Interim Results Announcement [Condensed Consolidated Statement of Profit or Loss](index=1&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8) The Group's revenue grew significantly, but a sharp decline in gross profit and a surge in operating loss widened the loss for the period Key Data from the Condensed Consolidated Statement of Profit or Loss | Metric | 2025 (HK$ thousands) | 2024 (HK$ thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 148,849 | 93,698 | 58.9% | | Cost of revenue | (137,013) | (61,993) | 121.0% | | Gross profit | 11,836 | 31,705 | (62.7%) | | Operating loss | (68,914) | (7,305) | 846.1% | | Loss for the period | (61,983) | (36,813) | 68.4% | | Loss attributable to owners of the Company | (6,099) | (25,808) | (76.4%) | | Basic loss per share (HK$) | (0.5) | (2.11) | (76.3%) | [Condensed Consolidated Statement of Other Comprehensive Income](index=3&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) The Group's total comprehensive loss for the period narrowed, influenced by exchange differences on translation of foreign operations Key Data from the Condensed Consolidated Statement of Other Comprehensive Income | Metric | 2025 (HK$ thousands) | 2024 (HK$ thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Loss for the period | (61,983) | (36,813) | 68.4% | | Release of exchange reserve upon disposal of a subsidiary | (25,957) | – | N/A | | Exchange differences on translation of foreign operations | 27,123 | (27,914) | N/A | | Total comprehensive loss for the period | (60,896) | (64,575) | (5.7%) | | Total comprehensive loss attributable to owners of the Company | (21,147) | (39,127) | (46.0%) | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) The Group's total assets and net assets decreased, while net current liabilities widened despite a significant increase in cash reserves Key Data from the Condensed Consolidated Statement of Financial Position | Metric | 30 June 2025 (HK$ thousands) | 31 December 2024 (HK$ thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current assets | 1,553,850 | 1,612,055 | (3.6%) | | Current assets | 385,801 | 529,482 | (27.2%) | | Total assets | 1,939,651 | 2,141,537 | (9.4%) | | Current liabilities | 794,834 | 884,723 | (10.2%) | | Non-current liabilities | 476,038 | 527,139 | (9.7%) | | Total liabilities | 1,270,872 | 1,411,862 | (10.0%) | | Net current liabilities | (409,033) | (355,241) | 15.1% | | Net assets | 668,779 | 729,675 | (8.3%) | | Total equity | 668,779 | 729,675 | (8.3%) | - Cash and cash equivalents stood at **HK$67,928 thousand** as of 30 June 2025, a **54.5% increase** from HK$43,969 thousand as of 31 December 2024[6](index=6&type=chunk) Notes to the Condensed Consolidated Financial Statements [1. General Information](index=6&type=section&id=1.%20%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) G-Vision International (Holdings) Limited is a Bermuda-incorporated public company engaged in investment holding and property-related businesses - The principal activities include **investment holding, property development, property investment, and general trading**[8](index=8&type=chunk) [2. Basis of Preparation](index=6&type=section&id=2.%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The financial statements are prepared in accordance with HKAS 34 and the Listing Rules, using consistent accounting policies - The statements are prepared in accordance with **Hong Kong Accounting Standard 34 "Interim Financial Reporting"** and the Listing Rules of the Stock Exchange[9](index=9&type=chunk) - The accounting policies used are **consistent with those of the annual financial statements** for the year ended 31 December 2024[9](index=9&type=chunk) [3. Application of New and Amendments to Hong Kong Financial Reporting Standards (HKFRSs)](index=6&type=section&id=3.%20%E6%87%89%E7%94%A8%E6%96%B0%E8%A8%82%E5%8F%8A%E7%B6%93%E4%BF%AE%E8%A8%82%E9%A6%99%E6%B8%AF%E8%B2%A1%E5%8B%99%E5%A0%B1%E5%91%8A%E6%BA%96%E5%89%87%E6%9C%83%E8%A8%88%E6%BA%96%E5%89%87) The Group adopted all new and amended HKFRSs effective from 1 January 2025 without material impact on its financial statements - The application of new and amended HKFRSs **did not result in substantial changes**[10](index=10&type=chunk) - The Group is assessing the impact of standards not yet effective and cannot currently state whether they would have a significant impact[11](index=11&type=chunk) [4. Segment Reporting](index=7&type=section&id=4.