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 | 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) | 00232 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.1 | HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.1 | HKD | | 1,000,000,000 | 本月底法定/註冊股本總額： HKD 1,000,000,000 第 1 頁 共 10 頁 v 1.1.1 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 ...

Group 1 - The company reported a revenue of HKD 1,005,250,000 for the first half of 2025, an increase from HKD 781,805,000 in 2024 [1] - Gross profit for the same period was HKD 257,507,000, up from HKD 200,851,000 in 2024 [1] - The net profit for the period was HKD 64,293,000, significantly higher than HKD 7,053,000 in 2024, primarily driven by the general aviation piston engine business which recorded a profit of HKD 70,925,000 compared to a loss of HKD 3,277,000 in 2024 [1] Group 2 - Basic and diluted earnings per share were HKD 0.69, compared to HKD 0.08 in 2024 [1]

Core Insights - The company reported a revenue of approximately HKD 1.005 billion for the first half of 2025, representing a year-on-year increase of 28.58% [1] - Net profit reached HKD 64.293 million, showing a significant year-on-year growth of 811.57% [1] - Earnings per share were reported at HKD 0.69 [1] Financial Performance - The increase in profit was primarily attributed to the general aviation piston engine business, which generated a profit of HKD 70.925 million during the period, compared to a loss of HKD 3.277 million in 2024 [1]

Core Insights - The company reported a mid-year performance for 2025 with revenues of approximately HKD 1.005 billion, representing a year-on-year increase of 28.58% [1] - Net profit reached HKD 64.293 million, showing a significant year-on-year growth of 811.57% [1] - Earnings per share were reported at HKD 0.69 [1] Revenue Breakdown - The profit increase was primarily driven by the general aviation aircraft piston engine business, which generated a profit of HKD 70.925 million during the period, compared to a loss of HKD 3.277 million in 2024 [1]

Condensed Consolidated Financial Statements [Condensed Consolidated Statement of Profit or Loss](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the company achieved significant growth in revenue and gross profit, turning a prior-period loss into a profit for the period, with a substantial increase in basic and diluted earnings per share Condensed Consolidated Statement of Profit or Loss (HKD thousands) | Metric | 2025 | 2024 | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,005,250 | 781,805 | 28.58% | | Cost of sales | (747,743) | (580,954) | 28.71% | | Gross profit | 257,507 | 200,851 | 28.21% | | Profit before tax | 75,015 | 8,567 | 775.64% | | Profit for the period attributable to owners of the Company | 64,293 | 7,053 | 811.57% | | Basic and diluted earnings per share | 0.69 HK cents | 0.08 HK cents | 762.50% | [Condensed Consolidated Statement of Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) Profit for the period significantly increased, while exchange differences from translating foreign operations shifted from a loss to a gain, driving a substantial positive growth in total comprehensive income attributable to owners of the Company Condensed Consolidated Statement of Comprehensive Income (HKD thousands) | Metric | 2025 | 2024 | Year-on-year Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Profit for the period | 64,293 | 7,053 | 57,240 | | Exchange differences arising from translation of foreign operations | 68,674 | (14,422) | 83,096 | | Total comprehensive income/(loss) for the period attributable to owners of the Company | 132,967 | (7,369) | 140,336 | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets and shareholders' equity both increased, with net current assets remaining robust, indicating continuous improvement in financial position Condensed Consolidated Statement of Financial Position (HKD thousands) | Metric | June 30, 2025 | December 31, 2024 | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Total non-current assets | 2,198,413 | 2,168,485 | 29,928 | | Total current assets | 1,907,629 | 1,785,810 | 121,819 | | Total current liabilities | 507,492 | 478,660 | 28,832 | | Net current assets | 1,400,137 | 1,307,150 | 92,987 | | Total assets less current liabilities | 3,598,550 | 3,475,635 | 122,915 | | Total non-current liabilities | 532,963 | 496,498 | 36,465 | | Net assets (Total equity) | 3,065,587 | 2,979,137 | 86,450 | Notes to the Condensed Consolidated Financial Statements [1. Basis of Preparation](index=5&type=section&id=1.