Core Viewpoint - *ST SiHuan reported a significant increase in revenue and a narrowing of losses in its 2025 mid-year report, indicating improved operational performance despite ongoing challenges [1][3]. Financial Performance - The total operating revenue reached 182 million yuan, a year-on-year increase of 71.91% [1] - The net profit attributable to shareholders was -10.1 million yuan, showing an 8.67% improvement compared to the previous year [1] - In Q2, the operating revenue was 138 million yuan, up 179.41% year-on-year, with a net profit of 5.82 million yuan, an increase of 171.88% [1] Key Financial Metrics - Gross margin was 34.69%, down 48.08% year-on-year [1] - Net margin improved to -5.71%, an increase of 48.08% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 65.34 million yuan, accounting for 35.92% of revenue, a decrease of 41.98% year-on-year [1] - Earnings per share remained at -0.01 yuan, with a year-on-year increase of 8.41% [1] Cash Flow and Assets - Cash and cash equivalents increased by 340.20% to 48.59 million yuan due to increased sales from strategic partnerships [3] - Operating cash flow per share improved significantly to 0.05 yuan, a year-on-year increase of 60666.79% [1][3] - The company’s receivables decreased slightly by 1.36% to 67.31 million yuan [1] Strategic Developments - The increase in revenue and cash flow is attributed to a strategic partnership with Jiangyin Xinganfa Trading Co., leading to higher sales of seedlings [3] - The company reduced its inventory by 22.97% as a result of increased sales [3] Financial Health Indicators - The company’s financial leverage improved, with interest-bearing debt decreasing by 70.88% to 6.13 million yuan [1] - The ratio of financial expenses to average operating cash flow over the past three years reached 77.86%, indicating a high burden of financial costs [5] - Inventory levels are concerning, with inventory to revenue ratio at 136.22% [5]

Core Insights - *ST SiHuan reported a total revenue of 182 million yuan as of June 30, 2025, ranking 27th among disclosed peers [1] - The company recorded a net profit attributable to shareholders of -10.1 million yuan, ranking 23rd among disclosed peers [1] - Operating cash flow was positive at 50.2 million yuan as of June 30, 2025 [1] Financial Performance - The asset-liability ratio stood at 25.80%, ranking 21st among disclosed peers, an increase of 3.08 percentage points compared to the same period last year [3] - Gross margin was reported at 34.69%, ranking 30th among disclosed peers, a decrease of 29.70 percentage points from the previous quarter and 32.13 percentage points year-on-year [3] - Return on equity (ROE) was -2.79%, ranking 27th among disclosed peers, a decline of 0.44 percentage points from the previous year [3] Earnings and Ratios - The diluted earnings per share were -0.01 yuan, ranking 22nd among disclosed peers [4] - Total asset turnover was 0.33 times as of June 30, 2025 [4] - Inventory turnover ratio was 0.37 times, ranking 22nd among disclosed peers [4] Shareholder Structure - The number of shareholders was 73,300, with the top ten shareholders holding 458 million shares, accounting for 44.44% of total equity [4] - The largest shareholder, Fujian Bihui Agricultural Investment Co., Ltd., holds 27.78% of the shares [4]

（於香港註冊成立的有限公司） 股份代號：51 各位非登記股東1 ： 致非登記股東之信函— 發布公司通訊之新安排 Ref. 00051-3 附註： 1 「非登記股東」指其股份存放於中央結算及交收系統的人士或公司，而其已透過香港中央結算有限公司不時向本公司發 出通知，表示欲收到本公司的公司通訊（按《上市規則》所界定）。 2 「公司通訊」指本公司的年報╱中期報告書、通告、通函、代表委任表格（包括《上市規則》所界定的任何「公司通訊」）。 本公司網站 www.harbourcentre.com.hk 和香港交易及結算所有限公司網站 www.hkexnews.hk（「披露易網 站」）（統稱「該等網站」）將登載日後所有公司通訊的中英文電子版，以取代印刷本。 閣下如欲閱覽公司通訊， 可在本公司網站主頁點擊「投資者關係」欄，然後選擇「年報」或「中期報告」以閱覽財務報告及選擇「公告」以閱 覽其它公司通訊，或亦可瀏覽披露易網站。 閣下作為非登記股東，不會直接從本公司收到任何可供採取行動的公司通訊3 。 閣下應聯絡代 閣下持有 股份的銀行、經紀、託管商、代理人或香港中央結算（代理人）有限公司（統稱「中介公司」），以了解透過 閣下 的 ...

