第 1 頁 共 10 頁 v 1.1.1 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: | 冠中地產有限公司 | | | 呈交日期: | 2025年9月2日 | | | I. 法定/註冊股本變動 | 不適用 | | FF301 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00193 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 233,202,559 | | 0 | | 233,202,559 | | 增加 / 減少 (-) | | | 0 | | 0 | ...

Core Viewpoint - The expectation of a rate cut by the Federal Reserve in September has sparked global market interest, with a focus on the investment opportunities in Asian markets, particularly in the Hong Kong and mainland China stock markets, supported by favorable factors [1][6][10]. Group 1: Global Market Trends - The anticipation of a rate cut by the Federal Reserve has led to a rebound in global stock markets, although U.S. stocks face high investment risks due to elevated valuations and cautious market sentiment [3][5]. - The U.S. stock market's valuation is currently above the average of the past decade, with the S&P 500's forecasted P/E ratio exceeding one standard deviation, indicating a less favorable risk-reward ratio for short-term investments [5]. Group 2: Asian Market Opportunities - Asian stock markets are seen as having significant investment potential, with higher dividend yields compared to U.S. and European markets, and Asia being a major contributor to global economic growth [6][10]. - The technology sector in Asia is highlighted as a focal point, with increased government and corporate investments in artificial intelligence, positioning Asian tech companies favorably within the AI supply chain [7]. Group 3: Hong Kong and Mainland China Stock Markets - The Hong Kong stock market has shown strong performance, particularly in the technology sector, supported by government initiatives to reduce reliance on imported chips and positive earnings reports from tech companies [4][8]. - The A-share market is attracting capital due to lower deposit rates in mainland China, with a relatively high risk premium making it an attractive investment option [8][9].

物业投资及发展 本集团持有位于中国佛山市顺德区乐从镇,佛山财神酒店旁侧住宅项目之75%权益。该项目包括三栋高 层住宅,有240多个单位和420多个停车位。 酒店业务 本集团拥有位于中国佛山市顺德区乐从镇,设有406间豪华客房之佛山财神酒店之75%权益。 截至8月25日收盘，冠中地产（00193.HK）报0.210港元，较上个交易日下跌2.33%，当日盘中最低价触 及0.200港元，创近一年新低。 资金流向方面，当日主力流入1.246万港元，流出NaN万港元，净流出7.69万港元。 冠中地产有限公司('本公司')是一家投资控股公司,在香港注册成立,其股份在香港联合交易所有限公司的 主板市场上市(股票代号:193) 本公司及其附属公司(合称'本集团')之主要业务包括物业投资及开发、消费金融、酒店业务、金融投资 及相关业务。 本集团亦持有澳门财神酒店之32.5%权益,该酒店位于新口岸区中心,为旅澳宾客提供342间客房。 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 本文源自：金融界 作者：港股君 ...

Core Viewpoint - *ST Chuangxing (600193.SH) reported a significant decline in revenue and a negative net profit for the first half of 2025, indicating severe financial distress [1] Financial Performance - The company achieved an operating revenue of 374,000 yuan, representing a year-on-year decrease of 99.00% [1] - The net profit attributable to shareholders was -13.71 million yuan, reflecting ongoing losses [1] - The basic earnings per share stood at -0.032 yuan, indicating a negative return for shareholders [1]

Group 1 - The core point of the article is that *ST Chuangxing (600193.SH) announced a capital increase for its wholly-owned subsidiary Yuyi Construction to support its operational development and sustainable growth [1] - The total amount of the capital increase is RMB 23.68 million, with Yuyin Construction contributing RMB 21.312 million and Hangzhou Zhongshi Media Technology Co., Ltd. contributing RMB 2.368 million [1] - After the capital increase, the registered capital of Yuyi Construction will change from RMB 10,000 to RMB 2.369 million [1]

*ST创兴(600193.SH)发布公告，为盘活资产，补充流动资金，公司拟通过公开挂牌转让的方式转让公司 持有的上海喜鼎建设工程有限公司(简称"喜鼎建设")100%的股权。经北京百汇方兴资产评估有限公司的 评估，股东全部权益账面价值为3,084.71万元，评估价值3,084.71万元，喜鼎建设本次转让的价格不低于 人民币3,084.71万元。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年7月31日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | 公司名稱: | 冠中地產有限公司 | | | | 呈交日期: | 2025年8月4日 | | | | I. 法定/註冊股本變動 | 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00193 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 233,202,559 | | 0 | | 233,202,559 | | 增加 / 減少 (-) ...

