(Stock Code: 120) NOTIFICATION LETTER 29th September, 2025 Dear Registered Shareholder(s), Cosmopolitan International Holdings Limited (the "Company") - Notice of Publication of 2025 Interim Report ("Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communication are available on the Company's website at www.cosmoholdings.com and the HKEXnews website at www.hkexnews.hk (the "Website Version") or the arranged printed form(s) of Current Corporate Communicati ...

[Company Information](index=4&type=section&id=Company%20Information) [Directors](index=4&type=section&id=Directors) This section lists the company's executive and independent non-executive directors, along with the composition of its Audit, Remuneration, and Nomination Committees - The Board of Directors comprises **6 executive directors** and **4 independent non-executive directors**[6](index=6&type=chunk) - The Audit, Remuneration, and Nomination Committees have clear compositions, with independent non-executive directors chairing the Audit and Remuneration Committees[6](index=6&type=chunk) [Audit Committee](index=4&type=section&id=Audit%20Committee) The Audit Committee consists of four independent non-executive directors, with Mr. Li Ka Fai as Chairman - The Audit Committee is chaired by Mr. Li Ka Fai, with members including Mr. Pong Sut Ying, Ms. Kan Lai Kuen, and Mr. Shih Lai Him[6](index=6&type=chunk) [Remuneration Committee](index=4&type=section&id=Remuneration%20Committee) The Remuneration Committee is chaired by Ms. Kan Lai Kuen, with members including Mr. Lo Yuk Sui, Mr. Pong Sut Ying, and Mr. Li Ka Fai - The Remuneration Committee is chaired by Ms. Kan Lai Kuen, with members including Mr. Lo Yuk Sui, Mr. Pong Sut Ying, and Mr. Li Ka Fai[6](index=6&type=chunk) [Nomination Committee](index=4&type=section&id=Nomination%20Committee) The Nomination Committee is chaired by Mr. Lo Yuk Sui, with members including Mr. Pong Sut Ying, Ms. Kan Lai Kuen, Mr. Li Ka Fai, and Mr. Shih Lai Him - The Nomination Committee is chaired by Mr. Lo Yuk Sui, with members including Mr. Pong Sut Ying, Ms. Kan Lai Kuen, Mr. Li Ka Fai, and Mr. Shih Lai Him[6](index=6&type=chunk) [Company Secretary](index=4&type=section&id=Company%20Secretary) The Company Secretary is Ms. Lam Sau Fan - The Company Secretary is Ms. Lam Sau Fan[6](index=6&type=chunk) [Auditor](index=4&type=section&id=Auditor) The company's auditor is Ernst & Young - The company's auditor is Ernst & Young[6](index=6&type=chunk) [Principal Bankers](index=4&type=section&id=Principal%20Bankers) This section lists the company's principal bankers, including ANZ, Bank of Communications (Hong Kong), The Bank of East Asia, and ICBC (Asia) - Principal bankers include Australia and New Zealand Banking Group Limited, Bank of Communications (Hong Kong) Limited, The Bank of East Asia, Limited, and Industrial and Commercial Bank of China (Asia) Limited[6](index=6&type=chunk) [Cayman Islands Share Registrar](index=4&type=section&id=Cayman%20Islands%20Share%20Registrar) The company's Cayman Islands share registrar is Maples Fund Services (Cayman) Limited - The Cayman Islands share registrar is Maples Fund Services (Cayman) Limited[6](index=6&type=chunk) [Hong Kong Share Registrar](index=7&type=section&id=Hong%20Kong%20Share%20Registrar) The company's Hong Kong share registrar is Hong Kong Central Securities Registrars Limited - The Hong Kong share registrar is Hong Kong Central Securities Registrars Limited[7](index=7&type=chunk) [Registered Office](index=7&type=section&id=Registered%20Office) The company's registered office is located in the Cayman Islands - The registered office is located at PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands[7](index=7&type=chunk) [Head Office and Principal Place of Business](index=7&type=section&id=Head%20Office%20and%20Principal%20Place%20of%20Business) The company's head office and principal place of business are located at 11th Floor, 68 Yee Wo Street, Causeway Bay, Hong Kong - The head office and principal place of business are located at 11th Floor, 68 Yee Wo Street, Causeway Bay, Hong Kong[7](index=7&type=chunk) [Biographical Details of Directors](index=5&type=section&id=Biographical%20Details%20of%20Directors) [Executive Directors](index=5&type=section&id=Executive%20Directors) This section introduces the backgrounds and responsibilities of the executive directors, many of whom hold key positions in Century City, Paliburg, and Regal Group - Mr. Lo Yuk Sui (80 years old) serves as Chairman and Chief Executive Officer, responsible for the Group's overall policies and decisions, also holding Chairman and CEO roles in Century City, Paliburg, and Regal Group[8](index=8&type=chunk) - Mr. Lo Chun To (51 years old) serves as Vice Chairman and Managing Director, primarily overseeing Paliburg Group's property projects and Century City Group's business development[9](index=9&type=chunk) - Ms. Lo Po Man (45 years old) serves as Vice Chairman, primarily responsible for Regal Group's hotel operations and Century City Group's corporate investments and business development, actively participating in sustainability initiatives[10](index=10&type=chunk) - Mr. Wong Po Man (59 years old) serves as Executive Director and Chief Operating Officer, with over 33 years of experience in architectural design and project planning management for property development projects[11](index=11&type=chunk) - Mr. Leung So Po (53 years old) serves as Executive Director and Chief Financial Officer, with over 29 years of experience in accounting and corporate finance, responsible for Century City Group's corporate finance and China business[12](index=12&type=chunk) - Mr. Ng Kee Kai (71 years old) serves as Executive Director, responsible for Century City Group's corporate finance, company secretarial, and administrative functions[12](index=12&type=chunk) [Independent Non-Executive Directors](index=6&type=section&id=Independent%20Non-Executive%20Directors) This section details the professional backgrounds of four independent non-executive directors, who possess extensive experience in engineering, finance, accounting, and law, and hold positions in various listed companies - Mr. Pong Sut Ying (83 years old) is a veteran engineer and former President of The Hong Kong Institution of Engineers[13](index=13&type=chunk) - Ms. Kan Lai Kuen (70 years old) is a director of Bravo Capital Limited, with over 20 years of corporate finance experience and is a Fellow of the Association of Chartered Certified Accountants[13](index=13&type=chunk) - Mr. Li Ka Fai (70 years old) is a Fellow of the Association of Chartered Certified Accountants, serving as an independent non-executive director for several listed companies on the Stock Exchange[14](index=14&type=chunk) - Mr. Shih Lai Him (80 years old) was a member of the Legislative Council of the Hong Kong Special Administrative Region, serving as an independent non-executive director for several listed companies on the Stock Exchange[15](index=15&type=chunk) [Chairman's Statement](index=8&type=section&id=Chairman's%20Statement) [Financial Results](index=8&type=section&id=Financial%20Results) For the six months ended June 30, 2025, the company's consolidated loss attributable to shareholders significantly decreased, primarily due to reduced tax expenses Shareholder's Attributable Consolidated Loss | Metric | Six Months Ended June 30, 2025 (HK$ million) | Six Months Ended June 30, 2024 (HK$ million) | | :--- | :--- | :--- | | Consolidated Loss Attributable to Shareholders | (56.5) | (169.0) | - The reduction in loss was mainly due to decreased tax expenses, as the prior period in 2024 saw a significant increase in tax expenses due to a revised allocation basis for China property development costs[17](index=17&type=chunk) [Business Review](index=8&type=section&id=Business%20Review) China's property market remains weak, with slow sales for the company's integrated development projects in Chengdu and Tianjin; the company raised funds through a share placement to reduce debt and expand its shareholder base - The overall property market conditions in China remain weak, with slow sales progress for integrated development projects in Chengdu and Tianjin[18](index=18&type=chunk) - The Chengdu Regal International Plaza project has substantially completed all development works and is actively planning to sell the remaining commercial and office units[18](index=18&type=chunk) - The company entered into a placing agreement on July 31, 2025, to place up to **100 million new ordinary shares** at **HK$0.108 per share**, completed on August 15, aiming to reduce debt, broaden the shareholder base, and enhance share liquidity[19](index=19&type=chunk) [Outlook](index=9&type=section&id=Outlook) The Board anticipates continued supportive policies from the central government to stabilize China's property market, hoping remaining properties in Chengdu and Tianjin will generate substantial revenue upon market recovery - The central government is expected to continue introducing supportive fiscal policies and administrative measures to stimulate demand and restore market confidence, stabilizing China's property sector[20](index=20&type=chunk) - The Board hopes that the remaining properties in the Chengdu and Tianjin development projects will generate substantial revenue as the commercial property market in China gradually recovers[20](index=20&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=10&type=section&id=Business%20Review) The Group primarily engages in property development and investment in China, along with financial asset investments; this section reviews property project progress and a financial investment redemption - The Group's principal businesses are property development and investment in China, and financial asset investments[22](index=22&type=chunk) - Apart from what is disclosed in the Chairman's Statement, the Group has no immediate plans for significant acquisitions of investments or capital assets[23](index=23&type=chunk) [Property Development](index=10&type=section&id=Property%20Development) This section details the company's property development project progress in Chengdu, Tianjin, and Xinjiang, including sales, completion status, and future launch plans - Property development projects are mainly located in Xindu District, Chengdu, Sichuan Province, Hedong District, Tianjin, and Urumqi, Xinjiang Uygur Autonomous