Core Viewpoint - Aerospace Holdings (00031) has seen a significant stock increase of over 14%, with a current price of 0.8 HKD and a trading volume of 24.44 million HKD, following the release of its interim results which show a mixed performance in revenue and losses [1] Financial Performance - The company reported a revenue of approximately 2.023 billion HKD for the first half of the year, representing a year-on-year growth of 10.89% [1] - Shareholder losses amounted to 42.337 million HKD, which is an increase of 48.15% compared to the previous year [1] Business Segments - The injection molding product segment experienced a revenue increase of 20.32% year-on-year, contributing positively to the overall operating profit of the technology industry [1] - The circuit board business showed stable sales with a revenue growth of 11.42% year-on-year, driven by strong performance in optoelectronic modules and domestic substrate business [1] Strategic Developments - Aerospace Holdings disclosed that the construction of the Nantong Kangyuan integrated circuit packaging substrate capacity has been completed, with production line construction proceeding in an orderly manner [1] - The Nantong Kangyuan circuit packaging substrate project is a key investment initiative with a total investment of 5 billion HKD, where the first phase involves 1.5 billion HKD and is set to begin trial production in Q4 2024, with mass production ramp-up expected in January 2025 [1] - The designed annual production capacity for the project is 240,000 square meters, with projected annual sales of 1.35 billion HKD [1] - Once fully operational, the company's capacity for high-end integrated circuit packaging substrates and high-density printed circuit boards will double, positioning it among the top three in the domestic substrate industry and promoting the domestic substitution and self-control process in the semiconductor sector [1]

Core Viewpoint - Aerospace Holdings (00031) reported a significant increase in stock price, with a rise of over 11% during trading, and a current increase of 8.33% to HKD 0.65, with a trading volume of HKD 21.69 million [1] Financial Performance - The company announced mid-term results with revenue of approximately HKD 2.023 billion, representing a year-on-year growth of 10.89% [1] - Shareholder attributable loss was HKD 42.337 million, which expanded by 48.15% compared to the previous year [1] Business Segments - The injection molding product business saw a revenue increase of 20.32% year-on-year, contributing to the overall operating profit growth in the technology industry [1] - The circuit board business stabilized, with a revenue increase of 11.42% year-on-year, driven by strong growth in optoelectronic modules and domestic substrate business [1] Future Developments - The company disclosed that the civil engineering for the integrated circuit packaging substrate capacity construction in Nantong has been completed, with production line construction proceeding in an orderly manner, expected to begin small batch trial operations in the first half of 2025 [1] - The IPM packaging business officially commenced production at the beginning of the year, with some products achieving domestic substitution [1] - The injection molding business in Vietnam has reached full production capacity, with plans for a second phase project under consideration, driven by business demand from domestic companies establishing factories in Vietnam [1] - These new capacity developments are expected to increase the company's overall production capacity by approximately 40%, providing assurance for revenue scale and quality enhancement [1]

Core Viewpoint - Aerospace Holdings (00031) experienced a significant stock price increase, with a rise of over 11% during trading, closing at 0.65 HKD, reflecting a trading volume of 21.69 million HKD. The company reported a mid-term performance with a revenue of approximately 2.023 billion HKD, marking a year-on-year growth of 10.89%, despite a widened loss attributable to shareholders of 42.337 million HKD, which is an increase of 48.15% compared to the previous year [1]. Group 1 - The revenue from the injection molding products business grew by 20.32% year-on-year, contributing to an increase in overall operating profit for the technology industry [1]. - The overall sales of the circuit board business stabilized, with a revenue increase of 11.42% year-on-year, primarily driven by strong growth in optoelectronic modules and domestic substrate business [1]. Group 2 - Aerospace Holdings disclosed in its mid-term financial report that the civil engineering for the integrated circuit packaging substrate capacity construction in Nantong has been completed, and the production line construction is progressing in an orderly manner, with small batch trial operations expected to commence in the first half of 2025 [1]. - The IPM packaging business officially commenced production at the beginning of the year, with some products achieving domestic substitution [1]. - The injection molding business in Vietnam has reached full production capacity, driven by business demand from domestic companies establishing factories in Vietnam, and plans for a second phase project are underway. These new capacity developments are expected to increase the company's overall production capacity by approximately 40%, ensuring the enhancement of revenue scale and quality [1].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國航天國際控股有限公司 呈交日期: 2025年8月29日 I. 法定/註冊股本變動 不適用 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00031 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 3,085,021,882 | | 0 | | 3,085,021,882 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 3,085,021,882 | | 0 | | 3,085,02 ...