（於香港註冊成立的有限公司） 股份代號：51 各位登記股東： 致登記股東之信函— 發布公司通訊之新安排 根據《香港聯合交易所有限公司證券上市規則》（「《上市規則》」）第2.07A條、香港法例第622章《公司條例》 及海港企業有限公司（「本公司」）之組織章程細則，本公司謹通知 閣下，本公司將以電子形式取代印刷本發布 日後所有本公司的公司通訊（「公司通訊」1 ）。 1. 在網站刊發公司通訊 本公司網站 www.harbourcentre.com.hk 和香港交易及結算所有限公司網站 www.hkexnews.hk（「披露易網 站」）（統稱「該等網站」）將登載日後所有公司通訊的中英文電子版，以取代印刷本。 閣下如欲閱覽公司 通訊，可在本公司網站主頁點擊「投資者關係」欄，然後選擇「年報」或「中期報告」以閱覽財務報告及選擇 「公告」以閱覽其它公司通訊，或亦可瀏覽披露易網站。 2. 可供採取行動的公司通訊2 根據《上市規則》，本公司須向每名本公司股東（「股東」）個別發送可供採取行動的公司通訊。為方便以電 子形式發布可供採取行動的公司通訊，本公司建議 閣下向本公司提供有效的電郵地址。 閣下提供電郵 地址即表示同意以電子形式 ...

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7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: | 海港企業有限公司 | | | 呈交日期: | 2025年8月6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 III.已發行股份及/或庫存股份變動詳情 (A). 股份期權（根據發行人的股份期權計劃） 不適用 第 3 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) | 00051 | 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 ...

Group 1: Company Performance - The company reported a basic net loss of HKD 86 million for the first half of 2025, compared to a profit of HKD 74 million in the same period last year, primarily due to an increase in impairment provisions for development properties to HKD 211 million [1] - The group's revenue increased by 5% to HKD 654 million, while operating profit decreased by 40% to HKD 125 million, mainly attributed to development properties [1] - The basic loss per share was HKD 0.28 [1] Group 2: Revenue Breakdown - Hotel revenue rose by 1% to HKD 426 million, with operating losses reduced by 33% to HKD 29 million [1] - Revenue from Hong Kong increased by 4% to HKD 383 million, with operating losses narrowing by 69% to HKD 11 million, mainly due to an increase in occupancy rates [1] - Mainland revenue fell by 17% to HKD 43 million, with operating losses widening to HKD 18 million [1] Group 3: Investment Property and Development - Investment property revenue decreased by 22% to HKD 96 million, with operating profit down 23% to HKD 85 million, primarily affected by a decline in retail rental income [1] - Development property revenue increased to HKD 58 million, but the profit was minimal, resulting in an operating loss of HKD 1 million [1] Group 4: Market Conditions - The local consumption in Hong Kong remains weak, reflecting ongoing economic uncertainties, with residents favoring nearby regions with competitive prices for travel [2] - Encouraging signs of recovery are emerging, with inbound tourist arrivals to Hong Kong increasing by 12% year-on-year [2] - Retail sales in Hong Kong ended a long-term decline in May, growing by 2.4% compared to last year, which could further boost local consumption if the trend continues [2]