Group 1 - The Hong Kong stock market has shown significant strength this year, with the Hang Seng Index and Hang Seng Tech Index both rising over 10% year-to-date, ranking among the top global market indices [2] - The Hong Kong Technology 30 ETF (513160) closely tracks the performance of mainland companies engaged in technology business and listed in Hong Kong, with notable gains in stocks like Kuaishou-W and Xiaomi Group-W [1][2] - Nearly 30% of the top 100 equity funds have a Hong Kong stock allocation exceeding 30%, with some funds reporting year-to-date net value increases of over 50% [2] Group 2 - Analysts suggest that the Hong Kong stock market has upward potential due to a favorable external environment and strengthening internal fundamentals, with three main investment themes: technology assets, consumer sectors supported by policy, and stable dividend-paying assets [3] - The sectors expected to benefit from policy support include automotive, consumption, electronics, and technology, as well as undervalued state-owned enterprises [2][3] - The market outlook remains positive, with expectations of continued capital inflow driven by multiple favorable factors [2]

Financial Performance - Revenue for the six months ended January 31, 2025, was HKD 16,533 million, an increase of 52.5% compared to HKD 10,839 million for the same period in 2024[4] - Gross profit for the same period was HKD 24,043 million, up 19.5% from HKD 20,087 million year-over-year[4] - The company reported a net loss of HKD 9,236 million for the six months ended January 31, 2025, compared to a profit of HKD 4,950 million in the prior year[4] - Total comprehensive loss for the period was HKD 11,019 million, compared to a comprehensive income of HKD 4,088 million in the previous year[4] - The company recorded a pre-tax loss of HKD 8,506,000 for the six months ended January 31, 2025, compared to a pre-tax profit of HKD 4,905,000 for the same period in 2024, marking a substantial turnaround in performance[18] - For the six months ended January 31, 2025, the company reported a loss attributable to shareholders of HKD 7,986,000 compared to a profit of HKD 6,326,000 for the same period in 2024[29] - The company reported a net cash outflow from operating activities of HKD 152,198,000 for the six months ended January 31, 2025, compared to HKD 16,222,000 for the same period in 2024, indicating a significant increase in cash losses[8] Assets and Liabilities - The company's total assets as of January 31, 2025, were HKD 1,153,926 million, slightly up from HKD 1,151,149 million as of July 31, 2024[5] - The company’s equity attributable to owners was HKD 813,714 million, down from HKD 823,048 million as of July 31, 2024[5] - The company’s total liabilities increased, with a notable rise in trade and other payables, which decreased by HKD 1,732,000 in the first half of 2025 compared to a decrease of HKD 4,393,000 in the same period of 2024[8] - The company’s cash and cash equivalents decreased significantly to HKD 31,408 million from HKD 175,038 million in the previous period[5] - The company’s cash and cash equivalents decreased to HKD 31,408,000 at the end of January 31, 2025, down from HKD 169,161,000 at the end of January 31, 2024, indicating a decline of approximately 81.4%[8] Expenses - The company incurred administrative expenses of HKD 25,511 million, an increase of 16.3% from HKD 21,820 million in the prior year[4] - Marketing expenses for the period were HKD 1,533 million, a decrease of 37.5% compared to HKD 2,457 million in the previous year[4] - The company’s financial expenses increased to HKD 328 million from HKD 2 million in the previous period[4] - The company incurred depreciation expenses of HKD 6,509,000 for property, machinery, and equipment for the six months ended January 31, 2025, compared to HKD 5,069,000 for the same period in 2024, indicating an increase of approximately 28.4%[22][28] Revenue Streams - Total revenue for the hotel business decreased to HKD 6,062,000 in the first half of 2025 from HKD 6,628,000 in the same period of 2024, reflecting a decline of approximately 8.5%[18] - The revenue from property sales increased significantly to HKD 10,471,000 in the first half of 2025, up from HKD 4,211,000 in the same period of 2024, representing an increase of approximately 148%[14] - Consumer finance service income was HKD 14,900,000, showing an increase from HKD 14,000,000 year-on-year[50] - Property sales revenue surged to HKD 10,500,000 from HKD 4,200,000, indicating a significant increase of approximately 150%[50] - Interest income from consumer finance service customers rose to HKD 14,930,000 in the first half of 2025, compared to HKD 14,042,000 in the same period of 2024, showing a growth of about 6.3%[15] Investments and Securities - The total value of securities held was HKD 243,400,000, a significant increase from HKD 99,800,000 in the previous period[51] - The investment portfolio included listed equity securities valued at HKD 91,200,000, a substantial increase from HKD 32,700,000, representing a growth of approximately 178%[59] - The debt securities in the investment portfolio amounted to HKD 122,200,000, up from HKD 67,200,000, indicating a growth of about 81.9%[60] - The company held HKD 30,000,000 in money market funds, a new addition to the portfolio compared to the previous period[61] Shareholder Information - The company’s major shareholder, Ms. Xiao Lina, holds 121,912,266 shares, representing 62.7% of the issued share capital[67] - Following a placement, Ms. Xiao Lina's shareholding percentage will be diluted to 52.3%[68] - Cedarwood Ventures Limited and Nichrome Limited, both wholly owned by Ms. Xiao Lina, hold 66,912,266 shares (34.4%) and 55,000,000 shares (28.3%) respectively[70] Corporate Governance - The audit committee reviewed the unaudited interim accounts for the six months ending January 31, 2025[71] - The company has complied with all applicable provisions of the corporate governance code during the six months ending January 31, 2025, with some deviations noted[73] - The board of directors includes executive directors Ms. Xiao Lina and Mr. Zhu Nianyao, along with non-executive and independent directors[79] Market Outlook - The management remains cautiously optimistic about growth in the Asian hotel sector despite ongoing economic challenges[63] - The company is undergoing phased renovations at Foshan Caishen Hotel to enhance competitiveness in a challenging market environment[63]