Core Viewpoint - Aerospace Holdings (00031) reported a significant increase in shareholder losses for the first half of 2025, attributed to a continued downturn in the property market impacting investment property valuations [1] Financial Performance - The company recorded revenue of approximately HKD 2.023 billion, representing a year-on-year growth of 10.89% [1] - Shareholder losses amounted to HKD 42.337 million, which is an increase of 48.15% compared to the same period in 2024 [1] - The loss per share was reported at HKD 0.0137 [1] Investment Property Impact - The fair value changes of investment properties resulted in a loss of HKD 255.5 million, which is an increase of HKD 55.067 million compared to the same period in 2024 [1] - The ongoing weakness in the property market has been a significant factor contributing to the expanded losses [1]

Core Viewpoint - Aerospace Holdings (00031) reported a mid-year performance for 2025, showing a revenue of approximately HKD 2.023 billion, which represents a year-on-year increase of 10.89%. However, the company experienced a significant loss attributable to shareholders amounting to HKD 42.337 million, an increase of 48.15% compared to the previous year, with a loss per share of HKD 0.0137 [1] Financial Performance - Revenue for the period reached approximately HKD 2.023 billion, reflecting a year-on-year growth of 10.89% [1] - The loss attributable to shareholders was HKD 42.337 million, which is a 48.15% increase from the same period in 2024 [1] - The loss per share was reported at HKD 0.0137 [1] Investment Property Impact - The company faced a loss of HKD 255.5 million due to changes in the fair value of investment properties, which is an increase of HKD 55.067 million compared to the same period last year [1] - The ongoing downturn in the property market has significantly impacted the company's financial results, leading to an expanded loss for the period [1]

Core Viewpoint - Aerospace Holdings (00031.HK) reported a revenue of HKD 2.02 billion for the six months ending June 30, 2025, reflecting a year-on-year increase of 10.89% [1] - The company recorded a loss attributable to shareholders of HKD 42.34 million, compared to a loss of HKD 28.58 million in the same period of 2024 [1] - The basic loss per share for shareholders was HKD 0.0137, up from HKD 0.0093 in the first half of 2024 [1] - The loss was primarily due to a decline in the fair value of the investment property, Shenzhen Aerospace Technology Plaza [1] - The board decided not to declare an interim dividend for 2025, consistent with the decision for 2024 [1] Financial Performance - Revenue for the first half of 2025 was HKD 2.02 billion, a 10.89% increase year-on-year [1] - Loss attributable to shareholders was HKD 42.34 million, compared to HKD 28.58 million in the previous year [1] - Basic loss per share increased to HKD 0.0137 from HKD 0.0093 [1] Investment Property Impact - The decline in fair value of the Shenzhen Aerospace Technology Plaza significantly contributed to the company's losses [1] Dividend Policy - The company will not distribute an interim dividend for 2025, mirroring the policy from 2024 [1]

[Condensed Consolidated Financial Statements](index=1&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statement of Profit or Loss](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) In H1 2025, revenue increased by 10.89% to HKD 2.023 billion, but net loss widened by 45.15% to HKD 85.776 million, mainly due to fair value changes in investment properties Condensed Consolidated Statement of Profit or Loss | Indicator | H1 2025 (HKD Thousand) | H1 2024 (HKD Thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 2,023,441 | 1,824,756 | 10.89 | | Cost of sales | (1,622,447) | (1,456,518) | 11.39 | | Gross profit | 400,994 | 368,238 | 8.89 | | Other income | 41,676 | 39,969 | 4.27 | | Net other gains and losses | (1,977) | (22,203) | (91.09) | | Selling and distribution expenses | (31,570) | (36,285) | (12.99) | | Administrative expenses | (216,377) | (198,333) | 9.10 | | Research and development expenses | (75,156) | (73,471) | 2.29 | | Fair value change of investment properties | (255,524) | (200,457) | 27.47 | | Finance costs | (21,972) | (26,512) | (17.12) | | Loss before tax | (175,845) | (127,228) | 38.21 | | Loss for the period | (85,776) | (59,093) | 45.15 | | Loss attributable to equity holders of the Company | (42,337) | (28,578) | 48.14 | | Basic and diluted loss per share | (1.37 HKD cents) | (0.93 HKD cents) | 47.31 | [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) In H1 2025, the company reported total comprehensive income of HKD 164.7 million, reversing a total comprehensive expense of HKD 258.415 million in H1 2024, driven by exchange differences from foreign operations Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | H1 2025 (HKD Thousand) | H1 2024 (HKD Thousand) | | :--- | :--- | :--- | | Loss for the period | (85,776) | (59,093) | | Other comprehensive income/(expense) | | | | Exchange differences arising from translation of foreign operations — Subsidiaries | 243,910 | (191,982) | | Exchange differences arising from translation of foreign operations — Associates | 6,569 | (5,730) | | Exchange differences arising from translation of foreign operations — Joint ventures | – | (1,610) | | Total other comprehensive income/(expense) for the period | 250,479 | (199,322) | | **Total comprehensive income/(expense) for the period** | **164,703** | **(258,415)** | | Total comprehensive income/(expense) attributable to equity holders of the Company | 151,311 | (181,929) | | Total comprehensive income/(expense) attributable to non-controlling interests | 13,392 | (76,486) | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets rose to HKD 14.809 billion, total liabilities to HKD 5.528 billion, and equity attributable to shareholders to HKD 7.306 billion, influenced