Core Viewpoint - The company reported a significant increase in revenue but also faced substantial losses, primarily due to property impairment provisions and a decline in investment property profits [1] Financial Performance - Revenue for the six months ending June 30, 2025, was approximately HKD 654 million, representing a year-on-year growth of 4.98% [1] - The company recorded a loss attributable to shareholders of HKD 199 million, compared to a loss of HKD 8 million in the same period last year [1] - Loss per share was HKD 0.28, and no interim dividend was declared [1] Key Factors Affecting Performance - The group reported a core net loss of HKD 86 million, contrasting with a profit of HKD 74 million in the same period of 2024 [1] - The increase in property impairment provisions reached HKD 211 million [1] - Losses from development properties expanded to HKD 196 million, while profits from investment properties decreased by 21% to HKD 71 million [1] - Hotel losses narrowed by 35% to HKD 31 million [1]

Core Viewpoint - The company reported a revenue of HKD 654 million for the half-year period ending June 30, 2025, representing a year-on-year increase of 4.98%, but also recorded a significant loss attributable to shareholders of HKD 199 million, which is an increase of 2387.5% compared to the previous year [1] Financial Performance - Revenue for the period was HKD 654 million, showing a growth of 4.98% year-on-year [1] - The loss attributable to shareholders was HKD 199 million, which is a substantial increase of 2387.5% year-on-year [1] - Earnings per share were reported at a loss of HKD 0.28 [1] Strategic Focus - The company's strategic priorities include enhancing operational efficiency, improving service quality, and optimizing the asset portfolio [1] - The company aims to continuously strengthen its competitive advantages while exploring strategic growth opportunities that align with long-term goals [1] - Despite facing various adverse factors in the short term, the company maintains a robust balance sheet, providing a solid foundation to navigate the changing market environment [1]

Core Viewpoint - The company reported a revenue of HKD 654 million for the half-year period ending June 30, 2025, representing a year-on-year growth of 4.98%. However, it also recorded a significant loss attributable to shareholders of HKD 199 million, which is an increase of 2387.5% compared to the previous year, resulting in a loss per share of HKD 0.28 [1] Group 1 - The company's strategic focus remains on enhancing operational efficiency, improving service quality, and optimizing its asset portfolio [1] - The company aims to continuously strengthen its competitive advantages while exploring strategic growth opportunities that align with its long-term goals [1] - Despite facing numerous adverse factors in the short term, the company maintains a robust balance sheet, which provides a solid foundation for navigating the changing market environment [1]

Group 1: Company Performance - The company reported a basic net loss of HKD 86 million for the first half of 2025, compared to a profit of HKD 74 million in the same period last year, primarily due to an increase in impairment provisions for development properties to HKD 211 million [1] - The group's revenue increased by 5% to HKD 654 million, while operating profit decreased by 40% to HKD 125 million, mainly attributed to development properties [1] - The basic loss per share was HKD 0.28 [1] Group 2: Revenue Breakdown - Hotel revenue rose by 1% to HKD 426 million, with operating losses reduced by 33% to HKD 29 million [1] - Revenue from Hong Kong increased by 4% to HKD 383 million, with operating losses narrowing by 69% to HKD 11 million, mainly due to an increase in occupancy rates [1] - Mainland revenue fell by 17% to HKD 43 million, with operating losses widening to HKD 18 million [1] Group 3: Investment Property and Development - Investment property revenue decreased by 22% to HKD 96 million, with operating profit down by 23% to HKD 85 million, primarily affected by a decline in retail rental income [1] - Development property revenue increased to HKD 58 million, but the profit was minimal, resulting in an operating loss of HKD 1 million [1] Group 4: Market Conditions - The local consumption in Hong Kong remains weak, reflecting ongoing economic uncertainties, with residents favoring nearby regions with competitive prices for travel [2] - Encouraging signs of recovery are emerging, with inbound tourist arrivals to Hong Kong increasing by 12% year-on-year [2] - Retail sales in Hong Kong ended a long-term decline in May, growing by 2.4% compared to last year, which could further boost local consumption if the trend continues [2] Group 5: Challenges in Mainland China - The hotel industry in mainland China continues to face challenges due to weak economic growth and low consumer spending [2] - Intense competition among regional attractions is further exacerbating operational pressures on domestic hotel enterprises [2]