来源：市场资讯 （来源：泡财经） 近日，中央电视台CCTV2财经频道《天下财经》栏目报道了港人北上养老新趋势。随着粤港澳大湾 区"软硬联通"持续深入，香港本地养老资源愈发紧张，越来越多港澳老年人选择"北上养老"。 根据香港特别行政区立法会2025年发布的《数据透视》显示，截至2024年中，有近10万名（99600名） 65岁或以上香港老人，选择定居广东省，相较于过去十年，这一数字激增了40.5%。 北上养老正在成为香港老人不得不面对的现实选择。大湾区城市也将迎来一波养老产业的发展新机遇。 适合港人的养老社区、粤语护理服务等需求不断增长，正吸引更多资本投入，加快在内地的布局。本次 亮相央视的桃苑福利中心就是一个缩影。其母公司是香港上市企业兴业控股（00132.HK），前瞻确立 了大健康养老战略，并通过产业并购和自投发展相结合的扩张策略，深化医养结合特色模式，加快在湾 区的大健康养老布局，抢占北上养老市场新机遇。 养老，不再只是家庭问题，也成了推动大湾区经济融合的新动力。在政策、需求的共同驱动下，一个快 速增长、空间广阔的"跨境养老"蓝海市场正加速形成。 北上养老趋势明显 10万港人北上养老 在粤港澳大湾区加速融 ...

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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 興業控股有限公司 (於百慕達註冊成立之有限公司) 呈交日期: 2025年10月2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) | 00132 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 3,000,000,000 | HKD | | 0.1 HKD | | 300,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 3,000,000,000 | HKD | | 0.1 HKD | | 300,000,000 | 本月底法定/註 ...

待出售事项完成后，天诺投资于目标公司之股权将由100%降至69%。目标公司将仍为集团之附属公 司，且于出售事项完成后，其财务业绩将继续综合入账至集团之财务业绩。 出售事项有助扩大目标公司之股权基础，并获得宏大民爆之支持以全面释放目标公司之民用炸药产能。 具体而言，广东南虹民爆将借助宏大民爆于行业内之影响力及其包销目标公司产品之能力，从而扩展现 有销售渠道。出售事项亦有助优化公司之资产结构，提升整体盈利能力，而出售事项所得款项将用作补 充公司之一般营运资金，符合公司之整体发展利益。董事认为，出售事项及其项下交易乃按正常商业条 款订立，属按公平基准进行，且公平合理，并符合集团及股东之整体利益。 格隆汇9月30日丨兴业控股(00132.HK)宣布，于2025年9月30日，天诺投资(为公司附属公司)与宏大民爆 订立产权交易合同，据此，天诺投资已同意出售而宏大民爆同意收购广东南虹民爆有限公司31%股权， 代价为人民币1.05亿元(相当于约港币1.15亿元)。 ...

智通财经APP讯，兴业控股(00132)公布，于2025年9月30日，公司附属天诺投资与宏大民爆订立产权交 易合同，天诺投资已同意向宏大民爆出售广东南虹民爆有限公司31%股权，代价为约人民币1.06亿元。 出售事项亦有助优化公司的资产结构，提升整体盈利能力，而出售事项所得款项将用作补充公司的一般 营运资金，符合公司之整体发展利益。 据悉，目标公司主要从事民用炸药制品的生产及销售。于出售事项前，目标公司的全部股权由天诺投资 持有。 公告称，出售事项有助扩大目标公司的股权基础，并获得宏大民爆的支持以全面释放目标公司的民用炸 药产能。具体而言，目标公司将借助宏大民爆于行业内的影响力及其包销目标公司产品的能力，从而扩 展现有销售渠道。 ...

兴业控股(00132)公布，于2025年9月30日，公司附属天诺投资与宏大民爆订立产权交易合同，天诺投资 已同意向宏大民爆出售广东南虹民爆有限公司31%股权，代价为约人民币1.06亿元。 公告称，出售事项有助扩大目标公司的股权基础，并获得宏大民爆的支持以全面释放目标公司的民用炸 药产能。具体而言，目标公司将借助宏大民爆于行业内的影响力及其包销目标公司产品的能力，从而扩 展现有销售渠道。 出售事项亦有助优化公司的资产结构，提升整体盈利能力，而出售事项所得款项将用作补充公司的一般 营运资金，符合公司之整体发展利益。 据悉，目标公司主要从事民用炸药制品的生产及销售。于出售事项前，目标公司的全部股权由天诺投资 持有。 ...

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份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 HING YIP HOLDINGS LIMITED 興業控股有限公司 （股份代號：00132） （於百慕達註冊成立之有限公司） 主要交易 出售廣東南虹民爆有限公司31%股權 出售事項 董事會欣然宣佈，於二零二五年九月三十日，天諾投資與宏大民爆訂立產權交易合同，據 此，天諾投資已同意出售而宏大民爆同意收購目標公司31%股權，代價為人民幣105,932,363 元（相當於約港幣115,784,000元）。 上市規則之涵義 由於出售事項項下擬進行交易之最高適用百分比率超過25%但全部均低於75%，根據上市規 則，進行該等交易構成本公司之一項主要交易，並須遵守上市規則的公告、通函及股東批准 規定。 概無股東於出售事項中擁有重大權益，亦無股東須於本公司股東大會上就批准出售事項項 下擬進行之交易放棄投票，且本公司已根據上市規則第14.44條，就出售事項項下擬進行的 交易取得股東Prize Rich Inc.的書面批 ...

Core Viewpoint - The announcement highlights a financing lease agreement between the subsidiary of the company, Green Gold Leasing, and the lessee, Shandong Tianhong Chemical Co., Ltd., involving an asset acquisition for a total consideration of RMB 20 million [1] Group 1 - The financing lease agreement is set to last for a period of 3 years [1] - The assets involved in the lease include specific environmental equipment and facilities located in Dongying City, Shandong Province, China [1]

須予披露交易 作為出租人訂立融資租賃 於二零二五年九月二十二日，本公司之附屬公司綠金租賃與承租人訂立融資租賃，以代價人民幣 20,000,000元（相當於約港幣21,840,000元）自承租人取得資產之所有權，該等資產將返租予承租 人，供其使用及佔有，期限為三年。 茲提述本公司(1)日期為二零二四年十月二十四日之須予披露交易公佈，內容有關與當時之承租 人（即擔保人2）訂立現有融資租賃1，及(2)日期為二零二四年十月二十五日、二零二四年十二月 十八日及二零二五年六月十三日由綠金租賃與當時之承租人（即擔保人2）分別訂立之現有融資 租賃2、現有融資租賃3及現有融資租賃4，據此，其項下之交易之所有適用百分比率（不管以單 獨或以合併基準）均低於5%，因此獲豁免遵守上市規則第14章項下之披露規定。 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份內容而產生或因倚賴該等 內容而引致的任何損失承擔任何責任。 HING YIP HOLDINGS LIMITED 興業控股有限公司 （於百慕達註冊成立之有限公司） （股份代號：00 ...