by increases in non-current assets and current liabilities Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | **Non-current assets** | **11,395,164** | **10,953,891** | **4.03** | | Property, plant and equipment | 2,779,039 | 2,241,421 | 24.00 | | Investment properties | 7,961,643 | 7,992,128 | (0.38) | | **Current assets** | **3,413,566** | **3,327,423** | **2.59** | | Inventories | 639,617 | 556,372 | 14.96 | | Trade and other receivables | 1,280,559 | 1,200,250 | 6.69 | | Cash and cash equivalents | 1,120,409 | 1,154,546 | (2.96) | | **Total assets** | **14,808,730** | **14,281,314** | **3.69** | | **Current liabilities** | **1,956,121** | **1,649,182** | **18.61** | | Trade and other payables | 1,586,128 | 1,307,921 | 21.27 | | **Non-current liabilities** | **3,571,617** | **3,515,843** | **1.59** | | **Total liabilities** | **5,527,738** | **5,165,025** | **7.02** | | **Equity attributable to equity holders of the Company** | **7,305,697** | **7,154,386** | **2.11** | | Non-controlling interests | 1,975,295 | 1,961,903 | 0.68 | | **Total equity** | **9,280,992** | **9,116,289** | **1.81** | [Notes to the Interim Financial Information](index=6&type=section&id=Notes%20to%20the%20Interim%20Financial%20Information) [Basis of Preparation](index=6&type=section&id=Basis%20of%20Preparation) This interim financial information is prepared in accordance with HKAS 34 and HKEX Listing Rules, presented with comparative data from the 2024 annual financial report - This interim financial information is prepared in accordance with Hong Kong Accounting Standard 34 'Interim Financial Reporting' issued by the HKICPA and the applicable disclosure requirements of the HKEX Listing Rules[8](index=8&type=chunk) - The 2024 annual financial report was submitted to the Registrar of Companies, and the auditor's report was **unqualified**[8](index=8&type=chunk)[9](index=9&type=chunk) [Principal Accounting Policies](index=6&type=section&id=Principal%20Accounting%20Policies) This interim financial information is prepared primarily on a historical cost basis, with consistent accounting policies as the 2024 annual report, and new HKFRS amendments have no material impact - This interim financial information is prepared on a historical cost basis, except for certain investment properties and financial assets measured at fair value through profit or loss[10](index=10&type=chunk) - The accounting policies and methods of computation adopted are consistent with those used in the preparation of the Group's annual financial report for the year ended December 31, 2024[10](index=10&type=chunk) - The application of amendments to Hong Kong Financial Reporting Standards during this interim period has **no material impact** on the Group's financial position and performance for the current and prior periods and/or the disclosures contained in this interim financial information[11](index=11&type=chunk) [Revenue and Segment Information](index=7&type=section&id=Revenue%20and%20Segment%20Information) The company's operating segments include Technology Industry (various manufacturing and industrial property investment) and Aerospace Services (Shenzhen Aerospace Science Plaza property investment) - The Group's operating and reportable segments are defined based on internal reports reviewed by the President (the Group's chief operating decision maker) for strategic decisions[12](index=12&type=chunk) - The 2025 reportable segments include seven categories: Technology Industry (comprising injection molding products, liquid crystal displays, circuit boards, smart chargers, smart power modules, and industrial property investment) and Aerospace Services (comprising property investment in Shenzhen Aerospace Science Plaza)[12](index=12&type=chunk) H1 2025 Segment Revenue and Results | Segment | External Sales (HKD Thousand) | Segment Results (HKD Thousand) | | :--- | :--- | :--- | | Technology Industry | 1,926,568 | 61,299 | | Injection Molding Products | 956,375 | 51,978 | | Liquid Crystal Displays | 292,770 | 19,607 | | Circuit Boards | 508,546 | 10,145 | | Smart Chargers | 132,473 | (2,835) | | Smart Power Modules | 31,207 | (10,318) | | Industrial Property Investment | 5,197 | (7,278) | | Aerospace Services | 94,129 | (187,972) | | Other Businesses | 2,744 | (2,368) | | **Total** | **2,023,441** | **(129,041)** | [Other Income and Net Other Gains and Losses](index=9&type=section&id=Other%20Income%20and%20Net%20Other%20Gains%20and%20Losses) H1 2025 other income mainly comprised bank interest and scrap sales, while net other gains and losses were impacted by fair value changes in financial assets and net exchange losses H1 2025 Other Income | Item | H1 2025 (HKD Thousand) | H1 2024 (HKD Thousand) | | :--- | :--- | :--- | | Bank interest income | 12,579 | 13,410 | | Sales of scrap materials | 23,812 | 12,752 | H1 2025 Net Other Gains and Losses | Item | H1 2025 (HKD Thousand) | H1 2024 (HKD Thousand) | | :--- | :--- | :--- | | (Loss)/gain on disposal of property, plant and equipment | (200) | 656 | | Net gain/(loss) from fair value changes of financial assets at fair value through profit or loss | 10,471 | (27,686) | | Net exchange (loss)/gain | (12,443) | 4,827 | [Loss Before Tax](index=9&type=section&id=Loss%20Before%20Tax) H1 2025 loss before tax widened to HKD 175.845 million from HKD 127.228 million in H1 2024, after deducting depreciation of property, plant, and equipment and right-of-use assets H1 2025 Loss Before Tax and Key Deductions | Indicator | H1 2025 (HKD Thousand) | H1 2024 (HKD Thousand) | | :--- | :--- | :--- | | Loss before tax | (175,845) | (127,228) | | Depreciation of property, plant and equipment | 109,199 | 118,935 | | Depreciation of right-of-use assets | 24,931 | 19,144 | [Taxation](index=9&type=section&id=Taxation) H1 2025 taxation was HKD (90.069) million, including Hong Kong profits tax, PRC corporate income tax, and