Core Viewpoint - Hong Kong Ferry (Group) Limited has seen its stock price rise to a near one-year high, indicating positive market sentiment and potential growth opportunities in its diversified business operations [1] Company Overview - Hong Kong Ferry (Group) Limited was established in 1923 and underwent a restructuring in 1989, changing its holding company name to its current title [1] - The company primarily engages in property development and investment, ferry services, shipbuilding, and related businesses, employing approximately 210 staff [1] Financial Performance - As of August 20, the stock closed at HKD 5.010, up 0.6% from the previous trading day, with an intraday high of HKD 5.040 [1] - The net capital inflow for the day was HKD 21.17 thousand, indicating a positive investment trend [1] Business Diversification - In 2022, the company expanded into specialized medical and beauty services, reflecting its strategy for diversification in response to future healthcare potential [1]

Group 1 - The company, Hong Kong Ferry (Group) Co., Ltd. (00050.HK), announced a mid-term dividend of HKD 0.1 per share for the six months ending June 30, 2025 [1]

Group 1 - The company, Hong Kong Ferry (Group) Co., Ltd. (00050), announced a mid-term dividend of HKD 0.1 per share for the six months ending June 30, 2025, to be distributed on September 26, 2025 [1]

Core Viewpoint - Hong Kong Ferry (Group) Co., Ltd. reported a decrease in revenue for the first half of 2025, while net profit attributable to equity shareholders increased significantly, indicating a mixed performance in financial results [1] Financial Performance - Revenue for the first half of 2025 was HKD 199 million, a decrease of 5.5% year-on-year [1] - Net profit attributable to equity shareholders was HKD 122 million, an increase of 36.01% year-on-year [1] - Basic earnings per share were HKD 0.34 [1] - The company proposed an interim dividend of HKD 0.10 per share [1] Revenue Sources - The group's operating profit primarily came from rental income from shops and malls, interest income from bank deposits, and appreciation of rental properties after revaluation [1] - The company reported no borrowings during the review period [1]

Core Viewpoint - Hong Kong Small Wheel Group (00050) reported a decrease in revenue for the first half of 2025, while net profit attributable to equity shareholders increased significantly, indicating a mixed performance in financial results [1] Financial Performance - Revenue for the period was HKD 199 million, representing a year-on-year decrease of 5.5% [1] - Net profit attributable to equity shareholders was HKD 122 million, showing a year-on-year increase of 36.01% [1] - Basic earnings per share were HKD 0.34 [1] - The company proposed an interim dividend of HKD 0.10 per share [1] Revenue Sources - The group's operating profit primarily came from rental income from shops and malls, interest income from bank deposits, and appreciation of rental properties after revaluation [1] - The company reported no borrowings during the review period [1]

EF001 其他信息 其他信息 不適用 發行人董事 於本公告日期，發行人之執行董事為林高演博士（主席）、李寧先生及李嘉豪先生（集團總經理）；非執行董事為歐肇基先生；以 第 2 頁 共 2 頁 v 1.1.1 EF001 免責聲明 | 本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 香港小輪(集團)有限公司 | | 股份代號 | 00050 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二五年六月三十日止六個月之中期股息 | | 公告日期 | 2025年8月19日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 ...