[Corporate Information](index=2&type=section&id=Corporate%20Information) This section provides an overview of the company's board composition, key personnel changes, and fundamental corporate details [Board of Directors and Committee Composition](index=2&type=section&id=1.1%20Board%20of%20Directors%20and%20Committee%20Composition) This section discloses the company's board members (executive, non-executive, independent non-executive directors) and their roles in audit, remuneration, nomination, and strategy committees, along with updates on director appointments and resignations - Board member changes: Liu Jiali was appointed as a Non-executive Director and a member of the Strategy Committee on August 28, 2025; Shi Xuguang resigned as a Non-executive Director and a member of the Strategy Committee on August 11, 2025[4](index=4&type=chunk) - Director appointment extensions: Mr. Fu Weiqiang's employment term was extended to June 30, 2028; Ms. Lin Junxian's employment term was extended to June 30, 2027[86](index=86&type=chunk) [Company Basic Information](index=2&type=section&id=1.2%20Company%20Basic%20Information) This section provides fundamental company details including registered office, principal place of business, share registrar, principal bankers, lawyers, auditors, company secretary, stock code, and website - Stock code: **00132**[5](index=5&type=chunk) - Company website: http://hingyiphk.quamhkir.com[5](index=5&type=chunk) - Principal bankers include Bank of China, Bank of Communications, China Construction Bank, China Development Bank, Zheshang Bank Co., Ltd. (Hong Kong Branch), Hang Seng Bank, and Rural Commercial Bank[5](index=5&type=chunk) [Business Review](index=4&type=section&id=Business%20Review) This section provides an overview of the group's operational performance across its key business segments, including financial highlights and strategic initiatives [Macroeconomic Environment and Group Strategy](index=4&type=section&id=2.1%20Macroeconomic%20Environment%20and%20Group%20Strategy) The report period saw a complex global macroeconomic environment and domestic economic challenges, yet the Group maintained strategic focus on the healthcare and elderly care industry, optimizing its "1+X" structure to become a leading Bay Area tech-enabled eldercare service provider - Macroeconomic challenges: Global economic volatility, evolving trade patterns, and ongoing geopolitical conflicts continue to constrain global economic recovery; the domestic economy faces multiple challenges including weak demand and deep adjustments in some industries[7](index=7&type=chunk)[9](index=9&type=chunk) - Group mission and strategy: Committed to "Healthy Life, Great Achievements" as its mission, driving transformation with new quality productive forces, and steadfastly moving towards the strategic goal of becoming a leading tech-enabled eldercare service provider in the Greater Bay Area[7](index=7&type=chunk)[9](index=9&type=chunk) - Core strategy: The core strategy of comprehensively focusing on the healthcare and elderly care industry and continuously optimizing the "1+X" industrial structure has begun to show results, laying a solid foundation for navigating economic cycles and achieving sustainable high-quality development[7](index=7&type=chunk)[9](index=9&type=chunk) [Overall Financial Performance](index=4&type=section&id=2.2%20Overall%20Financial%20Performance) For the six months ended June 30, 2025, the Group's total revenue increased by 1.69% to approximately HKD 418 million, operating profit grew by 8.68% to approximately HKD 121 million, while net profit decreased by 58.12% to approximately HKD 44.87 million, mainly due to a high base effect from a one-off disposal gain in the prior year and reduced profit contribution from associates Group Overall Financial Performance (For the six months ended June 30, 2025) | Metric | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Total Revenue | 417,990 | 411,025 | +1.69% | | Operating Profit | 121,064 | 111,399 | +8.68% | | Net Profit | 44,866 | 107,133 | -58.12% | - Revenue growth was primarily driven by the expansion of the core healthcare and elderly care business (contributing an increase of approximately **HKD 12,504,000**) and the steady development of the finance leasing business (contributing an increase of approximately **HKD 3,713,000**)[8](index=8&type=chunk)[10](index=10&type=chunk) - The year-on-year decline in net profit was mainly due to the high base effect from a one-off gain on the disposal of subsidiary Guangdong Zhongyan Taike Construction Co., Ltd. in the prior year, and a reduction in profit contribution from associate Nanhai Changhai Power Generation Co., Ltd. of approximately **HKD 21,019,000**[11](index=11&type=chunk)[13](index=13&type=chunk) [Healthcare and Elderly Care Business](index=5&type=section&id=2.3%20Healthcare%20and%20Elderly%20Care%20Business) As the Group's strategic core, the healthcare and elderly care business solidified its leading position in Foshan institutional eldercare and was included in the "Guangdong Residential Care Services Scheme" by the Hong Kong Social Welfare Department in February 2025; as of June 30, 2025, the Group had 4,390 medical and elderly care beds, with elderly care beds increasing by 26.85% year-on-year, operating revenue grew by 12.90%, but operating profit temporarily decreased by 55.89% due to strategic investments - Strategic core: As the "1" core business in the Group's "1+X" strategy, maintaining strategic focus and advancing the construction of a three-tier elderly care service system (institutional, community, and home-based) in Nanhai District[12](index=12&type=chunk)[14](index=14&type=chunk)[15](index=15&type=chunk)[16](index=16&type=chunk) - Market expansion: Included in the "Guangdong Residential Care Services Scheme" by the Hong Kong Social Welfare Department on February 20, 2025, offering more options for Hong Kong elderly waiting for long-term care to receive eldercare services in mainland China[12](index=12&type=chunk)[14](index=14&type=chunk) Healthcare and Elderly Care Business Bed Capacity (As of June 30, 2025) | Metric | Quantity/Ratio | Change from H1 2024 | | :--- | :--- | :--- | | Total Medical and Elderly Care Beds | 4,390 Beds | - | | Medical Nursing Beds | 455 Beds | - | | Medical Nursing Bed Utilization Rate | 85.93% | - | | Elderly Care Beds | 3,435 Beds | Increased by 727 beds (+26.85%) | | Elderly Care Bed Occupancy Rate | 69.98% | (Temporarily decreased due to the new operation of 700 beds) | | Elderly Care Beds Under Construction | 500 Beds | - | Healthcare and Elderly Care Business Financial Performance (For the six months ended June 30, 2025) | Metric | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 109,401 | 96,897 | +12.90% | | Operating Profit | 3,386 | 7,677 | -55.89% | - Reasons for profit decline: Increased strategic upfront investment in elderly care infrastructure and business expansion, and a year-on-year increase in non-cash depreciation expenses of approximately **HKD 4,526,000** to approximately **HKD 9,981,000**[15](index=15&type=chunk)[16](index=16&type=chunk) [Finance Leasing Business](index=7&type=section&id=2.4%20Finance%20Leasing%20Business) Despite macroeconomic downturns and intensified industry competition, the finance leasing business achieved counter-cyclical growth, maintaining net profit growth and a 6.98% year-on-year increase in operating profit to approximately HKD 93.73 million, attributed to its specialized team, standardized products, efficient services, and differentiated strategy focusing on the municipal environmental protection niche market - Strategic positioning: Firmly focused on the strategic goal of becoming a leading specialized environmental finance leasing company in China, continuously deepening its presence in niche segments of the municipal environmental protection industry[17](index=17&type=chunk)[19](index=19&type=chunk) Finance Leasing Business Financial Performance (For the six months ended June 30, 2025) | Metric | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Operating Profit | 93,726 | 87,609 | +6.98% | - Business highlight: Successfully issued the "First Green SME Support Corporate Bond in China" in mid-August 2025, enhancing independent financing capabilities[17](index=17&type=chunk)[19](index=19&type=chunk) - Competitive advantages: Possesses a professional team, standardized products, and efficient services, while implementing stringent risk management measures[17](index=17&type=chunk)[19](index=19&type=chunk) [Technology Business](index=7&type=section&id=2.5%20Technology%20Business) The technology business experienced a significant 47.92% year-on-year decline in operating revenue to approximately HKD 1.61 million due to an unfavorable traditional manufacturing economic climate, poor service market conditions, and intensified competition in mainland China; however, by strictly controlling costs, operating loss decreased by 38.02% to approximately HKD 3.28 million, and the company is actively planning for medical and elderly