deferred tax credits, with some PRC subsidiaries enjoying a 15% high-tech enterprise tax rate H1 2025 Taxation Components | Item | H1 2025 (HKD Thousand) | H1 2024 (HKD Thousand) | | :--- | :--- | :--- | | Hong Kong profits tax | 2,048 | 2,154 | | PRC corporate income tax | 9,524 | 6,040 | | Deferred tax credit | (101,641) | (76,329) | | **Taxation for the period** | **(90,069)** | **(68,135)** | - Hong Kong profits tax and PRC corporate income tax are calculated at **16.5%** and **25%** respectively, with certain PRC subsidiaries enjoying a **15%** high-tech enterprise income tax rate[16](index=16&type=chunk) [Loss Per Share](index=10&type=section&id=Loss%20Per%20Share) H1 2025 basic and diluted loss per share widened to HKD 1.37 cents from HKD 0.93 cents in H1 2024, with convertible loan notes excluded from diluted loss calculation due to higher exercise price Loss Per Share Calculation Data | Indicator | H1 2025 (HKD Thousand) | H1 2024 (HKD Thousand) | | :--- | :--- | :--- | | Loss for the period attributable to equity holders of the Company | (42,337) | (28,578) | | Number of shares in issue (Thousand shares) | 3,085,021 | 3,085,021 | | Basic and diluted loss per share | (1.37 HKD cents) | (0.93 HKD cents) | - The conversion of convertible loan notes was not assumed for calculating diluted loss per share, as their exercise price was **higher than the average market price** of the shares[19](index=19&type=chunk) [Dividends](index=10&type=section&id=Dividends) The Board resolved not to declare an interim dividend for 2025, consistent with the prior year - No dividends were paid, declared, or proposed during the interim period[20](index=20&type=chunk) - The Board of Directors resolved not to propose an interim dividend for the current period[20](index=20&type=chunk) [Trade and Other Receivables](index=11&type=section&id=Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade receivables were HKD 1.116 billion, mostly due within 90 days, with overdue rental receivables of HKD 11.153 million within 90 days Trade Receivables Ageing Analysis (As of June 30, 2025) | Ageing | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | | :--- | :--- | :--- | | Within 90 days | 1,026,172 | 912,575 | | 91-180 days | 90,126 | 90,035 | | 181-365 days | – | 18,544 | | **Total** | **1,116,298** | **1,021,154** | - Trade receivables from customer contracts include bills received and held for future settlement of trade receivables amounting to **HKD 102.94 million** (December 31, 2024: HKD 82.489 million), all of which are due within one year[21](index=21&type=chunk) Rental Receivables Ageing Analysis (Invoiced and Overdue, As of June 30, 2025) | Ageing | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | | :--- | :--- | :--- | | Within 90 days | 11,153 | 5,395 | [Trade and Other Payables](index=11&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, total trade payables increased to HKD 793.241 million from HKD 638.870 million at year-end 2024, with the majority due within 90 days Trade Payables Ageing Analysis (As of June 30, 2025) | Ageing | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | | :--- | :--- | :--- | | Within 90 days | 744,396 | 619,928 | | 91-180 days | 48,845 | 18,942 | | **Total** | **793,241** | **638,870** | [Chairman's Report](index=12&type=section&id=Chairman's%20Report) [Market Review](index=12&type=section&id=Market%20Review) H1 2025 saw global economic multipolarization, US-China trade policy shifts, EU de-risking, and developing country cooperation, while China's GDP grew 5.3% with strong exports but declining US trade and internal growth challenges - Global economic growth was approximately **3.2%**, but weak demand in developed economies and geopolitical conflicts led to energy price volatility, pressuring international trade[24](index=24&type=chunk) - China's GDP grew by **5.3%** year-on-year, driven by both industrial and service sectors, with moderate consumption recovery and a **5.0%** increase in total retail sales of consumer goods[25](index=25&type=chunk) - China's exports **exceeded expectations**, growing by **7.2%** year-on-year, primarily due to market diversification strategies, though exports to the US declined by **9.9%** due to US-China tariff frictions[25](index=25&type=chunk) - China's economy remained stable under policy guidance, but internal growth momentum was insufficient, facing significant challenges from external shocks and internal structural contradictions in the second half of the year[25](index=25&type=chunk) [Performance](index=12&type=section&id=Performance) H1 2025 revenue increased by 10.89% to HKD 2.023 billion, but net loss widened by 45.15% to HKD 85.776 million, primarily due to a fair value decrease in Shenzhen Aerospace Science Plaza investment property H1 2025 Key Performance Data | Indicator | H1 2025 | H1 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | HKD 2,023,441,000 | HKD 1,824,756,000 | 10.89 | | Net Loss | HKD 85,776,000 | HKD 59,093,000 | 45.15 | | Loss Attributable to Equity Holders of the Company | HKD 42,337,000 | HKD 28,578,000 | 48.14 | | Basic Loss Per Share | HKD 1.37 cents | HKD 0.93 cents | 47.31 | - The loss for the period primarily resulted from a **decrease in the fair value** of the investment property, Shenzhen Aerospace Science Plaza, held by the Company[26](index=26&type=chunk) - The Board of Directors resolved **not to declare** an interim dividend for 2025[26](index=26&type=chunk) [Business Review](index=13&type=section&id=Business%20Review) In H1 2025, the Technology Industry expanded into new sectors, optimized customer service, and reduced costs, while the Aerospace Services segment faced challenges in Shenzhen's office leasing market and pursued litigation enforcement - The Technology Industry business expanded into emerging sectors such as **low-altitude economy, artificial intelligence, and high-end