Core Viewpoint - Hong Kong Ferry (Group) Limited announced a temporary agreement for the acquisition of a property for HKD 260 million, which aligns with the company's strategy to expand its existing property investment business [1] Group 1: Acquisition Details - The buyer, Xingling Investment Limited, a wholly-owned subsidiary of the company, will acquire multiple shops and a signage area located at 55 Chung On Street, Tsuen Wan, Hong Kong, with a total floor area of approximately 12,720 square feet [1] - The acquisition is subject to the terms of the temporary agreement between the buyer and the seller, Minxi International Investment Limited [1] Group 2: Strategic Implications - The board believes that the acquisition will generate rental income and enhance the company's revenue base due to the property's advantageous location in Tsuen Wan and existing leases and franchises [1]

Group 1 - The core point of the article is that Hong Kong Small Wheel (Group) Limited has announced a temporary agreement to acquire a property for HKD 260 million [1] - The property is located at 55 Chung On Street, Tsuen Wan, and consists of multiple shops with a total floor area of approximately 12,720 square feet [1] - The acquisition aligns with the company's strategy and represents an expansion of its existing property investment business [1] Group 2 - The board believes that the acquisition will generate rental income and enhance the company's revenue base due to the property's advantageous location and existing leases [1]

Group 1 - The core point of the article is that Hong Kong Small Wheel (Group) Limited has entered into a temporary agreement to acquire a property for HKD 260 million [1] Group 2 - The buyer is a wholly-owned subsidiary of the company, Xingling Investment Limited [1] - The seller is Minxi International Investment Limited along with its agent [1] - The property in question is located at 55 Chung On Street, Tsuen Wan, Hong Kong, specifically the ground floor A zone and signage area of the Da Honghui (Tsuen Wan) Center [1]

Interim Results Announcement 2025 [Consolidated Financial Statements](index=1&type=section&id=Consolidated%20Financial%20Statements) This section presents the unaudited consolidated statement of profit or loss, statement of profit or loss and other comprehensive income, and statement of financial position for the six months ended June 30, 2025, providing an overview of the company's financial performance and position during the reporting period [Consolidated Statement of Profit or Loss](index=1&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) The company achieved revenue of HK$199,158 thousand, operating profit of HK$113,085 thousand, and profit for the period of HK$121,314 thousand in the first half of 2025, with basic and diluted earnings per share of HK$0.34, showing significant growth compared to the prior year | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 199,158 | 210,743 | -5.49% | | Direct Costs | (120,811) | (130,787) | -7.63% | | Other Income | 28,154 | 34,824 | -19.15% | | Fair Value Gain on Investment Properties | 51,912 | 2,020 | +2479.80% | | Operating Profit | 113,085 | 72,436 | +56.11% | | Profit Before Tax | 121,846 | 95,617 | +27.44% | | Profit for the Period | 121,314 | 87,480 | +38.68% | | Profit Attributable to Equity Holders of the Company | 121,860 | 89,596 | +36.01% | | Earnings Per Share – Basic and Diluted (HK$) | 0.34 | 0.25 | +36.00% | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The company reported a profit for the period of HK$121,314 thousand in the first half of 2025, with total comprehensive income reaching HK$132,063 thousand after revaluation of financial assets, representing a 35.10% increase year-on-year | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Profit for the Period | 121,314 | 87,480 | +38.68% | | Financial Assets at Fair Value Through Other Comprehensive Income – Net Change in Revaluation Reserve | 10,749 | 10,270 | +4.66% | | Total Comprehensive Income for the Period | 132,063 | 97,750 | +35.10% | | Total Comprehensive Income Attributable to Equity Holders of the Company | 132,609 | 99,866 | +32.79% | [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets less current liabilities were HK$7,242,162 thousand, with net assets of HK$7,131,905 thousand, a slight increase from December 31, 2024, primarily due to significant growth in investment properties | Indicator | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Investment Properties | 4,285,490 | 2,495,790 | +71.63% | | Other Property, Plant and Equipment | 77,958 | 