香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示不會就本公佈全部或任 何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 盈利警告 本公佈乃由本公司根據上市規則第13.09(2)條及證券及期貨條例第XIVA部項下之內幕 消息條文而刊發。 董事會謹此知會股東及有意投資者，相對於二零二四年上半年所錄得約2百萬港元之 虧損，本集團預期二零二五年上半年將錄得本公司擁有人應佔虧損不多於13百萬港 元。本公佈所載資料僅基於董事會對本集團二零二五年上半年之未經審核管理賬目所 作出的初步評估，惟未經本公司核數師確認或審閱。就二零二五年上半年之估計虧 損，其可能會根據現正落實中就本集團應收貸款之減值虧損金額撥備而作出調整。 有關本集團的財務業績及表現之進一步詳情將在預期於二零二五年八月底前作出公 佈之本公司二零二五年上半年之中期業績公佈中披露。 本公司董事會（「董事會」）謹此知會本公司股東（「股東」）及有意投資者，基於本集團 截至二零二五年六月三十日止六個月（「二零二五年上半年」）之未經審核管理帳目作出 的初步審閱，相對於截至二零二四年六月三十 ...

Group 1 - The company, Zhongce Capital Holdings (00235.HK), announced that it will hold a board meeting on August 28, 2025, to approve the interim results for the six months ending June 30, 2025 [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示不會就本公佈全部或任 何部份內容而產生或 因倚賴該等內容而引致之任何損失承擔任何責任。 主席 柯清輝博士 香港，二零二五年八月十五日 於本公佈日期，董事會包括一名非執行董事柯清輝博士（主席）；兩名執行董事周文威先 生（行政總裁）及周錦華先生；以及三名獨立非執行董事 馬燕芬女士、梁凱鷹先生及林健 鋒先生。 董事會會議通告 中策資本控股有限公司（「本公司」）董事會（「董事會」）欣然宣佈，本公司將於二 零二五年八月二十八日（星期四）舉行董事會會議，藉以（其中包括）批准本公司及其 附屬公司截至二零二五年六月三十日止六個月之中期業績。 承董事會命 中策資本控股有限公司 ...

Group 1 - The stock of Zhongce Capital Holdings (00235) increased by 6.45% on August 15, reaching a price of 0.033 HKD per share with a trading volume of 1.1537 million HKD [1] - Zhongce Capital Holdings primarily engages in securities and bond investment, loan financing, metal minerals, coke products, electronic component trading, and securities brokerage [1] - The company has been listed on the Hong Kong Stock Exchange since 1972, with the stock code 235 [1] Group 2 - As of the 2024 annual report, Zhongce Capital Holdings reported total revenue of 95.233 million HKD and a net profit of 4.1755 million HKD [2]

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: 中策資本控股有限公司 (「本公司」) 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 不適用 備註： 本公司並無法定股本及其股本中並無股份面值。 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) | 00235 | 說明 | 普通股 | | | | | | | | 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 | | | 20,385,253,835 | | 0 | | 20,385,253,835 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | ...