%20Basis%20of%20Preparation) The unaudited condensed consolidated interim financial information is prepared in accordance with HKAS 34 and the Listing Rules, using the historical cost convention, and should be read in conjunction with the annual financial statements - The interim financial information is unaudited, prepared in accordance with HKAS 34 and the Listing Rules, using the historical cost convention, and should be read in conjunction with the annual financial statements[7](index=7&type=chunk) [2. Changes in Accounting Policies and Disclosures](index=5&type=section&id=2.%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) The adoption of the revised HKFRS accounting standard (Amendments to HKAS 21: Lack of Exchangeability) during the period had no significant financial impact on the Group's condensed consolidated interim financial information - The adoption of the revised HKFRS 21 'Lack of Exchangeability' had no significant impact on the interim financial information[8](index=8&type=chunk) [3. Operating Segments](index=5&type=section&id=3.%20Operating%20Segments) The Group has only one reportable operating segment, which is the design, development, production, and after-sales service of general aviation aircraft piston engines and spare parts, thus no segment information is presented - The Group has only one operating segment: general aviation aircraft piston engines and spare parts business, including design, development, production, and after-sales service[9](index=9&type=chunk) [4. Revenue](index=6&type=section&id=4.%20Revenue) The Group's revenue primarily derives from aircraft engine and spare parts sales, dominated by the US market, with total revenue increasing by **28.58%** year-on-year during the period Revenue Analysis (HKD thousands) | Revenue Source | 2025 | 2024 | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Sales of aircraft engines and spare parts | 961,645 | 729,799 | 31.77% | | Provision of services | 43,605 | 52,006 | -16.15% | | **Total Revenue** | **1,005,250** | **781,805** | **28.58%** | Revenue by Geographical Market (HKD thousands) | Region | 2025 | 2024 | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | United States | 781,295 | 621,202 | 25.77% | | Europe | 133,591 | 112,032 | 19.24% | | Others | 90,364 | 48,571 | 86.05% | | **Total Revenue** | **1,005,250** | **781,805** | **28.58%** | [5. Profit Before Tax](index=6&type=section&id=5.%20Profit%20Before%20Tax) Profit before tax significantly increased, primarily influenced by higher cost of inventories sold, reversal of inventory write-downs, and impairment loss on investments in associates Key Deductions/(Additions) to Profit Before Tax (HKD thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Cost of inventories sold | 726,907 | 549,392 | | Cost of services provided | 20,836 | 31,562 | | Inventories (reversal of write-down)/write-down | (11,537) | 5,230 | | Depreciation of property, plant and equipment | 23,254 | 20,580 | | Depreciation of right-of-use assets | 7,269 | 7,109 | | Amortisation of other intangible assets | 42,814 | 42,838 | | Impairment loss on investments in associates | 13,805 | – | - The period recorded a **reversal of inventory write-down of HKD11,537 thousand**, compared to a write-down of HKD5,230 thousand in the prior period, positively impacting gross profit[11](index=11&type=chunk) - An **impairment loss of HKD13,805 thousand** on investments in associates was recognised this period, with no such loss in the prior period[11](index=11&type=chunk) [6. Income Tax](index=7&type=section&id=6.%20Income%20Tax) Group income tax expense primarily arises from taxable profits in other regions, with deferred tax shifting from a prior-year gain to an expense, leading to a significant increase in total income tax expense Income Tax Expense (HKD thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Current – Other regions: Expense for the period | 5,813 | 5,296 | | Deferred tax | 4,909 | (3,782) | | **Total income tax expense** | **10,722** | **1,514** | - No Hong Kong profits tax provision was made this period, with income tax primarily calculated based on the tax rates of the countries/jurisdictions where the Group operates[12](index=12&type=chunk) [7. Earnings Per Share Attributable to Owners of the Company](index=7&type=section&id=7.%20Earnings%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Company) Profit attributable to owners of the Company significantly increased, while the weighted average number of ordinary shares outstanding remained unchanged, leading to a substantial rise in basic and diluted earnings per share Basis for Earnings Per Share Calculation (HKD thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Profit attributable to owners of the Company | 64,293 | 7,053 | | Weighted average number of ordinary shares in issue during the period | 9,303,374,783 | 9,303,374,783 | | Basic and diluted earnings per share | 0.69 HK cents | 0.08 HK cents | - No potential dilutive ordinary shares were issued in the current or prior period[15](index=15&type=chunk) [8. Dividends](index=7&type=section&id=8.