care technology industrialization and digital education to open new growth points Technology Business Financial Performance (For the six months ended June 30, 2025) | Metric | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,605 | 3,082 | -47.92% | | Operating Loss | (3,283) | (5,297) | Loss reduced by 38.02% | - Challenges: Unfavorable economic conditions in mainland China's traditional manufacturing sector, poor service market environment for manufacturing, intensified market competition, and reduced willingness of manufacturers to undergo industrial internet transformation[18](index=18&type=chunk)[20](index=20&type=chunk) - Strategic layout: Clarifying development ideas, defining strategic direction, gradually cultivating and expanding the medical and elderly care technology industry, guided by "technology empowering medical and elderly care," and promoting deep integration of information technology with medical and elderly care services[21](index=21&type=chunk)[23](index=23&type=chunk) - Business progress: In industrial internet identification, cumulative registered enterprises reached **2,682**, identification registrations exceeded **9.3 billion**, and identification resolution times exceeded **1.8 billion**. Foshan Panshi Education Technology Co., Ltd. was established in March 2025 and has signed education big data projects[21](index=21&type=chunk)[23](index=23&type=chunk) [Civil Explosives Business](index=8&type=section&id=2.6%20Civil%20Explosives%20Business) Affected by a weak macroeconomic environment and slowing growth in downstream mining and infrastructure investment, demand in the civil explosives market generally declined, leading to a 7.01% year-on-year decrease in operating revenue to approximately HKD 104 million; however, through continuous technological upgrades, energy saving, and 7S lean management, operational efficiency significantly improved, and operating profit grew against the trend by 20.82% to approximately HKD 26.57 million Civil Explosives Business Financial Performance (For the six months ended June 30, 2025) | Metric | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 103,886 | 111,720 | -7.01% | | Operating Profit | 26,570 | 21,992 | +20.82% | - Market challenges: Weak macroeconomic environment, slowing growth in downstream mining and infrastructure investment, and a continued downturn in the real estate sector led to an overall decline in demand for civil explosives, resulting in oversupply[22](index=22&type=chunk)[24](index=24&type=chunk) - Operational highlights: Actively promoted Huaxin Blasting to obtain a Class A blasting operation qualification in July 2025, effectively releasing mixed explosives production capacity; optimized product structure to increase the proportion of mixed explosives production and sales; deeply advanced 7S lean management to achieve energy saving, consumption reduction, and strict cost control[24](index=24&type=chunk)[25](index=25&type=chunk)[28](index=28&type=chunk) [Hotel and Property Investment](index=9&type=section&id=2.7%20Hotel%20and%20Property%20Investment) Affected by market conditions, hotel rental income decreased by 31.30% year-on-year, and operating profit declined by 39.77% to approximately HKD 1.55 million; despite the sluggish real estate industry, Zhongkong Building significantly increased its total rental income by 58.57% year-on-year to approximately HKD 5.46 million by enhancing asset operational capabilities - Hotel business: In the second half of 2024, affected by market conditions, hotel rents were adjusted downwards, leading to a year-on-year decrease in rental income of approximately **31.30%**, a corresponding reduction in rental income of approximately **HKD 2,069,000**, and a year-on-year decrease in operating profit of **39.77%** to approximately **HKD 1,549,000**[26](index=26&type=chunk)[29](index=29&type=chunk) - Zhongkong Building property: Despite the sluggish real estate industry, Zhongkong Building achieved higher occupancy rates and rental levels than comparable properties in the vicinity by enhancing asset operational capabilities, with total rental income significantly increasing by **58.57%** year-on-year to approximately **HKD 5,461,000**[27](index=27&type=chunk)[29](index=29&type=chunk) - Hong Kong properties: Rental income for the current period remained at **HKD 300,000**, consistent with the prior year's corresponding period[27](index=27&type=chunk)[29](index=29&type=chunk) [Share of Profits from Associates](index=10&type=section&id=2.8%20Share%20of%20Profits%20from%20Associates) The profit contribution from associate Nanhai Changhai Power Generation Co., Ltd. significantly decreased by 79.26% year-on-year to approximately HKD 5.50 million due to the shutdown of two production units, which substantially weakened its power generation capacity Profit Contribution from Associates (For the six months ended June 30, 2025) | Metric | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Profit Contribution from Associates | 5,501 | 26,520 | -79.26% | - Reasons for profit decline: Two production units of associate Nanhai Changhai Power Generation Co., Ltd. were shut down, leading to a significant weakening of power generation capacity compared to the prior year and a substantial decline in overall operating performance[30](index=30&type=chunk)[33](index=33&type=chunk) [Financial Position and Analysis](index=10&type=section&id=Financial%20Position%20and%20Analysis) This section analyzes the Group's asset and liability structure, liquidity, and cash flow, highlighting key changes and management strategies [Asset and Liability Structure](index=10&type=section&id=3.1%20Asset%20and%20Liability%20Structure) As of June 30, 2025, the Group's total assets increased to approximately HKD 7.82 billion, total liabilities rose to approximately HKD 5.92 billion, and the asset-liability ratio slightly increased to 75.73%, with both net assets and net assets per share showing growth Key Balance Sheet Metrics (As of June 30, 2025) | Metric | 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 7,822,417 | 7,484,410 | +4.51% | | Total Liabilities | 5,923,555 | 5,647,165 | +4.89% | | Asset-Liability Ratio | 75.73% | 75.45% | +0.28 percentage points | | Net Assets | 1,898,862 | 1,837,245 | +3.35% | | Net Assets Per Share | HKD 0.66 | HKD 0.63 | +4.76% | [Liquidity and Cash Flow](index=10&type=section&id=3.2%20Liquidity%20and%20Cash%20Flow) The Group's net current assets and current ratio both decreased, but sufficient liquidity was ensured by securing adequate bank credit facilities and extending the maturity date of convertible bonds; bank deposits and cash decreased but remain sufficient to support future operations and investments Liquidity Metrics (As of June 30, 2025) | Metric | 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Net Current Assets | 139,719 | 741,909 | -81.18% | | Current Ratio | 1.06 times | 1.42 times | -0.36 times | | Bank Deposits and Cash | 570,919 | 717,173 | -20.39% | - Financing measures: Sufficient bank credit facilities have been secured, and more financing channels are being actively explored[32](index=32&type=chunk)[35](index=35&type=chunk) - Convertible bond extension: An extension deed has been entered into to extend the maturity date of the outstanding convertible bonds with a principal amount of approximately **HKD 166,232,000** by three years, from October 13, 2024, to October 13, 2027[32](index=32&type=chunk)[35](index=35&type=chunk) [Pledge of Assets](index=11&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, approximately HKD 4.70 billion of the Group's assets were pledged, primarily including owner-occupied and investment properties, equity in associates, and finance lease receivables, serving as collateral for bank borrowings Pledged Assets (As of June 30, 2025) | Item | 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | | :--- | :--- | :--- | | Investment Properties | 337,208 | 330,916 | | Property, Plant and Equipment | 65,616 | 42,266 | | Pledged Finance Lease Receivables | 4,215,762 | 3,788,252 | | Pledged Equity Interests in Associates | 123,726 | 98,487 | | **Total** | **4,702,664** | **4,259,921** | - Purpose of pledge: As collateral for the Group's bank borrowings[36](index=36&type=chunk)[39](index=39&type=chunk) [Foreign Exchange Exposure](index=11&type=section&id=Foreign%20Exchange%20Exposure) The Group holds certain RMB-denominated monetary assets and liabilities, exposing it to RMB exchange rate fluctuation risks; the company has established a foreign exchange risk monitoring mechanism, and the Board will continue to closely monitor foreign exchange market dynamics and take effective measures to mitigate risks as appropriate - Risk sources: The Group holds certain RMB-denominated monetary assets and liabilities, which may give rise to exchange losses or gains due to RMB appreciation or depreciation. In 2025, exchange rates fluctuated in both directions due to political and economic factors such as intensified global monetary policy divergence, China-US tariff disputes, and normalized