Core Viewpoint - S.F. Holding is initiated with an OUTPERFORM rating and target prices of HK$50.37 for H-shares and Rmb51.87 for A-shares, driven by improving logistics network and domestic demand for logistics services [1] Investment Positives - The logistics market in Asia is the largest globally, accounting for 46% in 2023, with S.F. Holding ranking No.1 in various submarkets [1] - The company is expected to leverage its logistics network and diversified product portfolio to reduce logistics costs for clients [1] Operating Efficiency - The capex-to-revenue ratio has decreased from 13.9% in 2021 to 3.8% in 2024, indicating improved operating leverage and capacity utilization [2] - Earnings visibility has improved due to better control over investment pace [2] Revenue Growth Projections - Revenue for express and freight, global supply chain, and intra-city delivery segments is expected to grow at CAGRs of 9%, 3%, and 19% respectively from 2024 to 2026 [3] - Gross margin is projected to rise by an average of 0.4 percentage points per year [3] Market Differentiation - Historical fluctuations in business operations are attributed to mismatches between capacity investment and market demand cycles [4] - The company’s logistics network construction is expected to reduce cyclical fluctuations significantly [4] Financial Forecasts - EPS is forecasted at Rmb2.35 and Rmb2.74 for 2025-2026, indicating a CAGR of 16% [5] - EBITDA is projected at Rmb36.2 billion and Rmb40.4 billion for 2025-2026 [5] - H-shares are trading at 5.5x 2025e EV/EBITDA, with a target price set at HK$50.37, offering a 30% upside [5]

Financial Performance - For the fiscal year ending December 31, 2024, the company reported a revenue decrease of 9% to HKD 65,193,000, down from HKD 71,886,000 in 2023[10] - The profit attributable to the company's owners decreased by 83% to HKD 4,509,000, compared to HKD 26,788,000 in the previous year[10] - Basic earnings per share were HKD 0.02, down from HKD 0.13 in 2023[10] - The total comprehensive income attributable to the company's owners was HKD 4,884,000, significantly lower than HKD 20,591,000 in 2023[11] - The company confirmed an income tax expense of HKD 2,084,000, compared to an income tax credit of HKD 13,274,000 in 2023[10] - The lending business recorded a revenue decrease of 17% to HKD 51,944,000 in 2024, down from HKD 62,530,000 in 2023[26] - The profit from the lending business decreased by 34% to HKD 45,959,000 in 2024, compared to HKD 69,917,000 in 2023[26] - The group recorded income from securities investments of HKD 1,892,000 in 2024, a significant increase from HKD 152,000 in 2023[18] - The loss from financial assets measured at fair value through profit or loss was HKD 4,620,000 in 2024, compared to HKD 7,121,000 in 2023[19] - The fair value loss of debt instruments measured at fair value through other comprehensive income was HKD 4,418,000 in 2024, down from HKD 17,659,000 in 2023[20] Business Strategy and Outlook - The company plans to diversify its business by acquiring 26.8% of Citystate Savings Bank, Inc. to capitalize on opportunities in the Southeast Asian financial market[12] - The company remains cautiously optimistic about its medium to long-term business outlook despite ongoing geopolitical tensions and global trade uncertainties[12] - The company will continue to adopt a prudent approach in managing its business while exploring various investment opportunities[12] - The group remains committed to developing its trading business and actively seeks opportunities to improve performance[25] Impairment and Provisions - The company recorded a provision for impairment losses on receivables of HKD 10,646,000, compared to a reversal of HKD 10,263,000 in 2023[10] - The group confirmed an impairment loss of HKD 10,646,000 on receivables in the lending business for 2024, compared to a reversal of HKD 10,263,000 in 2023[26] - The group’s debt instruments portfolio was fully impaired due to credit risk increases, with an impairment loss of HKD 4,418,000 recognized in 2024[21] - The impairment provision decreased by 25% or HKD 120,301,000 to HKD 365,835,000 as of December 31, 2024, compared to HKD 486,136,000 in 2023[28] Assets and Liabilities - As of December 31, 2024, the group's securities investments included a financial asset portfolio valued at HKD 7,108,000, down from HKD 9,912,000 in 2023[18] - The total loan portfolio