%20Dividends) The Company did not pay, declare, or propose any dividends for the period ended June 30, 2025, but the 2024 final dividend was approved by shareholders - The Company did not pay any dividends for the period ended June 30, 2025[16](index=16&type=chunk) - The 2024 final dividend of **HKD46,517,000** was approved by shareholders[16](index=16&type=chunk) [9. Property, Plant and Equipment](index=8&type=section&id=9.%20Property%2C%20Plant%20and%20Equipment) Additions to property, plant and equipment remained largely consistent with the prior period, indicating sustained capital investment Additions to Property, Plant and Equipment (HKD thousands) | Period | Additions | | :--- | :--- | | First half of 2025 | 21,118 | | First half of 2024 | 20,894 | [10. Goodwill](index=8&type=section&id=10.%20Goodwill) All Group goodwill relates to the German cash-generating unit, with US cash-generating unit goodwill fully impaired in prior years, and no impairment loss recognised this period - All goodwill relates to the German cash-generating unit, with goodwill for the US cash-generating unit fully impaired in prior years[18](index=18&type=chunk)[21](index=21&type=chunk) - No impairment loss on goodwill was recognised for the six months ended June 30, 2025 and 2024[35](index=35&type=chunk) [11. Trade Receivables](index=8&type=section&id=11.%20Trade%20Receivables) Net trade receivables significantly increased, and credit concentration risk with a single major customer rose, while impairment losses decreased Trade Receivables (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade receivables | 185,555 | 130,540 | | Impairment loss | (6,005) | (6,764) | | **Net carrying amount** | **179,550** | **123,776** | - The Group's trade receivables include **41%** (December 31, 2024: 26%) due from a major customer, indicating increased credit concentration risk[19](index=19&type=chunk) Ageing Analysis of Trade Receivables (HKD thousands) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 1 month | 135,054 | 89,398 | | 1 to 2 months | 38,435 | 20,916 | | 2 to 3 months | 592 | 8,993 | | Over 3 months | 5,469 | 4,469 | | **Total** | **179,550** | **123,776** | [12. Amounts Due from Fellow Subsidiaries](index=9&type=section&id=12.%20Amounts%20Due%20from%20Fellow%20Subsidiaries) Amounts due from fellow subsidiaries primarily consist of trade receivables within one month, with the period-end balance increasing Ageing Analysis of Amounts Due from Fellow Subsidiaries (HKD thousands) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 1 month | 21,477 | 15,830 | [13. Trade Payables](index=9&type=section&id=13.%20Trade%20Payables) Total trade payables slightly increased, primarily concentrated in amounts due within one month, with a typical credit period of 45 days Ageing Analysis of Trade Payables (HKD thousands) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 1 month | 86,716 | 79,362 | | 1 to 2 months | 50,847 | 47,442 | | 2 to 3 months | 460 | 4,434 | | Over 3 months | 716 | 630 | | **Total** | **138,739** | **131,868** | - Trade payables are non-interest bearing and generally settled on 45-day terms[23](index=23&type=chunk) Chairman's Report and Management Discussion and Analysis [Overall Review](index=10&type=section&id=Overall%20Review) The Group achieved significant revenue and gross profit growth in the first half of 2025, turning a substantial profit for the period, driven by strong performance in general aviation aircraft piston engine business and a significant increase in return on equity Key Financial Indicators for First Half of 2025 (HKD thousands) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 1,005,250 | 781,805 | | Gross profit | 257,507 | 200,851 | | Profit for the period | 64,293 | 7,053 | | Profit/(Loss) from general aviation aircraft piston engine business | 70,925 | (3,277) | | Basic and diluted earnings per share | 0.69 HK cents | 0.08 HK cents | | Return on equity | 2.1% | 0.2% | - Profit for the period was primarily contributed by the general aviation aircraft piston engine business, which achieved a turnaround from loss to profit[25](index=25&type=chunk) [Business Review](index=10&type=section&id=Business%20Review) The Group's general aviation aircraft piston engine business achieved double-digit growth in revenue and gross profit in the