Region[24](index=24&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk) [Chengdu Project - Regal International Plaza](index=10&type=section&id=Chengdu%20Project%20-%20Regal%20International%20Plaza) Chengdu project's Phase 3 residential units are sold out, with ongoing sales for shops and parking spaces; office units are pre-sold, and the project is largely complete, but sales are slow due to demand slowdown, prompting a revised sales plan - Phase 3 residential units of the Chengdu project have been fully sold, with total sales revenue of approximately **RMB2.048 billion**[24](index=24&type=chunk) - Shop sales are ongoing, with **4,002 square meters** sold for a total consideration of approximately **RMB93.2 million**; **548 parking spaces** have been sold or contracted for sale, generating total sales revenue of approximately **RMB56.3 million**[24](index=24&type=chunk) - Interior fitting-out works for the hotel property are completed, and the completion certificate and property ownership certificate have been obtained[24](index=24&type=chunk) - The remaining commercial portion (commercial complex and five office towers) has substantially completed all development works and is actively planning for sale as whole blocks and individual units[25](index=25&type=chunk) - Sales of office and shop units are progressing slowly, and the company is actively reformulating its sales plan[26](index=26&type=chunk) [Tianjin Project - Regal New Gate](index=11&type=section&id=Tianjin%20Project%20-%20Regal%20New%20Gate) All residential units in the Tianjin project are sold, shop sales are ongoing with some leased; remaining office towers are complete, but due to a weak Tianjin property market, the company will monitor conditions for timely launch - All residential units in the Tianjin project have been sold[28](index=28&type=chunk) - Shops with a total area of **16,050 square meters** have been sold for a total consideration of approximately **RMB374.1 million**; parts of the commercial complex have been leased to generate rental income[28](index=28&type=chunk) - The remaining office towers are completed, but due to the weak commercial property market in Tianjin, the company will continue to monitor market conditions for timely launch[28](index=28&type=chunk) [Xinjiang Project](index=11&type=section&id=Xinjiang%20Project) The Xinjiang project involves afforestation for land development rights, with approximately 4,300 mu completed; legal opinions confirm the Group's rights remain valid, and afforestation costs are expected to be fully recovered - The Xinjiang project involves afforestation on approximately **7,600 mu** of land to obtain development rights, with approximately **4,300 mu** of afforestation completed[29](index=29&type=chunk) - According to relevant government policies, approximately **1,843 mu** of land will be available for real estate development, and the Group is entitled to participate in bidding and receive compensation for afforestation costs[29](index=29&type=chunk) - The Group's legal rights under the relevant afforestation contract remain legally valid and effective, and afforestation costs are expected to be fully recovered[30](index=30&type=chunk) [Other Investments](index=11&type=section&id=Other%20Investments) This section outlines the company's investments in financial assets, specifically its investment in and subsequent redemption from Interra Acquisition Corporation - Other investments include financial asset investments[22](index=22&type=chunk) [Investment in Interra Acquisition Corporation](index=11&type=section&id=Investment%20in%20Interra%20Acquisition%20Corporation) The Group subscribed for Class A shares of Interra Acquisition Corporation in September 2022, exercised its redemption right in September 2024, and received approximately HK$132.2 million in redemption proceeds in October 2024 - The Group subscribed for **12,210,000 Class A shares** of Interra Acquisition Corporation in September 2022 for approximately **HK$122.1 million**[31](index=31&type=chunk) - The redemption right was exercised in September 2024, and approximately **HK$132.2 million** in redemption proceeds was received in October 2024[31](index=31&type=chunk) [Financial Review](index=11&type=section&id=Financial%20Review) This section outlines the company's net asset value, capital resources, cash flow, debt levels, gearing ratio, lease liabilities, asset pledges, capital commitments, contingent liabilities, share capital, dividends, and employee remuneration policy - The Group adopts prudent funding and financial policies for its overall business operations[33](index=33&type=chunk) [Asset Value](index=11&type=section&id=Asset%20Value) As of June 30, 2025, the Group's net asset value attributable to owners of the parent was HK$730 million, approximately HK$0.50 per share, with fully diluted net asset value per share at approximately HK$0.27 Asset Value Overview | Metric | June 30, 2025 (HK$ million) | Per Share (HK$) | | :--- | :--- | :--- | | Net Asset Value Attributable to Owners of the Parent | 730.0 | 0.50 | | Fully Diluted Net Asset Value Per Share | N/A | 0.27 | [Capital Resources and Funding](index=12&type=section&id=Capital%20Resources%20and%20Funding) The company adopts prudent funding and financial policies, primarily financing property development projects through internal funds, pre-sale proceeds, and Regal Group loans; Regal Group loan repayment date has been extended to October 12, 2027 - The Group adopts prudent funding and financial policies for its overall business operations[33](index=33&type=chunk) - The repayment date for the **HK$857 million** loan from Regal Hotels International Holdings Limited Group has been extended from October 12, 2024, to **October 12, 2027**, to align with the sales progress of the Chengdu and Tianjin development projects[34](index=34&type=chunk) - Construction and related costs for property development projects are primarily financed using internal funds, proceeds from pre-sold units, and loans from the Regal Group[34](index=34&type=chunk) [Cash Flow](index=12&type=section&id=Cash%20Flow) For the six months ended June 30, 2025, net cash flow used in operating activities was HK$73.3 million, a decrease from the prior period, while net interest expenses remained stable Net Cash Flow from Operating Activities and Net Interest Expenses | Metric | Six Months Ended June 30, 2025 (HK$ million) | Six Months Ended June 30, 2024 (HK$ million) | | :--- | :--- | :--- | | Net Cash Flow Used in Operating Activities | (73.3) | (157.7) | | Net Interest Expenses | (12.4) | (12.8) | [Indebtedness and Gearing Ratio](index=12&type=section&id=Indebtedness%20and%20Gearing%20Ratio) As of June 30, 2025, the Group's cash and bank balances decreased, and debt net of cash increased, leading to a rise in the gearing ratio to 42.2% Indebtedness and Gearing Ratio | Metric | June 30, 2025 (HK$ million) | December 31, 2024 (HK$ million) | Change | | :--- | :--- | :--- | :--- | | Cash and Bank Balances with Time Deposits | 35.0 | 52.5 | -33.3% | | Debt Net of Cash (including Convertible Notes) | 1,403.7 | 1,324.0 | +6.0% | | Total Assets | 3,326.9 | 3,303.5 | +0.7% | | Gearing Ratio | 42.2% | 40.1% | +2.1pp | [Lease Liabilities](index=13&type=section&id=Lease%20Liabilities) As of June 30, 2025, the Group had no lease liabilities - As of June 30, 2025, the Group had no lease liabilities[39](index=39&type=chunk) [Pledge of Assets](index=13&type=section&id=Pledge%20of%20Assets) The Group has pledged equity interests in companies holding certain property project interests to secure other debts; as of December 31, 2024, some bank deposits and financial assets were also pledged - The Group has pledged equity interests in companies holding certain property project interests to secure other debts[40](index=40&type=chunk) - As of December 31, 2024, **HK$27.2 million** in bank deposits and financial assets at fair value through profit or loss were pledged to secure general bank loans[40](index=40&type=chunk) [Capital Commitments](index=13&type=section&id=Capital%20Commitments) As of June 30, 2025, details of the Group's capital commitments are provided in Note 16 to the financial statements - Details of capital commitments are provided in Note 16 to the condensed consolidated financial statements[41](index=41&type=chunk) [Contingent Liabilities](index=13&type=section&id=Contingent%20Liabilities) As of June 30, 2025, details of the Group's contingent liabilities are provided in Note 18 to the financial statements - Details of contingent liabilities are provided in Note 18 to the condensed consolidated financial statements[42](index=42&type=chunk) [Share Capital](index=13&type=section&id=Share%20Capital) There was no change in the company's share capital during the review period - There was no change in the company's share capital during the review period[43](index=43&type=chunk) [Dividends](index=13&type=section&id=Dividends) The Board resolved not to declare an interim dividend for the financial year ending December 31, 2025 - The Board resolved not to declare an interim dividend for the financial year ending December 31, 2025[44](index=44&type=chunk) [Significant Acquisitions or Disposals of Subsidiaries or Associates](index=13&type=section&id=Significant%20Acquisitions%20or%20Disposals%20of%20Subsidiaries%20or%20Associates) There were no significant acquisitions or disposals of subsidiaries or associates during the review period - There were no significant acquisitions or disposals of the company's subsidiaries or associates during the review period[45](index=45&type=chunk) [Employees and Remuneration Policy](index=13&type=section&id=Employees%20and%20Remuneration%20Policy) The Group employs approximately 70 staff in Hong Kong and China, with a remuneration system based on market conditions and individual contributions, offering benefits like MPF, medical, and life insurance - The Group employs approximately **70 staff** in Hong Kong and China[46](index=46&type=chunk) - Employee remuneration is determined based on market conditions and individual contributions, reviewed annually, and includes benefits such as Mandatory Provident Fund schemes, medical, and life insurance[46](index=46&type=chunk) [Condensed Consolidated Financial Statements](index=14&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statement of Profit or Loss](index=14&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the