geopolitical conflicts[37](index=37&type=chunk)[40](index=40&type=chunk) - Risk management measures: The Group has established an internal foreign exchange risk monitoring mechanism, and the Board will continue to closely monitor foreign exchange market dynamics and take effective measures to mitigate foreign exchange risks as appropriate[37](index=37&type=chunk)[40](index=40&type=chunk) [Outlook](index=11&type=section&id=Outlook) This section outlines the Group's strategic vision and plans for its core businesses in response to macroeconomic trends and market opportunities [Macroeconomic Outlook and Group Strategic Direction](index=11&type=section&id=6.1%20Macroeconomic%20Outlook%20and%20Group%20Strategic%20Direction) Looking ahead, global economic instability will persist, and domestic economic transformation and upgrading face challenges; however, China's aging population is a definite macroeconomic trend with huge market potential in the silver economy, and the Group will firmly adhere to its established strategic direction, deepen the optimization of its "1+X" industrial structure, and strive to become a leading tech-enabled eldercare service provider in the Guangdong-Hong Kong-Macao Greater Bay Area to seize historical development opportunities - Macroeconomic outlook: The "unstable state" of the global economy will persist, with slow economic growth. Domestically, consumer and investment confidence still needs time to recover, challenges such as insufficient aggregate demand and real estate sector adjustments remain, economic transformation and upgrading are in a critical period, and the overall business environment is full of uncertainties and challenges[38](index=38&type=chunk)[41](index=41&type=chunk) - Opportunities: China's rapid population aging is a definite macroeconomic trend, policy support continues to increase, and the silver economy market has immense potential[38](index=38&type=chunk)[41](index=41&type=chunk) - Group strategy: The Group will unswervingly adhere to its established strategic direction, uphold the mission of "Healthy Life, Great Achievements," strive to become a leading tech-enabled eldercare service provider in the Guangdong-Hong Kong-Macao Greater Bay Area, and focus on deepening the optimization of its "1+X" industrial structure, maintaining a pattern of "prominent main business, diversified synergy"[42](index=42&type=chunk)[43](index=43&type=chunk) [Healthcare and Elderly Care Business Outlook](index=13&type=section&id=6.2%20Healthcare%20and%20Elderly%20Care%20Business%20Outlook) As the Group's core segment and key future growth engine, the healthcare and elderly care business will concentrate resources to shift its development path from scale expansion to quality improvement and efficiency optimization, aiming for high-quality, sustainable growth; the Group will deeply implement a "medical and elderly care services" and "scientific and technological innovation for health" dual-driven model, comprehensively promote standardization and branding, and seize the historical opportunity of "Hong Kong residents moving north for elderly care" to deeply cultivate the Greater Bay Area market - Development path transformation: Concentrating resources to fully promote the transformation of its development path from scale expansion to quality improvement and efficiency optimization, achieving high-quality, sustainable growth[44](index=44&type=chunk)[46](index=46&type=chunk) - Dual-driven model: Deeply practicing the "medical and elderly care services" and "scientific and technological innovation for health" dual-driven development model, empowering health services with cutting-edge technology and supporting an innovative ecosystem with professional medical and elderly care[44](index=44&type=chunk)[46](index=46&type=chunk) - Service system construction: Comprehensively promoting standardization and branding, establishing a replicable and scalable high-quality service model. Reconstructing a tiered and precise elderly care service system, with a focus on establishing specialized service areas for incapacitated elderly care and cognitive impairment care[45](index=45&type=chunk)[46](index=46&type=chunk) - Market opportunities: Seizing the historical opportunity of "Hong Kong residents moving north for elderly care," deeply cultivating the Guangdong-Hong Kong-Macao Greater Bay Area market, and striving to build a competitive "Hong Kong-style tech-enabled eldercare" service brand[45](index=45&type=chunk)[46](index=46&type=chunk) [Technology Business Outlook](index=14&type=section&id=6.3%20Technology%20Business%20Outlook) The technology business is the Group's key future strategic layout and empowerment center, focusing on cultivation in the short term and value creation in the long term; the Group will concentrate on the core track of "medical and elderly care technology industrialization," strive to cultivate and expand new tech-enabled eldercare business models characterized by data-driven and intelligent collaboration, build a digital elderly care ecosystem, and achieve synergistic value with its main business through investment, mergers and acquisitions, and strengthened post-investment management - Strategic positioning: The technology business is the Group's key future strategic layout and empowerment center, focusing on cultivation in the short term and value creation in the long term[47](index=47&type=chunk)[49](index=49&type=chunk) - Core track and new business models: Focusing on the core track of "medical and elderly care technology industrialization," striving to cultivate and expand new tech-enabled eldercare business models characterized by data-driven and intelligent collaboration[47](index=47&type=chunk)[49](index=49&type=chunk) - Ecosystem construction: Reshaping medical and elderly care service experience and industry efficiency through new-generation information technology, building a digital elderly care ecosystem covering health management, emergency response, intelligent care, and smart learning[47](index=47&type=chunk)[49](index=49&type=chunk) - Synergy and growth: Strategically investing in and acquiring companies in the scientific and technological innovation for health sector to ensure synergy with the main business. Actively incubating emerging businesses, deeply exploring the digital education industry to open new profit growth points, while strengthening post-investment management of existing projects to uncover synergistic value with the main business[48](index=48&type=chunk)[50](index=50&type=chunk) [Finance Leasing Business Outlook](index=15&type=section&id=6.4%20Finance%20Leasing%20Business%20Outlook) As a stable profit contributor for the Group, the finance leasing business will adhere to differentiated competition, upholding the "market-oriented, specialized, and differentiated" philosophy, focusing on advantageous niche areas such as water supply, sewage, cogeneration, and urban heating, enhancing operational efficiency, broadening financing channels, and improving the risk control system, striving to become a leading specialized environmental finance leasing company in China - Strategic positioning: As a stable profit contributor for the Group, the company adheres to differentiated competition, upholding the "market-oriented, specialized, and differentiated" philosophy[51](index=51&type=chunk)[53](index=53&type=chunk) - Focused areas: Concentrating on advantageous niche areas such as water supply, sewage, cogeneration, and urban heating, deepening and thoroughly developing these segments[51](index=51&type=chunk)[53](index=53&type=chunk) - Operations and financing: Enhancing operational efficiency, optimizing approval processes, improving fund deployment efficiency, broadening financing channels, and reducing funding costs[51](index=51&type=chunk)[53](index=53&type=chunk) - Risk management: Improving the risk control system to ensure asset quality, striving to become a leading specialized environmental finance leasing company in China[51](index=51&type=chunk)[53](index=53&type=chunk) [Civil Explosives Business Outlook](index=15&type=section&id=6.5%20Civil%20Explosives%20Business%20Outlook) The civil explosives business will adapt to policies, actively transform, and deeply optimize its product structure to meet national policy requirements and respond to market demand changes; the Group will promote strategic cooperation with industry leaders to ensure packaging capacity and sales, actively expand blasting operations to release mixed explosives production capacity, and continuously deepen cost reduction and efficiency improvement, 7S lean management, and intelligent transformation of production lines to maximize benefits - Policy and market adaptation: Adapting to policies, actively transforming, and deeply optimizing product structure to meet national policy requirements and respond to market demand changes[52](index=52&type=chunk)[54](index=54&type=chunk) - Strategic cooperation and capacity: Promoting strategic cooperation with industry leaders, leveraging their strengths