first half of 2025, turning profitable due to significant capacity enhancement, increased order delivery, and continuous advancement of the WCM production management system Performance of General Aviation Aircraft Piston Engine Business (HKD thousands) | Metric | First half of 2025 | First half of 2024 | | :--- | :--- | :--- | | Revenue | 1,005,250 | 781,805 | | Gross profit | 257,507 | 200,851 | | Profit/(Loss) for the period | 70,925 | (3,277) | - Revenue and gross profit growth are primarily attributed to the completion of new facilities, investment in new production equipment, stable operation of the new ERP system, and the advancement of the World Class Manufacturing (WCM) production management system, significantly enhancing production capacity and order delivery volume[26](index=26&type=chunk) [Enhanced Production Efficiency](index=11&type=section&id=Enhanced%20Production%20Efficiency) - Under the WCM production management system, US production lines achieved efficient operations and significantly reduced delivery times through the 'Bluefin' project and the new crankcase machining center[27](index=27&type=chunk) - German operations continuously improved delivery volume and product quality, enhancing customer experience through increased automation, digital tools, and production process optimization[27](index=27&type=chunk) [Product Expansion](index=11&type=section&id=Product%20Expansion) - The Jet-A engine series has accumulated over **12 million flight hours**, demonstrating exceptional performance, reliability, and customer satisfaction[28](index=28&type=chunk) [Service Enhancement](index=11&type=section&id=Service%20Enhancement) - Launched a new mobile-responsive website, enhancing features like Avgas and Jet-A engine management simulators and Titan experimental engine configurators, to improve customer satisfaction[33](index=33&type=chunk) - Phased implementation of a 24/7 global after-sales service support model aims to provide comprehensive service by year-end, enhancing user experience[33](index=33&type=chunk) - New service centers were established in Europe and Asia, expanding global service capabilities and adding advanced diagnostics and remote fleet monitoring services[33](index=33&type=chunk) [Enhanced Supply Chain Resilience](index=11&type=section&id=Enhanced%20Supply%20Chain%20Resilience) - Diversified sourcing and supplier partnerships help mitigate tariff risks, stabilize inventory, and enable efficient working capital management[30](index=30&type=chunk) [Growth in OEM Business Order Demand](index=11&type=section&id=Growth%20in%20OEM%20Business%20Order%20Demand) - Robust and growing order demand from customers such as Cirrus Aircraft, Tecnam Aircraft, and Piper Aircraft continues to drive market share expansion[31](index=31&type=chunk) [Continental Aerospace Technologies Academy's Global Expansion Strengthened](index=11&type=section&id=Continental%20Aerospace%20Technologies%20Academy%27s%20Global%20Expansion%20Strengthened) - The Group's training academy further strengthened its global presence, offering both in-person and remote maintenance training[32](index=32&type=chunk) [Successful 120th Anniversary Celebration of US Subsidiary](index=12&type=section&id=Successful%20120th%20Anniversary%20Celebration%20of%20US%20Subsidiary) - The Group's US subsidiary successfully celebrated its 120th anniversary, reaffirming its commitment to 'Continuing the Legacy, Forging the Future'[34](index=34&type=chunk) [Financial Review](index=12&type=section&id=Financial%20Review) The Group maintains a robust financial position with no goodwill impairment, continuous growth in intangible assets, ample liquidity, and a healthy gearing ratio - The Group consistently maintains sufficient working capital, with total current assets reaching **HKD1,907,629 thousand**[39](index=39&type=chunk) - Cash and cash equivalents combined with time deposits totaled **HKD807,822 thousand**, indicating strong liquidity[39](index=39&type=chunk) - The gearing ratio was **8.6%** (December 31, 2024: 8.8%), maintaining a healthy level[40](index=40&type=chunk) [Goodwill](index=12&type=section&id=Goodwill) Goodwill Value (HKD thousands) | Date | Goodwill | | :--- | :--- | | June 30, 2025 | 14,828 | | December 31, 2024 | 13,080 | - All goodwill relates to the German cash-generating unit, with no impairment loss recognised this period[35](index=35&type=chunk) [Other Intangible Assets](index=12&type=section&id=Other%20Intangible%20Assets) Other Intangible Assets Value (HKD thousands) | Date | Value | | :--- | :--- | | June 30, 2025 | 1,303,720 | | December 31, 2024 | 1,270,538 | - Other intangible assets include development