniture

fixtures and

Machinery other equipment Motor vehicles Total

HUF HUF HUF HUF

Cost

1 January 2024 于二零二四年一月一日 1597587581 196215938 115885779 1909689298

Additions 添置 761617634 28765332 61792164 852175130

Disposals 出售 (227363471) - - (227363471)

Written off 撇销 - - (9015748) (9015748)

At 31 December 2024 and 于二零二四年十二月三十一日及 2131841744 224981270 168662195 2525485209

1 January 2025 二零二五年一月一日

Additions 添置 29719245 2000721 300729 32020695

Disposals 出售 (329939) - - (329939)

At 31 May 2025 于二零二五年五月三十一日 2161231050 226981991 168962924 2557175965

Accumulated depreciation

and impairment

1 January 2024 于二零二四年一月一日 616695300 38474889 34756724 689926913

Charge for the year 年内开支 177654394 20393531 23208076 221256001

Disposals 出售 (68939940) - - (68939940)

Written off 撇销 - - (3612599) (3612599)

At 31 December 2024 and 于二零二四年十二月三十一日及 725409754 58868420 54352201 838630375

1 January 2025 二零二五年一月一日

Charge for the period 年内开支 96465627 8510786 11275682 116252095

Disposals 出售 (40653) - - (40653)

At 31 May 2025 于二零二五年五月三十一日 821834728 67379206 65627883 954841817

Carrying values

At 31 December 2024 于二零二四年十二月三十一日 1406431990 166112850 114309994 1686854834

At 31 May 2025 于二零二五年五月三十一日 1339396322 159602785 103335041 1602334148

As at 31 December 2024 and 31 May 2025 the carrying amounts of property plant and equipment under lease arrangement

are amounted to HUF1280338863 and HUF1372029079 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1280338863匈牙利福林及

1372029079匈牙利福林。

26DRAFT

GELBERT ECO PRINT KFT.NOTES TO THE FINANCIAL STATEMENTS财务报表附注

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

13. RIGHT-OF-USE ASSETS 13.使用权资产

At 31 May 2025 At 31 December 2024

HUF HUF

Right-of-use assets 使用权资产

- Land & Buildings - 土地及房屋 245897815 266389300

The maturity analysis based on undiscounted cash flows 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：

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

At 31 May 2025 At 31 December 2024

HUF HUF

- Less than 1 year - 少于1年 288688228 268498930

- Between 2 and 5 years - 2至5年 930376513 801382301

- Over 5 years - 多于5年 21897238 124099166

12409619791193980396

Five months ended For the year ended

31 May 2025 31 December 2024

HUF HUF

Depreciation of right-of-use assets 使用权资产之折旧费用

- Land & Buildings - 土地及房屋 2 0491485 5 4148916

Lease interests 租赁利息 5 497164 1 3932610

Total cash outflow for lease 租赁现金流出总额 8 9915751 332715055

Gain on lease modification 租赁修改收益 - 2 806457

14. INVENTORIES 14.存货

At 31 May 2025 At 31 December 2024

HUF HUF

Raw materials 原材料 165696117 215413598

Work in progress 在制品 81924276 41662896

Finished goods 制成品 22484035 53056533

270104428310133027

27DRAFT

GELBERT ECO PRINT KFT.NOTES TO THE FINANCIAL STATEMENTS财务报表附注

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

15. TRADE RECEIVABLES 15.贸易应收款项

At 31 May 2025 At 31 December 2024

HUF HUF

Trade receivables 贸易应收款项 350170898 376646942

Provision for loss allowance 亏损准备拨备 (18929358) (18929358)

331241540357717584

Reconciliation of loss allowance for trade receivables: 贸易应收款项亏损拨备的对账：

20252024

HUF HUF

At the beginning of period/year 期/年间初 18929358 13562972

Increase in loss allowance for 期/年间内亏损拨备增加

the period/year - 5366386

At the end of period/year 期/年间末 18929358 18929358

The aging analysis of the trade receivables as at the end of 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the reporting period based on the transaction date is as 下：

follows:

20252024

HUF HUF

Within 30 days 30日内 250260105 246155044

31 days to 90 days 31日至60日 65473911 85379909

Over 90 days 超过60日 15507524 26182631

331241540357717584

The Target Company applies the simplified approach under 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

IFRS 9 to provide for expected credit losses using the 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lifetime expected loss provision for all trade receivables. 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To measure the expected credit losses trade receivables 及逾期天数分类。预期信贷亏损亦包含前瞻性资料。

have been grouped based on shared credit risk

characteristics and the days past due. The expected credit

losses also incorporate forward looking information.