decreased by 29% or HKD 363,285,000 to HKD 890,083,000 as of December 31, 2024, down from HKD 1,253,368,000 in 2023[29] - The net value of the loan portfolio (after impairment provisions) was HKD 524,248,000 as of year-end 2024, compared to HKD 767,232,000 in 2023[29] - 98% of the loan portfolio (after impairment provisions) was secured by collateral, including properties and securities, while 2% was unsecured as of December 31, 2024[29] Governance and Compliance - The company maintained compliance with relevant laws and regulations, with no significant violations reported during the fiscal year 2024[62] - The company has a strong governance structure with various committees overseeing audit, remuneration, and nominations, ensuring compliance and effective management[67][68][70] - The company has established a policy for handling and disclosing inside information to ensure compliance with statutory and listing rules[139] - The company has adopted an anti-fraud and anti-corruption policy in August 2022 to prevent misconduct and ensure ethical business practices[140] Environmental, Social, and Governance (ESG) Initiatives - The company emphasizes its commitment to environmental policies and performance, with discussions available on pages 40 to 64 of the annual report[73] - The group has established a governance framework for environmental, social, and governance (ESG) matters, with the board overseeing ESG strategies and performance[153] - The ESG report covers the group's performance, challenges, measures, and plans for the fiscal year 2024, with comparative data from the fiscal year 2023[156] - The total greenhouse gas emissions for the fiscal year 2024 decreased by 4.51% compared to fiscal year 2023, with total emissions amounting to 64.13 tons of CO2 equivalent[171] - The company aims to achieve long-term sustainable development in the communities where it operates by regularly reviewing its environmental goals and measures[167] Employee and Workforce Management - Employee costs for the year amounted to HKD 39,811,000, an increase from HKD 33,427,000 in 2023, with a total of 48 employees at year-end[56] - The employee count decreased from 56 in FY2023 to 48 in FY2024, contributing to the reduction in total water consumption[191] - The company has not identified any significant violations of employment-related laws and regulations during the fiscal year 2024[199] Shareholder Information - As of December 31, 2024, the company had no reserves available for distribution to shareholders[80] - The company’s total issued shares as of December 31, 2024, were 20,385,253,835[94] - The board of directors did not recommend a final dividend for the year ending December 31, 2024, consistent with the previous year where no dividend was declared[75] - Revenue from the top five customers accounted for approximately 75% of total revenue, with the largest customer contributing about 32%[81]

Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 65,193,000, a decrease of 9.4% from HKD 71,886,000 in 2023[2] - The company reported a pre-tax profit of HKD 6,593,000, down 51.2% from HKD 13,514,000 in the previous year[3] - Net profit attributable to shareholders was HKD 4,509,000, a significant drop of 83.2% compared to HKD 26,788,000 in 2023[3] - Total comprehensive income attributable to shareholders for the year was HKD 4,884,000, down 76.3% from HKD 20,591,000 in the prior year[3] - Interest income from lending activities decreased to HKD 49,800,000 from HKD 62,530,000, representing a decline of 20.4%[8] - The company recorded a loss of HKD 4,620,000 on financial assets measured at fair value through profit or loss in 2024, compared to a loss of HKD 7,121,000 in 2023[15] - The company’s other income decreased to HKD 37,680,000 in 2024 from HKD 41,894,000 in 2023, a decline of approximately 10.3%[15] - Profit attributable to the company's owners decreased by 83% to HKD 4,509,000 in 2024, down from HKD 26,788,000 in 2023[29] - Basic earnings per share were HKD 0.02 in 2024, compared to HKD 0.13 in 2023[29] Assets and Liabilities - The company’s total assets increased to HKD 2,231,737,000 from HKD 2,237,511,000, indicating a slight decrease of 0.25%[4] - The company’s total liabilities decreased slightly to HKD 15,125,000 from HKD 25,783,000, a reduction of 41.2%[4] - The total assets of the company increased to HKD 2,270,664,000 in 2024 from HKD 2,278,329,000 in 