in progress, trademarks, product technology, licenses, completed projects, and customer relationships[36](index=36&type=chunk) [Investments in Associates](index=12&type=section&id=Investments%20in%20Associates) Profit and Loss Related to Associates (HKD thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Share of loss of associates | 2,008 | 2,201 | | Profit on deemed disposal of associates | 94 | 10,011 | - As of June 30, 2025, the Group's investments in associates were fully impaired[37](index=37&type=chunk) [Administrative Expenses](index=12&type=section&id=Administrative%20Expenses) Administrative Expenses (HKD thousands) | Period | Amount | | :--- | :--- | | First half of 2025 | 162,792 | | First half of 2024 | 154,023 | - Administrative expenses include salaries and wages, product liability expenses, legal and professional fees, among others[38](index=38&type=chunk) [Liquidity, Capital Structure and Financial Resources](index=12&type=section&id=Liquidity%2C%20Capital%20Structure%20and%20Financial%20Resources) Liquidity and Capital Structure Indicators (HKD thousands) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current assets | 1,907,629 | 1,785,810 | | Cash and cash equivalents and time deposits | 807,822 | 799,458 | | Current liabilities | 507,492 | 478,660 | | Total equity | 3,065,587 | 2,979,137 | | Interest-bearing debts (Lease liabilities) | 289,590 | 288,591 | | Gearing ratio | 8.6% | 8.8% | [Pledge of the Group's Assets](index=13&type=section&id=Pledge%20of%20the%20Group%27s%20Assets) As of June 30, 2025, and December 31, 2024, the Group had no assets pledged to secure bank borrowings - The Group had no assets pledged to obtain bank financing[41](index=41&type=chunk) [Foreign Exchange Risk](index=13&type=section&id=Foreign%20Exchange%20Risk) The Group's exposure to foreign exchange risk is minimal, as most business transactions, assets, and liabilities are denominated in the functional currencies of the operating units - The Group's exposure to foreign exchange risk is minimal, as most business transactions are denominated in the functional currencies of the operating units[42](index=42&type=chunk) [Material Acquisitions and Disposals](index=13&type=section&id=Material%20Acquisitions%20and%20Disposals) The Group had no material acquisitions or disposals during the period - The Group had no material acquisitions or disposals during the period[43](index=43&type=chunk) [Events After the Reporting Period](index=13&type=section&id=Events%20After%20the%20Reporting%20Period) As of the date of this announcement, no significant events occurred after the reporting period - As of the date of this announcement, no significant events occurred after the reporting period[44](index=44&type=chunk) [Contingent Liabilities](index=13&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no material contingent liabilities - The Group had no material contingent liabilities[45](index=45&type=chunk) [Employees and Remuneration Policy](index=13&type=section&id=Employees%20and%20Remuneration%20Policy) Both the Group's employee headcount and total salaries increased, with remuneration policies based on performance and market conditions, offering various benefits to maintain good employee relations Employee Headcount and Salaries (HKD thousands) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Employee headcount | 614 | 604 | | Employee wages and salaries (for the period) | 181,408 | 157,226 | - Remuneration policies are formulated based on employee performance and market conditions, offering benefits such as medical, life insurance, and discretionary bonus schemes[46](index=46&type=chunk) [Outlook](index=14&type=section&id=Outlook) The Group will continue to advance its WCM strategy, focus on new piston engine R&D, and adhere to long-term strategies of product innovation, customer centricity, and lean manufacturing to address market challenges - The Group will continue to advance its WCM production management system strategy, focusing on the research and development and modification of new piston engines[47](index=47&type=chunk) - The new Jet-A piston engine CD-170R received the Editor's Choice Award from Flight Magazine and is awaiting approval from the European Union Aviation Safety Agency (EASA)[47](index=47&type=chunk) - Facing tariff fluctuations, labor shortages, and global political and economic instability, the Group will adhere to long-term strategies such as product design innovation, customer centricity, and lean manufacturing capabilities[47](index=47&type=chunk) [Corporate Governance](index=14&type=section&id=Corporate%20Governance) The Company is committed to maintaining good