Group recorded a consolidated loss attributable to shareholders of HK$56.5 million, a significant reduction from HK$169 million in the prior period, mainly due to an income tax credit; revenue decreased from HK$314.3 million to HK$16 million Condensed Consolidated Statement of Profit or Loss Key Data | Metric | Six Months Ended June 30, 2025 (HK$ million) | Six Months Ended June 30, 2024 (HK$ million) | Change | | :--- | :--- | :--- | :--- | | Revenue | 16.0 | 314.3 | -94.9% | | Gross Profit | 2.3 | 1.4 | +64.3% | | Loss from Operations | (21.2) | (36.0) | -41.1% | | Loss Before Tax | (60.2) | (75.3) | -20.1% | | Income Tax | 3.7 | (93.7) | From Expense to Credit | | Loss Attributable to Owners of the Parent | (56.5) | (169.0) | -66.6% | | Basic and Diluted Loss Per Share | HK$(3.84) cents | HK$(11.50) cents | -66.6% | [Condensed Consolidated Statement of Comprehensive Income](index=15&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's total comprehensive loss was HK$5.8 million, a significant narrowing from HK$206.3 million in the prior period, mainly due to a gain from foreign currency translation differences on overseas operations Condensed Consolidated Statement of Comprehensive Income Key Data | Metric | Six Months Ended June 30, 2025 (HK$ million) | Six Months Ended June 30, 2024 (HK$ million) | Change | | :--- | :--- | :--- | :--- | | Loss for the Period | (56.5) | (169.0) | -66.6% | | Exchange Differences on Translation of Overseas Operations | 51.5 | (40.9) | From Loss to Gain | | Fair Value Change of Equity Investments Designated at Fair Value Through Other Comprehensive Income | (0.8) | 3.6 | From Gain to Loss | | Total Comprehensive Loss for the Period | (5.8) | (206.3) | -97.2% | [Condensed Consolidated Statement of Financial Position](index=16&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets slightly increased, but net current assets decreased; non-current liabilities significantly reduced, leading to an increase in net assets Condensed Consolidated Statement of Financial Position Key Data | Metric | June 30, 2025 (HK$ million) | December 31, 2024 (HK$ million) | Change | | :--- | :--- | :--- | :--- | | Total Non-Current Assets | 203.4 | 196.0 | +3.8% | | Total Current Assets | 3,123.5 | 3,107.5 | +0.5% | | Total Current Liabilities | (1,186.4) | (925.6) | +28.2% | | Net Current Assets | 1,937.1 | 2,181.9 | -11.3% | | Total Non-Current Liabilities | (1,406.4) | (1,696.8) | -17.1% | | Net Assets | 734.1 | 681.1 | +7.8% | | Total Equity Attributable to Owners of the Parent | 730.0 | 681.1 | +7.2% | [Condensed Consolidated Statement of Changes in Equity](index=18&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, total equity attributable to owners of the parent increased from HK$681.1 million to HK$730 million, mainly due to a reduced total comprehensive loss for the period and a deemed disposal of interest in a subsidiary Condensed Consolidated Statement of Changes in Equity Key Data | Metric | January 1, 2025 (HK$ million) | June 30, 2025 (HK$ million) | Change | | :--- | :--- | :--- | :--- | | Total Equity Attributable to Owners of the Parent | 681.1 | 730.0 | +7.2% | | Total Comprehensive Loss for the Period | (5.8) | (5.8) | N/A | | Deemed Disposal of Interest in a Subsidiary | N/A | 54.7 | N/A | [Condensed Consolidated Statement of Cash Flows](index=20&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash flow used in operating activities significantly decreased, net cash flow from investing activities decreased, and net cash flow from financing activities increased, resulting in a slight decrease in cash and cash equivalents at period-end Condensed Consolidated Statement of Cash Flows Key Data | Metric | Six Months Ended June 30, 2025 (HK$ million) | Six Months Ended June 30, 2024 (HK$ million) | Change | | :--- | :--- | :--- | :--- | | Net Cash Flow Used in Operating Activities | (73.3) | (157.7) | Decreased by 53.5% | | Net Cash Flow from Investing Activities | 3.0 | 22.8 | Decreased by 86.9% | | Net Cash Flow from Financing Activities | 66.7 | 138.6 | Decreased by 51.9% | | Net Increase (Decrease) in Cash and Cash Equivalents | (3.6) | 3.7 | From Increase to Decrease | | Cash and Cash Equivalents at End of Period | 8.2 | 17.4 | Decreased by 52.9% | [Notes to the Condensed Consolidated Financial Statements](index=21&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) [1. Basis of Preparation and Accounting Policies](index=21&type=section&id=1.%20Basis%20of%20Preparation%20and%20Accounting%20Policies) The condensed consolidated financial statements are prepared under HKAS 34, consistent with 2024 annual statements, except for the initial adoption of HKAS 21 amendments, which had no impact; the Group assumes going concern and has sufficient working capital for the next 12 months - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 issued by the Hong Kong Institute of Certified Public Accountants[58](index=58&type=chunk) - The initial adoption of amendments to Hong Kong Accounting Standard 21 had no impact on the condensed consolidated financial statements, as the Group's transaction currency is convertible with its functional currency[59](index=59&type=chunk) - The Group prepares its financial statements on a going concern basis, believing it has sufficient working capital to support operations for the next 12 months, considering cash flows, property promotion plans, and share placement[59](index=59&type=chunk)[61](index=61&type=chunk) [2. Segment Information](index=21&type=section&id=2.%20Segment%20Information) The Group's business is divided into property development and investment and financial asset investment, with management independently monitoring and assessing segment performance based on adjusted profit/loss before tax - The Group's business is divided into two segments: property development and investment, and financial asset investment[61](index=61&type=chunk) - Segment performance is assessed based on adjusted profit/loss before tax, excluding certain interest income, non-lease related finance costs, and head office/corporate income and expenses[60](index=60&type=chunk) Business Segment Revenue and Results | Metric | Property Development and Investment (Six Months Ended June 30, 2025) (HK$ million) | Property Development and Investment (Six Months Ended June 30, 2024) (HK$ million) | Financial Asset Investment (Six Months Ended June 30, 2025) (HK$ million) | Financial Asset Investment (Six Months Ended June 30, 2024) (HK$ million) | Consolidated (Six Months Ended June 30, 2025) (HK$ million) | Consolidated (Six Months Ended June 30, 2024) (HK$ million) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue from Customers | 15.0 | 313.5 | 1.0 | 0.8 | 16.0 | 314.3 | | Segment Results Before Depreciation | (11.9) | (12.1) | 1.3 | (10.9) | (10.6) | (23.0) | | Loss from Operations | N/A | N/A | N/A | N/A | (21.2) | (36.0) | | Loss Before Tax | N/A | N/A | N/A | N/A | (60.2) | (75.3) | | Loss for the Period | N/A | N/A | N/A | N/A | (56.5) | (169.0) | [3. Revenue, Other Income and Gains](index=23&type=section&id=3.%20Revenue,%20Other%20Income%20and%20Gains) For the six months ended June 30, 2025, total revenue significantly decreased to HK$16 million, primarily due to a sharp decline in proceeds from property sales; other income and gains also fell from HK$5.9 million to HK$1.7 million Revenue, Other Income and Gains Analysis | Metric | Six Months Ended June 30, 2025 (HK$ million) | Six Months Ended June 30, 2024 (HK$ million) | Change | | :--- | :--- | :--- | :--- | | **Revenue** | | | | | Proceeds from Property Sales | 13.9 | 312.8 | -95.6% | | Rental Income | 1.1 | 0.7 | +57.1% | | Net Gain on Disposal of Financial Assets at Fair Value Through Profit or Loss | 0.4 | – | N/A | | Dividend Income from Listed Investments | 0.6 | 0.8 | -25.0% | | **Total Revenue** | **16.0** | **314.3** | **-94.9%** | | **Other Income and Gains** | | | | | Bank Interest Income | – | 0.1 | -100% | | Other Interest Income | 1.6 | – | N/A | | Gain on Disposal of Items of Property, Plant and Equipment | 0.1 | – | N/A | | Others | – | 5.8 | -100% | | **Total Other Income and Gains** | **1.7** | **5.9** | **-71.2%** | - All revenue from customer contracts is derived from property sales within the property development and investment segment in Mainland China, recognized at a point in time[65](index=65&type=chunk) [4. Analysis of the Group's Profit on Disposal of Properties and Depreciation](index=24&type=section&id=4.%20Analysis%20of%20the%20Group's%20Profit%20on%20Disposal%20of%20Properties%20and%20Depreciation) For the six months ended June 30, 2025, net profit on disposal of properties was HK$0.4 million, and total depreciation was HK$0.3 million Profit on Disposal of Properties and Depreciation | Metric | Six Months Ended June 30, 2025 (HK$ million) | Six Months Ended June 30, 2024 (HK$ million) | | :--- | :--- | :--- | | Profit on Disposal of Properties (Net) | 0.4 | 0.1 | | Depreciation of Property, Plant and Equipment | 0.3 | 0.4 | | Depreciation of Right-of-Use Assets | – | 0.2 | | **Total Depreciation** | **0.3** | **0.6** | [5. Finance Costs](index=24&type=section&id=5.%20Finance%20Costs) For the six months ended June 30, 2025, total finance costs were HK$39 million, largely consistent with the prior period, primarily comprising interest on other borrowings Finance Costs Composition | Metric | Six Months Ended June 30, 2025 (HK$ million) | Six Months Ended June 30, 2024 (HK$ million) | | :--- | :--- | :--- | | Interest on Bank Loans | 0.2 | 0.4 | | Interest on Convertible Notes | 1.7 | 1.7 | | Interest on Other Borrowings | 37.1 | 37.2 | | **Total** | **39.0** | **39.3** | [6. Income Tax](index=25&type=section&id=6.%20Income%20Tax) For the six months ended June 30, 2025, the Group recorded an income tax credit of HK$3.7 million, compared to a tax expense of HK$93.7 million in the prior period, mainly due to a shift from land appreciation tax expense to credit Income Tax Expense (Credit) | Metric | Six Months Ended June 30, 2025 (HK$ million) | Six Months Ended June 30, 2024 (HK$ million) | Change | | :--- | :--- | :--- | :--- | | Current - China Corporate Income Tax | – | 6.4 | -100% | | Underprovision in Prior Years | 0.3 | – | N/A | | Land Appreciation Tax | (3.0) | 78.6 | From Expense to Credit | | Deferred Tax | (1.0) | 8.7 | From Expense to Credit | | **Total Tax Expense (Credit) for the Period** | **(3.7)** | **93.7** | **From Expense to Credit** | - The Group did not generate any assessable profits in Hong Kong during the period, hence no Hong Kong profits tax provision was made[68](index=68&type=chunk) - China Land Appreciation Tax is levied at progressive rates from **30% to 60%** on the appreciation value derived from the sale or transfer of state-owned land use rights, buildings, and their ancillary facilities[69](index=69&type=chunk) [7. Dividends](index=25&type=section&id=7.