%20%E5%88%86%E9%83%A8%E5%A0%B1%E5%91%8A) The Group's operations are organized into four reportable segments: property development, property investment, hotel operation, and general trading - The reportable operating segments are **property development, property investment, hotel operation, and general trading**[12](index=12&type=chunk) [4.a Segment revenue and results](index=7&type=section&id=4.a%20%E5%88%86%E9%83%A8%E6%94%B6%E7%9B%8A%E5%8F%8A%E6%A5%AD%E7%B8%BE) Property development revenue and results grew strongly, but the property investment segment swung to a significant loss, causing a total segment loss Segment Revenue and Results | Segment | 2025 Revenue (HK$ thousands) | 2024 Revenue (HK$ thousands) | Revenue Change (%) | 2025 Results (HK$ thousands) | 2024 Results (HK$ thousands) | Results Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Property development | 135,702 | 76,007 | 78.5% | 51,159 | 19,770 | 158.8% | | Property investment | 9,872 | 12,837 | (23.0%) | (91,272) | 2,165 | N/A (Profit to Loss) | | Hotel operation | 3,264 | 3,591 | (9.1%) | (842) | (757) | 11.2% | | General trading | – | 1,145 | (100.0%) | – | 291 | (100.0%) | | Others | 11 | 118 | (90.7%) | 11 | (407) | N/A (Loss to Profit) | | **Total** | **148,849** | **93,698** | **58.9%** | **(40,944)** | **21,062** | **N/A (Profit to Loss)** | [4.b Segment assets and liabilities](index=9&type=section&id=4.b%20%E5%88%86%E9%83%A8%E8%B3%87%E7%94%A2%E5%8F%8A%E8%B2%A0%E5%82%B5) Total segment assets and liabilities both decreased, primarily driven by reductions in the property development and property investment segments Segment Assets and Liabilities | Segment | Assets at 30 June 2025 (HK$ thousands) | Assets at 31 Dec 2024 (HK$ thousands) | Asset Change (%) | Liabilities at 30 June 2025 (HK$ thousands) | Liabilities at 31 Dec 2024 (HK$ thousands) | Liability Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Property development | 254,403 | 421,208 | (39.6%) | (211,795) | (216,707) | (2.3%) | | Property investment | 1,371,924 | 1,420,502 | (3.4%) | (223,871) | (240,854) | (7.0%) | | Hotel operation | 75,095 | 76,884 | (2.3%) | – | – | N/A | | General trading | – | 14 | (100.0%) | – | – | N/A | | Others | 27 | 26 | 3.8% | – | – | N/A | | **Total segment** | **1,701,449** | **1,918,634** | **(11.3%)** | **(435,666)** | **(457,561)** | **(4.8%)** | [5. Income Tax Credit/(Expense)](index=10&type=section&id=5.%20%E6%89%80%E5%BE%97%E7%A8%85%E6%8A%B5%E5%85%8D%E2%95%B1%EF%BC%88%E9%96%8B%E6%94%AF%EF%BC%89) The Group recorded an income tax credit due to a significant deferred tax credit, a reversal from the prior period's tax expense Income Tax Credit/(Expense) | Metric | 2025 (HK$ thousands) | 2024 (HK$ thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Current tax - PRC Land Appreciation Tax | (1,778) | (2,753) | (35.4%) | | Deferred tax | 24,871 | 95 | 26185.3% | | **Income tax credit/(expense)** | **23,093** | **(2,658)** | **N/A (Expense to Credit)** | - Chinese subsidiaries are subject to a **25% corporate income tax rate**[18](index=18&type=chunk) - Land Appreciation Tax is calculated at progressive rates ranging from **30% to 60%**[18](index=18&type=chunk) [6. Loss for the Period](index=11&type=section&id=6.%20%E6%9C%9F%E5%85%A7%E8%99%A7%E6%90%8D) The loss for the period was driven by fair value losses on investment properties and impairment losses, offset by a gain on disposal of a subsidiary Key Items Affecting Loss for the Period | Metric | 2025 (HK$ thousands) | 2024 (HK$ thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Amortisation of intangible assets | 370 | 378 | (2.1%) | | Depreciation of property, plant and equipment | 7,303 | 7,396 | (1.3%) | | Depreciation of right-of-use assets | 306 | 306 | 0.0% | | Staff costs | 8,491 | 9,691 | (12.4%) | | Gain on disposal of a subsidiary | (60,637) | – | N/A | | Fair value loss on investment properties | 92,179 | – | N/A | | Impairment loss on properties held for sale | 12,676 | – | N/A | [7. Loss Per Share](index=11&type=section&id=7.%20%E6%AF%8F%E8%82%A1%E8%99%A7%E6%90%8D) Basic loss per share narrowed significantly, and diluted loss per share was not presented due to the anti-dilutive effect of convertible bonds - **Basic loss per share** was **HK$0.5** in 2025, a significant narrowing from HK$2.11 in 2024[20](index=20&type=chunk) - Diluted loss per share was not presented due to the **anti-dilutive effect** of convertible bonds[21](index=21&type=chunk) [8. Dividends](index=12&type=section&id=8.