60,015 | +29.90% | | Interests in Joint Ventures | 666,250 | 691,388 | -3.63% | | Current Assets | 2,332,202 | 3,866,733 | -39.67% | | Inventories | 75,381 | 1,803,089 | -95.81% | | Cash and Bank Balances | 2,077,414 | 1,876,592 | +10.70% | | Current Liabilities | (394,769) | (228,010) | +73.14% | | Net Current Assets | 1,937,433 | 3,638,723 | -46.75% | | Net Assets | 7,131,905 | 7,053,283 | +1.12% | | Total Equity Attributable to Equity Holders of the Company | 7,141,887 | 7,062,719 | +1.12% | [Notes to the Financial Statements](index=5&type=section&id=Notes%20to%20the%20Financial%20Statements) This section details the basis of preparation, changes in accounting policies, segment reporting, other net income, profit before tax components, taxation, dividends, earnings per share, and trade and other receivables/payables for the interim financial report [Basis of Preparation](index=5&type=section&id=Basis%20of%20Preparation) The interim results report is prepared in accordance with the HKEX Listing Rules and HKAS 34 Interim Financial Reporting, and is extracted from the interim financial report - The interim results report is prepared in accordance with the Hong Kong Listing Rules and Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants[10](index=10&type=chunk) - Comparative financial information for the fiscal year ended December 31, 2024, is extracted from the statutory annual consolidated financial statements and has been filed with the Registrar of Companies[10](index=10&type=chunk) - The company's auditor has issued an unqualified auditor's report on the 2024 financial statements[11](index=11&type=chunk) [Changes in Accounting Policies](index=5&type=section&id=Changes%20in%20Accounting%20Policies) The Group has applied HKAS 21 (Revised) The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability, which has no material impact on the Group's interim financial results or financial position - The Group has applied Hong Kong Accounting Standard 21 (Revised) "The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability"[12](index=12&type=chunk) - This revision has no material impact on the Group's results and financial position for the current or prior accounting periods[12](index=12&type=chunk) [Segment Reporting](index=6&type=section&id=Segment%20Reporting) The Group's business is divided into five reportable segments: property development, property investment, ferry, shipyard and related businesses, medical, health and beauty services, and securities investment, based on internal reports reviewed by the chief operating decision maker, primarily operating in Hong Kong - The Group has five reportable segments: **Property Development**, **Property Investment**, **Ferry, Shipyard and Related Businesses**, **Medical, Health and Beauty Services**, and **Securities Investment**[13](index=13&type=chunk)[16](index=16&type=chunk) - The vast majority of the Group's revenue and operating profit are derived from Hong Kong, thus no geographical segment information is provided[14](index=14&type=chunk) [Segment Revenue](index=7&type=section&id=Segment%20Revenue) In the first half of 2025, total revenue from external customers was HK$227,312 thousand, with property investment and ferry, shipyard and related businesses being major contributors, though ferry business revenue decreased | Segment | 2025 Revenue from External Customers (HK$ Thousand) | 2024 Revenue from External Customers (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Property Investment | 82,195 | 87,045 | -5.69% | | Ferry, Shipyard and Related Businesses | 73,871 | 88,923 | -16.82% | | Medical, Health and Beauty Services | 25,477 | 18,954 | +34.41% | | Securities Investment | 5,695 | 4,185 | +36.08% | | Others | 40,074 | 46,460 | -13.74% | | **Total** | **227,312** | **245,567** | **-7.44%** | [Segment Results](index=8&type=section&id=Segment%20Results) In the first half of 2025, the property investment segment's performance significantly improved, mainly due to investment property revaluation gains, while the ferry, shipyard and related businesses segment's loss widened | Segment | 2025 Reportable Segment (Loss) / Profit (HK$ Thousand) | 2024 Reportable Segment (Loss) / Profit (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Property Development | (6,039) | (2,966) | +103.61% | | Property Investment | 83,585 | 45,416 | +84.04% | | Ferry, Shipyard and Related Businesses | (12,510) | (2,975) | +320.00% | | Medical, Health and Beauty Services | (3,785) | (17,087) | -77.86% | | Securities Investment | 15,374 | 4,500 | +241.64% | | **Total** | **76,625** | **26,888** | **+185.72%** | - The **Property Investment** segment results include a fair value gain on investment properties of **HK$51,912,000** (2024: HK$2,020,000)[20](index=20&type=chunk) [Reconciliation of Reportable Segment Profit](index=8&type=section&id=Reconciliation%20of%20Reportable%20Segment%20Profit) Profit before tax of HK$121,846 thousand is derived by reconciling reportable segment profit, other profit, interest on lease liabilities, and share of profits from associates and joint ventures | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Profit from Reportable Segments from External Customers | 76,625 | 26,888 | | Other Profit from External Customers | 36,460 | 45,548 | | Interest on Lease Liabilities | (206) | (218) | | Share of Profits of Associates and Joint Ventures (Net) | 8,967 | 23,399 | | **Profit Before Tax in Consolidated Statement of Profit or Loss** | **121,846** | **95,617** | [Other Net Income](index=9&type=section&id=Other%20Net%20Income) In the first half of 2025, total other net income was HK$14,734 thousand, primarily from fair value changes of other financial assets designated at fair value through profit or loss, a substantial increase year-on-year | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Fair Value Change of Other Financial Assets Designated at Fair Value Through Profit or Loss | 11,269 | 3,394 | +232.05% | | Miscellaneous Income | 2,892 | 2,632 | +9.88% | | Income from Sale of Parts | 487 | 296 | +64.00% | | Net Exchange Gain / (Loss) | 15 | (4) | N/A | | **Total** | **14,734** | **6,318** | **+133.22%** | [Profit Before Tax](index=9&type=section&id=Profit%20Before%20Tax) Profit before tax is net of amortization of leasehold land, cost of inventories, depreciation, and includes dividend income from listed investments and interest income | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Amortisation of Leasehold Land | 685 | 685 | | Cost of Inventories | 7,471 | 10,287 | | Depreciation – Owned Property, Plant and Equipment | 5,165 | 5,463 | | Depreciation – Right-of-Use Assets | 3,722 | 3,474 | | Dividend Income from Listed Investments | (4,343) | (1,329) | | Interest Income | (39,957) | (48,418) | [Taxation](index=9&type=section&id=Taxation) In the first half of 2025, total taxation was HK$532 thousand, a significant decrease year-on-year, mainly due to the emergence and reversal of deferred tax | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Current Tax – Hong Kong Profits Tax Provision for the Period | 1,520 | 3,427 | -55.64% | | Deferred Tax – Emergence and Reversal of Temporary Differences | (988) | 4,710 | -120.98% | | **Total** | **532** | **8,137** | **-93.46%** | - Hong Kong profits tax provision is calculated at an estimated annual effective tax rate of **16.5%**, with a tax rate of **8.25%** for the first HK$2 million of assessable profits for qualifying subsidiaries under the two-tiered profits tax regime[24](index=24&type=chunk) [Dividends](index=10&type=section&id=Dividends) The Board declared an interim dividend of HK$0.10 per ordinary share, consistent with the prior year, and a final dividend of HK$0.15 per ordinary share for the previous financial year was approved and paid - An interim dividend of **HK$0.10** per ordinary share (2024: HK$0.10 per ordinary share) was declared, payable on September 26, 2025[26](index=26&type=chunk) - A final dividend of **HK$0.15** per ordinary share (2024: HK$0.15 per ordinary share) for the previous financial year was approved and paid[28](index=28&type=chunk) [Earnings Per Share](index=10&type=section&id=Earnings%20Per%20Share) In the first half of 2025, basic earnings per share increased to HK$0.34 from HK$0.25 in the prior year, with diluted earnings per share being the same as basic earnings per share due to the absence of dilutive potential ordinary shares | Indicator | 2025 (HK$) | 2024 (HK$) | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share | 0.34 | 0.25 | +36.00% | | Diluted Earnings Per Share | 0.34 | 0.25 | +36.00% | - Basic earnings per share are calculated based on profit attributable to equity holders of the company of **HK$121,860,000** and **356,273,883** ordinary shares in issue during the period[29](index=29&type=chunk) - There were no dilutive potential ordinary shares during the period, so diluted earnings per share are the same as basic earnings per share[29](index=29&type=chunk) [Trade and Other Receivables](index=11&type=section&id=Trade%20and%20Other%20Receivables) As of June 30, 2025, non-current installment receivables were HK$72,640 thousand and current trade