corporate governance practices, has complied with all provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules, and will regularly review and improve them - The Company has implemented and complied with all code provisions of the Corporate Governance Code in Part 2 of Appendix C1 of the Listing Rules[48](index=48&type=chunk) - The Company will regularly review and improve its corporate governance practices, referencing the latest developments in corporate governance[48](index=48&type=chunk) [Purchase, Redemption or Sale of the Company's Listed Securities](index=14&type=section&id=Purchase%2C%20Redemption%20or%20Sale%20of%20the%20Company%27s%20Listed%20Securities) Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the reporting period, and there were no treasury shares - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the reporting period[49](index=49&type=chunk) - As of June 30, 2025, the Company held no treasury shares[50](index=50&type=chunk) [Standard Code for Securities Transactions](index=14&type=section&id=Standard%20Code%20for%20Securities%20Transactions) The Company has adopted the Standard Code in Appendix C3 of the Listing Rules as the code of conduct for directors' securities transactions, with all directors confirming compliance - The Company has adopted the Standard Code in Appendix C3 of the Listing Rules as the code of conduct for directors' securities transactions[51](index=51&type=chunk) - All directors confirmed compliance with the requirements set out in the Standard Code for the six months ended June 30, 2025[51](index=51&type=chunk) [Audit Committee](index=15&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors, is responsible for reviewing and overseeing financial statements, risk management, and internal control systems - The Audit Committee, composed of three independent non-executive directors, is responsible for reviewing and overseeing the Group's financial reporting process, risk management, and internal control systems[52](index=52&type=chunk) [Review of Interim Results](index=15&type=section&id=Review%20of%20Interim%20Results) The unaudited condensed consolidated interim financial information for the six months ended June 30, 2025, has been reviewed by the Audit Committee and Ernst & Young - The unaudited condensed consolidated interim financial information has been reviewed by the Audit Committee and Ernst & Young[53](index=53&type=chunk) [Publication of Interim Report](index=15&type=section&id=Publication%20of%20Interim%20Report) The 2025 Interim Report will be published on the Company's and HKEX websites in due course and dispatched to shareholders - The 2025 Interim Report will be published on the Company's website (www.cath.com.hk) and the HKEX website (www.hkexnews.hk), and dispatched to shareholders[54](index=54&type=chunk)

Core Viewpoint - Dalu Aviation Technology Holdings (00232) has seen a significant stock price increase of over 15%, attributed to positive mid-year performance expectations and operational improvements [1] Financial Performance - The company anticipates a post-tax profit of no less than 55 million HKD for the first half of the year, a substantial increase from 7.05 million HKD in the same period last year [1] - The growth is driven by the completion of new facilities, the introduction of new production equipment, and the stabilization of a new enterprise resource planning system [1] Business Operations - The production capacity of general aviation piston engines has significantly improved, with a year-on-year increase in order volume and delivery [1] - The company is recognized as a leading global manufacturer of general aviation piston engines, holding a market share of 28% in 2024, up 2 percentage points from 2023, ranking second globally [1] Financial Position - The company holds approximately 800 million HKD in cash, with no bank loans, representing about 80% of its market value [1] - The trailing price-to-earnings ratio, after accounting for cash, is 3.5 times, indicating a potentially undervalued position [1] Market Context - The company is viewed as a rare asset in the Hong Kong-listed general aviation industry, with a strong position as a major supplier in the U.S. market [1] - Concerns regarding political risks associated with state-owned enterprises in the U.S. are believed to be overestimated [1]