%20Dividends) For the six months ended June 30, 2025, the company neither paid nor declared any dividends - For the six months ended June 30, 2025, the company neither paid nor declared any dividends[71](index=71&type=chunk) [8. Loss Per Share Attributable to Owners of the Parent](index=26&type=section&id=8.%20Loss%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Parent) For the six months ended June 30, 2025, basic and diluted loss per share attributable to owners of the parent was HK$(3.84) cents, a significant narrowing from HK$(11.50) cents in the prior period; no adjustment was made for diluted loss due to the anti-dilutive effect of convertible notes Loss Per Share | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Loss Attributable to Owners of the Parent (HK$ million) | (56.5) | (169.0) | -66.6% | | Weighted Average Number of Shares in Issue (shares) | 1,469,200,000 | 1,469,200,000 | N/A | | Basic and Diluted Loss Per Share | HK$(3.84) cents | HK$(11.50) cents | -66.6% | - Unconverted convertible notes had an anti-dilutive effect on loss per share, so no adjustment was made for diluted loss[72](index=72&type=chunk) [9. Deposits, Prepayments and Other Assets](index=26&type=section&id=9.%20Deposits,%20Prepayments%20and%20Other%20Assets) As of June 30, 2025, non-current prepayments increased to HK$152.5 million, mainly related to Xinjiang afforestation project costs; current deposits, prepayments, and other assets increased to HK$165.1 million, including HK$132.2 million from redeemed financial assets Deposits, Prepayments and Other Assets | Metric | June 30, 2025 (HK$ million) | December 31, 2024 (HK$ million) | Change | | :--- | :--- | :--- | :--- | | Non-Current Prepayments | 152.5 | 144.3 | +5.7% | | Current Deposits, Prepayments and Other Assets | 165.1 | 156.0 | +5.8% | | Of which: Trade Receivables from Customers | 0.9 | 0.5 | +80.0% | | Of which: Other Receivables (including proceeds from redeemed financial assets) | 138.0 | 135.8 | +1.6% | - Non-current prepayments are mainly related to afforestation project costs in Urumqi, Xinjiang, China; the Group's legal rights remain valid, and costs are expected to be fully recovered[75](index=75&type=chunk) - Current other receivables include **HK$132.2 million** in proceeds from the redemption of certain financial assets[76](index=76&type=chunk) [10. Accounts Payable and Accruals](index=28&type=section&id=10.%20Accounts%20Payable%20and%20Accruals) As of June 30, 2025, non-current accounts payable and accruals remained stable, while current accounts payable and accruals totaled HK$271.8 million, a decrease from December 31, 2024, mainly due to reduced accounts payable Accounts Payable and Accruals | Metric | June 30, 2025 (HK$ million) | December 31, 2024 (HK$ million) | Change | | :--- | :--- | :--- | :--- | | Non-Current Accounts Payable and Accruals | 25.8 | 25.8 | 0% | | Current Accounts Payable and Accruals | 271.8 | 325.3 | -16.5% | | Of which: Accounts Payable | 222.2 | 303.3 | -26.7% | | Of which: Amounts Due to Fellow Subsidiaries | 42.4 | 12.6 | +236.5% | - Of the current amounts due to fellow subsidiaries, **HK$33.7 million** represents accrued interest from other borrowings, secured by equity interests in holding companies related to property development projects, repayable within one year[78](index=78&type=chunk) [11. Interest-Bearing Bank Borrowings](index=28&type=section&id=11.%20Interest-Bearing%20Bank%20Borrowings) As of June 30, 2025, the Group had no interest-bearing bank borrowings, while on December 31, 2024, HK$12.5 million in bank loans were repayable within one year Interest-Bearing Bank Borrowings | Metric | June 30, 2025 (HK$ million) | December 31, 2024 (HK$ million) | | :--- | :--- | :--- | | Bank Loans Repayable Within One Year | – | 12.5 | - Bank borrowings as of December 31, 2024, were secured by **HK$27.2 million** in bank balances and financial assets at fair value through profit or loss, bearing interest at HIBOR plus **1.25%** per annum[77](index=77&type=chunk) [12. Other Borrowings](index=29&type=section&id=12.%20Other%20Borrowings) As of June 30, 2025, total other borrowings increased to HK$1.398 billion, primarily comprising secured notes and loans from fellow subsidiaries and independent third parties; HK$541 million is repayable within one year, and HK$857 million is repayable in years three to five Other Borrowings Composition and Repayment Terms | Metric | June 30, 2025 (HK$ million) | December 31, 2024 (HK$ million) | Change | | :--- | :--- | :--- | :--- | | Secured Notes | 468.0 | 468.0 | 0% | | Other Loans | 930.0 | 857.0 | +8.5% | | **Total** | **1,398.0** | **1,325.0** | **+5.5%** | | Repayable Within One Year | 541.0 | 156.0 | +246.8% | | Repayable in the Second Year | – | 312.0 | -100% | | Repayable in the Third to Fifth Years | 857.0 | 857.0 | 0% | - Secured notes include **US$20 million** unsecured notes A (HIBOR plus **0.6%**) issued in September 2022 and **US$40 million** secured notes B (HIBOR plus **3.11%**) issued in April 2023[79](index=79&type=chunk) - Other loans include term loans and revolving loans from fellow subsidiaries (**HK$857 million**) and revolving loans from independent third parties (**HK$73 million**)[81](index=81&type=chunk) [13. Amounts Due to Related Companies](index=30&type=section&id=13.%20Amounts%20Due%20to%20Related%20Companies) As of June 30, 2025, amounts due to related companies were unsecured, interest-free, and not repayable within one year - Amounts due to related companies are unsecured, interest-free, and not repayable within one year[82](index=82&type=chunk) [14. Convertible Notes](index=30&type=section&id=14.%20Convertible%20Notes) The company issued HK$148.2 million principal amount of 2053 convertible notes on December 4, 2023, with a 2% annual coupon rate and an initial conversion price of HK$0.10 per share; as of June 30, 2025, the outstanding principal was HK$136.2 million - The company issued **HK$148.2 million** principal amount of 2053 convertible notes on December 4, 2023, for issuing bonus shares to shareholders[83](index=83&type=chunk)[84](index=84&type=chunk) - The notes bear an annual coupon rate of **2%**, payable annually, with an initial conversion price of **HK$0.10 per share**, convertible until December 4, 2053[84](index=84&type=chunk) - As of June 30, 2025, the outstanding principal amount was **HK$136.2 million**, convertible into **1,362,226,414 ordinary shares**[84](index=84&type=chunk) [15. Related Party Transactions](index=31&type=section&id=15.%20Related%20Party%20Transactions) For the six months ended June 30, 2025, the Group's related party transactions primarily included management fees paid to a wholly-owned subsidiary of Century City International Holdings Limited, and interest expenses on other borrowings and convertible notes paid to subsidiaries of Paliburg Holdings Limited Related Party Transactions | Related Party | Transaction Type | Six Months Ended June 30, 2025 (HK$ million) | Six Months Ended June 30, 2024 (HK$ million) | | :--- | :--- | :--- | :--- | | Wholly-owned subsidiary of Century City International Holdings Limited | Management Fees | 4.8 | 5.0 | | Subsidiaries of Paliburg Holdings Limited | Interest Expense on Other Borrowings | 21.8 | 21.3 | | Subsidiaries of Paliburg Holdings Limited | Interest Expense on Convertible Notes | 1.7 | 1.7 | - Total compensation for the Group's key management personnel was **HK$3.1 million** (short-term employee benefits) and **HK$0.2 million** (contributions to employee retirement schemes), consistent with the prior period[86](index=86&type=chunk) [16. Commitments](index=31&type=section&id=16.%20Commitments) As of June 30, 2025, the Group's contractual commitments for property development projects were HK$91.3 million, a slight increase from December 31, 2024 Capital Commitments | Metric | June 30, 2025 (HK$ million) | December 31, 2024 (HK$ million) | Change | | :--- | :--- | :--- | :--- | | Property Development Projects | 91.3 | 89.2 | +2.4% | [17. Pledge of Assets](index=32&type=section&id=17.%20Pledge%20of%20Assets) The Group has pledged equity interests in companies holding certain property project interests to secure other debts and related accrued interest; as of December 31, 2024, some bank deposits and financial assets were also pledged - The Group has pledged equity interests in companies holding certain property project interests to secure other debts and related accrued interest[88](index=88&type=chunk) - As of December 31, 2024, **HK$27.2 million** in bank deposits and financial assets at fair value through profit or loss were pledged to secure general bank loans[88](index=88&type=chunk) [18. Contingent Liabilities](index=32&type=section&id=18.%20Contingent%20Liabilities) As of June 30, 2025, the Group provided mortgage financing guarantees of approximately RMB137.9 million (HK$150.9 million) for certain property buyers, a decrease from December 31, 2024; management believes the net realizable value of the properties is sufficient to cover potential default risks Contingent Liabilities (Mortgage Financing Guarantees) | Metric | June 30, 2025 (RMB million) | June 30, 2025 (HK$ million) | December 31, 2024 (RMB million) | December 31, 2024 (HK$ million) | Change (HK$) | | :--- | :--- | :--- | :--- | :--- | :--- | | Mortgage Financing Guarantees | 137.9 | 150.9 | 161.9 | 171.8 | -12.2% | - The guarantee period extends from the date of mortgage loan grant until the issuance of the property ownership certificate and completion of mortgage registration, typically one to two years after buyer occupation[89](index=89&type=chunk) - Management believes that in the event of payment default, the net realizable value of the properties would cover the repayment of outstanding mortgage principal, accrued interest, and penalties[89](index=89&type=chunk) [19. Fair Value and Fair Value Hierarchy of Financial Instruments](index=32&type=section&id=19.