%20%E8%82%A1%E6%81%AF) No dividends were paid, declared, or proposed during the reporting period - No dividends were paid, declared, or proposed during the reporting period[22](index=22&type=chunk) [9. Property, Plant and Equipment](index=12&type=section&id=9.%20%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99) The Group increased its additions to property, plant, and equipment during the period and made no disposals - Additions to property, plant and equipment were **HK$133,000** in 2025, compared to HK$11,000 in 2024[23](index=23&type=chunk) - No property, plant and equipment were disposed of during the period[23](index=23&type=chunk) [10. Trade Receivables](index=12&type=section&id=10.%20%E8%B2%BF%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) Total trade receivables decreased, with the majority of balances aged over 365 days, and provisions for expected credit losses were made Ageing Analysis of Trade Receivables | Ageing | 30 June 2025 (HK$ thousands) | 31 December 2024 (HK$ thousands) | Change (%) | | :--- | :--- | :--- | :--- | | 0 to 90 days | 812 | 3,572 | (77.2%) | | 91 to 180 days | 78 | 51 | 52.9% | | 181 to 365 days | 3 | 14 | (78.6%) | | Over 365 days | 2,011 | 2,001 | 0.5% | | **Total** | **2,904** | **5,638** | **(48.5%)** | - The Group applies the simplified approach under **HKFRS 9** to provide for expected credit losses[25](index=25&type=chunk) - Provision for expected credit losses was **(HK$2,558) thousand** as of 30 June 2025, compared to (HK$2,442) thousand as of 31 December 2024[26](index=26&type=chunk) [11. Trade and Other Payables](index=14&type=section&id=11.%20%E8%B2%BF%E6%98%93%E6%87%89%E4%BB%98%E8%B3%AC%E6%AC%BE%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE) Total trade and other payables decreased significantly, driven by reductions in amounts due to construction contractors and legal case provisions Key Data for Trade and Other Payables | Metric | 30 June 2025 (HK$ thousands) | 31 December 2024 (HK$ thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Total trade and other payables | 223,911 | 307,999 | (27.3%) | | Trade payables to construction contractors | 44,307 | 67,687 | (34.5%) | | Provision for legal case compensation | 34,643 | 79,174 | (56.3%) | [12. Share Capital](index=15&type=section&id=12.%20%E8%82%A1%E6%9C%AC) The Group's authorized and issued share capital remained unchanged during the period - **Authorised share capital**: 2,500,000,000 ordinary shares of HK$0.20 each, amounting to **HK$500,000 thousand** (as at 30 June 2025 and 31 December 2024)[30](index=30&type=chunk) - **Issued and fully paid share capital**: 12,247,770 ordinary shares of HK$0.20 each, amounting to **HK$2,449 thousand** (as at 30 June 2025 and 31 December 2024)[30](index=30&type=chunk) [13. Litigation and Contingent Liabilities](index=15&type=section&id=13.%20%E8%A8%B4%E8%A8%9F%E5%8F%8A%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) The Group is involved in several legal proceedings and contingent liabilities whose financial impact cannot be reliably measured at present - **Shareholder representative action**: A claim was filed by Season Hong Kong Trading Limited against former executive directors and a subsidiary, with the trial date yet to be fixed[31](index=31&type=chunk) - The retrial appeal by **Ka Fung Industrial Company Limited** was dismissed; the Company has made sufficient provisions and sold all shares in Ka Fung[33](index=33&type=chunk) - **Zhejiang Beishen Cultural Tourism Development Co, Ltd bankruptcy case**: Happy Holiday Hotel Management (Shenzhen) Co, Ltd received the first distribution of bankruptcy claims of RMB2,777,000[34](index=34&type=chunk) - **Zhejiang Beishen vs G-Vision Properties Development (Shenzhen) Co, Ltd**: The court ordered enforcement of RMB30,194,804; the Company has made a provision of RMB31,053,867[35](index=35&type=chunk) - **Hao Kang International Supply Chain (Shenzhen) Co, Ltd suspected fraud case**: A criminal investigation has been initiated by PRC Public Security, and the Company may pursue civil litigation[35](index=35&type=chunk) - The directors believe the above litigations will not have a material impact on the Group's operations, but the financial impact cannot be reliably measured[32](index=32&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk) Management Discussion and Analysis [1. Business Review and Outlook](index=18&type=section&id=1.