and other receivables were HK$179,235 thousand, with most trade receivables being current or short-term overdue | Item | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current Installment Receivables | 69,771 | 83,304 | -16.25% | | Current Trade Receivables | 70,651 | 70,356 | +0.42% | | Current Other Receivables and Prepayments | 71,428 | 79,285 | -9.91% | | Current Amounts Due from Joint Ventures | 35,379 | 33,973 | +4.14% | | **Total Current Trade and Other Receivables** | **179,235** | **186,214** | **-3.75%** | | Ageing of Trade Receivables | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Current | 33,303 | 32,465 | | Overdue 1 to 3 Months | 33,001 | 30,805 | | Overdue More Than 3 Months but Less Than 12 Months | 5,740 | 9,503 | | Overdue More Than 12 Months | 384 | 183 | | **Total** | **72,428** | **72,956** | [Trade and Other Payables](index=12&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables were HK$368,852 thousand, with most expected to be settled within one year, and the majority of trade payables being current or due within one month | Item | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Trade and Other Payables | 368,852 | 206,577 | +78.56% | | Amounts Due to Related Companies | 21,874 | 29,110 | -24.86% | | **Total Trade Payables** | **100,862** | **120,170** | **-16.07%** | | Ageing of Trade Payables | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Current or Due Within 1 Month | 99,910 | 118,912 | | Due After 1 Month but Within 3 Months | 931 | 1,256 | | Due After 3 Months but Within 12 Months | 4 | – | | Due After 12 Months | 17 | 2 | | **Total** | **100,862** | **120,170** | [Management Discussion and Analysis](index=13&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the Group's operating results, segment performance, market outlook, and financial position for the first half of 2025, outlining future strategies and employee remuneration policies [Interim Results and Dividends](index=13&type=section&id=Interim%20Results%20and%20Dividends) The Group's underlying profit for the first half of 2025 was HK$69 million, a 19% decrease year-on-year, while profit attributable to shareholders, including fair value changes of investment properties, increased by 36% to HK$122 million, with an interim dividend of HK$0.10 per share declared | Indicator | H1 2025 (HK$ Million) | H1 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Underlying Profit | 69 | 85.2 | -19.01% | | Profit Attributable to Shareholders (including fair value changes of investment properties) | 122 | 89.7 | +36.01% | | Earnings Per Share (HK$) | 0.34 | 0.25 | +36.00% | - The Board declared an interim dividend of **HK$0.10** per ordinary share for the six months ended June 30, 2025, consistent with the prior year[36](index=36&type=chunk) [Business Review](index=13&type=section&id=Business%20Review) During the review period, the Group's operating profit primarily stemmed from shop and mall rental income, bank deposit interest, and revaluation gains on investment properties, with no borrowings, while actively adjusting leasing strategies, expanding medical services, and addressing ferry business challenges - The Group's operating profit primarily derived from **shop and mall rental income**, **bank deposit interest income**, and **revaluation gains on investment properties**[37](index=37&type=chunk) - The Group had **no borrowings** during the review period[37](index=37&type=chunk) [Property Development and Investment Business](index=13&type=section&id=Property%20Development%20and%20Investment%20Business) The Group's gross rental income from shops and malls decreased by 5% year-on-year, with occupancy rates declining, leading to adjustments in leasing strategies, successful conversion of 'The Horizon' residential units to youth hostels, and the acquisition of a shop in 'Grand Place (Tsuen Wan) Centre' for HK$260 million with an expected annual rental yield of 5.6% - Gross rental income from shops and malls was **HK$60 million**, a **5% decrease** compared to the prior year[38](index=38&type=chunk) - Occupancy rates for "The Apex Plaza" and "Grand Waterfront Plaza" were **87%** and **80%** respectively, showing a decrease[38](index=38&type=chunk) - The Group received approval from the Urban Renewal Authority to convert the residential portion of "The Horizon" into a youth hostel and has begun collecting market-rate rent[40](index=40&type=chunk) - Acquired a shop at the ground floor of "Grand Place (Tsuen Wan) Centre" for **HK$260 million**, with an expected annualized gross rental yield of approximately **5.6%**[41](index=41&type=chunk) [Ferry, Shipyard and Related Businesses](index=14&type=section&id=Ferry%2C%20Shipyard%20and%20Related%20Businesses) The ferry, shipyard, and related businesses recorded a loss of HK$12.5 million, an increase of HK$9.5 million year-on-year, mainly due to reduced revenue from the 'Bauhinia Victoria Harbour Cruise' business caused by a ferry engine replacement, though a successful fare increase for dangerous goods vehicle ferry services is expected to reduce losses in the second half - The ferry, shipyard, and related businesses recorded a **loss of HK$12.5 million**, an increase of **HK$9.5 million** compared to the prior year[42](index=42&type=chunk) - The increased loss was primarily due to reduced revenue from the "Bauhinia Victoria Harbour Cruise" business as one ferry underwent engine replacement in the first half[42](index=42&type=chunk) - The Group successfully applied to the Transport Department for a fare increase for dangerous goods vehicle ferry services between North Point and Kwun Tong, with new fares effective April 12, 2025[42](index=42&type=chunk) [Medical, Health and Beauty Services](index=14&type=section&id=Medical%20Health%20and%20Beauty%20Services) The Group's specialist services at H Zentre in Tsim Sha Tsui are profitable, the Spine and Pain Centre is gaining traction, and AMOUR Medical Beauty Centre's turnover increased by 26% year-on-year, expanding its leased area to accommodate client growth - The Group provides specialist services in cardiology, surgery, orthopaedics, plastic surgery, and urology at H Zentre in Tsim Sha Tsui, with steadily improving performance and continued profitability[43](index=43&type=chunk) - The Spine and Pain Centre, established under the "Total Healthcare" brand, is gaining traction, with plans to establish a physiotherapy center at H Zentre[43](index=43&type=chunk) - AMOUR Medical Beauty Centre's turnover was **HK$22 million**, a **26% increase** compared to the prior year, and its leased area has been expanded[44](index=44&type=chunk) - Although the health and beauty business did not record a net profit, its profit before interest, tax, depreciation, and amortization (EBITDA) was positive overall[44](index=44&type=chunk) [Outlook](index=15&type=section&id=Outlook) Facing global tariff impacts and financial market volatility, Hong Kong's property price index slightly corrected, but the private residential rental market maintains an upward trend driven by talent policies; the Group anticipates second-half revenue primarily from property rentals and bank deposit interest, while adjusting leasing strategies and seeking investment opportunities - Frequent tariff policies by the US government pose a significant impact on global supply chains, with Hong Kong experiencing relatively minor effects so far[45](index=45&type=chunk) - In the first half of 2025, Hong Kong's private residential property price index slightly corrected by approximately **0.9%**, while the private residential rental index increased by approximately **1.6%**[45](index=45&type=chunk) - The Hong Kong government continues to implement policies such as the Northern Metropolis development plan, expansion of the talent list, and "mega event economy" strategy to address global uncertainties and promote economic growth[46](index=46&type=chunk) - The Group expects second-half revenue primarily from **property rentals** and **bank deposit interest income**, and will adjust leasing strategies, optimize tenant mix, and seek suitable investment opportunities[47](index=47&type=chunk) [Financial Review](index=16&type=section&id=Financial%20Review) The Group's revenue for the first half of 2025 decreased by approximately 5% year-on-year, but consolidated net profit after tax increased by approximately 39%, with shareholders' equity rising by about 1% to HK$7.1 billion, and the current ratio decreasing to 5.9 times mainly due to reduced inventories, while maintaining no bank borrowings and centralized financial management [Results Review](index=16&type=section&id=Results%20Review) For the six months ended June 30, 2025, the Group's revenue was HK$199 million, a decrease of approximately 5% year-on-year, primarily due to reduced income from ferry, shipyard, and related businesses, while consolidated net profit after tax increased by approximately 39% to HK$121 million | Indicator | H1 2025 (HK$ Million) | H1 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 199 | 210 | -5.24% | | Consolidated Net Profit After Tax | 121 | 87 | +39.08% | - The decrease in revenue was primarily due to reduced