for development, ensuring packaging capacity and sales. Actively expanding blasting operations to release mixed explosives production capacity[52](index=52&type=chunk)[54](index=54&type=chunk) - Efficiency improvement: Continuously deepening cost reduction and efficiency improvement, 7S lean management, and intelligent transformation of production lines to maximize benefits[52](index=52&type=chunk)[54](index=54&type=chunk) [Summary and Future Commitments](index=16&type=section&id=6.6%20Summary%20and%20Future%20Commitments) During the reporting period, the Group's strategic transformation yielded significant results, with rapid growth in its core businesses and stable operations in supporting businesses; despite net profit being affected by non-recurring factors, the growth in the Group's core operating profit reflects a continuous increase in intrinsic value, and the Group is confident in the future, with management committed to continuously strengthening strategic execution, refined operations, and prudent risk management to drive high-quality sustainable growth and create long-term value for shareholders, investors, and society - Strategic transformation achievements: Rapid growth in core businesses and stable operations in supporting businesses, with the growth in the Group's core operating profit indicating a continuous increase in intrinsic value[55](index=55&type=chunk)[56](index=56&type=chunk) - Future confidence: With the accelerating arrival of China's aging society and continuous favorable policies for the silver economy, we are confident in the future[55](index=55&type=chunk)[56](index=56&type=chunk) - Management commitment: Management will continuously strengthen strategic execution, refined operational capabilities, and prudent risk management to drive high-quality sustainable growth for the Group, steadfastly creating long-term value for shareholders, investors, and society[55](index=55&type=chunk)[56](index=56&type=chunk) [Directors' and Substantial Shareholders' Information](index=17&type=section&id=Directors'%20and%20Substantial%20Shareholders'%20Information) This section details the shareholdings of the company's directors and substantial shareholders, providing transparency on ownership structure [Directors' Shareholdings](index=17&type=section&id=7.1%20Directors'%20Shareholdings) As of June 30, 2025, only Chairman He Xiangming held 1,441,000 ordinary shares, representing 0.08% of the total issued share capital, among the company's directors and chief executive officers' interests in shares, underlying shares, and debentures He Xiangming's Shareholding (As of June 30, 2025) | Director Name | Capacity | Nature of Interest | Number of Ordinary Shares Held | Percentage of Total Issued Share Capital | | :--- | :--- | :--- | :--- | :--- | | He Xiangming | Beneficial Owner | Personal | 1,441,000 | 0.08% | - Save as disclosed above, as at June 30, 2025, none of the Directors or chief executive of the Company had any interests or short positions in the shares, underlying shares or debentures of the Company or any of its associated corporations as recorded in the register required to be kept under the Securities and Futures Ordinance[61](index=61&type=chunk)[62](index=62&type=chunk) [Substantial Shareholders' Holdings](index=18&type=section&id=7.2%20Substantial%20Shareholders'%20Holdings) As of June 30, 2025, according to the company's register of substantial shareholders, Glories Holdings (HK) Limited, Prize Rich Inc., and Guangdong Nanhai Holding Group Co., Ltd. each held 84.18% of the company's shares/underlying shares Substantial Shareholders' Holdings (As of June 30, 2025) | Name | Total Shares/Underlying Shares | Capacity | Percentage of Total Issued Share Capital | | :--- | :--- | :--- | :--- | | Glories Holdings (HK) Limited | 1,441,439,842 | Beneficial Owner | 84.18% | | Prize Rich Inc. | 1,441,439,842 | Corporate Interest | 84.18% | | Guangdong Nanhai Holding Group Co., Ltd.* | 1,441,439,842 | Corporate Interest | 84.18% | - Shareholding structure explanation: These shares/underlying shares are held by Prize Rich Inc., which is wholly owned by Guangdong Nanhai Holding Group Co., Ltd. Prize Rich Inc. agreed on July 25, 2022, to transfer part of its shares and convertible bonds to its wholly-owned subsidiary Glories Holdings (HK) Limited[64](index=64&type=chunk)[66](index=66&type=chunk) [Other Corporate Information](index=19&type=section&id=Other%20Corporate%20Information) This section covers various corporate governance matters, employee information, dividend policy, and compliance with listing rules [Share Option Scheme](index=19&type=section&id=8.1%20Share%20Option%20Scheme) For the six months ended June 30, 2025, the company did not implement any share option scheme, nor were there any outstanding share options; save for the convertible bonds disclosed in Note 19 to the financial statements, no other equity-linked agreements were entered into or existed during the period - Share option status: For the six months ended June 30, 2025, the Company did not implement any share option scheme, and there were no outstanding share options of the Company[68](index=68&type=chunk)[72](index=72&type=chunk) - Equity-linked agreements: Save for the convertible bonds disclosed in Note 19 to the financial statements, the Company did not enter into or have any equity-linked agreements during the six months ended June 30, 2025[68](index=68&type=chunk)[72](index=72&type=chunk) [Arrangements for Acquiring Shares or Debentures](index=19&type=section&id=8.2%20Arrangements%20for%20Acquiring%20Shares%20or%20Debentures) During the reporting period, neither the company nor any of its subsidiaries entered into any arrangements that would enable the company's directors to benefit from acquiring shares or debentures of the company or any other body corporate - No arrangements for directors' benefits: Neither the Company nor any of its subsidiaries entered into any arrangements during the period that would enable the Company's directors to benefit from acquiring shares or debentures of the Company or any other body corporate[69](index=69&type=chunk)[73](index=73&type=chunk) [Employee Information](index=19&type=section&id=8.3%20Employee%20Information) As of June 30, 2025, the Group's total number of employees was approximately 1,280, an increase from the end of 2024; employee remuneration is determined based on their duties and performance, and education allowances are provided to all employees - Total number of employees: The Group had approximately **1,280** employees (December 31, 2024: 1,232 employees)[70](index=70&type=chunk)[74](index=74&type=chunk) - Remuneration policy: The remuneration of the Group's employees is determined based on their duties and performance[70](index=70&type=chunk)[74](index=74&type=chunk) - Employee benefits: The Group provides education allowances to all employees[70](index=70&type=chunk)[74](index=74&type=chunk) [Interim Dividend](index=19&type=section&id=8.4%20Interim%20Dividend) The Board of Directors resolved not to declare an interim dividend for the six months ended June 30, 2025 - Interim dividend: The Board of Directors resolved not to declare an interim dividend for the six months ended June 30, 2025 (for the six months ended June 30, 2024: nil)[71](index=71&type=chunk)[75](index=75&type=chunk) [Listing Shares Transactions](index=20&type=section&id=8.5%20Listing%20Shares%20Transactions) 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 shares - Listed shares transactions: During 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 shares[76](index=76&type=chunk)[80](index=80&type=chunk) [Corporate Governance](index=20&type=section&id=8.6%20Corporate%20Governance) The company places high importance on corporate governance, having adopted all code provisions of the Corporate Governance Code set out in Appendix C1 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited as its own Corporate Governance Code, and has complied with all code provisions effective during the six months ended June 30, 2025 - Corporate governance compliance: The Company has adopted all code provisions of the Corporate Governance Code set out in Appendix C1 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited as its own Corporate Governance Code, and has complied with all code provisions effective during the six months ended June 30, 2025[77](index=77&type=chunk)[81](index=81&type=chunk) [Model Code for Securities Transactions by Directors](index=20&type=section&id=8.7%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors) The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules, and all directors have confirmed compliance with the code during the six months ended June 30, 2025 - Directors' securities transaction code: The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules as the standard for directors' conduct when dealing in securities. Following specific enquiries, all Directors have confirmed that they have complied with the requirements set out in the Model Code during the six months ended June 30, 