%20%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7%E5%8F%8A%E5%B1%95%E6%9C%9B) The Group achieved strong sales at its Shenzhen project amid a stabilizing Chinese property market and plans strategic transformations for future growth - **China's property market**: Showed signs of stabilization in the first half of 2025 but still faces significant pressure and structural differentiation[36](index=36&type=chunk) - **Shenzhen Mix Park project**: Maintained strong sales performance through differentiated pricing and omni-channel marketing, ranking first in city-wide property sales from mid-May to June 2024[36](index=36&type=chunk)[37](index=37&type=chunk) - **Hotel business**: Digital transformation led to online booking rates exceeding **80%**, occupancy rates stabilizing around **85%**, and customer satisfaction reaching **92%**[39](index=39&type=chunk) - **Xuzhou Golden Harbour Plaza project**: Plans to transform it into a regional tourist accommodation center, aiming to sell the remaining property inventory within two years[39](index=39&type=chunk) - **Future strategic deployment**: Upgrading technology enablement systems (targeting a **10% reduction in operating costs** within three years) and innovating industry-city integration models[40](index=40&type=chunk) - **Industry development trends**: Shifting from "selling space" to "empowering industries," from "heavy development" to "heavy operation," and from "earning price differences" to "growing together"[41](index=41&type=chunk) [2. Financial Review](index=20&type=section&id=2.%20%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group's revenue grew, and loss attributable to owners narrowed significantly due to a disposal gain and tax credit, despite fair value losses Key Financial Review Data | Metric | 2025 (HK$ thousands) | 2024 (HK$ thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 148,849 | 93,698 | 58.9% | | Net loss attributable to Company owners | (6,100) | (25,800) | (76.4%) | | Net loss of the Group | (62,000) | (36,800) | 68.5% | | Gain on disposal of Ka Fung | 60,600 | – | N/A | | Income tax credit/(expense) | 23,100 | (2,700) | N/A (Expense to Credit) | | Decrease in gross profit | (19,900) | – | N/A | | Fair value loss on investment properties | 92,100 | – | N/A | | Impairment loss on properties held for sale | 12,700 | – | N/A | - Revenue was mainly derived from rental income and sales of commercial apartments and offices in Shenzhen, accounting for **5% and 91% of total revenue**, respectively[42](index=42&type=chunk) [3. Liquidity and Financial Resources](index=21&type=section&id=3.%20%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) The Group's cash position improved, but net current liabilities widened, and the gearing ratio increased amid substantial interest-bearing borrowings Key Liquidity and Financial Resources Data | Metric | 30 June 2025 (HK$ thousands) | 31 December 2024 (HK$ thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and cash equivalents | 67,928 | 43,969 | 54.5% | | Total current assets | 385,801 | 529,482 | (27.2%) | | Total current liabilities | 794,834 | 884,723 | (10.2%) | | Total interest-bearing borrowings | 540,321 | 577,328 | (6.5%) | | Gearing ratio | 249% | 242% | 7 percentage points | - Interest-bearing borrowings are denominated in RMB with interest rates ranging from **4.35% to 12%** per annum[47](index=47&type=chunk) [4. Share Capital](index=22&type=section&id=4.%20%E8%82%A1%E6%9C%AC) The Group's share capital structure is unchanged, with new convertible bonds issued in May 2024 following the expiry of the old ones - The old convertible bonds **expired on 30 April 2024**, and the conversion rights ceased[48](index=48&type=chunk)[49](index=49&type=chunk) - The new convertible bonds were issued on 6 May 2024 with a principal amount of **HK$100,969,093.34**[50](index=50&type=chunk) - The conversion price for the new convertible bonds is **HK$2.6 per share**[51](index=51&type=chunk) - Upon full exercise of the conversion rights, the subscriber's shareholding would change from approximately **55.25% to 89.27%**[51](index=51&type=chunk) [5. Foreign Exchange Risk](index=24&type=section&id=5.