income from the **ferry, shipyard and related businesses**[48](index=48&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=16&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) As of June 30, 2025, the Group's shareholders' equity increased by approximately 1% to HK$7.1 billion from December 31, 2024, mainly due to property leasing and investment property revaluation gains, with the current ratio decreasing to 5.9 times primarily due to reduced inventories - The Group's shareholders' equity increased by approximately **1%** to **HK$7.1 billion**, mainly due to profits from property leasing and investment property revaluation gains, net of dividends paid[49](index=49&type=chunk) - The Group's capital structure remained unchanged[50](index=50&type=chunk) - Current assets were **HK$2.332 billion**, current liabilities were **HK$395 million**, and the current ratio decreased to **5.9 times**, primarily due to a reduction in inventories[50](index=50&type=chunk) [Capital and Gearing Ratios and Financial Management](index=17&type=section&id=Capital%20and%20Gearing%20Ratios%20and%20Financial%20Management) The Group has no bank borrowings, thus no capital and gearing ratios are presented, and its financing and treasury matters are centrally managed at the Group level with financing arrangements primarily denominated in HKD - The Group has **no bank borrowings**, therefore no capital and gearing ratios are presented[51](index=51&type=chunk) - The Group's financing and treasury matters are centrally managed at the Group level, with financing arrangements primarily denominated in **HKD**[51](index=51&type=chunk) [Employees and Remuneration Policy](index=17&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had approximately 318 employees, with remuneration determined by market trends and industry salary levels, supplemented by year-end bonuses, medical insurance, retirement schemes, and training allowances - As of June 30, 2025, the Group had approximately **318 employees**[52](index=52&type=chunk) - Employee remuneration is determined by **market trends** and **industry salary levels**, with discretionary year-end bonuses[52](index=52&type=chunk) - Other employee benefits include **medical insurance**, **retirement protection schemes**, **employee training**, and **education allowances**[52](index=52&type=chunk) [Other Information](index=17&type=section&id=Other%20Information) This section provides additional important information regarding share registration, trading of listed securities, corporate governance, directors' securities transactions, audit and remuneration committee operations, forward-looking statements, and the publication of the interim results report [Closure of Register of Members](index=17&type=section&id=Closure%20of%20Register%20of%20Members) To determine eligibility for the interim dividend, the company will suspend share transfer registration on September 11 and 12, 2025, requiring shareholders to complete share transfers by 4:30 p.m. on September 10, 2025 - To determine eligibility for the interim dividend, the company will suspend share transfer registration on **Thursday, September 11, 2025**, and **Friday, September 12, 2025**[53](index=53&type=chunk) - All share transfer documents, along with the relevant share certificates, must be submitted to the share registrar by **4:30 p.m. on Wednesday, September 10, 2025**[53](index=53&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=17&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the review period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - During the review period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[54](index=54&type=chunk) [Arrangements for Purchase of Shares, Warrants, Options or Debentures](index=17&type=section&id=Arrangements%20for%20Purchase%20of%20Shares%2C%20Warrants%2C%20Options%20or%20Debentures) At no time during the period did the company or its subsidiaries engage in any arrangements enabling directors, chief executives, or their associates to benefit from purchasing shares, options, debentures, or warrants of the company or any other body corporate - At no time during the period did the company or its subsidiaries engage in any arrangements enabling the company's directors, chief executives, or their spouses or children under 18 to benefit from purchasing shares, options, debentures, or warrants of the company or any other body corporate[55](index=55&type=chunk) [Corporate Governance](index=18&type=section&id=Corporate%20Governance) The company is committed to maintaining high standards of