medical** through targeted technological R&D, seeking new revenue growth points[27](index=27&type=chunk) - The Technology Industry business continuously optimized its customer service system, focused on customer groups highly aligned with strategic goals, and adopted various measures to **reduce production costs and mitigate exchange rate fluctuations** to maintain profitability[27](index=27&type=chunk) - The civil engineering for Nantong Kangyuan's integrated circuit packaging substrate capacity building has been completed, smart power module (IPM) packaging business has officially commenced production, and Vietnam Zhiyuan's injection molding business has reached **full capacity** with plans for a second phase, expected to increase overall production capacity by approximately **40%**[28](index=28&type=chunk) - Shenzhen Aerospace Science Plaza faced a challenging office leasing market with increasing supply and high vacancy rates, prompting targeted customer acquisition and the **enforcement of various litigation judgments**[29](index=29&type=chunk) - The company continuously enhanced internal control efficiency, promoted informatization, improved compliance management, implemented energy-saving and environmental protection measures, and cultivated and introduced high-caliber talent[30](index=30&type=chunk) [Outlook](index=14&type=section&id=Outlook) The company will closely monitor the H2 2025 global economic landscape, focusing on core and new business development to achieve high-quality growth amidst challenges and opportunities - In H2 2025, the global economy faces multiple challenges and opportunities, including divergent growth among major economies, shifts in monetary policy, trade policy uncertainties, and geopolitical risks[31](index=31&type=chunk) - The Board of Directors will closely monitor the market environment, focusing on the development of existing core businesses and newly explored ventures, to confidently advance and fully achieve high-quality development for Aerospace Holdings[31](index=31&type=chunk) [Management Discussion and Analysis](index=14&type=section&id=Management%20Discussion%20and%20Analysis) [Performance Overview](index=14&type=section&id=Performance%20Overview) H1 2025 operating revenue increased by 10.89% to HKD 2.023 billion, while net loss widened to HKD 85.776 million H1 2025 Performance Overview | Indicator | H1 2025 | H1 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | HKD 2,023,441,000 | HKD 1,824,756,000 | 10.89 | | Net Loss | HKD 85,776,000 | HKD 59,093,000 | 45.15 | [Loss Attributable to Equity Holders of the Company](index=14&type=section&id=Loss%20Attributable%20to%20Equity%20Holders%20of%20the%20Company) H1 2025 loss attributable to shareholders widened to HKD 42.337 million, primarily due to a HKD 55.067 million increase in fair value loss on investment properties, resulting in a basic loss per share of HKD 1.37 cents Loss Attributable to Equity Holders of the Company | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Loss attributable to equity holders of the Company | HKD 42,337,000 | HKD 28,578,000 | | Fair value change loss of investment properties | HKD 255,524,000 | HKD 200,457,000 | | Basic loss per share | HKD 1.37 cents | HKD 0.93 cents | - The further widening of the loss for the period was mainly due to a loss of **HKD 255.524 million** from fair value changes in investment properties, an increase of **HKD 55.067 million** compared to H1 2024[33](index=33&type=chunk) [Dividends](index=15&type=section&id=Dividends) The Board resolved not to declare an interim dividend for 2025 and did not recommend a final dividend for 2024 - The Board of Directors resolved **not to declare** an interim dividend for 2025[34](index=34&type=chunk) - During the year, the Board of Directors decided **not to recommend** a final dividend for 2024[35](index=35&type=chunk) [Performance of Major Businesses](index=15&type=section&id=Performance%20of%20Major%20Businesses) The company's core operations include technology industrial businesses (R&D, production, sales of plastic, electronic, power, and semiconductor products) and property management of Shenzhen Aerospace Science Plaza, while continuously seeking new business opportunities - The Company and its subsidiaries are primarily engaged in the R&D, design, specialized production, sales, and services of plastic products, electronic products, power products, and semiconductor products within the **Technology Industry business**, as well as the property management business of Shenzhen Aerospace Science Plaza[36](index=36&type=chunk) - The Technology Industry business serves as the **main cornerstone** of the Company's operating revenue and the primary source of its profit and operating cash flow[36](index=36&type=chunk) - The Company is also continuously seeking and developing opportunities for **new businesses** to create value for shareholders[36](index=36&type=chunk) [Technology Industry](index=15&type=section&id=Technology%20Industry) H1 2025 Technology Industry revenue grew 11.66% to HKD 1.927 billion, with segment profit up 2.70% to HKD 61.3 million, driven by strong injection molding, new IPM production, and AI vision software applications Technology Industry Business Performance (H1 2025) | Business | Operating Revenue (HKD Thousand) | H1 2024 (HKD Thousand) | Change (%) | Operating Profit/(Loss) (HKD Thousand) | H1 2024 (HKD Thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Injection Molding Products | 956,375 | 794,838 | 20.32 | 51,978 | 36,832 | 41.12 | | Circuit Boards | 508,546 | 456,418 | 11.42 | 10,145 | 19,335 | (47.53) | | Smart Chargers | 132,473 | 137,580 | (3.71) | (2,835) | (1,872) | 51.44 | | Liquid Crystal Displays | 292,770 | 323,594 | (9.53) | 19,607 | 29,015 | (32.42) | | Smart Power Modules | 31,207 | 7,764 | 301.94 | (10,318) | (13,676) | (24.55) | | Industrial Property Investment | 