%20%E5%A4%96%E5%8C%AF%E9%A2%A8%E9%9A%AA) The Group operates mainly in Hong Kong Dollar and Renminbi and currently does not have a foreign currency hedging policy - The main operating currencies are **Hong Kong Dollar and Renminbi**[52](index=52&type=chunk) - There is currently **no foreign currency hedging policy**, but the Group will monitor its foreign currency risk closely[52](index=52&type=chunk) [6. Treasury Policy](index=24&type=section&id=6.%20%E5%BA%AB%E5%8B%99%E6%94%BF%E7%AD%96) The Group maintains a prudent treasury policy, managing credit risk through customer assessments and monitoring liquidity to meet funding needs - A **prudent financial management treasury policy** is adopted to maintain an appropriate level of liquidity[53](index=53&type=chunk) - Credit risk is mitigated through credit evaluations, and liquidity levels are closely monitored to meet funding requirements[53](index=53&type=chunk) [7. Pledge of Group's Assets](index=25&type=section&id=7.%20%E9%9B%86%E5%9C%98%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) Certain properties in Shenzhen are pledged for bank loans, with the pledged amount decreasing from the previous year-end Pledge of Group's Assets | Metric | 30 June 2025 (HK$ thousands) | 31 December 2024 (HK$ thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Pledged bank loan amount | 456,392 | 502,380 | (9.1%) | [8. Segmental Information](index=25&type=section&id=8.%20%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) Detailed segmental information is provided in Note 4 to the condensed consolidated financial statements - Details of segmental information are set out in **Note 4** to the condensed consolidated financial statements[55](index=55&type=chunk) [9. Capital Commitments](index=25&type=section&id=9.%20%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94) Information regarding the Group's significant capital commitments as of 30 June 2025 is pending - Information on the Group's significant commitments as of 30 June 2025 is **to be supplemented**[56](index=56&type=chunk)[57](index=57&type=chunk) [10. Employees](index=25&type=section&id=10.%20%E5%83%B1%E5%93%A1) The Group's employee count remained stable, while staff costs decreased due to reduced administrative activities and budget control - **Number of employees**: 111 (as at 30 June 2025 and 31 December 2024)[58](index=58&type=chunk) - **Number of directors**: 7 (as at 30 June 2025 and 31 December 2024)[58](index=58&type=chunk) Staff Costs | Metric | 2025 (HK$ thousands) | 2024 (HK$ thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Staff costs | 8,491 | 9,691 | (12.4%) | - The decrease in staff costs was mainly due to **reduced administrative activities and budget control** related to the Shenzhen Buji Zongke Cloud Port project[58](index=58&type=chunk) [11. Material Investments Held, Material Acquisitions and Disposals of Subsidiaries, and Future Plans for Material Investments or Capital Assets](index=26&type=section&id=11.%20%E6%89%80%E6%8C%81%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E3%80%81%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8%E4%BB%A5%E5%8F%8A%E6%9C%89%E9%97%9C%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E6%88%96%E8%B3%87%E6%9C%AC%E8%B3%87%E7%94%A2%E7%9A%84%E6%9C%AA%E4%BE%86%E8%A8%88%E5%8A%83) The Group completed the disposal of a subsidiary and plans to expand its existing business while actively seeking M&A opportunities - Completed the disposal of **100% equity interest in Ka Fung Industrial Company Limited** on 30 June 2025 for a total consideration of RMB50,000[60](index=60&type=chunk) - **Future plans**: Continue to expand existing businesses, explore other business opportunities, and seek M&A transactions to diversify into new markets and revenue streams beyond property development[61](index=61&type=chunk) [12. Contingent Liabilities](index=26&type=section&id=12.