%20Fair%20Value%20and%20Fair%20Value%20Hierarchy%20of%20Financial%20Instruments) As of June 30, 2025, the carrying amounts of the Group's financial assets and liabilities approximated their fair values; fair values of listed equity investments are determined by market quotes, while unlisted equity investments are based on management's estimates of future returns; no changes in Level 3 fair value measurements or transfers between fair value hierarchy levels occurred during the period - As of the end of the reporting period, the carrying amounts of the Group's financial assets and financial liabilities approximated their fair values[90](index=90&type=chunk) - Fair values of listed equity investments are determined by quoted market prices, while unlisted equity investments are determined by management's estimates of future returns[91](index=91&type=chunk) Assets Measured at Fair Value | Metric | June 30, 2025 (HK$ million) | December 31, 2024 (HK$ million) | | :--- | :--- | :--- | | Listed Equity Investments Designated at Fair Value Through Other Comprehensive Income | 4.0 | 4.8 | | Listed Equity Investments at Fair Value Through Profit or Loss | 4.3 | 29.6 | | **Total** | **8.3** | **34.4** | - During the period, there were no changes in Level 3 fair value measurements, nor any transfers into or out of Level 3, or between Level 1 and Level 2, for financial asset fair value measurements[93](index=93&type=chunk)[94](index=94&type=chunk) [20. Events After the Reporting Period](index=34&type=section&id=20.%20Events%20After%20the%20Reporting%20Period) After the reporting period, on July 31, 2025, the company entered into a placing agreement with a placing agent to place up to 100 million new ordinary shares at HK$0.108 per share, which was completed on August 15, 2025 - On July 31, 2025, the company entered into a placing agreement with a placing agent to place up to **100 million new ordinary shares** at **HK$0.108 per share**[96](index=96&type=chunk) - The placing was formally completed on August 15, 2025[96](index=96&type=chunk) [21. Comparative Amounts](index=34&type=section&id=21.%20Comparative%20Amounts) Certain comparative amounts have been reclassified to conform with the current period's presentation, with no impact on total equity or loss for the period - Certain comparative amounts have been reclassified to conform with the current period's presentation[97](index=97&type=chunk) - These reclassifications had no impact on the Group's total equity as of June 30, 2025, and December 31, 2024, or on the loss for the six months ended June 30, 2025, and 2024[97](index=97&type=chunk) [22. Approval of the Unaudited Condensed Consolidated Financial Statements](index=34&type=section&id=22.%20Approval%20of%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The unaudited condensed consolidated financial statements were approved and authorized for issue by the Board of Directors on August 27, 2025 - The unaudited condensed consolidated financial statements were approved and authorized for issue by the Board of Directors on August 27, 2025[98](index=98&type=chunk) [Other Information](index=35&type=section&id=Other%20Information) [Directors' Interests in Shares](index=35&type=section&id=Directors'%20Interests%20in%20Shares) This section details the interests and short positions of the company's directors and chief executive in the company's and its associated corporations' (Century City, Paliburg, Regal, Regal REIT) shares, underlying shares, and debentures as of June 30, 2025; Mr. Lo Yuk Sui holds the largest interest in the company - Mr. Lo Yuk Sui holds **871,504,279 issued ordinary shares** (corporate interest) and **1,591,775,147 unissued ordinary shares** (derivative interest) in the company, totaling approximately **198.71%** of issued shares[99](index=99&type=chunk) - Mr. Lo Chun To holds **680,730 issued ordinary shares** (personal interest) in the company, representing approximately **0.05%**[99](index=99&type=chunk) - Ms. Lo Po Man holds **414,000 issued ordinary shares** (personal interest) in the company, representing approximately **0.03%**[99](index=99&type=chunk) - Mr. Lo Yuk Sui also holds significant interests in Century City, Paliburg, Regal, and Regal REIT[99](index=99&type=chunk)[101](index=101&type=chunk)[105](index=105&type=chunk) [Substantial Shareholders' Interests in Shares](index=38&type=section&id=Substantial%20Shareholders'%20Interests%20in%20Shares) This section discloses the interests or short positions of substantial shareholders (not directors or chief executive) in the company's shares and underlying shares as of June 30, 2025, showing significant holdings by related parties such as YSL Int'l, Grand Modern, Century City, Paliburg, and Regal Substantial Shareholders' Interests in the Company's Ordinary Shares | Name of Substantial Shareholder | Number of Issued Ordinary Shares Held (shares) | Number of Underlying (Unissued) Ordinary Shares Held (shares) | Total (shares) | Approximate Percentage of Issued Ordinary Shares | | :--- | :--- | :--- | :--- | :--- | | YSL Int'l | 871,504,279 | 1,591,775,147 | 2,463,279,426 | 198.71% | | Grand Modern Investments Limited | 871,504,279 | 1,591,775,147 | 2,463,279,426 | 198.71% | | Century City | 871,504,279 | 1,591,775,147 | 2,463,279,426 | 198.71% | | Paliburg | 871,504,279 | 1,591,775,147 | 2,463,279,426 | 198.71% | | Regal | 818,170,947 | 1,485,108,483 | 2,303,279,430 | 185.81% | - The interests of substantial shareholders such as YSL Int'l, Grand Modern, Century City, Paliburg, and Regal are interconnected through layers of control, ultimately linked to Mr. Lo Yuk Sui's interests[109](index=109&type=chunk) [Changes in Directors' Information](index=40&type=section&id=Changes%20in%20Directors'%20Information) This section discloses changes in the positions of independent non-executive directors Mr. Li Ka Fai and Mr. Shih Lai Him since the publication of the 2024 annual report - Independent non-executive director Mr. Li Ka Fai resigned as an independent non-executive director of China Merchants Port Holdings Company Limited, effective July 1, 2025[116](index=116&type=chunk) - Independent non-executive director Mr. Shih Lai Him was appointed Chairman and non-executive director of KWG Living Group Holdings Limited, effective June 6, 2025[116](index=116&type=chunk) [Corporate Governance](index=40&type=section&id=Corporate%20Governance) The company complied with the Corporate Governance Code in Appendix C1 of the Listing Rules during the review period, though the roles of Chairman and Chief Executive Officer were not separated; directors confirmed compliance with the Model Code for Securities Transactions - The company complied with the code provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules for the six months ended June 30, 2025[113](index=113&type=chunk) - The roles of Chairman and Chief Executive Officer are not separated and are not held by two different individuals, to suit the practical needs of the Group's corporate operational structure[113](index=113&type=chunk) - Directors confirmed compliance with the Model Code for Securities Transactions by Directors of Listed Issuers during the review period[114](index=114&type=chunk) [Corporate Governance Code](index=40&type=section&id=Corporate%20Governance%20Code) The company complied with the Corporate Governance Code, but the roles of Chairman and Chief Executive Officer were not separated - The company complied with the Corporate Governance Code, but the roles of Chairman and Chief Executive Officer were not separated[113](index=113&type=chunk) [Model Code for Securities Transactions by Directors](index=40&type=section&id=Model%20Code%20for%20Securities%20Transactions%20by%20Directors) Directors confirmed continuous compliance with the Model Code for Securities Transactions by Directors of Listed Issuers during the review period - Directors confirmed continuous compliance with the Model Code for Securities Transactions by Directors of Listed Issuers for the six months ended June 30, 2025[114](index=114&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=41&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities, and the company held no treasury shares - For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[117](index=117&type=chunk) - As of June 30, 2025, the company held no treasury shares[117](index=117&type=chunk) [Review of Results](index=41&type=section&id=Review%20of%20Results) The company's Audit Committee reviewed and discussed the Group's accounting standards, audit, internal controls, and financial reporting matters, including the unaudited condensed consolidated financial statements for the six months ended June 30, 2025, with management and external auditors - The Audit Committee reviewed and discussed the Group's accounting standards, audit, internal controls, and financial reporting matters with management and external auditors[118](index=118&type=chunk) - The review included the unaudited condensed consolidated financial statements for the six months ended June 30, 2025[118](index=118&type=chunk) [Review Report on Interim Financial Information](index=42&type=section&id=Review%20Report%20on%20Interim%20Financial%20Information) Ernst & Young reviewed the company's interim financial information in accordance with Hong Kong Standard on Review Engagements 2410, concluding that nothing came to their attention to suggest the interim financial information was not prepared in all material respects in accordance with HKAS 34 - Ernst & Young reviewed the company's interim financial information for the six months ended June 30, 2025[120](index=120&type=chunk) - The review was conducted in accordance with Hong Kong Standard on Review Engagements 2410 issued by the Hong Kong Institute of Certified Public Accountants[121](index=121&type=chunk) - The conclusion is that nothing came to their attention to suggest the interim financial information was not prepared in all material respects in accordance with Hong Kong Accounting Standard 34[122](index=122&type=chunk)

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: Cosmopolitan International Holdings Limited (四海國際集團有限公司) (於開曼群島註冊成立之有限公司) (「本公司」) 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 | 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) | 00120 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 12,060,239,047 | HKD | | 0.02 | HKD | | 241,204,780.96 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | ...

