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)

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。 HONG KONG FERRY (HOLDINGS) COMPANY LIMITED 香港小輪（集團）有限公司 ( 於香港註冊成立之有限公司 ) (股份代號: 50) 《上市規則》之涵義 由於有關收購事項的其中一項或多項適用百分比率（定義見《上市規則》）超過 5%但全部均 低於 25%，收購事項構成本公司一項須予披露交易，並須遵守《上市規則》第 14 章項下的申 報及公告規定。 收購事項 董事會欣然宣佈，於二零二五年八月十九日，買方（本公司之全資附屬公司）與賣方及代理人 訂立臨時協議，據此，受限於及按照臨時協議的條款，買方同意收購及賣方同意出售該物業， 代價為港幣 260,000,000 元。臨時協議的主要條款載列如下： 臨時協議 1. 日期 二零二五年八月十九日 須予披露交易 收購物業 收購事項 董事會欣然宣佈，於二零二五年八月十九日，買方（本公司之全資附屬公司）與賣方及代理 人訂立臨時協議，據此，受 ...

Group 1: Policy Announcements - The Ministry of Finance, People's Bank of China, and Financial Regulatory Bureau released the "Implementation Plan for Personal Consumption Loan Interest Subsidy Policy," effective from September 1, 2025, to August 31, 2026, aimed at supporting personal consumption loans used for actual consumption [1] - The Ministry of Finance announced the "Loan Interest Subsidy Policy for Service Industry Operating Entities," which provides a 1% annual interest subsidy for loans to service industry entities, with a maximum loan amount of 1 million yuan per entity [1] Group 2: Company Financial Performance - Guizhou Moutai reported a revenue of 89.389 billion yuan for the first half of the year, a year-on-year increase of 9.1%, with a net profit of 45.403 billion yuan, up 8.89% [2] - Golden Dragon Fish achieved a revenue of 115.682 billion yuan in the first half, a 5.67% increase year-on-year, with a net profit of 1.756 billion yuan, marking a 60.07% growth [3] - China Unicom reported a revenue exceeding 200 billion yuan in the first half, a 1.5% year-on-year increase, with a total profit of 17.7 billion yuan, up 5.2% [3] - Pengding Holdings recorded a revenue of 16.375 billion yuan, a 24.75% increase year-on-year, with a net profit of 1.233 billion yuan, up 57.22% [3] - Zhenray Technology reported a revenue of 205 million yuan, a 73.64% increase year-on-year, with a net profit of 62.32 million yuan, up 1006.99% [3] Group 3: Corporate Actions - China Evergrande announced it will be delisted due to failure to meet the exchange's resumption requirements, with the last trading day set for August 22 [4] - China Shipbuilding announced the dissenting shareholders' buyout price at 30.02 yuan per share, with the closing price on August 12 at 38.50 yuan, indicating a premium of 28.25% [5] - China Heavy Industry announced a cash option for dissenting shareholders at 4.03 yuan per share, with the closing price on August 12 at 5.10 yuan, indicating a premium of 26.55% [5] - Quzhou Development disclosed a restructuring plan to acquire 95.46% of Xian Dao Electric Science and Technology through share issuance [5] - Golden Orange announced a restructuring plan to acquire 55% of Changchun Samit Optoelectronics through share issuance and cash payment [6] Group 4: Market Developments - The Shenzhen Stock Exchange will launch the Shenzhen AAA State-Owned Enterprise Credit Bond Index and the Shenzhen AAA Private Enterprise Credit Bond Index on August 15, focusing on high-grade credit bonds [2] - The National Medical Insurance Administration announced the preliminary review of the 2025 National Basic Medical Insurance Drug List, with 121 out of 141 drug names passing the initial review [1]

Group 1 - The stock price of *ST Bio (000504) closed at 11.91 yuan, down 5.02%, with a turnover rate of 1.1% and a trading volume of 36,100 shares, amounting to 43.0165 million yuan [1] - The net outflow of main funds was 12.0255 million yuan, accounting for 27.96% of the transaction amount, with large orders showing a net outflow of 12.9843 million yuan, which is 30.18% of the transaction amount [1] - The latest financial report for *ST Bio shows total operating revenue of 22.4536 million yuan, a year-on-year decrease of 13.55%, while net profit attributable to shareholders was 2.2186 million yuan, an increase of 19.92% [1] Group 2 - Nanhua Biological Pharmaceutical Co., Ltd. was established in 1991 and is primarily engaged in the pharmaceutical manufacturing industry, with a registered capital of 3,300.23098 million yuan and paid-in capital of 3,115.73901 million yuan [2] - The company has made investments in 11 enterprises and participated in 7 bidding projects, holding 46 trademark registrations and 4 patents [2]