2023, a slight decrease of about 0.3%[14] - The total liabilities decreased to HKD 54,052,000 in 2024 from HKD 66,601,000 in 2023, a reduction of about 18.9%[14] - The company’s total receivables from interest-bearing loans included HKD 302,902,000 due within one year in 2024, down from HKD 640,230,000 in 2023[23] Employee Costs - Employee costs increased to HKD 39,811,000 from HKD 33,427,000, marking an increase of 19.4%[2] - Employee costs increased to HKD 39,811,000 in 2024 from HKD 33,427,000 in 2023, reflecting an increase of approximately 19.3%[18] Dividends - The company did not declare any dividends for the year ended December 31, 2024, consistent with the previous year[19] - The company did not recommend a final dividend for the fiscal year ending December 31, 2024[28] Impairment and Provisions - The company made a provision for impairment losses on receivables of HKD 10,646,000 in 2024, compared to a reversal of HKD 10,263,000 in 2023[29] - The company’s provision for impairment losses on other receivables decreased to HKD 655,000 in 2024 from HKD 10,764,000 in 2023[29] - The impairment provision for receivables decreased by 25% or HKD 120,301,000 to HKD 365,835,000 as of December 31, 2024[38] - The group has made full impairment on debt instruments due to increased credit risk, with a loss of HKD 4,418,000 recognized in the fiscal year 2024[34] Securities and Investments - The company reported a decrease in the fair value of listed investments from HKD 9,912,000 in 2023 to HKD 7,108,000 in 2024[26] - As of December 31, 2024, the group's securities investments included a financial asset portfolio valued at HKD 7,108,000, down from HKD 9,912,000 in 2023[31] - The group recorded income from securities investments of HKD 1,892,000 for the fiscal year 2024, a significant increase from HKD 152,000 in 2023[32] - The group recognized a loss of HKD 6,959,000 from securities investments, an improvement compared to a loss of HKD 26,543,000 in 2023[31] - The fair value loss of debt instruments through other comprehensive income was HKD 4,418,000, reduced from HKD 17,659,000 in 2023[33] Business Operations - The lending business generated revenue of HKD 51,944,000, a decrease of 17% from HKD 62,530,000 in 2023[37] - The profit from the lending business fell by 34% to HKD 45,959,000, down from HKD 69,917,000 in 2023, primarily due to a provision for loan impairment losses of HKD 10,646,000[37] - The total loan portfolio decreased by 29% or HKD 363,285,000 to HKD 890,083,000, primarily due to borrower repayments[39] - As of December 31, 2024, 98% of the loan portfolio was secured by collateral, with 2% being unsecured, compared to 99% and 1% respectively in 2023[40] - The group did not generate any income from trade activities during the fiscal year 2024, consistent with 2023[36] Future Plans - The company plans to diversify its business by acquiring 26.8% of Citystate Savings Bank, Inc. in the Philippines, aiming to capitalize on opportunities in the Southeast Asian financial market[48] Financial Ratios - The group’s current assets amounted to HKD 2,008,692,000, with a current ratio of approximately 51.6, indicating strong liquidity[45] - The capital-to-debt ratio was approximately 2%, down from 3% in 2023, reflecting a low level of leverage[47] Governance - The board of directors includes one non-executive director, two executive directors, and four independent non-executive directors[54]

Financial Performance - For the six months ended June 30, 2024, the group recorded a revenue decrease of 61% to HKD 19,888,000, compared to HKD 51,267,000 for the same period in 2023[7]. - The group reported a loss attributable to owners of the company of HKD 1,926,000, down from a loss of HKD 11,996,000 in the previous year[7]. - Basic loss per share for the interim period was HKD 0.01, compared to HKD 0.06 for the same period in 2023[7]. - Revenue from lending activities decreased to HKD 14,662,000, down from HKD 46,587,000 in the previous year[23]. - Interest income decreased to HKD 19,431 thousand from HKD 50,284 thousand, representing a decline of 61.4% year-over-year[31]. - The total comprehensive loss for the period was HKD 1,582 thousand, significantly lower than HKD 14,759 thousand in the previous year[33]. - For the six months ended June 30, 2024, the company reported a pre-tax loss of HKD 859,000, significantly improved from a loss of HKD 22,312,000 