2025[78](index=78&type=chunk)[82](index=82&type=chunk) [Audit Committee](index=20&type=section&id=8.8%20Audit%20Committee) The Audit Committee, composed of three independent non-executive directors, has reviewed the Group's accounting principles and practices with management, and discussed audit, risk management, internal control, and financial reporting matters, including a general review of the unaudited condensed consolidated financial statements for the six months ended June 30, 2025 - Committee composition: The Audit Committee is composed of three independent non-executive directors of the Company[79](index=79&type=chunk)[83](index=83&type=chunk) - Responsibilities: Has reviewed the accounting principles and practices adopted by the Group with management, and discussed matters relating to audit, risk management, internal control, and financial reporting, including a general review of the unaudited condensed consolidated financial statements for the six months ended June 30, 2025[79](index=79&type=chunk)[83](index=83&type=chunk) [Changes in Directors' Information and Connected Transactions](index=21&type=section&id=8.9%20Changes%20in%20Directors'%20Information%20and%20Connected%20Transactions) This section discloses changes in directors' information, including the extension of employment terms for Mr. Fu Weiqiang and Ms. Lin Junxian; during the reporting period, no connected transactions requiring disclosure under Chapter 14A of the Listing Rules occurred - Director appointment extensions: Mr. Fu Weiqiang's employment term with the Company was extended to June 30, 2028; Ms. Lin Junxian's employment term was extended to June 30, 2027[86](index=86&type=chunk) - Connected transactions: During the six months ended June 30, 2025, there were no connected transactions requiring disclosure as connected transactions under Chapter 14A of the Listing Rules[84](index=84&type=chunk)[85](index=85&type=chunk) [Additional Information on the Group's Finance Leasing Business](index=22&type=section&id=Additional%20Information%20on%20the%20Group's%20Finance%20Leasing%20Business) This section provides detailed information on the Group's finance leasing business, including its operational model, target customers, funding channels, and risk management framework [Business Model](index=22&type=section&id=9.1%20Business%20Model) The finance leasing business primarily provides finance leasing and related consulting services within China, with business models including sale-and-leaseback and direct leasing, where the Group, as lessor, obtains security through asset ownership and collateral interests - Service scope: The finance leasing business primarily provides finance leasing and related consulting services within China[87](index=87&type=chunk)[89](index=89&type=chunk) - Business models: Includes sale-and-leaseback (where the customer retains control over the asset, and the Group obtains security through ownership and collateral interests in the asset) and direct leasing (where the Group pays a third-party supplier for the purchase of certain assets selected by the customer and directly leases them to the customer for use)[87](index=87&type=chunk)[89](index=89&type=chunk) [Target Customers and Revenue Composition](index=22&type=section&id=9.2%20Target%20Customers%20and%20Revenue%20Composition) The Group's finance leasing business primarily targets customers in the environmental protection industry, particularly niche segments such as sewage treatment and waste incineration, as well as cogeneration, urban heating, and water supply; as of June 30, 2025, environmental protection industry customers contributed approximately 77% of operating revenue - Target customers: Primarily targets the environmental protection industry, including municipal environmental protection sectors such as sewage treatment, waste incineration, biomass power generation, solid waste treatment, and leachate treatment, as well as cogeneration, urban heating, and water supply[88](index=88&type=chunk)[90](index=90&type=chunk) - Customer composition: As of June 30, 2025, the Group had **92** customers with whom it had transacted and had outstanding balances, including **24** in the Greater Bay Area and **68** in other regions, some of which are subsidiaries of listed companies. Approximately **77** customers are in the environmental protection industry[88](index=88&type=chunk)[90](index=90&type=chunk) Finance Leasing Business Operating Revenue (For the six months ended June 30, 2025) | Metric | 2025 (HKD Thousand) | Year-on-year Change | | :--- | :--- | :--- | | Operating Revenue | 192,796 | +2% | | Operating Revenue from Environmental Protection Industry Customers | 77% | - | [Funding Channels](index=23&type=section&id=9.3%20Funding%20Channels) The Group raises most of its funds by pledging finance lease receivables as collateral for bank financing and bond issuance, and continuously expands the diversity of its funding channels to enhance financial strength - Financing methods: Raising most of the funding required for leasing operations through financing channels such as bank financing and bond issuance by pledging finance lease receivables as collateral[91](index=91&type=chunk)[93](index=93&type=chunk) - Funding sources: Most funding needs are met through external financing, with the remainder covered by internal funds[91](index=91&type=chunk)[93](index=93&type=chunk) - Objective: Actively and continuously expanding the diversity of funding channels, including but not limited to equity and debt financing, to enhance the financial strength of the finance leasing business[91](index=91&type=chunk)[93](index=93&type=chunk) [Risk Management and Internal Control](index=23&type=section&id=9.4%20Risk%20Management%20and%20Internal%20Control) The Group has established a tiered risk assessment policy and stringent internal control measures to mitigate financing default risks and ensure asset quality, effectively managing and responding to potential risks through comprehensive project review processes, continuous post-lease monitoring, and a three-tier risk early warning mechanism [Risk Assessment Policy](index=24&type=section&id=9.4.1%20Risk%20Assessment%20Policy) The Group employs a tiered approach to risk assessment and rigorously reviews potential finance leasing projects to ensure that the risks undertaken align with the Group's risk appetite; the assessment process covers seven stages: project initiation, investigation and evaluation, review and decision-making, project implementation, financing, post-lease monitoring, and risk early warning - Assessment method: The Group adopts a tiered approach to risk assessment and rigorously reviews potential finance leasing projects to ensure that the risks undertaken align with the Group's risk appetite[94](index=94&type=chunk)[96](index=96&type=chunk) - Assessment process: Includes seven stages: project processing and approval, investigation and review, review and decision-making, project implementation, financing provision, post-lease monitoring, and risk early warning[94](index=94&type=chunk)[96](index=96&type=chunk) - Considerations: During the risk assessment, the Group reviews relevant documents of target customers and considers specific factors such as whether the lessee's cash flow can cover the amount, the project's future cash flow, the method and value of guarantees and the amount covered by collateral, the lessee's default cost, and the lessee's asset-liability ratio[95](index=95&type=chunk)[97](index=97&type=chunk) [Key Internal Controls and Continuous Monitoring of Financing](index=25&type=section&id=9.4.2%20Key%20Internal%20Controls%20and%20Continuous%20Monitoring%20of%20Financing) The Group has established internal control measures to define limits, conduct approvals, and continuously monitor the recoverability and collection of finance lease receivables; through monthly off-site and quarterly on-site inspections, and a three-tier risk signal early warning mechanism, risks are effectively managed and responded to - Internal control measures: To minimize the risk of financing defaults, the Group has also established internal control measures to define limits, conduct approvals, and monitor the recoverability and collection of finance lease receivables[98](index=98&type=chunk)[101](index=101&type=chunk) - Continuous monitoring procedures: Include monthly off-site post-lease inspections (monitoring litigation procedures, changes in pledged assets, significant risk warnings) and quarterly on-site post-lease inspections (collecting financial statements, credit reports, environmental monitoring reports, bank statements, invoices, pictures of leased assets, monitoring changes in asset-liability structure)[100](index=100&type=chunk)[102](index=102&type=chunk) - Risk early warning process: Risk signals are categorized into three levels: general, medium, and significant risk. Upon identifying a risk signal, the relevant business manager will propose preliminary action plans and measures, and the project manager and risk control personnel will