Group 1: Regulatory and Policy Developments - Hangzhou Municipal Government has drafted the "Regulations on Promoting the Development of Embodied Intelligent Robot Industry" and is seeking public opinions, focusing on core technology areas such as intelligent models and core components [2] - The Ministry of Finance has released a draft for the implementation regulations of the "Value-Added Tax Law" to ensure its smooth implementation [2] Group 2: Company News and Financial Performance - Wanhu Chemical reported a revenue of 90.901 billion yuan for the first half of the year, a decrease of 6.35% year-on-year, with a net profit of 6.123 billion yuan, down 25.1% [3] - Satellite Chemical announced a revenue of 23.46 billion yuan for the first half of 2025, an increase of 20.93% year-on-year, with a net profit of 2.744 billion yuan, up 33.44% [3] - Aobi Zhongguang achieved a revenue of 435 million yuan in the first half of the year, a growth of 104.14%, and turned a profit with a net profit of 60.19 million yuan [3] - Fuda Co. reported a revenue of 937 million yuan for the first half of the year, a year-on-year increase of 30.26%, with a net profit of 146 million yuan, up 98.77% [4] - Nine Ding Investment plans to acquire a 53.29% stake in Nanjing Shenyuan Intelligent Technology for 213 million yuan, aiming to enhance its competitiveness in the humanoid robot sector [5] - Hikvision announced a cash dividend of 4 yuan per 10 shares to all shareholders [6] - *ST Bio is planning to acquire a 51% stake in Hunan Huize Biomedical Technology for cash, which will constitute a major asset restructuring [6] - Guangku Technology intends to acquire 100% of Suzhou Anjie Optical Technology, which is expected to constitute a major asset restructuring [6] - Fosun Pharma signed a licensing agreement with Expedition for the development and commercialization of a product outside of China, with potential payments totaling up to 6.45 billion yuan [7] Group 3: Market Insights and Trends - According to Everbright Securities, the market is expected to enter a new phase of upward momentum in the second half of the year, with a focus on consumption, technology, and dividend stocks [8] - Galaxy Securities noted that the steel industry is seeing a recovery in profitability, with leading companies reporting high profit growth and a focus on quality leaders in the sector [9]

Group 1 - The core point of the article is that *ST Bio (000504) is planning to acquire a 51% stake in Hunan Huize Biomedical Technology Co., Ltd. for cash, which will result in Huize becoming a subsidiary of the company, indicating a significant asset restructuring [2] - Huize is a professional CRO company focused on drug research and clinical evaluation, with over 85% of its revenue coming from clinical evaluation services, and has established long-term partnerships with over 300 pharmaceutical companies and research institutions [5] - The acquisition is expected to enhance *ST Bio's biopharmaceutical business, improve profitability, and increase the company's risk resistance, while also creating synergies through asset integration in clinical research and drug development [5][6] Group 2 - The transaction is anticipated to strengthen the overall growth and profitability of *ST Bio, aligning with the company's strategic development needs and fostering long-term sustainable growth [6] - Following the acquisition, *ST Bio's biopharmaceutical segment will include drug research and clinical evaluation services, enhancing its competitive edge [6] - *ST Bio has previously disclosed a performance forecast, expecting revenue between 49 million to 52 million yuan for the first half of 2025, representing a year-on-year decline of 7.68% to 13% [6]

Core Viewpoint - *ST生物 is planning to acquire a 51% stake in Hunan Huize Biomedical Technology Co., Ltd. for cash, which will make Huize a subsidiary and included in the consolidated financial statements. This transaction is expected to constitute a significant asset restructuring as per the regulations [1] Group 1: Company Overview - Huize Biomedical is a professional CRO company focused on drug research and clinical evaluation, providing services such as pharmaceutical research, clinical trials, and data management statistical analysis [1] - Prior to the acquisition, *ST生物 primarily engaged in two business segments: "biomedical" and "energy conservation and environmental protection," along with the production and sales of other biomedical-related products [1] Group 2: Strategic Intent - The acquisition aims to extend the biomedical segment of *ST生物, enhancing the profitability of its main business and improving its risk resistance capabilities [1] - There is a strong correlation between cell clinical transformation research and drug development, and the asset integration is expected to improve operational efficiency and create significant synergies [1]

格隆汇8月11日丨*ST生物（维权）(000504.SZ)公布，公司正在筹划以现金方式收购湖南慧泽生物医药 科技有限公司(简称"慧泽医药"或"标的公司")51%股权，本次交易完成后，慧泽医药将成为公司控股子 公司并纳入合并报表范围。 ...