5,197 | 5,161 | 0.70 | (7,278) | (9,946) | (26.82) | | **Total** | **1,926,568** | **1,725,355** | **11.66** | **61,299** | **59,688** | **2.70** | - During the period, revenue from the injection molding products business grew by **20.32%**, with stable growth in orders from emerging industries such as the low-altitude economy, and the Vietnam Zhiyuan business reached **full capacity** and became a profit center[39](index=39&type=chunk) - Revenue from the circuit board business increased by **11.42%**, but operating profit decreased by **47.53%** due to US-China tariff frictions and exchange rate fluctuations[40](index=40&type=chunk) - Revenue from the smart power module (IPM) business grew by **301.94%**, with products transitioning to mass production, achieving an average yield rate of **98.2%**, and is expected to gradually achieve profitability as production lines reach full capacity[41](index=41&type=chunk) - The first phase of Nantong Kangyuan's factory construction has been completed and commenced small-scale trial production, with high-end integrated circuit packaging substrate and high-density printed circuit board capacity expected to **double**, potentially ranking among the top three domestic substrate manufacturers[42](index=42&type=chunk) - The AI-based visual inspection software developed by the Smart Research Institute has been successfully applied to **PCB product inspection**; progress has been made in utilizing DeepSeek to empower operational and business management; the 5G millimeter-wave filter R&D line is operating stably, actively exploring applications in the low-altitude sector[43](index=43&type=chunk) - Key work priorities for H2 2025 include market expansion, product structure adjustment, product cost compression, mitigation of exchange rate fluctuation losses, and acceleration of new technology R&D and industrialization[44](index=44&type=chunk) [Shenzhen Aerospace Science Plaza](index=18&type=section&id=Shenzhen%20Aerospace%20Science%20Plaza) H1 2025 Shenzhen Aerospace Science Plaza reported revenue of HKD 94.129 million and a segment loss of HKD 187.972 million due to property revaluation, with declining occupancy rates and ongoing litigation enforcement Shenzhen Aerospace Science Plaza Performance and Valuation | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Operating Revenue | HKD 94,129,000 | HKD 95,585,000 | | Segment Loss | HKD 187,972,000 | HKD 127,053,000 | | Property Valuation (As of June 30, 2025) | RMB 7,299,000,000 | RMB 7,540,000,000 (December 31, 2024) | Shenzhen Aerospace Science Plaza Occupancy Rate (As of June 30, 2025) | Section | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Commercial Section | 63.63% | 65.59% | | Office Section | 44.79% | 47.50% | - All lawsuits with Aerospace Houhai, Classic Industrial, and Huabaorun have received **final judgments**, and the company is actively pursuing the enforcement of these judgments within the legal framework[29](index=29&type=chunk)[46](index=46&type=chunk)[47](index=47&type=chunk) - Aerospace High-Tech is expected to receive approximately **RMB 44.5 million** from Aerospace Houhai; Classic Industrial may bear joint and several liability for up to approximately **RMB 22.25 million**; Huabaorun is required to pay a total of approximately **RMB 68.6 million** to Aerospace High-Tech and High-Tech Property Management[46](index=46&type=chunk) - Aerospace High-Tech has frozen and preserved relevant assets and submitted them to the court for enforcement, but as of June 30, 2025, neither Aerospace Houhai nor Huabaorun had paid the amounts as per the judgments, except for **RMB 55,000**[47](index=47&type=chunk) [Other Businesses](index=19&type=section&id=Other%20Businesses) Associate company Shenzhen Ruihuatai Film Technology Co Ltd did not declare any dividends during the period - Associate company Shenzhen Ruihuatai Film Technology Co Ltd did **not declare any dividends** during the period[48](index=48&type=chunk) [Asset Position](index=19&type=section&id=Asset%20Position) As of June 30, 2025, total assets increased to HKD 14.809 billion, with non-current assets up 4.03% and current assets up 2.59%, while equity attributable to shareholders rose 2.11% to HKD 7.306 billion due to exchange reserve increases Asset Position (As of June 30, 2025) | Indicator | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current assets | 11,395,164 | 10,953,891 | 4.03 | | Current assets | 3,413,566 | 3,327,423 | 2.59 | | **Total assets** | **14,808,730** | **14,281,314** | **3.69** | | Equity attributable to equity holders of the Company | 7,305,697 | 7,154,386 | 2.11 | - The increase in non-current assets was primarily due to the **acquisition of property, plant and equipment** and the increase in RMB-denominated assets when translated into HKD equivalents[49](index=49&type=chunk) - The increase in current assets was mainly due to an increase in **inventories and receivables**[49](index=49&type=chunk) - The increase in equity attributable to equity holders of the Company was mainly due to an increase in **exchange reserves** resulting from the appreciation of the RMB exchange rate during the period[50](index=50&type=chunk) - As of June 30, 2025, cash deposits of **HKD 45.937 million** and bills receivable of **HKD 67.799 million** were pledged to banks; property certificates for Shenzhen Aerospace Science Plaza were pledged to secure loans of **RMB 1.3 billion and RMB 100 million**; and land use rights and buildings of Nantong Kangyuan were pledged to secure a bank loan facility of **RMB 1 billion**[51](index=51&type=chunk) [Debt Position](index=20&type=section&id=Debt%20Position) As of June 30, 2025, total liabilities increased to HKD 5.528 billion, with non-current liabilities up 1.59% due to new bank loans and exchange rate effects, and current liabilities up 18.61% due to increased trade payables Debt Position (As of