Group 1 - The company reported a revenue of HKD 16 million for the six months ending June 30, 2025, representing a year-on-year decrease of 94.9% [1] - The loss attributable to equity holders of the parent company was HKD 56.5 million, a year-on-year decrease of 66.6% [1] - The loss per share was HKD 0.0384 [1] Group 2 - The reduction in the attributable loss was primarily due to a decrease in tax expenses [1]

Core Viewpoint - COSMOPOL INT'L (00120) reported a significant decline in revenue and an increase in losses for the six months ending June 30, 2025, indicating ongoing financial challenges for the company [1] Financial Performance - The company achieved revenue of HKD 16 million, a decrease of 94.9% year-on-year [1] - The loss attributable to equity holders of the parent company was HKD 56.5 million, a reduction of 66.6% compared to the previous year [1] - The loss per share was HKD 0.0384 [1] Factors Influencing Performance - The reduction in the attributable loss was primarily due to a decrease in tax expenses [1]

Performance Summary [Financial and Business Highlights](index=1&type=section&id=Financial%20and%20Business%20Highlights) H1 2025 saw a sharp revenue decline, but gross profit improved, and operating and attributable losses significantly narrowed Financial Summary for the Six Months Ended June 30, 2025 | Indicator | As of June 30, 2025 (HKD million) | As of June 30, 2024 (HKD million) | % Change | | :--- | :--- | :--- | :--- | | Revenue | 16.0 | 314.3 | -94.9% | | Gross profit | 2.3 | 1.4 | +64.3% | | Operating loss before depreciation, finance costs and tax | (20.9) | (35.4) | -41.0% | | Loss attributable to owners of the parent | (56.5) | (169.0) | -66.6% | | Basic loss per share attributable to owners of the parent | HKD (3.84) cents | HKD (11.50) cents | -66.6% | | Net asset value per share attributable to owners of the parent (Basic) | HKD 0.50 | HKD 0.46 | +8.7% | | Net asset value per share attributable to owners of the parent (Fully diluted) | HKD 0.27 | HKD 0.25 | +8.0% | [Consolidated Results Overview](index=2&type=section&id=Consolidated%20Results%20Overview) H1 2025 loss significantly narrowed due to reduced tax expenses, despite slow property sales in a weak Chinese market - The Group's loss attributable to shareholders decreased from **HKD 169.0 million** in the same period of 2024 to **HKD 56.5 million** in 2025, primarily due to reduced tax expenses[5](index=5&type=chunk)[6](index=6&type=chunk) - The overall property market in China remained weak, resulting in slow property sales for the Group's two integrated development projects in Chengdu and Tianjin, primarily comprising commercial and retail components[5](index=5&type=chunk)[7](index=7&type=chunk) - All development works for the Chengdu Regal International New City project are substantially complete, with completion certificates issued for the last four office towers and the shopping mall, and the Group is actively planning to sell the remaining units[5](index=5&type=chunk)[7](index=7&type=chunk) Management Discussion and Analysis [Business Review](index=4&type=section&id=Business%20Review) The Group primarily engages in property development and investment in China, with projects nearing completion and active efforts to sell remaining units, alongside other strategic investments - The Group's principal activities are property development and investment (mainly in China), and other investments such as financial assets[10](index=10&type=chunk) - The persistent weakness in China's property market has impacted the sales progress of properties in Chengdu and Tianjin[7](index=7&type=chunk)[13](index=13&type=chunk)[14](index=14&type=chunk) - The Group exercised its redemption right in September 2024 and received approximately **HKD 132.2 million** in redemption proceeds for Interra Acquisition Corporation Class A shares in October 2024[16](index=16&type=chunk) [Property Development](index=4&type=section&id=Property%20Development) The Group's China property projects, including Chengdu, Tianjin, and Xinjiang, are largely complete, with ongoing sales efforts for remaining units despite a weak market - All development works for the Chengdu Regal International New City project are substantially complete, including the hotel, commercial complex, and office towers, with active plans to sell remaining units[12](index=12&type=chunk) - Sales progress for Chengdu project office and retail units is slow, with approximately **15,017 square meters** of office units and **274 square meters** of retail units sold, generating total sales proceeds of **RMB 128.9 million** and **RMB 8.1 million** respectively[12](index=12&type=chunk)[13](index=13&type=chunk) - All residential units in the Tianjin Regal New Gate project have been sold, while sales of the remaining commercial complex and office towers are affected by a weak market, with a total area of **16,050 square meters** of retail units sold, generating total sales proceeds of approximately **RMB 374.1 million**[14](index=14&type=chunk) - The Xinjiang afforestation project has completed afforestation on approximately **4,300 mu** of land, and its legal rights remain valid, with future prospects for obtaining real estate development rights or monetary compensation for approximately **1,843 mu** of land[15](index=15&type=chunk)[45](index=45&type=chunk) [Chengdu Project—Regal International New City](index=4&type=section&id=Chengdu%20Project%E2%80%94Regal%20International%20New%20City) Chengdu project residential units are sold, with retail and parking sales ongoing; commercial and office unit sales are slow, leading to revised sales plans - Phase 3 residential units of the Chengdu project were sold in previous years, generating total sales revenue of approximately **RMB 2,048.3 million**[11](index=11&type=chunk) - Retail unit sales amounted to **4,002 square meters**, with total sales proceeds of approximately **RMB 93.2 million**; **548 parking spaces** have been sold or contracted for sale, generating total sales revenue of approximately **RMB 56.3 million**[11](index=11&type=chunk) - The hotel property obtained its completion certificate in January 2024 and its property ownership certificate in January 2025[12](index=12&type=chunk) - The remaining commercial components (including the commercial complex and five office towers) are substantially complete, but sales of office and retail units are slow, and the Group is actively revising its sales plan[12](index=12&type=chunk)[13](index=13&type=chunk) [Tianjin Project—Regal New Gate](index=5&type=section&id=Tianjin%20Project%E2%80%94Regal%20New%20Gate) All residential units in the Tianjin project are sold, with ongoing retail sales, but remaining office towers face a weak market, requiring continued monitoring for timely sales - All residential units in the Tianjin project have been sold, and retail unit sales within the commercial complex totaled **16,050 square meters**, with total sales proceeds of approximately **RMB 374.1 million**[14](index=14&type=chunk) - The remaining components primarily include two office towers, and the overall market conditions for the Tianjin real estate industry remain weak, particularly for commercial properties[14](index=14&type=chunk) [Xinjiang Project](index=6&type=section&id=Xinjiang%20Project) The Xinjiang project involves afforestation on 7,600 mu, with 4,300 mu completed and 1,843 mu for development, where the Group's legal rights for compensation remain valid - The Xinjiang project has completed afforestation on approximately **4,300 mu** of land, with an estimated **1,843 mu** available for real estate development, and the Group is entitled to participate in bidding and receive compensation for afforestation costs[15](index=15&type=chunk) - Based on legal opinions obtained, the Group's legitimate rights and interests under the relevant afforestation contracts remain legally valid and effective[15](index=15&type=chunk) [Other Investments](index=6&type=section&id=Other%20Investments) The Group invested in Interra Acquisition Corporation's Class A shares, which were redeemed in September 2024, yielding HKD 132.2 million in October - The Group previously subscribed for **12,210,000 Class A shares** of Interra Acquisition Corporation at a subscription price of approximately **HKD 122.1 million**[16](index=16&type=chunk) - The redemption right was exercised in September 2024, and approximately **HKD 132.2 million** in redemption proceeds was received in October 2024[16](index=16&type=chunk) [Outlook](index=4&type=section&id=Outlook) The Board expects continued government support for China's property sector, anticipating substantial revenue from remaining Chengdu and Tianjin properties upon market recovery - The central government is expected to continue introducing supportive fiscal policies and administrative measures to stabilize China's property sector and reverse the downward trend[9](index=9&type=chunk) - The Board is optimistic that the remaining properties in the Chengdu and Tianjin development projects will generate substantial revenue upon the recovery of China's commercial property market[9](index=9&type=chunk) [Financial Review](index=6&type=section&id=Financial%20Review) Net assets increased, but cash decreased, with higher total debt and gearing; operating cash flow improved, finance costs were stable, and no dividends were declared [Asset Value](index=6&type=section&id=Asset%20Value) As of June 30, 2025, net assets attributable to owners were HKD 730.0 million, or HKD 0.50 per share, with fully diluted net assets at HKD 0.27 per share Overview of Net Assets | Indicator | As of June 30, 2025 (HKD million) | | :--- | :--- | | Net assets attributable to owners of the parent | 730.0 | | Net asset value per share (Basic) | HKD 0.50 | | Net asset value per share (Fully diluted) | HKD 0.27 | [Capital Resources and