determine the risk level and action plan for approval by the Chief Risk Officer. The Group will also establish a working group to monitor and follow up on projects with significant risk early warning levels[103](index=103&type=chunk)[104](index=104&type=chunk) - Risk response measures: Include adjusting the internal quality rating of finance lease receivables, adjusting overall arrangements, accelerating lease arrangements, demanding rent repayment, and taking legal action and disposing of pledged or mortgaged assets in accordance with the law[103](index=103&type=chunk)[104](index=104&type=chunk) [Condensed Consolidated Financial Statements](index=27&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the Group's condensed consolidated financial statements, including the statement of profit or loss, financial position, changes in equity, and cash flows [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=27&type=section&id=10.1%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's revenue from continuing operations was HKD 418 million, gross profit was HKD 198 million, profit before tax was HKD 74.21 million, and profit for the period was HKD 44.87 million; profit attributable to owners of the company was HKD 4.79 million, with basic and diluted earnings per share both at HK 0.28 cents Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30, 2025) | Metric | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Revenue | 417,990 | 411,025 | | Cost of Sales and Services | (220,306) | (232,254) | | Gross Profit | 197,684 | 178,771 | | Other Operating Income | 9,388 | 12,755 | | Selling and Distribution Expenses | (6,046) | (6,580) | | Administrative Expenses | (95,905) | (87,180) | | Share of Profits from Associates | 5,501 | 26,520 | | Finance Costs | (36,409) | (39,240) | | Profit Before Tax | 74,213 | 85,046 | | Income Tax Expense | (29,347) | (19,278) | | Profit for the Period from Continuing Operations | 44,866 | 65,768 | | Profit from Discontinued Operations | – | 41,365 | | **Profit for the Period** | **44,866** | **107,133** | | Profit Attributable to Owners of the Company | 4,788 | 62,942 | | Profit Attributable to Non-controlling Interests | 40,078 | 44,191 | Earnings Per Share (For the six months ended June 30, 2025) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | **From Continuing and Discontinued Operations** | | | | Basic | HK 0.28 cents | HK 3.68 cents | | Diluted | HK 0.28 cents | HK 3.68 cents | | **From Continuing Operations** | | | | Basic | HK 0.28 cents | HK 1.21 cents | | Diluted | HK 0.28 cents | HK 1.21 cents | [Condensed Consolidated Statement of Financial Position](index=29&type=section&id=10.2%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets were HKD 7.82 billion, total liabilities were HKD 5.92 billion, and total equity was HKD 1.90 billion; finance lease receivables constituted the largest portion of non-current assets, while cash and bank balances decreased among current assets Condensed Consolidated Statement of Financial Position Key Data (As of June 30, 2025) | Metric | 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | | :--- | :--- | :--- | | **Non-current Assets:** | | | | Investment Properties | 337,208 | 330,916 | | Property, Plant and Equipment | 611,037 | 596,129 | | Finance Lease Receivables | 3,588,796 | 3,301,054 | | **Current Assets:** | | | | Inventories | 7,500 | 7,337 | | Assets Taken Over | 382,793 | 386,726 | | Finance Lease Receivables | 1,362,142 | 1,254,955 | | Cash and Bank Balances | 570,919 | 717,173 | | **Current Liabilities:** | | | | Borrowings | 2,132,939 | 1,517,149 | | **Non-current Liabilities:** | | | | Borrowings | 3,120,275 | 3,486,130 | | Convertible Notes | 146,364 | 140,469 | | **Total Assets** | **7,822,417** | **7,484,410** | | **Total Liabilities** | **5,923,555** | **5,647,165** | | **Total Equity** | **1,898,862** | **1,837,245** | [Condensed Consolidated Statement of Changes in Equity](index=31&type=section&id=10.3%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, equity attributable to owners of the company increased from HKD 1.07 billion at the beginning of the year to HKD 1.13 billion, primarily due to profit for the period and changes in exchange reserves; non-controlling interests also slightly increased Changes in Equity Attributable to Owners of the Company (As of June 30, 2025) | Metric | January 1, 2025 (HKD Thousand) | June 30, 2025 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Equity Attributable to Owners of the Company | 1,070,749 | 1,130,733 | +5.60% | - Key change factors: Profit for the period of **HKD 4,788,000**; exchange differences arising from translation of overseas operations of **HKD 65,127,000**; dividends paid to non-controlling interests of **HKD (40,779,000)**; transfer to statutory reserve of **HKD 1,376,000**; dividends of **HKD (9,932,000)**[114](index=114&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=33&type=section&id=10.4%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, the Group's net cash outflow from operating activities was HKD 183 million, net cash inflow from investing activities was HKD 9.78 million, and net cash inflow from financing activities was HKD 36.32 million; cash and bank balances decreased by a net of HKD 137 million Condensed Consolidated Statement of Cash Flows Key Data (For the six months ended June 30, 2025) | Metric | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Net Cash Outflow from Operating Activities | (183,259) | (168,204) | | Net Cash Inflow from Investing Activities | 9,784 | 498,554 | | Net Cash Inflow from Financing Activities | 36,321 | 75,636 | | Net (Decrease)/Increase in Cash and Bank Balances | (137,154) | 405,986 | | Effect of Exchange Rate Changes | 19,784 | (17,525) | | Cash and Bank Balances at June 30 | 570,919 | 956,019 | [Notes to the Condensed Consolidated Financial Statements](index=34&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes explaining the basis of preparation, accounting policies, financial risk management, and specific line items within the condensed consolidated financial statements [Basis of Preparation of Financial Statements (Note 1)](index=34&type=section&id=11.1%20Basis%20of%20Preparation%20of%20Financial%20Statements%20(Note%201)) These interim condensed consolidated financial statements are prepared in accordance with the applicable disclosure requirements of Appendix D2 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants; these statements are unaudited by the company's auditors but have been reviewed by the company's Audit Committee and are prepared on a historical cost basis - Basis of preparation: Prepared in accordance with the applicable disclosure requirements of Appendix D2 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants[121](index=121&type=chunk)[125](index=125&type=chunk) - Audit status: These interim condensed consolidated financial statements are unaudited by the Company's auditors but have been reviewed by the Company's Audit Committee[122](index=122&type=chunk)[125](index=125&type=chunk) - Measurement basis: These interim condensed consolidated financial statements are prepared on a historical cost basis, except for certain properties and financial instruments which are measured at fair value, revalued amounts, or amortized cost as applicable[122](index=122&type=chunk)[125](index=125&type=chunk) [Application of New and Revised Hong Kong Financial Reporting Standards (Note 2)](index=35&type=section&id=11.2%20Application%20of%20New%20and%20Revised%20Hong%20Kong%20Financial%20Reporting%20Standards%20(Note%202)) Except for the adoption of HKAS 21 (Amendment) "Lack of Exchangeability," the accounting policies for this period are consistent with those in the 2024 annual financial statements; the adoption of new standards has no significant impact on the Group's financial performance, and the Group has not early adopted other new or revised HKFRSs that have been issued but are not yet effective - Consistency of accounting policies: Save as described below regarding the revised Hong Kong Financial Reporting Standards, the accounting policies and methods of computation used in the preparation of the condensed consolidated financial statements for the six months ended June 30, 2025, are consistent with those adopted in the Group's annual financial statements for the year ended December 31, 2024[126](index=126&type=chunk)[130](index=130&type=chunk) - Impact: The adoption of the revised Hong Kong Financial Reporting Standards has no significant impact on the Group's financial performance and position for the current or prior accounting periods. Therefore, no adjustments are required for prior accounting periods[127](index=127&type=chunk)[130](index=130&type=chunk) - No early adoption: The Group has not early adopted new and revised Hong Kong Financial Reporting Standards that have been issued but are not yet effective[127](index=127&type=chunk)[130](index=130&type=chunk) [Financial Risk Management (Note 3)](index=35&type=section&id=11.3%20Financial%20Risk%20Management%20(Note%203)) The Group's