Revenue and Profitability - Revenue for the six months ended January 31, 2025, was HKD 31,463,000, an increase of 45.4% compared to HKD 21,879,000 for the same period in 2024[3] - Total revenue for the six months ended January 31, 2025, was HKD 94,251,000, an increase from HKD 40,704,000 for the same period in 2024, representing a growth of 131.5%[14] - The company reported a net loss of HKD 9,236,000 for the six months ended January 31, 2025, compared to a profit of HKD 4,950,000 in the same period last year[4] - Total comprehensive loss for the period was HKD 11,019,000, compared to a comprehensive income of HKD 4,088,000 in the previous year[4] - Basic loss per share was HKD 4.11, a decline from earnings of HKD 3.26 per share in the prior year[4] - The net loss attributable to shareholders for the six months ended January 31, 2025, was HKD 8,000,000, a significant decline from a net profit of HKD 6,300,000 in the previous year[32] Asset and Liability Management - Non-current assets amounted to HKD 433,482,000, slightly up from HKD 429,726,000 as of July 31, 2024[5] - Current assets totaled HKD 378,928,000, compared to HKD 377,423,000 in the previous period[5] - The company's net assets decreased to HKD 756,438,000 from HKD 766,437,000 as of July 31, 2024[6] - The company maintained a cash and bank balance of HKD 32,100,000 as of January 31, 2025, down from HKD 175,700,000 as of July 31, 2024[33] - The total value of securities held by the company increased to HKD 243,400,000 as of January 31, 2025, compared to HKD 99,800,000 as of July 31, 2024[33] - The company’s asset-to-liability ratio was 6.9% as of January 31, 2025, up from 4.9% as of July 31, 2024[33] Segment Performance - Hotel business revenue decreased to HKD 6,062,000 in 2025 from HKD 6,628,000 in 2024, a decline of 8.5%[14][15] - The total segment loss for the hotel business was HKD 9,342,000 in 2025, compared to a loss of HKD 6,734,000 in 2024, indicating a worsening performance[14][15] - The residential project sales in Foshan generated revenue of HKD 10,500,000, significantly higher than HKD 4,200,000 in the same period last year[36] - The hotel business recorded revenue of HKD 6,100,000 for the six months ended January 31, 2025, compared to HKD 6,600,000 in the previous year[39] Financial Investments - The financial investment portfolio recorded a fair value loss of HKD 6,400,000, compared to a fair value gain of HKD 2,200,000 in the prior period[32] - The company recognized a fair value decrease of financial assets amounting to HKD 3,291,000 in 2025, contrasting with an increase of HKD 2,218,000 in 2024[19] - The equity portfolio generated a net fair value gain of HKD 1,800,000 during the period, compared to a fair value loss of HKD 200,000 in the previous six months[41] - The company held debt securities valued at HKD 122,200,000, which accounted for approximately 50.2% of the investment portfolio, down from 67.3% as of July 31, 2024[42] - The debt portfolio incurred a net fair value loss of HKD 5,100,000 during the period, contrasting with a fair value gain of HKD 2,500,000 in the previous six months[42] Taxation and Expenses - The income tax expense for the six months ended January 31, 2025, included a current tax of HKD (1,520,000) and a deferred tax of HKD 790,000, resulting in a net tax expense of HKD (730,000)[20] - Depreciation for property, plant, and equipment was HKD (6,509,000) in 2025, compared to HKD (5,069,000) in 2024, reflecting an increase in depreciation expenses[16][18] - The company did not generate any taxable profits during the periods, resulting in no provisions for Hong Kong profits tax[20][21] Future Outlook and Strategy - The company plans to continue focusing on market expansion and new product development to drive future growth[3] - The company maintains a cautious optimism regarding growth in the Asian hotel business despite ongoing economic challenges[45] Consumer Finance Performance - The company has reported an increase in receivables from consumer finance services to HKD 52,780,000, up from HKD 48,013,000[5] - Interest income from consumer finance services rose to HKD 14,930,000 in 2025, compared to HKD 14,042,000 in 2024, an increase of 6.3%[12] - The consumer finance segment generated interest income of HKD 14,900,000, an increase from HKD 14,000,000 in the same period last year[38] - The company served approximately 3,000 active users in its consumer finance platform, maintaining the same user count as of July 31, 2024[37] Share Issuance - The company completed a placement agreement on February 6, 2025, issuing 38,865,000 new shares at HKD 0.267 per share, raising approximately HKD 10,000,000 for operational and general working capital[45]