%20%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) Detailed information on the Group's contingent liabilities is provided in Note 13 to the condensed consolidated financial statements - Details of contingent liabilities are set out in **Note 13** to the condensed consolidated financial statements[62](index=62&type=chunk) Other Information [Interim Dividend](index=27&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board does not recommend the payment of an interim dividend for the reporting period - The Board **does not recommend the payment of an interim dividend** for the reporting period[63](index=63&type=chunk) [Purchase, Sale and Redemption of the Company's Listed Securities](index=27&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E5%8F%8A%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B9%8B%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the period - Neither the Company nor any of its subsidiaries repurchased, sold, redeemed, or cancelled any of the Company's listed securities during the reporting period[64](index=64&type=chunk) [Corporate Governance](index=27&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) The Company complied with the Corporate Governance Code, except for the non-separation of the Chairman and CEO roles - Complied with the Corporate Governance Code, except that the roles of **Chairman and Chief Executive Officer were not separated** and the CEO position was vacant[65](index=65&type=chunk) - The Board believes there is an adequate balance of power and authority between the Board and management and will review the structure periodically[65](index=65&type=chunk) [Directors' Securities Transactions](index=28&type=section&id=%E8%91%A3%E4%BA%8B%E4%B9%8B%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93) The Company has adopted a standard code for directors' securities transactions and is not aware of any non-compliance during the period - The Company has adopted the Model Code, and directors' securities transactions during the reporting period **complied with the required standards**[66](index=66&type=chunk) [Audit Committee](index=28&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee, established in 1999, oversees financial reporting integrity and has reviewed the unaudited interim financial results - The Audit Committee was established on 4 August 1999, with duties including overseeing financial reporting integrity and reviewing accounting policies, financial controls, and risk management systems[67](index=67&type=chunk)[68](index=68&type=chunk) - The Audit Committee has reviewed with management the accounting principles and practices adopted by the Group and discussed financial reporting matters, including the review of the unaudited interim financial results for the period[69](index=69&type=chunk) [Events After the Reporting Period](index=29&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) No significant events occurred for the Group after the reporting period up to the date of this announcement - No significant post-reporting period events occurred for the Group up to the date of this announcement[70](index=70&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=29&type=section&id=%E5%88%8A%E7%99%BB%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%85%AC%E4%BD%88%E5%8F%8A%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) This announcement is available on the Company's and the Stock Exchange's websites, with the interim report to follow - This announcement is published on the Company's website (http://www.gfghl.com) and the Stock Exchange's website (http://www.hkex.com.hk)[71](index=71&type=chunk) - The interim report containing all required information will be dispatched to shareholders and made available on the websites in due course[71](index=71&type=chunk) [By Order of the Board](index=29&type=section&id=%E6%89%BF%E8%91%A3%E4%BA%8B%E6%9C%83%E5%91%BD) This announcement is signed by the Chairman, Mr Ma Hok Lim, on behalf of the Board of Directors - This announcement is signed by **Mr Ma Hok Lim, Chairman of the Board**[72](index=72&type=chunk) - The Board comprises four executive directors (Mr Ma Hok Lim, Mr Kwok Siu Bun, Ms Zhou Guihua, and Ms Kwok Siu Wa) and three independent non-executive directors (Mr Hui Pui Wai, Mr Liu Chiu Tung, and Mr Cui Muqin)[73](index=73&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佈之內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈 全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 鈞濠集團有限公司 GRAND FIELD GROUP HOLDINGS LIMITED (股份代號：���) （於百慕達註冊成立之有限公司） 補充公佈 有關截至二零二四年十二月三十一日止年度年報的進一步資料 茲提述鈞濠集團有限公司（「本公司」）截至二零二四年十二月三十一日止年度 之年報（「二零二四年年報」）。除文義另有所指外，本公佈所用詞彙與二零二四 年年報所定義者具有相同涵義。 董事會謹此向本公司股東及潛在投資者提供以下有關購股權計劃之補充資 料，該計劃詳載於二零二四年年報「董事會報告書」標題為「購股權計劃」一節。 可供發行之股份總數 截至二零二四年年報日期，根據購股權計劃可供發行之股份總數為1,224,777 股，約佔本公司已發行股份總數之10%。 1 可供授予購股權總數之變動 於二零一九年六月十日舉行之本公司股東週年大會（「股東週年大會」）上， 股東批准將股份購股權計劃下授予購股權之10%計劃授權 ...