financial risk management objectives and policies are consistent with those disclosed in the 2024 annual financial statements; in 2025, there were no significant business changes or economic environment shifts affecting the fair value of financial assets and liabilities, and no financial assets were reclassified - Risk management policy: All aspects of the Group's financial risk management objectives and policies are consistent with those disclosed in the annual financial statements for the year ended December 31, 2024[128](index=128&type=chunk)[131](index=131&type=chunk) - No significant changes in 2025: In 2025, there were no significant business changes or economic environment shifts affecting the fair value of financial assets and financial liabilities. Financial assets were not reclassified[128](index=128&type=chunk)[131](index=131&type=chunk) [Revenue (Note 4)](index=35&type=section&id=11.4%20Revenue%20(Note%204)) Revenue represents the total amounts received and receivable during the period from healthcare and elderly care business, big data business, finance leasing business, civil explosives business, and hotel and property investment; for the six months ended June 30, 2025, total revenue was HKD 418 million, with HKD 268 million from customer contracts and HKD 150 million from other income sources - Revenue definition: Revenue refers to the total amounts received and receivable during the period from healthcare and elderly care business, big data business, finance leasing business, civil explosives business, and hotel and property investment income, gross sales of goods to external customers after deducting returns and discounts, total rental income, interest income from finance leases, and consulting service income collected from external parties[129](index=129&type=chunk)[132](index=132&type=chunk) Revenue Composition (For the six months ended June 30, 2025) | Revenue Type | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | **Revenue from Contracts with Customers:** | | | | Big Data Business Platform Construction and Operation Revenue | 744 | 2,878 | | Finance Lease Consulting Service Revenue | 52,731 | 39,599 | | Civil Explosives Business Blasting Engineering Revenue | 16,058 | 24,515 | | Healthcare and Elderly Care Business Operating Revenue | 52,212 | 46,521 | | Sales of Emulsion Explosives | 87,828 | 85,521 | | Healthcare and Elderly Care Business Service Revenue | 57,189 | 50,376 | | Big Data Business Technical Service Revenue | 861 | 204 | | **Subtotal (Customer Contracts)** | **267,623** | **253,195** | | **Other Income Sources:** | | | | Hotel Rental Income | 4,541 | 4,713 | | Investment Property Rental Income | 5,761 | 3,633 | | Finance Lease Interest Income | 140,065 | 149,484 | | **Subtotal (Other Income)** | **150,367** | **157,830** | | **Total Revenue** | **417,990** | **411,025** | - Timing of revenue recognition from customer contracts: Revenue recognized at a point in time was **HKD 193,515,000**, and revenue recognized over a period of time was **HKD 74,108,000**[137](index=137&type=chunk)[138](index=138&type=chunk) [Segment Information (Note 5)](index=38&type=section&id=11.5%20Segment%20Information%20(Note%205)) The Group is currently divided into five operating segments: healthcare and elderly care business, big data business, finance leasing business, civil explosives business, and hotel and property investment; in the first half of 2025, the finance leasing business contributed the largest revenue and profit, the healthcare and elderly care business saw revenue growth but profit decline, and the big data business experienced declines in both revenue and profit - Operating segments: Healthcare and elderly care business, big data business, finance leasing business, civil explosives business, and hotel and property investment[139](index=139&type=chunk)[141](index=141&type=chunk) Segment Revenue and Results (For the six months ended June 30, 2025) | Segment | Revenue (HKD Thousand) | Results (HKD Thousand) | | :--- | :--- | :--- | | Healthcare and Elderly Care Business | 109,401 | 3,386 | | Big Data Business | 1,605 | (3,283) | | Finance Leasing Business | 192,796 | 93,726 | | Civil Explosives Business | 103,886 | 26,570 | | Hotel and Property Investment | 10,302 | 665 | | **Total** | **417,990** | **121,064** | Segment Assets and Liabilities (As of June 30, 2025) | Segment | Assets (HKD Thousand) | Liabilities (HKD Thousand) | | :--- | :--- | :--- | | Healthcare and Elderly Care Business | 412,610 | 362,144 | | Big Data Business | 27,590 | 9,189 | | Finance Leasing Business | 5,412,466 | 4,198,458 | | Civil Explosives Business | 393,279 | 66,082 | | Hotel and Property Investment | 387,058 | 246,768 | | **Total Segment Assets/Liabilities** | **6,633,003** | **4,882,641** | Other Segment Information (For the six months ended June 30, 2025) | Metric | Healthcare and Elderly Care Business | Big Data Business | Finance Leasing Business | Civil Explosives Business | Hotel and Property Investment | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Amortization of Intangible Assets | – | 456 | – | – | – | 456 | | Depreciation of Property, Plant and Equipment | 8,834 | 19 | 73 | 7,436 | 1,872 | 18,234 | | Depreciation of Right-of-Use Assets | 1,147 | – | – | 29 | – | 1,176 | | Additions to Property, Plant and Equipment | 15,568 | – | 389 | 722 | 2,421 | 19,100 | | Provision for Expected Credit Losses on Finance Lease Receivables | – | – | 5,660 | – | – | 5,660 | [Geographical Segment Information](index=43&type=section&id=11.5.1%20Geographical%20Segment%20Information) The Group's healthcare and elderly care business, big data business, finance leasing business, civil explosives business, and hotel and property investment are primarily located in China (excluding Hong Kong), while property investment is located in both China and Hong Kong; China contributed the vast majority of external customer revenue and non-current assets Sales Revenue from External Customers (For the six months ended June 30, 2025) | Region | Sales Revenue from External Customers (HKD Thousand) | | :--- | :--- | | China | 417,690 | | Hong Kong | 300 | | **Total** | **417,990** | Non-current Assets (As of June 30, 2025) | Region | Non-current Assets (HKD Thousand) | | :--- | :--- | | China | 870,038 | | Hong Kong | 78,207 | | **Total** | **948,245** | [Other Operating Income (Note 6)](index=44&type=section&id=11.6%20Other%20Operating%20Income%20(Note%206)) For the six months ended June 30, 2025, the Group's other operating income was HKD 9.39 million, primarily comprising bank interest income, government grants, and dividend income from financial assets Other Operating Income Composition (For the six months ended June 30, 2025) | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Bank Interest Income | 2,573 | 6,851 | | Compensation Received and Government Grants | 502 | 1,402 | | Dividend Income from Financial Assets | 608 | 618 | | Income from Lending Industrial Detonating Cord Capacity | – | 2,322 | [Finance Costs (Note 7)](index=45&type=section&id=11.7%20Finance%20Costs%20(Note%207)) For the six months ended June 30, 2025, the Group's finance costs amounted to HKD 36.41 million, mainly consisting of interest on bank loans, convertible notes, loans from direct holding companies, and other loans Finance Costs Composition (For the six months ended June 30, 2025) | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Handling Fees | – | 2,081 | | Interest on Bank Loans | 12,919 | 25,232 | | Interest on Convertible Notes | 5,895 | 8,291 | | Interest on Lease Liabilities | 786 | 120 | | Interest on Loans from Direct Holding Company | 1,136 | 2,293 | | Interest on Other Loans | 15,673 | 36 | | **Total** | **36,409** | **39,240** | - Interest capitalization and costs: Borrowing interest under finance costs is derived from total interest expense recognized during the period of approximately **HKD 112,446,000** (for the six months ended June 30, 2024: approximately HKD 118,210,000) after deducting capitalized interest of **HKD 0** (for the six months ended June 30, 2024: approximately HKD 1,648,000) and borrowing costs from finance leases included in cost of sales and services of approximately **HKD 76,037,000** (for the six months ended June 30, 2024: approximately HKD 79,403,000)[164](index=164&type=chunk)[165](index=165&type=chunk) [Income Tax Expense (Note 8)](index=46&type=section&id=

Core Viewpoint - The company announced a financing lease agreement with a lessee for a total consideration of RMB 35 million, which is approximately HKD 38.29 million, aimed at acquiring ownership of water production and transportation equipment in Changsha, Hunan Province, China [1] Group 1 - The financing lease is set for a duration of three years [1] - The assets involved are specific water production and transportation equipment and facilities located in Changsha [1] - This financing lease is part of the normal business operations of the company's subsidiary, Green Gold Leasing, and is expected to provide stable income and cash flow for the group [1]