Funding](index=7&type=section&id=Capital%20Resources%20and%20Funding) The Group maintains prudent financial policies, extending HKD 857.0 million loan facilities to 2027 to align with project sales, funding development costs internally and through pre-sales - The Group adopts prudent funding and financial policies, with cash balances primarily held in banks[18](index=18&type=chunk) - A supplemental agreement was entered into with Regal Group to extend the repayment date for loan facilities totaling **HKD 857.0 million** from October 12, 2024, to October 12, 2027, to align with the sales progress of development projects[19](index=19&type=chunk) - Construction and related costs for property development projects are primarily funded by internal resources, proceeds from pre-sale units, and loan facilities granted by Regal Group[19](index=19&type=chunk) [Cash Flow](index=7&type=section&id=Cash%20Flow) Net cash used in operating activities for H1 2025 improved to HKD 73.3 million, with net interest expenses remaining stable Cash Flow Overview | Indicator | As of June 30, 2025 (HKD million) | As of June 30, 2024 (HKD million) | | :--- | :--- | :--- | | Net cash flow used in operating activities | 73.3 | 157.7 | | Net interest expenses | 12.4 | 12.8 | [Debt and Gearing Ratio](index=7&type=section&id=Debt%20and%20Gearing%20Ratio) As of June 30, 2025, cash decreased, total debt net of cash rose to HKD 1,403.7 million, and the gearing ratio increased to 42.2% Debt and Gearing Ratio Overview | Indicator | As of June 30, 2025 (HKD million) | As of December 31, 2024 (HKD million) | | :--- | :--- | :--- | | Cash and bank balances together with time deposits | 35.0 | 52.5 | | Total debt net of cash | 1,403.7 | 1,324.0 | | Gearing ratio | 42.2% | 40.1% | | Total assets | 3,326.9 | 3,303.5 | [Lease Liabilities](index=8&type=section&id=Lease%20Liabilities) As of June 30, 2025, the Group had no lease liabilities, consistent with the prior year-end position - As of June 30, 2025, the Group had no lease liabilities[23](index=23&type=chunk) [Pledge of Assets](index=8&type=section&id=Pledge%20of%20Assets) The Group pledged equity interests in property project companies to secure debts, with certain bank deposits and financial assets also pledged for banking facilities - The Group has pledged equity interests in companies holding interests in certain property projects to secure its other debts[24](index=24&type=chunk) - As of December 31, 2024, bank deposits of **HKD 27.2 million** and financial assets at fair value through profit or loss were pledged to secure general banking facilities[24](index=24&type=chunk) [Capital Commitments](index=8&type=section&id=Capital%20Commitments) Details of the Group's capital commitments as of June 30, 2025, are presented in the interim financial statements - Details of the Group's capital commitments as of June 30, 2025, are set out in the interim financial statements[25](index=25&type=chunk) [Contingent Liabilities](index=8&type=section&id=Contingent%20Liabilities) Details of the Group's contingent liabilities as of June 30, 2025, are presented in the interim financial statements - Details of the Group's contingent liabilities as of June 30, 2025, are set out in the interim financial statements[26](index=26&type=chunk) [Dividends](index=8&type=section&id=Dividends) The Board resolved not to declare an interim dividend for the financial year ending December 31, 2025, consistent with 2024 - The Board resolved not to declare an interim dividend for the financial year ending December 31, 2025[27](index=27&type=chunk) Financial Statements [Condensed Consolidated Statement of Profit or Loss](index=9&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) H1 2025 revenue decreased, gross profit grew, operating and pre-tax losses narrowed, and a tax credit led to a reduced loss for the period Summary of Condensed Consolidated Statement of Profit or Loss | Indicator | As of June 30, 2025 (HKD million) | As of June 30, 2024 (HKD million) | | :--- | :--- | :--- | | Revenue | 16.0 | 314.3 | | Cost of sales | (13.7) | (312.9) | | Gross profit | 2.3 | 1.4 | | Other income and gains | 1.7 | 5.9 | | Operating loss | (21.2) | (36.0) | | Finance costs | (39.0) | (39.3) | | Loss before tax | (60.2) | (75.3) | | Income tax | 3.7 | (93.7) | | Loss for the period | (56.5) | (169.0) | | Basic and diluted loss per share attributable to owners of the parent | HKD (3.84) cents | HKD (11.50) cents | [Condensed Consolidated Statement of Comprehensive Income](index=11&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) H1 2025 loss was HKD 56.5 million, with foreign exchange gains offsetting equity investment losses, leading to a significantly narrowed total comprehensive loss Summary of Condensed Consolidated Statement of Comprehensive Income | Indicator | As of June 30, 2025 (HKD million) | As of June 30, 2024 (HKD million) | | :--- | :--- | :--- | | Loss for the period | (56.5) | (169.0) | | Exchange differences on translating foreign operations | 51.5 | (40.9) | | Fair value change of equity investments designated at fair value through other comprehensive income | (0.8) | 3.6 | | Total comprehensive loss for the period | (5.8) | (206.3) | [Condensed Consolidated Statement of Financial Position](index=12&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, non-current assets were HKD 203.4 million, current assets increased significantly, and net assets grew to HKD 734.1 million Summary of Condensed Consolidated Statement of Financial Position | Indicator | As of June 30, 2025 (HKD million) | As of December 31, 2024 (HKD million) | | :--- | :--- | :--- | | Total non-current assets | 203.4 | 196.0 | | Total current assets | 3,123.5 | 3,107.5 | | Properties under development | – | 1,207.6 | | Properties held for sale | 2,917.5 | 1,660.2 | | Total current liabilities | (1,186.4) | (925.6) | | Total non-current liabilities | (1,406.4) | (1,696.8) | | Net assets | 734.1 | 681.1 | | Equity attributable to owners of the parent | 730.0 | 681.1 | Notes to the Financial Statements [Basis of Preparation and Accounting Policies](index=14&type=section&id=Basis%20of%20Preparation%20and%20Accounting%20Policies) The condensed consolidated financial statements adhere to HKAS 34, with consistent accounting policies, and the going concern assumption is based on future cash flows and post-reporting events - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 issued by the Hong Kong Institute of Certified Public Accountants[33](index=33&type=chunk) - The amendments to HKAS 21 were initially adopted, but as the Group's transaction currency and functional currency are convertible, these amendments had no impact on the condensed consolidated financial statements[34](index=34&type=chunk) - The going concern assumption is based on estimated cash flows for the next 12 months, property promotion plans, and a share placement completed after the reporting period[34](index=34&type=chunk) [Segment Information](index=15&type=section&id=Segment%20Information) The Group's property development segment saw revenue decline but loss narrow, while financial assets turned profitable, leading to reduced overall operating and pre-tax losses - The Group's business is divided into property development and investment (including property development and sales, and property leasing) and financial asset investment (trading financial assets at fair value through profit or loss and other financial asset investments)[35](index=35&type=chunk)[36](index=36&type=chunk) Revenue and Profit/(Loss) by Segment | Segment | As of June 30, 2025 (HKD million) | As of June 30, 2024 (HKD million) | | :--- | :--- | :--- | | **Property Development and Investment** | | | | Sales to external customers | 15.0 | 313.5 | | Segment results | (12.2) | (12.7) | | **Financial Asset Investment** | | | | Sales to external customers | 1.0 | 0.8 | | Segment results | 1.3 | (10.9) | | **Consolidated** | | | | Sales to external customers | 16.0 | 314.3 | | Operating loss | (21.2) | (36.0) | | Loss before tax | (60.2) | (75.3) | | Loss for the period | (56.5) | (169.0) | [Analysis of Revenue, Other Income and Gains](index=17&type=section&id=Analysis%20of%20Revenue%2C%20Other%20Income%20and%20Gains) Revenue primarily stemmed from property sales, rental income, and net financial asset gains, with other income mainly comprising interest income Analysis of Revenue, Other Income and Gains | Item | As of June 30, 2025 (HKD million) | As of June 30, 2024 (HKD million) | | :--- | :--- | :--- | | **Revenue** | | | | Proceeds from property sales | 13.9 | 312.8 | | Rental income | 1.1 | 0.7 | | Net gain on disposal of financial assets at fair value through profit or loss | 0.4 | – | | Dividend income from listed investments | 0.6 | 0.8 | | **Other income and gains** | | | | Bank interest income | – | 0.1 | | Other interest income | 1.6 | – | | Gain on disposal of items of property, plant and equipment | 0.1 | – | | Others | – | 5.8 | [Analysis of Profit from Property Sales and Depreciation](index=18&type=section&id=Analysis%20of%20Profit%20from%20Property%20Sales%20and%20Depreciation) Net profit from property sales increased to HKD 0.4 million, with property, plant, and equipment depreciation at HKD 0.3 million Analysis of Profit from Property Sales and Depreciation | Item | As of June 30, 2025 (HKD million) | As of June 30, 2024 (HKD million) | | :--- | :--- | :--- | | Net profit on disposal of properties | 0.4 | 0.1 | | Depreciation of property, plant and equipment | 0.3 | 0.4 | | Depreciation of right-of-use assets | – | 0.2 | [Analysis of Finance Costs](index=18&type=section&id=Analysis%20of%20Finance%20Costs) Total finance costs for the period were HKD 39.0 million, comparable to the prior year, mainly comprising interest on other debts and convertible notes Analysis of Finance Costs | Item | As of June 30, 2025 (HKD million) | As of June 30, 2024 (HKD