Group 1 - The core point of the article is that Dalu Aviation Technology Holdings (00232) experienced a significant stock price increase of over 15% due to positive expectations regarding its mid-term performance, with a projected after-tax profit of at least 55 million HKD for the first half of the year, compared to 7.05 million HKD in the same period last year [1] - The increase in profit is attributed to the completion of new facilities, the introduction of new production equipment, and the stabilization of a new enterprise resource planning system, which have all contributed to a significant enhancement in the production capacity of general aviation piston engines [1] - The company is recognized as a leading global manufacturer of general aviation piston engines, holding a market share of 28% in 2024 new piston aircraft engine deliveries, an increase of 2 percentage points from 2023, ranking second globally [1] Group 2 - Dalu Aviation Technology Holdings has approximately 800 million HKD in cash and no bank loans, with cash representing about 80% of its market value [1] - The company's historical price-to-earnings ratio, after excluding cash, is 3.5 times, indicating a potentially undervalued position in the market [1] - The company is considered a rare asset in the Hong Kong-listed general aviation industry, with expectations that its operations in the U.S. market will not be significantly disrupted despite political risks [1]

Core Viewpoint - Dalian Aviation Technology Holdings (00232) is experiencing a significant stock price increase, attributed to strong anticipated mid-year earnings driven by enhanced production capacity and operational improvements in its piston engine business [1] Financial Performance - The company expects to report a post-tax profit of no less than 55 million HKD for the first half of the year, compared to 7.05 million HKD in the same period last year, indicating a substantial growth [1] - The increase in profit is primarily due to the completion of new facilities, the introduction of new production equipment, and the stabilization of a new enterprise resource planning system [1] Market Position - Dalian Aviation Technology is recognized as a leading global manufacturer of general aviation piston engines, holding a market share of 28% in new piston aircraft engine deliveries for 2024, an increase of 2 percentage points from 2023, ranking second globally [1] - The company is noted as a rare investment opportunity within the Hong Kong-listed general aviation industry [1] Financial Health - The company has approximately 800 million HKD in cash and no bank loans, with cash holdings representing about 80% of its market value [1] - The price-to-earnings ratio, after accounting for cash, is reported at 3.5 times, suggesting a potentially undervalued position in the market [1] Risk Assessment - The company is perceived to be less affected by political risks associated with its operations in the U.S. market, where it serves as a major supplier [1]

Core Viewpoint - The company anticipates a significant increase in after-tax profit, projecting at least HKD 55 million for the first half of 2025, compared to approximately HKD 7.05 million in 2024, driven by enhanced production capacity and operational improvements in its general aviation piston engine business [1] Group 1 - The new factory construction and the introduction of new production equipment are key factors contributing to the expected profit growth [1] - The gradual stabilization of the new enterprise resource planning system is also expected to positively impact the company's performance [1] - The ongoing implementation of a "world-class manufacturing" management system is enhancing overall operational efficiency [1] Group 2 - There is a notable increase in order volume and delivery year-on-year, which is expected to boost the company's overall revenue and gross profit performance [1]

Core Viewpoint - The company anticipates a significant increase in after-tax profit, projecting at least HKD 55 million for the first half of 2025, compared to approximately HKD 7.05 million in 2024, driven by enhanced production capacity and operational improvements in its general aviation piston engine business [1] Group 1 - The new factory construction and the introduction of new production equipment are key factors contributing to the expected profit growth [1] - The gradual stabilization of the new enterprise resource planning system is expected to further enhance operational efficiency [1] - The ongoing implementation of a "world-class manufacturing" management system is aimed at improving overall revenue and gross profit performance [1] Group 2 - The company reports a significant year-on-year increase in order volume and delivery, which is expected to positively impact overall revenue [1] - The enhanced production capacity in the general aviation piston engine business is a critical driver for the anticipated financial performance [1]