in the same period of 2023, representing a reduction of approximately 96.1%[34]. - The company reported a loss of HKD 11,996,000 for the six months ended June 30, 2024, compared to a loss of HKD 1,926,000 for the same period in 2023, indicating a significant increase in losses[55]. Securities Investments - The group's securities investments included a portfolio valued at HKD 9,258,000 as of June 30, 2024, down from HKD 9,912,000 as of December 31, 2023[8]. - The group recorded an unrealized loss of HKD 548,000 on its securities investments during the period, compared to an unrealized loss of HKD 12,166,000 in the previous year[8]. - The financial assets measured at fair value through profit or loss recorded a loss of HKD 654,000 during the first half of 2024, compared to a loss of HKD 3,809,000 in the same period of 2023[9]. - The group has not recorded any income from its securities investments during the interim period[8]. - The group's securities brokerage business saw a 12% increase in total revenue to HKD 5,226,000 for the first half of 2024, compared to HKD 4,680,000 in the same period last year[22]. - Interest income from margin financing increased by 29% to HKD 4,769,000, driven by an increase in the average amount of margin loans extended to clients[22]. Lending Business - The group's lending business recorded a revenue decrease of 69% to HKD 14,662,000 in the first half of 2024, compared to HKD 46,587,000 in the same period of 2023[13]. - The profit from the lending business increased by 235% to HKD 15,025,000 in the first half of 2024, up from HKD 4,489,000 in the previous year[13]. - The expected credit loss provision for loans decreased by 93% to HKD 2,651,000 in the first half of 2024, compared to HKD 40,614,000 in the same period of 2023[13]. - The total loan portfolio of the group increased by 5% to HKD 1,316,940,000 as of June 30, 2024, compared to HKD 1,253,368,000 at the end of 2023[15]. - The net value of the loan portfolio, after deducting impairment provisions, rose to HKD 854,277,000 from HKD 767,232,000 at the end of 2023[15]. - 99% of the loan portfolio is secured by collateral, with the remaining 1% being unsecured, consistent with the previous period[15]. Impairment and Provisions - The impairment provision balance decreased by 5% or HKD 23,473,000 to HKD 462,663,000 as of June 30, 2024, from HKD 486,136,000 at the end of 2023[14]. - The impairment loss provision for receivables decreased significantly to HKD 2,651,000 from HKD 48,683,000 year-on-year[23]. - The group made an impairment provision of HKD 2,651,000 during the interim period, significantly lower than HKD 40,614,000 for the same period last year[61]. - The total amount of loans that were fully impaired and written off was HKD 30,605,000[64]. Economic Environment - The overall economic recovery in Hong Kong is constrained by high interest rates and ongoing geopolitical tensions[7]. - Management maintains a cautiously optimistic outlook for the medium to long-term business prospects, despite geopolitical tensions and global interest rate uncertainties[28]. Assets and Liabilities - As of June 30, 2024, the group held current assets of HKD 1,986,800,000, down from HKD 2,094,897,000 as of December 31, 2023[24]. - The group's current ratio improved to approximately 55.8 from 51.3 as of December 31, 2023, indicating strong liquidity[24]. - The equity attributable to owners of the company was HKD 2,210,146,000, slightly down from HKD 2,211,728,000 as of December 31, 2023, due to losses recognized during the period[24]. - The total liabilities decreased to HKD 35,614,000 from HKD 40,818,000, a reduction of 12.7%[32]. - The company's total liabilities increased, impacting its financial position, with a focus on managing cash flow and operational efficiency moving forward[34]. Employee Costs - The group has 51 employees as of June 30, 2024, with total employee costs amounting to HKD 20,332,000, up from HKD 15,522,000 in the previous year[27]. - Employee costs increased to HKD 20,332 thousand, up 30.5% from HKD 15,522 thousand in the previous year[31]. Corporate Governance - The company complied with all applicable code provisions of the Corporate Governance Code during the six months ended June 30, 2024[89]. - The company has adopted a standard code of conduct for securities trading by its directors, confirming compliance for the six months ending June 30, 2024[90].