corporate governance and confirms compliance with the Corporate Governance Code in Appendix C1 of the Listing Rules for the six months ended June 30, 2025 - The company is committed to maintaining a **high level of corporate governance** and has complied with the code provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules[56](index=56&type=chunk) [Directors' Securities Transactions](index=18&type=section&id=Directors%27%20Securities%20Transactions) The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers and confirms all directors complied with the required standards during the review period, also providing written guidelines for relevant employees - The company has adopted the **Model Code for Securities Transactions by Directors of Listed Issuers** as set out in Appendix C3 of the Listing Rules[57](index=57&type=chunk) - The company confirms that all directors complied with the required standards set out in the Model Code for the six months ended June 30, 2025[57](index=57&type=chunk) - The company has also adopted written guidelines for employees who may possess inside information, with standards no less exacting than those set out in the Model Code[57](index=57&type=chunk) [Audit Committee](index=18&type=section&id=Audit%20Committee) The Audit Committee met in August 2025 to review the Group's accounting principles, internal controls, and financial reporting matters without disagreement, and the interim financial report, though unaudited, was reviewed by KPMG - The Audit Committee held a meeting in **August 2025** to review the Group's adopted accounting principles and practices, and discussed the interim review, internal controls, and financial reporting matters with management[58](index=58&type=chunk) - The unaudited interim financial report for the six months ended June 30, 2025, was reviewed by the company's Audit Committee, with no disagreements[58](index=58&type=chunk) - The interim financial report, though unaudited, was reviewed by **KPMG** in accordance with Hong Kong Standard on Review Engagements 2410[58](index=58&type=chunk) [Remuneration Committee](index=18&type=section&id=Remuneration%20Committee) The Remuneration Committee met in May 2025 and currently comprises three independent non-executive directors and two executive directors - The Remuneration Committee held a meeting in **May 2025**[59](index=59&type=chunk) - The Remuneration Committee currently comprises **three independent non-executive directors** and **two executive directors**[59](index=59&type=chunk) [Forward-Looking Statements](index=19&type=section&id=Forward-Looking%20Statements) This announcement's forward-looking statements are based on the Board's current beliefs, assumptions, and expectations, and actual results may differ materially due to risks, uncertainties, and other factors beyond the company's control - Forward-looking statements are based on the Board's current beliefs, assumptions, and expectations[60](index=60&type=chunk) - Actual results or performance may differ materially from forward-looking statements due to risks, uncertainties, and other factors beyond the company's control[60](index=60&type=chunk) [Publication of Interim Results and Interim Financial Report](index=19&type=section&id=Publication%20of%20Interim%20Results%20and%20Interim%20Financial%20Report) This interim results announcement is published on the company's website and HKEXnews website, and the 2025 interim financial report will be dispatched to shareholders and uploaded to these websites in due course - This interim results announcement is published on the company's website (www.hkf.com) and the HKEXnews website (www.hkexnews.hk)[61](index=61&type=chunk) - The company's 2025 interim financial report will be dispatched to shareholders and uploaded to the aforementioned websites in due course[61](index=61&type=chunk) [Board of Directors](index=19&type=section&id=Board%20of%20Directors) As of the announcement date, the Board of Directors includes executive directors Dr. Lam Ko Yin, NING Li, and Ka Ho LI (Group General Manager), non-executive director Mr. Au Siu Kee, and independent non-executive directors Mr. Ho Hau Cheong, Ms. Wong Yu Pok, Mr. Woo King Cheong, and Mr. Chan Wai Yan - Executive Directors: **Dr. Lam Ko Yin** (Chairman), **Mr. NING Li**, and **Mr. Ka Ho LI** (Group General Manager)[63](index=63&type=chunk) - Non-executive Director: **Mr. Au Siu Kee**[63](index=63&type=chunk) - Independent Non-executive Directors: **Mr. Ho Hau Cheong**, **Ms. Wong Yu Pok**, **Mr. Woo King Cheong**, and **Mr. Chan Wai Yan**[63](index=63&type=chunk)