28DRAFT

GELBERT ECO PRINT KFT.NOTES TO THE FINANCIAL STATEMENTS财务报表附注

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

Aging

Within 90 days Over 90 days

At 31 December 2024

Weighted 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) 331534953 45111989

Loss allowance (HUF) 亏损拨备 (匈牙利福林) - 18929358

At 31 May 2025

Weighted 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) 315734016 34436882

Loss allowance (HUF) 亏损拨备 (匈牙利福林) - 18929358

16. BANK BORROWINGS 16.银行及其他借款

At 31 May 2025 At 31 December 2024

HUF HUF

Bank borrowings 银行借款 277703716 266294827

The borrowings are repayable as 借贷偿还如下：

follows:

On demand or within one year 按要求或于一年内 2 8235292 2 8320292

In the second to third years inclusive 第二年至第五年(包括首尾两年) 249468424 237974535

277703716266294827

Less: Amount due for repayment on 减：按要求到期归还款项

demand (shown under current (列于流动负债项下)

liabilities) (28235292) (28320292)

Amount due for settlement after 12 12个月后到期结算的款项

months 249468424 237974535

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

Target Company.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。

29DRAFT

GELBERT ECO PRINT KFT.NOTES TO THE FINANCIAL STATEMENTS财务报表附注

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

17. LEASE LIABILITIES 17. 租赁负债

Lease payments Present value of lease payments

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

HUF HUF HUF HUF

Within one year 一年内 288688228 268498930 230895860 208058956

In the second to fifth years inclusive 第二至第五年(包括首尾两年) 930376513 801382301 824892086 691661508

After five years 五年后 21897238 124099166 21610985 121131954

1240961979119398039610773989301020852418

Less: Future finance charges 减:未来融资开支

(163563049)(173127977)

Present value of lease liabilities 租赁负债之现值 1077398930 1020852418

Less: Amount due for settlement within 12 months 减:于12个月内到期结算之款项

(shown under current liabilities) (列于流动负债项下) (230895860) (208058956)

Amount due for settlement after 12 months 于12个月后到期结算之款项 846503070 812793462

30DRAFT

GELBERT ECO PRINT KFT.NOTES TO THE FINANCIAL STATEMENTS财务报表附注

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

18. SHARE CAPITAL 18.股本

Number of shares Amount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 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40000004000000

The Target Company's objectives when managing capital 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，are to safeguard the Target Company's ability to continue 并通过优化债务和股权平衡来实现股东回报最大化。

as a going concern and to maximise the return to the

shareholders through the optimisation of the debt and

equity balance.

19. CONTINGENT LIABILITIES 19.或然负债

At the end of the reporting period the Target Company 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provided a financial guarantee to a bank regarding to the 贷款向银行提供财务担保。

bank loan amounted to HUF592000000 drewdown by a

related party.The management of the Target Company is of the view that 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the financial exposure of the Target Company to the 小。

financial guarantee is remote.

20. RELATED PARTY TRANSACTIONS 20.关联方交易The Target Company had the following transactions with 目標公司与关联人 Land & Buildings Invest Limited（Land & Buildings Invest Limited ("L&B") a related party 「L&B」）进行了以下交易：

of the Target Company:

Five months ended 31 For the year ended 31

May 2025 December 2024

HUF HUF

Rental payment to L&B 支付租赁款项予 L&B 2 3859000 5 7261600

Electricity utility and other expenses 电费 公用设施开支及其他费用 5 274483 1 2902884

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

31