Core Viewpoint - Junhao Group (00115) anticipates a significant reduction in net loss attributable to shareholders for the six months ending June 30, 2025, primarily due to expected gains from the sale of Jiafeng and estimated tax credits [1][2] Financial Performance - Expected gain from the sale of Jiafeng is approximately HKD 60.6 million [1] - Estimated tax credits for the six months ending June 30, 2025, are projected to be between HKD 21 million and HKD 25 million, compared to a tax expense of approximately HKD 2.7 million for the same period in 2024 [1] - The estimated net loss attributable to shareholders for the six months ending June 30, 2025, is expected to decrease significantly to between HKD 3 million and HKD 9 million, down from HKD 25.8 million for the same period in 2024 [2] Losses and Impairments - The anticipated reduction in net loss is partially offset by a decrease in gross profit of approximately HKD 16 million to HKD 24 million and fair value losses on investment properties estimated between HKD 88 million and HKD 95 million [1] - Impairment losses on properties held for sale are expected to range from HKD 10 million to HKD 15 million [1] - Approximately 50% of the fair value losses and about 32% of the impairment losses are attributed to non-controlling interests [1]

Group 1 - The company expects a significant reduction in net loss attributable to shareholders for the six months ending June 30, 2025, estimated at approximately HKD 3 million to HKD 9 million, compared to a net loss of approximately HKD 2,580 million for the same period in 2024 [2] - The anticipated profit from the sale of Jiafeng is about HKD 60.6 million, along with an estimated tax credit of HKD 21 million to HKD 25 million due to deferred tax items from the decrease in fair value of investment properties [1] - The gross profit is expected to decrease by approximately HKD 16 million to HKD 24 million, primarily due to intense market competition in the property sector [1] Group 2 - The group's net loss is projected to increase significantly to approximately HKD 5,800 million to HKD 6,600 million for the six months ending June 30, 2025, compared to a net loss of approximately HKD 3,680 million for the same period in 2024 [2] - The fair value loss of investment properties is estimated to be between HKD 8,800 million and HKD 9,500 million, with about 50% of this loss attributable to non-controlling interests [1] - The impairment loss on properties held for sale is estimated to be between HKD 1,000 million and HKD 1,500 million, reflecting the ongoing competitive market environment [1]

鈞濠集團有限公司 GRAND FIELD GROUP HOLDINGS LIMITED (股份代號：���) （於百慕達註冊成立之有限公司） 內幕消息 盈利更新 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佈之內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈 全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 2 惟股東及潛在投資者務須注意，上述(i)出售嘉豐之收益；(ii)投資物業公平值 減少產生之遞延稅項；(iii)投資物業公平值虧損；及(iv)持作出售物業減值虧 損均屬非經常性及非現金性質。同時，本公司仍在落實截至二零二五年六月 三十日止六個月的中期業績。本公佈乃基於（其中包括其他資料）董事會對本 集團未經審核綜合管理賬目及董事會現時可得資料而作出的初步審閱及評 估。本公佈所載資料或數字未經本公司獨立核數師落實、審閱或審核，亦未經 董事會審核委員會確認，可能作出進一步調整或修訂。本集團業績的進一步 詳情將披露於本公司即將刊發的截至二零二五年六月三十日止六個月的中期 業績。 務請本公司股東及潛在投資者垂注，本公佈所提供的資料乃以董事會現時可 得資 ...