million) | | :--- | :--- | :--- | | Interest on a bank loan | 0.2 | 0.4 | | Interest on convertible notes | 1.7 | 1.7 | | Interest on other debts | 37.1 | 37.2 | | **Total** | **39.0** | **39.3** | [Analysis of Income Tax Expense/(Credit)](index=19&type=section&id=Analysis%20of%20Income%20Tax%20Expense%2F%28Credit%29) The period recorded an income tax credit of HKD 3.7 million, mainly from land appreciation and deferred tax credits, a shift from the prior year's tax expense Analysis of Income Tax Expense/(Credit) | Item | As of June 30, 2025 (HKD million) | As of June 30, 2024 (HKD million) | | :--- | :--- | :--- | | Current － PRC tax expense for the period | – | 6.4 | | Underprovision in prior years | 0.3 | – | | Land Appreciation Tax | (3.0) | 78.6 | | Deferred tax | (1.0) | 8.7 | | **Total tax expense/(credit) for the period** | **(3.7)** | **93.7** | - No provision for Hong Kong profits tax was made for the current period, and profits tax for PRC subsidiaries is calculated at applicable tax rates[42](index=42&type=chunk)[43](index=43&type=chunk) - PRC Land Appreciation Tax is levied at progressive rates from **30% to 60%** on the appreciation value derived from the sale or transfer of state-owned land use rights, buildings, and their ancillary facilities[43](index=43&type=chunk) [Dividends](index=20&type=section&id=Dividends) No dividends were paid or declared during the six months ended June 30, 2025, nor after the reporting period - No dividends were paid or declared during the six months ended June 30, 2025[44](index=44&type=chunk) [Loss Per Share](index=20&type=section&id=Loss%20Per%20Share) Basic loss per share for H1 2025 significantly reduced to HKD (3.84) cents, with no dilution adjustment due to anti-dilutive convertible notes Loss Per Share | Indicator | As of June 30, 2025 | As of June 30, 2024 | | :--- | :--- | :--- | | Loss for the period attributable to owners of the parent | HKD 56,500,000 | HKD 169,000,000 | | Weighted average number of ordinary shares in issue | 1,469,200,000 shares | 1,469,200,000 shares | | Basic loss per share | HKD (3.84) cents | HKD (11.50) cents | - No adjustment was made for the dilutive effect on the loss per share presented for these periods, as the outstanding convertible notes had an anti-dilutive impact on the loss per share[44](index=44&type=chunk) [Deposits, Prepayments and Other Assets](index=21&type=section&id=Deposits%2C%20Prepayments%20and%20Other%20Assets) As of June 30, 2025, non-current prepayments for the Xinjiang project are fully recoverable, and current assets include HKD 132.2 million from financial asset redemption Analysis of Deposits, Prepayments and Other Assets | Item | As of June 30, 2025 (HKD million) | As of December 31, 2024 (HKD million) | | :--- | :--- | :--- | | Non-current prepayments | 152.5 | 144.3 | | Current trade receivables | 0.9 | 0.5 | | Current prepayments | 26.1 | 19.6 | | Other receivables | 138.0 | 135.8 | | **Total** | **165.1** | **156.0** | - Non-current prepayments primarily relate to Xinjiang afforestation project costs, which the directors believe are fully recoverable in the future[45](index=45&type=chunk) - Other receivables include **HKD 132.2 million** due from a brokerage firm, representing proceeds from the redemption of certain financial assets[47](index=47&type=chunk) Aging Analysis of Trade Receivables | Aging | As of June 30, 2025 (HKD million) | As of December 31, 2024 (HKD million) | | :--- | :--- | :--- | | Within 3 months | 0.4 | – | | Over 1 year | 1.0 | 1.0 | | Total (before impairment) | 1.4 | 1.0 | | Impairment | (0.5) | (0.5) | | **Total (after impairment)** | **0.9** | **0.5** | [Other Debts](index=23&type=section&id=Other%20Debts) As of June 30, 2025, total other debts were HKD 1,398.0 million, including secured notes and other loans, with varying repayment terms and some secured by property project equity Analysis of Other Debts | Item | As of June 30, 2025 (HKD million) | As of December 31, 2024 (HKD million) | | :--- | :--- | :--- | | Secured notes | 468.0 | 468.0 | | Other loans | 930.0 | 857.0 | | **Total** | **1,398.0** | **1,325.0** | | **Repayment terms** | | | | Within one year | 541.0 | 156.0 | | In the second year | – | 312.0 | | In the third to fifth year | 857.0 | 857.0 | - The Group issued three-year unsecured Note A (US$20,000,000) and three-year secured Note B (US$40,000,000); after the issuance of Note B, the Group pledged equity interests in the holding company of the Chengdu property development project to the holders of Notes A and B[48](index=48&type=chunk)[49](index=49&type=chunk) - Other loans include a term loan of **HKD 357.0 million** and a revolving loan of **HKD 500.0 million** from fellow subsidiaries, both secured by equity interests in holding companies related to property development projects and maturing on October 12, 2027[49](index=49&type=chunk) Other Information [Events After Reporting Period](index=24&type=section&id=Events%20After%20Reporting%20Period) On July 31, 2025, the Company agreed to place up to 100,000,000 new ordinary shares at HKD 0.108 each, completing the placing on August 15, 2025 - On July 31, 2025, the Company entered into a placing agreement with a placing agent to place up to **100,000,000 new ordinary shares** at a placing price of **HKD 0.108** per share[50](index=50&type=chunk) - The placing was formally completed on August 15, 2025[50](index=50&type=chunk) [Repurchase, Sale or Redemption of the Company's Listed Securities](index=24&type=section&id=Repurchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During H1 2025, neither the Company nor its subsidiaries repurchased, sold, or redeemed any of the Company's listed securities - During the six months ended June 30, 2025, neither the Company nor any of its subsidiaries repurchased, sold, or redeemed any of the Company's listed securities[51](index=51&type=chunk) [Review of Results](index=24&type=section&id=Review%20of%20Results) The Group's H1 2025 condensed consolidated financial statements are unaudited but reviewed by Ernst & Young and the Audit Committee - The Group's condensed consolidated financial statements for the six months ended June 30, 2025, are unaudited but have been reviewed by external auditor Ernst & Young[52](index=52&type=chunk) - The Audit Committee has reviewed the condensed consolidated financial statements, including the accounting principles and practices adopted, with the external auditor[52](index=52&type=chunk) [Corporate Governance](index=24&type=section&id=Corporate%20Governance) The Company complied with the Corporate Governance Code for H1 2025, except for the non-segregation of Chairman and CEO roles - The Company has complied with the code provisions of the Corporate Governance Code set out in Appendix C1 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited for the six months ended June 30, 2025[53](index=53&type=chunk) - The roles of Chairman and Chief Executive Officer are not segregated and held by two separate individuals, which is an exception to the Corporate Governance Code[53](index=53&type=chunk) [Board of Directors](index=25&type=section&id=Board%20of%20Directors) The Board comprises executive directors, including the Chairman and CEO, Vice Chairmen, COO, and CFO, alongside independent non-executive directors - The Board of Directors includes Executive Directors Mr. Lo Yuk Sui (Chairman and Chief Executive Officer), Mr. Lo Chun To (Vice Chairman and Managing Director), Ms. Lo Po Man (Vice Chairman), Mr. Wong Po Man (Chief Operating Officer), and Mr. Leung So Po (Chief Financial Officer)[54](index=54&type=chunk) - Independent Non-executive Directors include Mr. Poon Sul Ying, Ms. Kan Lai Kuen, Mr. Lee Ka Fai, Mr. Shih Lai Him, and Mr. Ng Kai Kai[54](index=54&type=chunk)

Core Viewpoint - COSMOPOL INT'L (00120) anticipates a significant reduction in shareholder's attributable comprehensive loss for the six months ending June 30, 2025, projecting a loss of approximately HKD 57 million compared to a loss of HKD 169 million in the same period of 2024, primarily due to a decrease in tax expenses [1]. Financial Performance - The expected loss for the upcoming period is HKD 57 million, a notable improvement from the HKD 169 million loss recorded in 2024 [1]. - The reduction in loss is attributed mainly to a decrease in tax expenses [1]. Taxation Impact - The increase in tax expenses during the 2024 interim period was due to a revision in the cost allocation basis for property projects in China, which significantly raised tax liabilities [1].

Core Viewpoint - COSMOPOL INT'L (00120) expects to record a shareholder's attributable comprehensive loss of approximately HKD 57 million for the six months ending June 30, 2025, a significant reduction from a loss of HKD 169 million in the same period of 2024 [1] Financial Performance - The reduction in attributable loss is primarily due to a decrease in tax expenses [1] - The increase in tax expenses during the mid-2024 period was attributed to a revision in the cost allocation basis for property projects in China from previous years [1]

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，並明確表示概不對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。 (股份代號：120) 財 務 資 料 更 新 本公佈乃 Cosmopolitan International Holdings Limited（「本公司」，連同其附屬公司統稱 「本集團」）根據香港聯合交易所有限公司證券上市規則第13.09(2)(a)條及香港法例第 571章證券及期貨條例第XIVA部之內幕消息條文而作出。 香港，二零二五年八月二十二日 於本公佈刊發日期，董事會包括下列成員： 羅旭瑞先生 （主席兼行政總裁） 羅俊圖先生 （副主席兼董事總經理） 羅寶文女士 （副主席） 黃寶文先生 （首席營運官） 梁蘇寶先生 （首席財務官） 吳季楷先生 本公司董事會（「董事會」）謹此知會本公司證券持有人及有意投資者，根據本公司管理 層對本集團於截至二零二五年六月三十日止六個月（「二零二五年中期期間」）之未經審 核綜合管理賬目所作初步審閱，預期本集團於二零二五年中期期間將錄得約港幣 57,000,000元之股東應 ...

8月21日，COSMOPOL INT'L(00120)盘中上涨22.48%，截至10:26，报0.158元/股，成交183.42万元。 四海国际集团有限公司主要从事中国内地的物业发展及投资业务，是P&R Holdings的上市附属公司，由 Paliburg Holdings Limited百利保控股有限公司和Regal Hotels International Holdings Ltd各持有50%的权 益。 8月27日，COSMOPOL INT'L将披露2025财年中报。 本文源自：金融界 作者：行情君 截至2024年年报，COSMOPOL INT'L营业总收入3.42亿元、净利润-4.2亿元。 ...