Revenue Performance - Revenue for the six months ended June 30, 2024, was HKD 19,888,000, a decrease of 61.2% compared to HKD 51,267,000 for the same period in 2023[1] - Total revenue for the six months ended June 30, 2024, was HKD 19,888,000, compared to HKD 51,267,000 for the same period in 2023, representing a decrease of approximately 61.2%[11] - The company’s lending business reported a revenue decrease of 69% to HKD 14,662,000 in the first half of 2024, down from HKD 46,587,000 in the same period of 2023, while profit increased by 235% to HKD 15,025,000[34] Financial Losses - The company reported a pre-tax loss of HKD 859,000, significantly improved from a loss of HKD 22,312,000 in the previous year[2] - The total comprehensive loss attributable to owners of the company was HKD 1,582,000, compared to HKD 14,759,000 in the prior period[2] - The company reported a loss before tax of HKD 859,000 for the six months ended June 30, 2024, compared to a loss of HKD 22,312,000 for the same period in 2023, indicating an improvement in financial performance[11] - The company recorded a loss attributable to owners of HKD 1,926,000 for the period, compared to a profit of HKD 11,996,000 in the previous year[27] - The company incurred a loss of HKD 1,926,000 for the six months ended June 30, 2024, compared to a loss of HKD 11,996,000 for the same period in 2023, showing a significant reduction in losses[17] Asset Management - Non-current assets increased to HKD 279,124,000 as of June 30, 2024, from HKD 183,432,000 at the end of 2023, reflecting a growth of 52.1%[3] - Current assets decreased to HKD 1,986,800,000 from HKD 2,094,897,000, a decline of 5.2%[3] - The company's net asset value stood at HKD 2,210,146,000, slightly down from HKD 2,211,728,000 at the end of 2023[3] - The company's receivables from loans amounted to HKD 854,277,000 as of June 30, 2024, compared to HKD 767,232,000 as of December 31, 2023, indicating growth in loan receivables[18] - The total carrying amount of the company's loan portfolio increased by 5% to HKD 1,316,940,000 as of June 30, 2024, compared to HKD 1,253,368,000 at the end of 2023[35] Expenses and Costs - Employee costs increased to HKD 20,332,000 from HKD 15,522,000, representing a rise of 30.5%[1] - Other expenses decreased to HKD 15,909,000 from HKD 25,404,000, a reduction of 37.4%[1] - The financing costs for the six months ended June 30, 2024, were HKD 808,000, up from HKD 289,000 in the same period of 2023, suggesting increased borrowing costs[13] - The company’s financing costs increased to HKD 808,000 from HKD 289,000 in the previous year due to lease liabilities[41] Impairment and Credit Losses - The impairment loss on receivables for the six months ended June 30, 2024, was HKD 2,651,000, a decrease from HKD 49,019,000 in the same period of 2023, reflecting improved asset quality[15] - The company recorded a decrease in impairment losses on receivables to HKD 2,651,000 from HKD 48,683,000 in the previous year[39] - The company's impairment provision for expected credit losses decreased by 5% or HKD 23,473,000 to HKD 462,663,000 as of June 30, 2024, from HKD 486,136,000 at the end of 2023[35] - The company has not recognized any impairment losses on debt instruments measured at fair value through other comprehensive income during the first half of 2024, compared to an impairment loss of HKD 336,000 in the same period of 2023[32] Dividends and Shareholder Returns - The company did not declare any dividends for the interim period, consistent with the previous year[16] - The company did not declare an interim dividend for the six months ended June 30, 2024, consistent with the previous year[26] Market and Business Strategy - The company maintained a cautious approach to managing its business amid a challenging operating environment influenced by high interest rates and geopolitical tensions[27] - The company continues to seek and evaluate business opportunities in the global commodity market to improve trade business performance[33] - The company plans to explore new business and investment opportunities to enhance its business scale and diversify its revenue base[42] Other Financial Metrics - The company reported a loss per share of HKD 0.01 for the current period, compared to HKD 0.06 in the previous year[2] - The weighted average number of ordinary shares for calculating basic loss per share remained constant at 20,385,254 for both periods[17] - The current ratio improved to approximately 55.8 from 51.3 at the end of 2023[40] - The company's equity attributable to owners was HKD 2,210,146,000, a slight decrease from HKD 2,211,728,000 at the end of 2023[40] - The fair value of listed equity securities held by the company was HKD 9,258,000 as of June 30, 2024, down from HKD 9,912,000 as of December 31, 2023[24] - The company did not record any income from its securities investments during the period, similar to the previous year, and reported an unrealized loss of HKD 548,000[29]