格隆汇8月19日丨钧濠集团(00115.HK)公告，公司将于2025年8月29日举行董事会会议，以考虑及批准 (其中包括)公司及其附属公司截至2025年6月30日止6个月未经审核中期业绩，并考虑宣派、建议或派发 股息(如有)。 ...

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佈的內容概不 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 佈全部或任何部分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。 鈞濠集團有限公司 GRAND FIELD GROUP HOLDINGS LIMITED (股份代號：���) （於百慕達註冊成立之有限公司） 董事會會議通告 鈞濠集團有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，本公司將 於二零二五年八月二十九日舉行董事會會議，以考慮及批准（其中包括）本公 司及其附屬公司截至二零二五年六月三十日止六個月之未經審核中期業績， 並考慮宣派、建議或派發股息（如有）。 承董事會命 鈞濠集團有限公司 主席 馬學綿 香港，二零二五年八月十九日 於本公佈日期，董事會之成員包括四名執行董事馬學綿先生、郭小彬先生、 周桂華女士及郭小華女士；以及三名獨立非執行董事許培偉先生、劉朝東 先生及崔慕勤先生。 * 僅供識別 ...

致：香港交易及結算所有限公司 公司名稱: 鈞濠集團有限公司 (於百慕達註冊成立的有限公司) 呈交日期: 2025年8月6日 I. 法定/註冊股本變動 FF301 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 | 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) | 00115 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,500,000,000 | HKD | | 0.2 HKD | | 500,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 2,500,000,000 | HKD | | 0.2 HKD | | 500,000,000 | 本月底法 ...

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佈之內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈 全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何 責任。 鈞濠集團有限公司 GRAND FIELD GROUP HOLDINGS LIMITED (股份代號：���) （於百慕達註冊成立之有限公司） 內幕消息 有關出售一間附屬公司之最新資料 茲提述鈞濠集團有限公司（「本公司」，連同其附屬公司，統稱「本集團」）日期為 二零二五年六月三十日之公佈（「該公佈」），內容有關（其中包括）出售本公司 一間附屬公司。除另有所指外，本公佈所用詞彙與該公佈所界定者具有相同 涵義。 本公司董事會謹此提供有關出售事項的最新資料。出售事項已於二零二五年 六月三十日完成。根據出售事項之代價，嘉豐於二零二五年六月三十日之負 債淨額約為港幣34.6百萬元，並進一步計及將予解除之外幣換算儲備（鑒於嘉 豐之功能貨幣為人民幣，而本集團之呈報貨幣為港幣）約港幣26.0百萬元，本 公司預期就第一項出售錄得收益淨額約港幣60.6百萬元。 上述財務影響僅供說明用途，須於編製本公司綜合財務報表時確定並經審 ...

Summary of Key Points Core Viewpoint - As of July 3, a total of 120 stocks reached their 52-week highs, indicating a strong market performance with notable leaders in the list [1]. Group 1: Top Performers - The top three stocks with the highest increase rates are: - 富誉控股 (Fuyou Holdings) at 90.76%, closing at 0.435 with a peak of 0.475 [1] - 信义能源 (Xinyi Energy) at 65.00%, closing at 1.200 with a peak of 1.980 [1] - 中国三三传媒 (China San San Media) at 42.86%, closing at 1.710 with a peak of 1.900 [1] Group 2: Additional Notable Stocks - Other notable stocks include: - ITE HOLDINGS at 34.21% increase, closing at 0.047 with a peak of 0.051 [1] - 星凯控股 (Xingkai Holdings) at 30.00%, closing at 0.480 with a peak of 0.650 [1] - 北京北辰实业股份 (Beijing Beichen Industrial) at 26.47%, closing at 0.940 with a peak of 1.290 [1] Group 3: Overall Market Trends - The overall trend shows a significant number of stocks achieving new highs, reflecting positive investor sentiment and market conditions [1].