June 30, 2025) | Indicator | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current liabilities | 3,571,617 | 3,515,843 | 1.59 | | Current liabilities | 1,956,121 | 1,649,182 | 18.61 | | **Total liabilities** | **5,527,738** | **5,165,025** | **7.02** | - The increase in non-current liabilities was primarily due to **new bank loans** obtained during the period and the increase in RMB-denominated liabilities when translated into HKD equivalents at the reporting date[52](index=52&type=chunk) - The increase in current liabilities was mainly due to an increase in **trade payables**[52](index=52&type=chunk) Bank and Other Borrowings (As of June 30, 2025) | Type | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | | :--- | :--- | :--- | | Bank borrowings | 518,048 | 349,825 | | Other borrowings | 1,122,538 | 1,163,656 | [Operating Expenses](index=20&type=section&id=Operating%20Expenses) H1 2025 administrative expenses increased by 9.10% to HKD 216.377 million, while finance costs decreased by 17.12% to HKD 21.972 million Operating Expenses (H1 2025) | Indicator | H1 2025 (HKD Thousand) | H1 2024 (HKD Thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Administrative expenses | 216,377 | 198,333 | 9.10 | | Finance costs | 21,972 | 26,512 | (17.12) | [Contingent Liabilities](index=21&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the company had no significant contingent liabilities - As of June 30, 2025, the Company and its subsidiaries had **no significant contingent liabilities**[54](index=54&type=chunk) [Financial Ratios](index=21&type=section&id=Financial%20Ratios) In H1 2025, gross profit margin and return on equity declined, while the debt-to-asset ratio, current ratio, and quick ratio all deteriorated Financial Ratios | Indicator | H1 2025/June 30 | H1 2024/Dec 31 | | :--- | :--- | :--- | | Gross Profit Margin | 19.82% | 20.18% | | Return on Equity | (0.92%) | (0.64%) | | Debt-to-Asset Ratio | 37.33% | 36.17% | | Current Ratio | 1.75 | 2.02 | | Quick Ratio | 1.40 | 1.66 | [Liquidity](index=21&type=section&id=Liquidity) As of June 30, 2025, cash and cash equivalents and short-term bank deposits totaled HKD 1.411 billion, primarily in RMB, USD, and HKD Cash and Cash Equivalents and Short-Term Bank Deposits | Indicator | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | | :--- | :--- | :--- | | Cash and cash equivalents and short-term bank deposits | 1,411,081 | 1,497,130 | - The Company and its subsidiaries' funding sources primarily consist of **internal resources** and credit facilities from banks and financial institutions[56](index=56&type=chunk) - The main currencies are **RMB, USD, and HKD**[56](index=56&type=chunk) [Capital Expenditure](index=21&type=section&id=Capital%20Expenditure) As of June 30, 2025, the company had contracted but unprovided capital commitments of approximately HKD 373.771 million, mainly for the acquisition of fixed assets Capital Commitments | Indicator | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | | :--- | :--- | :--- | | Capital commitments contracted but not provided for in the condensed consolidated financial statements | 373,771 | 437,360 | - Capital commitments are primarily for the **acquisition of fixed assets**[57](index=57&type=chunk) [Financial Risks](index=21&type=section&id=Financial%20Risks) The company regularly reviews cash flow and financial position but currently does not use financial instruments or derivatives to hedge exchange rate and interest rate risks - The Company and its subsidiaries regularly review their cash flow and financial position[58](index=58&type=chunk) - Currently, no financial instruments or derivative instruments are used to hedge exchange rate and interest rate risks[58](index=58&type=chunk) [Human Resources and Remuneration Policy](index=22&type=section&id=Human%20Resources%20and%20Remuneration%20Policy) As of June 30, 2025, the company had 7,766 employees across Mainland China, Hong Kong, and Vietnam, with remuneration based on qualifications, experience, performance, and market conditions, supported by a performance-centric assessment system - As of June 30, 2025, the Company and its subsidiaries had a total of **7,766 employees**, located in Mainland China, Hong Kong, and Vietnam[59](index=59&type=chunk) - The remuneration policy is determined based on employees' qualifications, experience, work performance, and market conditions[59](index=59&type=chunk) - The company will continuously improve human resource management and strictly implement a **performance-centric assessment system**[59](index=59&type=chunk) [Other Information](index=22&type=section&id=Other%20Information) [Purchase, Sale or Redemption of the Company's Listed Securities](index=22&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) Neither the company nor its subsidiaries purchased, sold, or redeemed any of its listed securities in H1 2025 - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during H1 2025[60](index=60&type=chunk) [Interim Dividend](index=22&type=section&id=Interim%20Dividend) The Board resolved not to declare an interim dividend for 2025, consistent with the prior year - The Board of Directors of the Company resolved **not to declare** an interim dividend for 2025 (2024 interim dividend: nil)[61](index=61&type=chunk) [Corporate Governance](index=22&type=section&id=Corporate%20Governance) For H1 2025, the company consistently complied with the Code Provisions of Appendix C1 to the Listing Rules on Corporate Governance Code - For the six months ended June 30, 2025, the Company consistently complied with the Code Provisions of Appendix C1 to the Listing Rules on Corporate Governance Code[62](index=62&type=chunk) [Litigation and Arbitration](index=22&type=section&id=Litigation%20and%20Arbitration) As of June 30, 2025, the company was involved in litigation judgments and progress between Aerospace High-Tech and Aerospace Houhai/Huabaorun, and arbitration between Aerospace Science Semiconductor and Majie (Suzhou) Technology, with no other significant matters - As of June 30, 2025, the Company was involved in litigation judgments and progress between Aerospace High-Tech and its wholly-owned subsidiary High-Tech Property Management, respectively, with Aerospace Houhai and Huabaorun[63](index=63&type=chunk) - The Company was involved in an arbitration matter between Aerospace Science Semiconductor Co Ltd and Majie (Suzhou) Technology Co Ltd[63](index=63&type=chunk) - Except for the matters disclosed, neither the Company nor any of its subsidiaries was involved in any **significant litigation, arbitration, or claims**[63](index=63&type=chunk) [Directors' and Chief Executive's Interests in Shares](index=23&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20in%20Shares) As of June 30, 2025, all directors and chief executives complied with the Model Code for Securities Transactions by Directors of Listed Issuers, with no registrable interests in shares, warrants, or options - All Directors complied with the requirements of the Model Code for Securities Transactions by Directors of Listed Issuers during the six months ended June 30, 2025[64](index=64&type=chunk) - As of June 30, 2025, no Director, chief executive, or any of their associates held any beneficial, non-beneficial, or short position interests in the shares, warrants, and options of the Company and its subsidiaries or their respective associated corporations that are required to be recorded in the register of directors' interests under Part XV of the Securities and Futures Ordinance[65](index=65&type=chunk) [Review of Interim Results](index=23&type=section&id=Review%20of%20Interim%20Results) The company's Audit Committee reviewed, discussed, and approved the unaudited interim financial information for H1 2025, which was also reviewed by the auditor, Da Xin Liang Xue Lian (Hong Kong) CPA Co - The Company's Audit Committee reviewed, discussed, and approved the unaudited interim financial information for the six months ended June 30, 2025, which was also reviewed by the auditor, Da Xin Liang Xue Lian (Hong Kong) CPA Co[66](index=66&type=chunk) [Compliance Statement](index=23&type=section&id=Compliance%20Statement) The 2024 annual financial statements were submitted to the Registrar of Companies under the Companies Ordinance, and the auditor issued an unqualified audit report - The Company submitted its financial statements for the year ended December 31, 2024, to the Registrar of Companies in accordance with Section 662(3) and Part 3 of Schedule 6 to the Companies Ordinance[67](index=67&type=chunk) - The Company's auditor issued an **unqualified audit report** on these financial statements[68](index=68&type=chunk) [Publication of 2025 Interim Results and Interim Report](index=24&type=section&id=Publication%20of%202025%20Interim%20Results%20and%20Interim%20Report) This announcement is available on the company's website and HKEXnews, with the 2025 interim report to be published and dispatched to shareholders by end of September 2025 - This announcement is available on the Company's website (www.casil-group.com) and the HKEXnews website (www.hkexnews.hk) of Hong Kong Exchanges and Clearing Limited[69](index=69&type=chunk) - The 2025 interim report will be published on the Company's and HKEXnews websites and dispatched to shareholders who requested printed copies by the end of September 2025[69](index=69&type=chunk) [Acknowledgements](index=24&type=section&id=Acknowledgements) The company thanks Mr Hua Chongzhi for his contributions, welcomes Mr Liu Yong to the Board, and commits to its core corporate culture to create greater shareholder value - Mr Hua Chongzhi resigned from his positions as non-executive director of the Company due to retirement, and Mr Liu Yong was appointed to succeed him[70](index=70&type=chunk) - The company will uphold its core corporate culture of "Patriotism, Innovation, Integrity, Harmony, and Responsibility" to create greater value for all shareholders[70](index=70&type=chunk) - The Board of Directors includes Executive Directors Mr Wang Hui (Chairman) and Mr Song Shuqing (President), Non-executive Directors Mr Teng Fangqian, Mr Peng Jianguo, and Mr Liu Yong, and Independent Non-executive Directors Mr Lo Chun Bong, Ms Chan Ching Yu, and Ms Xue Lan[71](index=71&type=chunk)

Core Viewpoint - The company anticipates a net loss of approximately HKD 75 million to HKD 95 million for the six months ending June 30, 2025, compared to a net loss of HKD 59.093 million for the same period in 2024 [1] Financial Performance - Expected revenue for the period is around HKD 2 billion, representing an increase of approximately 10% compared to the same period in 2024 [1] - The increase in revenue is primarily attributed to growth in the company's technology industrial business [1] Market Conditions - The widening net loss is mainly due to a decline in leasing demand for commercial real estate in mainland China, leading to a greater loss in the fair value of the company's investment properties compared to the same period in 2024 [1]

Core Viewpoint - The company anticipates a net loss of approximately HKD 75 million to HKD 95 million for the six months ending June 30, 2025, compared to a net loss of HKD 59.09 million for the same period in 2024 [1] Financial Performance - The expected revenue for the period is around HKD 2 billion, representing an increase of approximately 10% compared to the revenue of HKD 1.825 billion in 2024 [1] - The widening net loss is primarily attributed to a decline in leasing demand for commercial real estate in mainland China, leading to a decrease in the fair value of the company's investment properties [1] Business Segments - The increase in revenue is mainly driven by growth in the company's technology industrial business [1]